Document:

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Exhibit 10.1
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Dated as of July 29, 2022
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DORIAN LPG FINANCE LLC
as Borrower
and
DORIAN LPG LTD. 
and THE COMPANIES
listed in Part C of Schedule 1
as joint and several Guarantors
and
THE BANKS AND FINANCIAL INSTITUTIONS 
listed in Part D of Schedule 1
as Lenders
and
THE BANKS AND FINANCIAL INSTITUTIONS
listed in Part E of Schedule 1
as Swap Banks
and
Crédit Agricole Corporate and Investment Bank 
and ing bank n.v., LONDON BRANCH
as Bookrunners and Structurers
and
Crédit Agricole Corporate and Investment Bank, 
ing bank n.v., LONDON BRANCH, BNP PARIBAS, DANISH SHIP FINANCE A/S and 
SKANDINAVISKA ENSKILDA BANKEN AB (PUBL),
as Mandated Lead Arrangers
and
BNP PARIBAS
as Hedge Coordinator
and
Crédit Agricole Corporate and Investment Bank
as Sustainability Coordinator
and
Crédit Agricole Corporate and Investment Bank
as Agent and as Security Trustee
LOAN AGREEMENT
relating to
a senior secured term loan and revolving credit facility of up to US$260,000,000 
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Index
Clause‌Page
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1Interpretation‌2
2Facility‌39
3Position of the Lenders and Swap Banks‌39
4Drawdown‌40
5Interest and Hedging‌42
6Interest Periods‌46
7Default Interest‌47
8Repayment, Prepayment, Reduction and Cancellation‌48
9Conditions Precedent‌52
10Representations and Warranties‌53
11General Affirmative and Negative Covenants‌64
12Financial Covenants‌74
13Marine Insurance Covenants‌75
14Vessel Covenants‌80
15Collateral Maintenance Ratio‌87
16Guarantee‌88
17Payments and Calculations‌93
18Application of Receipts‌95
19Application of Earnings; Accounts‌97
20Events of Default‌99
21Fees and Expenses‌103
22Indemnities‌104
23No Set-Off or Tax deduction; Tax Indemnity; FATCA‌107
24Illegality, etc.‌111
25Increased Costs‌112
26Set-Off‌114
27Transfers and Changes in Lending Offices‌115
28Variations and Waivers‌123
29Notices‌125
30Supplemental‌127
31The Servicing Banks‌129
32Law and Jurisdiction‌134
33Waiver of Jury Trial‌135
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Schedules
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Schedule 1 THE PARTIES‌143
Part A The Borrower‌143
Part B Parent Guarantor‌143
Part C Owner Guarantors‌144
Part D Lenders and Commitments‌147
Part E Swap Banks‌148
Part F Servicing Banks‌149
Schedule 2 Vessel Information‌150
Schedule 3 Drawdown Notice‌153

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Schedule 4 Condition Precedent Documents‌155
Part A‌155
Part B‌156
Schedule 5 Transfer Certificate‌158
Schedule 6 List of approved Brokers‌162
Schedule 7 Permitted Security Interests‌163
Schedule 8 Designation Notice‌164
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Execution
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Execution Page‌137
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Appendices
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Appendix A  Form of Compliance Certificate
Appendix B  Form of Sustainability Certificate
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THIS LOAN AGREEMENT (this “Agreement”) is made as of July 29, 2022
AMONG
	(1)	DORIAN LPG FINANCE LLC, a limited liability company formed and existing under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960, as borrower (the “Borrower”, which expression includes its successors, transferees and assigns);

	(2)	DORIAN LPG LTD., a corporation incorporated and existing under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (the “Parent Guarantor”); 

	(3)	THE COMPANIES listed in Part C of Schedule 1 as joint and several owner guarantors (collectively, the “Owner Guarantors”, and each separately an “Owner Guarantor”, and, together with the Parent Guarantor, the “Guarantors”, and each separately a “Guarantor” which expressions include their respective successors, transferees and assigns);

	(4)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Part D of Schedule 1, as lenders (collectively, the “Lenders”, which expression includes their respective successors, transferees and assigns and any bank or financial institution that becomes a Lender hereto);

	(5)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Part E of Schedule 1, as Swap Banks;

	(6)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK acting in such capacity through its office at 12, Place des Etats-Unis – CS 70052 – 92547 Montrouge Cedex, France, as agent for the Creditor Parties (in such capacity, the “Agent”, which expression includes its successors, transferees and assigns); and

	(7)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, acting in such capacity through its office at 12, Place des Etats-Unis – CS 70052 – 92547 Montrouge Cedex, France, as security trustee for the Creditor Parties (in such capacity, the “Security Trustee”, which expression includes its successors, transferees and assigns).

Background
	(A)	Subject to the provisions of this Agreement, the Lenders have agreed to make available to the Borrower a senior secured term loan and revolving credit facility of up to the lesser of (i) the aggregate of 40% of the Fair Market Value of the Vessels, and (ii) US$260,000,000, for the purpose of (x) refinancing the outstanding Financial Indebtedness under the Existing Facility Agreements (to the extent such Financial Indebtedness is outstanding on the relevant Drawdown Date), and (y) for general corporate and working capital purposes.

	(B)	The Swap Banks may, at the Borrower’s request, enter into interest swap transactions with the Borrower from time to time to hedge the Borrower’s exposure under this Agreement to interest rate fluctuations. 

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	(C)	The Lenders and the Swap Banks have agreed to share the Collateral to be granted to the Security Trustee pursuant to the terms of this Agreement with the interest of the Swap Banks being secured on a pari passu basis.

Operative Provisions

	1	Interpretation

	1.1	Definitions

Subject to Clause 1.5, in this Agreement:
“Acceptable Accounting Firm” means Deloitte Certified Public Accountants S.A., Ernst & Young, PriceWaterhouseCoopers, KPMG, or such other recognized accounting firm as the Agent may, with the consent of the Majority Lenders, approve from time to time in writing, such approval not to be unreasonably withheld, it being understood and agreed that such approval is granted where the Parent Guarantor’s shareholders have designated a recognized accounting firm for the Parent Guarantor.
“Account Bank” means Citibank N.A., or such other bank as the Agent may, with the consent of the Majority Lenders, approve from time to time in writing.
“Account Pledge” means a pledge of each Earnings Account, in Agreed Form.
“Advance” means a Revolving Advance or a Term Loan Advance.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.
“Affiliate” means, as to any person, any other person that, directly or indirectly, controls, is controlled by or is under common control with such person or is a director or officer of such person, and for purposes of this definition, the term “control” (including the terms “controlling”, “controlled by” and “under common control with”) of a person means the possession, direct or indirect, of the power to vote a majority of the Voting Stock of such person or to direct or cause direction of the management and policies of such person, whether through the ownership of Voting Stock, by contract or otherwise.
“Agreed Form” means in relation to any document, that document in the form approved by the Agent with the consent of all Lenders (such consent not to be unreasonably withheld), or as otherwise approved in accordance with any other approval procedure specified in any relevant provision of any Finance Document.
“Annex VI” means Annex VI of the Protocol of 1997 (as subsequently amended from time to time) to amend the International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.
“Anti-Bribery and Corruption Laws” means the U.S. Foreign Corrupt Practices Act of 1977 as amended and the rules and regulations thereunder and any similar laws, rules or regulations 

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issued, administered or enforced by the United States or any other country or governmental authority having jurisdiction over any of the Creditor Parties or the Security Parties.
“Approved Broker” means any of the companies listed on Schedule 6 or such other company proposed by the Borrower which the Agent may, with the consent of the Majority Lenders (such consent not to be unreasonably withheld or delayed), approve from time to time for the purpose of valuing a Vessel, who shall act as an expert and not as arbitrator and whose valuation shall be conclusive and binding on all parties to this Agreement.
“Approved Flag” means the Bahamas, the Marshall Islands, Liberia, Panama or Singapore flag or such other flag as may be reasonably acceptable to each of the Lenders and approved from time to time in writing by the Agent as the flag on which a Vessel shall be registered.
“Approved Fund” means any Fund (other than an Excluded 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.

“Approved Insurance Broker” means, (a) any of Arthur J. Gallagher & Co., Willis Towers Watson, Seascope Insurance Services (and its Affiliates), Parisco A/S, and any Lloyd’s of London registered broker, and (b) any other insurance broker approved by the Majority Lenders (such approval not to be unreasonably withheld or delayed) in consultation with the Borrower; provided that any Approved Insurance Broker may cease to be an Approved Insurance Broker hereunder upon ten (10) Business Days prior written notice from the Agent (upon the instruction of the Majority Lenders) to the Borrower. 
“Approved Management Agreement” means, in relation to a Vessel in respect of its commercial and/or technical management, a management agreement between the Owner Guarantor that owns that Vessel and the relevant Approved Manager reasonably satisfactory to the Agent.
“Approved Manager” means:
		(a)	in respect of the technical management of the Vessels a subsidiary of the Parent Guarantor, Dorian LPG Management Corp., subsidiaries of each of V. Group, Wallem Group, Executive Ship Management Pte. Ltd, Bernard Schulte Shipmanagement, or any other manager reasonably acceptable to the Majority Lenders; 

		(b)	in respect of the commercial management of the Vessels, a subsidiary of the Parent Guarantor, Dorian LPG (DK) ApS or any other manager reasonably acceptable to the Majority Lenders;

		(c)	any other company proposed by the Borrower which the Agent may, with the consent of the Majority Lenders (such consent not to be unreasonably withheld), approve from time to time as the technical and/or commercial manager of a Vessel.

“Availability Period” means:
		(a)	in the case of the Revolving Credit Facility, the period commencing on the Closing Date and ending on the date falling ninety (90) calendar days prior to the Maturity Date; and

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		(b)	in respect of the Term Loan Facility, the period commencing on the Effective Date and ending on the date falling sixty (60) Business Days after the Effective Date; or

		(c)	in each case, if earlier, ending on the date on which the relevant Commitments are fully cancelled or terminated.

“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) 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 (y) 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 Clause 5.6(e).
“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).

“Balloon Instalment” shall have the meaning given to that term in Clause 8.1(a).
“Bank Secrecy Act” means the United States Bank Secrecy Act of 1970, as amended.
“Basel III” means:
		(a)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;

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

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

“Basel IV” means any amendment, replacement or refinement of Basel III known or to be known as “Basel IV”.
“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 then-current Benchmark for Dollars, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Clause 5.6(a).
“Benchmark Replacement” means, with respect to any Benchmark Transition Event for any then-current Benchmark, the first alternative set forth in the order below that can be determined by the Agent for the applicable Benchmark Replacement Date:

		(a)	Daily Simple SOFR; or 

		(b)	the sum of: (i) the alternate benchmark rate that has been selected by the Agent and the Borrower as the replacement for such Benchmark giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for such Benchmark for syndicated credit facilities denominated in Dollars at such time and (ii) the related Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Finance Documents.
“Benchmark Replacement Adjustment” means, with respect to any replacement of any then-current Benchmark with an Unadjusted Benchmark Replacement, 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 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 Benchmark Replacement for syndicated credit facilities denominated in Dollars at such time.
“Benchmark Replacement Date” means a date and time determined by the Agent, which date shall be no later than the earliest to occur of the following events with respect to the then-current Benchmark for Dollars:

		(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 

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			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

		(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, with respect to the then-current Benchmark, the occurrence of one or more of the following events with respect to such Benchmark:

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

		(b)	a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, 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 

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occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Unavailability Period” means, with respect to any then-current Benchmark, the period (if any) (a) beginning at the time that a Benchmark Replacement Date with respect to such Benchmark has occurred if, at such time, no Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Finance Document in accordance with Clause 5.6 (Benchmark Replacement Setting) and (b) ending at the time that a Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Finance Document in accordance with Clause 5.6 (Benchmark Replacement Setting).
“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

“Bookrunners” means Crédit Agricole Corporate and Investment Bank and ING Bank N.V., London Branch.
“Business Day” means (a) a day (other than  Saturday or Sunday) on which banks are open in Stockholm, Sweden, Paris, France, Copenhagen, Denmark, London, England and New York, New York, and (b) with respect to the borrowing, payment or continuation of, or determination of interest rate on any Loan, a Periodic Term SOFR Determination Day.
“Carbon Intensity and Climate Alignment Certificate” means a certificate from a Recognised Organisation relating to a Vessel and a calendar year setting out:
		(a)	the average efficiency ratio of that Vessel for all voyages performed by it over that calendar year using ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI in respect of that calendar year; and 

		(b)	the climate alignment of that Vessel for such calendar year:

 in each case as calculated in accordance with the Poseidon Principles.
“Cash Equivalents” means: 
		(a)	securities issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in support thereof);

		(b)	time deposits, certificates of deposit or deposits in the interbank market of any commercial bank of recognized standing organized under the laws of the United States of America, any state thereof or any foreign jurisdiction having capital and surplus in excess of $500,000,000; 

		(c)	commercial paper issued by any person incorporated in the United States of America rated at least A-1 or the equivalent thereof by Standard & Poor or at least P-1 or the equivalent 

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			thereof by Moody’s, and in each case maturing not more than one year after the date of acquisition; 

		(d)	any fund with daily redemptions that complies with the provisions of this definition; and 

		(e)	such other securities or instruments as the Majority Lenders shall agree in writing.

“Change of Control” means:
		(a)	in respect of the Borrower, the Parent Guarantor ceases to own directly 100% of the Equity Interests in and control the Borrower;

		(b)	in respect of an Owner Guarantor, the Borrower ceases to own directly 100% of the Equity Interests in and control any Owner Guarantor; or

		(c)	in respect of the Parent Guarantor,

		(i)	a “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act), other than a “person” or “group” over which John Hadjipateras has voting control or any individual director or individual officer who is holder of 5% or more of the Parent Guarantor’s equity interests as of the Effective Date, becomes the ultimate “beneficial owner” (as defined in Rule 13(d)-3 under the Exchange Act and including by reason of any change in the ultimate “beneficial ownership” of the Equity Interests of the Parent Guarantor) of more than 33% of the total voting power of the Voting Stock of the Parent Guarantor (calculated on a fully diluted basis);

		(ii)	individuals who at the beginning of any period of two (2) consecutive calendar years constituted the Board of Directors or equivalent governing body of the Parent Guarantor (together with any new directors (or equivalent) whose election by such Board of Directors or equivalent governing body or whose nomination for election was approved by a vote of at least two-thirds of the members of such Board of Directors or equivalent governing body then still in office who either were members of such Board of Directors or equivalent governing body at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason (other than as a result of compliance with NYSE rules on independent directors) to constitute at least 50% of the members of such Board of Directors or equivalent governing body then in office; or

		(iii)	Mr. John Hadjipateras ceases to be a director of the Parent Guarantor, except by reason of his voluntary resignation.

“Charter” means, in relation to a Vessel, any demise or time consecutive voyage charter in respect of that Vessel for an initial term which is equal to or exceeds 13 months, except for any Charter from and Owner Guarantor to Helios LPG Pool LLC.
“Charter Assignment” means, in respect of a Vessel, an assignment of any Charter (excluding Charters in respect of pooling arrangements permitted hereunder (including, for the avoidance of 

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doubt, Charters of a Vessel to a third party as part of any such pooling arrangement)) for such Vessel, in Agreed Form.
“Classification Society” means, in respect of a Vessel, Lloyd’s Register, Bureau Veritas, DNV GL, the American Bureau of Shipping, Nippon Kaiji Kyokai or such other first-class vessel classification society that is a member of IACS that the Agent may, with the consent of the Majority Lenders (such consent not to be unreasonably withheld), approve from time to time.
“Closing Date” means the first Drawdown Date in respect of the Term Loan Facility.

“Code” means the United States Internal Revenue Code of 1986, as amended, and the regulations promulgated and rulings issued thereunder.
“Collateral” means all property (including, without limitation, any proceeds thereof) referred to in the Finance Documents that is or is intended to be subject to any Security Interest in favor of the Security Trustee, for the benefit of the Lenders and the Swap Banks, securing the Secured Liabilities.
“Collateral Maintenance Ratio” has the meaning given in Clause 15.2.
“Commitment” means a Term Loan Facility Commitment or a Revolving Credit Commitment.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1et seq.), as amended from time to time and any successor statute.
“Compliance Certificate” means a certificate executed by an authorized person of the Borrower in the form set out in Appendix A.
“Confidential Information” means all information relating to any Security Party, any subsidiary of the Parent Guarantor, the Finance Documents or the Loan of which a Creditor Party becomes aware in its capacity as, or for the purpose of becoming, a Creditor Party or which is received by a Creditor Party in relation to, or for the purpose of becoming a Creditor Party under, the Finance Documents or the Loan from either:
		(a)	any Security Party or its advisers; or

		(b)	another Creditor Party, if the information was obtained by that Creditor Party directly or indirectly from any Security Party or any of its advisers,

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes any funding rate or any information that:
		(i)	is or becomes public information other than as a direct or indirect result of any breach by that Creditor Party of Clause 27.13; or

		(ii)	is identified in writing at the time of delivery as non-confidential by any Security Party or any of its advisers; or

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		(iii)	is known by that Creditor Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Creditor Party after that date, from a source which is, as far as that Creditor Party is aware, unconnected with any Security Party and which, in either case, as far as that Creditor Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality.

“Confidentiality Undertaking” means a confidentiality undertaking in Agreed Form.
“Confirmation” shall, in relation to any continuing Designated Transaction, have the meaning given in the relevant Master Agreement.
“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 “Business Day,” the definition of “U.S. Government Securities Business Day,” or any similar or analogous definition (or the 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 Clause 8.18 and other technical, administrative or operational matters) that the 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 Agent in a manner substantially consistent with market practice (or, if the Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Finance Documents), unless any such changes are objected to by the Majority Lenders in writing.
“Consolidated Funded Debt” means, for any accounting period, the sum of the following for the Parent Guarantor determined (without duplication) on a consolidated basis for such period and in accordance with GAAP consistently applied:
		(a)	all Financial Indebtedness; and

		(b)	all obligations to pay a specific purchase price for goods or services (other than vessel newbuildings and rights of use liabilities) whether or not delivered or accepted (including take-or-pay and similar obligations) which in accordance with GAAP would be shown on the liability side of a balance sheet;

provided that balance sheet accruals for future drydock expenses shall not be classified as Consolidated Funded Debt.
“Consolidated Liquidity” means, on a consolidated basis at any time, the sum of (a) cash and (b) Cash Equivalents, in each case held by the Parent Guarantor on a freely available and unencumbered basis.
“Consolidated Net Debt” means Consolidated Funded Debt less Consolidated Liquidity.

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“Consolidated Tangible Net Worth” means on a consolidated basis, Shareholders’ Equity (including retained earnings) of the Parent Guarantor, minus goodwill and other non-tangible items.
“Consolidated Total Capitalization” means Consolidated Tangible Net Worth plus Consolidated Funded Debt.
“Contractual Currency” has the meaning given in Clause 22.4.
“Contribution” means, in relation to a Lender, the part of the Loan which is owing to that Lender or, as the context may require, the portion of an Advance to be made by such Lender.
“CRD IV” means Directive 2013/36/EU of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directive 2006/48/EC and 2006/49/EC.
“CRR” means Regulation (EU) no. 575/2013 of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012.
“Creditor Party” means the Agent, the Security Trustee, the Bookrunners and Structurers, any Mandated Lead Arranger, any Swap Bank or any Lender, whether as at the Effective Date or at any later time.
“Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect a person or any of its subsidiaries against fluctuations in currency values to or under which such person or any of its subsidiaries is a party or a beneficiary on the Effective Date or becomes a party or a beneficiary thereafter.
“Current Assets” means, in respect of the Parent Guarantor, for the relevant period, current assets determined on a consolidated basis in accordance with GAAP, as indicated in the most recently delivered financial statements delivered under Clause 11.1(g), provided that Current Assets shall include long-term restricted cash and exclude any amounts classified as “right of use” assets (or such similar term as indicated in the financial statements of the Parent Guarantor).
“Current Liabilities” means, in respect of the Parent Guarantor, for the relevant period, current liabilities determined on a consolidated basis in accordance with GAAP, as indicated in the most recently delivered financial statements delivered under Clause 11.1(g), provided that Current Liabilities shall exclude (a) balloon payments due at maturity under this Agreement and other credit facilities to which the Parent Guarantor is a party, (b) any amounts booked as current portion of long-term debt (as determined in accordance with GAAP), and (c) any amounts classified as “right of use” liabilities (or such similar term as indicated in the financial statements of the Parent Guarantor).
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Agent decides that any such convention is not 

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administratively feasible for the Agent, then the Agent may establish another convention in its reasonable discretion.
“Defaulting Lender” means any Lender:
		(a)	which has failed to make available the relevant proportion of its Commitment in respect of the Loan or has given notice to the Agent that it will not make such amount available by the relevant Drawdown Date pursuant to Clause 4.3; or

		(b)	which has otherwise rescinded or repudiated a Finance Document; or

		(c)	with respect to which any proceeding shall be instituted by or against such Lender seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property,  excluding an Undisclosed Administration,

unless, in the case of paragraph (a) above:
		(i)	its failure to pay is caused by:

		(A)	an administrative or technical error; or

		(B)	a Disruption Event; and

payment is made within 5 Business Days of its due date; or
		(ii)	the Lender is disputing in good faith whether it is contractually obliged to make the relevant payment; 

and provided further that, a Lender’s designation as a Defaulting Lender hereunder shall not prohibit such Lender from retaining its voting rights under this Agreement where (x) its Commitment or the Maturity Date relating to its Contribution is being extended, (y) there is a forgiveness or reduction in outstanding principal of such Lender’s Contribution, and (z) such Lender would otherwise be adversely affected disproportionately to other Lenders.
“Delisting Event” means an event or circumstance as a result of which the Parent Guarantor is no longer publicly listed with its shares of common stock traded on the New York Stock Exchange, NASDAQ or any other recognized stock exchanged agreed between the Parent Guarantor and the Majority Lenders.
“Designated Transaction” means a Transaction which fulfils the following requirements: 
		(a)	it is entered into by the Borrower pursuant to a Master Agreement with a Swap Bank;

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		(b)	its purpose is the hedging of the Borrower’s exposure under this Agreement to fluctuations in Term SOFR arising from the funding of the Loan (or any part thereof) for a period expiring no later than the Maturity Date; and

		(c)	it is designated by the Borrower, by delivery by the Borrower to the Agent of a notice of designation in the form set out in Schedule 8, as a Designated Transaction for the purposes of the Finance Documents.

“Disruption Event” means either or both of:
		(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Loan (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, a party to this Agreement (a “Party”); or

		(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other, Party:

		(i)	from performing its payment obligations under the Finance Documents; or

		(ii)	from communicating with other parties in accordance with the terms of the Finance Documents.

“Dollars” and “$” means the lawful currency for the time being of the United States of America.
“Drawdown Date” means, in relation to an Advance, the date requested by the Borrower for such Advance to be made, or (as the context requires) the date on which such Advance is actually made.
“Drawdown Notice” means a notice in the form set out in Schedule 3 (or in any other form which the Agent approves or reasonably requires).
“Early Termination Date” shall in relation to any continuing Designated Transaction, have the meaning given in the relevant Master Agreement.
“Earnings” means, in relation to a Vessel, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Owner Guarantor owning that Vessel or the Security Trustee and which arise out of the use or operation of that Vessel, including (but not limited to):
		(a)	except to the extent that they fall within paragraph (b):

		(i)	all freight, hire and passage moneys; 

		(ii)	compensation payable to the Owner Guarantor owning that Vessel or the Security Trustee in the event of requisition of that Vessel for hire;

		(iii)	remuneration for salvage and towage services; 

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		(iv)	demurrage and detention moneys; 

		(v)	damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of that Vessel; and

		(vi)	all moneys which are at any time payable under Insurances in respect of loss of hire; and 

		(b)	if and whenever that Vessel is employed on terms whereby any moneys falling within paragraphs (a)(i) to (vi) are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to that Vessel.

“Earnings Accounts” means (i) the account in the name of the Borrower with the Account Bank designated as the Borrower’s Earnings Account for purposes of this Agreement, (ii) any other account with the Account Bank in the name of an Owner Guarantor which is designated as an Earnings Account for the purposes of this Agreement, and (iii) any new account set up to take earnings from any Vessel and designated as an Earnings Account for the purposes of this Agreement.
“Earnings Assignment” means, in relation to a Vessel, an assignment of the Earnings and any Requisition Compensation of that Vessel, in Agreed Form.
“EDGAR” means the Electronic Data Gathering, Analysis and Retrieval System maintained by the SEC. 
“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 party of an institution described in paragraph (a) of this definition; 

		(c)	any financial institution established in an EEA Member Country which is a subsidiary of an institution described in paragraphs (a) or (b) of this definition and is subject to consolidated supervision with its parent.  

“EEA Member Country” means any member state of the European Union, Iceland, Liechtenstein and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Effective Date” means the date on which this Agreement is executed and delivered by the parties hereto.
“Email” has the meaning given in Clause 29.1.

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“Environmental Claim” means:
		(a)	any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or which relates to any Environmental Law; or

		(b)	any claim by any other person which relates to an Environmental Incident,

and “claim” means a claim for damages, compensation, indemnification, contribution, fines, penalties or any other payment of any kind whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.
“Environmental Incident” means:
		(a)	any release of Environmentally Sensitive Material from a Vessel; or

		(b)	any incident in which Environmentally Sensitive Material is released and which involves a collision or allision between a Vessel and another vessel or object, or some other incident of navigation or operation, in any case, in connection with which such Vessel is actually or potentially liable to be arrested, attached, detained or injuncted and/or such Vessel and/or the Borrower and/or the Owner Guarantor owning such Vessel and/or any operator or manager of the Vessel is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or

		(c)	any other incident in which Environmentally Sensitive Material is released otherwise than from a Vessel and in connection with which such Vessel is actually or potentially liable to be arrested and/or where the Borrower and/or the Owner Guarantor owning such Vessel and/or any operator or manager of such Vessel is at fault or allegedly at fault or otherwise liable to any legal or administrative action.

“Environmental Law” means any law relating to pollution or protection of the environment, to the carriage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material.
“Environmental Permit” means any permit, approval, identification number, license or other authorization required under any Environmental Law.
“Environmentally Sensitive Material” means oil, oil products and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.
“Equity Interests” of any person means:
		(a)	any and all shares and other equity interests (including common stock, preferred stock, limited liability company interests and partnership interests) in such person; and

		(b)	all rights to purchase, warrants or options or convertible debt (whether or not currently exercisable), participations or other equivalents of or interests in (however designated) such shares or other interests in such person;

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“ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated and rulings issued thereunder.
“ERISA Affiliate” means a trade or business (whether or not incorporated) that, together with the Borrower or any Guarantor or any of their respective subsidiaries, would be deemed to be a single employer under Section 414 of the Code. 
“ERISA Funding Event” means:
		(a)	any failure by any Plan to satisfy the minimum funding standards (for purposes of Section 412 of the Code or Section 302 of ERISA), whether or not waived; 

		(b)	the filing pursuant to Section 412 of the Code or Section 303 of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; 

		(c)	the failure by the Borrower or any Guarantor or any of their respective subsidiaries or any ERISA Affiliate to make any required contribution to a Multiemployer Plan; 

		(d)	a determination that any Plan is, or is expected to be, in “at risk” status (within the meaning of Section 430(i) of the Code); 

		(e)	the incurrence by the Borrower or any Guarantor or any of their respective subsidiaries or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; 

		(f)	a determination that a Multiemployer Plan is, or is expected to be, insolvent within the meaning of Section 4245 of ERISA, or in endangered status within the meaning of Section 432 of the Code or Section 305 of ERISA;

		(g)	any Reportable Event; or

		(h)	the existence of a non-exempt “prohibited transaction” for purposes of Section 406 of ERISA or Section 4975 of the Code with respect to any employee benefit plan as defined in Section 3(3) of ERISA (other than a Multiemployer Plan) in respect to which the Borrower or any Guarantor or any of their respective subsidiaries or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4062 or Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA and in respect of which a liability (other than one of an immaterial amount) could reasonably be expected to be incurred by any Security Party.

“ERISA Termination Event” means:
		(a)	the imposition of any lien in favor of the PBGC on any Plan or Multiemployer Plan, or on any asset of any Security Party or any ERISA Affiliate in connection with any Plan or Multiemployer Plan;

		(b)	the receipt by the Borrower or any Guarantor or any of their respective subsidiaries or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention 

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			to terminate any Plan or Multiemployer Plan or to appoint a trustee to administer any Plan or Multiemployer Plan under Section 4042 of ERISA;

		(c)	the receipt by the Borrower or any Guarantor or any of their respective subsidiaries or any ERISA Affiliate of any notice that a Multiemployer Plan is in critical status within the meaning of Section 432 of the Code or Section 305 of ERISA;

		(d)	the filing of a notice of intent to terminate a Plan under Section 4041 of ERISA;

		(e)	the termination of a Multiemployer Plan (or treatment of a plan amendment as a termination) under Section 4041A of ERISA; or

		(f)	the occurrence of any other event or condition which might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or Multiemployer Plan.

“Estate” has the meaning assigned such term in Clause 31.1(b)(ii).
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person) as in effect from time to time.
“Event of Default” means any of the events or circumstances described in Clause 20.1.
“Excluded Fund” means an entity which is (a) a hedge fund or an entity which is primarily or substantially engaged in holding, trading or otherwise investing in, distressed debt or whose stated purposes or primary business is buying non-performance loans or pursuing active enforcement policies in respect thereof, or (b) a vulture fund or similar entity which would reasonably be recognized or categorized as a “vulture fund” by reputable financial institutions.
“Excluded Subsidiary” means each subsidiary of the Borrower that is not an Owner Guarantor. 
“Excluded Swap”  means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the guarantee by such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any 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 Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee by such Guarantor or the grant of such security interest  becomes effective with respect to such related Swap Obligation.  If a Swap Obligation arises under a Master Agreement governing more than one Swap Obligation, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to transactions for which such guarantee or security interest is or becomes illegal.
“Excluded Vessel” means any vessel owned by an Excluded Subsidiary. 
“Existing Facility Agreements” means (a) that certain amended and restated facility agreement dated April 29, 2020, as amended, modified or supplemented from time to time, made among, inter alia, (i) the Borrower, as borrower, (ii) certain companies named therein as joint and several guarantors, (iii) ABN AMRO Capital USA LLC, Citibank N.A., London Branch and the other banks and 

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financial institutions listed in Schedule 1, Part D as bookrunners, (iv) ABN AMRO Capital USA LLC and ING Bank N.V., London Branch as joint syndication agents, (v) the banks and financial institutions listed in Schedule 1 Part E thereof as mandated lead arrangers, (vi) the banks and financial institutions listed in Schedule 1 Part F thereof as commercial lenders, (vii) the banks and financial institutions listed in Schedule 1 Part G thereof as KEXIM lenders, (viii) the Export-Import Bank of Korea as KEXIM, (ix) the banks and financial institutions listed in Schedule 1 Part I thereof as K-sure lenders, (x) the banks and financial institutions listed in Schedule 1 Part J thereof as swap banks, (xi) the banks and financial institutions listed in Schedule 1 Part P thereof as new facilities lenders, (xii) ABN AMRO Capital USA LLC as global coordinator, sustainability coordinator, administrative agent and security agent and (xiii) Citibank N.A., London Branch or any of its holding companies, subsidiaries or affiliates, as ECA coordinator, and (b) that certain bareboat charter dated January 18, 2018 between Concorde LPG Transport LLC as charterers and the special purpose company named therein as owners, providing for the sale leaseback of the Vessel CONCORDE.
“Fair Market Value” means, in relation to a Vessel, the market value of such Vessel at any date that is shown by the arithmetic mean of two or three valuations, as the case may be, each prepared for and addressed to the Agent pursuant to the requirements set forth in Clause 11.1(h):
		(a)	as at a date not more than thirty (30) days prior to the date such valuation is delivered to the Agent (or such other time frame the Agent may, with the consent of the Majority Lenders, approve from time to time);

		(b)	by two or more Approved Brokers selected by the Borrower; 

		(c)	on a “desk top” basis without physical inspection of that Vessel; and

		(d)	on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment (and with no value to be given to any pooling arrangements); 

provided that (i) if a range of market values is provided in a particular appraisal, then the market value in such appraisal shall be deemed to be the mid-point within such range and (ii) if a third appraisal is obtained as provided in Clause 11.1(h), the market value of such Vessel shall be the average of the three appraisals obtained.
“FATCA” means 
		(a)	Sections 1471 through 1474 of the Code and any regulations thereunder issued by the United States Treasury; or

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

		(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US International Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction

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“FATCA Deduction” means a deduction or withholding from a payment under any Finance Document required by or under FATCA.
“FATCA Exempt Party” means a FATCA Relevant Party who is entitled under FATCA to receive payments free from any FATCA Deduction.
“FATCA Non-Exempt Party” means a FATCA Relevant Party who is not a FATCA Exempt Party.
“FATCA Non-Exempt Lender” means any Lender who is a FATCA Non-Exempt Party.
“FATCA Relevant Party” means each Creditor Party and each Security Party.
“Federal Funds Rate” means, for any day, the greater of (a) the rate calculated by the Federal Reserve Bank of New York based on such day’s Federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the Federal funds effective rate and (b) 0%.
“Fee Letter” means any letter or letters dated on or about the date of this Agreement between any of the Creditor Parties and any Security Party setting out the fees referred to in Clause 21.
“Finance Documents” means: 
		(a)	this Agreement;

		(b)	any Note;

		(c)	any Fee Letter; 

		(d)	any Account Pledges;

		(e)	any Charter Assignment;

		(f)	any Earnings Assignments;

		(g)	any Insurance Assignments;

		(h)	any Master Agreement;

		(i)	any Master Agreement Assignment;

		(j)	any Mortgages;

		(k)	any Shares Pledge; 

		(l)	any Manager’s Undertaking; 

		(m)	any Subordination Agreement; and

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		(n)	any other document (whether creating a Security Interest or not) which is executed at any time by any person as security for, or to establish any form of subordination or priorities arrangement in relation to, any amount payable to the Lenders and/or Swap Banks under this Agreement or any of the other documents referred to in this definition or which is entered into or to be entered into by any Security Party and is designated as a “Finance Document” by the Agent and the Borrower under and for the purposes of this Agreement.

“Financial Indebtedness” means, with respect to any person (the “debtor”) at any date of determination (without duplication): 
		(a)	moneys borrowed (including principal, interest and other sums related to such principal and interest) and debit balances at banks or other financial institutions;

		(b)	any amount raised by acceptance under any acceptance credit facility or under any acceptance credit or other equivalent facility;

		(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

		(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease;

		(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);

		(f)	any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the negative marked to market value (or, if any actual amount is due as a result of the termination or close-out of that Treasury Transaction, that amount) shall be taken into account), it being understood and agreed that any positive marked to market value shall reduce the Financial Indebtedness accordingly;

		(g)	any counter-indemnity obligation in respect of a guaranty, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution;

		(h)	any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than 180 days after the date of supply;

		(i)	any amount raised under any other transaction (including any forward sale or purchase sale and sale back, sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under GAAP; and

the amount of any liability in respect of any guaranty or indemnity for any of the items referred to in paragraphs (a) to (i) above.

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“Fiscal Year” means, in relation to any person, each period of one (1) year commencing on April 1 of each year and ending on March 31 of such year in respect of which its accounts are or ought to be prepared.
“Floor” means a rate of interest equal to 0.00%.
“Foreign Pension Plan” means any plan, fund (including without limitation, any superannuation fund) or other similar program established or maintained outside the United States of America by the Borrower or any Guarantor or any one or more of their respective subsidiaries primarily for the benefit of its or their employees residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which plan is not subject to ERISA or the Code.
“Foreign Plan Termination Event” means the occurrence of an event with respect to the funding or maintenance of a Foreign Pension Plan that could reasonably be expected to result in an impairment of any Collateral.
“Foreign Plan Underfunding” means the excess, if any, of the accrued benefit obligations of a Foreign Pension Plan (based on those assumptions used to fund that Foreign Pension Plan or, if that Foreign Pension Plan is unfunded, based on those assumptions used for financial accounting statement purposes or, if accrued benefit obligations are not calculated for financial accounting purposes, based on such reasonable assumptions as may be approved by the relevant entity’s independent auditors for these purposes) over the assets of such Foreign Pension Plan that could reasonably be expected to result in an impairment of any Collateral or a material adverse effect on the business, assets or financial condition of any Security Party.
“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 of America, including, without limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting profession.
“Green Passport” means a green passport statement of compliance issued by a classification society being a member of IACS which includes a list of any and all materials known to be potentially hazardous utilized in the construction of a vessel.
“Guaranteed Secured Liabilities” has the meaning given in Clause 16.1.
“Hedge Coordinator” means BNP Paribas.
“Helios LPG Pool” means Helios LPG Pool LLC, a Marshall Islands limited liability company.
“IACS” means the International Association of Classification Societies.

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“Insurances” means in relation to a Vessel: 
		(a)	all policies and contracts of insurance, including entries of that Vessel in any protection and indemnity or war risks association, effected in respect of that Vessel, the Earnings or otherwise in relation to that Vessel whether before, on or after the Effective Date; and 

		(b)	all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium and any rights in respect of any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the Effective Date.

“Insurance Assignment” means, in relation to a Vessel, an assignment of the Insurances, in Agreed Form.
“Interest Period” means a period determined in accordance with Clause 6.
“Interest Rate Agreement” means any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement designed to protect a person or any of its subsidiaries against fluctuations in interest rates to or under which such person or any of its subsidiaries is a party or a beneficiary on the date hereof or becomes a party or a beneficiary hereafter.
“IRS” means the United States Internal Revenue Service or any successor taxing authority or agency of the United States government.
“ISM Code” means the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime Organization, as the same may be amended or supplemented from time to time (and the terms “safety management system”, “Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code).
“ISM Code Documentation” includes, in respect of a Vessel:
		(a)	the Document of Compliance and Safety Management Certificate issued pursuant to the ISM Code in relation to that Vessel within the periods specified by the ISM Code;

		(b)	all other documents and data which are relevant to the safety management system and its implementation and verification which the Agent may require; and

		(c)	any other documents which are prepared or which are otherwise relevant to establish and maintain that Vessel’s compliance or the compliance of the Owner Guarantor that owns that Vessel or the relevant Approved Manager with the ISM Code which the Agent may require.

“ISPS Code” means the International Ship and Port Facility Security Code as adopted by the International Maritime Organization, as the same may be amended or supplemented from time to time. 
“ISPS Code Documentation” includes:

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		(a)	the ISSC; and

		(b)	all other documents and data which are relevant to the ISPS Code and its implementation and verification which the Agent may require.

“ISSC” means a valid and current International Ship Security Certificate issued under the ISPS Code.
“Lending Office” means, with respect to any Lender, the office of such Lender specified as its “Lending Office” under its name on Schedule 1 or in the relevant Transfer Certificate pursuant to which it became a Lender, or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Agent.
“Leverage Ratio” means, at any date of determination, the ratio of the total Loans outstanding to the aggregate Fair Market Value of the Vessels subject to a Mortgage and not the subject of a Total Loss, expressed as a percentage.
“Loan” means the principal amount of the Advances from time to time outstanding under this Agreement.
“Major Casualty” means, in relation to a Vessel, any casualty to that Vessel in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency.
“Majority Lenders” means a Lender or Lenders whose Commitments total more than 66.67% of the Total Commitments (or if the Total Commitments have been reduced to zero, totalled more than 66.67% of the Total Commitments immediately prior to the reduction). The Commitment and the outstanding amount of Advances of any Defaulting Lender shall be disregarded in determining Majority Lenders at any time, subject to the definition of “Defaulting Lender”.
“Manager’s Undertaking” means, in relation to a Vessel, the letter executed and delivered by an Approved Manager, in Agreed Form.
“Mandated Lead Arranger” means Crédit Agricole Corporate and Investment Bank, ING Bank N.V., London Branch and BNP Paribas, Danish Ship Finance A/S and Skandinaviksa Enskilda Banken AB (publ).
“Mandatory Costs” means in relation to the Loan or an unpaid sum the rate per annum notified by a Lender to the Agent to be the cost of that Lender of compliance with the requirements of the Financial Conduct Authority (UK) or, in any case, any similar institution which replaces all or any of their functions whose requirements such Lender complies with.
“Margin” means, as of any date of determination, subject to the Sustainability Pricing Adjustment and paragraph (a) below, the respective rate per annum indicated below based upon the Leverage Ratio, which shall be calculated as of the end of the most recent fiscal quarter of Parent Guarantor and its subsidiaries for which a Compliance Certificate has been delivered pursuant to Clause 11.1(g):

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	Level
	Margin
	Leverage Ratio

	I
	2.15%
	Less than 35%
​

	II
	2.20%
	Greater than or equal to 35% and less than 45%

	III
	2.25%
	Greater than or equal to 45%
​

​
		(a)	Subject to clauses (b) and (c) below, the adjustment of the Margin (if any) will occur on the next Repayment Date occurring after the Agent’s receipt of a Compliance Certificate pursuant to Clause 11.1(g).  

		(b)	Notwithstanding the foregoing, the Margin shall be set at Level III in the table above, (i) upon the occurrence and during the continuance of any Event of Default under Clause 20.2(h) or (i), (ii) at the election of the Majority Lenders, upon the occurrence and during the continuation of any other Event of Default (regardless of whether the Loan has been accelerated), or (iii) if for any period, the Agent does not receive the Compliance Certificate described in clause (i) above within thirty (30) Business Days of its due date, for the period commencing on the date such Compliance Certificate was required to be delivered through the date on which such Compliance Certificate is delivered to the Agent.

		(c)	The Margin shall be re-calculated upon the drawing of each Advance during each Interest Period, such that if the Leverage Ratio increases, resulting in a different Level indicated above, then the Margin on the Loan would also increase on the relevant Drawdown Date of such Advance.

“Margin Regulations” means Regulations T, U and X issued by the Board of Governors of the United States Federal Reserve System and any successor regulations thereto, as in effect from time to time.
“Margin Stock” means “margin stock” or “margin securities” as defined in the Margin Regulations.
“Master Agreement” means each master agreement (on the 2002 ISDA (Multicurrency - Crossborder) form) made between the Borrower and a Swap Bank and includes all Designated Transactions from time to time entered into and Confirmations from time to time exchanged under the master agreement.
“Master Agreement Assignment” means, in relation to a Master Agreement, the assignment of the Master Agreement, in Agreed Form.
“Maturity Date” means the earliest of (i) the seventh anniversary of the Closing Date, (ii) September 26, 2029 and (iii) the date on which the Loan is accelerated pursuant to Clause 20.4.
“Maximum Available Amount” shall have the meaning given to that term in Clause 2.1(a).
“Mortgage” means, in relation to a Vessel, the first preferred or priority ship mortgage on that Vessel, together with a deed of covenants, if applicable, in each case in Agreed Form.

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“Multiemployer Plan” means, at any time, a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which the Borrower or any Guarantor or any of their respective subsidiaries or any ERISA Affiliate has any liability or obligation to contribute or has within any of the six preceding plan years had any liability or obligation to contribute.
“Non-indemnified Tax” means:
		(a)	any tax on the net income of a Creditor Party (but not a tax on gross income or individual items of income), whether collected by deduction or withholding or otherwise, which is levied by a taxing jurisdiction which: 

		(i)	is located in the country under whose laws such entity is formed (or in the case of a natural person is a country of which such person is a citizen); or 

		(ii)	with respect to any Lender, is located in the country of its Lending Office; or 

		(iii)	with respect to any Creditor Party other than a Lender, is located in the country from which such party has originated its participation in this transaction; or

		(b)	any FATCA Deduction made on account of a payment to a FATCA Non-Exempt Party.

“Note” means one or more promissory notes of the Borrower, payable to the order of the Agent or a Lender, as applicable, evidencing the aggregate indebtedness of the Borrower in respect of the Commitments under this Agreement or the Commitments of such Lender under this Agreement, as applicable, in Agreed Form.
“Notifying Lender” has the meaning given in Clause 24.1 or Clause 25.1 as the context requires.
“pari passu”, when used with respect to the ranking of any Financial Indebtedness of any person in relation to other Financial Indebtedness of such person, means that each such Financial Indebtedness:
		(a)	either (i) is not subordinated in right of payment to any other Financial Indebtedness of such person or (ii) is subordinate in right of payment to the same Financial Indebtedness of such person as is the other and is so subordinate to the same extent; and

		(b)	is not subordinated in right of payment to the other or to any Financial Indebtedness of such person as to which the other is not so subordinate.

“PATRIOT Act” means the United States Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act) Act Title III of Pub. L.: 107-56 (signed into law October 26, 2001), as amended.
“Payment Currency” has the meaning given in Clause 22.4.
“PBGC” means the United States Pension Benefit Guaranty Corporation and its successors.
“Periodic Term SOFR Determination Day” has the meaning specified in the definition of “Term SOFR”.

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“Permitted Financial Indebtedness” means 

		(a)	Financial Indebtedness in respect of the Existing Facility Agreements, provided that such Financial Indebtedness relating to a Vessel shall be repaid on the Drawdown Date of the Advance under the Term Loan Facility relating to such Vessel;

		(b)	Financial Indebtedness in respect of the Loan; 

		(c)	subject to Clause 11.1(r), loans made to a Security Party by an Affiliate, parent or subsidiary; or

		(d)	hedging agreements with third parties in the ordinary course of business for purposes of hedging foreign currency exchange, bunker costs and other risks.

“Permitted Security Interests” means:
		(a)	Security Interests created or otherwise permitted in connection with the Existing Facility Agreements, provided that such Security Interests relating to a Vessel or its Owner Guarantor shall be released in full on the Drawdown Date of the Advance under the Term Loan Facility relating to such Vessel, and all such Security Interests shall be released no later than the final Drawdown Date; 

		(b)	Security Interests created or otherwise permitted by the Finance Documents;

		(c)	Permitted Vessel Liens; and

		(d)	any Security Interest approved by the Majority Lenders.

“Permitted Vessel Liens” means, in relation to any Vessel:

		(a)	any ship repairer’s or outfitter’s possessory lien in respect of such Vessel for an amount not exceeding the Major Casualty amount;

		(b)	any lien on such Vessel for master’s, officer’s or crew’s wages outstanding in accordance with usual maritime practice;

		(c)	any lien for master’s disbursements incurred in the ordinary course of trading, provided such liens do not secure amounts more than 30 days overdue (unless the amount is being contested by the Security Parties in good faith by appropriate steps);

		(d)	any lien on such Vessel for collision or salvage;

		(e)	liens in the aggregate amount of $1,000,000 or any other greater amount approved by all the Lenders, in favor of suppliers of necessaries or other similar liens arising in the ordinary course of its trading (including, without limitation, any liens incurred in connection with regular dry docking), accrued for not more than ninety (90) days (unless any such lien is being contested in good faith and by appropriate proceedings or other acts and the relevant Owner Guarantor shall have set aside on its books adequate reserves in 

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			accordance with GAAP with respect to such lien and so long as such deferment in payment shall not subject its Ship to forfeiture or loss);

		(f)	liens in the aggregate amount of $1,000,000 or any other amount approved by all the Lenders for loss, damage or expense which are not fully covered by Insurance, subject to applicable deductibles satisfactory to the Agent, or in respect of which a bond or other security has been posted by or on behalf of the relevant Owner Guarantor with the appropriate court or other tribunal to prevent the arrest or secure the release of the Vessel from arrest;

		(g)	liens for taxes or assessments or other governmental charges not yet due and payable or which are being contested in good faith by appropriate steps and in respect of which the Owner Guarantor shall have set aside on its books adequate reserves in accordance with GAAP with respect to such lien and so long as such deferment in payment shall not subject its Vessel to forfeiture or loss;

		(h)	any other lien arising by operation of law or otherwise in the ordinary course of operation, repair or maintenance of a Vessel that does not subject the Vessel to forfeiture or loss;

		(i)	pledges of certificates of deposit or other cash collateral securing any Security Party’s reimbursement obligations in connection with letters of credit now or hereafter issued for the account of such Security Party in connection with the establishment of the financial responsibility of such Security Party under 33 C.F.R. Part 130 or 46 C.F.R. Part 540, as the case may be, as the same may be amended or replaced; and

		(j)	Security Interests for loss, damage or expense which are fully covered by insurance, subject to applicable deductibles satisfactory to the Agent.

“Pertinent Document” means:
		(a)	any Finance Document;

		(b)	any policy or contract of insurance contemplated by or referred to in Clause 13 or any other provision of this Agreement or another Finance Document;

		(c)	any other document contemplated by or referred to in any Finance Document; and

		(d)	any document which has been or is at any time sent by or to a Servicing Bank in contemplation of or in connection with any Finance Document or any policy, contract or document falling within paragraphs (b) or (c).

“Pertinent Jurisdiction” means in relation to a company, means:
		(a)	the jurisdiction under the laws of which the company is incorporated or formed;

		(b)	a jurisdiction in which the company has the center of its main interests or in which the company’s central management and control is or has recently been exercised;

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		(c)	a jurisdiction in which the overall net income of the company is subject to corporation tax, income tax or any similar tax;

		(d)	a jurisdiction in which assets of the company (other than securities issued by, or loans to, related companies) having a substantial value are situated, in which the company maintains a branch or permanent place of business, or in which a Security Interest created by the company must or should be registered in order to ensure its validity or priority; or

		(e)	a jurisdiction the courts of which have jurisdiction to make a winding up, administration or similar order in relation to the company whether as a main or territorial or ancillary proceedings or which would have such jurisdiction if their assistance were requested by the courts of a country referred to in paragraphs (a) or (b) above.

“Pertinent Matter” means:
		(a)	any transaction or matter contemplated by, arising out of, or in connection with a Pertinent Document; or

		(b)	any statement relating to a Pertinent Document or to a transaction or matter falling within paragraph (a),

and covers any such transaction, matter or statement, whether entered into, arising or made at any time before the signing of this Agreement or on or at any time after that signing.
“Plan” means any employee benefit plan as defined in Section 3(3) of ERISA (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect to which the Borrower or any Guarantor or any of their respective subsidiaries or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4062 or Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Poseidon Principles” means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organization from time to time.
“Potential Event of Default” means an event or circumstance which, with the giving of any notice, the lapse of time, and/or the satisfaction of any other condition, would constitute an Event of Default.
“Qualified ECP Guarantor” means, in respect of any Swap Obligations, each Security Party that has total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person or entity as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

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“Recognised Organisation” means an organisation representing the state of that Vessel’s Approved Flag and, for the purposes of Clause 11.1(bb), duly authorised to determine whether an Owner Guarantor has complied with regulation 22A of Annex VI.
“Related Fund” in relation to a fund (the “first fund”), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.
“Relevant Governmental Body” means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.
“Repayment Instalment” has the meaning given to this term in Clause 8.1(a).
“Repayment Date” has the meaning given to this term in Clause 8.1(b).
“Representative” means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.
“Reportable Event” means an event described in Section 4043(b) (or, unless the 30-day notice requirement has been duly waived under the applicable regulations, Section 4043(c) of ERISA) with respect to a Plan that is subject to Title IV of ERISA.
“Requisition Compensation” includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of “Total Loss”.
“Rescindable Amount” shall have the meaning given to that term in Clause 31.12.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. 
“Restricted Party” means a person that is: 
		(a)	listed on any Sanctions List or targeted by Sanctions (whether designated by name or by reason of being included in a class of person); or

		(b)	located in or incorporated under the laws of any country or territory that is the target of comprehensive, country- or territory-wide Sanctions; or

		(c)	directly or indirectly owned or controlled by, or acting or purporting to act on behalf, at the direction, or for the benefit, of a person referred to in (a) and/or (to the extent relevant under Sanctions) (b) above; or

		(d)	otherwise a target of Sanctions;

provided that, in the case of a person listed on the OFAC Sectoral Sanctions Identification List or any similar person that is not subject to broad Sanctions prohibitions on dealing with such person, 

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such person shall be a Restricted Party only to the extent that a Creditor Party, a Security Party or any other person resident or organized in the United States, United Kingdom or European Union would be prohibited by applicable Sanctions from dealing with such person or engaging in the relevant transaction, and provided further that, a person shall not be a Restricted Party to the extent that such person is broadly exempted from the applicable targeting Sanctions under a general license or similar governmental order.
“Revolving Advance” means the principal amount of each borrowing by the Borrower of a portion of the Revolving Credit Commitments in respect of the Revolving Credit Facility.
“Revolving Credit Commitments” means, in relation to a Lender, the amount set opposite its name under the heading “Revolving Credit Commitment” in Part II of Schedule 1 (The Parties) and the amount of any other Revolving Credit Commitment transferred to it under this Agreement, and to the extent not cancelled, reduced or transferred by it under this Agreement.
“Revolving Credit Facility” means, at any relevant time, a revolving credit facility in an amount equal to $2,000,000 per Vessel and an aggregate amount of up to $20,000,000, or as the context may require the aggregate principal amount of the Revolving Advances outstanding from time to time under this Agreement.
“Sanctioned Country” means a country or territory that is the subject of Sanctions broadly prohibiting dealings with such country or territory.
“Sanctioned Vessel” means a vessel which is the subject of Sanctions.
“Sanctions” means any sanctions laws, embargoes, freezing provisions, prohibitions or other restrictions relating to economic or trade sanctions imposed by law or regulation of any Sanctions Authority.
“Sanctions Authority” means the United Nations, the European Union, the Member States of the European Union, the United Kingdom, France, the United States of America, the governments and official institutions or agencies of any of the foregoing, including without limitation, the United Nations Security Council, the Office of Foreign Assets Control of the US Department of the Treasury (OFAC), the US Department of State, the Council of the European Union, the Department of Commerce and Bureau of Industry and Security, Her Majesty's Treasury and the French Treasury, and any of their respective legislative, executive, enforcement and/or regulatory authorities or bodies acting in connection with Sanctions.
“Sanctions List” means:
		(a)	the lists of Sanctions designations and/or targets maintained by any Sanctions Authority and/or

		(b)	any other Sanctions designation or target listed and/or adopted by a Sanctions Authority, in all cases, as amended, supplemented or replaced from time to time. 

“Secured Liabilities” means all liabilities which the Security Parties or any of them have, at the Effective Date or at any later time or times, under or in connection with any Finance Document or 

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any judgment relating to any Finance Documents; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country.
“Security Interest” means:
		(a)	a mortgage, encumbrance, charge (whether fixed or floating) or pledge, any maritime or other lien or privilege or any other security interest of any kind; 

		(b)	the security rights of a plaintiff under an action in rem; and 

		(c)	any arrangement entered into by a person (A) the effect of which is to place another person (B) in a position which is similar, in economic terms, to the position in which B would have been had he held a security interest over an asset of A; but this paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial institution.

“Security Party” means the Borrower and the Guarantors.
“Security Period” means the period commencing on the Effective Date and ending on the date that: 
		(a)	all amounts which have become due for payment by the Borrower or any other Security Party under the Finance Documents have been paid;

		(b)	no amount is owing or has accrued (without yet having become due for payment) under any Finance Document; and

		(c)	neither the Borrower nor any other Security Party has any future or contingent liability under Clause 21, 22 or 23 or any other provision of this Agreement or another Finance Document.

“Servicing Bank” means the Agent or the Security Trustee.
“Shareholders’ Equity” means, in respect of the Parent Guarantor, the aggregate amount of shareholders’ equity determined on a consolidated basis in conformity with GAAP, as shown on the most recently annual audited or quarterly unaudited consolidated balance sheet delivered hereunder.
“Shares Pledge” means a pledge of the Equity Interests of the Borrower and each Owner Guarantor, as the case may be, in Agreed Form.
“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).

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“Statement of Compliance” means a Statement of Compliance related to fuel oil consumption pursuant to regulations 6.6 and 6.7 of Annex VI.
“Structurers” means Crédit Agricole Corporate and Investment Bank and ING Bank N.V., London Branch.
"Subordination Agreement" means any subordination agreement entered into or to be entered into by any Affiliate of the Security Parties in Agreed Form providing that any loans made by it to a Security Party and other obligations shall be subject and subordinate to the prior payment in full of the Secured Liabilities.
“Sustainability Certificate” means a certificate signed by the Chief Executive Officer or Chief Financial Officer of the Parent Guarantor, in a form and substance reasonably satisfactory to the Agent and the Sustainability Coordinator and substantially in the form of Appendix B (Form of Sustainability Certificate) that shows the details of the weighted average of the Annual Efficiency Ratio (AER) of the vessels owned and bareboat chartered-in by the Parent Guarantor and its subsidiaries, setting forth the Sustainability Pricing Adjustment.
“Sustainability Coordinator” means Crédit Agricole Corporate and Investment Bank.
“Sustainability Pricing Adjustment” means, the following upward or downward adjustment to the Margin, as applicable, effective on the next Repayment Date occurring after the date of delivery of the Sustainability Certificate (other than with respect to the Sustainability Certificate delivered under Part B of Schedule 4 (Conditions Precedent) hereto which shall be effective on the Closing Date), or if no such Sustainability Certificate is delivered, the next Repayment Date occurring after the date it was required to be delivered:

		(a)	if the Vessels’ average weighted Annual Efficiency Ratio (AER) is below the IMO trajectory target, the Margin shall be reduced by 0.05%; and

		(b)	if the Vessels’ average weighted Annual Efficiency Ratio (AER) is not below than the IMO trajectory target, or the Borrower does not provide the Sustainability Certificate within the period required under Clause 11.1(g), the Margin shall be increased by 0.05%; 

provided that, for the avoidance of doubt, the Margin shall not be reduced or increased by more than 0.05% as a result of the Sustainability Pricing Adjustment at any time. 
“Swap Banks” means the Lenders and their Affiliates.
“Swap Exposure” means, as at any relevant date and in relation to a Swap Bank, the amount certified by the Swap Bank to the Agent to be the aggregate net amount in Dollars which would be payable by the Borrower to the Swap Bank under (and calculated in accordance with) section 6(e) (Payments on Early Termination) of the Master Agreement entered into by the Swap Bank with the Borrower if an Early Termination Date had occurred on the relevant date in relation to all continuing Designated Transactions entered into between the Borrower and the Swap Bank.

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“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.
“Term Loan Advances” means the principal amount of each borrowing by the Borrower of a Tranche in respect of the Term Loan Facility under this Agreement.
“Term Loan Facility” means the term loan facility made available under this Agreement as described in paragraph (a) of Clause 2.1 (Amount of facility).

“Term Loan Facility Commitment” means, in relation to a Lender, the amount set opposite its name under the heading “Term Loan Facility Commitment” in Part II of Schedule 1 (The Parties) and the amount of any other Term Loan Facility Commitment transferred to it under this Agreement, and to the extent not cancelled, reduced or transferred by it under this Agreement.
“Term SOFR” means, for any calculation with respect to any 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. (New York City 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; provided further that if Term SOFR as determined above would be less than the Floor, Term SOFR will be deemed to be the Floor.
“Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Agent in its reasonable discretion).
“Term SOFR Reference Rate” means the forward-looking term rate based on SOFR. 
“Total Commitments” means the aggregate of the Total Term Loan Facility Commitments and the Total Revolving Credit Commitments, being $260,000,000 at the date of this Agreement.
“Total Loss” means in relation to a Vessel:
		(a)	actual, constructive, compromised, agreed or arranged total loss of that Vessel;

		(b)	any expropriation, confiscation, requisition or acquisition of that Vessel, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition for hire for a fixed period not exceeding one (1) year without any 

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			right to an extension), unless it is within seventy-five (75) days redelivered to the full control of the Owner Guarantor owning that Vessel; or

		(c)	any arrest, capture, seizure or detention of that Vessel (including any hijacking or theft) unless it is redelivered to the full control of the Owner Guarantor owning that Vessel within seventy-five (75) days of such arrest, capture, seizure or detention.

“Total Loss Date” means in relation to a Vessel:
		(a)	in the case of an actual loss of that Vessel, the date on which it occurred or, if that is unknown, the date when that Vessel was last heard of;

		(b)	in the case of a constructive, compromised, agreed or arranged total loss of that Vessel, the earliest of:

		(i)	the date on which a notice of abandonment is given to the insurers; 

		(ii)	if the insurers do not admit such a claim, the date later determined by a competent court of law to have been the date on which the total loss happened; or 

		(iii)	the date of any compromise, arrangement or agreement made by or on behalf of the Owner Guarantor owning that Vessel with the Vessel’s insurers in which the insurers agree to treat the Vessel as a total loss; and

		(c)	in the case of any expropriation, confiscation, requisition or acquisition of a Vessel ((excluding a requisition for hire for a fixed period not exceeding one (1) year without any right to an extension), the date it happened; and

		(d)	in the case of arrest, capture, seizure or detention of a Vessel, the date 30 days after date upon which it happened.

“Total Revolving Credit Commitments” means the aggregate of the Revolving Credit Commitments, being $20,000,000 at the date of this Agreement.
“Total Term Loan Facility Commitments” means the aggregate of the Term Loan Facility Commitments, being $240,000,000 at the date of this Agreement.
“Tranche” means:

		(a)	with respect to the Term Loan Facility, in respect of each Vessel, the principal amount of $24,000,000, of the Total Term Loan Facility Commitments; and

		(b)	with respect to the Revolving Credit Facility to be made available to the Borrower, the principal amount of $20,000,000 of the Revolving Credit Commitments. 

“Transaction” has the meaning given in each Master Agreement.
“Transfer Certificate” has the meaning given in Clause 27.2.

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“Transferee Lender” has the meaning given in Clause 27.2.
“Transferor Lender” has the meaning given in Clause 27.2.
“Treasury Transaction” means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price, including under a Currency Agreement or Hedging Agreement, as applicable.
“UCC” means the Uniform Commercial Code of the State of New York.
“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 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.
“Undisclosed Administration” means, in relation to a Lender or its direct or indirect parent company that is a solvent person, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian, or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender or such parent company is subject to home jurisdiction, if applicable law requires that such appointment not be disclosed.
“Vessels” means each of the vessels listed in Schedule 2, unless the Security Interest in such Vessel is released pursuant to the terms of this Agreement.
“Voting Stock” of any person as of any date means the Equity Interests of such person that are at the time entitled to vote in the election of the board of directors or similar governing body of such person.
“Working Capital” means Current Assets (excluding intangible assets) less Current Liabilities (excluding the current portion of indebtedness or intangible liabilities).
“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 

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			any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or a 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.  

	1.2	Construction of certain terms

In this Agreement:
“approved” means, for the purposes of Clause 13, approved in writing by the Agent with the consent of the Majority Lenders;
“asset” includes every kind of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment;
“company” includes any corporation, limited liability company, partnership, joint venture, unincorporated association, joint stock company and trust;
“consent” includes an authorization, consent, approval, resolution, license, exemption, filing, registration, notarization and legalization;
“contingent liability” means a liability which is not certain to arise and/or the amount of which remains unascertained;
“document” includes a deed; also a letter, Email or fax;
“excess risks” means, in relation to a Vessel, the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of that Vessel in consequence of its insured value being less than the value at which that Vessel is assessed for the purpose of such claims;
“expense” means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value added or other tax;
“law” includes any order or decree, any form of delegated legislation, any treaty or international convention and any statute, regulation or resolution of the United States of America, any state thereof, the Council of the European Union, the European Commission, the United Kingdom, the United Nations or its Security Council or any other Pertinent Jurisdiction;
“legal or administrative action” means any legal proceeding or arbitration and any administrative or regulatory action or investigation;
“liability” includes every kind of debt or liability (present or future, certain or contingent), whether incurred as principal or surety or otherwise;
“months” shall be construed in accordance with Clause 1.3;

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“obligatory insurances” means, in relation to a Vessel, all insurances effected, or which the Owner Guarantor owning that Vessel is obliged to effect, under Clause 13 or any other provision of this Agreement or another Finance Document;
“parent company” has the meaning given in Clause 1.4;
“person” includes natural persons; any company; any state, political sub-division of a state and local or municipal authority; and any international organization;
“policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms;
“protection and indemnity risks” means the usual risks covered by a protection and indemnity association that is a member of the International Group of P&I Clubs, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Time Clauses (Hulls)(1/11/02 or 1/11/03) or clause 8 of the Institute Time Clauses (Hulls) (1/10/83) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;
“regulation” includes any regulation, rule, official directive, request or guideline (either having the force of law or compliance with which is customary in the ordinary course of business of the party concerned) of any governmental body, intergovernmental or supranational, agency, department or regulatory, self-regulatory or other authority or organization;
“subsidiary” has the meaning given in Clause 1.4; 
“successor” includes any person who is entitled (by assignment, novation, merger or otherwise) to any other person’s rights under this Agreement or any other Finance Document (or any interest in those rights) or who, as administrator, liquidator or otherwise, is entitled to exercise those rights; and in particular references to a successor include a person to whom those rights (or any interest in those rights) are transferred or pass as a result of a merger, division, reconstruction or other reorganization of it or any other person;
“tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any country, any state, any political sub-division of a state or any local or municipal authority or any other governmental authority authorized to levy such tax (including any such imposed in connection with exchange controls), and any related penalties, interest or fines; and 
“war risks” includes war and allied perils, the risk of mines, terrorism, piracy, hijacking, confiscation, blocking and trapping, protection and indemnity war risks (with a separate limit not less than hull value) and all risks excluded by clause 29 of the Institute Hull Clauses (1/11/02 or 1/11/03) or clause 24 of the Institute Time Clauses (Hulls) (1/11/1995) or clause 23 of the Institute Time Clauses (Hulls) (1/10/83) or any equivalent provision.

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	1.3	Meaning of “month”

A period of one or more “months” ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started (“the numerically corresponding day”), but:
	(a)	on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or

	(b)	on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of the period has no numerically corresponding day,

and “month” and “monthly” shall be construed accordingly.
	1.4	Meaning of “subsidiary”

A company (S) is a subsidiary of another company (P) if:
	(a)	a majority of the issued Equity Interests in S (or a majority of the issued Equity Interests in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P; or

	(b)	P has direct or indirect control over a majority of the voting rights attaching to the issued Equity Interests of S; or

	(c)	P has the direct or indirect power to appoint or remove a majority of the directors (or equivalent) of S; or

	(d)	P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance with the wishes of P;

and any company of which S is a subsidiary is a parent company of S; provided however that notwithstanding the foregoing, Helios LPG Pool shall not be considered a subsidiary of the Parent Guarantor. 
	1.5	General interpretation

In this Agreement:
	(a)	references to, or to a provision of, a Finance Document or any other document are references to it as amended or supplemented, whether before the Effective Date or otherwise;

	(b)	references to, or to a provision of, any law or regulation include any amendment, extension, re-enactment or replacement, whether made before the Effective Date or otherwise; 

	(c)	words denoting the singular number shall include the plural and vice versa; and

	(d)	Clauses 1.1 to 1.5 apply unless the contrary intention appears.

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	1.6	Headings

In interpreting a Finance Document or any provision of a Finance Document, all clause, sub-clause and other headings in that and any other Finance Document shall be entirely disregarded.
	1.7	Accounting terms

Unless otherwise specified herein, all accounting terms used in this Agreement and in the other Finance Documents shall be interpreted, and all financial statements and certificates and reports as to financial matters required to be delivered to any Creditor Party under this Agreement shall be prepared, in accordance with GAAP as from time to time in effect.
	1.8	Inferences regarding materiality

To the extent that any representation, warranty, covenant or other undertaking of a Security Party in this Agreement or any other Finance Document is qualified by reference to those matters which are not reasonably expected to result in a “material adverse effect” or language of similar import, no inference shall be drawn therefrom that any Creditor Party has knowledge or approves of any noncompliance by such Security Party with any law or regulation.
	2	Facility

	2.1	Amount of facility

	(a)	Subject to the other provisions of this Agreement, the Lenders severally agree to make available to the Borrower the Revolving Credit Facility and the Term Loan Facility, together in an aggregate amount not to exceed the lesser of $260,000,000 and 40% of the Fair Market Value of the Vessels, as determined no earlier than thirty (30) days prior to the Effective Date (other than in the case of determining the Fair Market Value of the CORVETTE which may be determined earlier) (the “Maximum Available Amount”). 

	(b)	On the Closing Date, to the extent the Maximum Available Amount is less than the Total Commitments, each Lender’s relevant Commitment and each Tranche shall be reduced pro rata, as notified by the Agent to each Lender and the Borrower.

	2.2	Lenders’ participations in the Advances

Subject to the other provisions of this Agreement, (a) each Lender shall participate in each Revolving Advance in the proportion which, as at the relevant Drawdown Date, its Revolving Credit Commitment bears to the Total Revolving Facility Commitments, and (b) each Lender shall participate in each Term Loan Advance in the proportion which, as at the relevant Drawdown Date, its Term Loan Facility Commitment bears to the Total Term Loan Facility Commitments.
	2.3	Purpose of the Advances

The Borrower undertakes with each Creditor Party to use each Advance only for the purpose stated in the Recitals of this Agreement.

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	2.4	Cancellation of Commitments

Any portion of the Revolving Credit Commitments or Term Loan Facility Commitments not disbursed to the Borrower shall be cancelled and terminated automatically on the expiration of the relevant Availability Period.
	3	Position of the Lenders and Swap Banks

	3.1	Interests several

The rights of the Lenders and of the Swap Banks under this Agreement and under the Master Agreements are several. 
	3.2	Individual right of action

Each Lender and each Swap Bank shall be entitled to sue for any amount which has become due and payable by a Security Party to it under this Agreement or under a Master Agreement without joining the Agent, the Security Trustee, or any other Lender or any other Swap Bank as additional parties in the proceedings.
	3.3	Proceedings requiring Majority Lender consent

Except as provided in Clause 3.2, no Lender and no Swap Bank may commence proceedings against any Security Party in connection with a Finance Document without the prior consent of the Majority Lenders.
	3.4	Secured Liabilities several

The obligations of the Lenders under this Agreement and of the Swap Banks under the Master Agreement to which it is a party are several; and a failure of a Lender to perform its obligations under this Agreement or a failure of a Swap Bank to perform its obligations under the Master Agreement to which it is a party shall not result in:
	(a)	the obligations of the other Lenders or Swap Banks being increased; nor 

	(b)	any Security Party, or any other Lender or any other Swap Bank being discharged (in whole or in part) from its obligations under any Finance Document,

and in no circumstances shall a Lender or a Swap Bank have any responsibility for a failure of another Lender or another Swap Bank to perform its obligations under this Agreement or a Master Agreement.
	4	Drawdown

	4.1	Request for Advance

Subject to the following conditions, the Borrower may request an Advance to be made by delivering to the Agent a completed Drawdown Notice not later than 4:00 p.m. (Paris time) three (3) Business Days prior to the intended Drawdown Date.

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	4.2	Availability

The conditions referred to in Clause 4.1 are that:
	(a)	the Drawdown Date must be a Business Day during the Availability Period; 

	(b)	the Revolving Credit Facility shall be made available to the Borrower in a single Tranche consisting of multiple Advances for the purposes stated in Recital A;

	(c)	the Term Loan Facility shall be made available to the Borrower in ten (10) Tranches, consisting of one (1) Advance per Vessel, for the purposes stated in Recital A and may be drawn separately or in a single drawing; 

	(d)	subject to Clause 2.1 (Facility Amount), the aggregate outstanding principal amount of the Revolving Advances shall not exceed the lesser of (x) Revolving Credit Commitments and (y) $2,000,000 per Vessel whose Term Loan Facility Tranche has been drawn, and the aggregate outstanding principal amount of the Term Loan Advances shall not exceed the Term Loan Facility Commitments; 

	(e)	the aggregate outstanding principal amount of the Advances shall not exceed the Total Commitments; 

	(f)	each Advance in respect of the Revolving Credit Facility shall be for an amount not less than $2,000,000;

	(g)	no more than three (3) Advances in respect of the Revolving Credit Facility may be requested in any fiscal quarter of the Parent Guarantor; and

	(h)	the applicable conditions precedent stated in Clause 9 hereof shall have been satisfied or waived as provided therein.

	4.3	Notification to Lenders of receipt of a Drawdown Notice

The Agent shall promptly notify the Lenders that it has received a Drawdown Notice and shall inform each Lender of:
	(a)	the amount of the Advance and the Drawdown Date;

	(b)	the amount of that Lender’s participation in the Advance; and

	(c)	the duration of the first Interest Period.

	4.4	Drawdown Notice irrevocable

A Drawdown Notice must be signed by an officer or a duly authorized attorney-in-fact of the Borrower and except as provided in Clauses 5.5 and 5.6(f), once served, a Drawdown Notice cannot be revoked or varied without the prior consent of the Agent, acting on the authority of the Majority Lenders (such consent not to be unreasonably withheld).

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	4.5	Lenders to make available Contributions

Subject to the provisions of this Agreement, each Lender shall, before 11:00 a.m. (New York City time) on and with value on the relevant Drawdown Date, make available to the Agent for the account of the Borrower the amount due from that Lender under Clause 2.2.
	4.6	Disbursement of Advance

Subject to the provisions of this Agreement, the Agent shall on the relevant Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5 and that payment to the Borrower shall be made:
	(a)	to the account(s) which the Borrower specifies in the relevant Drawdown Notice; and

	(b)	in the like funds as the Agent received the payments from the Lenders.

	4.7	Disbursement of Advance to third party

The payment by the Agent under Clause 4.6 to the account of a third party designated by the Borrower in a Drawdown Notice shall constitute the making of the Advance and the Borrower shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s Contribution.
	4.8	Promissory note  

	(a)	The obligation of the Borrower to pay the principal of, and interest on, the portion of each Advance made by each Lender shall be evidenced by one or more Notes in favor of the Agent (unless a Lender requests a Note evidencing its Contribution in which case an individual Note shall be issued to such Lender).  

	(b)	Each Lender (or the Agent, as applicable), shall record on its internal records the amount of its (or each Lender’s) participation in each Advance and its payment in respect thereof, and will, prior to any transfer of a Note, endorse thereon the outstanding principal amount of the Contribution evidenced thereby.

	(c)	The failure to make any such endorsement shall not affect the obligation of the Borrower in respect of such Advance nor affect the validity of any transfer by the Agent or a Lender of a Note.

	(d)	On receipt of satisfactory evidence that a Note has been lost, mutilated or destroyed and on surrender of the remnants thereof, if any, the Borrower will promptly replace such Note, without charge to the Creditor Parties, with a similar Note.  If such replacement Note replaces a lost Note it shall bear an endorsement to that effect.  Any lost Note subsequently found shall be surrendered to the Borrower and cancelled.  The Agent or the relevant Lender shall indemnify the Borrower for any losses, claims or damages resulting from the loss of such Note.

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	5	Interest and Hedging

	5.1	Normal rate of interest

Subject to the provisions of this Agreement, the rate of interest on the Loan or any part of each Advance for each Interest Period shall be the aggregate of the Margin, Term SOFR and the Mandatory Costs, if any.
	5.2	Payment of normal interest

Subject to the provisions of this Agreement, interest on the Loan in respect of each Interest Period shall be paid by the Borrower on the last day of that Interest Period.
	5.3	Payment of accrued interest

In the case of an Interest Period longer than three (3) months, accrued interest shall be paid every three (3) months during that Interest Period and on the last day of that Interest Period.
	5.4	Notification of Interest Periods and rates of normal interest

The Agent shall notify the Borrower and each Lender of:
	(a)	each rate of interest; and 

	(b)	the duration of each Interest Period (as determined under Clause 6.2),

as soon as reasonably practicable after each is determined. 
	5.5	Inability to Determine Rates

Subject to Clause 5.6 (Benchmark Replacement Setting), if:
	(a)	the Agent determines (which determination shall be conclusive and binding absent manifest error) that “Term SOFR” cannot be determined pursuant to the definition thereof on or prior to the first day of any Interest Period; or

	(b)	a Lender or Lenders whose Commitments total 50% or more of the Total Commitments determine that for any reason in connection with any request for such Loan that if Term SOFR does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loan during the applicable Interest Period, and the such Lender or Lenders have provided notice of such determination to the Agent,

then, in each case, the Agent will promptly so notify the Borrower and each applicable Lender.  Upon notice thereof by the Agent to the Borrower, any obligation of the Lenders to make Loans shall be suspended until the Agent (with respect to clause (b), at the instruction of the relevant Lenders) revokes such notice.  Upon receipt of such notice, the Borrower may revoke any pending Drawdown Notice or, failing that, the Borrower will be deemed to have converted any such Drawdown Notice into a request for a Loan bearing interest at the sum of (i) the Federal Funds Rate plus (ii) 0.50% and (iii) the Margin, in the amount specified therein and any outstanding affected Loans will (1) be deemed to have been converted into such a request at the end of the 

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applicable Interest Period or (2) be prepaid in full immediately at the end of the applicable Interest Period; provided that if no election is made by the Borrower by the date that is three (3) Business Days after receipt by the Borrower of such notice, the Borrower shall be deemed to have elected clause (1) above.  Upon any such prepayment, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Clause 8.18.
	5.6	Benchmark Replacement Setting.

	(a)	Benchmark Replacement.  Notwithstanding anything to the contrary herein or in any other Finance Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Finance Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Finance Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Finance Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Finance Document so long as the Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Majority Lenders.

	(b)	No Master Agreement shall be deemed to be a “Finance Document” for purposes of this Clause 5.6 (Benchmark Replacement Setting).

	(c)	Benchmark Replacement Conforming Changes.  In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Finance 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 Finance Document.

	(d)	Notices; Standards for Decisions and Determinations.  The Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement.  The Agent will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to Clause 5.6(e) and the commencement of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Clause 5.6(d), 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 

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		Agreement or any other Finance Document, except, in each case, as expressly required pursuant to this Clause 5.6.

	(e)	Unavailability of Tenor of Benchmark.  Notwithstanding anything to the contrary herein or in any other Finance Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) 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 Agent in its reasonable discretion or (B) 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 or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the 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, non-representative, non-compliant or non-aligned tenor, or add an available tenor selected by the Borrower and agreed to by the Agent in consultation with the Majority Lenders, and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then the 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.

	(f)	Benchmark Unavailability Period.  Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending Drawdown Notice for an Advance of Loans to be made during any Benchmark Unavailability Period, or, failing that, the Borrower will be deemed to have converted any such Drawdown Notice into a request for a Loan bearing interest at the sum of (i) the Federal Funds Rate plus (ii) 0.50% and (iii) the Margin, in the amount specified therein; and any outstanding affected Loans will be deemed to have been converted into such a request at the end of the applicable Interest Period.

	5.7	Notice of prepayment

If the Borrower does not agree with an interest rate set by the Agent under Clause 7.3, the Borrower may give the Agent not less than 15 Business Days’ notice of its intention to prepay the Loan (without premium or penalty but subject to any amounts payable under Clause 8.9) at the end of the Interest Period set by the Agent.
	5.8	Prepayment; termination of Commitments

A notice under Clause 5.7 shall be irrevocable; the Agent shall promptly notify the Lenders of the Borrower’s notice of intended prepayment and:
	(a)	on the date on which the Agent serves that notice, the Total Commitments shall be cancelled; and

	(b)	on the last Business Day of the Interest Period set by the Agent, the Borrower shall prepay (without premium or penalty but subject to any amounts payable under Clause 8.9) the Loan, together with accrued interest thereon at the applicable rate plus the Margin and the Mandatory Costs (if any).

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	5.9	Application of prepayment

The provisions of Clause 8 shall apply in relation to the prepayment.
	5.10	Hedging 

	(a)	The Borrower may enter into Master Agreements and shall after the date it has entered into a Master Agreement maintain such Master Agreements in accordance with this Clause 5.10. 

	(b)	Each Master Agreement shall:

		(i)	be with a Swap Bank; 

		(ii)	have settlement dates coinciding with the last day of each Interest Period; and

		(iii)	provide the Termination Currency (as defined in the relevant Master Agreement) shall be Dollars. 

	(c)	The rights of the Borrower under the Master Agreement shall be assigned by way of security under a Master Agreement Assignment. 

	(d)	The parties to each Master Agreement must comply with the terms of that Master Agreement.

	(e)	Neither a Swap Bank nor the Borrower may amend, supplement, extend or waive the terms of any Master Agreement without giving prior written notice to the Security Trustee; 

	(f)	Paragraph (e) above shall not apply to an amendment, supplement or waiver that is administrative and mechanical in nature and does not give rise to a conflict with any provision of this Agreement or any Master Agreement Assignment. 

	(g)	If, at any time, the aggregate notional amount of the transaction in respect of the Master Agreements exceeds or, as a result of any repayment of prepayment under this Agreement will exceed 100 percent of the Loan at that time, the Borrower must promptly notify the Agent and must, at the request of the Agent, reduce the aggregate notional amount of those transactions by an amount and in a manner satisfactory to the Agent such that it no longer exceeds or will not exceed 100 percent of the Loan then or that will be outstanding. 

	(h)	Paragraph (g) above shall not apply to any Transactions in respect of any Master Agreement under which the Borrower has no actual or contingent indebtedness.

	(i)	The Agent must make a request under paragraph (g) above if so required by a Swap Bank. 

	(j)	(i) If a Swap Bank or the Borrower terminates or closes out a transaction in respect of a Master Agreement (in whole or in part), (ii) in the event of non-payment under a Master Agreement by the Borrower unless the payment is made within three (3) Business Days of its due date; or (iii) if an Event of Default has occurred under Clauses 26.7, 26,8 or 26.9, the Borrower shall promptly notify the Agent of that termination or close out. 

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	(k)	If a Swap Bank is entitled to terminate or close out any transaction in respect of any Master Agreement, such Swap Bank shall promptly terminate or close out such transaction following a request to do so by the Security Trustee. 

	(l)	Each Swap Bank consents to, and acknowledges notices of, the charging or assigning by way of security by the Borrower pursuant to the relevant Master Agreement Assignment of its rights under the Master Agreements to which it is party in favour of the Security Trustee.

	(m)	Any such assigning by way of security is without prejudice to, and after giving effect to, the operation of any payment or close-out netting in respect of any amounts owing under any Master Agreement.

	(n)	Neither the Borrower nor any Swap Bank shall assign any of its rights or transfer any of its rights or obligations under a Master Agreement without the consent of the Security Trustee. 

	(o)	If a Lender ceases to be a party to this Agreement, such Lender or its Affiliate which is party to a Master Agreement may cease to be a party to such Master Agreement.

	6	Interest Periods

	6.1	Commencement of Interest Periods

The first Interest Period applicable to an Advance shall commence on the relevant Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding Interest Period.
	6.2	Duration of normal Interest Periods

Subject to Clause 6.3, each Interest Period shall be: 
	(a)	three (3) or six (6) months as notified by the Borrower to the Agent not later than 4:00 p.m. (Paris time) three (3) Business Days before the commencement of the Interest Period (or any other period agreed between the Borrower and the Majority Lenders); 

	(b)	in the case of the first Interest Period applicable to each Advance of the Term Loan Facility, a period ending on the date of the first Repayment Instalment;

	(c)	in the case of the first Interest Period applicable to each Advance other than the first Advance, a period ending on the last day of the Interest Period applicable to the prior Advances then outstanding, whereupon all Advances shall be consolidated and treated as a single Advance;

	(d)	3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a); or 

	(e)	such other period as the Agent may, with the authorization of all the Lenders, agree with the Borrower. 

	6.3	No Interest Period to extend beyond Maturity Date

No Interest Period shall end after the Maturity Date and any Interest Period which would otherwise extend beyond the Maturity Date shall instead end on the Maturity Date.

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	7	Default Interest

	7.1	Payment of default interest on overdue amounts

A Security Party shall pay interest in accordance with the following provisions of this Clause 7 on any amount payable by such Security Party under any Finance Document which the Agent, the Security Trustee or any other designated payee does not receive on or before the relevant date, that is:
	(a)	the date on which the Finance Documents provide that such amount is due for payment; or

	(b)	if a Finance Document provides that such amount is payable on demand, the date on which the demand is served; or

	(c)	if such amount has become immediately due and payable under Clause 21.4, the date on which it became immediately due and payable.

	7.2	Default rate of interest

Interest shall accrue on an overdue amount from (and including) the relevant date until the date of actual payment (as well after as before judgment) at the rate per annum determined by the Agent to be 2.00 percent above:
	(a)	in the case of an overdue amount of principal, the rate set out at Clauses 7.3(a); or

	(b)	in the case of any other overdue amount, the rate set out at Clause 7.3(b).

	7.3	Calculation of default rate of interest

The rates referred to in Clause 7.2 are:
	(a)	the rate applicable to the overdue principal amount immediately prior to the relevant date (but only for any unexpired part of any then current Interest Period); and

	(b)	the aggregate of the Margin and the Mandatory Costs (if any) plus, in respect of successive periods of any duration (including at call) up to three (3) months which the Agent may, with the consent of the Majority Lenders, select from time to time, Term SOFR.

	7.4	Notification of interest periods and default rates

The Agent shall promptly notify the Lenders and each relevant Security Party of each interest rate determined by the Agent under Clause 7.3 and of each period selected by the Agent for the purposes of paragraph (b) of that Clause; but this shall not be taken to imply that such Security Party is liable to pay such interest only with effect from the date of the Agent’s notification.
	7.5	Payment of accrued default interest

Subject to the other provisions of this Agreement, any interest due under this Clause: (a) shall be paid on the last day of the period by reference to which it was determined, (b) the payment shall 

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be made to the Agent for the account of the Creditor Party to which the overdue amount is due, and (c) it shall be immediately payable by the Borrower on demand by the Agent.
	7.6	Compounding of default interest

Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded.
	7.7	Application to Master Agreements

For the avoidance of doubt, this Clause 7 does not apply to any amount payable under a Master Agreement in respect of any continuing Designated Transaction as to which section 9(h) (Interest and Compensation) of that Master Agreement shall apply. 
	8	Repayment, Prepayment, Reduction and Cancellation

	8.1	Reduction and Repayment of the Total Commitments 

	(a)	The Borrower shall repay the Term Loan Facility in equal quarterly instalments equal to $5,000,000 (each a “Repayment Instalment”).  All remaining amounts of the Term Loan Facility and Revolving Credit Facility (the “Balloon Instalment”) shall be repaid in full on the Maturity Date. All repaid amounts in respect of the Term Loan Facility shall cause the Total Commitments to be cancelled in the same amount.

	(b)	The first Repayment Instalment of the Term Loan Facility shall be repaid on September 26, 2022, and each subsequent Repayment Instalment shall be made on the three (3) month anniversary thereof (each, a “Repayment Date”).  The last Repayment Instalment shall be made together with the Balloon Instalment on the Maturity Date.

	8.2	Maturity Date

On the Maturity Date, the Borrower shall repay all outstanding Advances (if any) and shall additionally pay to the Agent for the account of the Creditor Parties all other sums then accrued or owing under any Finance Document.
	8.3	Voluntary prepayment 

Subject to the conditions set forth in Clause 8.4, the Borrower may prepay the whole or any part of the Term Loan Facility or the Revolving Credit Facility without premium or penalty.
	8.4	Conditions for voluntary prepayment

The conditions referred to in Clause 8.3 are that:
	(a)	a partial prepayment shall be not less than $5,000,000 in respect of the Term Loan Facility and $1,000,000 in respect of the Revolving Credit Facility, and (unless such partial cancellation is in the outstanding amount of a Tranche) in a multiple of $1,000,000;

	(b)	the Agent has received from the Borrower at least three (3) Business Days’ prior written notice specifying the amount to be prepaid and the date on which the prepayment is to be made; and

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	(c)	the Borrower has provided evidence satisfactory to the Agent that any consent required by the Borrower or any other Security Party in connection with the prepayment has been obtained and remains in force, and that any regulation relevant to this Agreement which affects the Borrower or any other Security Party has been complied with (which may be satisfied by the Borrower certifying that no consents are required and that no regulations need to be complied with).

	8.5	Effect of notice of prepayment

A prepayment notice may not be withdrawn or amended without the consent of the Agent, given with the authorization of the Majority Lenders (such consent not to be unreasonably withheld, delayed or conditioned), and the amount specified in the prepayment notice shall become due and payable by the Borrower on the date for prepayment specified in the prepayment notice.
	8.6	Notification of notice of prepayment

The Agent shall notify the Lenders promptly upon receiving a prepayment notice, and shall provide any Lender which so requests with a copy of any document delivered by the Borrower under Clause 8.4(c).
	8.7	Mandatory reduction and prepayment upon Sale, Refinancing or Total Loss 

If a Vessel is sold or becomes a Total Loss, or the Advance incurred hereunder relating to such Vessel is refinanced, such Vessel’s Tranche under the Term Loan Facility shall be repaid and cancelled in full, and the Revolving Credit Commitments shall be reduced and cancelled by an amount equal to $2,000,000 to give effect to the release of the Security Interests in such Vessel under this Agreement and the Borrower shall additionally prepay any amount required to ensure compliance with the Collateral Maintenance Ratio:
	(a)	in the case of a sale or a refinancing, on or before the date on which the sale is completed by delivery of the Vessel to the buyer or the refinancing is completed; or

	(b)	in the case of a Total Loss under paragraphs (a) or (b) of the definition of Total Loss Date, on the earlier of the date falling 180 days after the Total Loss Date (or such later date as the Borrower may agree with the Agent (acting with the instructions of the Majority Lenders)) and the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss; or

	(c)	in the case of a Total Loss under paragraph (c) or (d) of the definition of the Total Loss Date, on the date on which the Vessel becomes a Total Loss. 

Following the sale of a Vessel and the prepayment of all amounts required pursuant to Clause 8.7 and 8.9, at the cost of the Borrower, the Creditor Parties shall release the relevant Owner Guarantor and Security Interest over the relevant Vessel (and its Earnings, Insurances and Charter) from this Agreement.
	8.8	Mandatory prepayment and cancellation upon Change of Control or Delisting Event

If a Change of Control or Delisting Event occurs, the Borrower shall immediately prepay the total amount of all the outstanding Advances in full, and the Total Commitments shall be automatically cancelled.

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	8.9	Amounts payable on prepayment

A prepayment shall be made together with accrued interest (and any other amount payable under Clause 22 or otherwise) in respect of the amount prepaid and, if the prepayment is not made on the last day of an Interest Period together with any sums payable under Clause 8.18 or Clause 22.1(b), but without premium or penalty.
	8.10	Reborrowing

Subject to Clause 8.1 and 8.7, any amount of the Revolving Credit Facility which has been repaid or prepaid may be reborrowed during the Availability Period.  No amount of the Term Loan Facility which has been repaid or prepaid may be reborrowed during the Availability Period.
	8.11	Voluntary cancellation of Total Commitments

Subject to the conditions set forth in Clause 8.12, the Borrower may cancel the whole or any part of the Total Commitments without premium or penalty.
	8.12	Conditions for voluntary cancellation of Total Commitments

The conditions referred to in Clause 8.11 are that:
	(a)	a partial cancellation shall be in the amount at least $1,000,000 and a multiple of $1,000,000; and

	(b)	the Agent has received from the Borrower at least three (3) Business Days’ prior written notice specifying the amount to be cancelled and the date on which the cancellation is to take effect.

	8.13	Effect of notice of cancellation

The service of a cancellation notice shall cause the amount of the Total Commitments specified in the notice to be permanently cancelled and any partial cancellation shall be applied against the Commitments of each Lender pro rata.  For the avoidance of doubt, amounts of the Total Commitments cancelled pursuant to this Agreement may not be reinstated. 
	8.14	Notification of notice of cancellation

The Agent shall notify the Lenders promptly upon receiving a cancellation notice.
	8.15	Application of prepayments, Commitment cancellations and reductions

	(a)	In the case of any voluntary prepayment of the Term Loan Facility under Clause 8.3, any such partial prepayment shall be applied pro rata across the Repayment Instalments (excluding the Balloon Instalment). 

	(b)	Except as provided in Clause 8.7, in the case of any mandatory prepayment in part of the Term Loan Facility required under this Agreement (including pursuant to Clause 15 (Collateral Maintenance Ratio)), any such partial prepayment shall be applied pro rata across all the then remaining Repayment Instalments and Balloon Instalment under the Revolving Facility and the Term Loan Facility (pro rata across each Tranche).

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	(c)	In the case of any prepayment under Clause 24 or Clause 25, such prepayment of Term Loan Advances shall be applied against such Notifying Lender’s portion of the Repayment Instalments and Balloon Instalment.  

	8.16	Unwinding of Designated Transactions

On or prior to any repayment, prepayment, reduction or cancellation of the Loan (or any part thereof) under this Clause 8 or any other provision of this Agreement, the Borrower shall wholly or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortization) exceed the amount of the Loan as reducing from time to time thereafter pursuant to Clause 8.1.
	8.17	Right of cancellation in relation to a Defaulting Lender 

	(a)	If any Lender becomes a Defaulting Lender, the Borrower may, at any time while such Lender continues to be a Defaulting Lender, give the Agent three (3) Business Days’ notice of cancellation of the undrawn Commitment of that Lender;

	(b)	On the notice referred to in paragraph (a) above becoming effective, the undrawn Commitment of the Defaulting Lender shall immediately be reduced to zero (without increasing the Commitment of any other Lender); and

	(c)	The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders.

	8.18	Compensation for Losses

In the event of (a) the payment of any principal of any Loan other than on the last day of the Interest Period applicable thereto (including as a result of an Event of Default), (b)  the failure to borrow or prepay any Loan on the date specified in any notice delivered pursuant hereto, or (c) the assignment of any Loan other than on the last day of the Interest Period applicable thereto, as a result of a request by the Borrower pursuant to Clause 25.5, then, in connection with (a), (b) or (c) above, the Borrower shall compensate each Lender for any loss, cost and expense attributable to such event, including any loss, cost or expense arising from the liquidation or redeployment of funds or from any fees payable.  A certificate of any Lender setting forth in reasonable detail any amount or amounts that such Lender is entitled to receive pursuant to this Clause shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.
	9	Conditions Precedent

	9.1	Documents, fees and no default

Each Lender’s obligation to make its Contribution to an Advance is subject to the following conditions precedent: 

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	(a)	that, the Agent receives:

		(i)	on or before the service of the first Drawdown Notice, the documents described in Part A of Schedule 4 in form and substance satisfactory to the Agent and its lawyers; and

		(ii)	on or before the Effective Date, such documentation and other evidence as is reasonably requested by the Agent or a Lender in order for each to carry out and be satisfied with the results of all necessary “know your customer” or other checks which it is required to carry out in relation to the transactions contemplated by this Agreement and the other Finance Documents, including without limitation obtaining, verifying and recording certain information and documentation that will allow the Agent and each of the Lenders to identify each Security Party in accordance with the requirements of the PATRIOT Act;

	(b)	that the Agent has received or is satisfied that it will receive on or before the making of each Term Loan Advance, the documents described in Part B of Schedule 4 in form and substance satisfactory to it in respect of the relevant Vessel;

	(c)	that, on or before the service of any Drawdown Notice, the Agent has received (or is satisfied that it will receive on or before the making of such Advance) payment of any commitment fee and any other fee set out in a Fee Letter, each referred to in Clause 21.1, which was due and payable in accordance with the terms of this Agreement and the Fee Letter, and has received (or is satisfied that it will receive) payment of the expenses which are due and payable referred to in Clause 21.2;

	(d)	that both at the date of each Drawdown Notice and at each Drawdown Date:

		(i)	no Event of Default or Potential Event of Default has occurred or would result from the borrowing of the Advance; 

		(ii)	the representations and warranties in Clause 10 and those of the Borrower or any other Security Party which are set out in the other Finance Documents (other than those relating to a specific date) would be true and not misleading if repeated on each of those dates with reference to the circumstances then existing; 

		(iii)	none of the circumstances contemplated by Clause 5.5 has occurred and is continuing; and

		(iv)	to the best knowledge of the Parent Guarantor, there has been no material change in the consolidated financial condition, operations or business of the Borrower and its subsidiaries since the date on which the Borrower provided information concerning those topics to the Agent and/or any Lender;

	(e)	that, on or before the Closing Date, the Agent has received evidence of the Maximum Available Amount;

	(f)	that, if the requested Advance is a Revolving Advance, if the Collateral Maintenance Ratio were applied immediately following the making of such Advance, the Borrower would not be required to provide additional Collateral or prepay part of the Loan under Clause 15 based on the most recently available appraisals determining the Fair Market Value of the Vessels; and

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	(g)	that the Agent has received, and found to be acceptable to it, any further opinions, consents, agreements and documents in connection with the Finance Documents which the Agent may, with the authorization of the Majority Lenders, request by notice to the Borrower at least three (3) Business Days prior to the relevant Drawdown Date.

	9.2	Waiver of conditions precedent

Notwithstanding anything in Clause 9.1 to the contrary, if the Agent, with the consent of all Lenders, permits an Advance to be borrowed before certain of the conditions referred to in Clause 9.1 are satisfied, the Borrower shall ensure that such conditions are satisfied within such reasonable period after the relevant Drawdown Date as the Agent may specify in consultation with the Borrower.
	10	Representations and Warranties

	10.1	General

The Borrower and each of the Guarantors represents and warrants to each Creditor Party as of the Effective Date, the date of each Drawdown Notice, and on the first day of each Interest Period as follows.
	10.2	Status

The Borrower and each Guarantor is:
	(a)	duly incorporated or formed and validly existing and in good standing under the law of its jurisdiction of incorporation or formation; and

	(b)	duly qualified and in good standing as a foreign company in each other jurisdiction in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed except where, in each case, the failure to so qualify or be licensed and be in good standing could not reasonably be expected to have a material adverse effect on the business, assets or financial condition of the Borrower or a Guarantor or which may affect the legality, validity, binding effect or enforceability of the Finance Documents, 

and there are no proceedings or actions pending or contemplated by any Security Party, or to the knowledge of the Borrower or any Guarantor contemplated by any third party, seeking to adjudicate such Security Party as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property.
	10.3	Company power; consents

Each Security Party has the capacity and has taken all action, and no consent of any person is required, for:

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	(a)	it to own or lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted;

	(b)	it to execute each Finance Document to which it is or is to become a party; 

	(c)	it to comply with its obligations under each Finance Document to which it is or is to become a party; 

	(d)	it to grant the Security Interests granted by it pursuant to the Finance Documents to which it is or is to become a party;

	(e)	the perfection or maintenance of the Security Interests created by the Finance Documents (including the first priority nature thereof); and

	(f)	the exercise by any Creditor Party of their rights under any of the Finance Documents or the remedies in respect of the Collateral pursuant to the Finance Documents to which it is a party,

except, in each case, for consents which have been duly obtained, taken, given or made and are in full force and effect.
	10.4	Consents in force

All the consents referred to in Clause 10.3 remain in force and nothing has occurred which makes any of them liable to revocation.
	10.5	Title  

	(a)	Each Security Party owns (i) in the case of owned real property, good and marketable fee title to and (ii) in the case of owned personal property, good and valid title to, or, in the case of leased real or personal property, valid and enforceable leasehold interests (as the case may be) in, all of its properties and assets, tangible and intangible, of any nature whatsoever, free and clear in each case of all Security Interests or claims, except for Permitted Security Interests.

	(b)	No Security Party has created or is contractually bound to create any Security Interest on or with respect to any of its assets, properties, rights or revenues, except for Permitted Security Interests, and except as provided in this Agreement no Security Party is restricted by contract, applicable law or regulation or otherwise from creating Security Interests on any of its assets, properties, rights or revenues.

	(c)	Each Owner Guarantor has received all deeds, assignments, waivers, consents, non-disturbance and attornment or similar agreements, bills of sale and other documents, and has duly effected all recordings, filings and other actions necessary to establish, protect and perfect such Owner Guarantor’s right, title and interest in and to the Vessel owned or to be owned by it and other properties and assets (or arrangements for such recordings, filings and other actions acceptable to the Agent shall have been made).

	10.6	Legal validity; effective first priority Security Interests

Subject to any relevant insolvency laws affecting creditors’ rights generally:

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	(a)	the Finance Documents to which each Security Party is a party, constitute or, as the case may be, will constitute upon execution and delivery (and, where applicable, registration as provided for in the Finance Documents), such Security Party’s legal, valid and binding obligations enforceable against it in accordance with their respective terms; and

	(b)	the Finance Documents to which each Security Party is a party, create or, as the case may be, will create upon execution and delivery (and, where applicable, registration as provided for in the Finance Documents), legal, valid and binding first priority Security Interests enforceable in accordance with their respective terms over all the assets to which they, by their terms, relate; and

	10.7	No third party Security Interests

Without limiting the generality of Clauses 10.5 and 10.6, at the time of the execution and delivery of each Finance Document: 
	(a)	the relevant Security Party will have the right to create all the Security Interests which that Finance Document purports to create; and

	(b)	no third party will have any Security Interest (except for Permitted Security Interests) or any other interest, right or claim over, in or in relation to any asset to which any Security Interest which that Finance Document purports to create, by its terms, relates.

	10.8	No conflicts

The execution and delivery of each Finance Document, the borrowing of each Advance, and compliance with each Finance Document, will not involve or lead to a contravention of:
	(a)	any law or regulation applicable to any Security Party; or

	(b)	the constitutional documents of any Security Party; or

	(c)	any contractual or other obligation or restriction which is binding on any Security Party or any of its assets.

	10.9	Status of Secured Liabilities

The Secured Liabilities constitute direct, unconditional and general obligations of each Security Party and rank (a) senior to all subordinated Financial Indebtedness and (b) at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.
	10.10	Taxes

	(a)	As of the Effective Date, all payments which a Security Party is liable to make under the Finance Documents to which it is a party can properly be made without deduction or withholding for or on account of any tax payable under any law of any Pertinent Jurisdiction, excluding any FATCA Deduction.

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	(b)	Each Security Party has timely filed or has caused to be filed all tax returns and other reports that it is required by law or regulation to file in the United States or any Pertinent Jurisdiction, and has paid or caused to be paid all taxes, assessments and other similar charges that are due and payable in the United States or any Pertinent Jurisdiction, other than taxes and charges:

		(i)	which (A) are not yet due and payable or (B) are being contested in good faith by appropriate proceedings and for which adequate reserves have been established and as to which such failure to have paid such tax does not create any risk of sale, forfeiture, loss, confiscation or seizure of a Vessel or of criminal liability; or 

		(ii)	the non-payment of which could not reasonably be expected to have a material adverse effect on the financial condition of such Security Party.  

The charges, accruals, and reserves on the books of each Security Party respecting taxes are adequate in accordance with GAAP.
	(c)	No material claim for any tax has been asserted against a Security Party by any Pertinent Jurisdiction or other taxing authority other than claims that are included in the liabilities for taxes in the most recent balance sheet of such person or disclosed in the notes thereto, if any.

	(d)	The execution, delivery, filing and registration or recording (if applicable) of the Finance Documents and the consummation of the transactions contemplated thereby will not cause any of the Creditor Parties to be required to make any registration with, give any notice to, obtain any license, permit or other authorization from, or file any declaration, return, report or other document with any governmental authority in any Pertinent Jurisdiction.

	(e)	No taxes are required by any governmental authority in any Pertinent Jurisdiction to be paid with respect to or in connection with the execution, delivery, filing, recording, performance or enforcement of any Finance Document except any applicable stamp, registration or similar taxes in connection with the registration of the Finance Documents in accordance with the laws of any relevant jurisdiction.

	(f)	The execution, delivery, filing, registration, recording, performance and enforcement of the Finance Documents by any of the Creditor Parties will not cause such Creditor Party to be subject to taxation under any law or regulation of any governmental authority in any Pertinent Jurisdiction of any Security Party.

	10.11	No default

No Event of Default or Potential Event of Default has occurred or would result from the borrowing of an Advance.
	10.12	Information

All financial statements, written information and other data furnished by or on behalf of a Security Party to any of the Creditor Parties:
	(a)	Was, to the best of such Security Party’s knowledge, true and accurate at the time it was given or made in all material respects;

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	(b)	such financial statements, if any, have been prepared in accordance with GAAP;

	(c)	to the best of any Security Party’s knowledge after due inquiry, there are no other facts or matters the omission of which would have made or make any such information false or misleading;

	(d)	to the best of any Security Party’s knowledge after due inquiry, there has been no material adverse change in the financial condition, operations or business of the Borrower or Guarantors since the date on which such information was provided other than as previously disclosed to the Agent in writing; and

	(e)	none of the Security Parties has any contingent obligations, liabilities for taxes or other outstanding financial obligations which are material in the aggregate except as disclosed in such statements, information and data.

	10.13	No litigation

No legal or administrative action involving a Security Party (including any action relating to any alleged or actual breach of the ISM Code, the ISPS Code, any Environmental Law or any Sanctions) has been commenced or taken by any person, or, to the Borrower’s or any Guarantor’s knowledge, is likely to be commenced or taken which, in either case, if adversely determined, would be likely to have a material adverse effect on the business, assets or financial condition of a Security Party or which may affect the legality, validity, binding effect or enforceability of the Finance Documents.
	10.14	Intellectual property

Except for those with respect to which the failure to own or license could not reasonably be expected to have a material adverse effect, each Security Party owns or has the right to use all patents, trademarks, permits, service marks, trade names, copyrights, franchises, formulas, licenses and other rights with respect thereto, and have obtained assignment of all licenses and other rights of whatsoever nature, that are material to its business as currently contemplated without any conflict with the rights of others.
	10.15	ISM Code and ISPS Code compliance; Ballast water treatment

Each Owner Guarantor has obtained or will obtain or will cause to be obtained all necessary ISM Code Documentation and ISPS Code Documentation in connection with the Vessel owned or to be owned by it and its operation and will be or will cause such Vessel and the Approved Manager to be in full compliance with the ISM Code and the ISPS Code. Each Owner Guarantor confirms that installation of a ballast water treatment system for its Vessel is not required under IMO regulations before the third special survey applicable to its Vessel.
	10.16	Anti-Bribery and Corruption laws 

	(a)	To the best knowledge of each Security Party, it has conducted and is conducting its businesses in compliance with Anti-Bribery and Corruption Laws.

	(b)	Each Security Party has instituted and maintained systems, controls, policies and procedures designed:

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		(i)	to prevent and detect incidences of bribery and corruption; and

		(ii)	to promote and achieve compliance with Anti-Bribery and Corruption Laws including, but not limited to, maintaining thorough and accurate books and records, and utilization of commercially reasonable efforts to ensure that the Security Party shall act in compliance with Anti-Bribery and Corruption Laws.

	(c)	No Security Party, is (or ought reasonably to be) aware, that any of its directors or officers has:

		(i)	to its knowledge, directly or indirectly, made, offered to make, promised to make or authorized the offer, payment, or giving of, any value, including a financial or other advantage for an improper purpose within the meaning and in violation of Anti-Bribery and Corruption Laws;

		(ii)	to its knowledge, directly or indirectly used any corporate funds for any contribution, gift, entertainment or other expense relating to political office or activity in violation of Anti-Bribery and Corruption Laws;

		(iii)	to its knowledge made any direct or indirect payment or transfer of value to any public official or any company employee from corporate funds in violation of Anti-Bribery and Corruption Laws;

		(iv)	to its knowledge received directly or indirectly any bribe, rebate, payoff, influence payment, kickback or other payment or transfer of value prohibited under Anti-Bribery and Corruption Laws; or

		(v)	been or is subject to any litigation, arbitration or administrative, regulatory or criminal proceedings or investigation with regard to any actual or alleged unlawful payment, improper transfer of value or other violation of Anti-Bribery and Corruption Laws.

	(d)	No Security Party will directly or, to its knowledge, indirectly use the proceeds of a Loan for any purpose which would be in violation of the Anti-Bribery and Corruption Laws.

	10.17	Validity and completeness of Charters.  

	(a)	Each Charter constitutes valid, binding and enforceable obligations of the Owner Guarantor party thereto in accordance with its terms and:

		(i)	the copy of such Charter delivered to the Agent is a true and complete copy; and

		(ii)	no amendments or additions to such Charter have been agreed nor has the Owner Guarantor party thereto waived any of its rights under such Charter.

	10.18	Compliance with law; Environmentally Sensitive Material

Except to the extent the following could not reasonably be expected to have a material adverse effect on the business, assets or financial condition of any Security Party, or affect the legality, validity, binding effect or enforceability of the Finance Documents:

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	(a)	the operations and properties of each of the Security Parties comply with all applicable laws and regulations, including without limitation Environmental Laws, all necessary Environmental Permits have been obtained and are in effect for the operations and properties of each of the Security Parties and each of the Security Parties is in compliance in all material respects with all such Environmental Permits; and

	(b)	none of the Security Parties has received notice via email, or in writing at one of its principal places of business in Connecticut, Greece or Denmark, from any person that it or any of its subsidiaries or Affiliates is potentially liable for the remedial or other costs with respect to treatment, storage, disposal, release, arrangement for disposal or transportation of any Environmentally Sensitive Material, except for costs incurred in the ordinary course of business with respect to treatment, storage, disposal or transportation of such Environmentally Sensitive Material.

	10.19	Ownership structure

	(a)	All of the Equity Interests of the Borrower have been validly issued and are owned beneficially and of record by the Parent Guarantor. 

	(b)	All of the Equity Interests of each Owner Guarantor have been validly issued and are owned beneficially and of record by the Borrower.

	(c)	All of the Equity Interests of the Borrower and each Guarantor (other than the Parent Guarantor) are free and clear of all Security Interests, other than Permitted Security Interests. 

	(d)	None of the Equity Interests of the Borrower or any Guarantor (other than the Parent Guarantor) are subject to any existing option, warrant, call, right, commitment or other agreement of any character to which the Borrower or any Guarantor (other than the Parent Guarantor) is a party requiring, and there are no Equity Interests of the Borrower or any Guarantor (other than the Parent Guarantor) outstanding which upon conversion or exchange would require, the issuance, sale or transfer of any additional Equity Interests of the Borrower or any Guarantor (other than the Parent Guarantor)  or other Equity Interests convertible into, exchangeable for or evidencing the right to subscribe for or purchase Equity Interests of the Borrower or any Guarantor (other than the Parent Guarantor).

	10.20	ERISA

	(a)	Except for those that would not, individually or in the aggregate, reasonably be expected to have a material adverse change in the financial condition of the Parent Guarantor on a consolidated basis, none of the Security Parties or any ERISA Affiliate has any liability in respect of any Plan or Multiemployer Plan and none of the Security Parties has any liability in respect of any Foreign Pension Plan.

	(b)	The execution and delivery of this Agreement and the consummation of the transactions hereunder will not involve any non-exempt “prohibited transaction” for purposes of Section 406 of ERISA or Section 4975 of the Code, other than as attributable to the status or activities of a Creditor Party.

	(c)	None of the Security Parties is deemed to hold “plan assets” within the meaning of Section 3(42) of ERISA.

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	(d)	No ERISA Funding Event or ERISA Termination Event exists or has occurred, and no condition exists nor has any event occurred that could reasonably be expected to result in any ERISA Funding Event or ERISA Termination Event, in connection with which obligations and liabilities (contingent or otherwise) have arisen or could reasonably be expected to result in liability, individually or in the aggregate, to the Security Parties and their subsidiaries and ERISA Affiliates in excess of $500,000 following the date of this Agreement.

	(e)	No Foreign Plan Underfunding or Foreign Plan Termination Event exists or has occurred, and no condition exists nor has any event occurred that could reasonably be expected to result in any Foreign Plan Underfunding or Foreign Plan Termination Event, in connection with which obligations and liabilities (contingent or otherwise) have arisen or could reasonably be expected to result in liability, individually or in the aggregate, to the Security Parties and their subsidiaries in excess of $500,000 following the date of this Agreement.

	10.21	Margin stock

The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying Margin Stock or for any other purpose in violation of the Margin Regulations and no proceeds of any Advance will be used to buy or carry any Margin Stock or to extend credit to others for the purpose of buying or carrying any Margin Stock.
	10.22	Investment company, public utility, etc.

The Borrower is not:
	(a)	an “investment company,” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended, or subject to regulation thereunder; or 

	(b)	a “public utility” within the meaning of the United States Federal Power Act of 1920, as amended.

	10.23	Sanctions

	(a)	No Security Party:  

		(i)	is a Restricted Party; 

		(ii)	is in breach of or has violated Sanctions; 

		(iii)	owns or controls or is an Affiliate of a Restricted Party; or

		(iv)	has a Restricted Party serving as a director, officer or, to the best of its knowledge, employee; and

	(b)	no Vessel is a Sanctioned Vessel.

	10.24	No money laundering

Without prejudice to the generality of Clause 2.3, in relation to the borrowing by the Borrower of an Advance, the performance and discharge of its obligations and liabilities under the Finance 

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Documents, and the transactions and other arrangements affected or contemplated by the Finance Documents to which the Borrower is a party, the Borrower confirms that:
	(a)	it is acting for its own account; 

	(b)	it will use the proceeds of such Advance for its own benefit, under its full responsibility and exclusively for the purposes specified in this Agreement; and 

	(c)	the foregoing will not involve or lead to a contravention of any law, official requirement or other regulatory measure or procedure implemented to combat “money laundering” (as defined in Article 1 of Directive 2005/60/EC of the European Parliament and of the Council of the European Union) and comparable United States federal and state laws, including without limitation the PATRIOT Act and the Bank Secrecy Act.

	10.25	Vessels

As of the relevant Drawdown Date relating to a Vessel’s Tranche of the Term Loan Facility, each such Vessel is:
	(a)	in the sole and absolute ownership of the Owner Guarantor that owns such Vessel and duly registered in such Owner Guarantor’s name under the law of an Approved Flag, unencumbered save and except for the Mortgage thereon in favor of the Security Trustee recorded against it and Permitted Security Interests;

	(b)	seaworthy for hull and machinery insurance warranty purposes and in every way fit for its intended service; 

	(c)	insured in accordance with the provisions of this Agreement and the requirements hereof in respect of such insurances will have been complied with;

	(d)	in class in accordance with the provisions of this Agreement and the requirements hereof in respect of such classification will have been complied with; 

	(e)	managed by an Approved Manager pursuant to an Approved Management Agreement; and

	(f)	not a vessel which any Security Party or Creditor Party is prohibited or restricted from dealing with under any Sanctions.

	10.26	Place of business

For purposes of the UCC, each Security Party has only one place of business located at, or, if it has more than one place of business, the chief executive office from which it manages the main part of its business operations and conducts its affairs is located at:
27 Signal Road
Stamford, CT 06902
​
	10.27	Solvency

In the case of the Parent Guarantor and its subsidiaries:

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	(a)	the sum of their assets, at a fair valuation, taken as a whole, do and will exceed their liabilities, including, to the extent they are reportable as such in accordance with GAAP, contingent liabilities;

	(b)	the present fair market saleable value of their assets, taken as a whole, is not and shall not be less than the amount that will be required to pay their probable liability on their then existing debts, including, to the extent they are reportable as such in accordance with GAAP, contingent liabilities, as they mature;

	(c)	it does not and will not have unreasonably small working capital with which to continue its business; and 

	(d)	they, on a consolidated basis, have not incurred, do not intend to incur and do not believe they will incur, debts beyond their ability to pay such debts as they mature.

	10.28	Borrower’s business; Guarantors’ business  

	(a)	From the date of its formation until the date hereof, none of the Borrower or the Owner Guarantors has conducted any business other than in connection with, or for the purpose of, directly or indirectly, owning and operating the (i) Vessels, (ii) vessels previously indirectly owned by the Borrower, and (iii) in the case of the Borrower, the Excluded Vessels.

	(b)	From the date of its formation until the date hereof, the Parent Guarantor has not conducted any business other than in connection with, or for the purpose of, directly or indirectly, owning, operating, managing and making investments in ocean-going vessels.   

	10.29	Immunity; enforcement; submission to jurisdiction; choice of law  

	(a)	Each Security Party is subject to civil and commercial law with respect to its obligations under the Finance Documents, and the execution, delivery and performance by each Security Party of the Finance Documents to which it is a party constitute private and commercial acts rather than public or governmental acts.  

	(b)	No Security Party or any of its properties has any immunity from suit, court jurisdiction, attachment prior to judgment, attachment in aid of execution of a judgment, set-off, execution of a judgment or from any other legal process in relation to any Finance Document.

	(c)	It is not necessary under the laws of any Security Party’s jurisdiction of incorporation or formation, in order to enable any Creditor Party to enforce its rights under any Finance Document or by reason of the execution of any Finance Document or the performance by any Security Party of its obligations under any Finance Document, that such Creditor Party should be licensed, qualified or otherwise entitled to carry on business in such Security Party’s jurisdiction of incorporation or formation.  

	(d)	Other than the recording of each Mortgage in accordance with the laws of the Approved Flag and such filings as may be required in a Pertinent Jurisdiction in respect of certain of the Finance Documents, and the payment of fees consequent thereto, it is not necessary for the legality, validity, enforceability or admissibility into evidence of this Agreement or any other Finance Document that any of them or any document relating thereto be registered, filed recorded or enrolled with any court or authority in any Pertinent Jurisdiction.

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	(e)	The execution, delivery, filing, registration, recording, performance and enforcement of the Finance Documents by any of the Creditor Parties will not cause such Creditor Party to be deemed to be resident, domiciled or carrying on business in any Pertinent Jurisdiction of any Security Party or subject to taxation under any law or regulation of any governmental authority in any Pertinent Jurisdiction of any Security Party.

	(f)	Under the law of each Security Party’s jurisdiction of incorporation or formation, the choice of the law of New York to govern this Agreement and the other Finance Documents to which New York law is applicable is valid and binding.

	(g)	The submission by the Security Parties to the jurisdiction of the New York State courts and the U.S. Federal court sitting in New York County pursuant to Clause 32.2(a) is valid and binding and not subject to revocation, and service of process effected in the manner set forth in Clause 32.2(d) will be effective to confer personal jurisdiction over the Security Parties in such courts.

	(h)	As of the Effective Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.

	10.30	Repetition

The representations and warranties set out in this Clause 10 are deemed to be repeated both on the date of the relevant Drawdown Notice and on the first day of each Interest Period.  
	11	General Affirmative and Negative Covenants

	11.1	Affirmative covenants

From the first Drawdown Date until the Total Commitments have terminated and all amounts payable hereunder have been paid in full the Borrower and each of the Guarantors, as the case may be, undertakes with each Creditor Party to comply or cause compliance with the following provisions of this Clause 11.1 except as the Agent, with the consent of the Majority Lenders, may approve from time to time in writing, such approval not to be unreasonably withheld:
	(a)	Performance of obligations.  Each Security Party shall duly observe and perform its obligations under each Finance Document to which it is or is to become a party.

	(b)	Notification of defaults (etc).  The Borrower and the Guarantors shall promptly notify the Agent, upon becoming aware of the same (unless the Borrower and the Guarantors are already aware that the Agent has ben notified of the same), of:

		(i)	the occurrence of an Event of Default or of any Potential Event of Default or any other event (including any litigation) which is reasonably likely to materially adversely affect any Security Party’s ability to perform its obligations under each Finance Document to which it is or is to become a party; and 

		(ii)	any damage or injury caused by or to a Vessel in excess of $1,000,000.

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	(c)	Confirmation of no default.  The Borrower will, within two (2) Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by an officer or a duly authorized person of the Borrower and which states that:

		(i)	no Event of Default or Potential Event of Default has occurred; or

		(ii)	no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given.

The Agent may serve requests under this Clause 11.1(c) from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 40% of the Loan or (if no Advances have been made) Commitments exceeding 40% of the Total Commitments, and this Clause 11.1(c) does not affect the Borrower’s obligations under Clause 11.1(b).
	(d)	Notification of litigation.  The Borrower will provide the Agent with details of any material litigation, arbitration or administrative proceedings involving the Borrower, any other Security Party, an Approved Manager that is an affiliate of the Borrower and managing any Vessel, or any Vessel, the Earnings or the Insurances as soon as such action is instituted or it becomes apparent to the Borrower that it is likely to be instituted, unless it is clear that the litigation, arbitration or administrative proceedings cannot be considered material in the context of any Finance Document.

	(e)	Provision of further information.  The Borrower and each Guarantor will, as soon as practicable after receiving the request, provide the Agent with any additional financial or other information relating to:

		(i)	the Borrower, the Guarantors or any their respective subsidiaries and Affiliates; 

		(ii)	any assets subject to a Security Interest in favor of the Security Trustee and the compliance of any Security Party with any Finance Document; 

		(iii)	the financial condition, assets and operations of the Security Parties; or

		(iv)	any other matter relevant to, or to any provision of, a Finance Document,

which may be reasonably requested by the Agent, the Security Trustee, any Lender or any Swap Bank at any time.
	(f)	Books of record and account; separate accounts.  

		(i)	Each of the Borrower and the Guarantors shall keep separate and proper books of record and account in which full and materially correct entries shall be made of all financial transactions and the assets and business of each of the Borrower and the Guarantors in accordance with GAAP, and the Agent shall have the right to examine the books and records of each of the Borrower and the Guarantors wherever the same may be kept from time to time as it reasonably sees necessary, or to cause an examination to be made by a firm of accountants selected by it, provided that, in each case, any examination shall be done during normal business hours without undue interference with the day to day business operations of the Borrower or the Guarantors, as the case may be and it may not be done 

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			more than once per year (unless an Event of Default has occurred and is continuing) and at the Agent’s sole cost and expense (unless a Potential Event of Default has occurred and is continuing, in which case such examination shall be for the Borrower’s account).

		(ii)	Each of the Borrower and the Guarantors shall keep separate accounts and shall not co-mingle assets with each other or any other person except for funds held in the Earnings Accounts.

	(g)	Financial reports; Sustainability Certificate.  The Borrower or the Parent Guarantor, as applicable, shall prepare and deliver to the Agent:

		(i)	as soon as reasonably practicable, but not later than 60 days after the end of each of the first three quarters of each Fiscal Year, of the Parent Guarantor, quarterly reports on Form 10-Q (or any successor form) containing the unaudited consolidated financial statements for the Parent Guarantor in respect of each such fiscal quarter, all in reasonable detail and prepared in accordance with GAAP, certified as having been reviewed by its chief financial officer (or equivalent);

		(ii)	as soon as reasonably practicable, but not later than 120 days after the end of each Fiscal Year of the Parent Guarantor to which they relate,  an annual report on Form 10-K (or any successor form) containing the audited consolidated financial statements for the Parent Guarantor in respect of such Fiscal Year, all in reasonable detail and prepared in accordance with GAAP, certified as having been audited by an Acceptable Accounting Firm;

		(iii)	as soon as reasonably practicable, but in any event prior to the beginning of each Fiscal Year, an annual forecast, consisting of a profit and loss statement, a cash flow statement and a balance sheet for the upcoming Fiscal Year of the Parent Guarantor; 

		(iv)	together with the financial statements that delivered in (i) and (ii) above, a Compliance Certificate signed by the chief financial officer (or equivalent) of the Parent Guarantor; 

		(v)	within 180 days after the end of each calendar year, a Sustainability Certificate for the prior calendar year; provided that, a failure to deliver such Sustainability Certificate by such date shall not result in an Event of Default but shall result in a upward Sustainability Pricing Adjustment in accordance with the definition of Sustainability Pricing Adjustment; and

		(vi)	prior to each financial year, a consolidated budget (consisting of a profit and loss statement, a cash flow statement and a balance sheet for the upcoming financial year) with respect to the Parent Guarantor; 

		(vii)	as soon as reasonably practicable, but not later than five (5) Business Days after each June 30 and December 31, the mark-to-market value of the Transactions under the Master Agreements then in effect; and

		(viii)	such further relevant financial information (including without limitation fleet employment, operating expenses and debt levels per Vessel, subject always to the confidentially restrictions of the charterparty agreements relating to any such Vessel, such confidentiality restrictions being subject always to requirements of United States 

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			securities laws for disclosure) as may be reasonably requested by the Agent, each to be in such form as the Agent may reasonably request;

provided that the Parent Guarantor will be deemed to have furnished to the Agent such reports and information in (i) and (ii) above if the Parent Guarantor has filed such reports and information with the SEC via the EDGAR (or any successor system) and such reports and information are publicly available.
	(h)	Appraisals of Fair Market Value.  The Borrower shall procure and deliver to the Agent valuation certificates issued by two Approved Brokers selected and appointed by the Borrower, setting forth the Fair Market Value of each Vessel owned by an Owner Guarantor as follows:

		(i)	at the Borrower’s expense, not later than thirty (30) days after the end of each of the second and fourth fiscal quarters; 

		(ii)	at the Lenders’ expense, at all other times upon the request of the Agent or the Majority Lenders, unless an Event of Default has occurred and is continuing, in which case the Borrower shall procure it at its expense as often as requested;

provided that if there is a difference of or in excess of 10% between the two valuations obtained, the Borrower shall, at its sole expense, obtain a third valuation from an Approved Broker appointed by the Agent in consultation with the Borrower; and provided further that for Vessels built in the same year and with similar specifications (“Sister Vessels”), valuation certificates issued by two (2) Approved Brokers setting forth the Fair Market Value for one (1) Sister Vessel shall be acceptable for each similar Sister Vessel.
	(i)	Taxes.  Each Security Party shall prepare and timely file all tax returns required to be filed by it and pay and discharge all taxes imposed upon it or in respect of any of its property and assets before the same shall become in default, as well as all lawful claims (including, without limitation, claims for labor, materials and supplies) which, if unpaid, might become a Security Interest upon the Collateral or any part thereof, except in each case, for any such taxes (i) as are being contested in good faith by appropriate proceedings and for which adequate reserves have been established, (ii) as to which such failure to have paid does not create any risk of sale, forfeiture, loss, confiscation or seizure of a Vessel or criminal liability, or (iii) the failure of which to pay or discharge would not be likely to have a material adverse effect on the business, assets or financial condition of the Borrower or any other Security Party or to affect the legality, validity, binding effect or enforceability of the Finance Documents.

	(j)	Consents.  Each Security Party shall obtain or cause to be obtained, maintain in full force and effect and comply with the conditions and restrictions (if any) imposed in connection with, every consent and do all other acts and things which may from time to time be necessary or required for the continued due performance of all of its obligations under each Finance Document to which it is or is to become a party, and shall deliver a copy of all such consents to the Agent promptly upon its request.

	(k)	Compliance with applicable law.  Each Security Party shall comply in all material respects with all applicable federal, state, local and foreign laws, ordinances, rules, orders and regulations now in force or hereafter enacted, including, without limitation, all Environmental Laws and regulations relating thereto, the failure to comply with which would be likely to have a material adverse effect 

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		on the financial condition of such Security Party or affect the legality, validity, binding effect or enforceability of each Finance Document to which it is or is to become a party.

	(l)	Existence.  Each Security Party shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence in good standing under the laws of its jurisdiction of incorporation or formation, such jurisdiction to be acceptable to the Lenders, provided that Marshall Islands, Liberia and Singapore are deemed acceptable.

	(m)	Conduct of business. 

		(i)	The Borrower shall conduct business only in connection with, or for the purpose of, directly or indirectly owning and operating the Vessels and the Excluded Vessels and directly or indirectly owning the Equity Interests of each of the Owner Guarantors and Excluded Subsidiaries and such other business ancillary or incidental thereto. 

		(ii)	Each Owner Guarantor shall conduct business only in connection with, or for the purpose of, owning, managing, chartering and operating the Vessel owned by it.

		(iii)	Each Security Party shall conduct business in its own name and observe all corporate and other formalities required by its constitutional documents and no change will be made to the legal names of the Security Parties.

	(n)	Properties.  

		(i)	Except to the extent the failure to do so could not reasonably be expected to have a material adverse effect on the business, assets or financial condition of a Security Party or affect the legality, validity, binding effect or enforceability of the Finance Documents, each Security Party shall maintain and preserve all of its properties that are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted.

		(ii)	Each Security Party shall obtain and maintain good and marketable title or the right to use or occupy all real and personal properties and assets (including intellectual property) reasonably required for the conduct of its business. 

		(iii)	Each Security Party shall maintain and protect its intellectual property and conduct its business and affairs without infringement of or interference with any intellectual property of any other person in any material respect and shall comply in all material respects with the terms of its licenses.

	(o)	Loan proceeds.  The Borrower shall use the proceeds of each Advance solely (i) for the refinancing of the Financial Indebtedness under the Existing Facility Agreements (to the extent the Financial Indebtedness under such Existing Facility Agreement is outstanding on the relevant Drawdown Date) and (ii) for general corporate and working capital purposes.

	(p)	Change of place of business.  The Borrower shall notify the Agent promptly of any change in the location of the place of business where it or any other Security Party conducts its affairs and keeps its records.

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	(q)	Pollution liability.  Each Security Party shall take, or cause to be taken, such actions as may be reasonably required to mitigate potential liability to it arising out of pollution incidents or as may be reasonably required to protect the interests of the Creditor Parties with respect thereto.

	(r)	Subordination of loans.  Each of the Borrower and the Owner Guarantors shall cause all loans made to it by any Affiliate, parent or subsidiary and all sums and other obligations (financial or otherwise) owed by it to any Affiliate, parent or subsidiary to be fully subordinated to all Secured Liabilities pursuant to a Subordination Agreement.

	(s)	Anti-Bribery and Corruption.  Each Security Party shall:

		(i)	conduct its businesses in compliance with Anti-Bribery and Corruption Laws;

		(ii)	maintain policies and procedures designed to promote and achieve compliance with Anti-Bribery and Corruption Laws in force from time to time; and

		(iii)	use commercially reasonable efforts to procure that any third party acting on its behalf shall act in such capacity in compliance in all material respects with Anti-Bribery and Corruption Laws.

	(t)	Sanctions. 

		(i)	No Security Party shall take any action, make any omission or use (directly or indirectly) any proceeds of an Advance, in a manner that:

		(A)	is a breach of Sanctions; and/or;

		(B)	causes (or will cause) a breach of Sanctions by any Creditor Party.

		(ii)	No Security Party shall, directly or indirectly, use the proceeds of the Term Loan Facility or the Revolving Credit Facility, or lend, contribute or otherwise make available such proceeds to any Restricted Party, or (ii) in any other manner that would result in a violation of Sanctions by any person (including any person participating in the Facility, whether as underwriter, advisor, investor, or otherwise). 

		(iii)	No Security Party shall fund any payment under the Loan out of proceeds derived from a Restricted Party.

	(u)	Money laundering.  Each of the Borrower and each Guarantor shall to the best of its knowledge and ability comply, and cause each of its subsidiaries to comply, with any applicable law, official requirement or other regulatory measure or procedure implemented to combat “money laundering” (as defined in Article 1 of Directive 2005/60/EC of the European Parliament and of the Council) and comparable United States federal and state laws, including without limitation the PATRIOT Act and the Bank Secrecy Act.

	(v)	ERISA.  Promptly upon a breach of Clause 10.20 (ERISA) (or an action that would be a breach of such representation when repeated pursuant to Clause 10.30 (Repetition)), the Borrower shall furnish or cause to be furnished to the Agent, with copies for each of the Lenders, written notice 

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		thereof and the action, if any, which the relevant Security Party has taken and proposes to take with respect thereto.

	(w)	Information provided to be accurate.  All financial and other information which is provided in writing by or on behalf of any Security Party under or in connection with any Finance Document shall, to the knowledge of such Security Party after due inquiry, be true and not misleading in all material respects and shall not omit any material fact or consideration.

	(x)	Member and creditor notices.  Each of the Borrower and the Guarantors shall send the Agent, at the same time as they are dispatched, copies of all material communications which are dispatched to its (i) members or shareholders (or equivalent) or any class of them or (ii) creditors generally provided that the Parent Guarantor will be deemed to have furnished to the Agent such information if the Parent Guarantor filed such information with the SEC via EDGAR (or any successor system) and such information is publicly available.

	(y)	Maintenance of Security Interests.  Each of the Borrower and the Guarantors shall:

		(i)	at its own cost, do all that it reasonably can to ensure that any Finance Document validly creates the obligations and the Security Interests which it purports to create; and

		(ii)	without limiting the generality of paragraph (i), at its own cost, promptly register, file, record or enroll any Finance Document with any court or authority in all Pertinent Jurisdictions, pay any stamp, registration or similar tax in all Pertinent Jurisdictions in respect of any Finance Document, give any notice or take any other step which, in the opinion of the Majority Lenders, is or has become necessary for any Finance Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates.

	(z)	“Know your customer” checks.  If:

		(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the Effective Date;

		(ii)	any change in the status of the Borrower or any other Security Party after the Effective Date; or

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

obliges the Agent or any Lender (or, in the case of paragraph (iii), any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, or an existing Lender’s internal procedures require updated “know your customer” checks on a periodic basis, the Borrower shall promptly upon the request of the Agent or the Lender concerned supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or the Lender concerned (for itself or, in the case of the event described in paragraph (iii), on behalf of any prospective new Lender) in order for the Agent, the Lender concerned or, in the case of the event described in paragraph (iii), any prospective new Lender to 

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carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.
	(aa)	Recycling of Vessels.  The Borrower and each Owner Guarantor shall ensure that any Vessel which is being scrapped or taken out of service while under the ownership of an Owner Guarantor is recycled at a yard which conducts its recycling business in compliance with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 and with the guidelines issued by the IMO in connection with such Convention and/or EU Ship Recycling Regulation, 2013.

	(bb)	Poseidon Principles. Upon the request of any Lender which is a signatory to the Poseidon Principles at the time of such request and at the cost of the Borrower, on or before 31st July in each calendar year, the Borrower shall supply or procure the supply to the Agent (for further transmission to such Lender) of all information necessary in order for that Lender to comply with its obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance, together with a Carbon Intensity and Climate Alignment Certificate, in each case relating to the Vessels for the preceding calendar year  provided always that no Lender shall publicly disclose such information with the identity of a Vessel without the prior written consent of the Borrower.  For the avoidance of doubt, such information shall be confidential under this Agreement, but the Borrower acknowledges that, in accordance with the Poseidon Principles, such information will form part of the information published regarding the relevant Lender’s portfolio climate alignment.

	(cc)	Further assurances.  From time to time, at its reasonable expense, the Borrower and each of the Guarantors shall duly execute and deliver to the Agent such further documents and assurances as the Majority Lenders, the Swap Banks or the Agent may request to effectuate the purposes of this Agreement, the other Finance Documents or obtain the full benefit of any of the Collateral.

	(dd)	Beneficial Ownership Certification. The Borrower will promptly notify the Agent of any change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of the beneficial owners identified in parts (c) and (d) of such certificate. 

	11.2	Negative covenants

From the first Drawdown Date until the Total Commitments have terminated and all amounts payable hereunder have been paid in full the Borrower and each of the Guarantors, as the case may be, undertakes with each Creditor Party to comply or cause compliance with the following provisions of this Clause 11.2 except as the Agent, with the consent of the Majority Lenders, may approve from time to time in writing, such approval not to be unreasonably withheld:
	(a)	Security Interests.  (i) None of the Borrower or the Guarantors (other than the Parent Guarantor) shall create, assume or permit to exist any Security Interest whatsoever upon any of its properties or assets, whether now owned or hereafter acquired, except for Permitted Security Interests, and (ii) the Parent Guarantor shall not create, assume or permit to exist any Security Interest whatsoever upon any Collateral whether now owned or hereafter acquired, except for Permitted Security Interests.

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	(b)	Sale of assets; merger.  No Security Party shall sell, transfer or lease all or substantially all of its properties and assets, or enter into any transaction of merger or consolidation, corporate reconstruction, including any division or series transaction, or liquidate, windup or dissolve itself (or suffer any liquidation or dissolution) provided that (i) an Owner Guarantor may sell or charter any Vessel owned by it pursuant to the terms of this Agreement, (ii) the Borrower may sell or dispose of any Equity Interests in an Excluded Subsidiary, and (iii) a Security Party shall be permitted to merge with the prior consent of the Agent, acting on the instructions of the Majority Lenders, provided such Security Party is the surviving entity.

	(c)	No contracts other than in ordinary course of business.  None of the Borrower or the Guarantors (other than Parent Guarantor) shall enter into any transactions or series of related transactions with third parties other than in the ordinary course of its business.

	(d)	Affiliate transactions.  None of the Borrower or the Owner Guarantors shall enter into any transaction or series of related transactions, whether or not in the ordinary course of business, with any Affiliate other than on terms and conditions substantially as favorable to such Borrower or Owner Guarantor as would be obtainable by it at the time in a comparable arm’s-length transaction with a person other than an Affiliate.  

	(e)	Change of business.  

		(i)	No substantial change will be made to the general nature of the business of the Parent Guarantor from that carried on as at the Effective Date. 

		(ii)	The Borrower shall not change the nature of its business or commence any business other than in connection with, or for the purpose of, directly or indirectly owning and operating the Vessels and the Excluded Vessels and directly or indirectly owning the Equity Interests of each of Owner Guarantors and the Excluded Subsidiaries and such other business ancillary or incidental thereto.

		(iii)	None of the Owner Guarantors shall change the nature of its business or commence any business other than in connection with, or for the purpose of, owning, managing, chartering and operating the Vessel owned by it and such other business ancillary or incidental thereto.

	(f)	Negative pledge.  The Security Parties shall not permit any pledge or assignment of the Equity Interests (other than the Parent Guarantor) except in favor of the Security Trustee to secure the Secured Liabilities.

	(g)	Increases in capital.  None of the Security Parties (other than the Parent Guarantor) shall increase its capital by way of the issuance of any class or series of Equity Interests or create any new class of Equity Interests that is not subject to a Security Interest to secure the Secured Liabilities.  

	(h)	Financial Indebtedness; Trade payables.

		(i)	None of the Borrower or the Owner Guarantors shall incur any Financial Indebtedness other than Permitted Financial Indebtedness.

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		(ii)	None of the Owner Guarantors shall incur unsecured trade credit (excluding trade credit granted by it to its vendors on normal commercial terms in the ordinary course of its trading activities which is not overdue for payment.

	(i)	Dividends. If: 

		(i)	an Event of Default has occurred and is continuing; 

		(ii)	an Event of Default would result therefrom; 

		(iii)	the Parent Guarantor is not in compliance with any of the covenants in Clause 12 (Financial Covenants); or

		(iv)	any payment of dividends or any form of distribution or return of capital would result in the Parent Guarantor not being in compliance with any of the covenants in Clause 12  (Financial Covenants), 

neither the Parent Guarantor nor the Borrower nor any Owner Guarantor shall declare or pay any dividends or return any capital to its equity holders or authorize or make any other distribution, payment or delivery of property or cash to its equity holders, or redeem, retire, purchase or otherwise acquire, directly or indirectly, for value, any interest of any class or series of its Equity Interests (or acquire any rights, options or warrants relating thereto but not including convertible debt) now or hereafter outstanding, or repay any subordinated loans to equity holders or set aside any funds for any of the foregoing purposes.
Except as provided in this Clause 11.2(i) (Dividends), neither the Borrower nor any Owner Guarantor will permit any restriction (1) to declare or pay any dividends or return any capital to the Parent Guarantor or the Borrower, respectively, or authorize or make any other distribution, payment or delivery of property or cash to the Parent Guarantor or the Borrower, respectively, or redeem, retire, purchase or otherwise acquire, directly or indirectly, for value, any interest of any class or series of its Equity Interests (or acquire any rights, options or warrants relating thereto but not including convertible debt) now or hereafter outstanding or to pay any Financial Indebtedness owed to the Parent Guarantor or the Borrower, respectively, or (2) to repay and/or make any subordinated loans to the Parent Guarantor or the Borrower, respectively, or set aside any funds for any of the foregoing purposes, or (3) to transfer any of its assets to the Parent Guarantor or the Borrower, respectively. 
	(j)	Loans and investments.  None of the Owner Guarantors or the Borrower shall make any loan or advance to, make any investment in, or enter into any working capital maintenance or similar agreement with respect to any person, whether by acquisition of Equity Interests or indebtedness, by loan, guarantee or otherwise provided that (i) the Borrower shall be permitted to make investments, but not make loans or advances (other than to a Security Party subject to Clause 11.1(r)) and (ii) the Borrower shall be permitted to make other investments and enter into working capital maintenance or similar agreements in connection with its indirect ownership in the Excluded Vessels provided that any such investments or expenditure shall not exceed $2,000,000 per Excluded Vessel and $28,000,000 in the aggregate.

	(k)	Acquisition of capital assets.  None of the Borrower or the Owner Guarantors shall acquire any capital assets (including any vessel other than a Vessel) by purchase, charter or otherwise, 

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		provided that for the avoidance of doubt nothing in this Clause 11.2(k) shall prevent or be deemed to prevent capital improvements being made to a Vessel or an Excluded Vessel.

	(l)	Sale and leaseback.  None of the Owner Guarantors shall enter into any arrangements, directly or indirectly, with any person whereby it shall sell or transfer any of its property, whether real or personal, whether now owned or hereafter acquired, if it, at the time of such sale or disposition, intends to lease or otherwise acquire the right to use or possess (except by purchase) such property or like property for a substantially similar purpose.

	(m)	Changes to Fiscal Year and accounting policies.  (i) Without the permission of the stockholders of the Parent Guarantor and providing at least thirty (30) days’ prior written notice to the Agent, none of the Borrower or the Guarantors shall change its Fiscal Year, and (ii) none of the Borrower or the Guarantors shall make or permit any change in accounting policies affecting (x) the presentation of financial statements or (y) reporting practices, except in the case of this clause (ii) in accordance with GAAP or pursuant to the requirements of applicable laws or regulations.

	(n)	Jurisdiction of incorporation or formation; Amendment of constitutional documents.  No Security Party shall change the jurisdiction of its incorporation or formation or amend its constitutional documents affecting in any material way its ability to perform the obligations under the Finance Documents. 

	(o)	Sale of Vessel.  No Owner Guarantor shall consummate the sale of the Vessel owned by it without paying or causing to be paid all amounts due and owing under Clause 8.7 prior to or simultaneously with the consummation of such sale.

	(p)	Change of location.  None of the Borrower or the Guarantors shall change the location of its chief executive office or the office where its corporate records are kept or open any new office for the conduct of its business on less than thirty (30) days prior written notice to the Agent.

	(q)	ERISA.  None of the Borrowers or the Guarantors shall act, permit or fail to act in any manner that results in any of the representations set forth in Clause 10.20(b)-(e) becoming untrue on any date during the term of this Agreement, with such representations being deemed repeated on each date during the term of this Agreement for purposes of this Clause 11.2(q).

	12	Financial Covenants

	12.1	General

From the Effective Date until the Total Commitments have terminated and all amounts payable hereunder have been paid in full the Parent Guarantor undertakes with each Creditor Party to comply or cause compliance with the following provisions of this Clause 12 except as the Agent, with the consent of the Majority Lenders, may approve from time to time in writing, such approval not to be unreasonably withheld.
	12.2	Minimum consolidated liquidity

The Parent Guarantor shall at all times maintain a Consolidated Liquidity of at least equal to the greater of (a) $27,500,000, and (b) 5% of consolidated interest-bearing debt, to be tested on the last day of each fiscal quarter.

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	12.3	Maximum Leverage Ratio

The Parent Guarantor shall at all times maintain a ratio of Consolidated Net Debt to Consolidated Total Capitalization of not more than 0.60 to 1.00, to be tested on the last day of each fiscal quarter.
	12.4	Minimum Shareholders’ Equity

The Parent Guarantor shall at all times maintain minimum Shareholders’ Equity equal to $400,000,000, to be tested on the last day of each fiscal quarter.
	12.5	Working Capital

The Borrower shall at all times maintain positive Working Capital, to be tested on the last day of each fiscal quarter.
	13	Marine Insurance Covenants

	13.1	General

From the first Drawdown Date until the Total Commitments have terminated and all amounts payable hereunder have been paid in full, the Borrower and each of the Guarantors, as the case may be, undertakes with each Creditor Party to comply or cause compliance with the following provisions of this Clause 13 except as the Agent and the Security Trustee, with the consent of the Majority Lenders, may approve from time to time in writing, such approval not to be unreasonably withheld.
	13.2	Maintenance of obligatory insurances

Each Owner Guarantor shall keep the Vessel owned by it insured at its expense against:
	(a)	fire and usual marine risks (including hull and machinery, hull interest and excess risks);

	(b)	war risks (including terrorism, piracy and confiscation); and

	(c)	protection and indemnity risks.

	13.3	Terms of obligatory insurances

Each Owner Guarantor shall affect such insurances in respect of the Vessel owned by it:
	(a)	in Dollars;

	(b)	in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of: 

		(i)	when aggregated with the insured values of the other Vessels subject to a Mortgage, 120% of the sum of the available Commitments and Loan outstanding; and 

		(ii)	the Fair Market Value of the Vessel owned by it;

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provided that, not less than 80% of the Fair Market Value shall be on a hull and machinery basis, while the remaining part of the insured value may be taken out by way of hull and/or freight interest insurance cover where the insurances are subject to the American Institute Clauses 1977.
	(c)	in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available in the insurance market for vessels of similar age, size and type as such Vessel under basic protection and indemnity club entry and in the international marine insurance market (in the case of oil pollution liability risks, currently $1,000,000,000);

	(d)	in relation to protection and indemnity risks in respect of the full tonnage of the Vessel owned by it;

	(e)	on approved terms; and

	(f)	through Approved Insurance Brokers and with insurance companies and/or underwriters in each case having a minimum credit rating of A- or higher by Standard & Poor’s Rating Services or Fitch Ratings Ltd, or A3 or higher by Moody’s Investors Service Limited (or a comparable rating from an internationally recognized credit rating agency)) or, in the case of protection and indemnity risks, with members of the International Group of P&I Clubs.

	13.4	Further protections for the Creditor Parties

In addition to the terms set out in Clause 13.3, each Owner Guarantor shall procure that the obligatory insurances affected by it shall:
	(a)	subject always to paragraph (b), name that Owner Guarantor as the sole named assured unless the interest of every other named assured is stated in the cover notes for the insurance policy and is limited:

		(i)	in respect of any obligatory insurances for hull and machinery and war risks;

		(A)	to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable claim on underwriters; and 

		(B)	to any third-party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against it); and 

		(ii)	in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled to make by way of reimbursement following discharge of any third-party liability claims made specifically against it;

and every other named assured has undertaken in writing to the Security Trustee (in such form as it requires) to subordinate or assign its interests in the Insurances and that any deductible shall be apportioned between that Owner Guarantor and every other named assured in proportion to the aggregate claims made or paid by each of them and that it shall do all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances;

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	(b)	whenever the Security Trustee requires, name (or be amended to name) the Security Trustee as additional named assured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security Trustee, but without the Security Trustee thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance;

	(c)	name the Security Trustee as mortgagee and loss payee with such directions for payment as the Security Trustee may specify;

	(d)	provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Trustee shall be made without set-off, counterclaim or deductions or condition whatsoever;

	(e)	provide that the obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the Security Trustee or any other Creditor Party; and

	(f)	provide that the Security Trustee may make proof of loss if that Owner Guarantor fails to do so.

	13.5	Renewal of obligatory insurances

Each Owner Guarantor shall:
	(a)	at least fourteen (14) days before the expiry of any obligatory insurance, notify the Security Trustee of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom that Owner Guarantor proposes to renew that obligatory insurance and of the proposed terms of renewal; 

	(b)	at least seven (7) days before the expiry of any obligatory insurance, renew that obligatory insurance; and

	(c)	procure that the brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Security Trustee in writing of the terms and conditions of the renewal.

	13.6	Copies of policies; letters of undertaking

Each Owner Guarantor shall ensure that all brokers provide the Security Trustee with pro forma copies of all policies relating to the obligatory insurances which they are to affect or renew and of a letter or letters or undertaking in a form required by the Majority Lenders and including undertakings by the brokers that:
	(a)	they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment in accordance with the requirements of the Insurance Assignment for that Owner Guarantor’s Vessel; 

	(b)	they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in accordance with the said loss payable clause; 

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	(c)	they will advise the Security Trustee immediately of any material change to the terms of the obligatory insurances or if they cease to act as brokers; 

	(d)	they will notify the Security Trustee, not less than 14 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that Owner Guarantor or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions; and

	(e)	they will not set off against any sum recoverable in respect of a claim relating to the Vessel owned by that Owner Guarantor under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Vessel or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of that Vessel forthwith upon being so requested by the Security Trustee.

	13.7	Copies of certificates of entry

Each Owner Guarantor shall ensure that any protection and indemnity and/or war risks associations in which the Vessel owned by it is entered provides the Security Trustee with:
	(a)	a certified copy of the certificate of entry for that Vessel;

	(b)	a letter or letters of undertaking in such form as may be required by the Majority Lenders; and

	(c)	a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant certifying authority in relation to that Vessel.

	13.8	Deposit of original policies

Each Owner Guarantor shall ensure that all policies relating to obligatory insurances are deposited with the brokers through which the insurances are effected or renewed.
	13.9	Payment of premiums

Each Owner Guarantor shall punctually pay all premiums or other sums payable in respect of the obligatory insurances and produce all relevant receipts when so required by the Security Trustee.
	13.10	Guarantees

Each Owner Guarantor shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect.
	13.11	Compliance with terms of insurances

No Owner Guarantor shall do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular:

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	(a)	each Owner Guarantor shall take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in Clause 13.6(c)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior approval;

	(b)	no Owner Guarantor shall make any changes relating to the classification or classification society or manager or operator of the Vessel owned by it unless approved by the underwriters of the obligatory insurances; and

	(c)	no Owner Guarantor shall employ the Vessel owned by it, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.

	13.12	Alteration to terms of insurances

No Owner Guarantor shall either make or agree to any alteration to the terms of any obligatory insurance nor waive any right relating to any obligatory insurance. 
	13.13	Settlement of claims

No Owner Guarantor shall settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty without the consent of the Security Trustee, and if so requested by the Security Trustee, shall do all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.
	13.14	Provision of copies of communications

Each Owner Guarantor shall provide the Security Trustee, at the time of each such communication, copies of all written communications between that Owner Guarantor and:
	(a)	the brokers; 

	(b)	the protection and indemnity and/or war risks associations; and

	(c)	the insurance companies and/or underwriters, which relate directly or indirectly to:

		(i)	that Owner Guarantor’s obligations relating to the obligatory insurances including, without limitation, all requisite declarations and payments of additional premiums or calls; and 

		(ii)	any credit arrangements made between that Owner Guarantor and any of the persons referred to in paragraphs (a) or (b) relating wholly or partly to the effecting or maintenance of the obligatory insurances.

	13.15	Provision of information

In addition, each Owner Guarantor shall promptly provide the Security Trustee (or any persons which it may designate) with any information which the Security Trustee (or any such designated person) requests for the purpose of:

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	(a)	obtaining or preparing any report from an independent marine insurance broker (appointed in consultation with the Borrower) as to the adequacy of the obligatory insurances effected or proposed to be effected, which may be obtained by the Security Trustee prior to the Drawdown Date in respect of a Vessel; and/or

	(b)	effecting, maintaining or renewing any such insurances as are referred to in Clause 13.16 or dealing with or considering any matters relating to any such insurances;  

and that Owner Guarantor shall, forthwith upon demand, indemnify the Security Trustee in respect of all reasonable and documented fees and other expenses incurred by or for the account of the Security Trustee in connection with any such report as is referred to in paragraph (a), provided that the Security Trustee shall provide the Borrower with a “not to exceed” budget for such services for approval by the Borrower prior to the commencement of any such services, such approval not  to be unreasonably withheld.
	13.16	Mortgagee’s interest, additional perils and political risk insurances

The Security Trustee shall be entitled from time to time to effect, maintain and renew (i) mortgagee’s interest marine insurance, and/or (ii) mortgagee’s interest additional perils insurance in such amounts, on such terms, through such insurers and generally in such manner as the Security Trustee may from time to time consider appropriate and the Borrower and the Owner Guarantors, jointly and severally, shall upon demand fully indemnify the Security Trustee in respect of all premiums and other reasonable and documented expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance.
	13.17	Review of insurance requirements

The Security Trustee may and, on instruction of the Majority Lenders, shall review, at the reasonable expense of the Borrower, the requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the Effective Date which are, in the reasonable opinion of the Agent or the Majority Lenders significant and capable of affecting the relevant Security Party or a Vessel and its insurance (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the relevant Security Party may be subject.)
	13.18	Modification of insurance requirements

The Security Trustee shall notify the Borrower and the Owner Guarantors of any proposed modification under Clause 13.17 to the requirements of this Clause 13 which the Security Trustee may or, on instruction of the Majority Lenders, shall reasonably consider appropriate in the circumstances and such modification shall take effect on and from the date it is notified in writing to the Borrower and the Owner Guarantors as an amendment to this Clause 13 and shall bind the Borrower and the Owner Guarantors accordingly.
	13.19	Compliance with instructions

The Security Trustee shall be entitled (without prejudice to or limitation of any other rights which it may have or acquire under any Finance Document) to require a Vessel to remain at any safe port 

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or to proceed to and remain at any safe port designated by the Security Trustee until the relevant Security Party implements any amendments to the terms of the obligatory insurances and any operational changes required as a result of a notice served under Clause 13.18.
	14	Vessel Covenants

	14.1	General

From the first Drawdown Date until the Total Commitments have terminated and all amounts payable hereunder have been paid in full, the Borrower and each of the Guarantors, as the case may be, undertakes with each Creditor Party to comply or cause compliance with the following provisions of this Clause 14 except as the Agent, with the consent of the Majority Lenders, may approve from time to time in writing, such approval not to be unreasonably withheld.
	14.2	Vessel’s name and registration; Mortgage

Each Owner Guarantor shall: 
	(a)	keep the Vessel owned by it registered in its name under the law of an Approved Flag; 

	(b)	not do, omit to do or allow to be done anything as a result of which such registration might be cancelled or imperiled; and

	(c)	do (or fail to do) or cause or permit another person to do (or omit to do) anything which is likely to make it unlawful or contrary to Sanctions for a Security Party to perform any of its obligations under the Finance Documents; and 

	(d)	without prior notification to the Agent and without taking all such actions reasonably required by the Agent to ensure the Security Interest in the applicable Vessel and related assets under the Finance Documents remain in full force and effect (together with any applicable corporate authorizations and legal opinions), not change the name or port of registry on which such Vessel was registered when it became subject to a Mortgage; and

	(e)	ensure the Mortgage on its Vessel remains permanently registered until released in accordance with this Agreement.

	14.3	Repair and classification

Each Owner Guarantor shall keep the Vessel owned by it in a good and safe condition and state of repair:
	(a)	consistent with first-class ship ownership and management practice;

	(b)	so as to maintain a class notation of 1A (or equivalent) for that Vessel with the Classification Society, free of material overdue recommendations and adverse notations; and

	(c)	so as to comply with all laws and regulations applicable to vessels registered under the law of the Approved Flag on which that Vessel is registered or to vessels trading to any jurisdiction to which that Vessel may trade from time to time, including but not limited to the ISM Code and the ISPS Code.

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	14.4	Classification Society instructions and undertaking

Each Owner Guarantor shall instruct the Classification Society referred to in Clause 14.3(b) (and use commercially reasonable efforts to procure that the Classification Society undertakes with the Security Trustee) as follows, or provide another instruction to the Classification Society on such Classification Society’s standard form and in a form acceptable to the Agent:
	(a)	to send to the Security Trustee, following receipt of a written request from the Security Trustee, certified true copies of all original class records held by the Classification Society in relation to that Owner Guarantor’s Vessel;

	(b)	to allow the Security Trustee (or its agents), at any time and from time to time, to inspect the original class and related records of that Owner Guarantor and the Vessel owned by it either (i) electronically (through the Classification Society directly or by way of indirect access via the Borrower’s account manager and designating the Security Trustee as a user or administrator of the system under its account) or (ii) in person at the offices of the Classification Society, and to take copies of them electronically or otherwise;

	(c)	to notify the Security Trustee immediately in writing if the Classification Society:

		(i)	receives notification from that Owner Guarantor or any other person that that Vessel’s Classification Society is to be changed; or

		(ii)	becomes aware of any facts or matters which may result in or have resulted in a condition of class or a recommendation, or a change, suspension, discontinuance, withdrawal or expiry of that Vessel’s class under the rules or terms and conditions of that Owner Guarantor’s or that Vessel’s membership of the Classification Society;

	(d)	following receipt of a written request from the Security Trustee:

		(i)	to confirm that that Owner Guarantor is not in default of any of its contractual obligations or liabilities to the Classification Society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the Classification Society; or

		(ii)	if that Owner Guarantor is in default of any of its contractual obligations or liabilities to the Classification Society, to specify to the Security Trustee in reasonable detail the facts and circumstances of such default, the consequences of such default, and any remedy period agreed or allowed by the Classification Society.

	14.5	Modification

No Owner Guarantor shall make any modification or repairs to, or replacement of, the Vessel owned by it or equipment installed on that Vessel which would materially alter the structure, type or performance characteristics of that Vessel or in a manner which materially reduces its value or negatively impacts its operations.

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	14.6	Removal of parts

No Owner Guarantor shall remove any material part of the Vessel owned by it, or any item of equipment installed on, that Vessel unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favor of any person other than the Security Trustee and becomes on installation on that Vessel, the property of that Owner Guarantor and subject to the security constituted by the Mortgage, provided that an Owner Guarantor may install and remove equipment owned by a third party if the equipment can be removed without any risk of damage to the Vessel owned by it.
	14.7	Surveys

Each Owner Guarantor, at its sole expense, shall submit the Vessel owned by it regularly to all periodical or other surveys which are required for classification purposes and, if so required by the Majority Lenders, provide the Security Trustee, at that Owner Guarantor’s sole expense, with a copy of any survey reports.
	14.8	Inspection

Each Owner Guarantor shall permit the Security Trustee (by surveyors or other persons appointed by it for that purpose at the cost of the Borrower and that Owner Guarantor) to board the Vessel owned by it at all reasonable times (provided that unless an Event of Default has occurred and is continuing, there shall be no more than two (2) such persons permitted aboard the relevant Vessel at any time and any such person shall be appropriately insured against any personal injury sustained or death occurring abord a Vessel) but not more than one time per year with fifteen (15) Business Days prior written notice to the relevant Owner Guarantor to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections.  The Security Trustee shall ensure that the operation and commercial employment of that Vessel is not unreasonably interfered with, including requiring a deviation or causing a breach of any charterparty.
	14.9	Prevention of and release from arrest

Each Owner Guarantor shall promptly discharge (but no sooner than the payment terms required in each case):
	(a)	all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against the Vessel owned by it, the Earnings or the Insurances;

	(b)	all taxes, dues and other amounts charged in respect of the Vessel owned by it, the Earnings or the Insurances; and

	(c)	all other accounts payable whatsoever in respect of the Vessel owned by it, the Earnings or the Insurances,

and, forthwith upon receiving notice of the arrest of the Vessel owned by it, or of its detention in exercise or purported exercise of any lien or claim, that Owner Guarantor shall procure its release 

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by providing bail or otherwise as the circumstances may require (except to the extent such arrest or detention results from illegal sovereign action).
	14.10	Compliance with laws etc.

The Borrower and each Guarantor shall:
	(a)	comply, or procure material compliance with, all laws or regulations:

		(i)	relating to its business generally; or

		(ii)	in the case of each Owner Guarantor, relating to the ownership, employment, operation and management of the Vessel owned by it, 

including but not limited to the ISM Code, the ISPS Code, the International Management Code for the Safe Operation of Ships and for Pollution Prevention adopted by the IMO, all Environmental Laws and all Sanctions;
	(b)	without prejudice to the generality of paragraph (a) above, not employ the Vessel owned by it nor allow its employment in any manner contrary to any laws or regulations, including but not limited to the ISM Code, the ISPS Code; all Environmental Laws and all Sanctions; 

	(c)	in the event of hostilities in any part of the world (whether war is declared or not), not cause or permit the Vessel owned by it to enter or trade to any zone which is declared a war zone by any government or by that Vessel’s war risks insurers unless the prior written consent of the Majority Lenders has been given and that Owner Guarantor has (at its expense) effected any special, additional or modified insurance cover which the Majority Lenders may require; and

	(d)	prevent the Vessel from being used, directly or, to the best of its knowledge, indirectly 

		(i)	by, or for the benefit of, any Restricted Party in breach of Sanctions; and/or

		(ii)	in any trade which would reasonably be expected to expose the Vessel, any Creditor Party, any manager of the Vessel, the ship’s crew or the Vessel’s insurers to enforcement proceedings or any other negative consequences whatsoever arising from Sanctions;

	(e)	not cause or permit a Vessel to be registered in a Sanctioned Country;

	(f)	not cause or permit a Vessel to be used in or otherwise to go to, stop in or call at, a Sanctioned  Country; and

	(g)	ensure that each Charter in respect of a Vessel contains contractual language which has the effect of prohibiting the use of the Vessel in violation of any Sanctions.

	14.11	Provision of information

Each Owner Guarantor shall promptly provide the Security Trustee with any information which the Majority Lenders reasonably request regarding the Vessel owned by it, its employment, position, use or operation, including details of towages and salvages.

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	14.12	Notification of certain events

Each Owner Guarantor shall immediately notify the Security Trustee by Email, confirmed forthwith by letter, of:
	(a)	any casualty which is or is likely to be or to become a Major Casualty;

	(b)	any occurrence as a result of which the Vessel owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss;

	(c)	any requirement or condition made by any insurer or classification society or by any competent authority which is not promptly complied with;

	(d)	any arrest or detention of the Vessel owned by it, any exercise or purported exercise of any Security Interest on that Vessel or the Earnings or any requisition of that Vessel for hire;

	(e)	any confirmed dry docking of the Vessel owned by it;

	(f)	any Environmental Claim made against that Owner Guarantor or in connection with the Vessel owned by it, or any Environmental Incident;

	(g)	any legal or administrative action taken by any Sanctions Authority against or affecting any Security Party or any Vessel;

	(h)	any claim for breach of the ISM Code or the ISPS Code being made against that Owner Guarantor, the Approved Manager or otherwise in connection with the Vessel owned by it; or

	(i)	any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with;

and that Owner Guarantor shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of that Owner Guarantor’s, an Approved Manager’s or any other person’s response to any of those events or matters.
	14.13	Restrictions on chartering, appointment of managers etc.

No Owner Guarantor shall:
	(a)	let the Vessel owned by it on demise or bareboat charter for any period;

	(b)	charter the Vessel owned by it otherwise than on bona fide arm’s length terms at the time when that Vessel is fixed (it being understood and agreed that a charter entered into with Helios LPG Pool shall not be automatically deemed to not be on arm’s length terms by virtue of such charter being entered into with Helios LPG Pool);

	(c)	appoint a manager of the Vessel owned by it other than an Approved Manager or agree to any material alteration to the terms or termination of any Approved Management Agreement;

	(d)	de-activate or lay up the Vessel owned by it; or

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	(e)	change the classification society of the Vessel owned by it other than to another Classification Society; or

	(f)	charter in any vessel from a third party; or

	(g)	change the flag of the Vessel other than to another Approved Flag and provided the Owner Guarantor has taken all such actions reasonably required by the Agent to ensure the Security Interest in the applicable Vessel and related assets under the Finance Documents remain in full force and effect following such change (together with any applicable corporate authorizations and legal opinions);

and in the case of paragraphs (d) or (f) above, without the consent of the Lenders, not to be unreasonably withheld.
	14.14	Copies of Charters; Charter Assignment

Provided that all approvals necessary under Clause 14.13 have been previously obtained, each Owner Guarantor shall:
	(a)	furnish promptly to the Agent a true and complete copy of any Charter, for the Vessel owned by it, all other documents related thereto and a true and complete copy of each material amendment or other modification thereof; and

	(b)	in respect of any such Charter, execute and deliver to the Agent a Charter Assignment and execute and deliver to the charterer the relevant notice required to be delivered thereunder.

	14.15	Notice of Mortgage

Each Owner Guarantor shall keep the Mortgage registered against the Vessel owned by it as a valid first preferred or first priority mortgage, as the case may be, carry on board that Vessel a certified copy of the Mortgage and place and maintain in a conspicuous place in the navigation room of that Vessel a laminated printed notice stating that such Vessel is mortgaged by that Owner Guarantor to the Security Trustee.
	14.16	Sharing of Earnings

No Owner Guarantor shall enter into any agreement or arrangement for the sharing of any Earnings (other than a pooling arrangement approved pursuant to the terms of this agreement) with anyone else other than the other Owner Guarantors.
	14.17	ISPS Code

Each Owner Guarantor shall comply with the ISPS Code and in particular, without limitation, shall:
	(a)	procure that the Vessel owned by it and the company responsible for that Vessel’s compliance with the ISPS Code comply with the ISPS Code; and

	(b)	maintain for that Vessel an ISSC; and

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	(c)	notify the Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC.

	14.18	Green Passport

Each Owner Guarantor will procure that the Vessel owned by it maintains and carries on board a Green Passport, or equivalent document acceptable to the Agent.
	15	Collateral Maintenance Ratio 

	15.1	General

From the first Drawdown Date until the Total Commitments have terminated and all amounts payable hereunder have been paid in full, the Borrower undertakes with each Creditor Party to comply with the following provisions of this Clause 15 except as the Agent, with the consent of the Majority Lenders, may approve from time to time in writing, such approval not to be unreasonably withheld.
	15.2	Collateral Maintenance Ratio

If, at any time, the Agent notifies the Borrower that:
	(a)	the aggregate Fair Market Value of the Vessels subject to a Mortgage and not the subject of a Total Loss; plus

	(b)	the net realizable value of any additional Collateral previously provided under this Clause 15,

is below 145% of the Loans outstanding (such ratio being the “Collateral Maintenance Ratio”), the Agent (acting upon the instruction of the Majority Lenders) shall have the right to require the Borrower to comply with the requirements of Clause 15.3.
	15.3	Provision of additional Collateral; prepayment

If the Agent serves a notice on the Borrower under Clause 15.2, the Borrower shall prepay such part (at least) of the Term Loan Facility or the Revolving Facility as will eliminate the shortfall on or before the date falling fourteen (14) days after the date on which the Agent’s notice is served under Clause 15.2 (the “Prepayment Date”) unless on or prior to the Prepayment Date it has provided, or ensured that a third party has provided, additional cash or security over other assets which, in the opinion of the Majority Lenders, has a net realizable value at least equal to the shortfall and which has been documented in such terms as the Agent may, with the authorization of the Majority Lenders, approve or require.
	15.4	Value of additional vessel Collateral

The net realizable value of any additional cash or other assets which is provided under Clause 15.3 and which consists of a Security Interest over a vessel shall be that shown by a valuation complying with the definition of Fair Market Value.

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	15.5	Valuations binding

Any valuation under Clause 15.3 or 15.4 shall be binding and conclusive as regards the Borrower and the Guarantors, as shall be any valuation which the Majority Lenders make of any additional cash or other assets which does not consist of or include a Security Interest.
	15.6	Provision of information

The Borrower shall promptly provide the Agent and any Approved Broker acting under Clause 15.4 with any information which the Agent or the Approved Broker may request for the purposes of the valuation; and, if the Borrower fails to provide the information by the date specified in the request, the valuation may be made on any basis and assumptions which the Approved Broker considers prudent.
	15.7	Payment of valuation expenses

Without prejudice to the generality of the Borrower’s obligations under Clauses 21.2, 21.3 and 22.3, the Borrower shall, on demand, pay the Agent the amount of the fees and expenses of any Approved Broker or other expert instructed by the Agent under this Clause 15 and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause 15, provided that, for the avoidance of doubt, for so long as no Event of Default has occurred and is continuing, the Borrower shall be required to deliver and be responsible for the costs of valuations of the Vessels only on a semi-annual basis in accordance with the terms of this Agreement.
	15.8	Release of additional Collateral

Any additional Collateral provided pursuant to Clause 15.3 above shall be released within five (5) Business Days of the Borrower’s request provided the Collateral Maintenance Ratio has been met without such additional Collateral on the next testing date for which valuations are provided under Clause 11.1(h)(i).
	15.9	Application of prepayment

Clause 8 shall apply in relation to any prepayment pursuant to Clause 15.3.
	16	Guarantee

	16.1	Guarantee and indemnity

In order to induce the Lenders to make the Loan to the Borrower and to induce the Swap Banks to enter into the Designated Transactions with the Borrower, each Guarantor irrevocably and unconditionally, jointly and severally:
	(a)	guarantees, as a primary obligor and not merely as a surety, to each Creditor Party, the punctual payment and performance by the Borrower when due, whether at stated maturity, by acceleration or otherwise, of all Secured Liabilities of the Borrower, whether for principal, interest, fees, expenses or otherwise (collectively, the “Guaranteed Secured Liabilities”).  Notwithstanding the 

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		foregoing, “Guaranteed Secured Liabilities”, with respect to any Guarantor, shall not include any Excluded Swap Secured Liabilities of such Guarantor;

	(b)	undertakes with each Creditor Party that whenever the Borrower does not pay any Guaranteed Secured Liabilities when due, such Guarantor shall immediately on demand pay that Guaranteed Secured Liability as if it were the primary obligor; and

	(c)	indemnifies each Creditor Party immediately on demand against any cost, loss or liability suffered or incurred by that Creditor Party (i) if any Guaranteed Secured Liability is or becomes unenforceable, invalid or illegal or (ii) by operation of law as a consequence of the transactions contemplated by the Finance Documents.  The amount of the cost, loss or liability shall be equal to the amount which that Creditor Party would otherwise have been entitled to recover.

	16.2	Continuing guarantee

This guarantee:
	(a)	is a continuing guarantee;

	(b)	constitutes a guarantee of punctual performance and payment and not merely of collection;

	(c)	is joint and several with any other guarantee given in respect of the Guaranteed Secured Liabilities and shall not in any way be prejudiced by any other guarantee or security now or subsequently held by any Creditor Party in respect of the Guaranteed Secured Liabilities;

	(d)	shall remain in full force and effect until the later of the termination of the Total Commitments and the payment and performance in full of the Guaranteed Secured Liabilities and all other amounts payable hereunder regardless of any intermediate payment or discharge in whole or in part; and 

	(e)	shall be binding upon each Guarantor, its successors and permitted assigns.  

	16.3	Performance of Guaranteed Secured Liabilities; obligations pari passu  

	(a)	Each Guarantor agrees that the Guaranteed Secured Liabilities will be performed and paid strictly in accordance with the terms of the relevant Finance Document regardless of any law or regulation or order of any court:

		(i)	affecting (A) any term of such Finance Document or the rights of any of the Creditor Parties with respect thereto or (B) the Borrower’s ability or obligation to make or render, or right of any Creditor Party to receive, any payments or performance due thereunder; or

		(ii)	which might otherwise constitute a defense to, or a legal or equitable discharge of, the Borrower.  

	(b)	The obligations of each Guarantor under this guarantee shall rank pari passu with all other unsecured obligations of such Guarantor.

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	16.4	Reinstatement

If any payment of any of the Guaranteed Secured Liabilities is rescinded, discharged, avoided or reduced or must otherwise be returned by a Creditor Party or any other person upon the insolvency, bankruptcy or reorganization of the Borrower or any other Security Party or otherwise:
	(a)	this guarantee shall continue to be effective or be reinstated, and the liability of each Guarantor hereunder shall continue or be reinstated, as the case may be, as if the payment, discharge, avoidance or reduction had not occurred; and

	(b)	each Creditor Party shall be entitled to recover the value or amount of that payment from each Guarantor, as if the payment, discharge, avoidance or reduction had not occurred.

	16.5	Liability absolute and unconditional

The obligations of each Guarantor under this Clause 16 shall be irrevocable, absolute and unconditional and shall not be affected by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this Clause 16, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to, any or all of the following:
	(a)	any time, waiver or consent granted to, or composition with, any Security Party or other person;

	(b)	the release of any other Security Party or any other person under the terms of any composition or arrangement with any creditor of any Security Party;

	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Security Party or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realize the full value of any security;

	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the corporate or company structure or status of a Security Party or any other person (including without limitation any change in the holding of such Security Party’s or other person’s Equity Interests);

	(e)	any amendment to or replacement of a Finance Document or any other document or security;

	(f)	any unenforceability, illegality or invalidity of any obligation of any Security Party or any other person under any Finance Document or any other document or security; 

	(g)	any bankruptcy, insolvency or similar proceedings; or

	(h)	any other circumstance whatsoever that might otherwise constitute a defense available to, or a legal or equitable discharge of, any Security Party.

	16.6	Waiver of promptness, etc.

Each of the Guarantors hereby unconditionally and irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for performance, notice of non-performance, default, acceleration, protest or dishonor and any other notice with respect to any of the Guaranteed 

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Secured Liabilities and this guarantee and any requirement that a Creditor Party protect, secure, perfect or insure any Security Interest or any property subject thereto or exhaust any right or take any action against any Security Party or any other person or entity or any Collateral.
	16.7	Waiver of revocation, etc.

Each Guarantor hereby unconditionally and irrevocably waives any right to revoke this guarantee.
	16.8	Waiver of certain defenses

Each Guarantor hereby unconditionally and irrevocably waives:
	(a)	any defense arising by reason of any claim or defense based upon an election of remedies by a Creditor Party that in any manner impairs, reduces, releases or otherwise adversely affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of such Guarantor or other rights of such Guarantor to proceed against the Borrower, any of the other Security Parties, any other guarantor or any other person or entity or any Collateral; and 

	(b)	any defense based on any right of set-off or counterclaim against or in respect of the obligations of such Guarantor hereunder.

	16.9	Waiver of disclosure, etc.

Each Guarantor hereby unconditionally and irrevocably waives any duty on the part of any Creditor Party to disclose to the Guarantors any matter, fact or thing relating to the business, condition (financial or otherwise), operations, performance, properties or prospects of the Borrower, any other Security Party or any of their respective subsidiaries now or hereafter known by any Creditor Party.
	16.10	Immediate recourse

Each Guarantor waives any right it may have of first requiring any Creditor Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from the that Guarantor under this Clause 16.  
	16.11	Acknowledgment of benefits

Each Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated by the Finance Documents and that the waivers set forth in this Clause 16 are knowingly made in contemplation of such benefits.
	16.12	Independent obligations

The obligations of each Guarantor under or in respect of this guarantee are independent of the Guaranteed Secured Liabilities or any other obligations of the Borrower or any other Security Party under or in respect of the Finance Documents, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce this guarantee irrespective of whether any action is brought against the Borrower or any other Security Party or whether the Borrower or any other Security Party is joined in any such action or actions.

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	16.13	Deferral of Guarantors’ rights

Until the Guaranteed Secured Liabilities have been irrevocably paid and performed in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents:
	(a)	to be indemnified by another Security Party;

	(b)	to claim any contribution from any other guarantor of any Security Party’s obligations under the Finance Documents; and/or

	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Creditor Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Creditor Party.

	16.14	Limitation of liability

Each of the Guarantors and the Creditor Parties hereby confirms that it is its intention that the Guaranteed Secured Liabilities not constitute a fraudulent transfer or conveyance for purposes of the United States Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar law.  To effectuate the foregoing intention, each of the Guarantors and the Creditor Parties hereby irrevocably agrees that the Guaranteed Secured Liabilities guaranteed by each Guarantor shall be limited to such amount as will, after giving effect to such maximum amount and all other (contingent or otherwise) liabilities of such Guarantor that are relevant under such laws and after giving effect to any rights to contribution pursuant to any agreement providing for an equitable contribution among such Guarantor and the other Guarantors, result in the Guaranteed Secured Liabilities of such Guarantor in respect of such maximum amount not constituting a fraudulent transfer or conveyance.
	16.15	Reliance of Creditor Parties

Each of the Creditor Parties has entered into this Agreement in reliance upon, among other things, this guarantee.
	16.16	Release of an Owner Guarantor and of Owner Guarantors’ right of contribution

Upon the sale of its Vessel or if its Vessel is a Total Loss, an Owner Guarantor may request to be released as an Owner Guarantor hereunder and in respect of its obligations under the other Finance Documents to which it is a party.  Provided that no Event of Default has occurred and is continuing, or would result therefrom, and that no payment is then due from that Owner Guarantor  under any of the Finance Documents to which it is a party, upon the written approval of the Agent (acting with the consent of the Majority Lenders, such consent not to be unreasonably withheld), such Owner Guarantor shall be deemed a retiring guarantor (in such capacity, a “Retiring Guarantor”) and shall cease to be an Owner Guarantor hereunder and released from its obligations hereunder and under the other Finance Documents, and on the date such Retiring Guarantor ceases to be an Owner Guarantor:
	(a)	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future and whether actual or contingent) to make a contribution to any other Guarantor 

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		arising by reason of the performance by any other Guarantor of its obligations under the Finance Documents; and

	(b)	each other Guarantor waives any rights it may have by reason of the performance of its obligations under the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Creditor Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such rights or security are granted by or in relation to the assets of the Retiring Guarantor.

	16.17	Keepwell

Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Security Party to honor all of its obligations under this guarantee in respect of Swap Obligations (provided that each Qualified ECP Guarantor shall be liable under this Clause 16.17 only for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Clause 16.17, or otherwise under this guarantee, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations of each Qualified ECP Guarantor under this Clause 16.17 shall remain in full force and effect until such Qualified ECP Guarantor is released pursuant to Clause 16.16.  Each Qualified ECP Guarantor intends that this Clause 16.17 constitute, and this Clause 16.17 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
	17	Payments and Calculations

	17.1	Currency and method of payments

All payments to be made by the Lenders or by the Security Parties (upon receipt of an invoice not less than 5 Business Days before the due date) under a Finance Document (other than under a Master Agreement) shall be made to the Agent or to the Security Trustee, in the case of an amount payable to it:
	(a)	by not later than 4:00 p.m. (Paris time) on the due date;

	(b)	in same day Dollar funds settled through the New York Clearing House Interbank Payments System (or in such other Dollar funds and/or settled in such other manner as the Agent shall specify as being customary at the time for the settlement of international transactions of the type contemplated by this Agreement);

	(c)	in the case of an amount payable by a Lender to the Agent or by the Borrower or a Guarantor to the Agent or any Lender, to the account of the Agent, with the following account details:

BANK NAME: JPMORGAN CHASE BANK, N.A.
ABA NO.: 021-000021
ACCOUNT NO.: 786419036
SWIFT CODE: CHASUS33XXX
BENEFICIARY: CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
SWIFT CODE: BSUIFRPPXXX

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FOR FURTHER CREDIT TO
ACCOUNT NAME: INSTANCE MIDDLE OFFICE
ACCOUNT NUMBER: 00 117 313 255
IBAN: FR7631489000100011731325547
REFERENCE: ATTN: DORAN LPG LOAN FACILITY
​
or to such other account with such other bank as the Agent may from time to time notify to the Borrower, the other Security Parties and the other Creditor Parties; and
	(d)	in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to the Borrower and the other Creditor Parties.

	17.2	Payment on non-Business Day

If any payment by a Security Party under a Finance Document (other than under a Master Agreement) would otherwise fall due on a day which is not a Business Day:
	(a)	the due date shall be extended to the next succeeding Business Day; or

	(b)	if the next succeeding Business Day falls in the next calendar month, the due date shall be brought forward to the immediately preceding Business Day;

and interest shall be payable during any extension under paragraph (a) at the rate payable on the original due date.
	17.3	Basis for calculation of periodic payments

All interest and commitment fee and any other payments under any Finance Document (other than under a Master Agreement) which are of an annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360-day year.
	17.4	Distribution of payments to Creditor Parties

Subject to Clauses 17.5, 17.6 and 17.7:
	(a)	any amount received by the Agent under a Finance Document for distribution or remittance to a Lender or the Security Trustee shall be made available by the Agent to that Lender or, as the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such account as the Lender or the Security Trustee may have notified to the Agent not less than five (5) Business Days previously; and

	(b)	amounts to be applied in satisfying amounts of a particular category which are due to the Lenders generally shall be distributed by the Agent to each Lender pro rata to the amount in that category which is due to it.

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	17.5	Permitted deductions by Agent

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent may, before making an amount available to a Lender, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender under any Finance Document or any sum which the Agent is then entitled under any Finance Document to require that Lender to pay on demand.
	17.6	Agent only obliged to pay when monies received

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent shall not be obliged to make available to the Borrower or any Lender any sum which the Agent is expecting to receive for remittance or distribution to the Borrower or that Lender until the Agent has satisfied itself that it has received that sum.
	17.7	Refund to Agent of monies not received

If and to the extent that the Agent makes available a sum to the Borrower or a Lender, without first having received that sum, the Borrower or (as the case may be) the Lender concerned shall, on demand:
	(a)	refund the sum in full to the Agent; and 

	(b)	pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding or other loss, liability or expense incurred by the Agent as a result of making the sum available before receiving it. 

	17.8	Agent may assume receipt

Clause 17.7 shall not affect any claim which the Agent has under the law of restitution, and applies irrespective of whether the Agent had any form of notice that it had not received the sum which it made available.
	17.9	Creditor Party accounts

Each Creditor Party shall maintain accounts showing the amounts owing to it by the Borrower and each other Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrower and any other Security Party.
	17.10	Agent’s memorandum account

The Agent shall maintain a memorandum account showing the amounts advanced by the Lenders and all other sums owing to the Agent, the Security Trustee and each Lender from the Borrower and each other Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrower and any other Security Party.

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	17.11	Accounts prima facie evidence

If any accounts maintained under Clauses 17.9 and 17.10 show an amount to be owing by the Borrower or any other Security Party to a Creditor Party, those accounts shall be prima facie evidence that that amount is owing to that Creditor Party.
	18	Application of Receipts

	18.1	Normal order of application

Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:
	(a)	FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents in the following order and proportions:

		(i)	first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents (including the Swap Banks under the Master Agreements) other than those amounts referred to at paragraphs (ii) and (iii) hereof (including, but without limitation, all amounts payable by the Borrower under Clauses 21, 22 and 23 of this Agreement or by the Borrower or any other Security Party under any corresponding or similar provision in any other Finance Document (other than the Master Agreements));

		(ii)	second, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and to each Swap Bank (and, for this purpose, the expression “interest” shall include any net amount which the Borrower shall have become liable to pay or delver under section 9(h)(Interest and Compensation) of any Master Agreement but shall have failed to pay or deliver to the relevant Swap Bank at the time of application or distribution under this Clause 18);

		(iii)	third, in or towards satisfaction pro rata of any principal then due and payable to the Creditor Parties in connection with the Loan and the Swap Exposure of each Swap Bank (calculated as at the actual Early Termination Date applying to each particular Designated Transaction entered into under the Master Agreements (or any of them), or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder and pro rata as between them); 

	(b)	SECOND: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.

Notwithstanding the foregoing, no amount received from any Guarantor in respect of its Guaranteed Secured Liabilities shall be applied to any Excluded Swap Secured Liabilities. 
	18.2	Variation of order of application

The Agent may, with the authorization of the Lenders and the Swap Banks, by notice to the Borrower, the other Security Parties and the other Creditor Parties provide for a different manner 

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of application from that set out in Clause 18.1 either as regards a specified sum or sums or as regards sums in a specified category or categories.
	18.3	Notice of variation of order of application

The Agent may give notices under Clause 18.2 from time to time; and such a notice may be stated to apply not only to sums which may be received or recovered in the future, but also to any sum which has been received or recovered on or after the third Business Day before the date on which the notice is served.
	18.4	Appropriation rights overridden

This Clause 18 and any notice which the Agent gives under Clause 18.2 shall override any right of appropriation possessed, and any appropriation made, by the Borrower or any other Security Party.
	18.5	Payments in excess of Contribution  

	(a)	If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of set-off, counterclaim or otherwise) in excess of its Contribution, such Lender shall forthwith purchase from the other Lenders such participation in their respective Contributions as shall be necessary to share the excess payment ratably with each of them, provided that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (a) the amount of such Lender’s required repayment to (b) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. 

	(b)	The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Clause 18.5 may, to the fullest extent permitted by law, exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation.

	(c)	Notwithstanding paragraphs (a) and (b) of this Clause 18.5, any Lender which shall have commenced or joined (as a plaintiff) in an action or proceeding in any court to recover sums due to it under any Finance Document and pursuant to a judgment obtained therein or a settlement or compromise of that action or proceeding shall have received any amount, such Lender shall not be required to share any proportion of that amount with a Lender which has the legal right to, but does not, join such action or proceeding or commence and diligently prosecute a separate action or proceeding to enforce its rights in the same or another court.  

	(d)	Each Lender exercising or contemplating exercising any rights giving rise to a receipt or receiving any payment of the type referred to in this Clause 18.5 or instituting legal proceedings to recover sums owing to it under this Agreement shall, as soon as reasonably practicable thereafter, give notice thereof to the Agent who shall give notice to the other Lenders.

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	19	Application of Earnings; Accounts

	19.1	General

From the Effective Date until the Total Commitments have terminated and all amounts payable hereunder have been paid in full, the Borrower and each of the Guarantors, as the case may be, undertakes with each Creditor Party to comply or cause compliance with the following provisions of this Clause 19 except as the Agent, with the consent of the Majority Lenders, may approve from time to time in writing, such approval not to be unreasonably withheld.
	19.2	Earnings Accounts  

	(a)	The Borrower shall be the holder of an account with the Account Bank which is designated as an Earnings Account for the purposes of the Finance Documents.

	(b)	Each Owner Guarantor may, if required, open at any time, an account with the Account Bank which shall be designated as an Earnings Account for the purposes of the Finance Documents. 

	(c)	The Borrower and each of the Owner Guarantors shall ensure that all Earnings of each Vessel, all moneys payable to any Security Party under a Vessel’s Insurances and any net amount payable to the Borrower under any Master Agreement shall be paid by the persons from whom they are due to the Borrower’s Earnings Account (or, if applicable the Earnings Account held by the relevant Owner Guarantor) unless required to be paid to the Security Trustee under the relevant Finance Documents.

	(d)	None of the Security Parties shall withdraw amounts standing to the credit of an Earnings Account except as permitted by paragraph (d) below. 

	(e)	If no Event of Default shall have occurred and be continuing, and subject always to clause 11.2(i), the Security Parties shall be permitted to withdraw amounts standing to the credit of the Earnings Accounts. 

	19.3	Location of accounts

The Borrower and each of the Guarantors, as the case may be, shall promptly:
	(a)	comply with any reasonable requirement of the Agent as to the location or re-location of the Earnings Accounts; and

	(b)	execute any documents which the Agent specifies to create or maintain in favor of the Security Trustee a Security Interest over (and/or rights of set-off, consolidation or other rights in relation to) the Earnings Accounts.

	19.4	Debits for expenses etc.

The Agent shall be entitled (but not obliged) from time to time to debit the Earnings Accounts with prior notice in order to discharge any amount due and payable under Clause 21 or 22 to a Creditor Party or payment of which any Creditor Party has become entitled to demand under Clause 21 or 22.

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	19.5	Borrower’s obligations unaffected

The provisions of this Clause 19 do not affect:
	(a)	the liability of the Borrower to make payments of principal and interest on the due dates; or

	(b)	any other liability or obligation of the Borrower or any other Security Party under any Finance Document. 

	19.6	Restrictions on accounts

None of the Borrower or any of the Owner Guarantors shall maintain any accounts with any bank or financial institution other than with the Account Bank or the Agent provided that any such account held by the Borrower or any of the Owner Guarantors is subject to an Account Pledge. 
	20	Events of Default

	20.1	Events of Default

An Event of Default occurs if:
	(a)	the Borrower or any other Security Party fails to pay when due any sum payable under a Finance Document or under any document relating to a Finance Document or, only in the case of sums payable on demand, within three (3) Business Days after the date when first demanded, provided that if such failure to pay a sum when due is solely the result of an administrative or technical error, it shall not constitute an Event of Default unless such failure continues unremedied for more than three (3) Business Days from the date such payment was due; or

	(b)	any breach occurs of any of Clauses 9.2, 11.1(b), 11.1(s), 12,  13 or 15.3; or

	(c)	any breach by the Borrower or any other Security Party occurs of any provision of a Finance Document (other than a breach covered by another paragraph of this Clause 20.1) which, in the opinion of the Majority Lenders, is capable of remedy, and such default continues unremedied for ten (10) Business Days after written notice from the Agent requesting action to remedy the same; or

	(d)	subject to any applicable grace period specified in a Finance Document, any breach by the Borrower or any other Security Party occurs of any provision of a Finance Document (other than a breach falling within paragraphs (a), (b), (c) or (e) of this Clause 20.1); or

	(e)	any representation, warranty or statement made or repeated by, or by an officer or director of, the Borrower or any other Security Party in a Finance Document or in a Drawdown Notice or any other notice or document relating to a Finance Document is untrue or misleading in any material respect when it is made or repeated; or

	(f)	an event of default, or an event or circumstance which, with the giving of any notice, the lapse of time or both would constitute an event of default, has occurred on the part of a Borrower or Guarantor under any contract or agreement (other than the Finance Documents) to which such Security Party is a party and the value of which exceeds (i) in the case of the Parent Guarantor, 

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		$10,000,000, and (ii) in the case of the Borrower or an Owner Guarantor, $1,000,000, and such event of default has not been cured within any applicable grace period;

	(g)	any Financial Indebtedness of the Parent Guarantor in excess of $10,000,000, or of an Owner Guarantor or the Borrower in excess of $1,000,000 is not paid when due (or if there is a grace period, within such grace period) or, only in the case of sums payable on demand, when first demanded, except for any such Financial Indebtedness which is being contested by such Security Party in good faith and through appropriate proceedings and in a manner that does not involve any risk of sale, forfeiture, loss, confiscation or seizure of any Vessel; or

	(h)	any Security Party shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or 

	(i)	any proceeding shall be instituted by or against any Security Party seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property, and solely in the case of an involuntary proceeding: 

		(i)	such proceeding shall remain undismissed or unstayed for a period of 60 days; or 

		(ii)	any of the actions sought in such involuntary proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or 

	(j)	all or a material part of the undertakings, assets, rights or revenues of, or shares or other ownership interest in, any Security Party are seized, nationalized, expropriated or compulsorily acquired by or under authority of any government; or

	(k)	a creditor attaches or takes possession of, or a distress, execution, sequestration or process (each an “action”) is levied or enforced upon or sued out against, a material part of the undertakings, assets, rights or revenues (the “assets”) of any Security Party in relation to a claim by such creditor which, in the reasonable opinion of the Majority Lenders, is likely to materially and adversely affect the ability of such Security Party to perform all or any of its obligations under or otherwise to comply with the terms of any Finance Document to which it is a party and such Security Party does not procure that such action is lifted, released or expunged within twenty (20) Business Days of such action being (i) instituted and (ii) notified to such Security Party; or

	(l)	any judgment or order for the payment of money individually or in the aggregate in excess of $1,000,000, in respect of the Borrower or an Owner Guarantor, or $10,000,000 in respect of the Parent Guarantor, (exclusive of any amounts fully covered by insurance (less any applicable deductible) and as to which the insurer has acknowledged its responsibility to cover such judgment or order) shall be rendered against such Security Party and such judgment shall not have been vacated or discharged or stayed or bonded pending appeal within 30 days after the entry thereof or enforcement proceedings shall have been commenced by any creditor upon such judgment or order; or

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	(m)	any Security Party ceases or suspends or threatens to cease or suspend the carrying on of its business, or a part of its business which, in the opinion of the Majority Lenders, is material in the context of this Agreement, except in the case of a sale or a proposed sale of the Vessel by the Owner Guarantor owning that Vessel or the Borrower; or

	(n)	a Security Party or any subsidiary of it or any of their respective directors or officers becomes a Restricted Party or any Security Party or its subsidiary fails to comply with any Sanctions applicable to it; or

	(o)	it becomes unlawful or impossible:

		(i)	for any Security Party to discharge any liability under a Finance Document or to comply with any other obligation which the Majority Lenders reasonably consider material under a Finance Document;

		(ii)	for the Agent or the Security Trustee to exercise or enforce any right under, or to enforce any Security Interest created by, a Finance Document; or

	(p)	any consent necessary to enable an Owner Guarantor to own, operate or charter the Vessel owned by it or to enable the Borrower or any other Security Party to comply with any provision which the Majority Lenders consider material of a Finance Document is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent is not fulfilled and such expiration or revocation remains unremedied for seven (7) Business Days; or 

	(q)	a Finance Document or any material provision thereof becomes invalid or unenforceable, or a Security Interest created by a Finance Document proves to have been or becomes invalid or unenforceable or such a Security Interest proves to have ranked after, or loses its priority to, another Security Interest or any other third party claim or interest; or

	(r)	the security constituted by a Finance Document is in any way imperiled or in jeopardy; or 

	(s)	an Event of Default (as defined in section 14 of a Master Agreement) has occurred and is continuing; 

	(t)	there occurs or develops a change in the financial position, state of affairs of the Borrower or a Guarantor which, in the reasonable opinion of the Majority Lenders, has a material adverse effect on such Security Party’s ability to discharge its liabilities under the Finance Documents as they fall due; 

	(u)	any litigation, alternative dispute resolution, arbitration or administrative proceeding is taking place, or, to the best of the Parent Guarantor’s knowledge, likely to be commenced or taken against the Borrower or any Guarantor (including, without limitation, investigative proceedings) or any of its assets, rights or revenues which, if adversely determined, is reasonably likely to result in a material adverse effect on the business, assets or financial condition of the Borrower or a Guarantor; or

	(v)	there occurs a breach by the Borrower or any Guarantor of any applicable laws, rules or regulations that would result in a material adverse effect on the business, assets or financial condition of the Borrower or a Guarantor. 

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	20.2	Actions following an Event of Default

On, or at any time after, the occurrence of an Event of Default:
	(a)	the Agent may, and if so instructed by the Majority Lenders, the Agent shall:

		(i)	serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender to the Borrower under this Agreement are cancelled; and/or

		(ii)	serve on the Borrower a notice stating that the Loan, together with accrued interest and all other amounts accrued or owing under this Agreement, are immediately due and payable or are due and payable on demand, provided that in the case of an Event of Default under either of Clauses 20.1(h) or (i), the Loan and all accrued interest and other amounts accrued or owing under this Agreement and the other Finance Documents shall be deemed immediately due and shall automatically become payable without notice or demand therefor; and/or

		(iii)	take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law; and/or

	(b)	the Security Trustee may, and if so instructed by the Agent, acting with the authorization of the Majority Lenders, the Security Trustee shall, take any action which, as a result of the Event of Default or any notice served under paragraph (a)(i) or (ii), the Security Trustee, the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law to enforce the Security Interests created by this Agreement and any other Finance Document in any manner available to it and in such sequence as the Security Trustee may, in its absolute discretion, determine.

	20.3	Termination of Commitments

On the service of a notice under Clause 20.2(a)(i), the Commitments and all other obligations of each Lender to the Borrower under this Agreement shall be cancelled; provided, that in the case of an Event of Default under either of Clauses 20.1(h) or (i), the Total Commitments shall be automatically cancelled.
	20.4	Acceleration of Loan

On the service of a notice under Clause 20.2(a)(iii) or upon an Event of Default under either of Clauses 20.1(h) or (i), all or, as the case may be, the part of the Loan specified in the notice (if any), together with accrued interest and all other amounts accrued or owing from the Borrower or any other Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand.
	20.5	Multiple notices; action without notice

The Agent may serve notices under Clauses 20.2(a)(i) and (ii) simultaneously or on different dates and it and/or the Security Trustee may take any action referred to in Clause 20.2 if no such notice is served or simultaneously with or at any time after the service of both or either of such notices.

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	20.6	Notification of Creditor Parties and Security Parties

The Agent shall send to each Lender, the Security Trustee and each Security Party a copy of the text of any notice which the Agent serves on the Borrower under Clause 20.2.  Such notice shall become effective when it is served on the Borrower, and no failure or delay by the Agent to send a copy or the text of the notice to any other person shall invalidate the notice or provide the Borrower or any Security Party with any form of claim or defense.
	20.7	Creditor Party rights unimpaired

Nothing in this Clause shall be taken to impair or restrict the exercise of any right given to individual Lenders or Swap Counterparties under a Finance Document or the general law; and, in particular, this Clause is without prejudice to Clause 3.1. 
	20.8	Exclusion of Creditor Party liability

No Creditor Party, and no receiver or manager appointed by the Security Trustee, shall have any liability to any Security Party:
	(a)	for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or

	(b)	as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by or realized from any asset comprised in such a Security Interest or for any reduction (however caused) in the value of such an asset,

provided that nothing in this Clause 20.8 shall exempt a Creditor Party or a receiver or manager from liability for losses shown to have been directly and mainly caused by the gross negligence or the willful misconduct of such Creditor Party’s own officers and employees or (as the case may be) such receiver’s or manager’s own partners or employees.
	21	Fees and Expenses

	21.1	Fees

The Borrower shall pay: 
	(a)	a commitment fee at a rate of 0.95% of the daily Total Commitments less the amount of the Loans, payable to the Agent for distribution among the Lenders quarterly in arrears during the Availability Period (payable with respect to any cancelled portion of the Total Commitments on the date of the cancellation of such Total Commitments, the last day of each fiscal quarter and on the Maturity Date).  No commitment fee is payable to the Agent (for the account of a Lender) or any undrawn Commitment of that Lender for any day on which that Lender is a Defaulting Lender; and 

	(b)	such other fees in the amounts and at the times specified in each Fee Letter, to the person specified therein.

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	21.2	Costs of negotiation, preparation etc.

The Borrower shall pay to the Agent within five (5) Business Days after the Agent’s demand therefor the amount of all reasonable and documented expenses incurred by the Agent  in connection with the negotiation, preparation, execution or registration of any Finance Document or any related document or with any transaction contemplated by a Finance Document or a related document, including, without limitation, the reasonable fees and disbursements of Seward & Kissel LLP as legal counsel to the Agent and any local counsel retained by them with the prior written approval of the Borrower (and whose fee estimate has been provided to the Borrower before such local counsel commences work).
	21.3	Costs of variations, amendments, enforcement etc.

The Borrower shall pay to the Agent, within five (5) Business Days after the Agent’s demand, for the account of the Agent or the Security Trustee, as applicable, the amount of all documented and (in the case of (a), (b) and (c) below) reasonable expenses incurred by the Agent or the Security Trustee in connection with: 
	(a)	any amendment or supplement to a Finance Document, or any proposal for such an amendment to be made, in each case requested by the Security Parties;

	(b)	any amendment to the Finance Documents in connection with the implementation of a Benchmark Replacement or Conforming Changes pursuant to Clause 5.6 (Benchmark Replacement Setting), provided such expenses shall be limited to the reasonable costs of outside counsel for the Agent; 

	(c)	any consent or waiver by a Creditor Party under or in connection with a Finance Document, or any request for such a consent or waiver by the Security Parties;

	(d)	the valuation of any Collateral provided or offered under Clause 15 or any other matter relating to such Collateral; or

	(e)	any step taken by the Agent or the Security Trustee with a view to the protection, exercise or enforcement of any right or Security Interest created by a Finance Document or for any similar purpose.

	21.4	Documentary taxes

The Borrower shall promptly pay any documentary tax payable on or by reference to any Finance Document, and shall, on the Agent’s demand, fully indemnify each Creditor Party against any claims, expenses, liabilities and losses resulting from any failure or delay by the Borrower to pay such a tax.
	21.5	Certification of amounts

A notice which is signed by an officer of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 21 and which indicates in reasonable detail the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due.

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	22	Indemnities

	22.1	Indemnities regarding borrowing and repayment of Loan

The Borrower shall fully indemnify the Agent and each Lender within five (5) Business Days of the Agent’s demand and the Security Trustee within five (5) Business Days of its demand in respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor Party, or which that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or in connection with:
	(a)	an Advance not being borrowed on the date specified in the relevant Drawdown Notice for any reason other than a default by the Lender claiming the indemnity; 

	(b)	the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the last day of an Interest Period or other relevant period;

	(c)	any failure (for whatever reason) by the Borrower or any other Security Party to make payment of any amount due under a Finance Document on the due date or, if so payable, on demand (after giving credit for any default interest paid by the Borrower on the amount concerned under Clause 7);

	(d)	any law relating to safety at sea, the ISM Code, any Environmental Law or any Sanctions relating to the Vessels or the Security Parties;

	(e)	in connection with any Environmental Claim; or

	(f)	the occurrence of an Event of Default or a Potential Event of Default and/or the acceleration of repayment of the Loan under Clause 20.

It is understood that the indemnities provided in this Clause 22.1 shall not apply to any claim cost or expense which is a tax levied by a taxing authority on the indemnified party (which taxes are subject to indemnity solely as provided in Clause 23 below) but shall apply to any other costs associated with any tax which is not a Non-indemnified Tax.
	22.2	Breakage costs

Without limiting its generality, Clause 22.1 covers any claim, expense, liability or loss, including a loss of a prospective profit, incurred by a Lender:
	(a)	in liquidating or employing deposits from third parties acquired or arranged to fund or maintain all or any part of its Contribution and/or any overdue amount (or an aggregate amount which includes its Contribution or any overdue amount); and

	(b)	in terminating, or otherwise in connection with, any interest and/or currency swap or any other transaction entered into (whether with another legal entity or with another office or department of the Lender concerned) to hedge any exposure arising under this Agreement or that part which the Lender concerned determines is fairly attributable to this Agreement of the amount of the liabilities, expenses or losses (including losses of prospective profits) incurred by it in terminating, or otherwise in connection with, a number of transactions of which this Agreement is one.

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	22.3	Miscellaneous indemnities

The Borrower shall fully indemnify each Creditor Party severally within five (5) Business Days  on their respective demands in respect of all claims, expenses, liabilities and losses which may be made or brought against or incurred by a Creditor Party, in any country, as a result of or in connection with:
	(a)	any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the Agent, the Security Trustee or any other Creditor Party or by any receiver appointed under a Finance Document; or

	(b)	any other Pertinent Matter,

other than claims, expenses, liabilities and losses which are shown to have been directly and mainly caused by the dishonesty or willful misconduct or gross negligence of the officers or employees of the Creditor Party concerned.
Without prejudice to its generality, this Clause 22.3 covers any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code, any Environmental Law or any Sanctions.
	22.4	Currency indemnity

If any sum due from the Borrower or any other Security Party to a Creditor Party under a Finance Document or under any order or judgment relating to a Finance Document has to be converted from the currency in which the Finance Document provided for the sum to be paid (the “Contractual Currency”) into another currency (the “Payment Currency”) for the purpose of:
	(a)	making or lodging any claim or proof against the Borrower or any other Security Party, whether in its liquidation, any arrangement involving it or otherwise; or

	(b)	obtaining an order or judgment from any court or other tribunal; or

	(c)	enforcing any such order or judgment,

the Borrower shall indemnify the Creditor Party concerned against the loss arising when the amount of the payment actually received by that Creditor Party is converted at the available rate of exchange into the Contractual Currency.
In this Clause 22.4, the “available rate of exchange” means the rate at which the Creditor Party concerned is able at the opening of business (New York time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.
This Clause 22.4 creates a separate liability of the Borrower which is distinct from its other liabilities under the Finance Documents and which shall not be merged in any judgment or order relating to those other liabilities.

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	22.5	Application to Master Agreements

For the avoidance of doubt, Clause 22.4 does not apply in respect of sums due from the Borrower to a Swap Bank under or in connection with a Master Agreement as to which sums the provisions of section 8 (Contractual Currency) of that Master Agreement shall apply. 
	22.6	Certification of amounts

A notice which is signed by an officer of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 22 and which indicates in reasonable detail the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due.
	22.7	Sums deemed due to a Lender

For the purposes of this Clause 22, a sum payable by the Borrower to the Agent or the Security Trustee for distribution to a Lender shall be treated as a sum due to that Lender.
	23	No Set-Off or Tax deduction; Tax Indemnity; FATCA

	23.1	No deductions

All amounts due from a Security Party under a Finance Document shall be paid:
	(a)	without any form of set-off, cross-claim or condition; and

	(b)	free and clear of any tax deduction except a tax deduction which such Security Party is required by law to make.

	23.2	Grossing-up for taxes

If a Security Party is required by law to make a tax deduction from any payment:
	(a)	such Security Party shall notify the Agent as soon as it becomes aware of the requirement;

	(b)	such Security Party shall pay the tax deducted to the appropriate taxation authority promptly, and in any event before any fine or penalty arises; and

	(c)	except if the deduction is for collection or payment of a Non-indemnified Tax of a Creditor Party or taxes imposed due to a Lender’s noncompliance with Clause 23.7, the amount due in respect of the payment shall be increased by the amount necessary to ensure that each Creditor Party receives and retains (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which it would otherwise have received.

	23.3	Evidence of payment of taxes

Within one (1) month after making any tax deduction, the relevant Security Party shall deliver to the Agent documentary evidence reasonably satisfactory to the Agent that the tax had been paid to the appropriate taxation authority, it being understood that a payment advice from the relevant 

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Security Party’s bank clearly identifying the recipient, amount, and date of payment, and date of receipt of funds, shall be deemed satisfactory for purposes of this Clause 23.3.
	23.4	Tax credits

A Creditor Party which receives for its own account a repayment or credit in respect of tax on account of which the Borrower has made an increased payment under Clause 23.2 shall pay to the Borrower a sum equal to the proportion of the repayment or credit which that Creditor Party allocates to the amount due from the Borrower in respect of which the Borrower made the increased payment, provided that:
	(a)	the Creditor Party shall not be obliged to allocate to this transaction any part of a tax repayment or credit which is referable to a class or number of transactions;

	(b)	nothing in this Clause 23.4 shall oblige a Creditor Party to arrange its tax affairs in any particular manner, to claim any type of relief, credit, allowance or deduction instead of, or in priority to, another or to make any such claim within any particular time;

	(c)	nothing in this Clause 23.4 shall oblige a Creditor Party to make a payment which would leave it in a worse position than it would have been in if the Borrower had not been required to make a tax deduction from a payment; and

	(d)	any allocation or determination made by a Creditor Party under or in connection with this Clause 23.4 shall be conclusive and binding on the Borrower and the other Creditor Parties.

	23.5	Indemnity for taxes

The Borrower and each of the Guarantors hereby indemnifies and agrees to hold each Creditor Party harmless from and against all taxes other than Non-indemnified Taxes or taxes imposed due to a Lender’s noncompliance with Clause 23.7 levied on such Creditor Party (including, without limitation, taxes imposed on any amounts payable under this Clause 23.5) paid or payable by such person, whether or not such taxes or other taxes were correctly or legally asserted.  Such indemnification shall be paid within 10 days from the date on which such Creditor Party makes written demand therefore specifying in reasonable detail the nature and amount of such taxes or other taxes.
	23.6	Exclusion from indemnity and gross-up for taxes

The Borrower and the Guarantors shall not be required to indemnify any Creditor Party for a tax pursuant to Clause 23.5, or to pay any additional amounts to any Creditor Party pursuant to Clause 23.2, to the extent that the tax is collected by withholding on payments (a “Withholding”) and is levied by a Pertinent Jurisdiction of the payer and:
	(a)	the person claiming such indemnity or additional amounts was not an original party to this agreement and under applicable law (after taking into account relevant treaties and assuming that such person has provided all forms it may legally and truthfully provided) on the date such person became a party to this Agreement a Withholding would have been required on such payment, provided that this exclusion shall not apply to the extent such Withholding does not exceed the Withholding that would have been applicable if such payment had been made to the person from 

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		whom such person acquired its rights under the Agreement and this exclusion shall not apply to the extent that such Withholding exceeds the amount of Withholding that would have been required under the law in effect on the date such person became a party to this Agreement; or 

	(b)	the person claiming such indemnity or additional amounts is a Lender who has changed its Lending Office and under applicable law (after taking into account relevant treaties and assuming that such Lender has provided all forms it may legally and truthfully provide) on the date such Lender changed its Lending Office, Withholding would have been required on such payment, provided that this exclusion shall not apply to the extent such Withholding does not exceed the Withholding that would have been applicable to such payment if such Lender had not changed its Lending Office and this exclusion shall not apply to the extent that the Withholding exceeds the amount of Withholding that would have been required under the law in effect immediately after such Lender changed its Lending Office.

	23.7	FATCA information

	(a)	Subject to paragraph (c) below, each FATCA Relevant Party confirms to each other FATCA Relevant Party that it is a FATCA Exempt Party on the date hereof (or in the case of a Transferee Lender, on the date of its Transfer Certificate, except as otherwise described therein) and thereafter within ten (10) Business Days of a reasonable request by another FATCA Relevant Party shall:

		(i)	confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and

		(ii)	supply to the requesting party (with a copy to all other FATCA Relevant Parties) such other form or forms (including IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating to its status under FATCA as the requesting party reasonably requests for the purpose of determining whether any payment to such party may be subject to any FATCA Deduction.

	(b)	If a FATCA Relevant Party confirms to any other FATCA Relevant Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that party shall so notify all other FATCA Relevant Parties reasonably promptly.

	(c)	Nothing in this Clause 23.7 shall obligate any FATCA Relevant Party to do anything which would or, in its reasonable opinion, might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided that nothing in this paragraph shall excuse any FATCA Relevant Party from providing a true complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable).  Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of such party for purposes of this paragraph.

	(d)	If a FATCA Relevant Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with the provisions of this Agreement or the provided information is insufficient under FATCA, then such party shall be treated as if it were a FATCA Non-Exempt Party until such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant facts.

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	(e)	Upon the reasonable written request of the Borrower, each Lender or transferee that is organized under the laws of a jurisdiction outside the United States (a “Non-U.S. Lender”) shall, if not delivered pursuant to paragraph (a) above, deliver to the Agent and the Borrower a properly completed and duly executed copy of (as applicable) IRS Form W-8BEN-E, W-8ECI or W-8IMY or, upon written request of the Borrower or the Agent, any subsequent versions thereof or successors thereto, in each case claiming such reduced rate (which may be zero) of U.S. Federal withholding tax under Sections 1441 and 1442 of the Code with respect to payments of interest hereunder as such Non-U.S. Lender may properly claim. In addition, in the case of a Non-U.S. Lender claiming exemption from U.S. Federal withholding tax under Section 871(h) or 881(c) of the Code, such Non-U.S. Lender shall, when so requested in writing by the Borrower provide to the Agent and the Borrower in addition to the IRS Form W-8BEN-E required above a certificate representing that such Non-U.S. Lender is not a bank for purposes of Section 881(c) of the Code, is not a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of the Borrower and is not a controlled foreign corporation related to the Borrower (within the meaning of Section 864(d)(4) of the Code), and such Non-U.S. Lender agrees that it shall promptly notify the Agent in the event any representation in such certificate is no longer accurate.  In the event that Withholding taxes may be imposed under the laws of any Pertinent Jurisdiction (other than the United States or any political subdivision or taxing jurisdiction thereof or therein) in respect of payments on the Loan or other amounts due under this Agreement and if certain documentation provided by a Lender could reduce or eliminate such Withholding taxes under the laws of such Pertinent Jurisdiction or any treaty to which the Pertinent Jurisdiction is a party, then, upon written request by a Security Party, a Lender that is entitled to an exemption from, or reduction in the amount of, such Withholding tax shall deliver to such Security Party (with a copy to the Agent), at the time or times prescribed by applicable law or promptly after receipt of the Security Party’s request, whichever is later, such properly completed and executed documentation requested by the Security Party, if any, as will permit such payments to be made without withholding or at a reduced rate of withholding; provided that such Lender is legally entitled to complete, execute and deliver such documentation and in such Lender’s reasonable judgment such completion, execution or delivery would not materially prejudice the legal or commercial position of such Lender.  Each Lender shall deliver such forms as required in this paragraph (e) within twenty (20) days after receipt of a written request therefor from the Agent or the Security Party.  Notwithstanding any other provision of this paragraph (e), a Lender shall not be required to deliver any form pursuant to this paragraph (e) that such Lender is not legally entitled to deliver.

	23.8	FATCA withholding

	(a)	A FATCA Relevant Party making a payment to any FATCA Non-Exempt Party shall make such FATCA Deduction as it determines is required by law and shall render payment to the IRS within the time allowed and in the amount required by FATCA.

	(b)	If a FATCA Deduction is required to be made by any FATCA Relevant Party to a FATCA Non-Exempt Party, the amount of the payment due from such FATCA Relevant Party under this Agreement shall be reduced by the amount of the FATCA Deduction reasonably determined to be required by such FATCA Relevant Party.

	(c)	Each FATCA Relevant Party shall promptly upon becoming aware that a FATCA Deduction is required with respect to any payment owed to it (or that there is any change in the rate or basis of a FATCA Deduction) notify each other FATCA Relevant Party accordingly.  

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	(d)	Within thirty days of making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the party making such FATCA Deduction shall deliver to the Agent for delivery to the party on account of whom the FATCA Deduction was made evidence reasonably satisfactory to that party that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the IRS.

	(e)	A FATCA Relevant Party who becomes aware that it must make a FATCA Deduction in respect of a payment to another FATCA Relevant Party (or that there is any change in the rate or basis of such FATCA Deduction) shall notify that party and the Agent.

	(f)	The Agent shall promptly upon becoming aware that it must make a FATCA Deduction in respect of a payment to a Lender which relates to a payment by the Borrower (or that there is any change in the rate or the basis of such a FATCA Deduction) notify the Borrower and the relevant Lender.

	(g)	If a FATCA Deduction is made as a result of any Creditor Party failing to be a FATCA Exempt Party, such party shall indemnify each other Creditor Party against any loss, cost or expense to it resulting from such FATCA Deduction.

	23.9	FATCA mitigation

	(a)	Notwithstanding any other provision of this Agreement, if a FATCA Deduction is or will be required to be made by any party under Clause 23.8 in respect of a payment to any FATCA Non-Exempt Lender, the FATCA Non-Exempt Lender may either:

		(i)	transfer its entire interest in the Loan to a U.S. branch or Affiliate, or

		(ii)	nominate one or more transferee lenders who upon becoming a Lender would be a FATCA Exempt Party, by notice in writing to the Agent and the Borrower specifying the terms of the proposed transfer, and cause such transferee lender(s) to purchase all of the FATCA Non-Exempt Lender’s interest in the Loan.

	23.10	Application to a Master Agreement  

For the avoidance of doubt, Clause 23 does not apply in respect of sums due from the Borrower to a Swap Bank under or in connection with a Master Agreement as to which sums the provisions of section 2(d) (Deduction or Withholding for Tax) of that Master Agreement shall apply.
	24	Illegality, etc.

	24.1	Illegality

If it becomes unlawful or contrary to any Sanctions in any applicable jurisdiction for a Lender (for purposes of this Clause 24.1, the “Notifying Lender”) to perform any of its obligations as contemplated by this Agreement, or to fund or maintain its participation in any Advance, or it becomes unlawful or contrary to any Sanctions for any Affiliate of a Lender for that Lender to do so:
	(a)	the Notifying Lender shall promptly notify the Agent upon becoming aware of that event;

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	(b)	upon the Agent notifying the Borrower and the other Creditor Parties, the Commitment of the Notifying Lender will be immediately cancelled; and, to the extent such Notifying Lender’s participation has not been assigned pursuant to Clause 24.2, the Borrower shall prepay (without any fees, premium or penalty) that Lender's participation in the Loan on the last day of the Interest Period for the Loan occurring after the Facility Agent has notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender's corresponding Commitment shall be immediately cancelled in the amount of the participation prepaid; and accrued interest and all other amounts accrued for that Lender under the Finance Documents shall be immediately due and payable.

	24.2	Mitigation

If circumstances arise which would result in a notification under Clause 24.1 then, without in any way limiting the obligations of the Borrower under Clause 24.1, the Notifying Lender shall use reasonable commercial efforts to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:
	(a)	have a material adverse effect on its business, operations or financial condition; or

	(b)	involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent with, any regulation; or

	(c)	involve it in any expense (unless indemnified to its satisfaction) or tax disadvantage.

	25	Increased Costs

	25.1	Increased costs

This Clause 25 applies if a Lender (for purposes of this Clause 25.1, the “Notifying Lender”) notifies the Agent that the Notifying Lender considers that as a result of:
	(a)	the introduction or alteration after the Effective Date of a law or an alteration after the Effective Date in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to payments under this Agreement of a Non-indemnified Tax); or

	(b)	complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects the manner in which the Notifying Lender allocates capital resources to its obligations under this Agreement) which is introduced, or altered, or the interpretation or application of which is altered, after the Effective Date; or 

	(c)	the introduction, implementation, application, administration or compliance with Basel III, Basel IV, CRD IV or CRR or any law or regulation which implements or applies Basel III, Basel IV, CRD IV or CRR (regardless of the date on which it is enacted, adopted or issued and regardless of whether any such implementation, application or compliance is by a government, regulator, the Creditor Party or any of its Affiliates),

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the Notifying Lender (or a parent company of it) has incurred or will incur an “increased cost”.
Notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and BASEL IV, and all requests, rules, guidelines and directives promulgated thereunder, are deemed to have been introduced or adopted after the date hereof, regardless of the date enacted or adopted.
	25.2	Meaning of “increased costs”

In this Clause 25, “increased costs” means, in relation to a Notifying Lender:
	(a)	an additional or increased cost incurred as a result of, or in connection with, the Notifying Lender having entered into, or being a party to, this Agreement or having taken an assignment of rights under this Agreement, of funding or maintaining its Commitment or Contribution or performing its obligations under this Agreement, or of having outstanding all or any part of its Contribution or other unpaid sums; 

	(b)	a reduction in the amount of any payment to the Notifying Lender under this Agreement or in the effective return which such a payment represents to the Notifying Lender or on its capital; 

	(c)	an additional or increased cost of funding all or maintaining all or any of the advances comprised in a class of advances formed by or including the Notifying Lender’s Contribution or (as the case may require) the proportion of that cost attributable to the Contribution; or

	(d)	a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or receivable by the Notifying Lender under this Agreement;

	(e)	but not an item attributable to a change in the rate of tax on the overall net income of the Notifying Lender (or a parent company of it) or an item covered by the indemnity for tax in Clause 23 or a FATCA Deduction (whether such implementation, application or compliance is by a government, regulator, Creditor Party or any of its Affiliates).

For the purposes of this Clause 25.2 the Notifying Lender may in good faith allocate or spread costs and/or losses among its assets and liabilities (or any class of its assets and liabilities) on such basis as it considers appropriate.
	25.3	Notification to Borrower of claim for increased costs

The Agent shall promptly notify the Borrower and the other Security Parties of the notice (and shall provide a copy of such notice) which the Agent received from the Notifying Lender under Clause 25.1.
	25.4	Payment of increased costs

The Borrower shall pay to the Agent, within five (5) Business Days of the Agent’s demand, for the account of the Notifying Lender the amounts which the Agent from time to time notifies the Borrower that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost.

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	25.5	Notice of prepayment

If the Borrower is not willing to continue to compensate the Notifying Lender for the increased cost under Clause 25.4, the Borrower may give the Agent not less than 14 days’ notice of its intention to prepay the Notifying Lender’s Contribution at the end of an Interest Period.
	25.6	Prepayment; termination of Commitment

A notice under Clause 25.5 shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrower’s notice of intended prepayment; and:
	(a)	on the date on which the Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled; and

	(b)	on the date specified in its notice of intended prepayment, the Borrower shall prepay (without premium or penalty but subject to any amounts payable under Clause 8.9) the Notifying Lender’s Contribution.

	25.7	Application of prepayment

The provisions of Clause 8 shall apply in relation to the prepayment.
	26	Set-Off

	26.1	Application of credit balances

Upon the occurrence and during the continuance of an Event of Default, each Creditor Party may without prior notice:
	(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of the Borrower or any of the Guarantors at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrower or any of the Guarantors to that Creditor Party under any of the Finance Documents; and

	(b)	for that purpose:

		(i)	break, or alter the maturity of, all or any part of a deposit of the Borrower or any Guarantor;

		(ii)	convert or translate all or any part of a deposit or other credit balance into Dollars; and

		(iii)	enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate. 

	26.2	Existing rights unaffected

No Creditor Party shall be obliged to exercise any of its rights under Clause 26.1; and those rights shall be without prejudice and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document).

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	26.3	Sums deemed due to a Lender

For the purposes of this Clause 26, a sum payable by the Borrower or any of the Guarantors to the Agent or the Security Trustee for distribution to, or for the account of, a Lender shall be treated as a sum due to that Lender; and each Lender’s proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to such Lender.
	26.4	No Security Interest

This Clause 26 gives the Creditor Parties a contractual right of set-off only, and does not create any Security Interest over any credit balance of the Borrower or any of the Guarantors. 
	27	Transfers and Changes in Lending Offices

	27.1	Transfer by Borrower or Guarantors

Neither the Borrower nor any of the Guarantors may, without the consent of the Agent, given on the instructions of all the Lenders, transfer any of its rights, liabilities or obligations under any Finance Document.
	27.2	Transfer by a Lender

Subject to Clause 27.4, a Lender (the “Transferor Lender”) may at any time, without additional costs to, but with the prior written consent of the Borrower and the Agent (such consent not to be unreasonably withheld or delayed and to be deemed granted within five (5) Business Days from the day it has been sought unless it has been expressly refused within that period), cause:
	(a)	its rights in respect of all or part of its Contribution; or

	(b)	its obligations in respect of all or part of its Commitment; or

	(c)	a combination of (a) and (b),

to be (in the case of its rights) transferred to, or (in the case of its obligations) assumed by, another bank or financial institution, any insurer, reinsurer, trust, fund or other entity (a “Transferee Lender”) which is (i) regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets and (ii) not an Affiliate of the Borrower by delivering to the Agent a completed certificate in the form set out in Schedule 5 with any modifications approved or required by the Agent (a “Transfer Certificate”) executed by the Transferor Lender and the Transferee Lender; provided that (1) no consent of the Borrower or the Agent shall be required if the transfer is to another Lender, an Affiliate of a Lender or an Approved Fund, (2) no consent of the Borrower is required if the transfer is after an Event of Default has occurred and is continuing, and (3) no consent of the Borrower is required for an assignment or transfer of any rights of such Lender to any refinancing entity including without limitation any insurer, reinsurer, securitization special purpose entity, trust or fund, for the purpose of that Lender refinancing or hedging its loan exposure, provided no such assignment or transfer shall either (a) release the Lender from any of its obligations under the Finance Documents or (b) require any payments to be made by a Security Party other than, or in excess of, or grant to any person any more extensive rights than, those required to be made or those granted to the relevant Lender 

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under the Finance Documents, and provided further that, notwithstanding the foregoing, unless an Event of Default has occurred and is continuing, the consent of the Borrower shall be required for any assignment or transfer under this sub-clause (3) that is proposed to be made to an entity that is, or is controlled by, an Excluded Fund.
Notwithstanding the foregoing, any rights and obligations of the Transferor Lender in its capacity as Agent or Security Trustee shall be determined in accordance with Clause 31.
Notwithstanding the foregoing, any transfer by the Lender of its Contribution or its obligations in respect of all or part of its Commitment shall be made pro rata within the Term Loan Facility and Revolving Facility.
	27.3	Transfer Certificate, delivery and notification

As soon as reasonably practicable after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the Transfer Certificate may be defective):
	(a)	sign the Transfer Certificate on behalf of itself, the Borrower, the other Security Parties, the Security Trustee and each of the other Lenders and each Swap Bank;

	(b)	on behalf of the Transferee Lender, send to the Borrower and each other Security Party letters or Emails notifying them of the Transfer Certificate and attaching a copy of it;

	(c)	send to the Transferee Lender copies of the letters or Emails sent under paragraph (b),

but the Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Transferor Lender and the Transferee Lender once it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations to the transfer to that Transferee Lender.
	27.4	Effective Date of Transfer Certificate

A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date, provided that it is signed by the Agent under Clause 27.3 on or before that date.
	27.5	No transfer without Transfer Certificate

Except as provided in Clause 27.16, no assignment or transfer of any right or obligation of a Lender under any Finance Document is binding on, or effective in relation to, the Borrower, any other Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate. 
	27.6	Lender re-organization; waiver of Transfer Certificate

If a Lender enters into any merger, de-merger or other reorganization as a result of which all its rights or obligations vest in a successor, the Agent may, if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for the execution and delivery of a Transfer Certificate and, upon service of the Agent’s notice, the successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender.

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	27.7	Effect of Transfer Certificate

The effect of a Transfer Certificate is as follows:
	(a)	to the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent) which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee Lender absolutely, free of any defects in the Transferor Lender’s title and of any rights or equities which the Borrower or any other Security Party had against the Transferor Lender;

	(b)	the Transferor Lender’s Commitment is discharged to the extent specified in the Transfer Certificate;

	(c)	the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor Lender and a Commitment of an amount specified in the Transfer Certificate;

	(d)	the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable to the Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions (other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them;

	(e)	any part of the Loan which the Transferee Lender advances after the Transfer Certificate’s effective date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the transferor, assuming that any defects in the transferor’s title and any rights or equities of the Borrower or any other Security Party against the Transferor Lender had not existed;

	(f)	the Transferee Lender becomes entitled to all the rights under the Finance Documents which are applicable to the Lenders generally, including but not limited to those relating to the Majority Lenders and those under Clause 5.5 and Clause 21, and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled to them; and

	(g)	in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the original Lender would have incurred a loss of that kind or amount.

	27.8	Maintenance of register of Lenders

During the Security Period the Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain a register in which it shall record the name, Commitment, Contribution and administrative details (including the lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 27.4) of the Transfer Certificate; and the Agent shall make the register available for inspection (including by Email) by any Lender, the Security Trustee and the Borrower during normal banking hours, subject to receiving at least three (3) Business Days’ prior notice.

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	27.9	Reliance on register of Lenders

The entries on that register shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Commitments and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Agent and the other parties to the Finance Documents for all purposes relating to the Finance Documents.
	27.10	Authorization of Agent to sign Transfer Certificates

The Security Trustee, each Lender and each Swap Bank (and, if the Borrower’s consent is deemed given pursuant to this Clause 27, the Borrower) irrevocably authorizes the Agent to sign Transfer Certificates on its behalf.
	27.11	Registration fee

In respect of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $7,500 from the Transferor Lender or (at the Agent’s option) the Transferee Lender.
	27.12	Reserved

	27.13	Confidential information  

	(a)	Each Creditor Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by paragraph (b) below, and to ensure that all Confidential Information is protected with the security measures and a degree of care that would apply to its own confidential information. 

	(b)	Any Creditor Party may disclose: 

		(i)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, insurers (including credit insurers), insurance advisors, insurance brokers, partners and Representatives such Confidential Information as that Creditor Party shall consider appropriate and who needs to know such Confidential Information for any requirements enumerated under this Agreement if any person to whom the Confidential Information is to be given pursuant to this paragraph sub-paragraph (i) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

		(ii)	to any person: 

		(A)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent or Security Trustee and, in each case, to any of that person’s Affiliates, Related Funds, Representatives and professional advisers;

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		(B)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Security Parties and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers;

		(C)	appointed by any Creditor Party or by a person to whom sub-paragraph (A) or (B) of this sub-paragraph (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf; 

		(D)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in sub-paragraph (A) or (B) of this sub-paragraph (ii) above;

		(E)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;

		(F)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitrations, administrative or other investigations, proceedings or disputes;

		(G)	which is a classification society or other entity which a Lender has engaged to make the calculations necessary to enable that Lender to comply with its reporting obligations under the Poseidon Principles;

		(H)	who is a party hereto, a subsidiary of the Parent Guarantor or any related entity of a Security Party; 

		(I)	as a result of the registration of any Finance Document as contemplated by any Finance Document or any legal opinion obtained in connection with any Finance Document; 

		(J)	to whom or for whose benefit that Creditor Party charges, assigns or otherwise creates a Security Interest (or may do so) pursuant to Clause 27.16 (Security over Lenders’ rights), provided such recipient is informed of the confidential nature of such Confidential Information and that some or all of such Confidential Information may be price-sensitive except that there shall be no requirement to so inform if, in the opinion of that Creditor Party, it is not practicable to do so in the circumstances; or

		(K)	with the consent of the Borrower; 

in each case, such Confidential Information as that Creditor Party shall consider appropriate if: 

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		(1)	in relation to paragraphs (A), (B) and (C) of sub-paragraph (ii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;

		(2)	in relation to paragraph (D) of sub-paragraph (ii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;

		(3)	in relation to paragraphs (E) and (F) of sub-paragraph (ii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Creditor Party, it is not practicable so to do in the circumstances;

		(iii)	to any person appointed by that Creditor Party or by a person to whom paragraph (A) or (B) of sub-paragraph (ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (iii) if the service provider to whom the Confidential Information is to be given has entered in to a Confidentiality Undertaking; and

		(iv)	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Security Parties, provided such rating agency is informed of the confidential nature of such Confidential Information and that some or all of such Confidential Information may be price-sensitive. 

	27.14	Change of lending office

A Lender may change its lending office by giving notice to the Agent and the change shall become effective on the later of:
	(a)	the date on which the Agent receives the notice; and

	(b)	the date, if any, specified in the notice as the date on which the change will come into effect.

	27.15	Notification

On receiving such a notice, the Agent shall notify the Borrower and the Security Trustee; and, until the Agent receives such a notice, it shall be entitled to assume that a Lender is acting through the lending office of which the Agent last had notice.

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	27.16	Security over Lenders’ rights

In addition to the other rights provided to Lenders under this Clause 27, each Lender may without consulting with or obtaining consent from the Borrower or any other Security Party, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:
	(a)	any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and 

	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities;

except that no such charge, assignment or Security Interest shall:
		(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents; or 

		(ii)	require any payments to be made by the Borrower or any other Security Party or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents.

	27.17	Replacement of a Defaulting Lender 

	(a)	The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 2 Business Days’ prior written notice to the Agent and such Lender replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to this Clause 27 all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity (a “Replacement Lender”) selected by the Borrower, and which confirms its willingness to assume and does assume all the obligations, or all the relevant obligations, of the transferring Lender in accordance with this Clause 27 for a purchase price in cash payable at the time of transfer which is either:

		(i)	in an amount equal to the outstanding principal amount of such Lender’s Contribution and all accrued interest, amounts due under Clause 8.18 and other amounts payable in relation thereto under the Finance Documents; or

		(ii)	in an amount agreed between that Defaulting Lender, the Replacement Lender and the Borrower and which does not exceed the amount described in paragraph (i) above.

	(b)	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 27.17 shall be subject to the following conditions:

		(i)	the Borrower shall have no right to replace the Agent or Security Trustee;

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		(ii)	neither the Agent nor the Defaulting Lender shall have any obligation to the Borrower to find a Replacement Lender;

		(iii)	the transfer must take place no later than 3 Business Days after the notice referred to in paragraph (a) above; 

		(iv)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents; and

		(v)	the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (a) above once it is satisfied that (x) it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to that transfer to the Replacement Lender, and (y) the transfer would not be in breach of any applicable laws.

	(c)	The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably practicable following delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Borrower when it is satisfied that it has complied with those checks.

	27.18	Excluded Commitments 

If any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote of Lenders under the terms of this Agreement within 3 Business Days of that request being made (unless the Borrower and the Agent agree to a longer time period in relation to any request):
	(a)	its Commitment shall not be included for the purpose of calculating the Total Commitments under the Loan when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments has been obtained to approve that request; and

	(b)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request.

	27.19	Disenfranchisement of Defaulting Lenders 

	(a)	For so long as a Defaulting Lender has any undrawn Commitment, in ascertaining:

		(i)	the Majority Lenders; or

		(ii)	whether:

		(A)	any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments under the Loan; or 

		(B)	the agreement of any specified group of Lenders,

has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance documents,

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that Defaulting Lender’s Commitment under the Loan will be reduced by the amount of its undrawn Commitment under the Loan and, to the extent that that reduction results in that Defaulting Lender’s Commitment being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of paragraphs (i) and (ii) above.
	(b)	For the purposes of this Clause 27.19 the Agent may assume that the following Lenders are Defaulting Lenders:

		(i)	any Lender which has notified the Agent that it has become a Defaulting Lender;

		(ii)	any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a) or (b) of the definition of “Defaulting Lender” has occurred,

unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.
	28	Variations and Waivers

	28.1	Variations, waivers etc. by Majority Lenders

Subject to Clause 5.6 and Clauses 28.2 and 28.3, a document shall be effective to vary, waive, suspend or limit any provision of a Finance Document, or any Creditor Party’s rights or remedies under such a provision or the general law, only if the document is signed, or specifically agreed to by Email, by the Borrower, by the Agent on behalf and with the approval of the Majority Lenders, by the Agent and the Security Trustee in their own rights, and, if the document relates to a Finance Document to which a Security Party is party, by that Security Party.
	28.2	Variations, waivers etc. requiring agreement of all Lenders

As regards the following, Clause 28.1 applies as if the words “by the Agent on behalf and with the approval of the Majority Lenders” were replaced by the words “by or on behalf and with the approval of every Lender and every Swap Bank”:
	(a)	a reduction in the Margin which is not otherwise contemplated in the definition of “Margin”;

	(b)	a postponement to the date for, or a reduction in the amount of, any payment of principal, interest, fees or other sum payable under this Agreement or the Note;

	(c)	an increase in any Lender’s Commitment;

	(d)	a change to the definition of “Change of Control”;

	(e)	a change to the definition of “Majority Lenders”;

	(f)	a change to Clause 15 (Collateral Maintenance Ratio)

	(g)	a change to Clause 28, Clause 31.10 or Clause 32;

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	(h)	any change to Clauses 10.23, 11.1(t), 20.1(n) or the definition of Sanctions, Sanctions Authority, Sanctions List or Restricted Party;

	(i)	except in connection with the full repayment of an Advance in respect of a Vessel pursuant to Clause 8.7 (Mandatory reduction and prepayment upon Sale, Refinancing or Total Loss), any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination arrangement set out in a Finance Document; 

	(j)	an Event of Default caused due to a breach of Clause 11.1(z); and

	(k)	any other change or matter as regards which this Agreement or another Finance Document expressly provides that each Lender’s consent is required.

	28.3	Variations, waivers etc. relating to the Specific Creditor Parties

An amendment or waiver that relates to the rights or obligations of the Agent or the Security Trustee under Clause 31 may not be effected without the consent of the Agent or the Security Trustee. 
	28.4	Exclusion of other or implied variations

Except for a document which satisfies the requirements of Clauses 28.1, 28.2 or 28.3, no document, and no act, course of conduct, failure or neglect to act, delay or acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising:
	(a)	a provision of this Agreement or another Finance Document; or

	(b)	an Event of Default; or 

	(c)	a breach by the Borrower or another Security Party of an obligation under a Finance Document or the general law; or

	(d)	any right or remedy conferred by any Finance Document or by the general law,

and there shall not be implied into any Finance Document any term or condition requiring any such provision to be enforced, or such right or remedy to be exercised, within a certain or reasonable time.
	28.5	EU Blocking Regulation Carveout

Each Security Party and the Agent agree and confirm that the representations in Clause 10.23 and the undertakings in Clause 11.1(t) shall only be given by the Security Parties, and the Lenders shall only have the benefit of such provisions, to the extent permissible pursuant to Council Regulation (EC) 2271/96 and/or any associated and applicable national law, instrument or regulation related thereto.

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	29	Notices

	29.1	General

Unless otherwise specifically provided, any notice under or in connection with any Finance Document shall be given by letter, electronic mail (“Email”) and references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly.
	29.2	Addresses for communications

The addresses and Email (if applicable) and the department (or officer, if any, for whose attention the communication is to be made) of each party for any communication or document to be made or delivered under or in connection with the Finance Documents are: 
	(a)	in the case of the Borrower, that specified in Schedule 1, Part A; 

	(b)	in the case of the Parent Guarantor, that specified in Schedule 1, 0; 

	(c)	in the case of the Owner Guarantors, that specified in Schedule 1, Part C; 

	(d)	in the case of each Lender, that specified in Schedule 1, Part D; 

	(e)	in the case of Swap Bank, that specified in Schedule 1, Part E; and 

	(f)	in the case of the Agent, the Security Trustee and each other Creditor Party, that specified in Schedule 1, Part F, 

or to such other address as a party may notify to the Agent (or the Agent may notify to the other parties, if a change is made by the Agent) by not less than five Business Days’ notice.
	29.3	Effective date of notices

Subject to Clauses 29.4 and 29.5:
	(a)	a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the time when it is delivered; and

	(b)	a notice which is sent by Email shall be deemed to be served, and shall take effect, at the time when it is actually received in readable form.

	29.4	Service outside business hours

However, if under Clause 29.3 a notice would be deemed to be served:
	(a)	on a day which is not a business day in the place of receipt; or

	(b)	on such a business day, but after 5:00 p.m. local time,

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the notice shall (subject to Clause 29.5) be deemed to be served, and shall take effect, at 9:00 a.m. on the next day which is such a business day.
	29.5	Illegible notices

Clauses 29.3 and 29.4 do not apply if the recipient of a notice notifies the sender within one (1) Business Day after the time at which the notice would otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect.
	29.6	Valid notices

A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if:
	(a)	the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the case may be, has not caused any party to suffer any significant loss or prejudice; or

	(b)	in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which the notice was served what the correct or missing particulars should have been.

	29.7	Electronic communication between the Agent and a Lender

Any communication to be made between the Agent and a Lender under or in connection with the Finance Documents may be made by Email or other electronic means, if the Agent and the relevant Lender:
	(a)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication;

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

	(c)	notify each other of any change to their respective Email addresses or any other such information supplied to them.

Any electronic communication made between the Agent and a Lender will be effective only when actually received in readable form and, in the case of any electronic communication made by a Lender to the Agent, only if it is addressed in such a manner as the Agent shall specify for this purpose.
	29.8	English language

Any notice under or in connection with a Finance Document shall be in English.
	29.9	Meaning of “notice”

In this Clause 29, “notice” includes any demand, consent, authorization, approval, instruction, waiver or other communication. 

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	30	Supplemental

	30.1	Rights cumulative, non-exclusive

The rights and remedies which the Finance Documents give to each Creditor Party are:
	(a)	cumulative;

	(b)	may be exercised as often as appears expedient; and

	(c)	shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any right or remedy conferred by any law.

	30.2	Severability of provisions

If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity, enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document.
	30.3	Counterparts

A Finance Document may be executed in any number of counterparts.
	30.4	Binding Effect

This Agreement shall become effective on the Effective Date and thereafter shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.
	30.5	Acknowledgment and Consent to Bail-In of Affected Financial Institutions

Notwithstanding anything to the contrary in any Finance 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 Finance 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 agree: 
	(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 Finance Documents; or 

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		(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. 

	30.6	Acknowledgment Regarding Any Supported QFCs. 

To the extent that the Finance Documents provide support, through a guarantee or otherwise, for Master Agreements or any other agreement or instrument that is a QFC (such support, for purposes of this Clause, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, for purposes of this Clause 30.6, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Finance 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, for purposes of this Clause, 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 Finance 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 Finance 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; and

	(b)	in addition to the specifically defined terms referenced in this Clause 30.6 that apply solely to this Clause 30.6, the following capitalized terms used in this Clause have the following meanings:

		(i)	“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.

		(ii)	“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).

		(iii)	“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.

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		(iv)	“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).

	31	The Servicing Banks

	31.1	Appointment and Granting

	(a)	The Agent.  Each of the Creditor Parties appoints and authorizes (with a right of revocation) the Agent to act as its agent hereunder and under any of the other Finance Documents with such powers as are specifically delegated to the Agent by the terms of this Agreement and of any of the other Finance Documents, together with such other powers as are reasonably incidental thereto.  

	(b)	The Security Trustee.

		(i)	Authorization of Security Trustee.  Each of the Creditor Parties appoints and authorizes (with a right of revocation) the Security Trustee to act as security trustee hereunder and under the other Finance Documents (other than the Notes) with such powers as are specifically delegated to the Security Trustee by the terms of this Agreement and such other Finance Documents, together with such other powers as are reasonably incidental thereto.

		(ii)	Granting Clause.  To secure the payment of all sums of money from time to time owing (i) to the Lenders under the Finance Documents, and (ii) the Swap Banks under the Master Agreements, and the performance of the covenants of the Borrower and any other Security Party herein and therein contained, and in consideration of the premises and of the covenants herein contained and of the extensions of credit by the Lenders, the Security Trustee does hereby declare that it will hold as such trustee in trust for the benefit of the Creditor Parties, from and after the execution and delivery thereof, all of its right, title and interest as mortgagee in, to and under the Mortgages and its right, title and interest as assignee and secured party under the other Finance Documents (the right, title and interest of the Security Trustee in and to the property, rights and privileges described above, from and after the execution and delivery thereof, and all property hereafter specifically subjected to the Security Interest of the indenture created hereby and by the Finance Documents by any amendment hereto or thereto are herein collectively called the “Estate”); TO HAVE AND TO HOLD the Estate unto the Security Trustee and its successors and assigns forever, BUT IN TRUST, NEVERTHELESS, for the equal and proportionate benefit and security of the Creditor Parties and their respective successors and assigns without any priority of any one over any other, UPON THE CONDITION that, unless and until an Event of Default under this Agreement shall have occurred and be continuing, the relevant Security Party shall be permitted, to the exclusion of the Security Trustee, to possess and use the Vessels.  IT IS HEREBY COVENANTED, DECLARED AND AGREED that all property subject or to become subject hereto is to be held, subject to the further covenants, conditions, uses and trusts hereinafter set forth, and each Security Party, for itself and its respective successors and assigns, hereby covenants and agrees to and with the Security Trustee and its successors in said trust, for the equal and proportionate benefit and security of the Creditor Parties as hereinafter set forth.

		(iii)	Acceptance of Trusts.  The Security Trustee hereby accepts the trusts imposed upon it as Security Trustee by this Agreement, and the Security Trustee covenants and agrees to 

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			perform the same as herein expressed and agrees to receive and disburse all monies constituting part of the Estate in accordance with the terms hereof.

	31.2	Scope of Duties

Neither the Agent nor the Security Trustee (which terms as used in this sentence and in Clause 31.5 hereof shall include reference to their respective Affiliates and their own respective and their respective Affiliates’ officers, directors, employees, agents and attorneys-in-fact): 
	(a)	shall have any duties or responsibilities except those expressly set forth in this Agreement and in any of the Finance Documents, and shall not by reason of this Agreement or any of the Finance Documents be (except, with respect to the Security Trustee, as specifically stated to the contrary in this Agreement) a trustee for a Creditor Party; 

	(b)	shall be responsible to the Creditor Parties for any recitals, statements, representations or warranties contained in this Agreement or in any of the Finance Documents, or in any certificate or other document referred to or provided for in, or received by any of them under, this Agreement or any of the other Finance Documents, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any of the other Finance Documents or any other document referred to or provided for herein or therein or for any failure by a Security Party or any other person to perform any of its obligations hereunder or thereunder or for the location, condition or value of any property covered by any Security Interest under any of the Finance Documents or for the creation, perfection or priority of any such Security Interest; 

	(c)	shall be required to initiate or conduct any litigation or collection proceedings hereunder or under any of the Finance Documents unless expressly instructed to do so in writing by the Majority Lenders; or 

	(d)	shall be responsible for any action taken or omitted to be taken by it hereunder or under any of the Finance Documents or under any other document or instrument referred to or provided for herein or therein or in connection herewith or therewith, except for its own gross negligence or willful misconduct.  Each of the Security Trustee and the Agent may employ agents and attorneys-in-fact and neither the Security Trustee nor the Agent shall be responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith.  Each of the Security Trustee and the Agent may deem and treat the payee of a Note as the holder thereof for all purposes hereof unless and until a written notice of the assignment or transfer thereof shall have been filed with the Agent.

	31.3	Reliance

Each of the Security Trustee and the Agent shall be entitled to rely upon any certification, notice or other communication (including any thereof by email) believed by it to be genuine and correct and to have been signed or sent by or on behalf of the proper person or persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the Security Trustee or the Agent, as the case may be.  As to any matters not expressly provided for by this Agreement or any of the other Finance Documents, each of the Security Trustee and the Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder or thereunder in accordance with instructions signed by the Majority Lenders, and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders.

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	31.4	Knowledge

Neither the Security Trustee nor the Agent shall be deemed to have knowledge or notice of the occurrence of a Potential Event of Default or Event of Default (other than, in the case of the Agent, the non-payment of principal of or interest on the Loan or actual knowledge thereof) unless each of the Security Trustee and the Agent has received notice from a Lender or the Borrower specifying such Potential Event of Default or Event of Default and stating that such notice is a “Notice of Default”.  If the Agent receives such a notice of the occurrence of such Potential Event of Default or Event of Default, the Agent shall give prompt notice thereof to the Creditor Parties (and shall give each Lender prompt notice of each such non-payment).  Subject to Clause 31.8 hereof, the Security Trustee and the Agent shall take such action with respect to such Potential Event of Default or Event of Default or other event as shall be directed by the Majority Lenders, except that, unless and until the Security Trustee and the Agent shall have received such directions, each of the Security Trustee and the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Potential Event of Default or Event of Default or other event as it shall deem advisable in the best interest of the Creditor Parties.
	31.5	Security Trustee and Agent as Lenders

Each of the Security Trustee and the Agent (and any successor acting as Security Trustee or Agent, as the case may be) in its individual capacity as a Lender hereunder shall have the same rights and powers hereunder as any other Lender and may exercise the same as though it were not acting as the Security Trustee or the Agent, as the case may be, and the term “Lender” or “Lenders” shall, unless the context otherwise indicates, include each of the Security Trustee and the Agent in their respective individual capacities.  Each of the Security Trustee and the Agent (and any successor acting as Security Trustee and Agent, as the case may be) and their respective affiliates may (without having to account therefor to a Lender) accept deposits from, lend money to and generally engage in any kind of banking, trust or other business with the Borrower and any of its subsidiaries or affiliates as if it were not acting as the Security Trustee or the Agent, as the case may be, and each of the Security Trustee and the Agent and their respective affiliates may accept fees and other consideration from the Borrower for services in connection with this Agreement or otherwise without having to account for the same to the Lenders.
	31.6	Indemnification of Security Trustee and Agent

The Lenders severally agree, ratably in accordance with the aggregate principal amount of each Lender’s Contribution in the Loan, to indemnify each of the Agent and the Security Trustee (to the extent not reimbursed under other provisions of this Agreement, but without limiting the obligations of the Borrower under said other provisions) for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Security Trustee or the Agent in any way relating to or arising out of this Agreement or any of the other Finance Documents or any other documents contemplated by or referred to herein or therein or the transactions contemplated hereby (including, without limitation, the costs and expenses which the Borrower is to pay hereunder, but excluding, unless an Event of Default has occurred and is continuing, normal administrative costs and expenses incident to the performance of their respective agency duties hereunder) or the enforcement of any of the terms hereof or thereof or 

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of any such other documents, except that no Lender shall be liable for any of the foregoing to the extent they arise from the gross negligence or willful misconduct of the party to be indemnified.
	31.7	Reliance on Security Trustee or Agent

Each Creditor Party agrees that it has, independently and without reliance on the Security Trustee, the Agent or any other Creditor Party, and based on such documents and information as it has deemed appropriate, made its own credit analysis of the Borrower and decision to enter into this Agreement and that it will, independently and without reliance upon the Security Trustee, the Agent or any other Creditor Party, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement or any of the Finance Documents.  None of the Security Trustee or the Agent shall be required to keep itself informed as to the performance or observance by the Borrower or the Guarantors of this Agreement or any of the Finance Documents or any other document referred to or provided for herein or therein or to inspect the properties or books of the Borrower or any Guarantor.  Except for notices, reports and other documents and information expressly required to be furnished to the Creditor Parties by the Security Trustee or the Agent hereunder, neither the Security Trustee nor the Agent shall have any duty or responsibility to provide a Creditor Party with any credit or other information concerning the affairs, financial condition or business of the Borrower, any Guarantor or any subsidiaries or affiliates thereof which may come into the possession of the Security Trustee, the Agent or any of their respective affiliates.
	31.8	Actions by Security Trustee and Agent

Except for action expressly required of the Security Trustee or the Agent hereunder and under the other Finance Documents, each of the Security Trustee and the Agent shall in all cases be fully justified in failing or refusing to act hereunder and thereunder unless it shall receive further assurances to its satisfaction from the Lenders of their indemnification obligations under Clause 31.6 against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.
	31.9	Resignation and Removal

Subject to the appointment and acceptance of a successor Security Trustee or Agent (as the case may be) as provided below, each of the Security Trustee and the Agent may resign at its own expense at any time by giving twenty (20) Business Days prior notice thereof to the Creditor Parties and the Borrower, and may be removed at any time with or without cause by the Majority Lenders by giving notice thereof to the Creditor Parties and the Borrower.  Upon any such resignation or removal, the Majority Lenders shall have the right to appoint, in consultation with the Borrower, a successor Security Trustee or Agent, as the case may be.  If no successor Security Trustee or Agent, as the case may be, shall have been so appointed by the Lenders or, if appointed, shall not have accepted such appointment within 30 days after the retiring Security Trustee’s or Agent’s, as the case may be, giving of notice of resignation or the Majority Lenders’ removal of the retiring Security Trustee or Agent, as the case may be, then the retiring Security Trustee or Agent, as the case may be, may, on behalf of the Lenders, appoint a successor Security Trustee or Agent in consultation with the Borrower.  Upon the acceptance of any appointment as Security Trustee or Agent hereunder by a successor Security Trustee or Agent, such successor Security Trustee or Agent, as the case may be, shall thereupon succeed to and become vested with all the rights, 

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powers, privileges and duties of the retiring Security Trustee or Agent, as the case may be, and the retiring Security Trustee or Agent shall be discharged from its duties and obligations hereunder.  After any retiring Security Trustee or Agent’s resignation or removal hereunder as Security Trustee or Agent, as the case may be, the provisions of this Clause 31 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Security Trustee or the Agent, as the case may be.
	31.10	Release of Collateral

Without the prior written consent of the Majority Lenders and the Swap Banks, neither the Security Trustee nor the Agent will consent to any modification, supplement or waiver under any of the Finance Documents nor without the prior written consent of all of the Lenders and the Swap Banks release any Collateral or otherwise terminate any Security Interest under the Finance Documents, except that no such consent is required, and each of the Security Trustee and the Agent is authorized, to release any Security Interest covering property if the Secured Liabilities have been paid and performed in full or which is the subject of a disposition of property or refinancing permitted hereunder or to which the Lenders have consented.
	31.11	Role of the Mandated Lead Arrangers, Bookrunners, Structurers and Hedging Coordinator

Except as provided in the Finance Documents, none of the Mandated Lead Arrangers, Bookrunners, Structurers or Hedge Coordinator has any obligation of any kind to any other party to this Agreement under or in connection with any Finance Document. 
	31.12	Erroneous Payments

	(a)	With respect to any payment that the Agent makes to any Lender or other Creditor Party as to which the Agent determines that any of the following applies (such payment referred to as the “Rescindable Amount”): (1) the Borrower has not in fact made the corresponding payment to the Agent; (2) the Agent has made a payment in excess of the amount(s) received by it from the Borrower either individually or in the aggregate (whether or not then owed); or (3) the Agent has for any reason otherwise erroneously made such payment; then each of the Creditor Parties severally agrees to repay to the Agent forthwith on demand the Rescindable Amount so distributed to such Creditor Party, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Agent, at the Federal Funds Rate.  A notice of the Agent to any person under this clause (a) shall be conclusive, absent manifest error.

	(b)	Notwithstanding anything to the contrary in this Agreement, if at any time the Agent determines (in its sole and absolute discretion) that it has made a payment hereunder in error to any Lender or other Creditor Party, whether or not in respect of an obligation due and owing by a Creditor Party at such time, where such payment is a Rescindable Amount, then in any such event, each such person receiving a Rescindable Amount severally agrees to repay to the Agent forthwith on demand the Rescindable Amount received by such person in immediately available funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount was received by it to but excluding the date of payment to the Agent, at the Federal Funds Rate.  A notice of the Agent to any person under this clause (b) shall be conclusive, absent manifest error.  To the extent permitted by law, each Lender and each other Creditor Party irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor 

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		might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another), “good consideration”, “change of position” or similar defenses (whether at law or in equity) to its obligation to return any Rescindable Amount.  The Agent shall inform each Lender or other Creditor Party that received a Rescindable Amount promptly upon determining that any payment made to such person comprised, in whole or in part, a Rescindable Amount.  Each person’s obligations, agreements and waivers under this Clause 31.12 shall survive the resignation or replacement of the Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Secured Liabilities (or any portion thereof) under any Finance Document.

	(c)	Each Lender or Creditor Party hereby authorizes the Agent to set off, net and apply any and all amounts at any time owing to such Lender or Creditor Party under any Finance Document against any amount due to the Agent under immediately preceding clauses (a) or (b) under the indemnification provisions of this Agreement.

	(d)	The parties hereto agree that payment of a Rescindable Amount shall not pay, prepay, repay, discharge or otherwise satisfy any Secured Liabilities owed by the Borrower or any other Security Party, except, in each case, to the extent such Rescindable Amount is, and solely with respect to the amount of such Rescindable Amount that is, comprised of funds received by the Agent from the Borrower or any other Security Party for the purpose of making such Rescindable Amount.  For the avoidance of doubt, no provision in this Clause 31.12 shall be interpreted to increase (or accelerate the due date for) or have the effect of increasing (or accelerating the due date for), the Secured Liabilities of the Borrower or any other Security Party relative to the amount (and/or timing for payment) of the Secured Liabilities that would have been payable had the erroneous Rescindable Amount not been paid by the Agent.

	32	Law and Jurisdiction

	32.1	Governing Law

THIS AGREEMENT AND THE OTHER FINANCE DOCUMENTS (EXCEPT AS OTHERWISE PROVIDED IN A FINANCE DOCUMENT) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICT OF LAW PRINCIPLES.
	32.2	Consent to Jurisdiction.

	(a)	Each of the Borrower and the Guarantors hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York County, and any appellate court thereof, in any action or proceeding arising out of or relating to this Agreement or any of the other Finance Documents to which such Security Party is a party or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State Court or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  

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	(b)	Nothing in this Clause 32.2 shall affect the right of a Creditor Party to bring any action or proceeding against a Security Party or its property in the courts of any other jurisdictions where such action or proceeding may be heard.

	(c)	Each of the Borrower and the Guarantors hereby irrevocably and unconditionally waives to the fullest extent it may legally and effectively do so: 

		(i)	any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Finance Document to which it is a party in any New York State or Federal court and the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court; and

		(ii)	any immunity from suit, the jurisdiction of any court in which judicial proceedings may at any time be commenced with respect to this Agreement or any other Finance Document or from any legal process with respect to itself or its property (including without limitation attachment prior to judgment, attachment in aid of execution of judgment, set-off, execution of a judgment or any other legal process), and to the extent that in any such jurisdiction there may be attributed to such person such an immunity (whether or not claimed), such person hereby irrevocably agrees not to claim such immunity.

	(d)	Each of the Borrowers and the Guarantor irrevocably consents to the service of any and all process in any such action or proceeding by the mailing of copies of such process to its address specified in Clause 29.2.  Each of the Borrowers and the Guarantor also agrees that service of process may be made on it by any other method of service provided for under the applicable laws in effect in the State of New York.

	32.3	Creditor Party rights unaffected

Nothing in this Clause 32 shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction.
	32.4	Meaning of “proceedings”

In this Clause 32, “proceedings” means proceedings of any kind, including an application for a provisional or protective measure.
	33	Waiver of Jury Trial

	33.1	WAIVER

EACH OF THE BORROWER, THE GUARANTORS AND THE CREDITOR PARTIES MUTUALLY AND IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

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	33.2	PATRIOT Act Notice

Each of the Agent and the Lenders hereby notifies the Borrower and the Guarantors that pursuant to the requirements of the Patriot Act and the policies and practices of the Agent and each Lender, the Agent and each of the Lenders is required to obtain, verify and record certain information and documentation that identifies each Security Party, which information includes the name and address of each Security Party and such other information that will allow the Agent and each of the Lenders to identify each Security Party in accordance with the PATRIOT Act.
[SIGNATURE PAGE FOLLOWS ON NEXT PAGE]

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Execution Page
WHEREFORE, the parties hereto have caused this Loan Agreement to be executed as of the date first above written.
	DORIAN LPG FINANCE LLC, as Borrower
​
​
By: _/s/ Theodore Young__________
Name:  Theodore Young
Title:     President
	DORIAN LPG LTD., as Guarantor
​
​
By: _/s/ Theodore Young__________
Name:  Theodore Young
Title:     President

	​
	​

	COMET LPG TRANSPORT LLC, as Guarantor
​
​
By: _/s/ Theodore Young__________
Name:  Theodore Young
Title:     President
	CONCORDE LPG TRANSPORT LLC, as Guarantor
​
​
By: _/s/ Theodore Young__________
Name:  Theodore Young
Title:     President

	​
	​

	DORIAN HOUSTON LPG TRANSPORT LLC, 
as Guarantor
​
​
By: _/s/ Theodore Young__________
Name:  Theodore Young
Title:     President
	DORIAN SAO PAULO LPG TRANSPORT LLC, 
as Guarantor
​
​
By: _/s/ Theodore Young__________
Name:  Theodore Young
Title:     President

	​
	​

	DORIAN ULSAN LPG TRANSPORT LLC, 
as Guarantor
​
​
By: _/s/ Theodore Young__________
Name:  Theodore Young
Title:     President
	DORIAN AMSTERDAM LPG TRANSPORT LLC, 
as Guarantor
​
​
By: _/s/ Theodore Young__________
Name:  Theodore Young
Title:     President

	​
	​

	DORIAN MONACO LPG TRANSPORT LLC, 
as Guarantor
​
​
By: _/s/ Theodore Young__________
Name:  Theodore Young
Title:     President
	DORIAN BARCELONA LPG TRANSPORT LLC, 
as Guarantor
​
​
By: _/s/ Theodore Young__________
Name:  Theodore Young
Title:     President

	​
	​

	CORVETTE LPG TRANSPORT LLC, as Guarantor
​
​
By: _/s/ Theodore Young__________
Name:  Theodore Young
Title:     President
	DORIAN EXPLORER LPG TRANSPORT LLC, 
as Guarantor
​
​
By: _/s/ Theodore Young__________
Name:  Theodore Young
Title:     President

	​
	​

​

[Signature Page to Dorian Loan Agreement]
​

​

	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 
as Agent and Security Trustee
​
​
​
By: _/s/ Megan Keating_________
Name:  Megan Keating
Title:     Attorney-in-Fact
​
​
​
	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 
as Lender and Swap Bank
​
​
​
By: _/s/ Megan Keating_________
Name:  Megan Keating
Title:     Attorney-in-Fact
​

	​
	​

	​
	​

​
​

[Signature Page to Dorian Loan Agreement]
​

​

	ING BANK N.V., LONDON BRANCH
as Lender
​
​
​
By: _/s/ Stephen Fewster    ______
Name:  Stephen Fewster
Title:     Managing Director, Global 
Head of Shipping
​
By: _/s/ Adam Byrne___________ 
Name:   Adam Byrne
Title:      Managing Director
​
​
​
ING CAPITAL MARKETS LLC,     
as Swap Bank 
​
​
​
By: _/s/ Juan Carlos Vallarino____ 
Name:   Juan Carlos Vallarino
Title:     Director
​
By: _/s/ Paola Corradetti________
Name:   Paola Corradetti
Title:      Director
​
​
​

​
​

[Signature Page to Dorian Loan Agreement]
​

​

	BNP PARIBAS, 
as Lender and Swap Bank
​
​
​
By: __/s/ Eric Dulcire__________
Name:   Eric Dulcire
Title:      Managing Director of BNP Paribas
​
​
By: _/s/ Pierre Frachon________
Name:   Pierre Frachon
Title:      Managing Director of BNP Paribas
​
​
​
​

​
​

[Signature Page to Dorian Loan Agreement]
​

​

	DANISH SHIP FINANCE A/S, 
as Lender and Swap Bank
​
​
​
​
By: __/s/ Erik I. Lassen___________
Name:   Erik I. Lassen
Title:      Chief Executive Officer
​
By: __/s/ Christian Borly___________
Name:   Christian Borly
Title:      SLM
​
​
​
​

​
​

[Signature Page to Dorian Loan Agreement]
​

​

	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL),
as Lender and Swap Bank
​
​
​
By: __/s/ Erling Amundsen_________
Name:  Erling Amundsen
Title:     Attorney-at-Law
​
By: __/s/ Hans Christian Kjelsrud_____
Name:  Hans Christian Kjelsrud
Title:     
​
​
​
​

​
​

[Signature Page to Dorian Loan Agreement]
​

​

Schedule 1​

THE PARTIES
​

Part A​
The Borrower
	Name:  
	Dorian LPG Finance LLC 

	Jurisdiction of Formation:
	Marshall Islands

	Registration number (or equivalent, if any) 
	963243

	Registered address
	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

	Address for service of process and notices 
	c/o Dorian LPG (USA) LLC
27 Signal Road
Stamford, CT 06902

​
Part B​
Parent Guarantor
​
	Name:  
	Dorian LPG Ltd.

	Jurisdiction of Formation:
	Marshall Islands

	Registration number (or equivalent, if any) 
	62405

	Registered address
	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

	Address for service of process and notices 
	c/o Dorian LPG (USA) LLC
Attention: Mr. Ted Young, CFO
27 Signal Road
Stamford, CT 06902

​
​

​

​

Part C​
Owner Guarantors
​
	Name:  
	Comet LPG Transport LLC

	Jurisdiction of Formation:
	Marshall Islands

	Registration number (or equivalent, if any) 
	962663

	Registered address
	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

	Address for service of process and notices 
	c/o Dorian LPG (USA) LLC
27 Signal Road
Stamford, CT 06902

​
	Name:  
	Concorde LPG Transport LLC 

	Jurisdiction of Formation:
	Marshall Islands

	Registration number (or equivalent, if any) 
	962864

	Registered address
	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

	Address for service of process and notices 
	c/o Dorian LPG (USA) LLC
27 Signal Road
Stamford, CT 06902

​
	Name:  
	Dorian Houston LPG Transport LLC

	Jurisdiction of Formation:
	Marshall Islands

	Registration number (or equivalent, if any) 
	962641

	Registered address
	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

	Address for service of process and notices 
	c/o Dorian LPG (USA) LLC
27 Signal Road
Stamford, CT 06902

​
	Name:  
	Dorian Sao Paulo LPG Transport LLC

	Jurisdiction of Formation:
	Marshall Islands

	Registration number (or equivalent, if any) 
	962649

	Registered address
	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

	Address for service of process and notices 
	c/o Dorian LPG (USA) LLC
27 Signal Road
Stamford, CT 06902

​
​
​
	Name:  
	Dorian Ulsan LPG Transport LLC

​
​

​

	Jurisdiction of Formation:
	Marshall Islands

	Registration number (or equivalent, if any) 
	962664

	Registered address
	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

	Address for service of process and notices 
	c/o Dorian LPG (USA) LLC
27 Signal Road
Stamford, CT 06902

​
	Name:  
	Dorian Amsterdam LPG Transport LLC

	Jurisdiction of Formation:
	Marshall Islands

	Registration number (or equivalent, if any) 
	962642

	Registered address
	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

	Address for service of process and notices 
	c/o Dorian LPG (USA) LLC
27 Signal Road
Stamford, CT 06902

​
	Name:  
	Dorian Monaco LPG Transport LLC

	Jurisdiction of Formation:
	Marshall Islands

	Registration number (or equivalent, if any) 
	962645

	Registered address
	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

	Address for service of process and notices 
	c/o Dorian LPG (USA) LLC
27 Signal Road
Stamford, CT 06902

​
	Name:  
	Dorian Barcelona LPG Transport LLC

	Jurisdiction of Formation:
	Marshall Islands

	Registration number (or equivalent, if any) 
	962643

	Registered address
	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

	Address for service of process and notices 
	c/o Dorian LPG (USA) LLC
27 Signal Road
Stamford, CT 06902

​
​

​
​

​

​
	Name:  
	Corvette LPG Transport LLC

	Jurisdiction of Formation:
	Marshall Islands

	Registration number (or equivalent, if any) 
	962466

	Registered address
	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

	Address for service of process and notices 
	c/o Dorian LPG (USA) LLC
27 Signal Road
Stamford, CT 06902

​
	Name:  
	Dorian Explorer LPG Transport LLC

	Jurisdiction of Formation:
	Marshall Islands

	Registration number (or equivalent, if any) 
	962682

	Registered address
	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

	Address for service of process and notices 
	c/o Dorian LPG (USA) LLC
27 Signal Road
Stamford, CT 06902

​
​

​
​

​

Part D​
​
Lenders and Commitments
	Lender
	Revolving Credit Commitment
	Term Loan Facility Commitment
	Total

	Crédit Agricole Corporate and Investment Bank
1301 Avenue of the Americas
New York, New York 10019
United States
Attn: George Gkanasoulis / Alex Foley 
Tel: +1 212 261 3869 / +1 212 261 7458
Email: George.GKANASOULIS@ca-cib.com  
alexander.foley@ca-cib.com NYShipFinance@ca-cib.com
​
	$4,807,692
​
​
	$57,692,308
​
​
	$62,500,000

	ING Bank N.V., London Branch
8-10 Moorgate
London, EC2R 6DA
Attention: Weilong Loan, Pauline Liadi
Tel: +44 (0)7805 756 852 / +44 7917 958 527
Email: Weilong.liang@ing.com / Pauline.liadi@ing.com 
​
	$4,807,692
​
​
	$57,692,308
​
​
	$62,500,000

	BNP Paribas
9 Rue du Débarcadère 93500 PANTIN (France) 
(ACI : CPE02A1 – Immeuble Océanie)
Attention: Julie Bernard / Vanima Calinghee
Tel: +33 1 87 74 60 39 / +33 1 58 16 62 27
Email: julie.3.bernard@bnpparibas.com  / 
vanima.calinghee@bnpparibas.com 
​
	$3,460,000
​
​
	$41,520,000
​
​
	$45,000,000

	Danish Ship Finance A/S 
Sankt Annae Plads 3
1250 Copenhagen K, Denmark
Attention: Ole Stærgaard
Tel:  +45 33 74 10 27
Email: ols@shipfinance.dk 
​
	$3,460,000
​
​
	$41,520,000
​
​
	$45,000,000

	Skandinaviska Enskilda Banken AB (publ)
Filipstad Brygge 1
P.O. Box 1843 Vika
NO-0123 Oslo, Norway
Attention: Gjert Moberg/ Kari Norheim Kvistad
Tel: +47 99490831/ +4799439989
Email: Gjert.moberg@seb.no kari.kvistad@seb.no 
with copies to: SEB Structured Credit Operations: sco@se.no 
​
	$3,460,000
​
​
	$41,520,000
​
​
	$45,000,000

	Total
	$20,000,000
	$240,000,000
	$260,000,000

​
​

​

Part E​
​
Swap Banks
​
	Swap Bank
	Booking Office

	Crédit Agricole Corporate and Investment Bank
​
​
	1301 Avenue of the Americas
New York, New York 10019
United States
Attn: George Gkanasoulis / Alex Foley 
Telephone: +1 212 261 3869 / +1 212 261 7458
Email: George.GKANASOULIS@ca-cib.com  /
alexander.foley@ca-cib.com / 
NYShipFinance@ca-cib.com
​

	ING Capital Markets LLC 
	1133 Avenue of the Americas
New York, New York 10036
Attention: Juan Carlos Vallarino
Email: juan.vallarino@ing.com 
Telephone: +1 646 424 6606
​

	BNP Paribas
​
	9 Rue du Débarcadère 93500 PANTIN (France) 
(ACI : CPE02A1 – Immeuble Océanie)
Attention: Julie BERNARD / Vanima CALINGHEE
Email: julie.3.bernard@bnpparibas.com / 
vanima.calinghee@bnpparibas.com
Telephone: +33 1 87 74 60 39 / +33 1 58 16 62 27
​

	Danish Ship Finance A/S
​
	Sankt Annae Plads 3
1250 Copenhagen K, Denmark
Attention: Ole Stærgaard
Email: ols@shipfinance.dk 
Telephone:  +45 33 74 10 27
​

	Skandinaviska Enskilda Banken AB (publ)
​
	Filipstad Brygge 1
P.O. Box 1843 Vika
NO-0123 Oslo, Norway
Attention: Gjert Moberg/Kari Norheim Kvistad
Email: Gjert.moberg@seb.no
kari.kvistad@seb.no
with copies to SEB Structured Credit Operations:
 sco@se.no
Telephone: +47 99490831/+47 99439989
​

​
​

​
​

​

Part F​
​
Servicing Banks 
	Agent  
​
​
	Crédit Agricole Corporate and Investment Bank
Asset Finance Groups – Ship Finance
12 Place des Etats-Unis
CS 70052
92547 Montrouge Cedex, France
Attn: Agency and Middle-Office for Shipping
Telephone: +33 1 41 89 98 05 / +33 1 41898696
Email: anja.rakotoarimanana@ca-cib.com 
 rosine.serra-joannides@ca-cib.com  damien.ferkoune@ca-cib.com
​
Crédit Agricole Corporate and Investment Bank
1301 Avenue of the Americas
New York, New York 10019
United States
Attn: George Gkanasoulis / Alex Foley 
Telephone: +1 212 261 3869 / +1 212 261 7458
Email: George.GKANASOULIS@ca-cib.com  
 alexander.foley@ca-cib.com 
 NYShipFinance@ca-cib.com
​

	Security Trustee
​
​
​
	Crédit Agricole Corporate and Investment Bank
Asset Finance Groups – Ship Finance
12 Place des Etats-Unis
CS 70052
92547 Montrouge Cedex, France
Attn: Agency and Middle-Office for Shipping
Telephone: +33 1 41 89 98 05 / +33 1 41898696
Email: anja.rakotoarimanana@ca-cib.com 
 rosine.serra-joannides@ca-cib.com  damien.ferkoune@ca-cib.com
​
Crédit Agricole Corporate and Investment Bank
1301 Avenue of the Americas
New York, New York 10019
United States
Attn: George Gkanasoulis / Alex Foley 
Telephone: +1 212 261 3869 / +1 212 261 7458
Email: George.GKANASOULIS@ca-cib.com 
 alexander.foley@ca-cib.com  NYShipFinance@ca-cib.com
​

​
​

​
​

​

Schedule 2

Vessel Information

Vessel 1
	Vessel Name
	 COMET

	Owner
	 Comet LPG Transport LLC

	Flag
	 Bahamas

	Official Number
	 7000664

	Gross Tonnage
	 48,060

	Net Tonnage
	 18,641

	Shipyard
	 Hyundai HI

	Build Year
	 2014

​
Vessel 2
	Vessel Name
	CONCORDE

	Owner
	Concorde LPG Transport LLC

	Flag
	Bahamas

	Official Number
	7000781

	Gross Tonnage
	48,060

	Net Tonnage
	 18,641

	Shipyard
	 Hyundai HI

	Build Year
	 2015

​
Vessel 3
	Vessel Name
	COBRA

	Owner
	Dorian Houston LPG Transport LLC

	Flag
	Bahamas

	Official Number
	7000750

	Gross Tonnage
	47379

	Net Tonnage
	18644

	Shipyard
	Hyundai SHI

	Build Year
	2015

​
Vessel 4
	Vessel Name
	CONTINENTAL

	Owner
	Dorian Sao Paulo LPG Transport LLC

	Flag
	Bahamas

	Official Number
	7000751

	Gross Tonnage
	47379

	Net Tonnage
	18644

	Shipyard
	Hyundai SHI

	Build Year
	2015

​
​

​
​

​

Vessel 5
​
	Vessel Name
	CONSTITUTION

	Owner
	Dorian Ulsan LPG Transport LLC

	Flag
	Bahamas

	Official Number
	7000782

	Gross Tonnage
	47379

	Net Tonnage
	18644

	Shipyard
	Hyundai SHI

	Build Year
	2015

​
Vessel 6
​
	Vessel Name
	COMMODORE

	Owner
	Dorian Amsterdam LPG Transport LLC

	Flag
	Bahamas

	Official Number
	7000780

	Gross Tonnage
	47379

	Net Tonnage
	18644

	Shipyard
	Hyundai SHI

	Build Year
	2015

​
​
Vessel 7
​
	Vessel Name
	CHEYENNE

	Owner
	Dorian Monaco LPG Transport LLC

	Flag
	Bahamas

	Official Number
	7000790

	Gross Tonnage
	47379

	Net Tonnage
	18644

	Shipyard
	Hyundai SHI

	Build Year
	2015

​
Vessel 8
​
	Vessel Name
	CLERMONT

	Owner
	Dorian Barcelona LPG Transport LLC

	Flag
	Bahamas

	Official Number
	7000794

	Gross Tonnage
	47379

	Net Tonnage
	18644

	Shipyard
	Hyundai SHI

	Build Year
	2015

​

​
​

​

Vessel 9
​
	Vessel Name
	CORVETTE

	Owner
	Corvette LPG Transport LLC

	Flag
	Bahamas

	Official Number
	7000668

	Gross Tonnage
	48060

	Net Tonnage
	18641

	Shipyard
	Hyundai SHI

	Build Year
	2015

​
Vessel 10
​
	Vessel Name
	CHALLENGER

	Owner
	Dorian Explorer LPG Transport LLC

	Flag
	Bahamas

	Official Number
	7000796

	Gross Tonnage
	47379

	Net Tonnage
	18644

	Shipyard
	Hyundai SHI

	Build Year
	2015

​

​
​

​

Schedule 3

Drawdown Notice

​
​
To:[AGENT], as Agent
[Address]
​
[Date]
​
DRAWDOWN NOTICE
​
	1	We refer to the loan agreement dated as of [–], 2022 (the “Loan Agreement”) among, inter alia, ourselves, as Borrower, the Guarantors referred to therein, the Lenders referred to therein, the Swap Banks referred to therein, and yourselves as Agent and as Security Trustee in connection with a facility of up to US$260,000,000.  Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice.

	2	We request to borrow an Advance as follows:

	(a)	Amount: US$[–];

	(b)	Drawdown Date: [–];

	(c)	Type of Advance: [Term Loan Advance][Revolving Advance]

	(d)	[Duration of the first Interest Period shall be [–] months;] and

	(e)	Payment instructions: 

[–]
	3	We represent and warrant that:

	(a)	no Event of Default or Potential Event of Default has occurred or would result from the borrowing of the Advance;

	(b)	the representations and warranties in Clause 10 and those of the Borrower or any other Security Party which are set out in the other Finance Documents are true and not misleading as of the date of this Drawdown Notice and will be true and not misleading as of the Drawdown Date, in each case with reference to the circumstances then existing; 

	(c)	there has been no material change in the consolidated financial condition, operations or business of the Borrower or of the Guarantors since the date on which the Borrower provided information concerning those topics to the Agent and/or any Lender[; and]

	(d)	[if the Collateral Maintenance Ratio were applied immediately following the making of the Revolving Advance, the Borrower would not be required to provide additional Collateral or prepay part of the Loan under Clause 15; and

​
​

​

	(e)	if the Leverage Ratio were applied immediately following the making of the Revolving Advance, the Margin would not change from its current Level as in effect immediately prior to such Revolving Advance.]

	4	This notice cannot be revoked without the prior consent of the Majority Lenders.

	5	[We authorize you to deduct the outstanding fees and expenses referred to in Clause 21 from the amount of the Advance.]

​
​
​
​
_________________________________
Name: 
Title:
for and on behalf of
DORIAN LPG FINANCE LLC

​
​

​

Schedule 4

Condition Precedent Documents
​

Part A​
The following are the documents referred to in Clause 9.1(a)(i): 
	1	A duly executed original of this Agreement and any Master Agreement (if applicable).

	2	Copies of certificates dated as of a date reasonably near the date of the first Drawdown Notice, certifying that each of the Security Parties is duly incorporated or formed and in good standing under the laws of its jurisdiction of incorporation or formation, and in the case of any subsequent Drawdown Notice, certificates relating to each Security Party which is party to a Finance Document delivered in connection with the requested Advance pursuant to Part B of this Schedule 4 (Condition Precedent Documents).

	3	Copies of the constitutional documents and each amendment thereto of each of the Security Parties, certified as of a date reasonably near the date of the relevant Drawdown Notice by an authorized person of such party as being a true and correct copy thereof.

	4	Copies of the resolutions of the directors (or equivalent governing body) and, where applicable, the shareholders (or equivalent equity holders), of each of the Security Parties authorizing the execution of each of the Finance Documents and, in the case of the Borrower, authorizing  an authorized person of the Borrower to give the relevant Drawdown Notice and other notices required under the Finance Documents, in each case certified as of a date reasonably near the date of the relevant Drawdown Notice by an authorized person of such party as being a true and correct copy thereof.

	5	An incumbency certificate in respect of the officers and directors (or equivalent) of each of the Security Parties and signature samples of any signatories to any Finance Document.

	6	The original or a certified copy of any power of attorney under which any Finance Document is executed on behalf of a Security Party.

	7	Copies of all consents which a Security Party requires to enter into, or make any payment under, any Finance Document, each certified as of a date reasonably near the date of the relevant Drawdown Notice by an authorized person of such party as being a true and correct copy thereof, or certification by such authorized person that no such consents are required.

	8	If the Agent so requires, in respect of any of the documents referred to above, to the extent not prepared in the English language, a certified English translation prepared by a translator approved by the Agent. 

	9	On or before the Effective Date, a Beneficial Ownership Certification in relation to any Security Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation. 

​

​
​

​

Part B​
The following are the documents referred to in Clause 9.1(b), with each reference to a “Vessel” below being deemed to refer to the Vessel for which an Advance is requested:
	1	A duly executed original of each Finance Document (and of each document required to be delivered by each Finance Document) other than those referred to in Part A(1). 

	2	Documentary evidence that:

	(a)	each Vessel is definitively and permanently registered in the name of the relevant Owner Guarantor under an Approved Flag;

	(b)	the Mortgage has been duly recorded against each Vessel as a valid first preferred or priority ship mortgage in accordance with the laws of the Approved Flag on which such Vessel is registered; 

	(c)	the Security Interests intended to be created by each of the Finance Documents have been duly perfected under applicable law;

	(d)	each Vessel is in the absolute and unencumbered ownership of the relevant Owner Guarantor save as contemplated by the Finance Documents;

	(e)	each Vessel is insured in accordance with the provisions of Clause 13 of this Agreement and all requirements therein in respect of insurances have been complied with; and

	(f)	each Vessel maintains a class notation of 1A (or equivalent) with the Classification Society free of any material overdue recommendations or adverse notations (which status shall be established by a Confirmation of Class Certificate issued by the Classification Society and dated a date reasonably near the Closing Date (NB: a “Class Statement” or similar instrument shall not be acceptable for purposes of this clause)).

	3	Evidence satisfactory to the Agent that if the Collateral Maintenance Ratio were applied immediately following the making of such Advance, the Borrower would not be required to provide additional Collateral or prepay part of the Loan under Clause 15 based on the most recently available appraisals determining the Fair Market Value of the Vessels. 

	4	Documentary evidence that the relevant Owner Guarantor has instructed the Classification Society as required by Clause 14.4 in respect of the Vessel that is or is to become Collateral and a duly executed undertaking from such Classification Society required by Clause 14.4.

	5	The following documents establishing that each Vessel will, as from the Drawdown Date in respect of such Vessel, be managed by an Approved Manager on terms acceptable to the Agent:

	(a)	a copy of each relevant Approved Management Agreement, certified as of the Drawdown Date in respect of such Vessel by an authorized person of the relevant Owner Guarantor as being a true and correct copy thereof; 

	(b)	a Manager’s Undertaking executed by each Approved Manager providing technical or commercial management services, in favor of the Agent; and

​
​

​

	(c)	copies of each Approved Manager’s Document of Compliance and of the ISSC and Safety Management Certificate (together with any other details of the applicable safety management system which the Agent requires) and the tonnage certificate, certified as of the relevant Drawdown Date by an authorized person of the relevant Owner Guarantor as being a true and correct copy thereof.

	6	A copy of the Green Passport relating to each Vessel.

	7	Copies of any Charters relating to each Vessel.

	8	Copies of any mandates or other documents required in connection with the opening or operation of the relevant Earnings Accounts, each certified as of a date reasonably near the Closing Date by an officer of the Borrower as being a true and correct copy thereof.

	9	A favorable opinion from an independent insurance consultant acceptable to the Agent on such matters relating to the insurances for each Vessel as the Agent may require.

	10	A Compliance Certificate, setting forth (among other things) (a) the Leverage Ratio and the corresponding Margin, (b) compliance with the covenants set forth in Clause 12 (Financial Covenants) for the period ending March 31, 2022, and (c) compliance with Clause 15 (Collateral Maintenance Ratio). 

	11	A Sustainability Certificate for the period ending December 31, 2021.

	12	A favorable opinion of Watson Farley & Williams LLP, New York and Marshall Islands counsel for the Security Parties, in form, scope and substance satisfactory to the Creditor Parties.

	13	Favorable legal opinions from lawyers appointed by the Borrower or the Agent on such matters concerning the laws of such relevant jurisdictions as the Agent may require. 

​

​
​

​

Schedule 5

Transfer Certificate

​
The Transferor and the Transferee accept exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and regulatory requirements applicable to them respectively.
​
	To:
	[AGENT], for itself and for and on behalf of the Borrower, each other Security Party, the Security Trustee, each Lender and each Swap Bank, as defined in the Loan Agreement referred to below.

​
[Date]
​
	1	This Certificate relates to a Loan Agreement dated as of [–], 2022 (as amended or supplemented, the “Loan Agreement”) among (i) Dorian LPG Finance LLC as Borrower (the “Borrower”), (ii) the guarantors set forth therein as Guarantors, (iii) the banks and financial institutions named therein as Lenders, (iv) the banks and financial institutions named therein as Swap Banks, and (v) [AGENT] as Agent and Security Trustee for a loan facility of up to $260,000,000.

	2	In this Certificate, terms defined in the Loan Agreement shall, unless the contrary intention appears, have the same meanings when used in this Certificate and:

“Relevant Parties” means the Agent, the Borrower, each of the Guarantors, the Bookrunners and Structurers, the Security Trustee, each Lender and each Swap Bank;
“Transferor” means [full name] of [lending office];
“Transferee” means [full name] of [lending office].

	3	The effective date of this Certificate is [–], provided that this Certificate shall not come into effect unless it is signed by the Agent on or before that date.

	4	The Transferor assigns to the Transferee absolutely all rights and interests (present, future or contingent) which the Transferor has as Lender under or by virtue of the Loan Agreement and every other Finance Document in relation to [–]% of its Contribution, which percentage represents $[–].

	5	[By virtue of this Certificate and Clause 28 of the Loan Agreement, the Transferor is discharged [entirely from its Commitment which amounts to $[–]] [from [–]% of its Commitment, which percentage represents $[–]] and the Transferee acquires a Commitment of $[–].]

	6	The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee will observe and perform all the obligations under the Finance Documents which Clause 28 of the Loan Agreement provides will become binding on it upon this Certificate taking effect.

	7	The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent itself and for and on behalf of every other Relevant Party, this Certificate as a Transfer Certificate taking effect in accordance with Clause 28 of the Loan Agreement.

​
​

​

	8	The Transferor:

	(a)	warrants to the Transferee and each Relevant Party that:

		(i)	the Transferor has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which are required in connection with this transaction; and 

		(ii)	this Certificate is valid and binding as regards the Transferor;

	(b)	warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to all the rights and interests covered by the assignment in paragraph 4; and

	(c)	undertakes with the Transferee that the Transferor will, at its own expense, execute any documents which the Transferee reasonably requests for perfecting in any relevant jurisdiction the Transferee’s title under this Certificate or for a similar purpose.

	9	The Transferee:

	(a)	confirms that it has received a copy of the Loan Agreement and each of the other Finance Documents;

	(b)	agrees that it will have no rights of recourse on any ground against the Transferor, the Agent, the Security Trustee or any Lender in the event that:

		(i)	any of the Finance Documents prove to be invalid or ineffective;

		(ii)	the Borrower or any other Security Party fails to observe or perform its obligations, or to discharge its liabilities, under any of the Finance Documents;

		(iii)	it proves impossible to realize any asset covered by a Security Interest created by a Finance Document, or the proceeds of such assets are insufficient to discharge the liabilities of the Borrower or any other Security Party under any of the Finance Documents;

	(c)	agrees that it will have no rights of recourse on any ground against the Agent, the Security Trustee or any Lender in the event that this Certificate proves to be invalid or ineffective;

	(d)	warrants to the Transferor and each Relevant Party that:

		(i)	it has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which it needs to take or obtain in connection with this transaction; and 

		(ii)	that this Certificate is valid and binding as regards the Transferee; 

	(e)	confirms the accuracy of the administrative details set out below regarding the Transferee; and

	(f)	confirms that, immediately following the effective date of this Certificate, it will be a FATCA Exempt Party.

​
​

​

	10	The Transferor and the Transferee each undertake with the Agent and the Security Trustee severally, on demand, fully to indemnify the Agent and/or the Security Trustee in respect of any claim, proceeding, liability or expense (including all legal expenses) which they or either of them may incur in connection with this Certificate or any matter arising out of it, except such as are shown to have been mainly and directly caused by the gross negligence or willful misconduct of the Agent’s or the Security Trustee’s own officers or employees.

	11	The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor under paragraph 10 as exceeds one-half of the amount demanded by the Agent or the Security Trustee in respect of a claim, proceeding, liability or expense which was not reasonably foreseeable at the date of this Certificate; but nothing in this paragraph shall affect the liability of each of the Transferor and the Transferee to the Agent or the Security Trustee for the full amount demanded by it.

​
[Name of Transferor][Name of Transferee]
​
​
​
By: _______________________By: _______________________
Name:Name:
Title:Title:
Date:Date:
​
​
Agent
​
Signed for itself and for and on behalf of itself
as Agent and for every other Relevant Party
​
[AGENT]
​
​
By: _______________________
Name:
Title:
Date:

​
​

​

Administrative Details of Transferee
​
Name of Transferee:
Lending Office:
Contact Person
(Loan Administration Department):
​
Telephone:
Email: Contact Person
(Credit Administration Department):
​
Telephone:
Email: Account for payments:
​
​
Note:This Transfer Certificate alone may not be sufficient to transfer a proportionate share of the Transferor’s interest in the security constituted by the Finance Documents in the Transferor’s or Transferee’s jurisdiction.  It is the responsibility of each Lender to ascertain whether any other documents are required for this purpose.
​

​
​

​

Schedule 6

List of approved Brokers

​
​
Clarksons Valuations Limited
Gibsons Shipbrokers
Fearnleys A.S. 
Braemar ACM Shipbroking
Simpson Spence Young Ltd
Arrow Shipbroking Group
Grieg Shipbrokers

​
​

​

Schedule 7

Permitted Security Interests

Security Interests in the Equity Interests of the Excluded Subsidiaries
​

​
​

​

Schedule 8

Designation Notice

​
​
[–], as Agent
[Address]
​
[Date]
​
Dear Sirs
​
Loan Agreement dated as of [–], 2022 (the “Loan Agreement”) among ourselves, as Borrower, the Guarantors referred to therein, the Lenders referred to therein, the Bookrunners and Structurers referred to therein, the Mandatory Lead Arrangers referred to therein, the Swap Banks referred to therein, and yourselves as Agent and as Security Trustee in connection with a facility of up to US$260,000,000.  
We refer to:
	1	the Loan Agreement;

	2	the Master Agreement dated [–] made between ourselves and [–]; and

	3	a Confirmation dated [–] delivered pursuant to the said Master Agreement and addressed by [–] to us.

In accordance with the terms of the Loan Agreement, we hereby give you notice of the said Confirmation and hereby confirm that the Transaction evidenced by it will be designated as a “Designated Transaction” for the purposes of the Loan Agreement and the Finance Documents.
Yours faithfully,
​
​
​
​
​
.................................................
[Names of Borrower]
​

​
​

​

Appendix A

Form of Compliance Certificate
​

​
​

​

Appendix B

Form of Sustainability Certificate

​
​Exhibit 10.1

 

Execution Version

 

 

Published CUSIP Numbers:

Deal: 053809AL3

Revolver: 053809AM1

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

Dated as of August 2, 2022,

among

 

AVNET, INC.,

AVNET HOLDING EUROPE BV

and

CERTAIN OTHER SUBSIDIARIES OF THE COMPANY

as Borrowers,

 

BANK
OF AMERICA, N.A.,

as Administrative Agent, Swing Line Lender

and

an L/C Issuer,

 

BNP PARIBAS,

JPMORGAN CHASE BANK,
N.A.,

MUFG
BANK, LTD.,

THE BANK OF NOVA SCOTIA,

and

TRUIST BANK

as Co-Syndication Agents,

 

and

 

The Other Lenders Party Hereto

 

BofA
SECURITIES, INC.,

BNP
PARIBAS Securities CORP.,

The
Bank of Nova Scotia,

MUFG BANK, LTD.

TRUIST
SECURITIES, INC.

and

JPMORGAN CHASE BANK, N.A.

as Joint Lead Arrangers and Joint Bookrunners

 

 

     

     

    

 

	ARTICLE I.	 
	DEFINITIONS AND ACCOUNTING TERMS	 
	 	 
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	35
	1.03	Accounting Terms	36
	1.04	Exchange Rates; Currency Equivalents	37
	1.05	Additional Alternative Currencies	37
	1.06	Change of Currency	38
	1.07	Times of Day	39
	1.08	Letter of Credit Amounts	39
	1.09	Rounding	39
	1.10	Interest Rates	39
	1.11	Amendment and Restatement; No Novation; Reallocations and Break Funding	40
	 	 	 
	ARTICLE II.	 
	THE COMMITMENTS AND CREDIT EXTENSIONS	 
	 	 
	2.01	Committed Loans	40
	2.02	Borrowings, Conversions and Continuations of Committed Loans	41
	2.03	Letters of Credit	43
	2.04	Swing Line Loans	53
	2.05	Prepayments	56
	2.06	Termination or Reduction of Commitments	57
	2.07	Repayment of Loans	58
	2.08	Interest	58
	2.09	Fees	59
	2.10	Computation of Interest and Fees	59
	2.11	Evidence of Debt	60
	2.12	Payments Generally; Administrative Agent’s Clawback	60
	2.13	Sharing of Payments by Lenders	62
	2.14	Designated Borrowers	63
	2.15	Optional Increase in Commitments	65
	2.16	Cash Collateral	67
	2.17	Defaulting Lenders	68
	 	 	 
	ARTICLE III.	 
	TAXES, YIELD PROTECTION AND ILLEGALITY	 
	 	 	 
	3.01	Taxes	70
	3.02	Illegality	76
	3.03	Inability to Determine Rates	76
	3.04	Increased Costs	80
	3.05	Compensation for Losses	82
	3.06	Mitigation Obligations; Replacement of Lenders	83
	3.07	Survival	83
	 	 	 

    i

     

    

 

	ARTICLE IV.	 
	CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	 
	 	 	 
	4.01	Conditions of Initial Credit Extension	83
	4.02	Conditions to all Credit Extensions	85
	 	 	 
	ARTICLE V.	 
	REPRESENTATIONS AND WARRANTIES	 
	 	 	 
	5.01	Existence, Qualification and Power; Compliance with Laws	86
	5.02	Authorization; No Contravention	86
	5.03	Governmental Authorization; Other Consents	87
	5.04	Binding Effect	87
	5.05	Financial Statements; No Material Adverse Effect	87
	5.06	Litigation	87
	5.07	No Default	88
	5.08	Ownership of Property; Liens	88
	5.09	Environmental Compliance	88
	5.10	Taxes	88
	5.11	ERISA Compliance	88
	5.12	Subsidiaries; Equity Interests	89
	5.13	Margin Regulations; Investment Company Act	89
	5.14	Disclosure	90
	5.15	Compliance with Laws	90
	5.16	Intellectual Property; Licenses, Etc.	90
	5.17	Solvency	90
	5.18	Taxpayer Identification Number; Other Identifying Information	90
	5.19	Representations as to Foreign Obligors	91
	5.20	OFAC	91
	5.21	Anti-Corruption Laws	92
	5.22	Affected Financial Institutions	92
	5.23	Certificate of Beneficial Ownership	92
	5.24	Covered Entities	92
	 	 	 
	ARTICLE VI.	 
	AFFIRMATIVE COVENANTS	 
	 	 	 
	6.01	Financial Statements	92
	6.02	Certificates; Other Information	93
	6.03	Notices	95
	6.04	Payment of Obligations	95
	6.05	Preservation of Existence, Etc.	96
	6.06	Maintenance of Properties	96
	6.07	Maintenance of Insurance	96
	6.08	Compliance with Laws	96
	6.09	Books and Records	96
	6.10	Inspection Rights	97
	6.11	Approvals and Authorizations	97

 

    ii

     

    

 

	6.12	Anti-Corruption and Anti-Terrorism Laws	97
	6.13	Certificate of Beneficial Ownership and Other Additional Information	97
	 	 	 
	ARTICLE VII.	 
	NEGATIVE COVENANTS	 
	 	 	 
	7.01	Liens	97
	7.02	[Reserved]	99
	7.03	Indebtedness	99
	7.04	Fundamental Changes	100
	7.05	Restricted Payments	100
	7.06	Change in Nature of Business	101
	7.07	Transactions with Affiliates	101
	7.08	Limitation on Restrictions Affecting the Company or any Subsidiary	101
	7.09	Use of Proceeds	102
	7.10	Financial Covenant	103
	7.11	Sanctions	103
	7.12	Anti-Corruption and Anti-Terrorism Laws	103
	 	 	 
	ARTICLE VIII.	 
	EVENTS OF DEFAULT AND REMEDIES	 
	 	 
	8.01	Events of Default	103
	8.02	Remedies Upon Event of Default	105
	8.03	Application of Funds	106
	 	 	 
	ARTICLE IX.	 
	ADMINISTRATIVE AGENT	 
	 	 
	9.01	Appointment and Authority	107
	9.02	Rights as a Lender	107
	9.03	Exculpatory Provisions	107
	9.04	Reliance by Administrative Agent	108
	9.05	Delegation of Duties	109
	9.06	Resignation of Administrative Agent	109
	9.07	Non-Reliance on Administrative Agent, the Arrangers and Other Lenders	110
	9.08	No Other Duties, Etc.	111
	9.09	Administrative Agent May File Proofs of Claim	111
	9.10	Certain ERISA Matters	112
	9.11	Recovery of Erroneous Payments	113
	 	 	 
	ARTICLE X.	 
	MISCELLANEOUS	 
	 	 
	10.01	Amendments, Etc.	114
	10.02	Notices; Effectiveness; Electronic Communication	115
	10.03	No Waiver; Cumulative Remedies; Enforcement	117
	10.04	Expenses; Indemnity; Damage Waiver	118

 

    iii

     

    

 

	10.05	Payments Set Aside	120
	10.06	Successors and Assigns	120
	10.07	Treatment of Certain Information; Confidentiality	126
	10.08	Right of Setoff	127
	10.09	Interest Rate Limitation	127
	10.10	Counterparts; Integration; Effectiveness	128
	10.11	Survival of Representations and Warranties	128
	10.12	Severability	128
	10.13	Replacement of Lenders	128
	10.14	Governing Law; Jurisdiction; Etc.	129
	10.15	WAIVER OF JURY TRIAL	130
	10.16	No Advisory or Fiduciary Responsibility	131
	10.17	USA PATRIOT Act Notice	131
	10.18	Judgment Currency	131
	10.19	Electronic Execution; Electronic Records; Counterparts	132
	10.20	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	133
	10.21	Acknowledgement Regarding Any Supported QFCs	134

 

    iv

     

    

 

	SCHEDULES	 
	 	 
	1.01(a)	Existing Letters of Credit
	1.01(b)	L/C Issuers and Letter of Credit Sublimits
	2.01	Commitments and Applicable Percentages
	5.06	Litigation
	5.12	Subsidiaries and Other Equity Investments
	7.01	Existing Liens
	7.03	Existing Indebtedness
	10.02	Administrative Agent’s Office; Certain Addresses for Notices
	 	 
	EXHIBITS	 
		Form of
	 	 
	A	Committed Loan Notice
	B	Swing Line Loan Notice
	C	Note
	D	Compliance Certificate
	E	Assignment and Assumption
	F	Guaranty
	G	Designated Borrower Request and Assumption Agreement
	H	Designated Borrower Notice
	I-1	Form of Opinion of Covington & Burling LLP
	I-2	Form of Opinion of Argo Law
	I-3	Form of Opinion of Vice President and Corporate Secretary of the Company
	J	Form of Letter of Credit Report
	K	Form of Foreign Obligor Opinion
	L	Forms of U.S. Tax Compliance Certificates

 

    v

     

    

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

This SECOND AMENDED AND RESTATED
CREDIT AGREEMENT (“Agreement”) is entered into as of August 2, 2022, among AVNET, INC., a New York corporation
(the “Company”), AVNET HOLDING EUROPE BV, a Belgian privately held limited liability company (“Avnet Europe”),
each Subsidiary of the Company party hereto pursuant to Section 2.14 (each such Subsidiary, together with the Company and
Avnet Europe, the “Borrowers” and, each a “Borrower”), each lender from time to time party hereto
(collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative
Agent, Swing Line Lender and an L/C Issuer.

 

The Borrowers, the lenders
party thereto (the “Existing Lenders”) and Bank of America, N.A., as administrative agent, entered into that certain
Amended and Restated Credit Agreement dated as of June 28, 2018 (as amended, supplemented or otherwise modified prior to the date
hereof, the “Existing Credit Agreement”), pursuant to which the lenders party thereto have made available to the Borrowers
a revolving credit facility, with letter of credit, swingline and multicurrency subfacilities.

 

The Borrowers have requested
that the Lenders agree to an amendment and restatement of the Existing Credit Agreement in the form of this Agreement to provide a revolving
credit facility, with swingline, letter of credit and multicurrency subfacilities, and the Lenders are willing to do so on the terms and
conditions set forth herein.

 

In consideration of the mutual
covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE I.

DEFINITIONS AND ACCOUNTING TERMS

 

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

 

“Acquisition”
means the acquisition of (i) a controlling equity or other ownership interest in another Person (including upon the exercise of an
option, warrant or convertible or similar type security to acquire such a controlling interest), whether by purchase of such equity or
other ownership interest or upon exercise of an option or warrant for, or conversion of securities into, such equity or other ownership
interest, or (ii) assets of another Person (whether by purchase, merger or otherwise) which constitute all or substantially
all of the assets of such Person or of a line or lines of business conducted by such Person.

 

“Adjusted Receivables
Amount” means, as of any date of determination, the greater of (a) the aggregate net book value of all Excluded Receivables
minus $75,000,000, and (b) $0.

 

“Administrative Agent”
means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

 

    1

     

    

 

“Administrative Agent’s
Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate, account specified
in the Credit Agreement with respect to such currency, or such other address or account with respect to such currency as the Administrative
Agent may from time to time notify the Borrowers and the Lenders.

 

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

 

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

 

“Affiliate”
means, with respect to any 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 set forth in Section 10.02(c).

 

“Aggregate Commitments”
means the Commitments of all the Lenders.

 

“Agreement”
has the meaning specified in the introductory paragraph.

 

“Agreement Currency”
has the meaning specified in Section 10.18.

 

“Alternative
Currency” means each of Euro, Sterling, Australian Dollars, Hong Kong Dollars, Singapore Dollars, Japanese Yen, and each
other currency (other than Dollars) that is approved in accordance with Section 1.05; provided that for each Alternative
Currency, such requested currency is an Eligible Currency.

 

“Alternative Currency
Daily Rate” means, for any day, with respect to any Credit Extension:

 

(a)            denominated
in Sterling, the rate per annum equal to SONIA determined pursuant to the definition thereof plus the SONIA Adjustment;

 

(b)            denominated
in Singapore Dollars, the rate per annum equal to the SORA Daily Rate determined pursuant to the definition thereof plus the SORA
Adjustment; and

 

(c)            denominated
in any other Alternative Currency (to the extent such Loans denominated in such currency will bear interest at a daily rate), the daily
rate per annum as designated with respect to such Alternative Currency at the time such Alternative Currency is approved by the Administrative
Agent and the relevant Lenders pursuant to Section 1.05 plus the adjustment (if any) determined by the Administrative Agent
and the relevant Lenders pursuant to Section 1.05;

 

provided,
that, if any Alternative Currency Daily Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.
Any change in an Alternative Currency Daily Rate shall be effective from and including the date of such change without further notice.

 

    2

     

    

 

“Alternative Currency
Daily Rate Loan” means a Committed Loan that bears interest at a rate based on the definition of “Alternative Currency
Daily Rate.” All Alternative Currency Daily Rate Loans must be denominated in an Alternative Currency.

 

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

 

“Alternative Currency
Loan” means an Alternative Currency Daily Rate Loan or an Alternative Currency Term Rate Loan, as applicable.

 

“Alternative Currency
Sublimit” means an amount equal to the lesser of the Aggregate Commitments and $300,000,000. The Alternative Currency Sublimit
is part of, and not in addition to, the Aggregate Commitments.

 

“Alternative Currency
Term Rate” means, for any Interest Period, with respect to any Credit Extension:

 

(a)            denominated
in Euros, the rate per annum equal to the Euro Interbank Offered Rate (“EURIBOR”), as published on the applicable Reuters
screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent
from time to time) on the day that is two TARGET Days preceding the first day of such Interest Period with a term equivalent to such Interest
Period;

 

(b)            denominated
in Japanese Yen, the rate per annum equal to the Tokyo Interbank Offer Rate (“TIBOR”), as published on the applicable
Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative
Agent from time to time) on the Rate Determination Date with a term equivalent to such Interest Period;

 

(c)            denominated
in Australian dollars, the rate per annum equal to the Bank Bill Swap Reference Bid Rate (“BBSY”), as published on
the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by
the Administrative Agent from time to time) on the Rate Determination Date with a term equivalent to such Interest Period;

 

(d)            denominated
in Hong Kong Dollars, the rate per annum equal to the Hong Kong Interbank Offered Rate (“HIBOR”) or a comparable or
successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such
other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at or
about 11:00 a.m. (Hong Kong time) on the Rate Determination Date with a term equivalent to such Interest Period; and

 

    3

     

    

 

(i)            denominated
in any other Alternative Currency (to the extent such Loans denominated in such currency will bear interest at a term rate), the term
rate per annum as designated with respect to such Alternative Currency at the time such Alternative Currency is approved by the Administrative
Agent and the relevant Lenders pursuant to Section 1.05 plus the adjustment (if any) determined by the Administrative Agent
and the relevant Lenders pursuant to Section 1.05;

 

provided,
that, if any Alternative Currency Term Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

 

“Alternative Currency
Term Rate Loan” means a Committed Loan that bears interest at a rate based on the definition of “Alternative Currency
Term Rate.” All Alternative Currency Term Rate Loans must be denominated in an Alternative Currency.

 

“Applicable Authority”
means (a) with respect to SOFR, the SOFR Administrator or any Governmental Authority having jurisdiction over the Administrative
Agent or the SOFR Administrator with respect to its publication of SOFR, in each case acting in such capacity and (b) with respect
to any Alternative Currency, the applicable administrator for the Relevant Rate for such Alternative Currency or any Governmental Authority
having jurisdiction over the Administrative Agent or such administrator with respect to its publication of the applicable Relevant Rate,
in each case acting in such capacity.

 

“Applicable Foreign
Obligor Documents” has the meaning specified in Section 5.19(a).

 

“Applicable Percentage”
means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented
by such Lender’s Commitment at such time, subject to adjustment as provided in this Agreement. If the commitment of each Lender
to make Loans and the obligation of each L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02
or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable
Percentage of such Lender most recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage of each
Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such
Lender becomes a party hereto, as applicable.

 

“Applicable Rate”
means, from time to time, the following percentages per annum, based upon the Debt Rating as set forth below:

 

	Pricing 

Level	 	Debt Ratings S&P

 /Moody’s/Fitch	 	Facility

 Fee	 	Alternative Currency 

Term Rate + 

Alternative Currency

 Daily Rate + Term  

SOFR + SOFR Daily 

Floating Rate + Letter

 of 
 Credit Fee	 	Base

Rate 

	1	 	BBB+/Baa1/BBB+ or better	 	0.100%	 	0.900%	 	0.000%
	2	 	BBB/Baa2/BBB	 	0.125%	 	1.000%	 	0.000%
	3	 	BBB-/Baa3/BBB-	 	0.175%	 	1.075%	 	0.075%
	4	 	BB+/Ba1/BB+	 	0.225%	 	1.275%	 	0.275%
	5	 	BB/Ba2/BB or worse	 	0.275%	 	1.475%	 	0.475%

 

    4

     

    

 

“Debt Rating”
means, as of any date of determination, the rating as determined by any of S&P, Moody’s or Fitch (collectively, the “Rating
Agencies” and each a “Rating Agency”) (collectively, the “Debt Ratings”) of the Company’s
non-credit-enhanced, senior unsecured long-term debt; provided that if the Debt Ratings from the Rating Agencies fall within different
Pricing Levels, (a) if only two Rating Agencies provide a Debt Rating, then (i) if the ratings differ by one Pricing Level,
then the Pricing Level for the higher of such Debt Ratings shall apply (with the Debt Rating for Pricing Level 1 being the highest and
the Debt Rating for Pricing Level 5 being the lowest), and (ii) if there is a split in Debt Ratings of more than one level, then
the Pricing Level that is one level lower than the Pricing Level of the higher Debt Rating shall apply, (b) if all three Rating Agencies
provide a Debt Rating, then (i) if two of the Debt Ratings are at the same Pricing Level, then such Pricing Level shall apply and
(ii) if each of the Debt Ratings fall within different levels, then the Pricing Level of such Debt Rating between the highest Debt
Rating and the lowest Debt Rating shall apply, and (c) if the Company does not have any Debt Rating, Pricing Level 5 shall apply;
provided, further, that if only one Rating Agency provides a Debt Rating, such Debt Rating shall apply.

 

Initially, the Applicable Rate shall be determined
based upon the Debt Ratings in effect on the Closing Date, each of which shall be specified in the certificate delivered pursuant to Section 4.01(a)(vii).
Thereafter, each change in the Applicable Rate resulting from a publicly announced change in any Debt Rating shall be effective during
the period commencing on the opening of business on the date of the public announcement thereof and ending on the date immediately preceding
the effective date of the next such change.

 

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

 

“Applicant Borrower”
has the meaning specified in Section 2.14.

 

“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.

 

“Arrangers”
means, collectively, BofA Securities, Inc., BNP Paribas Securities Corp., JPMorgan Chase Bank, N.A., MUFG, The Bank of Nova Scotia,
and Truist Securities, Inc., in their capacities as joint lead arrangers and joint bookrunners.

 

“Assignee Group”
means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor.

 

    5

     

    

 

“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 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit E or any
other form (including electronic documentation generated by use of an electronic platform) approved by the Administrative Agent.

 

“Attributable Indebtedness”
means, on any date:

 

(a)            in
respect of any capital lease 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;

 

(b)            in
respect of any Synthetic Lease Obligation, the capitalized 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; and

 

(c)            in
respect of any asset securitization transaction of any Person, (i) the actual amount of any unrecovered investment of purchasers
or transferees of assets so transferred, plus (ii) in the case of any other recourse, repurchase, or debt obligation described
in clause (a) of the definition of “Off-Balance Sheet Liabilities,” the capitalized amount of such obligation
that would appear on a balance sheet of such Person prepared on such date in accordance with GAAP if such sale or transfer or assets were
accounted for as a secured loan.

 

“Audited Financial
Statements” means the audited consolidated balance sheet of the Company and its Subsidiaries for the fiscal year ended July 3,
2021, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year
of the Company and its Subsidiaries, including the notes thereto.

 

“Australian Dollars”
mean the lawful currency of Australia.

 

“Authorized Signatory”
has the meaning specified in the definition of “Responsible Officer.”

 

“Auto-Extension Letter
of Credit” has the meaning specified in Section 2.03(b)(iii).

 

“Auto-Reinstatement
Letter of Credit” has the meaning specified in Section 2.03(a)(iii)(D).

 

“Availability Period”
means the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of
the Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender
to make Loans and of the obligation of the L/C Issuers to make L/C Credit Extensions pursuant to Section 8.02.

 

“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.

 

    6

     

    

 

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

 

“Bank of America”
means Bank of America, N.A. and its successors.

 

“Base Rate”
means for any day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%,
(b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,”
(c) Term SOFR plus 1.00% and (d) 1.00%. The “prime rate” is a rate set by Bank of America based upon various
factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference
point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by
Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. If the Base
Rate is being used as an alternate rate of interest pursuant to Section 3.03 hereof, then the Base Rate shall be the greater
of clauses (a), (b) and (d) above and shall be determined without reference to clause (c) above.

 

“Base Rate Committed
Loan” means a Committed Loan that is a Base Rate Loan.

 

“Base Rate Loan”
means a Loan that bears interest based on the Base Rate. All Base Rate Loans shall be denominated in Dollars.

 

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

 

“Beneficial Ownership
Regulation” means 31 C.F.R. § 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 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”
and “Borrowers” each has the meaning specified in the introductory paragraph hereto.

 

“Borrower Materials”
has the meaning specified in Section 6.02.

 

“Borrowing”
means a Committed Borrowing or a Swing Line Borrowing, as the context may require.

 

    7

     

    

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in
fact closed in, the state where the Administrative Agent’s Office is located; provided that

  

(a)            if
such day relates to any interest rate settings as to an Alternative Currency Loan denominated in Euro, any fundings, disbursements, settlements
and payments in Euro in respect of any such Alternative Currency Loan, or any other dealings in Euro to be carried out pursuant to this
Agreement in respect of any such Alternative Currency Loan, means a Business Day that is also a TARGET Day;

 

(b)            if
such day relates to any interest rate settings as to an Alternative Currency Loan denominated in (i) Sterling, means a day other
than a day banks are closed for general business in London because such day is a Saturday, Sunday or a legal holiday under the laws of
the United Kingdom; and (ii) Japanese Yen, means a day other than when banks are closed for general business in Japan;

 

(c)            if
such day relates to any interest rate settings as to an Alternative Currency Loan denominated in a currency other than, Euro, Sterling
or Japanese Yen, means any such day on which dealings in deposits in the relevant currency are conducted by and between banks in the applicable
offshore interbank market for such currency; and

 

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

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Administrative Agent, one or more of the
L/C Issuers or the Swing Line Lender (as applicable) and the Lenders, as collateral for L/C Obligations, Obligations in respect of Swing
Line Loans, or obligations of Lenders to fund participations in respect of either thereof (as the context may require), cash or deposit
account balances or, if such L/C Issuer or the Swing Line Lender benefitting from such collateral shall agree in its sole discretion,
other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to (a) the Administrative
Agent and (b) such L/C Issuer or the Swing Line 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.

 

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

 

    8

     

    

 

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

 

(a)            any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act,
but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee,
agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Securities Exchange Act, except that a person or group shall be deemed to have “beneficial ownership”
of all securities that such person or group has the right to acquire (such right, an “option right”), whether such
right is exercisable immediately or only after the passage of time), directly or indirectly, of 35% or more of the equity securities of
the Company entitled to vote for members of the board of directors or equivalent governing body of the Company on a fully-diluted basis
(and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); or

 

(b)            during
any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Company
cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period,
(ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause
(i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body
or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in
clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that
board or equivalent governing body.

 

“Closing Date”
means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01.

 

“CME” means
CME Group Benchmark Administration Limited.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Commitment”
means, as to each Lender, its obligation to (a) make Committed Loans to the Borrowers pursuant to Section 2.01, (b) purchase
participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one
time outstanding not to exceed the Dollar amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment
and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in
accordance with this Agreement.

 

    9

     

    

 

“Commitment Letter”
means that certain commitment letter dated as of June 30, 2022, by and among the Administrative Agent, the Arrangers, BNP Paribas
and the Company.

 

“Committed Borrowing”
means a borrowing consisting of simultaneous Committed Loans of the same Type, in the same currency and, in the case of Term SOFR Loans
and Alternative Currency Term Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

 

“Committed Loan”
has the meaning specified in Section 2.01.

 

“Committed Loan Notice”
means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the other, or (c) a continuation
of Term SOFR Loans or Alternative Currency Term Rate Loans, pursuant to Section 2.02(a), which shall be substantially in the
form of Exhibit A or such other form as may be approved by the Administrative Agent (including any form on an electronic platform
or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible
Officer of the applicable Borrower.

 

“Communication”
has the meaning specified in Section 10.19.

 

“Company”
has the meaning specified in the introductory paragraph hereto.

 

“Compliance Certificate”
means a certificate substantially in the form of Exhibit D.

 

“Conforming Changes”
means, with respect to the use, administration of or any conventions associated with SOFR, Term SOFR, SOFR Daily Floating Rate, SONIA,
EURIBOR, TIBOR or any proposed successor rate for any currency, any conforming changes to the definitions of “Base Rate”,
“SOFR”, “Term SOFR”, “SOFR Daily Floating Rate”, “SONIA”, “EURIBOR”, “TIBOR”,
“Interest Period”, timing and frequency of determining rates and making payments of interest and other technical or administrative
matters (including, for the avoidance of doubt, the definition of “Business Day”, timing of borrowing requests or prepayment,
conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of the Administrative Agent,
to reflect the adoption and implementation of such applicable rate(s) and to permit the administration thereof by the Administrative
Agent in a manner substantially consistent with market practice for such currency (or, if the Administrative Agent determines that adoption
of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rate
for such currency exists, in such other manner of administration as the Administrative Agent determines in consultation with the Company
is reasonably necessary in connection with the administration of this Agreement and any other Loan Document).

 

“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
EBITDA” means, for any period, for the Company and its Subsidiaries on a consolidated basis, an amount equal to
Consolidated Net Income for such period plus (a) the following (to the extent deducted in calculating such Consolidated
Net Income, without duplication): (i) Consolidated Interest Charges for such period, (ii) the provision for Federal,
state, local and foreign income taxes payable by the Company and its Subsidiaries for such period, (iii) depreciation and
amortization expense, (iv) gains or losses related to the early extinguishment of notes, bonds or other fixed income
obligations, and (v) other non-cash or non-recurring expenses of the Company and its Subsidiaries (including non-cash expenses
consisting of compensation paid in the form of Equity Interests of the Company or its Subsidiaries and non-cash charges due to
impairments recorded in such period in accordance with Financial Accounting Standards Board’s Accounting Standards
Codification 350), reducing such Consolidated Net Income, and minus (b) all non-cash items increasing Consolidated Net Income
for such period.

 

    10

     

    

 

 

“Consolidated Funded
Indebtedness” means, as of any date of determination, for the Company and its Subsidiaries on a consolidated basis, the sum
of (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including such Obligations
hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all purchase
money Indebtedness, (c) all direct obligations arising under letters of credit (including standby letters of credit), bankers’
acceptances, bank guaranties, surety bonds and similar instruments (other than, and without expanding this clause (c), commercial
letters of credit and bankers’ acceptances incurred to support commercial or lease transactions, bid bonds, payment bonds and performance
bonds arising in the ordinary course of business), in each case net of the amount of cash collateral securing such direct obligations,
(d) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary
course of business), (e) Attributable Indebtedness in respect of capital leases, Synthetic Lease Obligations and other Off-Balance
Sheet Liabilities, (f) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses
(a) through (e) above of Persons other than the Company or any Subsidiary, and (g) all Indebtedness of the types
referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that
is itself a corporation or limited liability company) in which the Company or a Subsidiary is a general partner or joint venturer, if,
and to the extent that, the fair value of the assets of such partnership or joint venture is less than its probable liability in respect
of its obligations, net of any right to contribution from other reasonably creditworthy Persons which the Company or such Subsidiary has
in respect thereof, unless such Indebtedness is expressly made non-recourse to the Company or such Subsidiary.

 

“Consolidated
Interest Charges” means, for any period, for the Company and its Subsidiaries on a consolidated basis, the sum, without duplication,
of (a) consolidated interest expense determined in accordance with GAAP and (b) all implicit interest in connection with
Synthetic Lease Obligations and other Off-Balance Sheet Liabilities minus (c) the amount of non-cash interest (including interest
paid by the issuance of additional securities) included in the foregoing clause (a).

 

“Consolidated Leverage
Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated
EBITDA for the period of the four fiscal quarters most recently ended.

 

    11 

     

    

 

“Consolidated Net
Income” means, for any period, for the Company and its Subsidiaries on a consolidated basis, the net income of the Company and
its Subsidiaries (excluding extraordinary gains but including extraordinary losses) for that period.

 

“Consolidated Tangible
Net Worth” means, as of any date of determination, for the Company and its Subsidiaries on a consolidated basis, Shareholders’
Equity minus Intangible Assets on that date.

 

“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which
such Person is a party or by which it or any of its property is bound.

 

“Control”
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 Entity”
has the meaning specified in Section 10.21.

 

“Credit Extension”
means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

“Daily Simple SOFR”
with respect to any applicable determination date means SOFR published on such date on the Federal Reserve Bank of New York’s website
(or any successor source); provided, however, that if such determination date is not a U.S. Government Securities Business
Day, then Daily Simple SOFR means SOFR that applied on the first U.S. Government Securities Business Day immediately prior thereto.

 

“Debt Rating”
has the meaning specified in the definition of Applicable Rate.

 

“Debtor Relief Laws”
means the Bankruptcy Code of the United States, 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 and affecting the rights of creditors generally.

 

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

 

“Default Rate”
means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate
plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided,
however, that with respect to a Term SOFR Loan or an Alternative Currency Loan, the Default Rate shall be an interest rate equal
to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, and (b) when used
with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum.

 

    12 

     

    

 

“Defaulting
Lender” means, subject to Section 2.17(b), any Lender that (a) has failed to (i) fund all or any
portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender
notifies the Administrative Agent and the Company 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, any L/C Issuer, the
Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its
participation in Letters of Credit or Swing Line Loans) within two Business Days of the date when due, (b) has notified the
Company, the Administrative Agent, the applicable L/C Issuer or the Swing Line 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 Company, to confirm in writing to the Administrative Agent and the Company
that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the
Company), 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 Federal
Deposit Insurance Corporation 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,
and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to
be a Defaulting Lender (subject to Section 2.17(b)) as of the date established therefor by the Administrative Agent in a
written notice of such determination, which shall be delivered by the Administrative Agent to the Company, each L/C Issuer, the
Swing Line Lender and each other Lender promptly following such determination.

 

“Designated Borrower”
means Avnet Europe and any other Subsidiary of the Company party hereto pursuant to Section 2.14.

 

“Designated Borrower
Notice” has the meaning specified in Section 2.14.

 

“Designated Borrower
Request and Assumption Agreement” has the meaning specified in Section 2.14.

 

    13 

     

    

 

“Designated Jurisdiction”
means any country or territory to the extent that such country or territory itself is the subject of any Sanction.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback
transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of
any notes or accounts receivable or any rights and claims associated therewith.

 

“Dollar”
and “$” mean lawful money of the United States.

 

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

 

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

 

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

 

“EEA Resolution Authority”
means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including
any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Electronic Copy”
has the meaning specified in Section 10.19.

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii) and (v) subject
to such consents, if any, as may be required under Section 10.06(b)(iii).

 

“Eligible
Currency” means any lawful currency other than Dollars that is readily available, freely transferable and convertible into
Dollars in the international interbank market available to the Lenders in such market and as to which a Dollar Equivalent may be
readily calculated. If, after the designation by the Lenders of any currency as an Alternative Currency (or if, with respect to any
currency that constitutes an Alternative Currency on the Closing Date, after the Closing Date), any change in currency controls or
exchange regulations or any change in the national or international financial, political or economic conditions are imposed in the
country in which such currency is issued, result in, in the reasonable opinion of the Required Lenders (in the case of any Committed
Loans to be denominated in an Alternative Currency), (a) such currency no longer readily available, freely transferable and
convertible into Dollars, (b) a Dollar Equivalent is no longer readily calculable with respect to such currency, or
(c) providing such currency is impracticable for the Lenders, (each of clauses (a), (b) and (c), a
“Disqualifying Event”), then the Administrative Agent shall promptly notify the Lenders and the Company, and such
country’s currency shall no longer be an Alternative Currency until such time as the Disqualifying Event(s) no longer
exist(s). Within five (5) Business Days after receipt of such notice from the Administrative Agent, the Borrowers shall repay
all Loans in such currency to which the Disqualifying Event applies or convert such Loans into the Dollar Equivalent of Loans in
Dollars, subject to the other terms contained herein.

 

    14 

     

    

 

“EMU” means
the economic and monetary union in accordance with the Treaty of Rome 1957, as amended by the Single European Act 1986, the Maastricht
Treaty of 1992 and the Amsterdam Treaty of 1998.

 

“EMU Legislation”
means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European
currency.

 

“Environmental Laws”
means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits,
concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment
or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges
to waste or public systems.

 

“Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties
or indemnities), of the Company, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or
based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous
Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed
or imposed with respect to any of the foregoing.

 

“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all
of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership
or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests
therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on
any date of determination.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with the Company within the meaning of Section 414(b) or
(c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

 

    15 

     

    

 

“ERISA
Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Company or any
ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a
“substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated
as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Company or any ERISA
Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) 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 or
4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition
which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer,
any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical
status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or (h) 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
the Company or any ERISA Affiliate.

 

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

 

“Euro”
and “EUR” mean the lawful currency of the Participating Member States introduced in accordance with the EMU Legislation.

 

“Event of Default”
has the meaning specified in Section 8.01.

 

“Excluded Receivables”
means, as of any date of determination, all accounts receivable referred to in Item 1 of Schedule 7.01.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to any 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 Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that
are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the
account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which
(i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Company under
Section 10.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii),
(a)(iii) or (c), 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 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant
to FATCA.

 

“Existing Credit
Agreement” has the meaning specified in the second introductory paragraph.

 

    16 

     

    

 

“Existing Lenders”
has the meaning specified in the second introductory paragraph.

 

“Existing Letters
of Credit” means the letters of credit listed on Schedule 1.01(a).

 

“Existing
Securitization Facility” means the account receivable securitization pursuant to the fourth amended and restated
receivables purchase agreement dated as of August 16, 2018, as amended, among Avnet Receivables Corporation, the Company as
servicer, the financial institutions party thereto as purchasers, and Wells Fargo Bank, N.A., as agent for the purchasers, including
any extensions, renewals, replacements and refinancings thereof; provided, that each such agreement (as amended, restated,
supplemented or otherwise modified from time to time) or extension, renewal, replacement or refinancing, as the case may be,
satisfies the requirements set forth in clause (b) of the definition of Permitted Securitization Facility.

 

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

 

“Federal Funds Rate”
means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions
by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website
from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective
rate; provided that if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for
purposes of this Agreement.

 

“Fee Letters”
mean, collectively, the Fee Letter (Bank of America) and the Fee Letter (Joint).

 

“Fee Letter (Bank
of America)” means the letter agreement, dated June 30, 2022, among the Company, the Administrative Agent and BofA Securities, Inc.

 

“Fee Letter (Joint)”
means the letter agreement, dated June 30, 2022, among the Company, the Administrative Agent, BofA Securities, Inc., BNP Paribas
Securities Corp., BNP Paribas, JPMorgan Chase Bank, N.A., MUFG, The Bank of Nova Scotia, Truist Bank and Truist Securities, Inc.

 

“Fitch”
means Fitch, Inc. and any successor thereto.

 

“Foreign Lender”
means, (a) with respect to any Borrower that is a U.S. Person, any Lender that is not a U.S. Person, and (b) with respect to
any Borrower that is not a U.S. Person, a lender that is a resident or organized under the Laws of a jurisdiction other than that in which
such Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of
Columbia shall be deemed to constitute a single jurisdiction.

 

    17 

     

    

 

“Foreign Obligor”
means a Loan Party that is a Foreign Subsidiary.

 

“Foreign Obligor
Opinion” has the meaning specified in Section 2.14(a).

 

“Foreign Subsidiary”
means any Subsidiary that is organized under the laws of a jurisdiction other than the United States, a State thereof or the District
of Columbia.

 

“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 L/C Issuers, such Defaulting Lender’s Applicable Percentage
of the Outstanding Amount of all outstanding L/C Obligations other than 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 Swing Line Lender, such Defaulting Lender’s Applicable Percentage of Swing Line Loans other than Swing Line 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 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 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”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect
of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in
any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or
pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or
lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation
of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or
any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the
primary obligor to pay such Indebtedness or other obligation, or (iv) entered into 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 (in whole or in part), or (b) any Lien on any assets of such Person securing any
Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person
(or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee
shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in
respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding
meaning.

 

    18 

     

    

 

“Guaranty”
means that certain Amended and Restated Guaranty Agreement, dated as of the date hereof, by the Company in favor of the Administrative
Agent and the Lenders, substantially in the form of Exhibit F.

 

“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum
or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes
and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 

“HMT” has
the meaning specified in the definition of Sanctions.

 

“Hong Kong Dollars”
mean the lawful currency of Hong Kong.

 

“Honor Date”
has the meaning specified in Section 2.03(c)(i).

 

“Increase Effective
Date” has the meaning specified in Section 2.15(d).

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:

 

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

 

(b)            all
direct or contingent obligations of such Person arising under letters of credit (including standby letters of credit), bankers’
acceptances, bank guaranties, surety bonds and similar instruments (other than commercial letters of credit and bankers’ acceptances
incurred to support commercial transactions, bid bonds, payment bonds and performance bonds arising in the ordinary course of business);

 

(c)            net
obligations of such Person under any Swap Contract;

 

    19 

     

    

 

(d)            all
obligations of such Person to pay the deferred purchase price of property or services (other than current trade accounts payable in the
ordinary course of business);

 

(e)            indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising
under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person
or is limited in recourse;

 

(f)            capital
leases, Synthetic Lease Obligations and other Off-Balance Sheet Liabilities;

 

(g)            all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such
Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation
preference plus accrued and unpaid dividends; and

 

(h)            all
Guarantees of such Person in respect of 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, if, and to the extent that,
the fair value of the assets of such partnership or joint venture is less than its probable liability in respect of its obligations, net
of any right to contribution from other reasonably creditworthy Persons which the Company or such Subsidiary has in respect thereof,
unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any
date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any capital lease, Synthetic Lease Obligation
or other Off-Balance Sheet Liability as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as
of such date.

 

Notwithstanding the foregoing,
for purposes of this Agreement, the term Indebtedness shall not include any liability of the Company or a Subsidiary under any deferred
compensation plan or similar arrangement covering employees or members of the board of directors of the Company.

 

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

 

“Indemnitees”
has the meaning specified in Section 10.04(b).

 

“Information”
has the meaning specified in Section 10.07.

 

“Intangible Assets”
means assets that are considered to be intangible assets under GAAP, including customer lists, goodwill, computer software, copyrights,
trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research
and development costs.

 

    20 

     

    

 

“Inter-Company Indebtedness”
has the meaning specified in Section 7.03(j).

 

“Interest Payment
Date” means, (a) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each month and the Maturity
Date, (b) as to any Alternative Currency Daily Rate Loan, the last Business Day of each month and the Maturity Date, (c) as
to any Term SOFR Loan or Alternative Currency Term Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity
Date and (d) as to any SOFR Daily Floating Rate Loan, the last Business Day of each month and the Maturity Date; provided,
however, that if any Interest Period for a Term SOFR Loan or Alternative Currency Term Rate Loan exceeds three months, the respective
dates that fall every three months after the beginning of such Interest Period shall be Interest Payment Dates.

 

“Interest Period”
means as to each Term SOFR Loan and Alternative Currency Term Rate Loan, the period commencing on the date such Term SOFR Loan or Alternative
Currency Term Rate Loan is disbursed or converted to or continued as a Term SOFR Loan or Alternative Currency Term Rate Loan and ending
on the date one, three or six months thereafter (in each case, subject to availability for the interest rate applicable to the relevant
currency), as selected by the applicable Borrower in its Committed Loan Notice, or such other period that is twelve months or less requested
by the applicable Borrower and consented to by all the Lenders; provided that:

 

(a)            any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless,
in the case of a Term SOFR Loan or Alternative Currency Term Rate Loan, such Business Day falls in another calendar month, in which case
such Interest Period shall end on the next preceding Business Day;

 

(b)            any
Interest Period pertaining to a Term SOFR Loan or Alternative Currency Term Rate Loan that begins on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall
end on the last Business Day of the calendar month at the end of such Interest Period; and

 

(c)            no
Interest Period shall extend beyond the Maturity Date.

 

“IP Rights”
has the meaning specified in Section 5.16.

 

“IRS” means
the United States Internal Revenue Service or any Governmental Authority succeeding to any of its principal functions.

 

“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the International
Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the time of issuance).

 

“Issuer Documents”
means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered
into by an L/C Issuer and the Company (or any Subsidiary) or in favor of such L/C Issuer and relating to any such Letter of Credit.

 

    21 

     

    

 

“Japanese Yen”
means the lawful currency of Japan.

 

“Judgment Currency”
has the meaning specified in Section 10.18.

 

“L/C Advance”
means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable
Percentage. All L/C Advances shall be denominated in Dollars.

 

“L/C Borrowing”
means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or
refinanced as a Committed Borrowing. All L/C Borrowings shall be denominated in Dollars.

 

“L/C Credit Extension”
means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount
thereof.

 

“L/C Issuer”
means each Lender set forth on Schedule 1.01(b) and any successor Lender designated pursuant to this Agreement, for so long
as such Lender shall have a Letter of Credit Commitment for the issuance of Letters of Credit by such L/C Issuer under this Agreement,
and each L/C Issuer’s Letter of Credit Commitment shall initially be as set forth on Schedule 1.01(b), each in its respective
capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder, but excluding any Lender
that resigns or is removed as an L/C Issuer pursuant to the terms hereof (except to the extent such Person has continuing rights and/or
obligations with respect to Letters of Credit after such resignation or removal).  References to the L/C Issuer herein shall, as
the context may indicate (including with respect to any particular Letter of Credit, L/C Credit Extension, L/C Borrowing or L/C Obligations),
mean the applicable L/C Issuer, each L/C Issuer, any L/C Issuer, or all L/C Issuers.

 

“L/C Obligations”
means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus
the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under
any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.08. For all purposes
of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder
by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the
amount so remaining available to be drawn.

 

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

 

“Lender”
has the meaning specified in the introductory paragraph hereto and, unless the context requires otherwise, includes all L/C Issuers and
the Swing Line Lender.

 

    22 

     

    

 

“Lender Parties”
and “Lender Recipient Parties” mean, collectively, the Lenders, the Swing Line Lender and the L/C Issuers.

 

“Lending Office”
means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or
such other office or offices as a Lender may from time to time notify the Company and the Administrative Agent, which office may include
any Affiliate of such Lender or any domestic or foreign branch of such Lender or such Affiliate. Unless the context otherwise requires
each reference to a Lender shall include its applicable Lending Office.

 

“Letter of Credit”
means any letter of credit issued hereunder and shall include the Existing Letters of Credit. A Letter of Credit may be a commercial letter
of credit or a standby letter of credit. All Letters of Credit shall be issued in Dollars.

 

“Letter of Credit
Application” means an application and agreement for the issuance or amendment of a Letter of Credit by an L/C Issuer in the
form from time to time in use by such L/C Issuer.

 

“Letter of Credit
Commitment” means, as to any L/C Issuer at any time, the amount set forth on Schedule 1.01(b) (as such schedule
may be updated from time to time pursuant to Section 2.03 or otherwise, which update shall be provided to the Administrative
Agent for incorporation into such updated Schedule 1.01(b)).

 

“Letter of Credit
Expiration Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business
Day, the next preceding Business Day).

 

“Letter of Credit
Fee” has the meaning specified in Section 2.03(h).

 

“Letter of Credit
Report” means a certificate substantially the form of Exhibit J or any other form approved by the Administrative
Agent.

 

“Letter of Credit
Sublimit” means (a) an aggregate amount equal to the lesser of (i) $200,000,000, and (ii) the Aggregate Commitments
and (b) as to any L/C Issuer at any time, the amount set forth on Schedule 1.01(b) (as such schedule may be updated from
time to time pursuant to Section 2.03 or otherwise, which update shall be provided to the Administrative Agent for incorporation
into such updated Schedule 1.01(b)). The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments.

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference,
priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property,
and any financing lease having substantially the same economic effect as any of the foregoing).

 

“Loan”
means an extension of credit by a Lender to a Borrower under Article II in the form of a Committed Loan or a Swing Line Loan.

 

    23 

     

    

 

“Loan Documents”
means this Agreement, each Designated Borrower Request and Assumption Agreement, each Note, each Issuer Document, any agreement creating
or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.16 of this Agreement, the Fee Letters and
the Guaranty.

 

“Loan Parties”
means, collectively, the Company and each Designated Borrower.

 

“Material
Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business,
properties or financial condition of the Company and its Subsidiaries taken as a whole; (b) a material impairment of the
ability of the Company to perform its obligations under the respective Loan Documents to which it is a party; (c) a material
adverse effect upon the rights or remedies of the Administrative Agent or any Lender under the Loan Documents; or (d) a
material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of the Loan Documents
to which it is a party, taken as a whole.

 

“Material Subsidiary”
means, at any time, any Subsidiary which had total revenues in the four fiscal quarter period most recently ended in excess of 5% of the
total revenues of the Company and its Subsidiaries on a consolidated basis.

 

“Maturity Date”
means August 2, 2027; provided, however, that, if such date is not a Business Day, the Maturity Date shall be the immediately
preceding Business Day.

 

“Maximum Aggregate
Commitment Increase” has the meaning specified in Section 2.15(a).

 

“Maximum Rate”
has the meaning specified in Section 10.09.

 

“MNPI”
has the meaning specified in Section 6.02.

 

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

 

“MUFG”
means MUFG Bank, Ltd., MUFG Union Bank, N.A., MUFG Securities Americas Inc. and/or any of their affiliates as MUFG shall determine
to be appropriate to provide the services contemplated herein.

 

“Multiemployer Plan”
means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Company or any ERISA Affiliate
makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.

 

“Multiple Employer
Plan” means a Plan which has two or more contributing sponsors (including the Company or any ERISA Affiliate) at least two of
whom are not under common control, as such a plan is described in Section 4064 of ERISA.

 

“Non-Consenting Lender”
has the meaning specified in Section 10.13.

 

    24 

     

    

 

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

 

“Non-Extension Notice
Date” has the meaning set forth in Section 2.03(b)(iii).

 

“Non-Material Subsidiary”
means any Subsidiary which is not a Material Subsidiary or a Designated Borrower.

 

“Non-Reinstatement
Deadline” has the meaning set forth in Section 2.03(b)(iv).

 

“Non-SOFR Successor
Rate” has the meaning specified in Section 3.03(c).

 

“Note”
means a promissory note made by a Borrower in favor of a Lender evidencing Loans made by such Lender to such Borrower, substantially in
the form of Exhibit C.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or
otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute
or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement
by or against any Loan Party or any Affiliate thereof 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 Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Off-Balance Sheet
Liabilities” means, with respect to any Person as of any date of determination thereof, without duplication and to the extent
not included as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP: (a) with
respect to any asset securitization transaction (including any accounts receivable purchase facility), the unrecovered investment of purchasers
or transferees of assets so transferred and the principal amount of any recourse, repurchase or debt obligations incurred in connection
therewith; and (b) the monetary obligations under any financing lease or so-called “synthetic,” tax retention or off-balance
sheet lease transaction which, upon the application of any Debtor Relief Law to such Person or any of its Subsidiaries, would be characterized
as indebtedness.

 

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

 

    25 

     

    

 

“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 or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 3.06).

 

“Outstanding Amount”
means (a) with respect to Committed Loans on any date, the Dollar Equivalent amount of the aggregate outstanding principal amount
thereof after giving effect to any borrowings and prepayments or repayments of such Committed Loans occurring on such date; (b) with
respect to Swing Line Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and
prepayments or repayments of such Swing Line Loans occurring on such date; and (c) with respect to any L/C Obligations on any date,
the aggregate outstanding amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension 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
by the Company of Unreimbursed Amounts.

 

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

 

“Participant”
has the meaning specified in Section 10.06(d).

 

“Participant Register”
has the meaning specified in Section 10.06(e).

 

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

 

“PATRIOT Act”
has the meaning specified in Section 10.17.

 

“PBGC”
means the Pension Benefit Guaranty Corporation, and any successor entity performing similar functions with respect to ERISA.

 

    26 

     

    

 

“Pension Act”
means the Pension Protection Act of 2006.

 

“Pension Funding
Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment
thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412
of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Sections 412, 430, 431, 432 and
436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension Plan”
means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed
to by the Company and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under
Section 412 of the Code.

 

“Permitted Business”
means any type of business in which the Company and its Subsidiaries were engaged on the Closing Date and any business reasonably related
or incidental thereto.

 

“Permitted Securitization
Facilities” means, collectively, (a)  the Existing Securitization Facility and (b) any other account receivable securitization
facility so long as the Indebtedness thereunder and other payment obligations with respect thereto are nonrecourse to the Company and
its Subsidiaries (other than any Special Purpose Finance Subsidiary), other than limited recourse provisions that are customary for transactions
of such type and do not have the effect of Guaranteeing the repayment of any such Indebtedness or limiting the loss or credit risk of
lenders or purchasers with respect to payment or performance by the obligors of the accounts receivable so transferred; provided,
that (i) the aggregate outstanding Attributable Indebtedness under the Existing Securitization Facility and any other account receivable
securitization facilities described in clause (b) plus (ii) the Adjusted Receivables Amount, shall not at any time exceed
the greater of (x) $800,000,000, and (y) 35% of the aggregate net book value of all accounts receivable of the Company and its
Subsidiaries (including those accounts receivable subject to the Existing Securitization Facility or any other account receivable securitization
facilities described in clause (b)).

 

“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 (including a Pension Plan), maintained for U.S.-based
employees of the Company or any ERISA Affiliate or any such Plan to which the Company or any ERISA Affiliate is required to contribute
on behalf of any of its employees.

 

“Platform”
has the meaning specified in Section 6.02.

 

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

 

“Public Lender”
has the meaning specified in Section 6.02.

 

    27 

     

    

 

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

 

“Rating Agency”
has the meaning specified in the definition of “Applicable Rate.”

 

“Recipient”
means the Administrative Agent, any Lender, any L/C Issuer or any other recipient of any payment to be made by or on account of any obligation
of any Loan Party hereunder.

 

“Register”
has the meaning specified in Section 10.06(c).

 

“Registered Public
Accounting Firm” has the meaning specified in the Securities Laws and shall be independent of the Company as prescribed by the
Securities Laws.

 

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

 

“Relevant Rate”
means with respect to any Credit Extension denominated in (a) Dollars, Term SOFR or SOFR Daily Floating Rate, as applicable, (b) Sterling,
SONIA, (c) Euros, EURIBOR, (d) Japanese Yen, TIBOR, (e) Australian Dollars, BBSY, (f) Singapore Dollars, the SORA
Daily Rate and (g) Hong Kong Dollars, HIBOR, as applicable.

 

“Removal Effective
Date” has the meaning specified in Section 9.06(b).

 

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been
waived under applicable Law.

 

“Request for Credit
Extension” means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice,
(b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing
Line Loan Notice.

 

“Required Lenders”
means, as of any date of determination, Lenders having more than 50% of the Aggregate Commitments or, if the commitment of each Lender
to make Loans and the obligation of each L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02,
Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation
and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition);
provided, that the Total Credit Exposure of any Defaulting Lender shall be excluded for purposes of making a determination of Required
Lenders, and provided further, that if and to the extent that the Defaulting Lender fails to fund its participation in any Swing
Line Loan or Unreimbursed Amount and such amount has not been reallocated to and funded by another Lender, then such amount shall be deemed
to be held by the Lender that is the Swing Line Lender or the applicable L/C Issuer, as the case may be, for as long as such Swing Line
Lender or L/C Issuer is not itself a Defaulting Lender, in making such determination.

 

    28 

     

    

 

“Rescindable Amount”
has the meaning as specified in Section 2.12(b)(ii).

 

“Resignation Effective
Date” has the meaning specified in Section 9.06(a).

 

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

 

“Responsible
Officer” means (i) the chief executive officer, president, chief financial officer, treasurer or assistant treasurer
of a Loan Party, and with respect to any Designated Borrower, any other signatory authorized in writing by the board of directors,
the managing member or comparable governing body or Person of such Designated Borrower (each, an “Authorized
Signatory”), (ii) solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01,
the secretary or any assistant secretary of a Loan Party and, with respect to any Designated Borrower, an Authorized Signatory and
(iii) solely for purposes of notices given pursuant to Article II, any officer or employee of the applicable Loan Party so
designated by any of the foregoing officers in a notice to the Administrative Agent and, with respect to any Designated Borrower, an
Authorized Signatory. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively
presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such
Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

 

“Restricted Lender”
has the meaning specified in Section 2.14(a).

 

“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity
Interest of the Company or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund
or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such capital stock
or other Equity Interest, or on account of any return of capital to the Company’s stockholders, partners or members (or the equivalent
Person thereof).

 

“Revaluation Date”
means, with respect to any Loan, each of the following: (a) each date of a Committed Borrowing of an Alternative Currency Loan,
(b) with respect to an Alternative Currency Daily Rate Loan, each Interest Payment Date, (c) each date of a continuation of
an Alternative Currency Term Rate Loan pursuant to Section 2.02, and (d) such additional dates as the Administrative
Agent shall determine or the Required Lenders shall require.

 

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

 

“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and any successor thereto.

 

    29 

     

    

 

“Sanction(s)”
means any economic, financial, trade or similar sanctions or embargoes administered or enforced by the United States Government (including,
without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury (“HMT”)
or other relevant sanctions authority.

 

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

 

“Sarbanes-Oxley”
means the Sarbanes-Oxley Act of 2002.

 

“Scheduled Unavailability
Date” has the meaning set forth in Section 3.03(c)(ii).

 

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

 

“Securities Exchange
Act” means the Securities Exchange Act of 1934.

 

“Securities Laws”
means the Securities Act of 1933, the Securities Exchange Act, Sarbanes-Oxley and the applicable accounting and auditing principles, rules,
standards and practices promulgated, approved or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of
the foregoing may be amended and in effect on any applicable date hereunder.

 

“Shareholders’
Equity” means, as of any date of determination, consolidated shareholders’ equity of the Company and its Subsidiaries
as of that date determined in accordance with GAAP.

 

“Singapore Dollars”
mean the lawful currency of Singapore.

 

“SOFR”
means the Secured Overnight Financing Rate as administered by the SOFR Administrator.

 

“SOFR Adjustment”
0.10% (10.0 basis points).

 

“SOFR
Administrator” means the Federal Reserve Bank of New York, as the administrator of SOFR, or any successor administrator
of SOFR designated by the Federal Reserve Bank of New York or other Person acting as the SOFR Administrator at such time.

 

“SOFR Daily Floating
Rate” means, for any day, a fluctuating rate of interest, which can change on each Business Day, equal to the Term SOFR Screen
Rate two U.S. Government Securities Business Days prior to such day, with a term equivalent to one month beginning on that date; provided,
that, if the rate is not published prior to 11:00 a.m. on such determination date then the SOFR Daily Floating Rate means such Term
SOFR Screen Rate on the first U.S. Government Securities Business Day immediately prior thereto, in each case, plus the SOFR Adjustment;
provided, further, that, if the SOFR Daily Floating Rate shall be less than zero, such rate shall be deemed zero for purposes of
this Agreement.

 

    30 

     

    

 

 

“SOFR Daily Floating
Rate Loan” means a Committed Loan that bears interest at a rate based on the definition of SOFR Daily Floating Rate.

 

“Solvent”
means, with respect to any Person, that the value of the assets of such Person (both at fair value and present fair saleable value) is,
on the date of determination, greater than the total amount of liabilities (including contingent and unliquidated liabilities) of such
Person as of such date and that, as of such date, such Person is able to pay all liabilities of such Person as such liabilities mature
and does not have unreasonably small capital. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities
will be computed at the amount which, in 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.

 

“SONIA”
means, with respect to any applicable determination date, the Sterling Overnight Index Average Reference Rate published on
the fifth Business Day preceding such date on the applicable Reuters screen page (or such other commercially available source
providing such quotations as may be designated by the Administrative Agent from time to time); provided however that if such
determination date is not a Business Day, SONIA means such rate that applied on the first Business Day immediately prior
thereto.

 

“SONIA Adjustment”
means, with respect to SONIA, 0.0326% per annum.

 

“SORA Daily Rate”
means, in relation to any Business Day:

 

(a) the SORA
Screen Rate published on the fifth Business Day preceding such date; or

 

(b) if the
SORA Screen Rate is not available for that Business Day, a reference rate, being a daily rate, designated, nominated or recommended as
the replacement for SORA Daily Rate by the Monetary Authority of Singapore (and/or a committee officially endorsed or convened by the
Monetary Authority of Singapore or any other person which takes over the administration of SORA Daily Rate); or

 

(c) if the
SORA Screen Rate or a replacement rate referred to in clause (b) above is not available for that Business Day, a replacement rate,
being a daily rate, selected by the Administrative Agent and agreed to by the Company, taking into account market conventions and regulatory
guidance.

 

“SORA Adjustment”
means, with respect to SORA Daily Rate, 0.08% (8.0 basis points).

 

“SORA Screen Rate”
means SORA Daily Rate as published by the Monetary Authority of Singapore (or any other person which takes over the publication of that
rate) and is titled “SORA” at https://eservices.mas.gov.sg/Statistics/dir/DomesticInterestRates.aspx (or any replacement page which
displays that rate) or on the appropriate page of such other information service which displays that rate from time to time in place
of the Monetary Authority of Singapore, and if such page or service ceases to be available, the Administrative Agent may specify
another page or service displaying the relevant rate.

 

    31 

     

    

 

“Special
Notice Currency” means at any time an Alternative Currency, other than the currency of a country that is a member of the Organization
for Economic Cooperation and Development at such time and located in North America or Europe, and, for the avoidance of doubt,
both the Euro and Sterling shall be deemed not to be a Special Notice Currency.

 

“Special Purpose
Finance Subsidiary” means any Subsidiary of the Company created solely for the purposes of, and whose sole activity shall consist
of, acquiring and financing accounts receivable of the Company and its Subsidiaries pursuant to a Permitted Securitization Facility.

 

“Spot
Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting in
such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign
exchange trading office at approximately 9:00 a.m. on the date two Business Days prior to the date as of which the
foreign exchange computation is made; provided that the Administrative Agent may obtain such spot rate from another financial
institution designated by the Administrative Agent if the Person acting in such capacity does not have as of the date of
determination a spot buying rate for any such currency.

 

“Sterling”
and “£” mean the lawful currency of the United Kingdom.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity (a) of which a majority
of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or
the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person,
or (b) the accounts of which are consolidated with those of the Company in its consolidated financial statements. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries
of the Company.

 

“Successor Rate”
has the meaning specified in Section 3.03(c).

 

“Summary of Terms”
means the Summary of Terms and Conditions attached as Exhibit A to the Commitment Letter.

 

“Swap Contract”
means 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.

 

    32 

     

    

 

“Swap Termination
Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts 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 Swap Contracts, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which
may include a Lender or any Affiliate of a Lender).

 

“Swing Line”
means the revolving credit facility made available by the Swing Line Lender pursuant to Section 2.04.

 

“Swing Line Borrowing”
means a borrowing of a Swing Line Loan pursuant to Section 2.04.

 

“Swing Line Lender”
means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.

 

“Swing Line Loan”
has the meaning specified in Section 2.04(a).

 

“Swing Line Loan
Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in writing, shall be substantially
in the form of Exhibit B or such other form as approved by the Administrative Agent (including any form on an electronic platform
or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible
Officer of the Company.

 

“Swing Line Sublimit”
means an amount equal to the lesser of (a) $125,000,000 and (b) the Aggregate Commitments. The Swing Line Sublimit is part of,
and not in addition to, the Aggregate Commitments.

 

“Synthetic Lease
Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention
lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of
such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without
regard to accounting treatment).

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform
and which was launched on November 19, 2007.

 

“TARGET Day”
means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system (if any) determined by the
Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

 

“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, additions to tax or penalties applicable thereto.

 

    33 

     

    

 

“Term SOFR”
means:

 

(a)            for
any Interest Period with respect to a Term SOFR Loan, the rate per annum equal to the Term SOFR Screen Rate two U.S. Government Securities
Business Days prior to the commencement of such Interest Period with a term equivalent to such Interest Period; provided that if
the rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the first
U.S. Government Securities Business Day immediately prior thereto, in each case, plus the SOFR Adjustment for such Interest Period;
and

 

(b)            for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the Term SOFR Screen Rate with a term
of one month commencing that day;

 

provided
that if the Term SOFR determined in accordance with either of the foregoing provisions (a) or (b) of this definition would otherwise
be less than zero, the Term SOFR shall be deemed zero for purposes of this Agreement.

 

“Term SOFR Loan”
means a Committed Loan that bears interest at a rate based on clause (a) of the definition of Term SOFR.

 

“Term SOFR Scheduled
Unavailability Date” has the meaning specified in Section 3.03(b)(ii).

 

“Term SOFR Screen
Rate” means the forward-looking SOFR term rate administered by CME (or any successor administrator satisfactory to the Administrative
Agent) and published on the applicable Reuters screen page (or such other commercially available source providing such quotations
as may be designated by the Administrative Agent from time to time).

 

“Term SOFR Successor
Rate” has the meaning specified in Section 3.03(b).

 

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

 

“Total Outstandings”
means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

 

“Type”
means, with respect to a Committed Loan, its character as a Base Rate Loan, a Term SOFR Loan, a SOFR Daily Floating Rate Loan, an Alternative
Currency Daily Rate Loan or an Alternative Currency Term Rate Loan.

 

“UCP” means,
with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce
(“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

 

“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 subject to 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.

 

    34 

     

    

 

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

 

“Unencumbered Cash
and Cash Equivalents” means cash or cash equivalents owned by Company and its Subsidiaries on a consolidated basis (excluding
assets of any retirement plan) which (a) are not the subject of any Lien, and (b) may be converted to cash within 30 days.

 

“United States”
and “U.S.” mean the United States of America.

 

“Unreimbursed Amount”
has the meaning specified in Section 2.03(c)(i).

 

“U.S. Government
Securities Business Day” means any Business Day, except any Business Day on which any of the Securities Industry and Financial
Markets Association, the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business because such day is
a legal holiday under the federal laws of the United States or the laws of the State of New York, as applicable.

 

“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 specified in Section 3.01(e)(ii)(B)(III).

 

“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.

 

1.02            Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless
otherwise specified herein or in such other Loan Document:

 

(a)            The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be
construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise
modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein or in any other
Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns,
(iii) the words “hereto”, “herein,” “hereof” and “hereunder,”
and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not
to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any
reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law
and any reference to any law, rule or regulation shall, unless otherwise specified, refer to such law, rule or regulation as
amended, modified or supplemented from time to time, and (vi) 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.

 

    35 

     

    

 

(b)            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.”

 

(c)          Section headings
herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this
Agreement or any other Loan Document.

 

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

 

1.03            Accounting
Terms.

 

(a)            Generally.
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, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements,
except as otherwise specifically prescribed herein.

 

(b)            Changes
in GAAP. 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 Company or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Company 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 Company 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.

 

    36 

     

    

 

(c)            Consolidation
of Variable Interest Entities. All references herein to consolidated financial statements of the Company and its Subsidiaries or to
the determination of any amount for the Company and its Subsidiaries on a consolidated basis or any similar reference shall, in each case,
be deemed to include each variable interest entity that the Company is required to consolidate pursuant to Financial Accounting Standards
Board’s Accounting Standards Codification 810 as if such variable interest entity were a Subsidiary as defined herein.

 

(d)            Pro
Forma Basis. For purposes of computing the Consolidated Leverage Ratio, such ratio (and any financial calculations or components
required to be made or included therein) shall be determined, with respect to the relevant period, after giving pro forma effect to
each Acquisition consummated during such period (including any incurrence, assumption, refinancing or repayment of
Indebtedness), as if such Acquisition had been consummated on the first day of such period, based on historical results
accounted for in accordance with GAAP.

 

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

 

(b)          Wherever
in this Agreement in connection with a Committed Borrowing, conversion, continuation or prepayment of an Alternative Currency Loan, an
amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Committed Borrowing is denominated in an Alternative
Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such
Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent.

 

1.05            Additional
Alternative Currencies.

 

(a)            The
Company may from time to time request that Alternative Currency Loans be made in a currency other than those specifically listed in the
definition of Alternative Currency; provided that such requested currency is an Eligible Currency. Any such request shall be subject
to the approval of the Administrative Agent and the Lenders.

 

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(b)            Any
such request shall be made to the Administrative Agent not later than 11:00 a.m., 20 Business Days prior to the date of the desired Credit
Extension (or such other time or date as may be agreed by the Administrative Agent). In the case of any such request, the Administrative
Agent shall promptly notify each Lender thereof. Each Lender shall notify the Administrative Agent, not later than 11:00 a.m., 10 Business
Days after receipt of such request whether it consents, in its sole discretion, to the making of Alternative Currency Loans in such requested
currency.

 

(c)            Any
failure by a Lender to respond to such request within the time period specified in the preceding sentence shall be deemed to be a
refusal by such Lender to permit Alternative Currency Loans to be made in such requested currency. If the Administrative Agent and
all the Lenders consent to making Alternative Currency Loans in such requested currency and the Administrative Agent and such
Lenders reasonably determine that an appropriate interest rate is available to be used for such requested currency, the
Administrative Agent shall so notify the Company and (i) the Administrative Agent and such Lenders may amend the definition of
Alternative Currency Daily Rate or Alternative Currency Term Rate to the extent necessary to add the applicable rate for such
currency and any applicable adjustment for such rate and (ii) to the extent the definition of Alternative Currency Daily Rate
or Alternative Currency Term Rate, as applicable, has been amended to reflect the appropriate rate for such currency, such currency
shall thereupon be deemed for all purposes to be an Alternative Currency for purposes of any Borrowings of Alternative Currency
Loans. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.05,
the Administrative Agent shall promptly so notify the Company.

 

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

 

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

 

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

 

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1.07            Times
of Day. Unless otherwise specified, all references herein to times of day shall be references
to Pacific time (daylight or standard, as applicable).

 

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

 

1.09            Rounding.
Any financial ratios required to be maintained by the Company and its Subsidiaries 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
is expressed herein and rounding the result up or down to the nearest number (with a rounding up if there is no nearest number).

 

1.10            Interest
Rates. The Administrative Agent does not warrant, nor accept responsibility, nor shall the
Administrative Agent have any liability with respect to the administration, submission or any other matter related to any reference
rate referred to herein or with respect to any rate (including, for the avoidance of doubt, the selection of such rate and any related
spread or other adjustment) that is an alternative or replacement for or successor to any such rate (including, without
limitation, any Successor Rate) (or any component of any of the foregoing) or the effect of any of the foregoing, or of any
Conforming Changes, in each case in the absence of the Administrative Agent’s own gross negligence or willful misconduct as
determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent and its affiliates or
other related entities may engage in transactions or other activities that affect any reference rate referred to herein, or any
alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of any of the
foregoing) or any related spread or other adjustments thereto, in each case, in a manner adverse to the Borrowers.  The
Administrative Agent may select information sources or services in its reasonable discretion to ascertain any reference rate
referred to herein or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or
any component of any of the foregoing), in each case pursuant to the terms of this Agreement, and shall have no liability to any
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 other action or omission related to or affecting the selection, determination, or calculation of any rate
(or component thereof) provided by any such information source or service, in each case in the absence of the Administrative
Agent’s own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and
nonappealable judgment.

 

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1.11            Amendment
and Restatement; No Novation; Reallocations and Break Funding.

 

(a)            The
parties hereto agree that this Agreement shall, and is intended to, constitute an amendment and restatement of the Existing Credit
Agreement, effective from and after the Closing Date, and that the execution and delivery of this Agreement shall not constitute a
novation of any indebtedness or other obligations owing to the Lenders or the Administrative Agent under the Existing Credit
Agreement. On the Closing Date, the credit facilities described in the Existing Credit Agreement shall be amended, supplemented,
modified and restated in their entirety by the facilities described herein, and all loans and other obligations of the Borrowers
outstanding as of such date under the Existing Credit Agreement shall be deemed to be Loans and Obligations outstanding under the
corresponding facilities of this Agreement, without any further action by any Person, except that the Administrative Agent, the
Lenders and the lenders under the Existing Credit Agreement that are not Lenders under this Agreement (if any) shall make such
transfers and advances of funds, repayments of loans and obligations under the Existing Credit Agreement, and other adjustments as
are necessary in the opinion of the Administrative Agent so that the outstanding balance of all Loans and Obligations hereunder on
the Closing Date, including any Loans funded on the Closing Date hereunder, reflect the Commitments of each of the Lenders hereunder
on the Closing Date. Notwithstanding anything to the contrary in the Existing Credit Agreement or in this Agreement, no other
documents or instruments, including any Assignment and Assumption, shall be, or shall be required to be, executed in connection with
any such assignments (all of which requirements are hereby waived), and such assignments shall be deemed to be made with all
applicable representations, warranties and covenants as if evidenced by an Assignment and Assumption. On the Closing Date, the
applicable Lenders shall make full cash settlement with one another either directly or through the Administrative Agent, as the
Administrative Agent may direct or approve, with respect to all assignments, reallocations and other changes in Commitments
and the portion of the Outstanding Amount of the Loans allocable to each Lender, such that after giving effect to such settlements
the Commitment of each Lender shall be as set forth on Schedule 2.01; the Borrowers shall not be required to repay any loans
or obligations under the Existing Credit Agreement in connection with the execution and delivery of this Agreement.

 

(b)            In
connection therewith, to the extent necessary, the Borrowers will make all payments required by the Lenders and the lenders under the
Existing Credit Agreement pursuant to Section 3.05 of the Existing Credit Agreement and/or of this Agreement, as applicable.

 

ARTICLE II.

THE COMMITMENTS AND CREDIT EXTENSIONS

 

2.01            Committed
Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to
make loans (each such loan, a “Committed Loan”) to the Borrowers in Dollars or in one or more Alternative Currencies
from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the
amount of such Lender’s Commitment; provided, however, that after giving effect to any Committed Borrowing, (i) the
Total Outstandings shall not exceed the Aggregate Commitments, (ii) the aggregate Outstanding Amount of the Committed Loans of any
Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s
Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment and (iii) the
aggregate Outstanding Amount of all Committed Loans denominated in Alternative Currencies (other than Euro and Sterling, either of which
shall be available in an amount up to the unused Aggregate Commitments) shall not exceed the Alternative Currency Sublimit. Within the
limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01,
prepay under Section 2.05, and reborrow under this Section 2.01. Committed Loans may be Base Rate Loans, Term
SOFR Loans, SOFR Daily Floating Rate Loans, Alternative Currency Daily Rate Loans or Alternative Currency Term Rate Loans, as further
provided herein.

 

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2.02            Borrowings,
Conversions and Continuations of Committed Loans.

 

(a)            Each
Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Term SOFR Loans and
Alternative Currency Term Rate Loans shall be made upon the applicable Borrower’s irrevocable notice to the Administrative
Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 9:00
a.m. (i) two Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Term SOFR
Loans or of any conversion of Term SOFR Loans to Base Rate Committed Loans, (ii) three Business Days (or four Business Days in
the case of a Special Notice Currency) prior to the requested date of any Borrowing or continuation of Alternative Currency Loans,
(iii) on the requested date of any Borrowing of or conversion to SOFR Daily Floating Rate Loans or of any conversion of SOFR
Daily Floating Rate Loans to Base Rate Loans and (iv) on the requested date of any Borrowing of Base Rate Committed Loans. Each
telephonic notice by the applicable Borrower pursuant to this Section 2.02(a) must be confirmed promptly by
delivery to the Administrative Agent of a written Committed Loan Notice. Each Borrowing of, conversion to or continuation of
Term SOFR Loans, SOFR Daily Floating Rate Loans or Alternative Currency Loans shall be in a principal amount of the Dollar
Equivalent of $5,000,000 or a whole multiple of the Dollar Equivalent of $1,000,000 in excess thereof. Except as provided in Sections
2.03(c) and 2.04(c), each Committed Borrowing of or conversion to Base Rate Committed Loans shall be in a principal
amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Each Committed Loan Notice shall specify (i) the name
of the applicable Borrower and whether such Borrower is requesting a Committed Borrowing, a conversion of Committed Loans from one
Type to the other, or a continuation of Term SOFR Loans or Alternative Currency Term Rate Loans, (ii) the requested date of the
Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of
Committed Loans to be borrowed, converted or continued, (iv) the Type of Committed Loans to be borrowed or to which existing
Committed Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto and
(vi) the currency of the Committed Loans to be borrowed. If the applicable Borrower fails to specify a currency in a Committed
Loan Notice requesting a Borrowing, then the Committed Loans so requested shall be made in Dollars. If the applicable Borrower fails
to specify a Type of Committed Loan in a Committed Loan Notice or if the applicable Borrower fails to give a timely notice
requesting a conversion or continuation, then the applicable Committed Loans shall be made as, or converted to, Base Rate Loans; provided, however,
that in the case of a failure to timely request a continuation of Alternative Currency Term Rate Loans, such Loans shall be
continued as Alternative Currency Term Rate Loans in their original currency with an Interest Period of one month. Any automatic
conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the
applicable Loans. If the applicable Borrower requests a Borrowing of, conversion to, or continuation of Term SOFR Loans, SOFR Daily
Floating Rate Loans or Alternative Currency Term Rate Loans in any such Committed Loan Notice, but fails to specify an Interest
Period, it will be deemed to have specified an Interest Period of one month. No Committed Loan may be converted into or continued as
a Committed Loan denominated in a different currency, but instead must be prepaid in the original currency of such Committed Loan
and reborrowed in the other currency.

 

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(b)            Following
receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount (and currency) of its
Applicable Percentage of the applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by the
applicable Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans
or continuation of Alternative Currency Term Rate Loans, in each case as described in the preceding subsection. In the case of a
Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Administrative Agent in Same Day Funds
at the Administrative Agent’s Office for the applicable currency not later than 11:00 a.m., in the case of any Committed Loan
denominated in Dollars, and not later than the Applicable Time specified by the Administrative Agent in the case of any Committed
Loan in an Alternative Currency, in each case on the Business Day specified in the applicable Committed Loan Notice. Upon
satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit
Extension, Section 4.01), the Administrative Agent shall make all funds so received available to the Company or the
other applicable Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of such
Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in
accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the applicable Borrower; provided, however,
that if, on the date the Committed Loan Notice with respect to such Borrowing denominated in Dollars is given by the applicable
Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment
in full of any such L/C Borrowings, and, second, shall be made available to the applicable Borrower as provided above.

 

(c)            Except
as otherwise provided herein, a Term SOFR Loan or Alternative Currency Term Rate Loan may be continued or converted only on the last day
of an Interest Period for such Term SOFR Loan or Alternative Currency Term Rate Loan. During the existence of a Default, no Loans may
be requested as, converted to or continued, if applicable, as Term SOFR Loans, SOFR Daily Floating Rate Loans or Alternative Currency
Term Rate Loans without the consent of the Required Lenders, and the Required Lenders may demand that any or all of the then outstanding
Term SOFR Loans or Alternative Currency Term Rate Loans be prepaid, or redenominated into Dollars in the amount of the Dollar Equivalent
thereof, on the last day of the then current Interest Period with respect thereto.

 

(d)            The
Administrative Agent shall promptly notify the applicable Borrower and the Lenders of the interest rate applicable to any Interest Period
for Term SOFR Loans, SOFR Daily Floating Rate Loans or Alternative Currency Loans upon determination of such interest rate. At any time
that Base Rate Loans are outstanding, the Administrative Agent shall notify the applicable Borrower and the Lenders of any change in Bank
of America’s prime rate used in determining the Base Rate promptly following the public announcement of such change.

 

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(e)            After
giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of Committed
Loans as the same Type, there shall not be more than ten Interest Periods in effect with respect to Committed Loans.

 

(f)            Notwithstanding
anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all or a portion of its Loans in connection
with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless
settlement mechanism approved by the Company, the Administrative Agent, and such Lender.

 

(g)            With
respect to any Alternative Currency Daily Rate, Alternative Currency Term Rate, Term SOFR, SOFR Daily Floating Rate or 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; provided that, with respect to any such amendment effected, the Administrative
Agent shall post each such amendment implementing such Conforming Changes to the Borrowers and the Lenders reasonably promptly after such
amendment becomes effective

 

2.03            Letters
of Credit.

 

(a)            The
Letter of Credit Commitment.

 

(i)            Subject
to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth
in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter
of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of the Company or any Designated Borrower,
and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to
honor drawings under the Letters of Credit issued by it; and (B) the Lenders severally agree to participate in Letters of Credit
issued for the account of the Company or any Designated Borrower and any drawings thereunder; provided that after giving effect
to any L/C Credit Extension with respect to any Letter of Credit, (w) the Total Outstandings shall not exceed the Aggregate Commitments,
(x) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage
of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all
Swing Line Loans shall not exceed such Lender’s Commitment, (y) unless otherwise agreed by the applicable L/C Issuer, the aggregate
amount available to be drawn under all Letters of Credit issued by the applicable L/C Issuer issuing such Letter of Credit shall not exceed
such L/C Issuer’s Letter of Credit Sublimit and (z) the Outstanding Amount of the L/C Obligations shall not exceed the aggregate
Letter of Credit Sublimit. Each request by a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation
by such Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.
Within the foregoing limits, and subject to the terms and conditions hereof, the ability of the Borrowers to obtain Letters of Credit
shall be fully revolving, and accordingly the Company and any Designated Borrower may, during the foregoing period, obtain Letters of
Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall
be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions
hereof.

 

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(ii)            No
L/C Issuer shall issue any Letter of Credit, if:

 

(A)            subject
to Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve months after the
date of issuance or last extension, unless the Required Lenders have approved such expiry date;

 

(B)            the
expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Lenders have approved
such expiry date; or

 

(C)            such
Letter of Credit is to be denominated in a currency other than Dollars.

 

(iii)            No
L/C Issuer shall be under any obligation to issue any Letter of Credit if:

 

(A)            any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such L/C
Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or
not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or request that
such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose
upon such L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such L/C
Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any
unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such L/C Issuer in good faith deems
material to it;

 

(B)            the
issuance of such Letter of Credit would violate one or more policies of such L/C Issuer applicable to letters of credit generally;

 

(C)            except
as otherwise agreed by the Administrative Agent and such L/C Issuer, such Letter of Credit is in an initial face amount less than $500,000;

 

(D)            such
Letter of Credit contains any provisions for automatic reinstatement of the face amount after any drawing thereunder (an “Auto-Reinstatement
Letter of Credit”); or

 

(E)            any
Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements, including the delivery of Cash Collateral,
satisfactory to such L/C Issuer (in its sole discretion) with the Company or such Lender to eliminate such L/C Issuer’s actual or
potential Fronting Exposure (after giving effect to Section 2.17(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 such L/C
Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

 

    44 

     

    

 

(iv)            No
L/C Issuer shall amend any Letter of Credit issued by it if such L/C Issuer would not be permitted at such time to issue such Letter of
Credit in its amended form under the terms hereof.

 

(v)            No
L/C Issuer shall be under any obligation to amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such time
to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not
accept the proposed amendment to such Letter of Credit.

 

(vi)            Each
L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith,
and such L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX
with respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit issued by it or proposed
to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent”
as used in Article IX included such L/C Issuer with respect to such acts or omissions, and (B) as additionally provided
herein with respect to such L/C Issuer.

 

(b)            Procedures
for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

 

(i)            Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of a Borrower delivered to an L/C Issuer (with a copy
to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer
of such Borrower. Such Letter of Credit Application may be sent by United States mail, by overnight courier, by electronic transmission
using the system provided by such L/C Issuer, by personal delivery or by any other means acceptable to such L/C Issuer. Such Letter of
Credit Application must be received by such L/C Issuer and the Administrative Agent not later than 8:00 a.m. at least two Business
Days prior to the proposed issuance date or date of amendment, as the case may be, or such later date and time as the Administrative Agent
and such L/C Issuer may agree in a particular instance in their sole discretion. In the case of a request for an initial issuance of a
Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to such L/C Issuer: (A) the proposed
issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date
thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case
of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder;
(G) the purpose and nature of the requested Letter of Credit and (H) such other matters as such L/C Issuer may require. In the
case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail
satisfactory to such L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall
be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as such L/C Issuer may require. Additionally,
the applicable Borrower shall furnish to such L/C Issuer and the Administrative Agent such other documents and information pertaining
to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such L/C Issuer or the Administrative Agent
may require.

 

    45 

     

    

 

(ii)            Promptly
after receipt of any Letter of Credit Application, such L/C Issuer will confirm with the Administrative Agent (by telephone or in writing)
that the Administrative Agent has received a copy of such Letter of Credit Application from the applicable Borrower and, if not, such
L/C Issuer will provide the Administrative Agent with a copy thereof. Unless such L/C Issuer has received written notice from any Lender,
the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable
Letter of Credit, that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject
to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Company
(or the applicable Designated Borrower) or enter into the applicable amendment, as the case may be, in each case in accordance with such
L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be
deemed to, and hereby irrevocably and unconditionally agrees to, purchase from such L/C Issuer a risk participation in such Letter of
Credit in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of Credit.

 

(iii)            If
a Borrower so requests in any applicable Letter of Credit Application, such L/C Issuer may, in its sole and absolute discretion, agree
to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided
that any such Auto-Extension Letter of Credit must permit such L/C Issuer to prevent any such extension at least once in each twelve-month
period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than
a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter
of Credit is issued. Unless otherwise directed by such L/C Issuer, the applicable Borrower shall not be required to make a specific request
to such L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have
authorized (but may not require) such L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later
than the Letter of Credit Expiration Date; provided, however, that such L/C Issuer shall not permit any such extension if
(A) such L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter
of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of
Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before
the day that is five Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders
have elected not to permit such extension or (2) from the Administrative Agent, any Lender or the Company that one or more of the
applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing such L/C Issuer not
to permit such extension.

 

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(iv)            If
a Borrower so requests in any applicable Letter of Credit Application, an L/C Issuer may, in its sole and absolute discretion, agree to
issue a Letter of Credit that permits the automatic reinstatement of all or a portion of the face amount thereof after any drawing thereunder.
Unless otherwise directed by such L/C Issuer, the applicable Borrower shall not be required to make a specific request to such L/C Issuer
to permit such reinstatement. Once an Auto-Reinstatement Letter of Credit has been issued, except as provided in the following sentence,
the Lenders shall be deemed to have authorized (but may not require) such L/C Issuer to reinstate all or a portion of the face amount
thereof in accordance with the provisions of such Letter of Credit. Notwithstanding the foregoing, if such Auto-Reinstatement Letter of
Credit permits such L/C Issuer to decline to reinstate all or any portion of the face amount thereof after a drawing thereunder by giving
notice of such non-reinstatement within a specified number of days after such drawing (the “Non-Reinstatement Deadline”),
such L/C Issuer shall not permit such reinstatement if it has received a notice (which may be by telephone or in writing) on or before
the day that is five Business Days before the Non-Reinstatement Deadline (A) from the Administrative Agent that the Required Lenders
have elected not to permit such reinstatement or (B) from the Administrative Agent, any Lender or the Company that one or more of
the applicable conditions specified in Section 4.02 is not then satisfied (treating such reinstatement as an L/C Credit Extension
for purposes of this clause) and, in each case, directing such L/C Issuer not to permit such reinstatement.

 

(v)            Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the
beneficiary thereof, each L/C Issuer will also deliver to the applicable Borrower and the Administrative Agent a true and
complete copy of such Letter of Credit or amendment.

 

(c)            Drawings
and Reimbursements; Funding of Participations.

 

(i)            Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, each L/C Issuer shall notify
the applicable Borrower and the Administrative Agent thereof. Not later than 10:00 a.m. on the date of any payment by such L/C Issuer
under a Letter of Credit (each such date, an “Honor Date”), the applicable Borrower shall reimburse such L/C Issuer
through the Administrative Agent in an amount equal to the amount of such drawing and in Dollars. If the applicable Borrower fails to
so reimburse such L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender of the Honor Date, the amount of
the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof.
In such event, the applicable Borrower shall be deemed to have requested a Committed Borrowing of Base Rate Loans to be disbursed on the
Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02
for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Commitments and the
conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by such L/C Issuer
or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in
writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such
notice.

 

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(ii)            Each
Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative Agent may apply
Cash Collateral provided for this purpose) for the account of such L/C Issuer, in Dollars, at the Administrative Agent’s Office
for Dollar-denominated payments in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 11:30 a.m. on
the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii),
each Lender that so makes funds available shall be deemed to have made a Base Rate Committed Loan to the applicable Borrower in such amount.
The Administrative Agent shall remit the funds so received to such L/C Issuer.

 

(iii)            With
respect to any Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Loans because the conditions set
forth in Section 4.02 cannot be satisfied or for any other reason, the applicable Borrower shall be deemed to have incurred
from the applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing
shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Lender’s
payment to the Administrative Agent for the account of such L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed
payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of
its participation obligation under this Section 2.03.

 

(iv)            Until
each Lender funds its Committed Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the applicable
L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage
of such amount shall be solely for the account of such L/C Issuer.

 

(v)            Each
Lender’s obligation to make Committed Loans or L/C Advances to reimburse the applicable L/C Issuer for amounts drawn under Letters
of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance,
including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against such L/C Issuer, the
Company, any Subsidiary or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any
other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s
obligation to make Committed Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02
(other than delivery by the applicable Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise
impair the obligation of the applicable Borrower to reimburse the applicable L/C Issuer for the amount of any payment made by such L/C
Issuer under any Letter of Credit, together with interest as provided herein.

 

(vi)            If
any Lender fails to make available to the Administrative Agent for the account of the applicable L/C Issuer any amount required to be
paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii),
then, without limiting the other provisions of this Agreement, such L/C Issuer shall be entitled to recover from such 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 such L/C Issuer at a rate per annum equal to the applicable Overnight Rate from time
to time in effect, plus any administrative, processing or similar fees customarily charged by such L/C Issuer in connection with
the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s
Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be.
A certificate of such L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this
clause (vi) shall be conclusive absent manifest error.

 

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(d)            Repayment
of Participations.

 

(i)            At
any time after any L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s L/C Advance
in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of such
L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Company or otherwise,
including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will promptly distribute
to such Lender its Applicable Percentage thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time
during which such Lender’s L/C Advance was outstanding) in Dollars and in the same funds as those received by the Administrative
Agent.

 

(ii)            If
any payment received by the Administrative Agent for the account of such L/C Issuer pursuant to Section 2.03(c)(i) is
required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered
into by such L/C Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of such L/C Issuer its Applicable
Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount
is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of
the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

 

(e)            Obligations
Absolute. The obligation of the applicable Borrower to reimburse the applicable L/C Issuer for each drawing under each Letter of Credit
and to repay the L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms
of this Agreement under all circumstances, including the following:

 

(i)            any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

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(ii)            the
existence of any claim, counterclaim, setoff, defense or other right that the Company or any Subsidiary may have at any time against any
beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting),
such L/C Issuer 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)            any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient
in any respect or any statement therein being untrue or inaccurate in any respect; 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)            waiver
by such L/C Issuer of any requirement that exists for such L/C Issuer’s protection and not the protection of any Borrower or any
waiver by such L/C Issuer which does not in fact materially prejudice the Company;

 

(v)            any
payment by such L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with
the terms of such Letter of Credit;

 

(vi)            any
payment made by such L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession,
assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee
of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or

 

(vii)            any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might
otherwise constitute a defense available to, or a discharge of, the Company or any Subsidiary.

 

The applicable Borrower shall
promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of
noncompliance with the applicable Borrower’s instructions or other irregularity, such applicable Borrower will promptly notify such
L/C Issuer.

 

(f)            Role
of L/C Issuer. Each Lender and the applicable Borrower agree that, in paying any drawing under a Letter of Credit, no L/C Issuer shall
have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter
of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or
delivering any such document. Neither any L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent,
participant or assignee of such L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith
at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the
absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document
or instrument related to any Letter of Credit or Issuer Document. The applicable Borrower hereby assumes all risks of the acts or omissions
of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption
is not intended to, and shall not, preclude the Company or the applicable Borrower’s pursuing such rights and remedies as it may
have against the beneficiary or transferee at law or under any other agreement. Neither any L/C Issuer, the Administrative Agent, any
of their respective Related Parties nor any correspondent, participant or assignee of any L/C Issuer shall be liable or responsible for
any of the matters described in clauses (i) through (vii) of Section 2.03(e); provided, however,
that anything in such clauses to the contrary notwithstanding, the applicable Borrower may have a claim against such L/C Issuer, and such
L/C Issuer may be liable to the applicable Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential
or exemplary, damages suffered by the applicable Borrower which the applicable Borrower proves were caused by such L/C Issuer’s
willful misconduct or gross negligence or such L/C Issuer’s willful failure to pay under any Letter of Credit issued by it after
the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of
such Letter of Credit. In furtherance and not in limitation of the foregoing, such L/C Issuer may accept documents that appear on their
face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and such
L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer
or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid
or ineffective for any reason. Such L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via
the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other
commercially reasonable means of communicating with a beneficiary.

 

    50 

     

    

 

 

(g)            Applicability
of ISP and UCP; Limitation of Liability. Unless otherwise expressly agreed by the applicable L/C Issuer and the Company when a
Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the
ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of
Credit. Notwithstanding the foregoing, no L/C Issuer shall be responsible to any Borrower for, and no L/C Issuer’s rights and
remedies against any Borrower shall be impaired by, any action or inaction of such L/C Issuer 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 Law
or any order of a jurisdiction where such L/C Issuer 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 ICC Banking Commission, the Bankers
Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International
Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

 

(h)            Letter
of Credit Fees. The respective Borrower shall pay to the Administrative Agent for the account of each Lender in accordance, subject
to adjustment as provided in Section 2.17, with its Applicable Percentage, a Letter of Credit fee (the “Letter of
Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the actual daily maximum amount available to
be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit); provided,
however, any Letter of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to
which such Defaulting Lender has not provided Cash Collateral satisfactory to the applicable L/C Issuer pursuant to this Section 2.03
shall be payable, to the maximum extent permitted by applicable Law, to the other Lenders in accordance with the upward adjustments in
their respective Applicable Percentages allocable to such Letter of Credit pursuant to Section 2.17(a)(iv), with the balance
of such fee, if any, payable to such L/C Issuer for its own account. For purposes of computing the daily amount available to be drawn
under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.08. Letter
of Credit Fees shall be (i) computed on a quarterly basis in arrears and (ii) due and payable on the first Business Day after
the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter
of Credit, on the Letter of Credit Expiration Date and thereafter on demand. If there is any change in the Applicable Rate during any
quarter, the daily maximum amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable
Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary
contained herein, upon the request of the Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue
at the Default Rate.

 

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(i)            Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuer. The Company shall pay directly to each L/C Issuer, for its own
account a fronting fee (i) with respect to each commercial Letter of Credit issued by any applicable Borrower, a rate specified
in the Fee Letter (Joint), and payable upon the issuance thereof, (ii) with respect to any amendment of a commercial Letter of
Credit increasing the amount of such Letter of Credit, at a rate separately agreed between the Company and such L/C Issuer, payable
upon the effectiveness of such amendment, and (iii) with respect to each standby Letter of Credit at the rate per annum
specified in the Fee Letter (Joint), computed on the actual daily maximum amount available to be drawn under such Letter of Credit
(whether or not such maximum amount is then in effect under such Letter of Credit) and on a quarterly basis in arrears. Each such
fronting fee payable to the applicable L/C Issuer shall be due and payable on the first Business Day after the end of each March,
June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the
Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under
any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.08. In
addition, the Company shall pay directly to each L/C Issuer for its own account the customary issuance, presentation,
amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from
time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

 

(j)            Conflict
with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof
shall control.

 

(k)            Letters
of Credit Issued for Designated Borrowers. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of
any obligations of, or is for the account of, a Designated Borrower, each of the Company and such Designated Borrower, jointly and severally,
shall be obligated to reimburse each L/C Issuer hereunder for any and all drawings under such Letter of Credit. The Company hereby acknowledges
that the issuance of Letters of Credit for the account of Designated Borrowers inures to the benefit of the Company, and that the Company’s
business derives substantial benefits from the businesses of such Designated Borrowers.

 

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(l)            Letters
of Credit Reports. At any time that any Lender other than the Person serving as the Administrative Agent is an L/C Issuer, then (i) on
the last Business Day of each calendar month or within five Business Days thereof, (ii) on each date that a Letter of Credit is amended,
terminated or otherwise expires, (iii) on each date that an L/C Credit Extension occurs with respect to any Letter of Credit, and
(iv) upon the request of the Administrative Agent, each L/C Issuer (or, in the case of clause (ii), (iii) or (iv),
the applicable L/C Issuer) shall deliver to the Administrative Agent a Letter of Credit Report setting forth in form and detail reasonably
satisfactory to the Administrative Agent information (including, without limitation, any reimbursement, Cash Collateral, or termination
in respect of Letters of Credit issued by such L/C Issuer) with respect to each Letter of Credit issued by such L/C Issuer that is outstanding
hereunder. No failure on the part of any L/C Issuer to provide such information pursuant to this Section 2.03(l) shall
limit the obligation of the Borrowers or any applicable Lender hereunder with respect to its reimbursement and participation obligations,
respectively, pursuant to this Section 2.03.

 

2.04            Swing
Line Loans.

 

(a)            The
Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender agrees, in reliance upon the agreements
of the other Lenders set forth in this Section 2.04, to make loans in Dollars (each such loan, a “Swing Line
Loan”) to the Company from time to time on any Business Day during the Availability Period in an aggregate amount not to
exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when
aggregated with the Applicable Percentage of the Outstanding Amount of Committed Loans and L/C Obligations of the Lender acting as
Swing Line Lender may exceed the amount of such Lender’s Commitment; provided, however, that (i) after
giving effect to any Swing Line Loan, (x) the Total Outstandings shall not exceed the Aggregate Commitments and (y) the
aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the
Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all
Swing Line Loans shall not exceed such Lender’s Commitment, and (ii) the Swing Line Lender shall not be under any
obligation to make any such Swing Line Loan if any Lender is at such time a Defaulting Lender, unless the Swing Line Lender has
entered into arrangements, including the delivery of Cash Collateral, satisfactory to the Swing Line Lender (in its sole
discretion) with the Company or such Defaulting Lender to eliminate such Swing Line Lender’s actual or potential Fronting
Exposure (after giving effect to Section 2.17(a)(iv)) with respect to the Defaulting Lender arising from either the
Swing Line Loan then proposed to be made or that Swing Line Loan and all other Swing Line Loans then outstanding as to which the
Swing Line Lender has actual or potential Fronting Exposure, as it may elect in its sole discretion, and provided, further,
that the Company shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Within the
foregoing limits, and subject to the other terms and conditions hereof, the Company may borrow under this Section 2.04,
prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing Line Loan shall be a Base Rate
Loan. Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of
such Lender’s Applicable Percentage times the amount of such Swing Line Loan.

 

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(b)            Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the Company’s irrevocable notice to the Swing Line Lender and the Administrative
Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later
than 11:00 a.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of
$1,000,000, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be confirmed promptly
by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice. Promptly after receipt by the Swing
Line Lender of any Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing)
that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative
Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing)
from the Administrative Agent (including at the request of any Lender) prior to 12:00 p.m. on the date of the proposed Swing Line
Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first
proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV
is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 1:00 p.m. on
the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Company at its office
by crediting the account of the Company on the books of the Swing Line Lender in Same Day Funds.

 

(c)            Refinancing
of Swing Line Loans.

 

(i)            The
Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Company (which hereby irrevocably
authorizes the Swing Line Lender to so request on its behalf), that each Lender make a Base Rate Committed Loan in an amount equal
to such Lender’s Applicable Percentage of the amount of Swing Line Loans then outstanding. Such request shall be made in
writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the
requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of
Base Rate Loans, but subject to the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02.
The Swing Line Lender shall furnish the Company with a copy of the applicable Committed Loan Notice promptly after delivering
such notice to the Administrative Agent. Each Lender shall make an amount equal to its Applicable Percentage of the amount specified
in such Committed Loan Notice available to the Administrative Agent in Same Day Funds (and the Administrative Agent may apply Cash
Collateral available with respect to the applicable Swing Line Loan) for the account of the Swing Line Lender at the Administrative
Agent’s Office for Dollar-denominated payments not later than 10:00 a.m. on the day specified in such Committed
Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Lender that so makes funds available shall be deemed to
have made a Base Rate Committed Loan to the Company in such amount. The Administrative Agent shall remit the funds so received to
the Swing Line Lender.

 

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(ii)            If
for any reason any Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i),
the request for Base Rate Committed Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the
Swing Line Lender that each of the Lenders fund its risk participation in the relevant Swing Line Loan and each Lender’s payment
to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed payment
in respect of such participation.

 

(iii)            If
any Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required to be paid
by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i),
the Swing Line Lender shall be entitled to recover from such 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 Swing Line Lender at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative
processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Lender pays such amount
(with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant
Committed Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line Lender
submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall
be conclusive absent manifest error.

 

(iv)            Each
Lender’s obligation to make Committed Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall
be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment,
defense or other right which such Lender may have against the Swing Line Lender, the Company or any other Person for any reason whatsoever,
(B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any
of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c) is
subject to the conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair
the obligation of the Company to repay Swing Line Loans, together with interest as provided herein.

 

(d)            Repayment
of Participations.

 

(i)            At
any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives any payment
on account of such Swing Line Loan, the Swing Line Lender will promptly distribute to such Lender its Applicable Percentage of such payment
(appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s risk participation
was funded) in the same funds as those received by the Swing Line Lender.

 

(ii)            If
any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned by
the Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered
into by the Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender its Applicable Percentage thereof on
demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at
a rate per annum equal to the applicable Overnight Rate. The Administrative Agent will make such demand upon the request of the Swing
Line Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination
of this Agreement.

 

    55 

     

    

 

(e)            Interest
for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Company for interest on the Swing Line
Loans. Until each Lender funds its Base Rate Committed Loan or risk participation pursuant to this Section 2.04 to refinance
such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for
the account of the Swing Line Lender.

 

(f)            Payments
Directly to Swing Line Lender. The Company shall make all payments of principal and interest in respect of the Swing Line Loans directly
to the Swing Line Lender.

 

2.05            Prepayments.
(a) Each Borrower may, upon notice from the Company to the Administrative Agent, at any time or from time to time voluntarily
prepay Committed Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by
the Administrative Agent not later than 8:00 a.m. (A) two Business Days prior to any date of prepayment of Term
SOFR Loans, (B) four Business Days (or five, in the case of prepayment of Loans denominated in Special Notice Currencies) prior
to any date of prepayment of Alternative Currency Loans, (C) one Business Day prior to any date of prepayment of SOFR Daily
Floating Rate Loans, or (D) on the date of prepayment of Base Rate Committed Loans and (ii) any prepayment of Committed
Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof or, if less, the entire
principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the
Type(s) of Committed Loans to be prepaid and, if Term SOFR Loans or Alternative Currency Term Rate Loans are to be prepaid, the
Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice,
and of the amount of such Lender’s Applicable Percentage (or other applicable share as provided herein) of such prepayment. If
such notice is given by the Company, the applicable Borrower shall make such prepayment and the payment amount specified in such
notice shall be due and payable on the date specified therein. Any prepayment of a Term SOFR Loan or Alternative Currency Term Rate
Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required
pursuant to Section 3.05. Subject to Section 2.17, each such prepayment shall be applied to the Committed
Loans of the Lenders in accordance with their respective Applicable Percentages.

  

(b)            The
Company may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time, voluntarily
prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by
the Swing Line Lender and the Administrative Agent not later than 10:00 a.m. on the date of the prepayment, and (ii) any such
prepayment shall be in a minimum principal amount of $1,000,000, or, if less, the entire principal amount thereof then outstanding. Each
such notice shall specify the date and amount of such prepayment. If such notice is given by the Company, the Company shall make such
prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.

 

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(c)            If
the Administrative Agent notifies the Company at any time that the Total Outstandings at such time exceed an amount equal to 102% of the
Aggregate Commitments then in effect, then, within two Business Days after receipt of such notice, the Borrowers shall prepay Loans and/or
the Company shall Cash Collateralize the L/C Obligations in an aggregate amount sufficient to reduce such Outstanding Amount as of such
date of payment to an amount not to exceed 100% of the Aggregate Commitments then in effect; provided, however, that, subject
to the provisions of Section 2.16(a)(ii), the Company shall not be required to Cash Collateralize the L/C Obligations pursuant
to this Section 2.05(c) unless after the prepayment in full of the Loans the Total Outstandings exceed the Aggregate
Commitments then in effect. The Administrative Agent may, at any time and from time to time after the initial deposit of such Cash Collateral,
request that additional Cash Collateral be provided in order to protect against the results of further exchange rate fluctuations.

 

(d)            If
the Administrative Agent notifies the Company at any time that (i) the Outstanding Amount of all Loans denominated in Alternative
Currencies (other than Euros and Sterling) at such time exceeds an amount equal to 102% of the Alternative Currency Sublimit then in effect,
or (ii) the aggregate Outstanding Amount of all Loans exceeds an amount equal to 102% of the Aggregate Commitments then in effect,
then, within four Business Days after receipt of such notice, the Borrowers shall prepay Loans in an aggregate amount sufficient to reduce
such Outstanding Amount as of such date of payment to an amount not to exceed 100% of the Alternative Currency Sublimit then in effect.

 

2.06            Termination
or Reduction of Commitments. The Company may, upon notice to the Administrative Agent,
terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that
(a) any such notice shall be received by the Administrative Agent not later than 8:00 a.m. five Business Days prior to the
date of termination or reduction, (b) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole
multiple of $1,000,000 in excess thereof, (c) the Company shall not terminate or reduce the Aggregate Commitments if, after
giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments,
and (d) if, after giving effect to any reduction of the Aggregate Commitments, the Alternative Currency Sublimit, the Letter of
Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Commitments, such Sublimit shall be
automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of
termination or reduction of the Aggregate Commitments. The amount of any such Aggregate Commitment reduction shall not be applied to
the Alternative Currency Sublimit or the Letter of Credit Sublimit unless otherwise specified by the Company. Any reduction of the
Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued
until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such
termination.

 

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2.07            Repayment
of Loans.  (a) Each Borrower shall repay to the Lenders on the Maturity Date the aggregate
principal amount of Committed Loans made to such Borrower outstanding on such date.

 

(b)            The
Company shall repay each Swing Line Loan on the earlier to occur of (i) the date 10 days after such Loan is made and (ii) the
Maturity Date.

 

2.08            Interest.
 (a) Subject to the provisions of subsection (b) below, (i) each Term SOFR
Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Term SOFR
for such Interest Period plus the Applicable Rate; (ii) each Alternative Currency Term Rate Loan shall bear interest on the
outstanding principal amount thereof for each Interest Period at a rate per annum equal to the applicable Alternative Currency Term Rate
for such Interest Period plus the Applicable Rate; (iii) each Alternative Currency Daily Rate Loan shall bear interest on
the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Alternative Currency Daily Rate for
such Interest Period plus the Applicable Rate; (iv) each Base Rate Committed Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate; (v) each
SOFR Daily Floating Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a
rate per annum equal to the SOFR Daily Floating Rate plus the Applicable Rate and (vi) each Swing Line Loan shall bear interest
on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus
the Applicable Rate with respect to Base Rate Loans.

 

(b)           (i) If
any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity,
by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal
to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)            Upon
the request of the Required Lenders, while any Event of Default under Section 8.01(a), (f) or (g) exists,
the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum
at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iii)            Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

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

 

(d)            For
the purposes of the Interest Act (Canada), to the extent it may be applicable, (i) whenever a rate of interest or fee rate hereunder
is calculated on the basis of a year (the “deemed year”) that contains fewer days than the actual number of days in the calendar
year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee
rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii) the
principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and (iii) the rates of interest
stipulated herein are intended to be nominal rates and not effective rates or yields.

 

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2.09            Fees.
In addition to certain fees described in subsections (h) and (i) of Section 2.03:

 

(a)            Facility
Fee. The Company shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage,
a facility fee in Dollars equal to the Applicable Rate times the actual daily amount of the Aggregate Commitments (or, if the Aggregate
Commitments have terminated, on the Outstanding Amount of all Committed Loans, Swing Line Loans and L/C Obligations), regardless of usage,
subject to adjustment as provided in Section 2.17. The facility fee shall accrue at all times during the Availability Period
(and thereafter so long as any Committed Loans, Swing Line Loans or L/C Obligations remain outstanding), including at any time during
which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last
Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and
on the last day of the Availability Period (and, if applicable, thereafter on demand). The facility fee shall be calculated quarterly
in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied
by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

 

(b)            Other
Fees. (i) The Company shall pay to the Arrangers and the Administrative Agent for their own respective accounts, in Dollars,
fees in the amounts and at the times specified in each applicable Fee Letter. Such fees shall be fully earned when paid and shall not
be refundable for any reason whatsoever.

 

(ii)            The
Company shall pay to the Lenders, in Dollars, such fees as shall have been separately agreed upon in writing in the amounts and at the
times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

2.10            Computation
of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate
Loans determined by reference to Term SOFR) and for Committed Loans denominated in Alternative Currencies (other than Alternative
Currency Loans determined by reference to EURIBOR) 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, including those with respect to Alternative Currency Loans
determined by reference to EURIBOR, shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees
or interest, as applicable, being paid than if computed on the basis of a 365-day year), or, in the case of interest in respect of
Committed Loans denominated in Alternative Currencies as to which market practice differs from the foregoing, in accordance
with such market practice. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan,
or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the
same day on which it is made shall, subject to Section 2.12(a), bear interest for one day. Each determination by the
Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest
error.

 

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2.11            Evidence
of Debt. (a) The Credit Extensions made by each Lender shall be evidenced by one or more
accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records
maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions
made by the Lenders to the Borrowers 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 Borrowers hereunder to pay any amount owing with respect to the Obligations.
In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative
Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.
Upon the request of any Lender to a Borrower made through the Administrative Agent, such Borrower shall execute and deliver to such Lender
(through the Administrative Agent) a Note, which shall evidence such Lender’s Loans to such Borrower in addition to such accounts
or records. Each Lender may attach schedules to a Note and endorse thereon the date, Type (if applicable), amount, currency and maturity
of its Loans and payments with respect thereto.

 

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

 

2.12            Payments
Generally; Administrative Agent’s Clawback. (a) General. All payments to
be made by the Borrowers shall be made free and clear of and without condition or deduction for any counterclaim, defense,
recoupment or setoff. Except as otherwise expressly provided herein and except with respect to principal of and interest on Loans
denominated in an Alternative Currency, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the
account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office in Dollars
and in Same Day Funds not later than 11:00 a.m. on the date specified herein. Except as otherwise expressly provided herein,
all payments by the Borrowers hereunder with respect to principal and interest on Loans denominated in an Alternative Currency shall
be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable
Administrative Agent’s Office in such Alternative Currency and in Same Day Funds not later than the Applicable Time specified
by the Administrative Agent on the dates specified herein. Without limiting the generality of the foregoing, the Administrative
Agent may require that any payments due under this Agreement be made in the United States. If, for any reason, any Borrower is
prohibited by any Law from making any required payment hereunder in an Alternative Currency, such Borrower shall make such payment
in Dollars in the Dollar Equivalent of the Alternative Currency payment amount. The Administrative Agent will promptly
distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as
received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent (i) after
11:00 a.m., in the case of payments in Dollars, or (ii) after the Applicable Time specified by the Administrative Agent in the
case of payments in an Alternative Currency, shall in each case be deemed received on the next succeeding Business Day and any
applicable interest or fee shall continue to accrue. If any payment to be made by any Borrower shall come due on a day other than a
Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing
interest or fees, as the case may be.

 

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(b)            (i) 
Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender
prior to the proposed date of any Committed Borrowing (or, in the case of any Committed Borrowing of Base Rate Loans requested on the
same day that the applicable Committed Loan Notice is delivered, by 9:00 a.m. on the date of such Committed Borrowing) that such
Lender will not make available to the Administrative Agent such Lender’s share of such Committed Borrowing, the Administrative Agent
may assume that such Lender has made such share available on such date in accordance with Section 2.02 and may, in reliance
upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made
its share of the applicable Committed Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in Same Day Funds with interest thereon,
for each day from and including the date such amount is made available to such 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, plus any administrative, processing
or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment
to be made by such Borrower, the interest rate applicable to Base Rate Loans. If such 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 such Borrower the
amount of such interest paid by such Borrower for such period. If such Lender pays its share of the applicable Committed Borrowing to
the Administrative Agent, then the amount so paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing.
Any payment by such Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to
make such payment to the Administrative Agent.

 

(ii)   Payments
by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a Borrower prior
to the date on which any payment is due to the Administrative Agent for the account of the Lenders or any L/C Issuer hereunder that such
Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders or such L/C Issuer, as the case may be, the amount due.

 

With respect
to any payment that the Administrative Agent makes for the account of the Lenders or any L/C Issuer hereunder as to which the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies
(such payment referred to as the “Rescindable Amount”): (1) the applicable Borrower has not in fact made
such payment; (2) the Administrative Agent has made a payment in excess of the amount so paid by such Borrower (whether or not
then owed); or (3) the Administrative agent has for any reason otherwise erroneously made such payment; then each of the
Lenders or the applicable L/C Issuers, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand
the Rescindable Amount so distributed to such Lender or such L/C Issuer, in Same Day Funds with interest thereon, for each day from
and including the date such amount is distributed to it to but excluding the date of payment to 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.

 

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

 

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

 

(d)            Obligations
of Lenders Several. The obligations of the Lenders hereunder to make Committed Loans, to fund participations in Letters of Credit
and Swing Line Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any
Lender to make any Committed Loan, to fund any such participation or to make any payment under Section 10.04(c) on any
date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall
be responsible for the failure of any other Lender to so make its Committed Loan, to purchase its participation or to make its payment
under Section 10.04(c).

 

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

 

2.13            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 the Committed Loans made by it, or the participations
in L/C Obligations or in Swing Line Loans held by it resulting in such Lender’s receiving payment of a proportion of the aggregate
amount of such Committed Loans or participations and accrued interest thereon 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 Committed Loans and subparticipations in L/C Obligations and Swing Line Loans 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 Committed Loans and other amounts owing
them, provided that:

 

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

 

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(ii)            the
provisions of this Section 2.13 shall not be construed to apply to (x) any payment made by a 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), (y) the application of Cash Collateral provided for in Section 2.16, or (z) any payment obtained by a Lender
as consideration for the assignment of or sale of a participation in any of its Committed Loans or subparticipations in L/C Obligations
or Swing Line Loans to any assignee or participant, other than an assignment to the Company or any Subsidiary thereof (as to which the
provisions of this Section shall apply).

 

Each Loan 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 such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if
such Lender were a direct creditor of such Loan Party in the amount of such participation.

 

2.14            Designated
Borrowers. (a) The Company may at any time, upon not less than 15 Business Days’
notice from the Company to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent in its sole
discretion), designate any additional direct or indirect, wholly-owned Subsidiary of the Company acceptable to the Administrative
Agent, in its reasonable discretion, as a Designated Borrower (an “Applicant Borrower”) to receive Loans and
request Letters of Credit hereunder by delivering to the Administrative Agent (which shall promptly deliver counterparts thereof to
each Lender) a duly executed notice and agreement in substantially the form of Exhibit G (a “Designated
Borrower Request and Assumption Agreement”). The parties hereto acknowledge and agree that prior to any Applicant Borrower
becoming entitled to utilize the credit facilities provided for herein the Administrative Agent and the Lenders shall have received
such supporting resolutions, incumbency certificates, opinions of counsel and other documents or information, in form and content
reasonably satisfactory to the Administrative Agent, as may be required by the Administrative Agent or any Lender in its sole
discretion (including such documents and other information as the Administrative Agent or any Lender may reasonably request in order
to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and
regulations and with the Beneficial Ownership Regulations, if applicable), and Notes signed by such new Borrowers to the extent any
Lenders so require. If the Administrative Agent agrees that an Applicant Borrower shall be entitled to receive Loans and to request
Letters of Credit hereunder, then promptly following receipt of all such requested resolutions, incumbency certificates, opinions of
counsel and other documents or information, the Administrative Agent shall send a notice in substantially the form of Exhibit H
(a “Designated Borrower Notice”) to the Company and the Lenders specifying the effective date upon which the
Applicant Borrower shall constitute a Designated Borrower for purposes hereof, whereupon each of the Lenders agrees to permit such
Designated Borrower to receive Loans and to request Letters of Credit hereunder, on the terms and conditions set forth herein,
except to the extent (i) it is unlawful for any such Lender to do so, (ii) any Governmental Authority has asserted that it
is unlawful for any Lender to do so or (iii) any Lender has determined in good faith that it is unlawful to do so (any
such Lender described in the above clauses (i) through (iii), a “Restricted Lender”), and each
of the parties agrees that such Designated Borrower otherwise shall be a Borrower for all purposes of this Agreement; provided (x) that
no Committed Loan Notice or Letter of Credit Application may be submitted by or on behalf of such Designated Borrower until the date
five Business Days after such effective date; and (y) such Applicant shall, as a condition precedent to becoming a Designated
Borrower, cause, at its sole cost and expense, such local counsel opinions to be delivered to the Administrative Agent in the form
attached hereto as Exhibit K or such other form and substance as is reasonably acceptable to the Administrative Agent
and from counsel satisfactory to the Administrative Agent (a “Foreign Obligor Opinion”); provided, that
such opinion shall only constitute a condition precedent to designation as a Designated Borrower if Borrowings in Alternative
Currencies to be made available to such Designated Borrower, if so designated, would exceed the Alternative Currency Equivalent of
(i) $50,000,000 or (ii) when aggregated with Borrowings in Alternative Currencies made available to other Designated
Borrowers hereunder, $75,000,000. Each Subsidiary that is or becomes a Designated Borrower pursuant to this Section 2.14
shall at all times remain a direct or indirect, wholly-owned Subsidiary of the Company for so long as such Person is a Designated
Borrower. No Lender that is a Restricted Lender with respect to any Designated Borrower shall be obligated to fund a Loan or any
portion thereof to such Designated Borrower. Notwithstanding the foregoing, any Loans previously funded by such Restricted Lender to
such Designated Borrower or Letters of Credit issued by such Restricted Lender on behalf of such Designated Borrower shall remain
outstanding and be repaid or drawn upon, as applicable, in accordance with the terms hereof unless required by applicable Law, with
respect to any such Loans, to be repaid at an earlier time, in which case the applicable Loan or Loans shall be repaid at the time
required by applicable Law or, with respect to any such Letters of Credit, required to be terminated or drawn upon, in which case
the applicable Letter of Credit shall be terminated or drawn upon, as the case may be, at the time required by applicable Law. Each
Designated Borrower shall be permitted to request Credit Extensions in the form of Borrowings and L/C Credit Extensions in
accordance with the terms of this Agreement.

 

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(b)            The
Obligations of all Designated Borrowers shall be several in nature with respect to the repayment of principal and interest, letter of
credit fronting fees, and reimbursement and other similar obligations with respect to only the Borrowings made by, and Letters of Credit
issued on behalf of, such Designated Borrower, provided, that (i) the foregoing shall not limit the unconditional and irrevocable
obligation of the Company with respect thereto pursuant to the Guaranty, and (ii) all of the Borrowers shall be responsible, jointly
and severally, for facility fees, indemnification obligations, reimbursement of costs and other similar obligations hereunder.

 

(c)            Each
Subsidiary of the Company that is or becomes a Designated Borrower pursuant to this Section 2.14 hereby irrevocably
appoints the Company as its agent for all purposes relevant to this Agreement and each of the other Loan Documents, including
(i) the giving and receipt of notices, (ii) the execution and delivery of all documents, instruments and certificates
contemplated herein and all modifications hereto, and (iii) the receipt of the proceeds of any Loans made by the Lenders, to
any such Designated Borrower hereunder. Any acknowledgment, consent, direction, certification or other action which might otherwise
be valid or effective only if given or taken by all Borrowers, or by each Borrower acting singly, shall be valid and effective if
given or taken only by the Company, whether or not any such other Borrower joins therein. Any notice, demand, consent,
acknowledgement, direction, certification or other communication delivered to the Company in accordance with the terms of
this Agreement shall be deemed to have been delivered to each Designated Borrower.

 

(d)            The
Company may from time to time, upon not less than 10 Business Days’ notice from the Company to the Administrative Agent (or such
shorter period as may be agreed by the Administrative Agent in its sole discretion), terminate a Designated Borrower’s status as
such, provided that there are no outstanding Loans payable by such Designated Borrower, or other amounts payable by such Designated
Borrower on account of any Loans made to it, as of the effective date of such termination. The Administrative Agent will promptly notify
the Lenders of any such termination of a Designated Borrower’s status.

 

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2.15            Optional
Increase in Commitments.

 

(a)            Proposal
of Increase. Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders),
the Company may, from time to time, propose an increase in the Aggregate Commitments by an amount (for all such requests) not exceeding
$250,000,000 in the aggregate (“Maximum Aggregate Commitment Increase”); provided that (i) the Borrowers
shall inform existing Lenders of such proposed increase and existing Lenders may offer to commit to such increased amount and (ii) no
such increase in the Aggregate Commitments shall increase the Letter of Credit Sublimit, the Swing Line Sublimit or the Alternative Currency
Sublimit; provided further, however, that neither the Administrative Agent nor the Borrowers shall be required to accept
any such offer from any existing Lender; provided, further, that the Borrowers may also allow any other Person or Persons
that constitute Eligible Assignees to offer to commit to such increased amount; provided, further, that any such Person
(other than an existing Lender) that commits to any part of such increase shall be approved by the Administrative Agent, the L/C Issuers,
the Swing Line Lender and the Company (which approvals, in each case, shall not be unreasonably withheld or delayed). At the time of sending
such notice, the Company (in consultation with the Administrative Agent) shall specify the time period within which each existing Lender
and each other Person 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 Lenders).

 

(b)            Lender
Offers to Increase. Each Lender shall notify the Administrative Agent within such time period whether or not it offers to increase
its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such requested increase.
Any Lender not responding within such time period shall be deemed to have declined to offer to increase its Commitment.

 

(c)            Notification
by Administrative Agent. The Administrative Agent shall promptly notify the Company of the Lenders’ responses to each request
made hereunder.

 

(d)            Effective
Date and Allocations. If the Aggregate Commitments are increased in accordance with this Section, the Administrative Agent and the
Company shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase
(which allocation may or may not include any of the existing Lenders that have offered to increase their Commitments). The Administrative
Agent shall promptly notify the Company and the Lenders of the final allocation of such increase and the Increase Effective Date.

 

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(e)            Conditions
to Effectiveness of Increase. As a condition precedent to such increase,

 

(i)            the
Company shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient
copies for each Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching the resolutions adopted by
such Loan Party approving or consenting to such increase, and (B) in the case of the Company, certifying that, before and after giving
effect to such increase, (1) the representations and warranties contained in Article V and the other Loan Documents are
true and correct on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Section 2.15,
the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed
to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01,
and (2) no Default exists;

 

(ii)            each
Person (other than an existing Lender) that will (in accordance with the allocation described in clause (d) above) commit
to any of such increase shall deliver to the Administrative Agent a joinder agreement in form and substance satisfactory to the Administrative
Agent and its counsel, whereby such Person shall agree to be bound by this Credit Agreement as a Lender;

 

(iii)            at
least five days prior to the Increase Effective Date, any Borrower that qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation shall deliver a Beneficial Ownership Certification in relation to such Borrower to each Lender that so requests at
least 10 days prior to the Increase Effective Date; and

 

(iv)            upon
the reasonable request of any Lender made at least 10 days prior to the Increase Effective Date, the Borrowers shall have provided to
such Lender the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering
rules and regulations, including, without limitation, the PATRIOT Act, in each case at least five days prior to the Increase Effective
Date.

 

The Borrowers shall prepay any Committed Loans
outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the extent
necessary to keep the outstanding Committed Loans ratable with any revised Applicable Percentages arising from any nonratable increase
in the Commitments under this Section.

 

(f)            Conflicting
Provisions. This Section shall supersede any provisions in Section 2.13 or 10.01 to the contrary.

 

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2.16            Cash
Collateral.

 

(a)            Certain
Credit Support Events. (i) Upon the request of the Administrative Agent or any L/C Issuer (A) if such L/C Issuer has
honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or
(B) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Company shall,
in each case, within two Business Days following receipt of a written request of the Administrative Agent or such L/C Issuer,
Cash Collateralize the then Outstanding Amount of all L/C Obligations.

 

(ii)            At
any time that there shall exist a Defaulting Lender, within two Business Days following receipt of a written request of the Administrative
Agent, any L/C Issuer or the Swing Line Lender, the Company shall deliver to the Administrative Agent Cash Collateral in an amount sufficient
to cover all Fronting Exposure of such L/C Issuer or the Swing Line Lender, as applicable, with respect to the Defaulting Lender (after
giving effect to Section 2.17(a)(iv) and any Cash Collateral provided by the Defaulting Lender). Subject to Section 10.20,
no such delivery by the Company shall constitute a waiver or release of any claim by any Borrower against a Defaulting Lender arising
from that Lender having become a Defaulting Lender.

 

(iii)            In
addition, if the Administrative Agent notifies the Company in writing at any time that the Outstanding Amount of all L/C Obligations at
such time exceeds 102% of the Letter of Credit Sublimit then in effect, then, within two Business Days after receipt of such notice, the
Company shall Cash Collateralize the L/C Obligations in an amount equal to the amount by which the Outstanding Amount of all L/C Obligations
exceeds the Letter of Credit Sublimit.

 

(b)            Grant
of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained
in blocked, interest-bearing deposit accounts at Bank of America. The Company, and to the extent provided by any Lender, such Lender,
hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuers
and the Lenders (including the Swing Line Lender), and agrees to maintain, a first priority security interest in all such cash, deposit
accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing,
all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.16(c). 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 as herein provided, or that the total amount of such Cash Collateral is less than the Fronting Exposure and other obligations secured
thereby (including by reason of exchange rate fluctuations), the Company or the relevant Defaulting Lender 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.

 

(c)            Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.16
or Sections 2.03, 2.04, 2.05, 2.17 or 8.02 in respect of Letters of Credit or Swing Line Loans shall
be held and applied to the satisfaction of the specific L/C Obligations, Swing Line Loans, obligations to fund participations therein
(including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for
which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

 

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(d)            Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce the applicable Fronting Exposure or to secure other
obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations
giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate,
its assignee following compliance with Section 10.06(b)(vi))) or (ii) the good faith determination by the
Administrative Agent and any L/C Issuer that there exists excess Cash Collateral; provided, however, (x) that Cash
Collateral furnished by or on behalf of a Loan Party shall not be released during the continuance of a Default or Event of Default
(and following application as provided in this Section 2.16 may be otherwise applied in accordance with Section 8.03),
and (y) the Person providing Cash Collateral and such L/C Issuer or Swing Line Lender, as applicable, may agree that Cash
Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.

 

2.17            Defaulting
Lenders.

 

(a)            Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time
as that Lender is no longer a Defaulting Lender or is replaced pursuant to Section 10.13, to the extent permitted by applicable
Law:

 

(i)            Waivers
and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in Section 10.01.

 

(ii)            Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of
that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise, and
including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section 10.08)
(excluding Cash Collateral), 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 that Defaulting Lender to the Administrative Agent hereunder; second, to the payment
on a pro rata basis of any amounts owing by that Defaulting Lender to any L/C Issuer or the Swing Line Lender hereunder; third,
to Cash Collateralize each L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.16; fourth,
as the Company may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which that
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth,
if so determined by the Administrative Agent and the Company, to be held in a non-interest bearing deposit account and released pro
rata in order to (x) satisfy obligations of that Defaulting Lender to fund Loans under this Agreement and (y) Cash
Collateralize any L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters
of Credit issued under this Agreement, in accordance with Section 2.16; sixth, to the payment of any amounts
owing to the Lenders, the L/C Issuers or the Swing Line Lender as a result of any judgment of a court of competent jurisdiction
obtained by any Lender, any L/C Issuer or the Swing Line Lender against that Defaulting Lender as a result of that Defaulting
Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to
the payment of any amounts owing to the Company as a result of any judgment of a court of competent jurisdiction obtained by the
Company against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement;
and eighth, to that Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of
any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such
Loans or L/C Borrowings were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02
were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, such Defaulting Lender
until such time as all Loans and funded and unfunded participations in L/C Obligations and Swing Line Loans are held by the Lenders
pro rata in accordance with the Commitments hereunder without giving effect to Section 2.17(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 2.17(a)(ii) shall be deemed paid to and redirected by
that Defaulting Lender, and each Lender irrevocably consents hereto.

 

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(iii)            Certain
Fees. That Defaulting Lender (x) shall be entitled to receive any facility fee pursuant to Section 2.09(a) for
any period during which that Lender is a Defaulting Lender only to extent allocable to the sum of (1) the Outstanding Amount of the
Committed Loans funded by it and (2) its Applicable Percentage of the stated amount of Letters of Credit and Swing Line Loans for
which it has provided Cash Collateral pursuant to Section 2.03, Section 2.04, Section 2.16, or Section 2.17(a)(ii),
as applicable (and the Company shall (A) be required to pay to an L/C Issuer and the Swing Line Lender, as applicable, the amount
of such fee allocable to its Fronting Exposure arising from that Defaulting Lender and (B) not be required to pay the remaining amount
of such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall be limited in its
right to receive Letter of Credit Fees as provided in Section 2.03(h).

 

(iv)            Reallocation
of Applicable Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations
and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages
(calculated without regard to such Defaulting Lender’s 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 Commitment. Subject
to Section 10.20, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against
a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result
of such Non-Defaulting Lender’s increased exposure following such reallocation.

  

(v)            Cash
Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (a)(iv) above cannot, or can only partially,
be effected, the Company shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, (x) first,
prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize
the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.17.

 

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(b)            Defaulting
Lender Cure. If the Company, the Administrative Agent, Swing Line Lender and the L/C Issuers
agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative
Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set
forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase
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 Committed Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held
on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to Section 2.17(a)(iv)),
whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees
accrued or payments made by or on behalf of the Company while that Lender was a Defaulting Lender; and provided, further, that except
to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute
a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

ARTICLE III.

TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.01            Taxes.

 

(a)            Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

(i)            Any
and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding
for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the Administrative
Agent) require the deduction or withholding of any Tax from any such payment by the Administrative Agent or a Loan Party, then the Administrative
Agent or such Loan Party shall be entitled to make such deduction or withholding, upon the basis of the information and documentation
to be delivered pursuant to subsection (e) below.

 

(ii)            If
any Loan Party or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including United States withholding
taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative
Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the
Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the
Code, and (C) to the extent such withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable
Loan Party shall be increased as necessary so that after such required withholding or the making of such required deductions (including
deductions applicable to additional sums payable under this Section 3.01(a)(ii)) the applicable Recipient receives an amount
equal to the sum it would have received had no such withholding or deduction been made.

 

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(iii)            If
any Loan Party or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct any Taxes
from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make such deductions
as are determined by it to be required based upon the information and documentation it has received pursuant to subsection (e) below,
(B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount so withheld
or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that such withholding or deduction
is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after such
required withholding or the making of such required deductions (including deductions applicable to additional sums payable under this
Section 3.01(a)(iii)) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding
or deduction been made.

 

(b)            Payment
of Other Taxes by the Borrowers. Without limiting the provisions of subsection (a) above, each Borrower 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.

 

(c)            Tax
Indemnifications.

 

(i)            Without
limiting the provisions of subsection (a) or (b) above, each Borrower shall, and does hereby, jointly and severally
indemnify each Recipient and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified
Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable
or paid by such Recipient or required to be withheld or deducted from payment to such Recipient, and any penalties, interest and 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 Company by a Lender
or an L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender
or an L/C Issuer, shall be conclusive absent manifest error. Each Borrower shall, and does hereby, jointly and severally indemnify the
Administrative Agent, and shall make payment in respect thereof within 10 days after such Borrower’s receipt of such certificate,
showing the amount of the payment requested, for any amount which a Lender or an L/C Issuer for any reason fails to pay indefeasibly to
the Administrative Agent as required pursuant to Section 3.01(c)(ii) below.

 

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(ii)            Each
Lender and each L/C Issuer shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days
after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender or such L/C
Issuer (but only to the extent that any Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and
without limiting the obligation of the Borrowers to do so), (y) the Administrative Agent and the Borrowers, as applicable,
against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.06(e) relating
to the maintenance of a Participant Register and (z) the Administrative Agent and the Borrowers, as applicable, against any
Excluded Taxes attributable to such Lender or such L/C Issuer, in each case, that are payable or paid by the Administrative Agent or
a Borrower 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 and each L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to
such Lender or such L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the
Administrative Agent under this clause (ii).

 

(iii)            Each
Lender and each L/C Issuer shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after
demand therefor, any Borrower for any loss incurred by such Borrower as a result of such Borrower being required to make a payment to
the Administrative Agent pursuant to the last sentence of Section 3.01(c)(i) with respect to such Lender or L/C Issuer.

 

(d)            Evidence
of Payments. Upon request by a Borrower or the Administrative Agent, as the case may be, after any payment of Taxes by a Borrower
or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, such Borrower shall deliver to
the Administrative Agent or the Administrative Agent shall deliver to such Borrower, as the case may be, the original or a certified copy
of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment
or other evidence of such payment reasonably satisfactory to such Borrower or the Administrative Agent, as the case may be.

 

(e)            Status
of Lenders; Tax Documentation.

 

(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 Company and the Administrative Agent, at the time or times reasonably requested by the Company or the Administrative Agent,
such properly completed and executed documentation reasonably requested by the Company 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 shall deliver such other documentation
prescribed by applicable law or the taxing authority of a jurisdiction pursuant to such applicable law or reasonably requested by the
Company or the Administrative Agent as will enable the Company 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 either (A) set forth in Section 3.01(e)(ii)(A),
(ii)(B) and (ii)(D) below or (B) required by applicable law other than the Code or the taxing authorities
of the jurisdiction pursuant to such applicable law to comply with the requirements for exemption or reduction of withholding tax in
that jurisdiction) 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.

 

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

 

(A)            any
Lender that is a U.S. Person shall deliver to the Company 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 Company or the Administrative Agent)
executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; and

 

(B)            any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company 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 Company on behalf of such Borrower or the Administrative Agent),
whichever of the following is applicable:

 

(I)            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 (or W-8BEN, as applicable) establishing an
exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with
respect to any other applicable payments under any Loan Document, IRS Form W-8BEN-E (or W-8BEN, as applicable) establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty;

 

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

 

(III)             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 L-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 any 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 W-8BEN, as applicable);
or

 

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(IV)            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 (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate substantially in the
form of Exhibit L-2 or Exhibit L-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 L-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 Company 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 Company or the Administrative Agent), executed copies of any other
form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed,
together with such supplementary documentation as may be prescribed by applicable Laws to permit such 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 U.S. federal withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent at the time or times prescribed by law
and at such time or times reasonably requested by the Company 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 any Borrower or the Administrative Agent as may be necessary for the Borrowers 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 date of this Agreement.

 

(iv) Each Lender
shall promptly (A) notify the Company and the Administrative Agent of any change in circumstances which would modify or render invalid
any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment
of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement of applicable
Laws of any jurisdiction that any Borrower or the Administrative Agent make any withholding or deduction for taxes from amounts payable
to such Lender.

 

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(v)            Each
of the Borrowers shall, to the extent it is legally entitled to do so, promptly deliver to the Administrative Agent or any Lender,
as the Administrative Agent or such Lender shall reasonably request, on or prior to the Closing Date (or such later date on which it
first becomes a Borrower), and in a timely fashion thereafter, such documents and forms as are reasonably available to such Borrower
and are required by any relevant taxing authorities under the Laws of any jurisdiction, duly executed and completed by such
Borrower, as are required to be furnished by such Lender or the Administrative Agent under such Laws in connection with any payment
by the Administrative Agent or any Lender of Taxes, or otherwise in connection with the Loan Documents, with respect to such
jurisdiction.

 

(vi)            Each
Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete
or inaccurate in any respect, it shall update such form or certification or promptly notify the Company and the Administrative Agent in
writing of its legal inability to do so.

 

(f)            Treatment
of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for
or otherwise pursue on behalf of a Lender or an L/C Issuer, or have any obligation to pay to any Lender or any L/C Issuer, any refund
of Taxes withheld or deducted from funds paid for the account of such Lender or such L/C Issuer, as the case may be. If any Recipient
determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been indemnified by any Borrower or
with respect to which any Borrower has paid additional amounts pursuant to this Section, it shall pay to such Borrower an amount equal
to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower under this Section 3.01
with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient
and net of any loss or gain realized in the conversion of such funds from or to another currency incurred by the Recipient, and without
interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that each
Borrower, upon the request of the Recipient shall repay the amount paid over to such Borrower (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund
to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the Recipient be required
to pay any amount to any Borrower pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax
position than the Recipient 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
subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its
taxes that it deems confidential) to any Borrower or any other Person.

 

(g)            Survival.
Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender or an L/C Issuer, the termination of the Commitments and the repayment,
satisfaction or discharge of all other Obligations.

 

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3.02            Illegality.
If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for
any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to a Relevant
Rate (whether denominated in Dollars or an Alternative Currency), or to determine or charge interest rates based upon a Relevant
Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to
take deposits of, Dollars or any Alternative Currency in the applicable interbank market, then, on notice thereof by such Lender to
the Company through the Administrative Agent, (i) any obligation of such Lender to make or continue Alternative Currency Loans
in the affected currency or currencies or, in the case of Committed Loans denominated in Dollars, make or maintain Term SOFR Loans
or SOFR Daily Floating Rate Loans or to convert Base Rate Committed Loans to Term SOFR Loans or SOFR Daily Floating Rate Loans,
shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the
interest rate on which is determined by reference to the Term SOFR component of the Base Rate, the interest rate on which Base Rate
Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to
the Term SOFR component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Company that the
circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) the Borrowers shall, upon
demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable and such Loans are denominated in
Dollars, convert all such Term SOFR Loans, SOFR Daily Floating Rate Loans and Alternative Currency Loans of such Lender to Base Rate
Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the
Administrative Agent without reference to the Term SOFR component of the Base Rate), either on the last day of the Interest Period
therefor, if such Lender may lawfully continue to maintain such Term SOFR Loans, SOFR Daily Floating Rate Loans or Alternative
Currency Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Term SOFR Loans, SOFR Daily
Floating Rate Loans or Alternative Currency Loans and (y) if such notice asserts the illegality of such Lender determining or
charging interest rates based upon Term SOFR, the Administrative Agent shall during the period of such suspension compute the Base
Rate applicable to such Lender without reference to the Term SOFR component thereof until the Administrative Agent is advised in
writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon Term SOFR. Upon
any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted.

 

3.03            Inability
to Determine Rates. (a) If in connection with any request for a Term SOFR Loan or a SOFR
Daily Floating Rate Loan or an Alternative Currency Loan or a conversion of Base Rate Loans to Term SOFR Loans or SOFR Daily Floating
Rate Loans or a continuation of any of such Loans, as applicable, (i) the Administrative Agent determines (which determination shall
be conclusive absent manifest error) that (A) no Successor Rate for the Relevant Rate for the applicable currency has been determined
in accordance with Section 3.03(b) or Section 3.03(c) and the circumstances under clause (i) of
Section 3.03(b) or of Section 3.03(c) or the Scheduled Unavailability Date has occurred with respect
to such Relevant Rate (as applicable), or (B) adequate and reasonable means do not otherwise exist for determining the Relevant Rate
for the applicable currency for any determination date(s) or requested Interest Period, as applicable, with respect to a proposed
Term SOFR Loan, SOFR Daily Floating Rate Loan or an Alternative Currency Loan or in connection with an existing or proposed Base Rate
Loan, or (ii) the Administrative Agent or the Required Lenders determine that for any reason that the Relevant Rate with respect
to a proposed Loan denominated in a currency for any requested Interest Period or determination date(s) does not adequately and fairly
reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Company and each Lender.

 

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Thereafter, (x) the obligation
of the Lenders to make or maintain Loans in the affected currencies, as applicable, or to convert Base Rate Loans to Term SOFR Loans or
SOFR Daily Floating Rate Loans, shall be suspended in each case to the extent of the affected Alternative Currency Loans or Interest Period
or determination date(s), as applicable, and (y) in the event of a determination described in the preceding sentence with respect
to the Term SOFR component of the Base Rate, the utilization of the Term SOFR component in determining the Base Rate shall be suspended,
in each case until the Administrative Agent (or, in the case of a determination by the Required Lenders described in clause (ii) of
this Section 3.03(a), until the Administrative Agent upon instruction of the Required Lenders) revokes such notice.

 

Upon receipt of such notice,
(i) the Borrowers may revoke any pending request for a Committed Borrowing of, or conversion to Term SOFR Loans or SOFR Daily Floating
Rate Loans, or Committed Borrowing of, or continuation of Alternative Currency Loans to the extent of the affected Term SOFR Loans, SOFR
Daily Floating Rate Loans, Alternative Currency Loans or Interest Period or determination date(s), as applicable or, failing that, will
be deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans denominated in Dollars in the Dollar
Equivalent of the amount specified therein and (ii) (A) any outstanding Term SOFR Loans or SOFR Daily Floating Rate Loans shall
be deemed to have been converted to Base Rate Loans immediately and (B) any outstanding affected Alternative Currency Loans, at the
Company’s election, shall either (1) be converted into a Committed Borrowing of Base Rate Loans denominated in Dollars in the
Dollar Equivalent of the amount of such outstanding Alternative Currency Loan immediately, in the case of an Alternative Currency Daily
Rate Loan or at the end of the applicable Interest Period, in the case of an Alternative Currency Term Rate Loan or (2) be prepaid
in full immediately, in the case of an Alternative Currency Daily Rate Loan, or at the end of the applicable Interest Period, in the case
of an Alternative Currency Term Rate Loan; provided that if no election is made by the Company (x) in the case of an Alternative
Currency Daily Rate Loan, by the date that is three Business Days after receipt by the Company of such notice or (y) in the case
of an Alternative Currency Term Rate Loan, by the last day of the current Interest Period for the applicable Alternative Currency Term
Rate Loan, the Company shall be deemed to have elected clause (1) above.

 

(b)            Replacement
of Term SOFR, SOFR Daily Floating Rate or Term SOFR Successor Rate. Notwithstanding anything to the contrary in this Agreement or
any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the
Company or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Company) that the
Company or Required Lenders (as applicable) have determined, that:

 

(i)            adequate
and reasonable means do not exist for ascertaining each of one month, three month and six month interest periods of Term SOFR (or, in
the case of SOFR Daily Floating Rate Loans, the one month interest period of Term SOFR), including, without limitation, because the Term
SOFR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or

 

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(ii)            CME
or any successor administrator of the Term SOFR Screen Rate or a Governmental Authority having jurisdiction over the Administrative
Agent or such administrator with respect to its publication of Term SOFR, in each case acting in such capacity, has made a public
statement identifying a specific date after which each of one month, three month and six month interest periods of Term SOFR (or, in
the case of SOFR Daily Floating Rate Loans, the one month interest period of Term SOFR) or the Term SOFR Screen Rate shall or will
no longer be made available, or permitted to be used for determining the interest rate of Dollar denominated syndicated loans, or
shall or will otherwise cease; provided that, at the time of such statement, there is no successor administrator that is
satisfactory to the Administrative Agent, that will continue to provide such interest periods of Term SOFR (or, in the case of SOFR
Daily Floating Rate Loans, the one month interest period of Term SOFR) after such specific date (the latest date on which one month,
three month and six month interest periods of Term SOFR (or, in the case of SOFR Daily Floating Rate Loans, the one month interest
period of Term SOFR) or the Term SOFR Screen Rate are no longer available permanently or indefinitely, the “Term SOFR
Scheduled Unavailability Date”).

 

then, on a date and time determined
by the Administrative Agent (any such date, the “Term SOFR Replacement Date”), which date shall be at the end of an
Interest Period or on the relevant interest payment date, as applicable, for interest calculated and, solely with respect to clause (ii) above,
no later than the Term SOFR Scheduled Unavailability Date, Term SOFR and the SOFR Daily Floating Rate will be replaced hereunder and under
any Loan Document with Daily Simple SOFR plus the SOFR Adjustment for any payment period for interest calculated that can be determined
by the Administrative Agent, in each case, without any amendment to, or further action or consent of any other party to, this Agreement
or any other Loan Document (the “Term SOFR Successor Rate”).

 

If the Successor Rate is Daily
Simple SOFR plus the SOFR Adjustment, all interest payments will be payable on a monthly basis.

 

Notwithstanding
anything to the contrary herein, (i) if the Administrative Agent determines that Daily Simple SOFR is not available on or prior
to the Term SOFR Replacement Date, or (ii) if the events or circumstances of the type described in Section 3.03(b)(i) or
(ii) have occurred with respect to the Successor Rate then in effect, then in each case, the Administrative Agent and the
Company may amend this Agreement solely for the purpose of replacing Term SOFR, the SOFR Daily Floating Rate or any then current Successor
Rate in accordance with this Section 3.03 at the end of any Interest Period, relevant interest payment date or payment period
(or, in the case of a daily floating interest rate, upon the effectiveness of such amendment) for
interest calculated, as applicable, with an alternative benchmark rate giving due consideration to any evolving or then existing convention
for similar Dollar denominated credit facilities syndicated and agented in the United States for such alternative benchmark and, in each
case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention
for similar Dollar denominated credit facilities syndicated and agented in the United States for such benchmark, which adjustment or
method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time
to time in its reasonable discretion and may be periodically updated. For the avoidance of doubt, any such proposed rate and adjustments,
shall constitute a “Term SOFR Successor Rate”. Any such amendment shall become effective at 5:00 p.m. on the fifth Business
Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Company unless, prior to such time,
Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders object to
such amendment.

 

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(c)            Replacement
of Relevant Rate or Successor Rate. Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the
Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Company or Required Lenders notify
the Administrative Agent (with, in the case of the Required Lenders, a copy to the Company) that the Company or Required Lenders (as applicable)
have determined, that:

 

(i)            adequate
and reasonable means do not exist for ascertaining the Relevant Rate (other than Term SOFR) for a currency (other than Dollars) because
none of the tenors of such Relevant Rate (other than Term SOFR) under this Agreement is available or published on a current basis, and
such circumstances are unlikely to be temporary; or

 

(ii)            the
Applicable Authority has made a public statement identifying a specific date after which all tenors of the Relevant Rate (other than Term
SOFR) for a currency (other than Dollars) under this Agreement shall or will no longer be representative or made available, or permitted
to be used for determining the interest rate of syndicated loans denominated in such currency (other than Dollars), or shall or will otherwise
cease, provided that, in each case, at the time of such statement, there is no successor administrator that is satisfactory to
the Administrative Agent that will continue to provide such representative tenor(s) of the Relevant Rate (other than Term SOFR) for
such currency (other than Dollars) (the latest date on which all tenors of the Relevant Rate for such currency (other than Dollars) under
this Agreement are no longer representative or available permanently or indefinitely, the “Scheduled Unavailability Date”);
or

 

(iii)            if
the events or circumstances of the type described in Section 3.03(c)(i) or (ii) have occurred with respect
to the Successor Rate then in effect,

 

then,
the Administrative Agent and the Company may amend this Agreement solely for the purpose of replacing the Relevant Rate for a currency
or any then current Successor Rate for a currency in accordance with this Section 3.03 with an alternative benchmark rate
giving due consideration to any evolving or then existing convention for similar credit facilities syndicated and agented in the U.S.
and denominated in such currency for such alternative benchmarks, and, in each case, including any mathematical or other adjustments to
such benchmark giving due consideration to any evolving or then existing convention for similar credit facilities syndicated and agented
in the U.S. and denominated in such currency for such benchmarks, which adjustment or method for calculating such adjustment shall be
published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be
periodically updated (and any such proposed rate, including for the avoidance of doubt, any adjustment thereto, a “Non-SOFR Successor
Rate”, and collectively with the Term SOFR Successor Rate, each a “Successor Rate”), and any such amendment
shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment
to all Lenders and the Company unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative
Agent written notice that such Required Lenders object to such amendment.

 

 

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(d)            Successor
Rate. The Administrative Agent will promptly (in one or more notices) notify the Company and each Lender of the implementation of
any Successor Rate.

 

Any Successor Rate shall be
applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible
for the Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative
Agent.

 

Notwithstanding anything else
herein, if at any time any Successor Rate as so determined would otherwise be less than zero, the Successor Rate will be deemed to be
zero for the purposes of this Agreement and the other Loan Documents.

 

In connection with the implementation
of a Successor Rate, 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; provided that, with respect to any such amendment effected,
the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrowers and the Lenders reasonably
promptly after such amendment becomes effective.

 

(e)            For
purposes of this Section 3.03, those Lenders that either have not made, or do not have an obligation under this Agreement
to make, the relevant Loans in the relevant currency shall be excluded from any determination of Required Lenders.

 

3.04            Increased
Costs.

 

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

 

(i)            impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits
with or for the account of, or credit extended or participated in by, any Lender or any L/C Issuer;

 

(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

 

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(iii)            impose
on any Lender or any L/C Issuer or any applicable interbank market any other condition, cost or expense affecting this Agreement or Term
SOFR Loans or Alternative Currency Loans made by such Lender or any Letter of Credit issued by any L/C Issuer or any participation therein;

 

and the result of any of the foregoing shall
be to increase the cost to such Lender 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 or such L/C Issuer 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 or such L/C Issuer hereunder (whether of principal, interest or any
other amount) then, upon request of such Lender or such L/C Issuer, the Company will pay (or cause the applicable Designated
Borrower to pay) to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as will compensate such
Lender or such L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered.

 

(b)            Capital
Requirements. If any Lender or any L/C Issuer determines that any Change in Law affecting such Lender or such L/C Issuer or any Lending
Office of such Lender or such Lender’s or such L/C Issuer’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 such L/C Issuer’s capital or on the capital
of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such
Lender or the Loans made by, or participations in Letters of Credit or Swing Line Loans held by, such Lender, or the Letters of Credit
issued by such L/C Issuer, to a level below that which such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s
holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such L/C Issuer’s
policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect to capital adequacy and liquidity),
then from time to time the Company will pay (or cause the applicable Designated Borrower to pay) to such Lender or such L/C Issuer, as
the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer or such Lender’s or such L/C
Issuer’s holding company for any such reduction suffered.

 

(c)            Certificates
for Reimbursement. A certificate (which shall include calculations in reasonable detail) of a Lender or an L/C Issuer setting forth
the amount or amounts necessary to compensate such Lender or such L/C Issuer or its holding company, as the case may be, as specified
in subsection (a) or (b) of this Section (which notice shall contain an explanation of the computation of
the requested compensation) shall be delivered to the Company and shall be conclusive absent manifest error. The Company shall pay (or
cause the applicable Designated Borrower to pay) such Lender or such L/C Issuer, as the case may be, the amount shown as due on any such
certificate within 10 Business Days after receipt thereof.

 

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(d)            Delay
in Requests. Failure or delay on the part of any Lender or any L/C Issuer to demand compensation pursuant to the foregoing provisions
of this Section shall not constitute a waiver of such Lender’s or such L/C Issuer’s right to demand such compensation;
provided, however, that no Borrower shall be required to compensate a Lender or an L/C Issuer pursuant to the foregoing
provisions of this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such
Lender or such L/C Issuer, as the case may be, notifies the Company of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s or such L/C Issuer’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 six-month period referred to above shall be extended to include the
period of retroactive effect thereof).

 

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

 

(a)            any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest
Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise, but excluding any conversion,
payment or prepayment to the extent such Lender, pursuant to Section 3.03, has required any Borrower to make such conversion,
payment or prepayment before the end of the applicable Interest Period with respect to such Loan);

 

(b)            any
failure by any Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any
Loan other than a Base Rate Loan on the date or in the amount notified by the Company or the applicable Designated Borrower;

 

(c)            any
failure by any Borrower to make payment of any Loan or drawing under any Letter of Credit (or interest due thereon) denominated in an
Alternative Currency on its scheduled due date or any payment thereof in a different currency; or

 

(d)            any
assignment of a Term SOFR Loan or Alternative Currency Term Rate Loan on a day other than the last day of the Interest Period therefor
as a result of a request by the Company pursuant to Section 10.13;

 

including any foreign exchange losses and any
loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan, from fees payable to terminate
the deposits from which such funds were obtained or from the performance of any foreign exchange contract but excluding any loss of anticipated
profits. The Company shall also pay (or cause the applicable Designated Borrower to pay) any customary administrative fees charged by
such Lender in connection with the foregoing.

 

For purposes of calculating
amounts payable by the Company (or the applicable Designated Borrower) to the Lenders under this Section 3.05, each Lender
shall be deemed to have funded each Alternative Currency Term Rate Loan made by it at the Alternative Currency Term Rate for such Loan
by a matching deposit or other borrowing in the offshore interbank eurodollar market for such currency for a comparable amount and for
a comparable period, whether or not such Alternative Currency Term Rate Loan was in fact so funded.

 

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3.06            Mitigation
Obligations; Replacement of Lenders.

 

(a)            Designation
of a Different Lending Office. Each Lender may make any Credit Extension to any Borrower through any Lending Office, provided
that the exercise of this option shall not affect the obligation of each Borrower to repay the Credit Extension in accordance with the
terms of this Agreement. If any Lender requests compensation under Section 3.04, or any Borrower is required to pay any Indemnified
Taxes or additional amounts to any Lender, any L/C Issuer or any Governmental Authority for the account of any Lender or any L/C Issuer
pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of the
Company such Lender or such L/C Issuer shall, as applicable, 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 or such L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant
to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02,
as applicable, and (ii) in each case, would not subject such Lender or such L/C Issuer, as the case may be, to any unreimbursed cost
or expense and would not otherwise be disadvantageous to such Lender or such L/C Issuer, as the case may be. The Company hereby agrees
to pay (or to cause the applicable Designated Borrower to pay) all reasonable costs and expenses incurred by any Lender or any L/C Issuer
in connection with any such designation or assignment.

 

(b)            Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if any 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 3.01
and, in each case, such Lender has declined or is unable to designate a different Lending Office in accordance with Section 3.06(a),
the Company may replace such Lender in accordance with Section 10.13.

 

3.07            Survival.
All of the Borrowers’ obligations under this Article III shall survive termination of the Aggregate Commitments, repayment
of all other Obligations hereunder and resignation of the Administrative Agent.

 

ARTICLE IV.

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

4.01            Conditions
of Initial Credit Extension. The obligation of each L/C Issuer and each Lender to make its initial
Credit Extension hereunder is subject to satisfaction of the following conditions precedent:

 

(a)            The
Administrative Agent’s receipt of the following, each of which shall be originals or electronic copies (followed promptly by originals)
unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or,
in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory
to the Administrative Agent and each of the Lenders:

 

(i)            executed
counterparts of this Agreement and the Guaranty sufficient in number for distribution to the Administrative Agent and the Company;

 

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(ii)            Notes
executed by the Borrowers in favor of each Lender requesting Notes;

 

(iii)            such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party
as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized
to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party;

 

(iv)            such
documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or
formed, and that the Company is validly existing, in good standing and qualified to engage in business in each jurisdiction where its
ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure
to do so could not reasonably be expected to have a Material Adverse Effect;

 

(v)            opinions
of (A) Covington & Burling LLP, counsel to the Loan Parties, (B) Argo Law, Belgian counsel to Avnet Europe and (C) the
Vice President and Corporate Secretary of the Company, each addressed to the Administrative Agent and each Lender, in substantially the
forms of Exhibits I-1, I-2 and I-3, respectively;

 

(vi)            a
certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required
in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents
to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such
consents, licenses or approvals are so required;

 

(vii)            a
certificate signed by a Responsible Officer of the Company certifying (A) that the conditions specified in Sections 4.02(a) and
(b) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements
that has had or could be reasonably expected to have, either individually or in the aggregate, a material adverse change in, or a material
adverse effect upon, the operations, business, properties or financial condition of the Company and its Subsidiaries taken as a whole;
(C) the current Debt Ratings and (D) that there is no action, suit, investigation or
proceeding pending or, to the knowledge of the Borrowers, threatened in any court or before any arbitrator or Governmental Authority that
has had or could be reasonably expected to have a Material Adverse Effect;

 

(viii)            evidence
that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect;

 

(ix)            at
least five days prior to the Closing Date, any Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership
Regulation shall deliver a Beneficial Ownership Certification in relation to such Borrower;

 

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(x)            upon
the reasonable request of any Lender made at least 10 days prior to the Closing Date, the Company shall have provided to such Lender,
and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable
“know your customer” and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act,
in each case at least five days prior to the Closing Date; and

 

(xi)            such
other assurances, certificates, documents, consents or opinions as the Administrative Agent or the Required Lenders reasonably may require.

 

(b)            Any
and all fees and expenses of the Administrative Agent, the Arrangers, the Lenders and their respective Affiliates required to be paid
on or before the Closing Date shall have been paid.

 

(c)            The
Company shall have paid all reasonable and documented fees, expenses and disbursements of McGuireWoods LLP, as counsel to the Administrative
Agent, and of local counsel to the Lenders retained by the Administrative Agent with respect to any Foreign Obligors, in each case to
the extent invoiced prior to the Closing Date (provided that the Company shall remain liable for any additional reasonable fees and expenses
of such counsel to the Administrative Agent in accordance with Section 10.04).

 

Without limiting the generality
of the provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the conditions specified
in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted
or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying
its objection thereto.

 

4.02            Conditions
to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension
(other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type, or a continuation of Term SOFR
Loans or Alternative Currency Term Rate Loans) is subject to the following conditions precedent:

 

(a)            The
representations and warranties of (i) the Borrowers contained in Article V and (ii) each Loan Party contained in
each other Loan Document or in any document furnished at any time under or in connection herewith or therewith (including any Designated
Borrower Request and Assumption Agreement), shall be true and correct in all material respects (unless such representation or warranty
is already qualified by materiality or Material Adverse Effect, in which case it shall be true and correct in all respects) on and as
of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date,
in which case they shall be true and correct as of such earlier date, and except that for purposes of this Section 4.02, the
representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed
to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01.

 

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(b)            No
Default shall exist, or would result from such proposed Credit Extension or the application of the proceeds thereof.

 

(c)            The
Administrative Agent and, if applicable, an L/C Issuer or the Swing Line Lender shall have received a Request for Credit Extension in
accordance with the requirements hereof.

 

(d)            If
the applicable Borrower is a Designated Borrower, then the conditions of Section 2.14 to the designation of such Borrower
as a Designated Borrower shall have been met to the satisfaction of the Administrative Agent.

 

(e)            In
the case of a Credit Extension to be denominated in an Alternative Currency, such currency remains an Eligible Currency.

 

Each Request for Credit Extension
(other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type or a continuation of Term SOFR Loans
or Alternative Currency Term Rate Loans) submitted by the Company shall be deemed to be a representation and warranty that the conditions
specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.

 

ARTICLE V.

REPRESENTATIONS AND WARRANTIES

 

Each Borrower represents and
warrants to the Administrative Agent and the Lenders that:

 

5.01            Existence,
Qualification and Power; Compliance with Laws. Each Loan Party and each Subsidiary thereof (a) is
duly organized or formed, validly existing and (to the extent the concept of “good standing” exists under such Laws) in good
standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all
requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business
and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified
and is licensed and (to the extent the concept of “good standing” exists under such Laws) in good standing under the Laws
of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification
or license, and (d) is in compliance with all Laws; except in each case referred to in clause (b)(i), (c) or (d) (or,
with respect to any Subsidiary that is not a Loan Party, in each case referred to in clause (a), (b), (c) or
(d)), to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

5.02            Authorization;
No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document
to which such Person is party, have been duly authorized by all necessary corporate or other organizational action, and do not, and will
not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach
or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to
which such Person is a party or to which such Person or the properties of such Person or any of its Subsidiaries is subject or (ii) any
order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject;
or (c) violate any Law in any material respect, except, in the case of immediately preceding clauses (b) and (c),
to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect. Each Loan Party and each Subsidiary
thereof is in compliance with all Contractual Obligations referred to in clause (b)(i), except to the extent that failure to do
so could not reasonably be expected to have a Material Adverse Effect.

 

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5.03            Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action
by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution,
delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, except in the case where
such approval, consent, exemption, authorization, notice, filing or other action has previously been completed and is in full force and
effect.

 

5.04            Binding
Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will
have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document
when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that
is party thereto in accordance with its terms.

 

5.05            Financial
Statements; No Material Adverse Effect.

 

(a)            The
Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Company and its Subsidiaries as of
the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities,
direct or contingent, of the Company and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments
and Indebtedness.

 

(b)            The
unaudited consolidated and consolidating balance sheet of the Company and its Subsidiaries dated April 2, 2022, and the related consolidated
statements of income or operations, shareholders’ equity and cash flows, and consolidating statements of income or operations for
the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the Company and its Subsidiaries
as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and
(ii), to the absence of footnotes and to normal year-end audit adjustments.

 

(c)            Since
the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate, that has
had or could reasonably be expected to have a Material Adverse Effect.

 

5.06            Litigation.
Except as disclosed on Schedule 5.06, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge
of the Company after due and diligent investigation, threatened, at law, in equity, in arbitration or before any Governmental Authority,
by or against the Company or any of its Subsidiaries or against any of their properties or revenues that (a) purport to affect or
pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) either individually
or in the aggregate, is reasonably likely to be determined adversely and, if so determined, could reasonably be expected to have a Material
Adverse Effect.

 

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5.07            No
Default. No Default has occurred and is continuing or would result from the consummation of the
transactions contemplated by this Agreement or any other Loan Document.

 

5.08            Ownership
of Property; Liens. Each of the Company and each Subsidiary has good record and marketable title
in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except
for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The
property of the Company and its Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01.

 

5.09            Environmental
Compliance. The Company and its Material Subsidiaries conduct in the ordinary course of business
a review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental
Law on their and the other Subsidiaries, respective businesses, operations and properties, and as a result thereof the Company has reasonably
concluded that such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

5.10            Taxes.
The Company and its Subsidiaries have filed all Federal, state and other material tax returns and reports required to be filed, and have
paid all Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their
properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings
diligently conducted and for which adequate reserves have been provided in accordance with GAAP, and except where the failure to file
such returns or reports or to make such payments could not reasonably be expected to have a Material Adverse Effect. To the knowledge
of the Company, there is no proposed tax assessment against the Company or any Subsidiary that would, if made, have a Material Adverse
Effect. Neither any Loan Party nor any Material Subsidiary thereof is party to any tax sharing agreement. No Non-Material Subsidiary is
a party to any tax sharing agreement that could reasonably be expected to have a Material Adverse Effect.

 

5.11            ERISA
Compliance.

 

(a)            Each
Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other U.S. Federal or state Laws.
Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination
letter from the IRS to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related
thereto has been determined by the IRS to be exempt from federal income tax under Section 501(a) of the Code, or an application
for such a letter is currently being processed by the IRS with respect thereto. To the best knowledge of the Company, nothing has occurred
which would cause the loss of such qualification that could reasonably be expected to have a Material Adverse Effect. The Company and
each ERISA Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, and no application for
a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any
Plan.

 

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(b)            There
are no pending or, to the best knowledge of the Company, threatened claims, actions or lawsuits, or action by any Governmental Authority,
with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction
under ERISA or violation of ERISA’s fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably
be expected to result in a Material Adverse Effect.

 

(c)            (i) No
ERISA Event has occurred, and neither the Company nor any ERISA Affiliate is aware of any fact, event or circumstance that is reasonably
expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) the Company and each ERISA Affiliate has
met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding
standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent valuation date for any
Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither
the Company nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be expected to cause the funding target
attainment percentage for any such plan to drop below 60% as of the most recent valuation date; (iv) neither the Company nor any
ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium payments which
have become due that are unpaid; (v) neither the Company nor any ERISA Affiliate has engaged in a transaction that could be subject
to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated by the plan administrator
thereof nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute
proceedings under Title IV of ERISA to terminate any Pension Plan.

 

5.12            Subsidiaries;
Equity Interests. As of the Closing Date, the Company has no Subsidiaries with any material assets,
material liabilities or ongoing operations other than those specifically disclosed in Part (a) of Schedule 5.12, and
all of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and nonassessable and are owned
by a Loan Party in the amounts specified on Part (a) of Schedule 5.12 free and clear of all Liens. As of the Closing
Date, the Company has no equity investments in any other corporation or entity other than (a) those specifically disclosed in Part (b) of
Schedule 5.12 and (b) equity investments in any corporation or entity where the aggregate amount invested in such Person by
the Company is less than $5,000,000. All of the outstanding Equity Interests in the Company have been validly issued, and are fully paid
and nonassessable.

 

5.13            Margin
Regulations; Investment Company Act.

 

(a)            No
Borrower is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying margin
stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock.

 

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(b)            None
of the Company, any Person Controlling the Company, or any Subsidiary is or is required to be registered as an “investment company”
under the Investment Company Act of 1940.

 

5.14            Disclosure.
No report, financial statement, certificate or other written information furnished by or on behalf of any Loan Party to the
Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or
delivered hereunder or under any other Loan Document (in each case as modified or supplemented by other information so furnished),
taken as a whole, contains any material misstatement of fact or omits to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to
projected financial information, the Company represents only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time.

 

5.15            Compliance
with Laws. Each of the Company and each Subsidiary is in compliance in all material respects
with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such
instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect.

 

5.16            Intellectual
Property; Licenses, Etc. The Company and its Subsidiaries own, or possess the right to use, all
of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property
rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses,
without conflict with the rights of any other Person, except as could not reasonably be expected to have a Material Adverse Effect. No
claim or litigation regarding any of the foregoing is pending or, to the best knowledge of the Company, threatened, which, either individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

5.17            Solvency.
On the Closing Date, the Company and its Subsidiaries on a consolidated basis are Solvent, both before and after giving effect to any
Credit Extension and the disbursements of the proceeds thereof on such date. On the date of each Credit Extension, the Company and its
Subsidiaries on a consolidated basis are Solvent, both before and after giving effect to such Credit Extension and the disbursements of
the proceeds thereof on such date.

 

5.18            Taxpayer
Identification Number; Other Identifying Information. The true and correct U.S. taxpayer identification
number of the Company is set forth on Schedule 10.02.

 

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5.19            Representations
as to Foreign Obligors. Each of the Company and each Foreign Obligor represents and warrants
to the Administrative Agent and the Lenders that:

 

(a)            Such
Foreign Obligor is subject to civil and commercial Laws with respect to its obligations under this Agreement and the other Loan Documents
to which it is a party (collectively as to such Foreign Obligor, the “Applicable Foreign Obligor Documents”), and
the execution, delivery and performance by such Foreign Obligor of the Applicable Foreign Obligor Documents constitute and will constitute
private and commercial acts and not public or governmental acts. Neither such Foreign Obligor nor any of its property has any immunity
from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment
in aid of execution, execution or otherwise) under the laws of the jurisdiction in which such Foreign Obligor is organized and existing
in respect of its obligations under the Applicable Foreign Obligor Documents.

 

(b)            The
Applicable Foreign Obligor Documents are in proper legal form under the Laws of the jurisdiction in which such Foreign Obligor is organized
and existing for the enforcement thereof against such Foreign Obligor under the Laws of such jurisdiction, and to ensure the legality,
validity, enforceability, priority or admissibility in evidence of the Applicable Foreign Obligor Documents, except to the extent that
the failure to be in such proper legal form could not reasonably be expected to adversely affect the enforceability of the Guaranty against
the Company. It is not necessary to ensure the legality, validity, enforceability, priority or admissibility in evidence of the Applicable
Foreign Obligor Documents that the Applicable Foreign Obligor Documents be filed, registered or recorded with, or executed or notarized
before, any court or other authority in the jurisdiction in which such Foreign Obligor is organized and existing or that any registration
charge or stamp or similar tax be paid on or in respect of the Applicable Foreign Obligor Documents or any other document, (i) except
for (A) any such filing, registration, recording, execution or notarization as has been made or is not required to be made until
the Applicable Foreign Obligor Document or any other document is sought to be enforced and (B) any charge or tax as has been timely
paid, and (ii) except to the extent that the failure so to file, register, record, execute, or notarize such documents, or to make
such payments, could not reasonably be expected to adversely affect the enforceability of the Guaranty against the Company.

 

(c)            The
execution, delivery and performance of the Applicable Foreign Obligor Documents executed by such Foreign Obligor are, under applicable
foreign exchange control regulations of the jurisdiction in which such Foreign Obligor is organized and existing, not subject to any
notification or authorization except (i) such as have been made or obtained or (ii) such as cannot be made or obtained until
a later date (provided that (A) any notification or authorization described in clause (ii) shall be made or obtained
as soon as is reasonably practicable and (B) such failure or delay could not reasonably be expected to adversely affect the enforceability
of the Guaranty against the Company).

 

(d)            Avnet
Europe is not, nor has it been at any time prior to the date hereof, an enterprise (onderneming/entreprise) in the meaning
of article 2.4 ̊ of the Belgian Act of 21 December 2013 regarding SME Financing, as amended).

 

5.20            OFAC.
Neither the Company, nor any of its Subsidiaries, nor any director or officer thereof, nor, to the knowledge of the Company and its Subsidiaries,
any employee, agent, affiliate or representative thereof, is an individual or entity that is (i) currently the subject or target
of any Sanctions or (ii) included on OFAC’s List of Specially Designated Nationals, HMT’s Consolidated List of Financial
Sanctions Targets and the Investment Ban List, or any similar list enforced by any other relevant sanctions authority, (iii) 10%
or more owned by an individual or entity that is on a list described in immediately preceding clause (ii) or (iv) located,
organized or resident in a Designated Jurisdiction.

 

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5.21            Anti-Corruption
Laws. (a) The Company and its Subsidiaries have conducted their businesses in compliance
in all material respects with the PATRIOT Act.

 

(b)            The
Company and its Subsidiaries (x) have conducted their businesses in compliance in all material respects with the United States Foreign
Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions and (y) have
instituted and maintained reasonable and customary policies and procedures designed to promote and achieve compliance with such laws
in all material respects.

 

5.22            Affected
Financial Institutions. No Loan Party is an Affected Financial Institution.

 

5.23            Certificate
of Beneficial Ownership. As of the Closing Date, the information included in the Beneficial
Ownership Certification, if applicable, is true and correct in all respects.

 

5.24            Covered
Entities. No Loan Party is a Covered Entity.

 

ARTICLE VI.

AFFIRMATIVE COVENANTS

 

So long as any Lender shall
have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall
remain outstanding, the Company shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02,
and 6.03) cause each Subsidiary to:

 

6.01            Financial
Statements. Deliver to the Administrative Agent and each Lender, in form and detail satisfactory
to the Administrative Agent and the Required Lenders:

 

(a)            as
soon as available, but in any event within 15 days after the date on which consolidated financial statements for such year are required
to be delivered to the SEC under the Securities Exchange Act, a consolidated balance sheet of the Company and its Subsidiaries as at
the end of each fiscal year of the Company, and the related consolidated statements of income or operations, shareholders’ equity
and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in
reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of a Registered Public Accounting
Firm of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in accordance
with audit standards of the Public Company Accounting Oversight Board and applicable Securities Laws and shall not be subject to any
“going concern” or like qualification or exception or any qualification or exception as to the scope of such audit or with
respect to the absence of material misstatement;

 

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(b)            as
soon as available, but in any event within 15 days after the date on which consolidated financial statements for such period are required
to be delivered to the SEC under the Securities Exchange Act, a consolidated balance sheet of the Company and its Subsidiaries as at
the end of each fiscal quarter of the Company (commencing with the fiscal quarter ended July 2, 2022), and the related consolidated
statements of income or operations and cash flows for such fiscal quarter and for the portion of the Company’s fiscal year then
ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and
the corresponding portion of the previous fiscal year, all in reasonable detail, such statements to be certified by a Responsible Officer
of the Company as fairly presenting the financial condition and results of operations of the Company and its Subsidiaries in accordance
with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; and

 

(c)            as
soon as available, but in any event on the date on which the financial statements referred to in Sections 6.01(a) and (b) 
for such period are required to be delivered to the Administrative Agent and the Lenders, a consolidating balance sheet of the Company
and its Subsidiaries, based on each geographic region, as at the end of such period and the related consolidating statements of
income or operations, for such period, setting forth in each case in comparative form the figures for the previous fiscal year, all in
reasonable detail and prepared in accordance with GAAP, such statements to be certified by a Responsible Officer of the Company to the
effect that such statements are fairly stated in all material respects when considered in relation to the applicable consolidated financial
statements of the Company and its Subsidiaries.

 

As to any information contained in materials
furnished pursuant to Section 6.02(c), the Company shall not be separately required to furnish such information under clause
(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Company to furnish the information
and materials described in clauses (a) and (b) above at the times specified therein.

 

6.02            Certificates;
Other Information. Deliver to the Administrative Agent and each Lender, in form and detail satisfactory
to the Administrative Agent and the Required Lenders:

 

(a)            concurrently
with the delivery of the financial statements referred to in Section 6.01(a), a certificate of its independent certified
public accountants certifying such financial statements and stating that in making the examination necessary therefor no knowledge was
obtained of any Default under the financial covenant set forth herein or, if any such Default shall exist, stating the nature and status
of such event;

 

(b)            concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and (b) (commencing with the fiscal
quarter ended July 2, 2022), a duly completed Compliance Certificate signed by a Responsible Officer of the Company (which delivery
may, unless the Administrative Agent or a Lender requests executed originals, be by electronic communication including fax or email and
shall be deemed to be an original authentic counterpart thereof for all purposes);

 

(c)            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 Company, and copies of all annual, regular, periodic and special reports and registration statements (other than
registration statements on Form S-8 or any successor form thereto) which the Company may file or be required to file with the SEC
under Section 13 or 15(d) of the Securities Exchange Act, and not otherwise required to be delivered to the Administrative
Agent pursuant hereto;

 

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(d)            promptly
after the furnishing thereof, copies of any correspondence, notice, statement or report furnished to any holder of debt securities of
any Loan Party or any Subsidiary thereof with respect to any default or event of default under any indenture, loan or credit or similar
agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other clause of this
Section 6.02;

 

(e)            promptly,
and in any event within five Business Days after the Company is aware of receipt by any Loan Party or any Subsidiary thereof, copies
of each notice received from the SEC concerning any investigation by such agency regarding material financial or other operational results
of any Loan Party or any Material Subsidiary; and

 

(f)            promptly,
such additional information regarding the business, financial or corporate affairs of the Company or any Subsidiary, or compliance with
the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request.

 

Documents required to be
delivered pursuant to Section 6.01(a) or (b) or Section 6.02 (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 Company posts such documents, or provides a link thereto on the Company’s website
on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Company’s
behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Company shall deliver paper
copies of such documents to the Administrative Agent or any Lender that requests the Company 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 Company 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 (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation
to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor
compliance by the Company with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to
it or maintaining its copies of such documents.

 

Each Borrower hereby acknowledges that (a) the
Administrative Agent and/or the Arrangers will make available to the Lenders and the L/C Issuers materials and/or information provided
by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials
on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public
Lender”) may have personnel who do not wish to receive material non-public information (within the meaning of the United States
Federal and state securities laws) with respect to any of the Borrowers or their respective Affiliates, or the respective securities
of any of the foregoing (“MNPI”), and who may be engaged in investment and other market related activities with respect
to such Persons’ securities. Each Borrower hereby agrees that (w) all Borrower Materials that are to be made available to
Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC”, the Borrowers shall
be deemed to have authorized the Administrative Agent, the Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials
as not containing any MNPI with respect to the Borrowers or their 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 10.07);
(y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
“Public Side Information”; and (z) the Administrative Agent and the Arrangers 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
Side Information”. Notwithstanding the foregoing, no Borrower shall be under any obligation to mark any Borrower Materials “PUBLIC.”

 

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6.03            Notices.
Promptly notify the Administrative Agent and each Lender:

 

(a)            of
the occurrence of any Default;

 

(b)            of
any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance
of, or any default under, a Contractual Obligation of the Company or any Subsidiary; (ii) any dispute, litigation, investigation,
proceeding or suspension between the Company or any Subsidiary and any Governmental Authority; or (iii) the commencement of, or
any material development in, any litigation or proceeding affecting the Company or any Subsidiary, including pursuant to any applicable
Environmental Laws, in each case that has resulted or could reasonably be expected to result in a Material Adverse Effect;

 

(c)            of
the occurrence of any ERISA Event;

 

(d)            of
any material change in accounting policies or financial reporting practices by the Company and its Subsidiaries on a consolidated basis;
and

 

(e)            of
any public announcement by (or written announcement received by the Company from) Moody’s, S&P or Fitch of any change in a
Debt Rating.

 

Each notice pursuant to this
Section shall be accompanied by a statement of a Responsible Officer of the Company setting forth details of the occurrence referred
to therein and stating what action the Company has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall
describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached, if any.

 

6.04            Payment
of Obligations. Pay and discharge as the same shall become due and payable, all its obligations
and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or
assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance
with GAAP are being maintained by the Company or such Subsidiary; (b) all lawful claims which, if unpaid, would by law become a
Lien upon its property; and (c) all Indebtedness, as and when due and payable, but subject to any subordination provisions contained
in any instrument or agreement evidencing such Indebtedness, except, in the case of clauses (a), (b) and (c),
where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

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6.05            Preservation
of Existence, Etc.

 

(a)            Preserve,
renew and maintain in full force and effect its legal existence, except in a transaction permitted by Section 7.04;

 

(b)            to
the extent the concept of “good standing” exists under the Laws of the jurisdiction of its organization, preserve, renew
and maintain in full force and effect its good standing under such Laws, except (i) in a transaction permitted by Section 7.04 or
(ii) in the case of one or more Subsidiaries that are not Loan Parties, to the extent that failure to maintain such good
standing could not reasonably be expected to have a Material Adverse Effect, either individually or in the aggregate;

 

(c)            take
all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct
of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and

 

(d)            preserve
or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be
expected to have a Material Adverse Effect.

 

6.06            Maintenance
of Properties. (a) Maintain, preserve and protect all of its properties and equipment in
good working order and condition, ordinary wear and tear excepted; and (b) make all necessary repairs thereto and renewals and replacements
thereof, in each case except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

6.07            Maintenance
of Insurance. Maintain, with financially sound and responsible insurance companies or through
self-insurance, insurance on all their respective properties in at least such amounts and against such risks (and with such risk retention)
as are usually insured against in the same general area by companies of established repute engaged in the same or a similar business;
and furnish to the Lenders, upon request from the Administrative Agent, information presented in reasonable detail as to the insurance
so carried.

 

6.08            Compliance
with Laws. Comply in all material respects with the requirements of all Laws (including Environmental
Laws and ERISA) and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances
in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings
diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.

 

6.09            Books
and Records. (a) Maintain proper books of record and account, in which full, true and correct
entries in all material respects in conformity with GAAP consistently applied shall be made of all financial transactions and matters
involving the assets and business of the Company or such Subsidiary, as the case may be; and (b) maintain such books of record and
account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the
Company or such Subsidiary, as the case may be.

 

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6.10            Inspection
Rights. Permit representatives of the Administrative Agent and each Lender, at their own expense
and no more than one time per calendar year, to visit and inspect any of its properties, to examine its corporate, financial and operating
records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers,
and independent public accountants, all at such reasonable times during normal business hours and as often as may be reasonably desired,
upon reasonable advance notice to the Company; provided, however, that when an Event of Default exists the Administrative
Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense
of the Company any number of times and at any time during normal business hours and without advance notice.

 

6.11            Approvals
and Authorizations. Maintain all authorizations, consents, approvals and licenses from, exemptions
of, and filings and registrations with, each Governmental Authority of the jurisdiction in which each Foreign Obligor is organized and
existing, and all approvals and consents of each other Person in such jurisdiction, in each case that are required in connection with
the Loan Documents.

 

6.12            Anti-Corruption
and Anti-Terrorism Laws. Conduct its businesses in compliance in all material respects with
the PATRIOT Act, the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption
legislation in other jurisdictions and maintain policies and procedures designed to promote and achieve compliance with such laws.

 

6.13            Certificate
of Beneficial Ownership and Other Additional Information. Promptly following any request therefor,
provide information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with
applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the
PATRIOT Act and the Beneficial Ownership Regulations, if applicable.

 

ARTICLE VII.

NEGATIVE COVENANTS

 

So long as any Lender shall
have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall
remain outstanding, the Company shall not, nor shall it permit any Subsidiary to, directly or indirectly:

 

7.01            Liens.
Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired,
other than the following:

 

(a)            Liens
pursuant to any Loan Document;

 

(b)            Liens
existing on the date hereof and listed on Schedule 7.01 and any renewals or extensions thereof, provided that (i) the
property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased, and (iii) any renewal
or extension of the obligations secured or benefited thereby is permitted by Section 7.03(b);

 

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(c)            Liens
for taxes, assessments or other governmental charges not yet due or which are being contested in good faith and by appropriate proceedings
diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with
GAAP;

 

(d)            carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of
business;

 

(e)            pledges
or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social
security legislation, other than any Lien imposed by ERISA;

 

(f)            deposits
to secure the performance of bids, trade contracts and leases (other than Indebtedness for borrowed money), 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;

 

(g)            easements,
rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount,
and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary
conduct of the business of the applicable Person;

 

(h)            Liens
securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h) or securing appeal
or other surety bonds related to such judgments;

 

(i)            Liens
securing Indebtedness permitted under Section 7.03(d); provided that (i) such Liens do not at any time encumber
any property other than the property financed by such Indebtedness, (ii) the Indebtedness secured thereby does not exceed the cost
of the property being acquired on the date of acquisition, and (iii) such Lien attached concurrently with, or within 270 days after,
the acquisition of the property encumbered thereby;

 

(j)            Liens
on accounts receivable subject to Permitted Securitization Facilities which Liens secure (or encumber such accounts receivable to provide
credit support for) such facilities;

 

(k)            Liens
on inventory acquired in the ordinary course of business to secure the purchase price of such inventory or to secure Indebtedness incurred
solely for the purpose of financing the acquisition of such inventory, provided that the Indebtedness secured thereby does not
exceed the cost of such inventory;

 

(l)            any
Lien arising out of the refinancing, extension, renewal or refunding of any secured Indebtedness, provided that (i) prior
to such refinancing, extension, renewal or refunding, the collateral for such secured Indebtedness (the “original Indebtedness”)
is permitted by this Section 7.01, (ii) after giving effect to such refinancing, extension, renewal or refunding, the
property covered by such Lien is not changed from the property securing the original Indebtedness, (iii) the amount secured or benefited
by such Lien is not increased above the amount secured by such property under the original Indebtedness, and (iv) any such refinancing,
extension, renewal or refunding of Indebtedness is permitted by Section 7.03;

 

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(m)            Liens
on cash collateral or government securities to secure Swap Contracts, provided that the aggregate fair market value of such cash
collateral and government securities does not exceed $25,000,000 at any time;

 

(n)            Liens
on assets of Foreign Subsidiaries (other than Foreign Obligors, except to the extent that such Liens are limited to Liens on cash deposits
to secure cash pooling arrangements or other cash management transactions) to secure Indebtedness of such Foreign Subsidiaries, provided
that the aggregate principal amount of Indebtedness secured by such Liens does not exceed $50,000,000 at any time; and

 

(o)            Liens
not otherwise permitted under clauses (a)-(n) of this Section 7.01, provided that the aggregate fair market
value of all assets subject to such Liens does not exceed 10.0% of Consolidated Tangible Net Worth at any time.

 

7.02            [Reserved].

 

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

 

(a)            Indebtedness
under the Loan Documents;

 

(b)            Indebtedness
outstanding on the date hereof listed on Schedule 7.03 and any renewal or replacement thereof, so long as such renewal or replacement
does not increase the amount of such Indebtedness;

 

(c)            obligations
(contingent or otherwise) of the Company or any Subsidiary existing or arising under any Swap Contract, provided that (i) such
obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks
associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes
in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view;” and (ii) such
Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding
transactions to the defaulting party;

 

(d)            Indebtedness
in respect of capital leases, Synthetic Lease Obligations and purchase money obligations for fixed or capital assets within the limitations
set forth in the proviso to Section 7.01(i);

 

(e)            Indebtedness
of Subsidiaries in an aggregate principal amount not to exceed $750,000,000 at any time outstanding;

 

(f)            any
Guarantee by the Company of Indebtedness of any Subsidiary permitted by this Section 7.03;

 

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(g)            Indebtedness
under Permitted Securitization Facilities;

 

(h)            Indebtedness
of a Person, or in respect of assets, acquired and existing at the time of such Acquisition; provided that (I) such Indebtedness
(x) shall not have been incurred in contemplation of such Acquisition, (y) may not be extended, renewed or refunded except
as otherwise permitted by this Agreement, and (z) in the case of Indebtedness secured by a Lien on the assets acquired pursuant
to any such Acquisition (or on the assets of a Person that becomes a Subsidiary as a result of such Acquisition), such Indebtedness,
together with any other secured Indebtedness permitted by this clause (h), shall not exceed $50,000,000 in the aggregate outstanding
at any time and (II) neither the Company nor any Subsidiary (other than a Person acquired as part of such Acquisition) is directly
or indirectly liable for such Indebtedness, whether through any Guarantee or otherwise, other than liability with respect to which recourse
is limited to the assets so acquired;

 

(i)            unsecured
Indebtedness of the Company; and

 

(j)            Indebtedness
owed by any Subsidiary to the Company or any other Subsidiary (“Inter-Company Indebtedness”).

 

7.04            Fundamental
Changes. Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of
(whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired)
to or in favor of any Person, except that, so long as no Default exists or would result therefrom:

 

(a)            any
Subsidiary may merge with (i) the Company, provided that the Company shall be the continuing or surviving Person, or (ii) any
one or more other Subsidiaries, provided that when any Designated Borrower is merging with another Subsidiary, a Designated Borrower
shall be the continuing or surviving Person;

 

(b)            any
Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Company or to another
Subsidiary; provided that if the transferor in such a transaction is a Designated Borrower, then the transferee must either be
the Company or a Designated Borrower;

 

(c)            any
Subsidiary (other than a Loan Party or a Material Subsidiary) may merge, dissolve, liquidate, consolidate with or into another Person,
or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (upon voluntary liquidation
or otherwise) (whether now owned or hereafter acquired) to or in favor of any Person; and

 

(d)            (i) a
Borrower may merge with any other Person (including a Material Subsidiary) so long as such Borrower is the surviving entity; and (ii) a
Material Subsidiary may merge with any other Person (other than a Borrower) so long as the Material Subsidiary is the surviving entity.

 

7.05            Restricted
Payments. Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation
to do so, except that, so long as no Default shall have occurred and be continuing at the time of any action described below or would
result therefrom:

 

(a)            each
Subsidiary may make Restricted Payments to the Company, the Designated Borrowers and any other Person that owns an Equity Interest in
such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment
is being made;

 

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(b)            the
Company and each Subsidiary may declare and make dividend payments or other distributions payable solely in the common stock or other
common Equity Interests of such Person;

 

(c)            the
Company and each Subsidiary may purchase, redeem or otherwise acquire Equity Interests with the proceeds received from the substantially
concurrent issue of new shares of its common stock or other common Equity Interests;

 

(d)            the
Company may declare and pay cash dividends and purchase, redeem or otherwise acquire for cash Equity Interests issued by it so long
as the Consolidated Leverage Ratio is less than or equal to 3.50 to 1.00 (both before and after giving effect to such payment,
purchase, redemption or acquisition); and

 

(e)            in
addition to the Restricted Payments permitted by clause (d) of this Section 7.05, the Company may declare and
pay cash dividends and purchase, redeem or otherwise acquire for cash Equity Interests issued by it; provided that, the aggregate
of such dividends plus the aggregate consideration paid for all such purchases, redemptions and acquisitions after the Closing Date under
this clause (e) at times when the Consolidated Leverage Ratio is greater than 3.50 to 1.00 (other than in respect of shares
purchased for the purpose of satisfying the Company’s obligations under employee or director stock purchase, stock grant and stock
option plans) shall not exceed $25,000,000.

 

7.06            Change
in Nature of Business. Engage in any material line of business substantially different from
a Permitted Business.

 

7.07            Transactions
with Affiliates. Enter into any transaction of any kind with any Affiliate of the Company, whether
or not in the ordinary course of business, other than (a) on fair and reasonable terms substantially as favorable to the Company
or such Subsidiary as would be obtainable by the Company or such Subsidiary at the time in a comparable arm’s length transaction
with a Person other than an Affiliate, or (b) transactions among the Company and its Subsidiaries so long as such transactions do
not, either individually or in the aggregate, have a Material Adverse Effect.

 

7.08            Limitation
on Restrictions Affecting the Company or any Subsidiary. Enter into any Contractual Obligation
(other than this Agreement or any other Loan Document) that limits the ability (a) of any Subsidiary to make Restricted Payments
to the Company or any Designated Borrower or to otherwise transfer property to the Company or any Designated Borrower, or (b) of
the Company or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person; provided, however,
that this Section 7.08 shall not prohibit:

 

(i)            any
negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section 7.03(d) solely to
the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness;

 

(ii)            restrictions
imposed by other permitted Indebtedness ranking pari passu with the Obligations, provided that such restrictions are no
more restrictive than those imposed by this Agreement;

 

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(iii)            restrictions
imposed by applicable Law;

 

(iv)            restrictions
imposed by Indebtedness outstanding on the date hereof and listed on Schedule 7.03;

 

(v)            restrictions
imposed by Indebtedness relating to any property acquired by the Company or any Subsidiary (or restrictions imposed by Indebtedness
of a third party which third party is acquired by the Company or any Subsidiary) in an acquisition permitted by this Agreement, provided in
each case that such restrictions existed at the time of such acquisition, were not put in place in connection with or in
anticipation of such acquisition and are not applicable to any Person other than the Person so acquired, or to any property other
than the property so acquired;

 

(vi)            restrictions
with respect solely to any Subsidiary imposed pursuant to a binding agreement which has been entered into for the sale of all or substantially
all of the Equity Interests or assets of such Subsidiary, provided that such restrictions apply solely to the Equity Interests
or assets of such Subsidiary which are being sold;

 

(vii)            in
connection with and pursuant to any refinancing of Indebtedness, replacements of restrictions imposed pursuant to clauses (ii),
(iv), (v) or (viii) of this Section, provided that (A) such refinancing is permitted by Section 7.03,
and (B) the replacement restrictions are not more restrictive than those being replaced and do not apply to any Person or assets
other than those that would have been covered by the restrictions in the Indebtedness so refinanced;

 

(viii)            restrictions
on any Special Purpose Finance Subsidiary and assets of such Special Purpose Finance Subsidiary, which restrictions are contained in
the applicable Permitted Securitization Facility for which such Subsidiary was created;

 

(ix)            in
connection with any permitted lease of property entered into in the ordinary course of business, customary provisions restricting the
subletting or assignment of, or Liens on, the property subject to such lease, consistent with industry practice; and

 

(x)            in
connection with any Lien permitted by Section 7.01, customary restrictions on the transfer or disposition of, or imposition
of further Liens on, the asset subject to such Lien.

 

7.09            Use
of Proceeds. (i) Use the proceeds of any Credit Extension, whether directly or indirectly,
and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB)
or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for
such purpose, in each case in violation of, or for a purpose which violates or would be inconsistent with, Regulation T, U or X of the
FRB or (ii) use the proceeds of the Credit Extensions for any purpose other than for the refinancing of the Existing Credit Agreement,
working capital, capital expenditures and other general corporate purposes not in contravention of any Law or of any Loan Document.

 

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7.10            Financial
Covenant. Permit the Consolidated Leverage Ratio as of the last day of any period of four fiscal
quarters of the Company to be greater than 4.00 to 1.00.

 

7.11            Sanctions.
Directly or indirectly, use the proceeds of any Credit Extension, or lend, contribute or otherwise knowingly make available such proceeds
to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any individual or
entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that
will result in a violation by any individual or entity (including any individual or entity participating in the transaction, whether
as Lender, Arranger, Administrative Agent, L/C Issuer, Swing Line Lender, or otherwise) of Sanctions.

 

7.12            Anti-Corruption
and Anti-Terrorism Laws. Directly or indirectly use the proceeds of any Loan for any purpose
which would breach the PATRIOT Act, the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar
anti- corruption legislation in other jurisdictions.

 

ARTICLE VIII.

EVENTS OF DEFAULT AND REMEDIES

 

8.01            Events
of Default. Any of the following shall constitute an Event of Default:

 

(a)            Non-Payment.
Any Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, and in the currency required hereunder,
any amount of principal of any Loan or any L/C Obligation, or (ii) within three Business Days after the same becomes due, any interest
on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five Business Days after the same becomes due, any
other amount payable hereunder or under any other Loan Document; or

 

(b)            Specific
Covenants. The Company fails to perform or observe any term, covenant or agreement contained in any of Section 6.03 or
6.05(a) (to the extent it relates to preservation of legal existence of a Loan Party) or Article VII, and with
respect to Section 7.01 or 7.03, such failure continues for a period of 20 days; or

 

(c)            Other
Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a) or
(b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days
after the Company or such Loan Party has knowledge thereof; or

 

(d)            Representations
and Warranties. Any representation or warranty of the Company or any other Loan Party, or any written certification or other material
written statement of fact made or deemed made by the Company or any Loan Party or by a Responsible Officer on behalf of the Company or
any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect
or misleading in any material respect when made or deemed made; or

 

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(e)            Cross-Default.
(i) The Company or any Subsidiary (A) fails to make any payment of principal when due (whether at scheduled maturity, by
required prepayment, acceleration, demand or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness
hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including amounts owing to all creditors
under any combined or syndicated credit arrangement) of more than $50,000,000, or (B) fails to observe or perform any other
agreement or condition (including any obligation to make any payment of interest, fees or other amounts) relating to any
Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal
amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or
syndicated credit arrangement) of more than $50,000,000 or contained in any instrument or agreement evidencing, securing or relating
thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of
such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders
or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due
or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or
redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect
thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap
Contract) resulting from (A) any event of default under such Swap Contract as to which the Company or any Subsidiary is the
Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to
which the Company or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by
the Company or such Subsidiary as a result thereof is greater than $50,000,000; or

 

(f)            Insolvency
Proceedings, Etc. Any Loan Party or any Material Subsidiary institutes or consents to the institution of any proceeding under any
Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver,
trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property;
or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or
consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days as to any Loan Party or 90 calendar
days as to any Material Subsidiary that is not a Loan Party; or any proceeding under any Debtor Relief Law relating to any such Person
or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed
for 60 calendar days as to any Loan Party or 90 calendar days as to any Material Subsidiary that is not a Loan Party, or an order for
relief is entered in any such proceeding; or

 

(g)            Inability
to Pay Debts; Attachment. (i) Any Loan Party or any Material Subsidiary becomes unable or admits in writing its inability or
fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is
issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within
30 days after its issue or levy; or

 

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(h)            Judgments.
There is entered against the Company or any Subsidiary one or more final judgments or orders for the payment of money in an aggregate
amount (as to all such judgments or orders) exceeding $50,000,000 (to the extent not covered by independent third-party insurance as
to which the insurer does not dispute coverage), and (A) such judgments or orders have remained unsatisfied for a period of 30 days
or more, (B) enforcement proceedings are commenced by any creditor upon such judgments or orders, or (C) there is a period
of 30 consecutive days during which a stay of enforcement of such judgments or orders, by reason of a pending appeal or otherwise, is
not in effect; or

 

(i)            ERISA.
(i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected
to result in liability of the Company under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC, or (ii) the Company
or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect
to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan, in the case of each of clauses (i) and
(ii), that has a Material Adverse Effect; or

 

(j)            Invalidity
of Loan Documents. Any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted
hereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any Subsidiary
of the Company contests in any manner the validity or enforceability of any Loan Document; or any Loan Party denies that it has any or
further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document; or

 

(k)            Change
of Control. There occurs any Change of Control.

 

8.02            Remedies
Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative
Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

 

(a)            declare
the commitment of each Lender to make Loans and any obligation of the L/C Issuers to make L/C Credit Extensions to be terminated, whereupon
such commitments and obligation shall be terminated;

 

(b)            declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby expressly waived by the Borrowers;

 

(c)            require
that the Company Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

 

(d)            exercise
on behalf of itself, the Lenders and the L/C Issuers all rights and remedies available to it, the Lenders and the L/C Issuers under the
Loan Documents;

 

provided,
however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy
Code of the United States, the obligation of each Lender to make Loans and any obligation of any L/C Issuer to make L/C Credit Extensions
shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall
automatically become due and payable, and the obligation of the Company to Cash Collateralize the L/C Obligations as aforesaid shall
automatically become effective, in each case without further act of the Administrative Agent or any Lender.

 

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8.03            Application
of Funds. After the exercise of remedies provided for in Section 8.02 (or after
the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized
as set forth in the proviso to Section 8.02), any amounts received by the Administrative Agent on account of the Obligations
shall, subject to the provisions of Sections 2.16 and 2.17 be applied by the Administrative Agent in the following order:

 

First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and
disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative
Agent in its capacity as such;

 

Second,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter
of Credit Fees) payable to the Lenders and the L/C Issuers (including fees, charges and disbursements of counsel to the respective Lenders
and the L/C Issuers (including fees and time charges for attorneys who may be employees of any Lender or any L/C Issuer) and amounts
payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second
payable to them;

 

Third,
to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings
and other Obligations, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause
Third payable to them;

 

Fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, ratably among the Lenders
and the L/C Issuers in proportion to the respective amounts described in this clause Fourth held by them;

 

Fifth,
to the Administrative Agent for the account of the L/C Issuers (ratably in proportion to the respective portion of such L/C Obligations
applicable to each L/C Issuer), to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters
of Credit to the extent not otherwise Cash Collateralized by the Company pursuant to Sections 2.03 and 2.16; and

 

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

 

Subject to Section 2.03(c) and
2.16, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above
shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral
after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations,
if any, in the order set forth above.

 

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ARTICLE IX.

ADMINISTRATIVE AGENT

 

9.01            Appointment
and Authority. Each of the Lenders and the L/C Issuers hereby irrevocably appoints Bank of America
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. The provisions of this Article are solely for the benefit
of the Administrative Agent, the Lenders and the L/C Issuers, and neither any Borrower nor any other Loan Party shall have rights as
a third party beneficiary of any of such provisions. 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.

 

9.02            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 business with the Borrowers 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.

 

9.03            Exculpatory
Provisions. The Administrative Agent or the Arrangers, as applicable, shall not have any duties
or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative
in nature. Without limiting the generality of the foregoing, the Administrative Agent or the Arrangers, as applicable:

 

(a)            shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)            shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents 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 a property of a Defaulting Lender in violation of any Debtor Relief Law;

 

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(c)            shall
not have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, to any Lender or any L/C Issuer,
any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of any of the Borrowers or any of their Affiliates, that is communicated to, obtained or in the possession of, the Administrative Agent,
Arranger or any of their Related Parties in any capacity, except for notices, reports and other documents expressly required to be furnished
to the Lenders by the Administrative Agent herein or in the other Loan Documents;

 

(d)            shall
not be liable for any action taken or not taken by it (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 Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence
or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable 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, as the case may be, is given to the Administrative Agent by the Company, a Lender or an L/C Issuer; and

 

(e)            shall
not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in
connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements
or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness
or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction
of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to
be delivered to the Administrative Agent.

 

9.04            Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall
not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
(including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and
to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement
made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase
of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, the Administrative Agent
may presume that such condition is satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall have received
notice to the contrary from such Lender or such L/C Issuer 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 Company), 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.

 

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9.05            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 facilities provided for herein as well as activities as Administrative Agent.

 

9.06            Resignation
of Administrative Agent.

 

(a)            The
Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Company. Upon receipt of
any such notice of resignation, the Required Lenders shall have the right, with the consent of the Company (such consent not to be
unreasonably withheld or delayed; provided that no consent of the Company shall be required if an Event of Default has
occurred and is continuing), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of
any such bank with an office in the United States. 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 L/C Issuers, 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 the 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 Company and such Person remove such Person
as Administrative Agent and, with the consent of the Company (such consent not to be unreasonably withheld or delayed; provided
that no consent of the Company shall be required if an Event of Default has occurred and is continuing), appoint a successor which shall
be a bank with an office in the United States, or any Affiliate of any such bank which bank has 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 (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) (1) 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 L/C Issuers 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 (2) 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 each L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Administrative
Agent as provided for above in this Section 9.06. 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 as provided in Section 3.01(g) and 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 (if not already discharged therefrom as provided above in this Section 9.06). The fees
payable by the Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed
between the Company 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 10.04 shall continue in effect for the benefit
of the 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.

 

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Any resignation by Bank of
America as Administrative Agent pursuant to this Section 9.06 shall also constitute its resignation as L/C Issuer and Swing
Line Lender. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of an L/C Issuer
hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as an L/C Issuer and all L/C
Obligations with respect thereto, including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed
Amounts pursuant to Section 2.03(c). If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the
Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such
resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line
Loans pursuant to Section 2.04(c). Upon the appointment by the Company of a successor L/C Issuer or Swing Line Lender hereunder
(which successor shall in all cases be a Lender other than a Defaulting Lender), (a) such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and the Swing Line Lender, (b) the retiring
L/C Issuer and the Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or under the other
Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any,
issued by Bank of America and outstanding at the time of such succession or make other arrangements satisfactory to Bank of America as
retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit.

 

9.07            Non-Reliance
on Administrative Agent, the Arrangers and Other Lenders. Each Lender and each L/C Issuer
expressly acknowledges that none of the Administrative Agent nor the Arranger has made any representation or warranty to it, and
that no act by the Administrative Agent or the Arranger hereafter taken, including any consent to, and acceptance of any assignment
or review of the affairs of any Loan Party of any Affiliate thereof, shall be deemed to constitute any representation or warranty by
the Administrative Agent or the Arranger to any Lender or each L/C Issuer as to any matter, including whether the Administrative
Agent or the Arranger have disclosed material information in their (or their Related Parties’) possession. Each Lender and
each L/C Issuer represents to the Administrative Agent and the Arranger that it has, independently and without reliance upon the
Administrative Agent, the Arranger, any other Lender or any of their Related Parties and based on such documents and information as
it has deemed appropriate, made its own credit analysis of, appraisal of, and investigation into, the business, prospects,
operations, property, financial and other condition and creditworthiness of the Loan Parties and their Subsidiaries, and all
applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into
this Agreement and to extend credit to the Borrowers hereunder. Each Lender and each L/C Issuer also acknowledges that it will,
independently and without reliance upon the Administrative Agent, the Arranger, any other Lender or any of their Related Parties and
based on such documents and information as it shall from time to time deem appropriate, continue to make its own 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, and to make such investigations as it deems necessary to inform itself
as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties. Each
Lender and each L/C Issuer represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending
facility and (ii) it is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into
this Agreement as a Lender or L/C Issuer for the purpose of making, acquiring or holding commercial loans and providing other
facilities set forth herein as may be applicable to such Lender or L/C Issuer, and not for the purpose of purchasing, acquiring or
holding any other type of financial instrument, and each Lender and each L/C Issuer agrees not to assert a claim in contravention of
the foregoing. Each Lender and each L/C Issuer represents and warrants that it is sophisticated with respect to decisions to make,
acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such
L/C Issuer, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial
loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such
other facilities.

 

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9.08            No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Joint Bookrunners,
Joint Lead Arrangers or Co-Syndication Agents listed on the cover page hereof shall have any powers, duties or responsibilities under
this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an
L/C Issuer hereunder.

 

9.09            Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor
Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (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 Borrower) shall be entitled and empowered, by intervention in such proceeding
or otherwise to, and shall, at the direction of the Required Lenders:

 

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(a)            file
and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all
other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders, the L/C Issuers and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective agents and counsel and all other amounts
due the Lenders, the L/C Issuers and the Administrative Agent under Sections 2.03(h) and (i), 2.09 and 10.04)
allowed in such judicial proceeding; and

 

(b)            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 each L/C Issuer
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 L/C Issuers, 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 2.09 and 10.04.

 

Nothing contained herein shall
be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer
any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any L/C Issuer
to authorize the Administrative Agent to vote in respect of the claim of any Lender or any L/C Issuer in any such proceeding.

 

9.10            Certain
ERISA Matters.

 

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

 

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

 

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

 

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

 

(iv)            such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

(b)            In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender
or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the
immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being
a Lender party hereto, for the benefit of, the Administrative Agent and the Arrangers and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that none of the Administrative Agent or the Arrangers
or any of 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).

 

9.11            Recovery
of Erroneous Payments. Without limitation of any other provision in this Agreement, if at any
time the Administrative Agent makes a payment hereunder in error to any Lender Recipient Party, whether or not in respect of an Obligation
due and owing by any Borrower at such time, where such payment is a Rescindable Amount, then in any such event, each Lender Recipient
Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount
received by such Lender Recipient Party in Same Day Funds in the currency so received, with interest thereon, for each day from and including
the date such Rescindable Amount is received by it to but excluding the date of payment 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.
Each Lender Recipient Party irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor
might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense
to its obligation to return any Rescindable Amount.  The Administrative Agent shall inform each Lender Recipient Party promptly upon
determining that any payment made to such Lender Recipient Party comprised, in whole or in part, a Rescindable Amount.

 

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ARTICLE X.

MISCELLANEOUS

 

10.01            Amendments,
Etc. Except as set forth in Sections 2.15 and 3.03, no amendment or waiver of any
provision of this Agreement or any other Loan Document, and no consent to any departure by the Company or any other Loan Party therefrom,
shall be effective unless in writing signed by the Required Lenders and the Company or the applicable Loan Party, as the case may be,
and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall:

 

(a)            waive
any condition set forth in Section 4.01(a) without the written consent of each Lender;

 

(b)            extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written
consent of such Lender;

 

(c)            postpone
any date fixed by this Agreement or any other Loan Document for any payment 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 affected thereby;

 

(d)            reduce
the principal of, or the rate or amount of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv) of
the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document, without
the written consent of each Lender directly affected thereby; provided, however, that only the consent of the Required Lenders
shall be necessary to amend the definition of “Default Rate” or to waive any obligation of any Borrower to pay interest or
Letter of Credit Fees at the Default Rate;

 

(e)            change
Section 2.13 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without
the written consent of each Lender;

 

(f)            amend
Section 1.05 or the definition of “Alternative Currency” without the written consent of each Lender;

 

(g)            change
any provision of this Section or 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; or

 

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(h)            release
the Company from the Guaranty without the written consent of each Lender (including by virtue of consenting to any assignment of the Guaranty
that includes a release of the Company from its obligations thereunder);

 

and, provided further, that (i) no
amendment, waiver or consent shall, unless in writing and signed by each L/C Issuer directly affected thereby, in addition to the Lenders
required above, affect the rights or duties of such L/C Issuer under this Agreement or any Issuer Document 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 Swing Line Lender in
addition to the Lenders required above, affect the rights or duties of the Swing Line 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; and (iv) any
Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder
(and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with
the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may
not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent
of all Lenders or each affected

 

Lender that by its terms affects any Defaulting
Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.

 

10.02            Notices;
Effectiveness; Electronic Communication.

 

(a)            Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone and electronic mail
and, except as provided in Section 2.03(b)(i) and in subsection (b) below, all notices and other communications
provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered
mail or sent by electronic mail as follows, and all notices and other communications expressly permitted hereunder to be given by telephone
shall be made to the applicable telephone number, as follows:

 

(i)            if
to the Borrowers, the Administrative Agent, any L/C Issuer or the Swing Line Lender, to the address, electronic mail address or telephone
number specified for such Person on Schedule 10.02; and

 

(ii)            if
to any other Lender, to the address, electronic mail address or telephone number specified in its Administrative Questionnaire (including,
as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the
delivery of notices that may contain MNPI).

 

Notices and other communications sent by hand
or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received. Notices and
other communications delivered through electronic communications to the extent provided in subsection (b) below, shall be
effective as provided in such subsection (b).

 

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(b)            Electronic
Communications. Notices and other communications to the Administrative Agent, Lenders and the L/C Issuers hereunder may be delivered
or furnished by electronic communication (including e mail, FpML messaging and Internet or intranet websites) pursuant to procedures approved
by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to Article II
if such Lender or such L/C Issuer, as applicable, has notified the Administrative Agent or the Company, as applicable, that it is incapable
of receiving notices under such Article by electronic communication. The Administrative Agent, the Swing Line Lender, any L/C Issuer
or the Company 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), if such notice, email or other communication is not sent
during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the
opening of business on the next business day for the recipient.

 

(c)            The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO
NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR
ERRORS IN OR OMISSIONS FROM 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. In no event shall the Administrative Agent or any of
its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower, any Lender, any L/C Issuer
or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising
out of any Borrower’s or the Administrative Agent’s transmission of Borrower Materials or notices through the Platform, any
other electronic platform or electronic messaging service, or through the Internet, except to the extent that such losses, claims, damages,
liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from
the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party
have any liability to any Borrower, any Lender, any L/C Issuer or any other Person for indirect, special, incidental, consequential or
punitive damages (as opposed to direct or actual damages).

 

(d)            Change
of Address, Etc. Each of the Borrowers, the Administrative Agent, the L/C Issuers and the Swing Line Lender may change its address
or telephone number or electronic mail address for notices and other communications hereunder by notice to the other parties hereto. Each
other Lender may change its address, telephone number or electronic mail address for notices and other communications hereunder by notice
to the Company, the Administrative Agent, the L/C Issuers and the Swing Line Lender. In addition, each Lender agrees to notify the Administrative
Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number
and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.
Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected
the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable
such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including
United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public
Side Information” portion of the Platform and that may contain MNPI.

 

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(e)            Reliance
by Administrative Agent, L/C Issuers and Lenders. The Administrative Agent, the L/C Issuers and the Lenders shall be entitled to
rely and act upon any notices (including telephonic notices, Committed Loan Notices, Letter of Credit Applications and Swing Line Loan
Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein,
were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood
by the recipient, varied from any confirmation thereof. Each Borrower shall jointly and severally indemnify the Administrative Agent,
each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from
the reliance by such Person on each notice purportedly given by or on behalf of any Borrower. All telephonic notices to and other telephonic
communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents
to such recording.

 

10.03            No
Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, any L/C Issuer or the Administrative
Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan
Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers
and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law.

 

Notwithstanding anything to the contrary contained
herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against
the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement
shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for the benefit
of all the Lenders and all the L/C Issuers; provided, however, 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) any L/C Issuer or the Swing Line Lender from exercising the rights and remedies
that inure to its benefit (solely in its capacity as an L/C Issuer or Swing Line Lender, as the case may be) hereunder and under the other
Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms of
Section 2.13), 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 Loan 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 8.02 and (ii) in addition to
the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13,
any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required
Lenders.

 

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10.04            Expenses;
Indemnity; Damage Waiver.

 

(a)            Costs
and Expenses. The Borrowers, jointly and severally, shall pay (i) all reasonable and documented out of pocket costs and
expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of
counsel for the Administrative Agent and BofA Securities, Inc.; provided that such counsel’s reasonable fees,
charges and disbursements shall be limited to (i) one law firm acting as transaction counsel for the Administrative Agent and
BofA Securities, Inc., and (ii) one law firm acting as special and local counsel in each applicable jurisdiction in which
the Administrative Agent reasonably determines such local counsel to be necessary), in connection with the syndication of the credit
facilities provided for herein, 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 and documented out of pocket expenses
incurred by any L/C Issuer 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 any L/C Issuer
(including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or any L/C Issuer), and shall
pay all fees and time charges for attorneys who may be employees of the Administrative Agent, any Lender or any L/C Issuer, 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.

 

(b)            Indemnification
by the Borrowers. Each Borrower shall jointly and severally indemnify the Administrative Agent (and any sub-agent thereof), each
Lender and each L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the
reasonable fees, charges and disbursements of any counsel for any Indemnitee), and shall jointly and severally indemnify and hold harmless
each Indemnitee from 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 third party or by any Borrower or any other Loan Party arising out of, in connection
with, or as a result of (i) the execution or delivery of the Commitment Letter (including the Summary of Terms), this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby or thereby (including, without limitation, the Indemnitee’s
reliance on any Communication executed using an Electronic Signature, or in the form of an Electronic Record), the performance by the
parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or
thereby, or any other aspect of any transaction contemplated by the Commitment Letter (including the Summary of Terms) or, in the case
of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other
Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or Letter of Credit or
any use made (or proposed to be made, including any use proposed in the Commitment Letter or Summary of Terms to be made) of proceeds
therefrom (including any refusal by an L/C Issuer 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 Borrower or any of its Subsidiaries, or any Environmental
Liability related in any way to any Borrower or any of its Subsidiaries, or (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 the Company or any other Loan Party, and regardless of whether any Indemnitee is a party thereto, in all cases, whether or not
caused by or arising, in whole or in part, out of the comparative, contributory or sole negligence of the Indemnitee; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Company or any other Loan Party against
an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder, under any other Loan Document or under the Commitment
Letter (including the Summary of Terms), if the Company or such other Loan Party has obtained a final and nonappealable judgment in its
favor on such claim as determined by a court of competent jurisdiction.

 

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(c)            Reimbursement
by Lenders. To the extent that the Borrowers for any reason fail to indefeasibly pay any amount required under subsection (a) or
(b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), any L/C Issuer, the Swing
Line 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), such L/C Issuer, the Swing Line 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) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender),
such payment to be made severally among them based on such Lenders’ Applicable Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought), 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) or any L/C Issuer or the Swing Line 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) such L/C Issuer or the Swing Line Lender in connection with such capacity.
The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d).

 

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(d)            Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no Borrower shall assert, and hereby waives, and
acknowledges that no other Person shall have, any claim against any Indemnitee, 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, the Commitment Letter
(including the Summary of Terms), 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 any use made (or proposed to be made, including any use proposed in the
Commitment Letter or Summary of Terms to be made) of proceeds therefrom. No Indemnitee referred to in subsection (b) above
shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such
unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection
with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages
resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final nonappealable judgment of a court
of competent jurisdiction.

 

(e)            Payments.
All amounts due under this Section 10.04 shall be payable not later than 10 Business Days after demand therefor.

 

(f)            Survival.
The agreements in this Section 10.04 and the indemnity provisions of Section 10.02(e) shall survive the
resignation of the Administrative Agent, any L/C Issuer and the Swing Line Lender, the replacement of any Lender, the
termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

10.05            Payments
Set Aside. To the extent that any payment by or on behalf of any Borrower is made to the Administrative
Agent, any L/C Issuer or any Lender, or the Administrative Agent, any L/C Issuer or any Lender exercises its right of setoff, and such
payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set
aside or required (including pursuant to any settlement entered into by the Administrative Agent, such L/C Issuer or such Lender in its
discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise,
then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and
each L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount
so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment
is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect, in the applicable currency of such recovery
or payment. The obligations of the Lenders and the L/C Issuers under clause (b) of the preceding sentence shall survive the
payment in full of the Obligations and the termination of this Agreement.

 

10.06            Successors
and Assigns.

 

(a)            Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that no Loan Party may assign or otherwise transfer any of its rights or obligations
hereunder 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 subsection (b) of
this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by
way of pledge or assignment of a security interest subject to the restrictions of subsection (g) 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 subsection (d) of this Section and, to the extent expressly contemplated hereby,
the Related Parties of each of the Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim
under or by reason of this Agreement.

 

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(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 Commitment and the Loans (including for purposes of this subsection (b), participations in L/C
Obligations and in Swing Line Loans) at the time owing to it); provided that any such assignment shall be subject to the following
conditions:

 

(i)            Minimum
Amounts:

 

(A)            in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to
it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund no minimum amount need be assigned; and

 

(B)            in
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the 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 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is
continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however,
that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible
Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining
whether such minimum amount has been met.

 

(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 Loans or the Commitment assigned, except that this clause (ii) shall
not apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans;

 

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

 

(A)            the
consent of the Company (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default
under Section 8.01(a), (b) (with respect to the terms, covenants and agreements contained in Article VII
only) or (f) has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an
Affiliate of a Lender or an Approved Fund, provided that the Company shall be deemed to have consented to any such assignment unless
it shall have objected thereto by written notice to the Administrative Agent within 10 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 if such assignment is
to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender;

 

(C)            the
consent of each L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that
increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then
outstanding); and

 

(D)            the
consent of the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment.

 

(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 in the amount of $3,500; provided, however, that 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.

 

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

 

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(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 Company and the Administrative Agent, the applicable pro rata share of Loans previously requested but
not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay
and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, any L/C Issuer or any Lender
hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations
in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that
any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance
with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of
this Agreement until such compliance occurs.

 

Subject to acceptance and recording thereof
by the Administrative Agent pursuant to subsection (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
3.01, 3.04, 3.05, and 10.04 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. Upon request, each Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be
treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection
(d) of this Section.

 

(c)            Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers (and such agency being solely for tax
purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the
equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments
of, and principal amounts (and stated interest) of the Loans and L/C Obligations 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 Borrowers,
the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as
a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent shall
maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender. The
Register shall be available for inspection by each of the Borrowers, any Lender and any L/C Issuer at any reasonable time and from time
to time upon reasonable prior notice. In addition, at any time that a request for a consent for a material or substantive change to the
Loan Documents is pending, any Lender wishing to consult with other Lenders in connection therewith may request and receive from the Administrative
Agent a copy of the Register.

 

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(d)            Participations.
Any Lender may at any time, without the consent of, or notice to, any Borrower or the Administrative Agent, sell participations to any
Person (other than a natural person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit
of a natural person, a Defaulting Lender or the Company or any of the Company’s Affiliates or Subsidiaries) (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 (including such Lender’s participations in L/C Obligations and/or Swing Line 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 Borrowers, the Administrative Agent, the Lenders
and the L/C Issuers 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 10.04(c) without
regard to the existence of any participation.

 

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,
waiver or other modification described in the first proviso to Section 10.01 that affects such Participant. Each
Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the
same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this
Section (it being understood that the documentation required under Section 3.01(e) shall be delivered to the
Lender who sells the participation) 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 Sections
3.06 and 10.13 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 3.01 or 3.04, with respect to any participation, than the Lender from
whom it acquired the applicable participation 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 Company’s request and expense, to use reasonable efforts to cooperate with the
Company to effectuate the provisions of Section 3.06 with respect to any Participant. To the extent permitted by law,
each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender, provided
that such Participant agrees to be subject to Section 2.13 as though it were a Lender.

 

(e)            Participant
Register. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Company, maintain
a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no
Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant
or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under
any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter
of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. 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.

 

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(f)            Limitations
upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04
than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant is made with the Company’s prior written consent. A Participant that would be a Foreign
Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Company is notified of the participation
sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 3.01(e) as
though it were a Lender.

 

(g)            Certain
Pledges. Any Lender may at any time, without notice to or consent of any Person, pledge or assign a security interest in all or
any portion of its rights under this Agreement (including under its Note(s), if any) to secure obligations of such Lender, including
any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment
shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto.

 

(h)            Resignation
as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any time Bank
of America or another L/C Issuer assigns all of its Commitment and Loans pursuant to subsection (b) above, (i) such L/C
Issuer may, upon 30 days’ notice to the Company and the Lenders, resign as an L/C Issuer and/or (ii) if Bank of America is
the assignor, Bank of America may, upon 30 days’ notice to the Company, resign as the Swing Line Lender. In the event of any such
resignation as an L/C Issuer or the Swing Line Lender, the Company shall be entitled to appoint from among the Lenders a successor L/C
Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Company to appoint any such successor shall
affect the resignation of such L/C Issuer as an L/C Issuer or Bank of America as the Swing Line Lender, as the case may be. If an L/C
Issuer resigns, it shall retain all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect to all Letters of
Credit and outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including
the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).
If Bank of America resigns as the Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with
respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the
Lenders to make Base Rate Committed Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c).
Upon the appointment of a successor L/C Issuer and/or Swing Line Lender, (a) such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of such retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the
successor L/C Issuer 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 reasonably satisfactory to the L/C Issuer to effectively assume the obligations of the L/C Issuer
with respect to such Letters of Credit.

 

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10.07            Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and
the L/C Issuers agree 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 partners, directors, officers, employees,
agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and shall have agreed (orally or in writing) to keep such Information
confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any
self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in
connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this
Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (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 or obligations under this Agreement or any Eligible Assignee invited to
be a Lender pursuant to Section 2.15(a) or (ii) any actual or prospective counterparty (or its advisors) to
any swap or derivative transaction under which payments are to be made by reference to any of the Borrowers and their obligations,
(g) on a confidential basis to (i) any rating agency in connection with rating the Company or its Subsidiaries or
the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance
and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with
the consent of the Company or (i) to the extent such Information (x) is or becomes publicly available other than as a
result of a breach of this Section or (y) is or becomes available to the Administrative Agent, any Lender, any L/C Issuer
or any of their respective Affiliates on a nonconfidential basis from a source other than the Company or any of its Subsidiaries. In
addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement
(excluding, in all cases, information about the present or prospective business of the Company and its Subsidiaries, including,
without limitation, any financial projections related thereto) to market data collectors, similar service providers to the lending
industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement,
the other Loan Documents, and the Commitments.

 

For purposes of this Section,
“Information” means all information received from the Company or any Subsidiary relating to the Company or any Subsidiary
or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any
L/C Issuer on a nonconfidential basis prior to disclosure by the Company or any Subsidiary, provided that, in the case of information
received from the Company or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential.
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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Each of the Administrative
Agent, the Lenders and the L/C Issuers acknowledges that (a) the Information may include material non-public information concerning
the Company or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public
information and (c) it will handle such material non-public information in accordance with applicable Law, including Federal and
state securities Laws.

 

10.08            Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each
L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent
permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in
whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, such L/C Issuer
or any such Affiliate to or for the credit or the account of any Borrower or any other Loan Party against any and all of the
obligations of such Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such
Lender or such L/C Issuer or their respective Affiliates, irrespective of whether or not such Lender, such L/C Issuer or Affiliate
shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Borrower or such
Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or such L/C Issuer different
from the branch or office holding such deposit or obligated on such indebtedness; provided, that in the event that any
Defaulting Lender shall exercise any such right of setoff hereunder, (x) all amounts so set off shall be paid over immediately
to the Administrative Agent for further application in accordance
with the provisions of Section 2.17 and, pending such payment, shall be segregated by such Defaulting Lender from its
other funds and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuers and the Lenders, and (y) the
Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations
owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each L/C Issuer and
their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff)
that such Lender, such L/C Issuer or their respective Affiliates may have. Each Lender and each L/C Issuer agrees to notify the
Company 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.

 

10.09            Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the
interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable
Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds
the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded
to the Company. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds
the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal
as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations
hereunder.

 

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10.10            Counterparts;
Integration; Effectiveness. This Agreement and the other Loan Documents 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, 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 4.01, each of this Agreement and the other Loan Documents shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof
or thereof, as applicable, that, when taken together, bear the signatures of each of the other parties hereto or thereto, as applicable.
Delivery of an executed counterpart of a signature page of this Agreement and any other Loan Document by facsimile or other electronic
imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this
Agreement and the other Loan Documents.

 

10.11            Survival
of Representations and Warranties. All representations and warranties made hereunder and in any
other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution
and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and
each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that
the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall
continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter
of Credit shall remain outstanding.

 

10.12            Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired
thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.
The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the enforceability of any provisions
in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative
Agent, any L/C Issuer or the Swing Line Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent
not so limited.

 

10.13            Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if any Borrower
is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01,
or if any Lender is a Defaulting Lender or a Non-Consenting Lender (as defined below), or if any Lender is a Restricted Lender under Section 2.14(a),
then the Company 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 10.06),
all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

 

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(a)            the
Company shall have paid (or caused a Designated Borrower to pay) to the Administrative Agent the assignment fee specified in Section 10.06(b);

 

(b)            such
Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company or applicable Designated
Borrower (in the case of all other amounts);

 

(c)            in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made
pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)            such
assignment does not conflict with applicable Laws; and

 

(e)            with
respect to the replacement of a Non-Consenting Lender, such assignment is requested within 90 days of such Lender’s failure to approve
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 Company to require such assignment and delegation cease to apply.

 

For purposes of this Section 10.13,
a “Non-Consenting Lender” means a Lender that fails to approve an amendment, waiver or consent requested by the Company
or any other Loan Party pursuant to Section 10.01 that has received the written approval of not less than the Required Lenders
but also requires the approval of such Lender.

 

10.14            Governing
Law; Jurisdiction; Etc.

 

(a)            GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)            SUBMISSION
TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION
OF 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, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE 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 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 OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
AGAINST ANY BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

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(c)            WAIVER
OF VENUE. EACH PARTY HERETO 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 10.02(a).
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW; PROVIDED, THAT NO ELECTRONIC COMMUNICATION SHALL CONSTITUTE SERVICE OF PROCESS HEREUNDER.

 

10.15            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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10.16            No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated
hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower
and each other Loan Party acknowledges and agrees, and acknowledges each of their respective Affiliates’ understanding, that: (i) (A) the
arranging and other services regarding this Agreement provided by the Administrative Agent and the Arrangers are arm’s-length commercial
transactions between such Borrower and each other Loan Party and their respective Affiliates, on the one hand, and the Administrative
Agent and the Arrangers, on the other hand, (B) each of such Borrower and the other Loan Parties has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate, and (C) such Borrower and each other Loan Party is capable of
evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan
Documents; (ii) (A), the Administrative Agent and each Arranger is and has been acting solely as a principal and, except as expressly
agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for such Borrower,
any other Loan Party or any of their respective Affiliates or any other Person and (B) neither the Administrative Agent nor any Arranger
has any obligation to such Borrower, any other Loan Party or any of their respective Affiliates with respect to the transactions contemplated
hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent and
the Arrangers and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from
those of such Borrower, the other Loan Parties and their respective Affiliates, and neither the Administrative Agent nor any Arranger
has any obligation to disclose any of such interests to such Borrower, any other Loan Party or any of their respective Affiliates. To
the fullest extent permitted by law, each Borrower and each other Loan Party hereby waives and releases any claims that it may have against
the Administrative Agent and the Arrangers with respect to any breach or alleged breach of agency or fiduciary duty in connection with
any aspect of any transaction contemplated hereby. Nothing contained herein shall relieve any Person of its written contractual obligations
under the Loan Documents.

 

10.17            USA
PATRIOT Act Notice. Each Lender that is subject to the PATRIOT Act (as hereinafter defined) and
the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001))
(the “PATRIOT Act”), it is required to obtain, verify and record information that identifies the Borrowers, which information
includes the name and address of each Borrower and other information that will allow such Lender or the Administrative Agent, as applicable,
to identify such Borrower in accordance with the PATRIOT Act. Each Borrower shall, promptly following a request by the Administrative
Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender reasonably requests
in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and
regulations, including the PATRIOT Act.

 

10.18            Judgment
Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert
a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which
in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the
Business Day preceding that on which final judgment is given. The obligation of each Borrower in respect of any such sum due from it to
the Administrative Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the
“Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions
of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt
by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative
Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment
Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any
Lender from any Borrower in the Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment,
to indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so
purchased is greater than the sum originally due to the Administrative Agent or any Lender in such currency, the Administrative Agent
or such Lender, as the case may be, agrees to return the amount of any excess to such Borrower (or to any other Person who may be entitled
thereto under applicable law).

 

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10.19            Electronic
Execution; Electronic Records; Counterparts. This Agreement and any document, amendment,
approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this Agreement (each
a “Communication”), including Communications required to be in writing, may be in the form of an Electronic
Record and may be executed using Electronic Signatures. Each of the parties hereto agrees that any Electronic Signature on or
associated with any Communication shall be valid and binding on each such party to the same extent as a manual, original signature,
and that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation of each
such party enforceable against each such party in accordance with the terms thereof to the same extent as if a manually executed
original signature was delivered.  Any Communication may be executed in as many counterparts as necessary or convenient,
including both paper and electronic counterparts, but all such counterparts are one and the same Communication.  For the
avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative
Agent and each of the Lenders of a manually signed paper Communication which has been converted into electronic form (such as
scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or
retention. The Administrative Agent and each of the Lenders may, at its option, create one or more copies of any Communication in
the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary course
of such Person’s business, and destroy the original paper document.  All Communications in the form of an Electronic
Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect,
validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, neither the Administrative
Agent, any L/C Issuer nor the Swing Line Lender is under any obligation to accept an Electronic Signature in any form or in any
format unless expressly agreed to by such Person pursuant to procedures approved by it; provided, further, without limiting the
foregoing, (a) to the extent the Administrative Agent, any L/C Issuer and/or the Swing Line Lender has agreed to accept such
Electronic Signature, the Administrative Agent and each of the Lender Parties shall be entitled to rely on any such Electronic
Signature purportedly given by or on behalf of any Loan Party and/or any Lender Party without further verification and (b) upon
the request of the Administrative Agent or any Lender Party, any Electronic Signature shall be promptly followed by such manually
executed counterpart.  For purposes hereof, “Electronic Record” and “Electronic
Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to
time.

 

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Neither the Administrative
Agent, L/C Issuer nor Swing Line Lender shall be responsible for or have any duty to ascertain or inquire into the sufficiency, validity,
enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document (including, for the avoidance
of doubt, in connection with the Administrative Agent’s, L/C Issuer’s or Swing Line Lender’s reliance on any Electronic
Signature transmitted by telecopy, emailed .pdf or any other electronic means). The Administrative Agent, L/C Issuer and Swing Line Lender
shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting
upon, any Communication (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution
or signed using an Electronic Signature) or any statement made to it orally or by telephone and believed by it to be genuine and signed
or sent or otherwise authenticated (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being
the maker thereof).

 

Each of the Loan Parties and
each Lender Party hereby waives (i) any argument, defense or right to contest the legal effect, validity or enforceability of this
Agreement, any other Loan Document based solely on the lack of paper original copies of this Agreement, such other Loan Document, and
(ii) waives any claim against the Administrative Agent, each Lender Party and each Related Party for any liabilities arising solely
from the Administrative Agent’s and/or any Lender Party’s reliance on or use of Electronic Signatures, including any liabilities
arising as a result of the failure of the Loan Parties to use any available security measures in connection with the execution, delivery
or transmission of any Electronic Signature.

 

10.20            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 Lender that is an Affected Financial Institution arising under any Loan Document, to the
extent such liability is unsecured, may be subject to the Write-Down and Conversion powers of the applicable Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)            the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any Lender 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

 

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(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.

 

10.21      Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through
a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit
Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect
to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that
the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United
States or any other state of the United States):

 

(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 10.21, the following terms have the following meanings:

 

“BHC Act
Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12
U.S.C. 1841(k)) of such party.

 

“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 382.2(b).

 

    134

     

    

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

[Signature pages follow.] 

 

    135

     

    

 

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

 

	 	AVNET, INC.
	 	 
	 	By:	/s/ Joseph L. Burke 
	 	Name:  Joseph L. Burke 
	 	Title:    Vice President
    and Treasurer
	 	 
	 	AVNET HOLDING EUROPE, BV
	 	 
	 	By:	/s/ Joseph L. Burke 
	 	Name:  Joseph L. Burke 
	 	Title:    Vice President
    and Treasurer

 

Avnet, Inc. 

Second Amended and Restated Credit Agreement 

Signature Page

 

     

     

    

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	BANK OF AMERICA, N.A., as
    Administrative Agent
	 	 
	 	By:	/s/ Elizabeth Uribe 
	 	Name: Elizabeth Uribe 
	 	Title:   Assistant Vice President

 

Avnet, Inc. 

Second Amended and Restated Credit Agreement 

Signature Page

 

     

     

    

 

	 	LENDERS:
	 	 
	 	BANK OF AMERICA, N.A.,
    as a Lender, an L/C Issuer and a Swing Line Lender
	 	 
	 	By:	/s/ Erhlich Bautista 
	 	Name: Erhlich Bautista 
	 	Title:   Vice President

 

Avnet, Inc. 

Second Amended and Restated Credit Agreement 

Signature Page

 

     

     

    

 

	 	BNP PARIBAS,
    as a Lender
	 	 
	 	By:	/s/ Brendan Heneghan 
	 	Name: Brendan Heneghan 
	 	Title:   Director
	 	 
	 	By:	/s/ Nicolas Doche 
	 	Name: Nicolas Doche 
	 	Title:   Vice President

 

Avnet, Inc. 

Second Amended and Restated Credit Agreement 

Signature Page

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A.,
    as a Lender and an L/C Issuer
	 	 
	 	By:	/s/ Zachary Quan 
	 	Name: Zachary Quan 
	 	Title:   Vice President

 

Avnet, Inc. 

Second Amended and Restated Credit Agreement 

Signature Page

 

     

     

    

 

	 	MUFG BANK, LTD.,
    as a Lender and an L/C Issuer
	 	 
	 	By:	/s/ Charles DeNoto 
	 	Name: Charles DeNoto 
	 	Title:   Vice President

 

Avnet, Inc. 

Second Amended and Restated Credit Agreement 

Signature Page

 

     

     

    

 

	 	THE BANK OF NOVA SCOTIA,
    as a Lender 
	 	 
	 	By:	/s/ Khrystyna Manko 
	 	Name: Khrystyna Manko 
	 	Title:   Director

 

Avnet, Inc. 

Second Amended and Restated Credit Agreement 

Signature Page

 

     

     

    

 

	 	TRUIST BANK,
    as a Lender and an L/C Issuer
	 	 
	 	By:	/s/ Alfonso Brigham 
	 	Name: Alfonso Brigham 
	 	Title:   Director

 

Avnet, Inc. 

Second Amended and Restated Credit Agreement 

Signature Page

 

     

     

    

 

	 	BANCO SANTANDER, N.A., NEW YORK
    BRANCH, as a Lender
	 	 
	 	By:	/s/ Andres Barbosa 
	 	Name: Andres Barbosa 
	 	Title:   Managing Director
	 	 
	 	By:	/s/ Daniel Kostman 
	 	Name: Daniel Kostman 
	 	Title:   Executive Director

 

Avnet, Inc. 

Second Amended and Restated Credit Agreement 

Signature Page

 

     

     

    

 

	 	COMMERZBANK AG, NEW YORK BRANCH,
    as a Lender
	 	 
	 	By:	/s/
    Neil Kiernan 
	 	Name: Neil Kiernan 
	 	Title:   Director
	 	 
	 	By:	/s/ Robert Sullivan 
	 	Name: Robert Sullivan 
	 	Title:   Vice President

 

Avnet, Inc. 

Second Amended and Restated Credit Agreement 

Signature Page

 

     

     

    

 

 

	 	HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	By:   	/s/ Ilene Hernandez
	 	Name: Ilene Hernandez
	 	Title: Vice President

 

Avnet, Inc.

Second
Amended and Restated Credit Agreement

Signature
Page

 

     

     

    

 

	 	KEYBANK NATIONAL ASSOCIATION, as a Lender
	 	 
	 	By:   	/s/ Jason A. Nichols
	 	Name: Jason A. Nichols
	 	Title:   Vice President

 

Avnet, Inc.

Second
Amended and Restated Credit Agreement

Signature
Page

 

     

     

    

 

	 	SUMITOMO MISTSUI BANKING CORPORATION, as a Lender
	 	 
	 	By:   	 /s/ Irlen Mak
	 	Name: Irlen Mak
	 	Title:   Director

 

Avnet, Inc.

Second
Amended and Restated Credit Agreement

Signature
Page

 

     

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender
	 	 
	 	By:   	/s/ Brian Seipke
	 	Name: BRIAN SEIPKE
	 	Title:   SENIOR VICE PRESIDENT

 

Avnet, Inc.

Second
Amended and Restated Credit Agreement

Signature
Page

 

     

     

    

 

	 	WELLS FARGO BANK, N.A., as a Lender
	 	 
	 	By:   	 /s/ Greg Strauss
	 	Name: Greg Strauss
	 	Title:   Managing Director

 

Avnet, Inc.

Second
Amended and Restated Credit Agreement

Signature
Page

 

     

     

    

 

	 	BANK OF CHINA, LOS ANGELES BRANCH, as a Lender
	 	 
	 	By:   	/s/ Yong Ou
	 	Name: Yong Ou
	 	Title:   SVP

 

Avnet, Inc.

Second
Amended and Restated Credit Agreement

Signature
Page

 

     

     

    

 

	 	BAYERISCHE LANDESBANK, NEW YORK BRANCH, as a Lender
	 	 
	 	By:   	 /s/ Rolf Siebert
	 	Name: Rolf Siebert
	 	Title:   Executive Director
	 	 
	 	By: 	/s/ Elke Videgain
	 	Name: Elke Videgain
	 	Title:   Vice President

 

Avnet, Inc.

Second
Amended and Restated Credit Agreement

Signature
Page

 

     

     

    

 

	 	DBS BANK, LTD, as a Lender
	 	 
	 	By:   	/s/ Josephine Lim
	 	Name: Josephine Lim
	 	Title:   Senior Vice President

 

Avnet, Inc.

Second
Amended and Restated Credit Agreement

Signature
Page

 

     

     

    

 

	 	KBC BANK NV, NEW YORK BRANCH
	 	 
	 	By:   	/s/ Nicholas Fiore
	 	Name: Nicholas Fiore
	 	Title:   Managing Director
	 	 
	 	By:	 /s/ Francis Payne
	 	Name: Francis Payne
	 	Title:   Managing Director

 

Avnet, Inc.

Second
Amended and Restated Credit Agreement

Signature
Page

 

     

     

    

 

	 	STANDARD CHARTERED BANK, as a Lender
	 	 
	 	By:   	/s/ Kristopher Tracy
	 	Name: Kristopher Tracy
	 	Title:   Director, Financing Solutions

 

Avnet, Inc.

Second
Amended and Restated Credit Agreement

Signature
Page

 

     

     

    

 

	 	THE HUNTINGTON NATIONAL BANK, as a Lender
	 	 
	 	By:   	/s/ Martin H. McGinty
	 	Name: Martin H. McGinty
	 	Title:   Director

 

Avnet, Inc.

Second
Amended and Restated Credit Agreement

Signature
Page

 

     

     

    

 

	 	UNICREDIT BANK AG, NEW YORK BRANCH, as a Lender
	 	 
	 	By:   	/s/ Christine MacInnes
	 	Name: Christine MacInnes
	 	Title:   Director
	 	 
	 	By: 	/s/ Laura Shelmerdine
	 	Name: Laura Shelmerdine
	 	Title:   Director

 

Avnet, Inc.

Second
Amended and Restated Credit Agreement

Signature
Page

 

     

     

    

 

 

EXHIBIT A

 

FORM OF COMMITTED LOAN NOTICE

 

Date: ___________, _____

 

		To:	Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that
certain Second Amended and Restated Credit Agreement, dated as of August 2, 2022 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used herein as therein
defined), among Avnet, Inc., a New York corporation, Avnet Holding Europe BV, a Belgian privately held limited liability company,
the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative
Agent, an L/C Issuer and Swing Line Lender.

 

________________________ [insert
name of applicable Borrower] hereby requests (select one):

 

 ̈
A Borrowing of Committed Loans      ̈ A conversion or
continuation of Loans

 

1.            On
_________________________________ (a Business Day).

 

2.            In
the amount of ____________________________________.

 

3.            Comprised of
______________________________________.

                                                                [Type of Committed Loan requested]

 

4.            In
the following currency: ______________________________

 

		5.	For Term SOFR Loans or Alternative Currency Term Rate Loans: with an Interest Period of __________ month[s].

 

If a Committed Borrowing is
requested herein, it complies with the provisos to the first sentence of Section 2.01 of the Agreement.

 

	 	 
	 	[Insert name of Borrower]
	 	 
	 	By: 	         

	 	Name: 	 

	 	Title:	 

 

A-1

Form of
Committed Loan Notice

 

     

     

    

 

EXHIBIT B

 

FORM OF SWING LINE LOAN NOTICE

 

Date: _______________, _____

 

	To:	Bank of America, N.A., as Swing Line Lender
	 	Bank of America, N.A., as Administrative
Agent

 

Ladies and Gentlemen:

 

Reference is made to that
certain Second Amended and Restated Credit Agreement, dated as of August 2, 2022 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used herein as therein
defined), among Avnet, Inc., a New York corporation (the “Company”), Avnet Holding Europe BV, a Belgian privately
held limited liability company, the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto,
and Bank of America, N.A., as Administrative Agent, an L/C Issuer and Swing Line Lender.

 

The undersigned hereby requests
a Swing Line Loan:

 

1.            On
______________________________ (a Business Day).

 

2.            In
the amount of $___________________.

 

The Swing Line Borrowing requested
herein complies with the requirements of the provisos to the first sentence of Section 2.04(a) of the Agreement.

 

	 	AVNET, INC.
	 	 
	 	By: 	             

	 	Name: 	 

	 	Title:	 

 

B-1

Form of
Swing Line Loan Notice

 

     

     

    

 

EXHIBIT C

 

FORM OF NOTE

 

____________________

 

FOR VALUE RECEIVED, the undersigned
(the “Borrower”) hereby promises to pay to _____________________ or registered assigns (the “Lender”),
in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made
by the Lender to the Borrower under that certain Second Amended and Restated Credit Agreement, dated as of August 2, 2022 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”; the terms defined
therein being used herein as therein defined), among Avnet, Inc., Avnet Holding Europe BV, the Designated Borrowers from time to
time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, an L/C Issuer and
Swing Line Lender.

 

The Borrower promises to pay
interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full, at such interest
rates and at such times as provided in the Agreement. [Except as otherwise provided in Section 2.04(f) of the Agreement
with respect to Swing Line Loans]1, all payments of principal and interest shall be made to the Administrative Agent for
the account of the Lender in the currency in which such Committed Loan was denominated and in Same Day Funds at the Administrative Agent’s
Office for such currency. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon
demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate
set forth in the Agreement.

 

This Note is one of the Notes
referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions
provided therein. [This Note is also entitled to the benefits of the Guaranty.]2 Upon the occurrence and continuation of
one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be
declared to be, immediately due and payable all as provided in the Agreement. Loans made by the Lender shall be evidenced by one or more
loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Note
and endorse thereon the date, amount, currency and maturity of its Loans and payments with respect thereto.

 

[This
Note amends, restates and continues indebtedness under the Note issued to Lender by the Borrower dated as of June 28, 2018 (the “Original
Note”), and this Note is in substitution for and an amendment and replacement of the Original Note. Nothing herein or in
any document shall be construed to constitute payment of the Original Note.]

 

The Borrower, for itself,
its successors and assigns, hereby waives presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this
Note.

 

 

1 To be inserted into Note executed by the Company only.

2 To be inserted into Note executed by Avnet Europe or
a Designated Borrower only.

 

C-1

Form of
Note

 

     

     

    

 

THIS NOTE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

	 	[AVNET, INC.] 
	 	OR 
	 	[AVNET HOLDING EUROPE BV]
	 	 
	 	OR
	 	 
	 	[APPLICABLE DESIGNATED BORROWER]

 

		By: 	             

	 	Name: 	 

	 	Title:	 

 

C-2

Form of
Note

 

     

     

    

 

LOANS AND PAYMENTS WITH RESPECT THERETO

 

	Date	 	Type of Loan

 Made	 	Currency 

and 

Amount of 

Loan Made	 	End of

 Interest 

Period	 	Amount of 

Principal or

 Interest Paid 

This Date	 	Outstanding

 Principal 

Balance This 

Date	 	Notation

 Made By
	 	 	 	 	 	 	 	 	 	 	 	 	 
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________
	________	 	________	 	________	 	________	 	________	 	________	 	________

 

C-3

Form of
Note

 

     

     

    

 

 

EXHIBIT D

 

FORM OF COMPLIANCE CERTIFICATE

 

Financial Statement Date: _______________, _____

 

To:     Bank of America,
N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference
is made to that certain Second Amended and Restated Credit Agreement, dated as of August 2, 2022 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used
herein as therein defined), among Avnet, Inc., a New York corporation (the “Company”), Avnet Holding Europe
BV, a Belgian privately held limited liability company, the Designated Borrowers from time to time party thereto, the Lenders from time
to time party thereto, and Bank of America, N.A., as Administrative Agent, an L/C Issuer and Swing Line Lender.

 

The undersigned Responsible
Officer hereby certifies as of the date hereof that he/she is the                                   of
the Company, and that, as such, he/she is authorized to execute and deliver this certificate to the Administrative Agent on behalf of
the Company, and that:

 

[Use
following paragraph 1 for fiscal year-end financial statements]

 

1.            The
Company has delivered the year-end audited financial statements required by Section 6.01(a) of the Agreement for the
fiscal year of the Company ended as of the above date, together with the report and opinion of a Registered Public Accounting Firm required
by such section.

 

[Use
following paragraph 1 for fiscal quarter-end financial statements]

 

1.            The
Company has delivered the unaudited financial statements required by Section 6.01(b) of the Agreement for the fiscal
quarter of the Company ended as of the above date. Such financial statements fairly present the financial condition and results of operations
of the Company and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end audit
adjustments and the absence of footnotes.

 

2.            The
undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision,
a detailed review of the transactions and condition (financial or otherwise) of the Company during the accounting period covered by such
financial statements.

 

3.            A
review of the activities of the Company during such fiscal period has been made under the supervision of the undersigned with a view to
determining whether any Default or Event of Default occurred during such fiscal period. To the best knowledge of the undersigned after
making such review,

 

[select one:]

 

[no Default or Event of
Default has occurred (whether during such fiscal period or otherwise) and is continuing on the date hereof.]

 

--or--

 

    	 	D-1	 
	 	Form of Compliance Certificate	 

     

    

 

[the following is a list
of each Default or Event of Default that has occurred (whether during such fiscal period or otherwise) and is continuing on the date hereof
and, in each case, the nature and status of such Default or Event of Default:]

 

4.            The
financial covenant analyses and information set forth on Schedules 1 and 2 attached hereto are true and accurate on and
as of the Financial Statement Date.

 

 ̈     Check
for distribution to Public Lenders and private side Lenders3

 

IN
WITNESS WHEREOF, the undersigned has executed this Certificate as of _______________, _____.

 

	 	AVNET, INC.
	 	 
	 	By:	                        

	 	Name:	 

	 	Title:	 

 

 

3     If this is not checked,
this certificate will only be posted to private side Lenders.

 

    	 	D-2	 
	 	Form of Compliance Certificate	 

     

    

 

Financial Statement Date: ________________

 

SCHEDULE
1 

to the Compliance Certificate

($ in 000’s)

 

		I.	Section 7.10 – Consolidated Leverage Ratio.

 

		A.	Consolidated Funded Indebtedness at Financial Statement Date:	$________________

 

		B.	Consolidated EBITDA for Subject Period:	$________________

 

		C.	Consolidated Leverage Ratio (Line I.A ÷ Line I.B):	___________ to 1.00

 

	Maximum Permitted	4.00 to 1.00	 

 

	In Compliance?	[Yes/No]	 

 

    	 	D-3	 
	 	Form of Compliance Certificate	 

     

    

 

Financial Statement Date: ________________

 

SCHEDULE
2 

to the Compliance Certificate

($ in 000’s)

 

Consolidated
EBITDA

(in accordance with the definition of Consolidated EBITDA

as set forth in the Agreement)

 

	Consolidated 

EBITDA	Quarter

 Ended 

________	Quarter

 Ended 

________	Quarter 

Ended 

________	Quarter 

Ended 

________	Twelve

 Months

 Ended 

________
	Consolidated 

Net Income	 	 	 	 	 
	+	Consolidated Interest Charges	 	 	 	 	 
	+	 income taxes	 	 	 	 	 
	+	depreciation and amortization expenses	 	 	 	 	 
	+	gains or losses related to the early extinguishment of fixed
income obligations	 	 	 	 	 
	+	non-cash or non-recurring expenses reducing Consolidated Net
Income	 	 	 	 	 
	-	non-cash items increasing Consolidated Net Income 	 	 	 	 	 
	=	Consolidated EBITDA	 	 	 	 	 

 

    	 	D-4	 
	 	Form of Compliance Certificate	 

     

    

 

EXHIBIT E-1

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption
(this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between
[the][each]4 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]5
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights
and obligations of [the Assignors][the Assignees]6 hereunder are several and not joint.]7 Capitalized terms
used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth
in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption
as if set forth herein in full.

 

For an agreed consideration,
[the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each]
Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with
the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated
below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their
respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to
the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the
Assignor][the respective Assignors] under the facilities identified below (including, without limitation, participations in L/C Obligations
and in Swing Line Loans) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action
and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)]
against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments
delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including,
but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related
to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any]
Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an]
“Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as
expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor.

 

	1.	Assignor[s]:	 	 
	 	 	 	 
	 	 	 	 

 

 

 

4   For bracketed language
here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed
language. If the assignment is from multiple Assignors, choose the second bracketed language.

 

5   For bracketed language
here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language.
If the assignment is to multiple Assignees, choose the second bracketed language.

 

6   Select as appropriate.

 

7   Include bracketed language
if there are either multiple Assignors or multiple Assignees.

 

 

    	 	E-1	 
	 	Form of Assignment and Assumption	 

     

    

 

		2.	Assignee[s]:          ______________________________ ___________________________ [for each
Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]

 

		3.	Borrowers:	Avnet, Inc.

Avnet Holding Europe BV

[Add Designated
Borrowers if applicable]

 

		4.	Administrative Agent: Bank of America, N.A., as the administrative agent under the Credit Agreement

 

		5.	Credit Agreement: Second
Amended and Restated Credit Agreement, dated as of August 2, 2022, among Avnet, Inc., Avnet Holding Europe BV, the Designated
Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent,
an L/C Issuer and Swing Line Lender

 

		6.	Assigned Interest[s]:

 

	
    

Assignor[s]8

     
	
    Assignee[s]9

     
	Facility

Assigned	Aggregate
Amount of Commitment/Loans for all Lenders10	Amount of 

Commitment/

Loans 

Assigned*	Percentage

Assigned of 

Commitment/

Loans11	CUSIP 

Number
	 	 	Revolving Loan	$_______________	$____________	___________%	 
	 	 	Revolving Loan	$_______________	$____________	___________%	 
	
     

     
	
     

     
	Revolving Loan	$_______________	$____________	___________%	 

 

[7.       Trade
Date:         __________________]12

 

Effective Date: __________________, 20__ [TO
BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The terms set forth in this
Assignment and Assumption are hereby agreed to:

 

	 	ASSIGNOR
	 	 
	 	[NAME OF ASSIGNOR]
	 	 
	 	By:   	 
	 	 	Title:

 

 

8   List each Assignor, as appropriate.

 

9   List each Assignee, as appropriate.

 

10 Amounts in this column and in the
column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date.

 

11 Set forth, to at least 9 decimals,
as a percentage of the Commitment/Loans of all Lenders thereunder.

 

12 To be completed if the Assignor
and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

 

    	 	E-2	 
	 	Form of Assignment and Assumption	 

     

    

 

	 	ASSIGNEE
	 	 
	 	[NAME OF ASSIGNEE]
	 	 
	 	By:   	 
	 	 	Title:

 

	[Consented to and]13 Accepted:	 
	 	 
	BANK OF AMERICA, N.A., as	 
	Administrative Agent	 
	 	 
	By:   	                      	 
	 	Title:	 
	 	 
	Consented to:	 
	 	 
	BANK OF AMERICA, N.A., as	 
	Swing Line Lender	 
	 	 
	By:	 	 
	 	Title:	 
	 	 
	[Consented to:]14	 
	 	 
	AVNET, INC.	 
	 	 
	By:	 	 
	 	Title:	 
	 	 
	[______________], as an L/C Issuer	 
	 	 
	By:	 	 
	 	Title:	 

 

 

13   To be added
only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

 

14   To
be added only if the consent of the Company and/or L/C Issuers is required by the terms of the Credit Agreement.

 

    	 	E-3	 
	 	Form of Assignment and Assumption	 

     

    

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD TERMS AND CONDITIONS FOR

 

ASSIGNMENT AND ASSUMPTION

 

1.               Representations
and Warranties.

 

1.1.            Assignor.
[The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant]
Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and
(iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption
and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements,
warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution,
legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the
financial condition of the Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document
or (iv) the performance or observance by the Company, any of its Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document.

 

1.2.            Assignee.
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under
the Credit Agreement, (ii) it meets all the requirements to be an Eligible Assignee (subject to such consents, if any, as may be
required under Section 10.06(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall
be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest,
shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type
represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire
[the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement,
and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to
Section 6.01(a) or (b) thereof, as applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such]
Assigned Interest, (vi) it has independently and without reliance upon the Administrative Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and
Assumption and to purchase [the][such] Assigned Interest, and (vii) attached hereto is any documentation required to be delivered
by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that
(i) it will, independently and without reliance upon the Administrative Agent, [the][any] Assignor or any other Lender, and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking
or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which
by the terms of the Loan Documents are required to be performed by it as a Lender.

 

2.            Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest
(including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued
to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective
Date.

 

    	 	E-4	 
	 	Form of Assignment and Assumption	 

     

    

 

3.            General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute
one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective
as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by,
and construed in accordance with, the law of the State of New York.

 

    	 	E-5	 
	 	Form of Assignment and Assumption	 

     

    

 

 

Execution
Version

 

EXHIBIT F

 

FORM OF GUARANTY

 

See attached.

 

    F-1

     

    

 

AMENDED AND RESTATED GUARANTY

 

THIS
AMENDED AND RESTATED GUARANTY AGREEMENT (this “Guaranty Agreement”), dated as of August 2, 2022, is
made by AVNET, INC., a New York corporation (“Avnet” or the “Guarantor”), to BANK
OF AMERICA, N.A., a national banking association organized and existing under the laws of the United States, as administrative agent
under the Credit Agreement defined below (in such capacity, the “Administrative Agent”), each of the lenders now or
hereafter party to the Credit Agreement defined below (each, a “Lender” and, collectively, the “Lenders”
and, together with the Administrative Agent, collectively, the “Secured Parties” and each a “Secured Party”).
All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement.

 

W
I T N E S S E T H:

 

WHEREAS,
Avnet and Bank of America, N.A., as administrative agent, are parties to that certain Guaranty Agreement dated as of August 2, 2018
(as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Guaranty
Agreement”), pursuant to which Avnet guaranteed the extensions of credit made or maintained under that certain Amended and Restated
Credit Agreement dated as of June 28, 2018 (as amended, restated, supplemented or otherwise modified from time to time prior to the
date hereof, the “Existing Credit Agreement”), among Avnet, the Designated Borrowers from time to time party thereto,
Bank of America, N.A., as administrative agent, swing line lender and l/c issuer, and the lenders from time to time party thereto;

 

WHEREAS,
Avnet, the Designated Borrowers party thereto from time to time, the lenders party thereto from time to time and the Administrative Agent
have entered into that certain Second 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”), pursuant to which such lenders have made available
to the Borrowers a revolving credit facility, with swingline, letter of credit and multi-currency subfacilities;

 

WHEREAS,
Avnet wishes to amend and restate the Existing Guaranty Agreement, and is willing to enter into this Guaranty Agreement in connection
therewith; and

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows:

 

1.            Guaranty.
The Guarantor hereby unconditionally, absolutely, continually and irrevocably guarantees to each Secured Party the payment and
performance in full of the Guaranteed Liabilities (as defined below). For all purposes of this Guaranty Agreement,
“Guaranteed Liabilities” means: (a) each Designated Borrower’s prompt payment in full, when due or
declared due and at all such times, of all Obligations and all other amounts pursuant to the terms of the Credit Agreement, the
Notes, and all other Loan Documents heretofore, now or at any time or times hereafter owing, arising, due or payable from such
Designated Borrower to any one or more of the Secured Parties, including principal, interest, premiums and fees (including all fees
and expenses of counsel in accordance with the Loan Documents (collectively, “Attorneys’ Costs”)); and
(b) each Designated Borrower’s prompt, full and faithful performance, observance and discharge of each and every
agreement, undertaking, covenant and provision to be performed, observed or discharged by such Designated Borrower under the Credit
Agreement, the Notes and all other Loan Documents. The Guarantor’s obligations to the Secured Parties under this Guaranty
Agreement are hereinafter collectively referred to as the “Guarantor’s Obligations”.

 

    F-2

     

    

 

The Guarantor agrees that
it is directly and primarily liable for the Guaranteed Liabilities.

 

2.     Payment.     If
any Designated Borrower shall default in payment or performance of any of the Guaranteed Liabilities, whether principal, interest, premium,
fees (including, but not limited to, Attorneys’ Costs), or otherwise, when and as the same shall become due, and after expiration
of any applicable grace period, whether according to the terms of the Credit Agreement, by acceleration, or otherwise, or upon the occurrence
and during the continuance of any Event of Default under the Credit Agreement, then the Guarantor will, upon demand thereof by the Administrative
Agent, (i) fully pay to the Administrative Agent, for the benefit of the Secured Parties an amount equal to all the Guaranteed Liabilities
then due and owing or declared or deemed to be due and owing, including for this purpose, in the event of any Event of Default under Section 8.01(f) of
the Credit Agreement (and irrespective of the applicability of any restriction on acceleration or other action as against any Designated
Borrower under any Debtor Relief Laws), the entire outstanding or accrued amount of all Obligations or (ii) perform such Guaranteed
Liabilities, as applicable. For purposes of this Section 2, the Guarantor acknowledges and agrees that the “Guaranteed
Liabilities” shall be deemed to include any amount (whether principal, interest, premium, fees or otherwise) which would have been
accelerated in accordance with Section 8.02 of the Credit Agreement but for the fact that such acceleration could be unenforceable
or not allowable under any Debtor Relief Law.

 

3.            Absolute
Rights and Obligations. This is a guaranty of payment and not of collection. The Guarantor’s
Obligations under this Guaranty Agreement shall be absolute and unconditional irrespective of, and the Guarantor hereby expressly waives,
to the extent permitted by law, any defense to its obligations under this Guaranty Agreement by reason of:

 

(a)            any
lack of legality, validity or enforceability of the Credit Agreement, of any of the Notes, of any other Loan Document, or of any other
agreement or instrument creating, providing security for, or otherwise relating to any of the Guarantor’s Obligations, any of the
Guaranteed Liabilities, or any other guaranty of any of the Guaranteed Liabilities (the Loan Documents and all such other agreements and
instruments being collectively referred to as the “Related Agreements”);

 

(b)            any
action taken under any of the Related Agreements, any exercise of any right or power therein conferred, any failure or omission to enforce
any right conferred thereby, or any waiver of any covenant or condition therein provided;

 

(c)            any
acceleration of the maturity of any of the Guaranteed Liabilities or of any other obligations or liabilities of any Person under any of
the Related Agreements;

 

    F-3

     

    

 

(d)            any
release, exchange, non-perfection, lapse in perfection, disposal, deterioration in value, or impairment of any security for any of the
Guaranteed Liabilities,for any of the Guarantor’s Obligations, or for any other obligations or liabilities of any Person under
any of the Related Agreements;

 

(e)            any
dissolution of any Designated Borrower or any other party to a Related Agreement, or the combination or consolidation of any Designated
Borrower or any other party to a Related Agreement into or with another entity or any transfer or disposition of any assets of any Designated
Borrower or any other party to a Related Agreement;

 

(f)            any
extension (including without limitation extensions of time for payment), renewal, amendment, restructuring or restatement of, any acceptance
of late or partial payments under, or any change in the amount of any borrowings or any credit facilities available under, the Credit
Agreement, any of the Notes or any other Loan Document or any other Related Agreement, in whole or in part;

 

(g)            the
existence, addition, modification, termination, reduction or impairment of value, or release of any other guaranty (or security therefor)
of the Guaranteed Liabilities (including without limitation obligations arising under any other guaranty or any other Loan Document now
or hereafter in effect);

 

(h)            any
waiver of, forbearance or indulgence under, or other consent to any change in or departure from any term or provision contained in the
Credit Agreement, any other Loan Document or any other Related Agreement, including without limitation any term pertaining to the payment
or performance of any of the Guaranteed Liabilities or any of the obligations or liabilities of any party to any other Related Agreement;

 

(i)            any
other circumstance whatsoever (with or without notice to or knowledge of the Guarantor) which may or might in any manner or to any extent
vary the risks of the Guarantor, or might otherwise constitute a legal or equitable defense available to, or discharge of, a surety or
a guarantor, including without limitation any right to require or claim that resort be had to any Designated Borrower or to any collateral
in respect of the Guaranteed Liabilities or the Guarantor’s Obligations.

 

It is the express purpose and intent of the parties
hereto that this Guaranty Agreement and the Guarantor’s Obligations hereunder shall be absolute and unconditional under any and
all circumstances and shall not be discharged except by payment and performance as herein provided.

 

    F-4

     

    

 

4.            Currency
and Funds of Payment. All Guarantor’s Obligations for payment will be paid in
lawful currency of the United States of America and in immediately available funds, regardless of any law, regulation or decree now
or hereafter in effect that might in any manner affect the Guaranteed Liabilities, or the rights of any Secured Party with respect
thereto as against any Designated Borrower, or cause or permit to be invoked any alteration in the time, amount or manner of payment
by any Designated Borrower of any or all of the Guaranteed Liabilities. If any claim arising under or related to this Guaranty
Agreement is reduced to judgment denominated in a currency (the “Judgment Currency”) other than the currencies in
which the Guaranteed Liabilities are denominated or the currencies payable hereunder (collectively the “Agreement
Currency”), the judgment shall be for the equivalent in the Judgment Currency of the amount of the claim denominated
in the Agreement Currency included in the judgment, determined as of the date of judgment. If, for the proposes of obtaining
judgment in any court, it is necessary to convert a sum due hereunder in one currency into another currency, the rate of exchange
used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency
with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Guarantor in
respect of any such sum due from it to the Administrative Agent or any Lender hereunder shall be discharged only to the extent that
on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudicated to be
so due in the Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking
procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less
than the sum originally due to the Administrative Agent or any Lender from the Guarantor in the Agreement Currency, the Guarantor
agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the
case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the
Administrative Agent or any Lender in such currency, the Administrative Agent or such Lender, as the case may be, agrees to return
the amount of any excess to the Guarantor (or to any other Person who may be entitled thereto under applicable law).

 

5.            Events
of Default. Without limiting the provisions of Section 2 hereof, in the event
that there shall occur and be continuing an Event of Default, then notwithstanding any collateral or other security or credit support
for the Guaranteed Liabilities, at the Administrative Agent’s election and without notice thereof or demand therefor, the Guarantor’s
Obligations shall immediately be and become due and payable.

 

6.            Subordination.
Until this Guaranty Agreement is terminated in accordance with Section 21 hereof,
the Guarantor hereby unconditionally subordinates all present and future debts, liabilities or obligations now or hereafter owing to the
Guarantor from any Designated Borrower, to the payment in full of the Guaranteed Liabilities. All amounts due under such subordinated
debts, liabilities, or obligations shall, upon the occurrence and during the continuance of an Event of Default, be collected and, upon
request by the Administrative Agent, paid over forthwith to the Administrative Agent for the benefit of the Secured Parties on account
of the Guaranteed Liabilities, the Guarantor’s Obligations, or such other obligations, as applicable, and, after such request and
pending such payment, shall be held by the Guarantor as agent and bailee of the Secured Parties separate and apart from all other funds,
property and accounts of the Guarantor.

 

    F-5

     

    

 

7.            Suits.
The Guarantor from time to time shall pay to the Administrative Agent for the benefit of the Secured Parties, on demand, at the
Administrative Agent’s Office or such other address as the Administrative Agent shall give notice of to the Guarantor, the
Guarantor’s Obligations as they become or are declared due, and in the event such payment is not made forthwith, the
Administrative Agent may proceed to suit against the Guarantor. At the Administrative Agent’s election, one or more and
successive or concurrent suits may be brought hereon by the Administrative Agent against the Guarantor, whether or not suit has been
commenced against any Designated Borrower or any other Person and whether or not the Secured Parties have taken or failed to take
any other action to collect all or any portion of the Guaranteed Liabilities or have taken or failed to take any actions against any
collateral securing payment or performance of all or any portion of the Guaranteed Liabilities, and irrespective of any
event, occurrence, or condition described in Section 3 hereof.

 

8.            Set-Off
and Waiver. The Guarantor waives any right to assert against any Secured Party as a defense,
counterclaim, set-off, recoupment or cross claim in respect of its Guarantor’s Obligations, any defense (legal or equitable) or
other claim which the Guarantor may now or at any time hereafter have against any Designated Borrower or any or all of the Secured Parties
without waiving any additional defenses, set-offs, counterclaims or other claims otherwise available to the Guarantor. The Guarantor agrees
that each Secured Party shall have a lien for all the Guarantor’s Obligations upon all deposits or deposit accounts, of any kind,
or any interest in any deposits or deposit accounts, now or hereafter pledged, mortgaged, transferred or assigned to such Secured Party
or otherwise in the possession or control of such Secured Party for any purpose (other than solely for safekeeping) for the account or
benefit of the Guarantor, including any balance of any deposit account or of any credit of the Guarantor with the Secured Party, whether
now existing or hereafter established, and hereby authorizes each Secured Party from and after the occurrence of an Event of Default at
any time or times with or without prior notice to apply such balances or any part thereof to such of the Guarantor’s Obligations
to the Secured Parties then due and in such amounts as provided for in the Credit Agreement or otherwise as they may elect. For the purposes
of this Section 8, all remittances and property shall be deemed to be in the possession of a Secured Party as soon as the
same may be put in transit to it by mail or carrier or by other bailee.

 

9.            Waiver
of Notice; Subrogation.

 

(a)            The
Guarantor hereby waives to the extent permitted by law notice of the following events or occurrences: (i) acceptance of this Guaranty
Agreement; (ii) the Lenders’ heretofore, now or from time to time hereafter making Loans and issuing Letters of Credit and
otherwise loaning monies or giving or extending credit to or for the benefit of any Designated Borrower or otherwise entering into arrangements
with any Designated Borrower giving rise to Guaranteed Liabilities, whether pursuant to the Credit Agreement or the Notes or any other
Loan Document or Related Agreement or any amendments, modifications, or supplements thereto, or replacements or extensions thereof; (iii) presentment,
demand, default, non-payment, partial payment and protest; and (iv) any other event, condition, or occurrence described in Section 3
hereof. The Guarantor agrees that each Secured Party may heretofore, now or at any time hereafter do any or all of the foregoing in such
manner, upon such terms and at such times as each Secured Party, in its sole and absolute discretion, deems advisable, without in any
way or respect impairing, affecting, reducing or releasing the Guarantor from the Guarantor’s Obligations, and the Guarantor hereby
consents to each and all of the foregoing events or occurrences.

 

    F-6

     

    

 

(b)            The
Guarantor hereby agrees that payment or performance by the Guarantor of its Guarantor’s Obligations under this Guaranty Agreement
may be enforced by the Administrative Agent on behalf of the Secured Parties upon demand by the Administrative Agent to the Guarantor
without the Administrative Agent being required, the Guarantor expressly waiving to the extent permitted by law any right it may have
to require the Administrative Agent, to (i) prosecute collection or seek to enforce or resort to any remedies against any Designated
Borrower or any other guarantor of the Guaranteed Liabilities, or (ii) seek to enforce or resort to any remedies with respect to
any security interests, Liens or encumbrances granted to the Administrative Agent or any Lender or other party to a Related Agreement
by any Designated Borrower or any other Person on account of the Guaranteed Liabilities or any guaranty thereof, IT BEING EXPRESSLY
UNDERSTOOD, ACKNOWLEDGED AND AGREED TO BY THE GUARANTOR THAT DEMAND UNDER THIS GUARANTY AGREEMENT MAY BE MADE BY THE ADMINISTRATIVE
AGENT, AND THE PROVISIONS HEREOF ENFORCED BY THE ADMINISTRATIVE AGENT, EFFECTIVE AS OF THE FIRST DATE ANY EVENT OF DEFAULT OCCURS AND
IS CONTINUING UNDER THE CREDIT AGREEMENT.

 

(c)            The
Guarantor further agrees with respect to this Guaranty Agreement that it shall not exercise any of its rights of subrogation, reimbursement,
contribution or indemnity, nor any right of recourse to security for the Guaranteed Liabilities unless and until 93 days immediately following
the Facility Termination Date (as defined below) shall have elapsed without the filing or commencement, by or against any Designated Borrower,
of any state or federal action, suit, petition or proceeding seeking any reorganization, liquidation or other relief or arrangement in
respect of creditors of, or the appointment of a receiver, liquidator, trustee or conservator in respect to, such Designated Borrower
or its assets. This waiver is expressly intended to prevent the existence of any claim in respect to such subrogation, reimbursement,
contribution or indemnity by the Guarantor against the estate of any Designated Borrower within the meaning of Section 101 of the
Bankruptcy Code in the event of a subsequent case involving any Designated Borrower. If an amount shall be paid to the Guarantor on account
of such rights at any time prior to termination of this Guaranty Agreement in accordance with the provisions of Section 21
hereof, such amount shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Administrative Agent,
for the benefit of the Secured Parties, to be credited and applied upon the Guarantor’s Obligations, whether matured or unmatured,
in accordance with the terms of the Credit Agreement or otherwise as the Secured Parties may elect. The agreements in this subsection
shall survive repayment of all of the Guarantor’s Obligations, the termination or expiration of this Guaranty Agreement in any manner,
including but not limited to termination in accordance with Section 21 hereof, and occurrence of the Facility Termination
Date. For purposes of this Guaranty Agreement, “Facility Termination Date” means the date as of which all of the following
shall have occurred: (a) the Aggregate Commitments have terminated, (b) all Obligations have been paid in full (other than contingent
indemnification obligations) and (c) all Letters of Credit have terminated or expired (other than Letters of Credit as to which other
arrangements with respect thereto satisfactory to the Administrative Agent and the applicable L/C Issuer shall have been made).

 

    F-7

     

    

 

10.            Effectiveness;
Enforceability. This Guaranty Agreement shall be effective as of the date first above
written and shall continue in full force and effect until termination in accordance with Section 21 hereof. Any claim or
claims that the Secured Parties may at any time hereafter have against a Guarantor under this Guaranty Agreement may be asserted by
the Administrative Agent on behalf of the Secured Parties by written notice directed to the Guarantor in accordance with Section 23
hereof.

 

11.            Representations
and Warranties. The Guarantor warrants and represents to the Administrative Agent, for the
benefit of the Secured Parties, that (a) it is duly authorized to execute and deliver this Guaranty Agreement, and to perform its
obligations under this Guaranty Agreement; (b) this Guaranty Agreement has been duly executed and delivered on behalf of the Guarantor
by its duly authorized representative; (c) this Guaranty Agreement is legal, valid, binding and enforceable against the Guarantor
in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforcement of creditors’ rights generally and by general equitable principles; and (d) the Guarantor’s
execution, delivery and performance of this Guaranty Agreement do not violate or constitute a breach of (i) any of its Organization
Documents, (ii) any agreement or instrument to which the Guarantor is a party or (iii) any Law, order, decree or award of any
governmental authority or arbitral body to which it or its properties or operations is subject, except, in the case of immediately preceding
clauses (ii) and (iii), to the extent that failure to do so would not reasonably be expected to have a Material Adverse
Effect.

 

12.            Expenses
and Indemnity. The Guarantor agrees to be liable for the payment of all reasonable fees and
expenses, including Attorneys’ Costs, incurred by any Secured Party in connection with the enforcement of this Guaranty Agreement,
whether or not suit be brought. Without limitation of any other obligations of the Guarantor or remedies of the Administrative Agent or
any Secured Party under this Guaranty Agreement, the Guarantor shall, to the fullest extent permitted by Law, indemnify, defend and save
and hold harmless the Administrative Agent and each Secured Party from and against, and shall pay on demand, any and all damages, losses,
liabilities and expenses (including Attorneys’ Costs) that may be suffered or incurred by the Administrative Agent or such Secured
Party in connection with or as a result of any failure of the Guaranteed Liabilities to be the legal, valid and binding obligations of
any Designated Borrower enforceable against such Designated Borrower in accordance with their terms. The obligations of the Guarantor
under this paragraph shall survive the payment in full of the Guaranteed Liabilities and termination of this Guaranty Agreement.

 

13.            Reinstatement.
The Guarantor agrees that this Guaranty Agreement shall continue to be effective or be reinstated, as the case may be, at any time payment
received by any Secured Party in respect of any Guaranteed Liabilities is rescinded or must be restored for any reason, or is repaid by
any Secured Party in whole or in part in good faith settlement of any pending or threatened avoidance claim.

 

    F-8

     

    

 

14.            Attorney-in-Fact.
To the extent permitted by law, the Guarantor hereby appoints the Administrative Agent, for the benefit of the Secured Parties, as the
Guarantor’s attorney-in-fact for the purposes of carrying out the provisions of this Guaranty Agreement and taking any action and
executing any instrument which the Administrative Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment
is coupled with an interest and is irrevocable; provided, that the Administrative Agent shall have and may exercise rights under
this power of attorney only upon the occurrence and during the continuance of an Event of Default.

 

15.            Reliance.
The Guarantor represents and warrants to the Administrative Agent, for the benefit of the Secured
Parties, that: (a) the Guarantor has adequate means to obtain on a continuing basis (i) from each Designated Borrower, information
concerning such Designated Borrower and such Designated Borrower’s financial condition and affairs and (ii) from other reliable
sources, such other information as it deems material in deciding to provide this Guaranty Agreement (“Other Information”),
and has full and complete access to each Designated Borrower’s books and records and to such Other Information; (b) the Guarantor
is not relying on any Secured Party or its or their employees, directors, agents or other representatives or Affiliates, to provide any
such information, now or in the future; (c) the Guarantor has been furnished with and reviewed the terms of the Credit Agreement
and such other Loan Documents as it has requested, is executing this Guaranty Agreement freely and deliberately, and understands the obligations
and financial risk undertaken by providing this Guaranty Agreement; (d) the Guarantor has relied solely on the Guarantor’s
own independent investigation, appraisal and analysis of each Designated Borrower, such Designated Borrower’s financial condition
and affairs, the Other Information, and such other matters as it deems material in deciding to provide this Guaranty Agreement and is
fully aware of the same; and (e) the Guarantor has not depended or relied on any Secured Party or its or their employees, directors,
agents or other representatives or Affiliates, for any information whatsoever concerning any Designated Borrower or any Designated Borrower’s
financial condition and affairs or any other matters material to the Guarantor’s decision to provide this Guaranty Agreement, or
for any counseling, guidance, or special consideration or any promise therefor with respect to such decision. The Guarantor agrees that
no Secured Party has any duty or responsibility whatsoever, now or in the future, to provide to the Guarantor any information concerning
any Designated Borrower or such Designated Borrower’s financial condition and affairs, or any Other Information and that, if the
Guarantor receives any such information from any Secured Party or its or their employees, directors, agents or other representatives or
Affiliates, the Guarantor (if it intends to use or rely on any such information) will not rely on any Secured Party or its or their employees,
directors, agents or other representatives or Affiliates, with respect to such information.

 

16.            Rules of
Interpretation. The rules of interpretation contained in Section 1.02 of
the Credit Agreement shall be applicable to this Guaranty Agreement and are hereby incorporated by reference. All representations and
warranties contained herein shall survive the delivery of documents and any extension of credit referred to herein or guaranteed hereby.

 

17.            Entire
Agreement. This Guaranty Agreement, together with the Credit Agreement and other Loan Documents,
constitutes and expresses the entire understanding between the parties hereto with respect to the subject matter hereof, and supersedes
all prior negotiations, agreements, understandings, inducements, commitments or conditions, express or implied, oral or written, except
as herein contained. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with
any of the terms hereof. Except as provided in Section 21, neither this Guaranty Agreement nor any portion or provision hereof
or thereof may be changed, altered, modified, supplemented, discharged, canceled, terminated, or amended orally or in any manner other
than as provided in the Credit Agreement.

 

    F-9

     

    

 

18.            Binding
Agreement; Assignment. This Guaranty Agreement and the terms, covenants and conditions
hereof and thereof, shall be binding upon and inure to the benefit of the parties hereto and thereto, and to their respective
heirs, legal representatives, successors and assigns; provided, however, that the Guarantor shall not be permitted to
assign any of its rights, powers, duties or obligations under this Guaranty Agreement or any other interest herein or therein
without the prior written consent of the Administrative Agent. Without limiting the generality of the foregoing sentence of this Section 18,
any Lender may assign to one or more Persons, or grant to one or more Persons participations in or to, all or any part of its rights
and obligations under the Credit Agreement (to the extent permitted by the Credit Agreement); and to the extent of any such
assignment or participation, such other Person shall, to the fullest extent permitted by law, thereupon become vested with all the
benefits in respect thereof granted to such Lender herein or otherwise, subject however, to the provisions of the Credit Agreement,
including Article IX thereof (concerning the Administrative Agent) and Section 10.06 thereof concerning
assignments and participations. All references herein to the Administrative Agent shall include any successor thereof.

 

19.            Severability.
If any provision of this Guaranty Agreement is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Guaranty Agreement shall not be affected or impaired thereby and (b) the parties shall endeavor
in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

20.            Counterparts.
The provisions of Section 10.10 of the Credit Agreement shall be applicable to this Guaranty Agreement.

 

21.            Termination.
Subject to reinstatement pursuant to Section 13 hereof, this Guaranty Agreement, and all of the Guarantor’s Obligations
hereunder (excluding those Guarantor’s Obligations relating to Guaranteed Liabilities that expressly survive such termination) shall
terminate on the Facility Termination Date.

 

22.            Remedies
Cumulative; Late Payments. All remedies hereunder are cumulative and are not exclusive of
any other rights and remedies of the Administrative Agent or any other Secured Party provided by law or under the Credit Agreement, the
other Loan Documents or other applicable agreements or instruments. The making of the Loans and other credit extensions pursuant to the
Credit Agreement and other Related Agreements shall be conclusively presumed to have been made or extended, respectively, in reliance
upon the Guarantor’s guaranty of the Guaranteed Liabilities pursuant to the terms hereof. Any amounts not paid when due under this
Guaranty Agreement shall bear interest at the Default Rate.

 

23.            Notices.
Any notice required or permitted hereunder shall be given, (a) with respect to the Guarantor, at the address(es) indicated in Schedule
10.02 of the Credit Agreement and (b) with respect to the Administrative Agent or any other Secured Party, at the Administrative
Agent’s address(es) indicated in Schedule 10.02 of the Credit Agreement. All such addresses may be modified, and all such
notices shall be given and shall be effective, as provided in Section 10.02 of the Credit Agreement for the giving and effectiveness
of notices and modifications of addresses thereunder.

 

    F-10

     

    

 

24.            Governing
Law; Jurisdiction; Etc.

 

(a)            THIS
GUARANTY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)            EACH
PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF 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, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE 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 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 GUARANTY AGREEMENT SHALL
AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING
TO THIS GUARANTY AGREEMENT AGAINST THE GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)            EACH
PARTY HERETO 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 GUARANTY AGREEMENT 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.

 

    F-11

     

    

 

(d)            EACH
PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 23. NOTHING IN THIS
GUARANTY AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW; PROVIDED,
THAT NO ELECTRONIC COMMUNICATION SHALL CONSTITUTE SERVICE OF PROCESS HEREUNDER.

 

25.            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 GUARANTY AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (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 GUARANTY AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

26.            Amendment
and Restatement; No Novation. This Guaranty Agreement constitutes an amendment and restatement
of the Existing Guaranty Agreement, effective from and after the Closing Date.  The execution and delivery of this Guaranty Agreement
shall not constitute a novation of any obligations owing to the Lenders or the Administrative Agent under the Existing Guaranty Agreement
or the Existing Credit Agreement.  On the Closing Date, the guaranty provided under the Existing Guaranty Agreement, shall remain
and continue (as amended, supplemented, modified and restated by the terms of this Agreement) in full force and effect with respect to
the Guaranteed Liabilities.

 

[Signature page follows]

 

    F-12

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed and delivered this Guaranty Agreement as of the day and year first written
above.

  

	 	GUARANTOR:
	 	 
	 	Avnet, Inc.
	 	 
	 	By:  	                  
	 	Name:
	 	Title:

 

    		F-13	 
	 	Form of Guaranty	 

     

    

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	BANK OF AMERICA, N.A., as Administrative Agent
	 	 
	 	By:   	                          
	 	Name:
	 	Title:

 

    		F-14	 
	 	Form of Guaranty	 

     

    

 

 

EXHIBIT G

 

FORM OF DESIGNATED BORROWER

REQUEST AND ASSUMPTION AGREEMENT

 

Date: _______________, _____

 

To:     Bank of America,
N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

This Designated Borrower Request
and Assumption Agreement is made and delivered pursuant to Section 2.14 of that certain Second Amended and Restated Credit
Agreement, dated as of August 2, 2022 (as amended, restated, extended, supplemented or otherwise modified in writing from time to
time, the “Credit Agreement”), among Avnet, Inc., a New York corporation (the “Company”), Avnet
Holding Europe BV, a Belgian privately held limited liability company, the Designated Borrowers from time to time party thereto, the Lenders
from time to time party thereto, and Bank of America, N.A., as Administrative Agent, an L/C Issuer and Swing Line Lender, and reference
is made thereto for full particulars of the matters described therein. All capitalized terms used in this Designated Borrower Request
and Assumption Agreement and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

 

Each of ______________________
(the “Designated Borrower”) and the Company hereby confirms, represents and warrants to the Administrative Agent and
the Lenders that the Designated Borrower is a direct or indirect, wholly-owned Subsidiary of the Company.

 

The documents required to
be delivered to the Administrative Agent under Section 2.14 of the Credit Agreement will be furnished to the Administrative
Agent in accordance with the requirements of the Credit Agreement.

 

Complete
if the Designated Borrower is a Domestic Subsidiary: The true and correct U.S. taxpayer identification number of the Designated
Borrower is ___________________.

 

Complete
if the Designated Borrower is a Foreign Subsidiary: The true and correct unique identification number that has been issued
to the Designated Borrower by its jurisdiction of organization and the name of such jurisdiction are set forth below:

 

	Identification Number	Jurisdiction of Organization
	 	 
	 	 

 

The parties hereto hereby
confirm that with effect from the date hereof, the Designated Borrower shall have obligations, duties and liabilities toward each of the
other parties to the Credit Agreement identical to those which the Designated Borrower would have had if the Designated Borrower had been
an original party to the Credit Agreement as a Borrower.

 

The Designated Borrower
confirms its acceptance of, and consents to, all representations and warranties, covenants, and other terms and provisions of the
Credit Agreement applicable to a Designated Borrower as if it had manually executed the Credit Agreement, and further represents and
warrants as follows: [The following representations and warranties may be further qualified or stricken on a case by case basis
in the sole discretion of the Administrative Agent.]

 

    		G-1	 
	 	Form of Designated Borrower Request and Assumption Agreement	 

     

    

 

(a)            THE
DESIGNATED BORROWER IS SUBJECT TO CIVIL AND COMMERCIAL LAWS WITH RESPECT TO ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
TO WHICH IT IS A PARTY (COLLECTIVELY THE “APPLICABLE DOCUMENTS”), AND THE EXECUTION, DELIVERY AND PERFORMANCE BY THE
DESIGNATED BORROWER OF THE APPLICABLE DOCUMENTS CONSTITUTE AND WILL CONSTITUTE PRIVATE AND COMMERCIAL ACTS AND NOT PUBLIC OR GOVERNMENTAL
ACTS.

 

(b)            NEITHER
THE DESIGNATED BORROWER NOR ANY OF ITS PROPERTY HAS ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH
SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION, EXECUTION OR OTHERWISE) UNDER THE LAWS OF THE JURISDICTION
IN WHICH THE DESIGNATED BORROWER IS ORGANIZED AND EXISTING IN RESPECT OF ITS OBLIGATIONS UNDER THE APPLICABLE DOCUMENTS.

 

(c)            THE
APPLICABLE DOCUMENTS ARE IN PROPER LEGAL FORM UNDER THE LAWS OF THE JURISDICTION IN WHICH THE DESIGNATED BORROWER IS ORGANIZED AND
EXISTING FOR THE ENFORCEMENT THEREOF AGAINST THE DESIGNATED BORROWER UNDER THE LAWS OF SUCH JURISDICTION, AND TO ENSURE THE LEGALITY,
VALIDITY, ENFORCEABILITY, PRIORITY OR ADMISSIBILITY IN EVIDENCE OF THE APPLICABLE DOCUMENTS, EXCEPT TO THE EXTENT THAT THE FAILURE TO
BE IN SUCH PROPER LEGAL FORM COULD NOT REASONABLY BE EXPECTED TO ADVERSELY EFFECT THE ENFORCEABILITY OF THE GUARANTY AGAINST THE
COMPANY.

 

(d)            IT
IS NOT NECESSARY TO ENSURE THE LEGALITY, VALIDITY, ENFORCEABILITY, PRIORITY OR ADMISSIBILITY IN EVIDENCE OF THE APPLICABLE DOCUMENTS THAT
THE APPLICABLE DOCUMENTS BE FILED, REGISTERED OR RECORDED WITH, OR EXECUTED OR NOTARIZED BEFORE, ANY COURT OR OTHER AUTHORITY IN THE JURISDICTION
IN WHICH THE DESIGNATED BORROWER IS ORGANIZED AND EXISTING OR THAT ANY REGISTRATION CHARGE OR STAMP OR SIMILAR TAX BE PAID ON OR IN RESPECT
OF THE APPLICABLE DOCUMENTS OR ANY OTHER DOCUMENT, (I) EXCEPT FOR (A) ANY SUCH FILING, REGISTRATION, RECORDING, EXECUTION OR
NOTARIZATION AS HAS BEEN MADE OR IS NOT REQUIRED TO BE MADE UNTIL THE APPLICABLE DOCUMENT OR ANY OTHER DOCUMENT IS SOUGHT TO BE ENFORCED
AND (B) ANY CHARGE OR TAX AS HAS BEEN TIMELY PAID, AND (II) EXCEPT TO THE EXTENT THAT THE FAILURE SO TO FILE, REGISTER, RECORD,
EXECUTE OR NOTARIZE SUCH DOCUMENTS, OR TO MAKE SUCH PAYMENTS, COULD NOT REASONABLY BE EXPECTED TO ADVERSELY EFFECT THE ENFORCEABILITY
OF THE GUARANTY AGAINST THE COMPANY.

 

(e)            THE
EXECUTION, DELIVERY AND PERFORMANCE OF THE APPLICABLE DOCUMENTS ARE, UNDER APPLICABLE FOREIGN EXCHANGE CONTROL REGULATIONS OF THE
JURISDICTION IN WHICH THE DESIGNATED BORROWER IS ORGANIZED AND EXISTING, NOT SUBJECT TO ANY NOTIFICATION OR AUTHORIZATION EXCEPT
(I) SUCH AS HAVE BEEN MADE OR OBTAINED OR (II) SUCH AS CANNOT BE MADE OR OBTAINED UNTIL A LATER DATE (PROVIDED THAT
ANY NOTIFICATION OR AUTHORIZATION DESCRIBED IN CLAUSE (II) SHALL BE MADE OR OBTAINED AS SOON AS IS REASONABLY
PRACTICABLE).

 

    		G-2	 
	 	Form of Designated Borrower Request and Assumption Agreement	 

     

    

 

The parties hereto hereby
request that the Designated Borrower be entitled to receive Loans and to obtain Letters of Credit under the Credit Agreement, and understand,
acknowledge and agree that neither the Designated Borrower nor the Company on its behalf shall have any right to request any Loans or
Letters of Credit for its account unless and until the date five Business Days after the effective date designated by the Administrative
Agent in a Designated Borrower Notice delivered to the Company and the Lenders pursuant to Section 2.14 of the Credit Agreement.

 

This Designated Borrower Request
and Assumption Agreement shall constitute a Loan Document under the Credit Agreement.

 

THIS DESIGNATED BORROWER REQUEST
AND ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Designated Borrower Request and Assumption Agreement to be duly executed
and delivered by their proper and duly authorized officers as of the day and year first above written.

 

	 	[DESIGNATED BORROWER]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	AVNET, INC.
	 	 
	 	By:	               
	 	Name:   	 
	 	Title:	 

 

    		G-3	 
	 	Form of Designated Borrower Request and Assumption Agreement	 

     

    

 

EXHIBIT H

 

FORM OF DESIGNATED BORROWER NOTICE

 

Date: _______________, _____

 

To:     Avnet, Inc.

 

The Lenders party to the Credit
Agreement referred to below

 

Ladies and Gentlemen:

 

This Designated Borrower Notice
is made and delivered pursuant to Section 2.14 of that certain Second Amended and Restated Credit Agreement, dated as of August 2,
2022 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”),
among Avnet, Inc., a New York corporation (the “Company”), Avnet Holding Europe BV, a Belgian privately held limited
liability company, the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of
America, N.A., as Administrative Agent, an L/C Issuer and Swing Line Lender, and reference is made thereto for full particulars of the
matters described therein. All capitalized terms used in this Designated Borrower Notice and not otherwise defined herein shall have the
meanings assigned to them in the Credit Agreement.

 

The Administrative Agent hereby
notifies the Company and the Lenders that effective as of the date hereof [_________________________] shall be a Designated Borrower
and may receive Loans and obtain Letters of Credit for its account on the terms and conditions set forth in the Credit Agreement.

 

This Designated Borrower Notice
shall constitute a Loan Document under the Credit Agreement.

 

	 	BANK OF AMERICA, N.A.,
	 	as Administrative Agent
	 	 
	 	By:    	              
	 	Name:	 
	 	Title:	 

 

    		H-1	 
	 	Form of Designated Borrower Notice	 

     

    

 

EXHIBIT I-1

 

FORM OF OPINION OF COVINGTON &
BURLING LLP

 

See attached.

 

    		I-1-1	 
	 	Form of Opinion	 

     

    

 

August 2, 2022

 

Bank of America, N.A., as Administrative Agent,

Swing Line Lender and an L/C Issuer,

and the Lenders party to the Credit Agreement

referred to below

Agency Management

135 S. LaSalle Street

Mail Code: IL4-135-09-61

Chicago, IL 60603

 

Ladies and Gentlemen:

 

We have acted as special New
York counsel to Avnet, Inc., a New York corporation (the “Company”), in connection with the Second Amended and
Restated Credit Agreement, dated the date hereof (the “Credit Agreement”), among the Company, Avnet Holding Europe
BV (“Avnet Europe” and, together with the Company, the “Opinion Parties”), each other subsidiary
of the Company that may become party to the Credit Agreement in accordance with its terms, each lender party thereto (the “Lenders”)
and Bank of America, N.A., as administrative agent (the “Administrative Agent”), as Swing Line Lender (as defined in
the Credit Agreement) and as an L/C Issuer (as defined in the Credit Agreement). This letter is delivered to you pursuant to Section 4.01(a)(v) of
the Credit Agreement.

 

We have reviewed (i) the
Credit Agreement, (ii) the promissory notes, dated the date hereof, issued by the Company and Avnet Europe to certain of the Lenders
(the “Notes”), (iii) the Amended and Restated Guaranty Agreement, dated the date hereof, among the Company and
the Administrative Agent (the “Guaranty Agreement,” and together with the Credit Agreement and the Notes, the “Documents”),
(iv) a copy of the Restated Certificate of Incorporation of the Company, certified by the Department of State of the State of New
York as of July 22, 2022 and certified by an officer of the Company as being complete and in full force and effect as of the date
hereof (the “Charter”), (v) a certificate, dated July 20, 2022, from the Department of State of the State
of New York (the “New York Certificate”) and written confirmation, dated the date hereof, from Corporation Service
Company (the “Bring-Down Letter,” and collectively with the New York Certificate, the “New York Confirmations”),
as to the existence of the Company in the State of New York, and (vi) such corporate records, certificates and other documents, and
such questions of law, as we have deemed necessary or appropriate for the purposes of this opinion.

 

We have assumed that all signatures
are genuine, that all documents submitted to us as originals are authentic and that all copies of documents submitted to us conform to
the originals. We have assumed further that each Lender, the Administrative Agent, the Swing Line Lender and each L/C Issuer has duly
authorized, executed and delivered the Documents to which it is a party and that the Credit Agreement is the valid and binding obligation
of the Administrative Agent, the Swing Line Lender, each L/C Issuer and each Lender party thereto, enforceable against each in accordance
with its terms. We have assumed further that the Company is a corporation duly organized under the law of the State of New York.

 

    		I-1-2	 
	 	Form of Opinion	 

     

    

 

We have assumed that Avnet
Europe is duly organized, validly existing and in good standing under the law of Belgium and has all requisite power, authority and legal
right to execute and deliver the Documents to which it is a party and to perform its obligations thereunder. We have assumed that Avnet
Europe has duly authorized, executed and delivered the Documents to which it is a party.

 

We have assumed further that
the execution and delivery of the Documents by each Opinion Party that is a party thereto and the performance by each Opinion Party of
its respective obligations thereunder do not and will not violate or contravene any judgment, order, or decree issued by any court, arbitrator
or governmental or regulatory authority, or conflict with or result in a breach of, or constitute a default under, any contract or other
instrument binding on or affecting the Opinion Parties or any of their properties or assets. We have assumed further the accuracy of the
representations and, for purposes of the opinions set forth in paragraphs 6 and 7, compliance by the Opinion Parties with the covenants
set forth in Articles V, VI and VII of the Credit Agreement, including, without limitation, Sections 5.13 and 7.09. We have made no investigation
for the purpose of verifying the assumptions set forth herein.

 

We have relied as to certain
matters on information obtained from officers of the Opinion Parties and other sources believed by us to be responsible.

 

Our opinion in paragraph 1 below
as to the valid existence and good standing of the Company under the law of the State of New York is based solely on our review of the
Charter and the New York Confirmations.

 

Based upon the foregoing, and
subject to the qualifications and assumptions set forth below, we are of the opinion that, insofar as the law of the State of New York
and the Federal law of the United States of America are concerned:

 

1.            The
Company is a corporation validly existing and in good standing under the law of the State of New York and has the corporate power and
authority to execute and deliver the Documents and to perform its obligations under the Documents.

 

2.            The
execution and delivery by the Company of the Documents and the performance of its obligations thereunder have been duly authorized by
all necessary corporate action. Each of the Documents has been duly executed and delivered by the Company.

 

3.            Each
of the Documents constitutes the valid and binding obligation of each Opinion Party that is a party thereto, enforceable against each
Opinion Party in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other
laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

 

    		I-1-3	 
	 	Form of Opinion	 

     

    

 

4.            No
consent, approval, authorization or other action by or filing with any governmental agency or instrumentality of the State of New
York or the United States of America is required on the part of any Opinion Party for the execution and delivery of the Documents or
the consummation of the transactions contemplated thereby in accordance with the terms thereof (including, without limitation, the
payment of Obligations (as defined in the Credit Agreement) when due and payable under the Documents, and the delivery of
borrowing notices and other financial information set forth therein).

 

5.            The
execution and delivery by each Opinion Party of the Documents to which it is a party and the consummation by each Opinion Party of the
transactions contemplated thereby in accordance with the terms thereof (including, without limitation, the payment of Obligations (as
defined in the Credit Agreement) when due and payable under the Documents, and the delivery of borrowing notices and other financial information
set forth therein) do not violate any New York or Federal statute, law, rule or regulation known to us to which the Opinion Parties
are subject.

 

6.            The
Company is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

7.            Neither
the financing as contemplated by the Documents nor the use of the proceeds thereof by the Company as described in the Documents will violate
Regulation U of the Board of Governors of the Federal Reserve System.

 

The foregoing opinion is subject
to the following qualifications:

 

(a)            We
express no opinion as to:

 

(i)            the
existence or adequacy of consideration received for the Guaranty Agreement;

 

(ii)            waivers
of defenses, subrogation and related rights, rights to trial by jury, rights to object to venue, or other rights or benefits bestowed
by operation of law;

 

(iii)            releases
or waivers of unmatured claims or rights;

 

(iv)            indemnification,
contribution or exculpation provisions, to the extent they purport to indemnify any party against, or release or limit any party’s
liability for, its own breach or failure to comply with statutory obligations, or to the extent such provisions are contrary to public
policy;

 

(v)            provisions
for liquidated damages and penalties, penalty interest and interest on interest;

 

(vi)            provisions
purporting to require a prevailing party in a dispute to pay attorneys’ fees and expenses, or other costs, to a non-prevailing party;

 

    		I-1-4	 
	 	Form of Opinion	 

     

    

 

(vii)            provisions
purporting to supersede equitable principles, including provisions requiring amendments and waivers to be in writing and provisions making
notices effective even if not actually received;

 

(viii)            provisions
purporting to make a party’s determination conclusive;

 

(ix)            restrictions
upon transfers, pledges or assignments of a party’s rights under the Documents;

 

(x)            exclusive
jurisdiction or venue provisions; or

 

(xi)            provisions
purporting to determine the rate at which judgments in currencies other than United States Dollars would be translated into United States
Dollars or vice-versa.

 

(b)            We
express no opinion as to any right of setoff, netting, bankers lien or counterclaim or right to the application of property in the possession
or control of the Administrative Agent, the Swing-Line Lender, any L/C Issuer or any Lender.

 

(c)            We
express no opinion as to whether any Document to which Avnet Europe is a party constitutes the valid and binding obligation of Avnet Europe,
enforceable against Avnet Europe in accordance with its terms, under the laws of Belgium, or as to the effect thereof on the opinion expressed
in paragraph 3 of this letter.

 

(d)            We
express no opinion as to the conclusive effect or enforceability of a foreign country judgment in a state or Federal court in the United
States of America.

 

(e)            Except
as set forth in paragraphs 6 and 7, we express no opinion as to any Federal or state securities or Blue Sky laws, commodities laws or
insurance laws or as to any anti-fraud laws.

 

(f)            We
express no opinion on Regulation T or X of the Board of Governors of the Federal Reserve System.

 

(g)            We
express no opinion as to any tax laws or the Employee Retirement Income Security Act of 1974, as amended.

 

(h)            We
express no opinion as to any legal requirements or restrictions applicable to the Administrative Agent, the Swing Line Lender, any L/C
Issuer or any Lender.

 

(i)            Our
opinions in paragraphs 4 and 5 above are limited to laws and regulations normally applicable to transactions of the type contemplated
by the Documents and do not extend to laws or regulations relating to, or to licenses, permits, approvals and filings necessary for, the
conduct of the Opinion Parties’ business, or to any environmental laws or regulations.

 

You have received an opinion
from Argo Law BV, dated as of August 2, 2022, as to certain matters of Belgian law. We express no opinion with respect to those matters
and we have, with your consent, assumed certain matters set forth in such opinion as expressly set forth herein.

 

    		I-1-5	 
	 	Form of Opinion	 

     

    

 

We are members of the bar of
the District of Columbia and the State of New York. We do not express any opinion herein on any laws other than the law of the State of
New York and the Federal law of the United States of America.

 

This letter is given
solely for your benefit and may not be disclosed to or relied upon by any other person without our written consent, except that
(a) you may permit any person acquiring a participation in, or an assignment of, any interest in the obligations of the Opinion
Parties under the Credit Agreement to rely on this opinion as of the date hereof as if it were addressed to such person and
(b) this letter may be disclosed to (i) your affiliates and attorneys, (ii) a bank examiner or other governmental
official having regulatory authority over the Administrative Agent or any Lender or (iii) as otherwise required by applicable
law, regulation or legal process.

 

	 	Very truly yours,

 

    		I-1-6	 
	 	Form of Opinion	 

     

    

 

 

EXHIBIT I-2

 

FORM OF OPINION OF ARGO LAW

 

See attached

 

    I-2-1 
 Form of Opinion

     

    

 

	 	To: Bank of America N.A., in its various capacities under the Credit Agreement (as defined below) and each party that is a Lender (as defined in the Credit Agreement referred to below) on the date of this legal opinion (hereinafter jointly referred to as the “Addressees” and each individually the “Addressee”).
	 	
     

    By e-mail

     

    2 August 2022

 

Dear Madam / Sir

 

RE:        Legal
opinion – Second amended and restated credit agreement

 

		1	Introduction

 

		1.1	We have acted as Belgian special counsel to Avnet Holding Europe BV (as further described in Schedule
1 and hereinafter referred to as the “Company”), in connection with the entry by the Company into the Credit Agreement
(defined below).

 

		1.2	Words and expressions defined in the Credit Agreement will have the same meaning when used in this legal
opinion, unless the context requires otherwise.

 

		1.3	In this legal opinion:

 

		1.3.1	“Corporate Documents” means each of the documents and searches referred to in Schedule
3.

 

		1.3.2	“Documents” means each of (i) the Opinion Documents and (ii) the Corporate
Documents.

 

		1.3.3	“Opinion Documents” means (i) the Credit Agreement and (ii) the Notes as
defined in Schedule 2.

 

		2	Scope of Inquiry

 

		2.1	We are providing this legal opinion only on the matters expressly stated herein and on the basis of and
subject to the assumptions and qualifications set out below.

 

		2.2	For purposes of rendering this legal opinion, we have only examined and relied on the Documents and we
have not reviewed any agreements or documents as may be referred to therein.

 

		2.3	This legal opinion is limited to Belgian law as published and in effect on the date of this legal opinion
and as such laws are currently interpreted in published authoritative case law of the courts of. We express no opinion as to the law of
any other jurisdiction, nor on the law of the European Union as it affects any jurisdiction other than Belgium.

 

    I-2-2 
 Form of Opinion

     

    

 

		2.4	This legal opinion may only be relied upon, under the express condition that any issues of the interpretation
or liability arising hereunder will be governed by Belgian law and be brought before a court in Belgium.

 

		2.5	The opinions expressed herein are as of the date hereof. We assume no obligation to update, revise or
supplement this legal opinion, nor to communicate further with or further advise any Addressee with respect to any matter covered in this
legal opinion or any change, development, occurrence, circumstance, event or condition in respect of any such matter.

 

		2.6	We have not been responsible for, nor assisted in, the investigation or verification of any statements
regarding facts or the accuracy of facts (including statements as to any law other than Belgian law) or the reasonableness of any statements
of opinion or intention contained in any documents, or for verifying that no material facts or provisions have been omitted therefrom.

 

		2.7	We express no opinion as to the correctness or completeness of any representation given by any of the
parties (express or implied) under or by virtue of the Documents, save if and insofar as the matters represented would be the subject
matter of a specific opinion herein.

 

		2.8	We express no opinion on any taxation, competition and anti-trust, financial assistance, regulatory oversight,
sanctions or securities laws of any jurisdiction (including Belgium), save as otherwise stated herein.

 

		2.9	A draft of this legal opinion has been provided earlier to the Addressees who took or had the opportunity
to discuss all the issues herein covered.

 

		2.10	This legal opinion is given by ARGO Law BV (“ARGO”) as a firm and not by the individuals
or other legal entities providing services to ARGO or acting on its behalf. ARGO assumes responsibility for and is fully and exclusively
responsible for the services provided by its lawyers and its personnel. No person other than ARGO has or will consequently have any personal,
civil or tort obligations towards you as the beneficiary. The aggregate liability in respect of this legal opinion shall be limited to
the amount of damages covered by and effectively recovered under the professional liability insurance policy concluded by ARGO, which
currently amounts to 30 million euro per claim.

 

		3	Opinion

 

Taking into account the scope of inquiry
in relation hereof and subject to the assumptions set out in Schedule 4 of this legal opinion and qualifications set forth in Schedule
5 of this legal opinion, we are of the opinion that as of the date hereof:

 

		3.1	Corporate status

 

The Company has been duly incorporated
and is validly existing as a limited liability company under the laws of Belgium which is its jurisdiction of incorporation. The Company
has unlimited corporate existence and the capacity to sue and be sued in its own name and to carry on its business as currently conducted.

 

    I-2-3 
 Form of Opinion

     

    

 

		3.2	Non-insolvency

 

On the date of this legal opinion, we
carried out the Regsol Search (as defined in Schedule 3 of this legal opinion), and no entries pertaining to the Company were shown.

 

		3.3	Corporate power

 

The Company has the corporate power
and capacity to execute and deliver the Opinion Documents and to perform its obligations thereunder.

 

		3.4	Due authorisation

 

The Company has, i.a. by way of the
Corporate Authorisations, taken all necessary actions to approve and authorize the entry into the Opinion Documents and the performance
of its obligations and the exercise of its rights thereunder.

 

		3.5	Due execution

 

The Opinion Documents have been entered
into on behalf of the Company through the execution by the Signatories as defined in Schedule 3, thereby validly binding the Company
in respect of the Opinion Documents.

 

		3.6	SME financing

 

Based on the Annual Accounts, the Belgian
law of 21 December 2013 containing miscellaneous provisions in relation to the financing of small and medium-sized enterprises, as
amended from time to time, does not apply to the credit granted to the Company pursuant to the Credit Agreement.

 

		3.7	No conflict

 

The execution by the Company of the
Opinion Documents does not conflict with any law in Belgium applicable to companies in general nor, as is confirmed by the Corporate Authorisations
with the Articles of Association of the Company.

 

		3.8	No consents

 

No approval, authorisation or other
action by, or filing with, any Belgian governmental, regulatory or supervisory authority or body is required in connection with the execution
by the Company of the Opinion Documents and the performance by the Company of its obligations thereunder.

 

		3.9	Stamp duty / taxes

 

No stamp duty, registration taxes or
similar taxes are payable in Belgium in connection with the execution, delivery or performance of the Company’s obligations under
the Opinion Documents, save for:

 

		3.9.1	a documentary duty of EUR 0.15 per original due per Opinion Document executed in Belgium;

 

		3.9.2	the obtaining of a judgment in Belgium will give rise to a registration duty at the rate of 3% of the
amount of the judgment.

 

    I-2-4 
 Form of Opinion

     

    

 

		3.10	No immunity

 

The Company will not be entitled in
relation to itself or its assets to claim immunity from suit, execution, attachment or other legal process in any proceedings in Belgium
in relation to the Opinion Documents.

 

		3.11	License

 

It is not necessary under the laws of
Belgium:

 

		3.11.1	in order to enable any Lender to enforce its rights under the Opinion Documents; or

 

		3.11.2	by reason only of the execution of the Opinion Documents or the performance by it of its obligations under
the Opinion Documents,

 

that any such Lender should be licensed,
qualified or otherwise entitled to carry on business in Belgium.

 

		3.12	Residency

 

No Lender is or deemed to be resident,
domiciled or carrying on business in Belgium by reason only of the execution, performance and/or enforcement of the Opinion Documents.

 

		3.13	Choice of law

 

The choice of law of the state of New
York as the governing law of the Opinion Documents in any proceedings in relation thereto (assuming such choice of law shall be upheld
as legally valid and binding choice of law and given full effect by the relevant courts), will be upheld, recognized and given effect
to by the courts of Belgium.

 

		3.14	Choice of forum

 

The submission under the Opinion Documents
by the parties thereto to the jurisdiction of the courts of the state of New York (assuming such choice of court shall be upheld as legally
valid and binding choice of courts and given full effect by such courts), will be upheld, recognized and given effect to by the courts
of Belgium.

 

		3.15	Judgement courts of New York

 

Any final
judgment of the courts of the state of New York obtained against the Company in relation to the Opinion Documents and which is enforceable
in the United States of America, can be enforced in Belgium without any further formality or bringing separate proceedings in the courts
of Belgium founded on the judgment of the courts of the state of New York, other than a declaration of enforceability obtained from the
Belgian competent court and subject to any appeal thereto, in each case in accordance with the provisions of articles 22 e.s. of the Belgian
Conflict of Laws Code (‘Wetboek van Internationaal Privaatrecht’) (hereinafter, “CLC”). The
courts of Belgium will recognize, accept and declare enforceable such judgment of the courts of the state of New York without any retrial
or examination of the merits of the case, upon completion of the formalities set out in the aforementioned CLC, and, recognition or enforceability
may be refused only on one of the grounds specified in article 25 of the CLC.

 

    I-2-5 
 Form of Opinion

     

    

 

		4	Reliance

 

		4.1	This legal opinion is addressed to and is solely for the benefit of you as the Addressees, in your various
capacities under the Credit Agreement, in the framework of the Opinion Documents.

 

		4.2	It may not, without our prior written consent, be relied upon for any other purpose or be disclosed to
or relied upon by any other person, save that it may be disclosed without such consent to:

 

		4.2.1	any person to whom disclosure is required to be made by applicable law, regulation or court order or pursuant
to the rules or regulations of any supervisory or regulatory body or in connection with any judicial proceedings;

 

		4.2.2	the officers, directors, employees, auditors and professional advisers of any Addressee;

 

		4.2.3	any affiliate of any Addressee and the officers, directors, employees, auditors and professional advisers
of such affiliate;

 

		4.2.4	any person, not otherwise an Addressee of this legal opinion, who (i) becomes a finance party in
accordance with the Credit Agreement, (ii) is a potential transferee or assignee of any Addressee or (iii) is or becomes a sub-participant
or is a potential sub-participant of any such Addressee, and their respective officers, employees, auditors and professional advisers,
and

 

		4.2.5	to (re)insurers, insurance brokers and rating agencies;

 

on the basis that (i) such disclosure
is made solely to enable any such person to be informed that an opinion has been given and to be made aware of its terms but not for the
purposes of reliance, (ii) we do not assume any duty or liability to any person to whom such disclosure is made, and (iii), in preparing
this legal opinion we only had regard to the interests of our client(s).

 

Yours faithfully,

 

For and on behalf of ARGO Law BV

 

Pieter Bogaerts

 

    I-2-6 
 Form of Opinion

     

    

 

Schedule 1 – The Company

 

		1.	Avnet Holding Europe BV, a limited liability company (besloten vennootschap) incorporated
under the laws of Belgium, having its statutory seat at De Kleetlaan 3, 1831 Machelen, registered at the Crossroads Bank for Enterprises
under number 0826.379.919.

 

    I-2-7 
 Form of Opinion

     

    

 

Schedule 2 – Opinion Documents

 

		1	Credit Agreement

 

An executed version of the second amended
and restated credit agreement dated 2 August 2022 between i.a. Avnet, Inc., the Company and certain of its subsidiaries
as Borrowers and Bank of America N.A. as Administrative Agent, Swing Line Lender and a L/C Issuer and the Lenders from time to time, amending
and restating the amended and restated credit agreement entered into on 28 June 2018 (as amended, supplemented or otherwise modified
from time to time).

 

		2	Notes

 

		2.1	A copy of the executed note dated 2 August 2022 by the Company in respect of Bank of China,
Los Angeles Branch in connection with the Credit Agreement.

 

		2.2	A copy of the executed note dated 2 August 2022 by the Company in respect of U.S. Bank National
Association in connection with the Credit Agreement.

 

    I-2-8 
 Form of Opinion

     

    

 

Schedule 3 – Corporate Documents

 

		1	A copy of the coordinated articles of association of the Company dated 22 December 2020 (the “Articles
of Association”).

 

		2	A company certificate (‘Uittreksel van de Kruispuntbank van Ondernemingen’) in respect
of the Company dated 29 July 2022 (the “Company Certificate”).

 

		3	An excerpt, published in the annexes to the Belgian Official Gazette (‘Belgisch Staatsblad’)
of the deed of incorporation of 2 June 2010 pertaining to the nomination of Mr. Steven Bosmans as manager of the Company;
and

 

An excerpt, published in the annexes
to the Belgian Official Gazette (‘Belgisch Staatsblad’) of the shareholders resolution of 18 June 2020 pertaining
to the nominations of Ms. Karen Hughes and Mr. Maik Rollwage as directors of the Company.

 

		4	A copy of the executed written resolutions of the directors of the Company of 29 July 2022 , approving
the transactions described therein and appointing each director of the Company and Mr. Joseph Burke as special proxy holder for signing
on behalf of the Company the Opinion Documents (the “Corporate Authorisations”, resp. the “Signatories”).

 

		5	On
                                            2 August 2022 we have performed an online search on www.regsol.be
                                            in respect of the Company which did not show any bankruptcy or judicial reorganisation
                                            files were opened on that date (the “Regsol Search”).

 

		6	We have reviewed the publications of the Belgian Official Gazette for the Company, as retrieved through
an online search on the date of this opinion. The most recent publication was publication 0302069 on 11 January 2021.

 

		7	A copy of the annual accounts of the Company as published at the Central Balance Sheet Office at the National
Bank of Belgium regarding (i) the fiscal year from 24 February 2019 until 23 February 2020, filed on 27 November 2020
and (ii) the fiscal year from 24 February 2020 until 30 June 2021, filed on 19 January 2022; and

 

A copy of the annual accounts of Avnet
Europe (a limited liability company incorporated under the laws of Belgium, having its statutory seat at De Kleetlaan 3, 1831 Machelen,
registered at the Crossroads Bank for Enterprises under number 0464.298.616) as published at the Central Balance Sheet Office at the National
Bank of Belgium regarding (i) the fiscal year from 1 July 2019 until 30 June 2020, filed on 12 January 2021 and (ii) the
fiscal year from 1 July 2020 until 30 June 2021, filed on 14 January 2022;

 

(jointly, the “Annual Accounts”)

 

    I-2-9 
 Form of Opinion

     

    

 

Schedule 4 – Assumptions

 

For the purpose of this legal opinion, we have
made the following assumptions:

 

		1	All copies we have examined, including when submitted to us by electronic mail or as conformed copies,
execution versions or photocopies, conform to the originals, and all originals are genuine and complete; all drafts reviewed by us will
be entered into by all parties thereto in the form of that draft.

 

		2	Each (electronic) signature is the genuine signature of the individual concerned, where relevant duly
respecting the relevant authenticity and identification requirements applicable to electronic signatures.

 

		3	All parties to the Opinion Documents (other than the Company) are duly incorporated and validly existing
in accordance with their governing law, having unlimited corporate existence and the capacity to carry on their business as currently
conducted.

 

		4	All parties to the Opinion Documents (other than the Company) have full power and capacity to execute
and deliver the Opinion Document and the rights contemplated thereby and all documents related thereto to which they are a party, have
full power and capacity to undertake and perform the obligations expressed to be assumed therein by each of them, and have taken all necessary
actions to approve and authorize the same.

 

		5	The Opinion Documents and all documents related thereto have been or will be validly entered into by the
parties thereto (other than the Company).

 

		6	The Opinion Documents and all documents related thereto constitute the legal, valid and binding obligations
of such persons under the law of the state of New York, which is its chosen governing law (and assuming such choice of law shall be upheld
as an admissible choice of law and given full effect by the courts of the State of New York)
and have not been amended or revoked, and have not been declared null and void by the relevant court.

 

		7	Any authorising resolutions from the Company including the Corporate Authorisations, were passed at a
properly conducted meeting of duly appointed and convened directors, or as the case may be, through a duly held written procedure of directors,
their decisions and wording accurately reflecting the underlying circumstances and reality and any statutory or other provision relating
to the conduct of meetings or the power to vote, as well as relating to directors’ interests or the power of interested directors
to vote was duly observed and such resolutions have not been declared null and void by a competent court.

 

		8	The corporate documents of the Company, including the Corporate Documents listed under Schedule 3,
and the excerpts thereof published in the Belgian Official Gazette (‘Belgisch Staatsblad’), correspond and correctly
reflect the corporate situation of the Company as of the date hereof.

 

		9	No party to the Opinion Documents (other than the Company), has been declared bankrupt, has petitioned
under the procedure for judicial reorganisation (‘gerechtelijke reorganisatie’) under Book XX of the Code of Economic
Law has been declared or has entered into proceedings of bankruptcy, proceedings relating to the winding-up of insolvent companies or
other legal persons, judicial arrangements, compositions and analogous proceedings, fraudulent act (actio pauliana) or other similar
laws affecting creditors’ rights generally.

 

    I-2-10 
 Form of Opinion

     

    

 

		10	The centre of the main interest of the Company coincides and will coincide with its statutory seat, i.e.,
it is and will remain in Belgium, and the Company is not and shall not be affected by any secondary proceedings (nor an undertaking to
avoid, or a stay of such secondary insolvency proceedings) or by proceedings in respect of other companies belonging to the same group
of companies, including group coordination proceedings (terms as described in the Regulation (EU) 2015/848 of 20 May 2015 on insolvency
proceedings).

 

		11	No contractual or other restrictions binding on the Company (other than the Opinion Documents or its Articles
of Association) or on any other party to the Opinion Documents exist which would affect the conclusions of this legal opinion.

 

		12	None of the opinions expressed above would be affected by the laws (including of public policy) of any
other jurisdiction outside Belgium.

 

		13	There has been due compliance with all matters (including without limitation, the obtaining of any necessary
consents, approvals and authorisations and the making of any necessary filings, registrations and notifications and the payment of stamp
duty and other documentary taxes) under the laws other than the law of Belgium as may be related to the Opinion Document.

 

		14	The parties to the Opinion Documents will observe, perform and accept the terms of the Opinion Documents
and all legal consequences resulting therefrom, which we assume set out the entire understanding of such parties.

 

		15	Each party enters into the Opinion Documents in good faith for the purpose of and in connection with the
carrying on of its business, and the Company, as it is stated in the Corporate Authorisations, enters into the Opinion Documents for its
corporate benefit which it reasonably may deem to be commensurate with the obligations to be undertaken under the Opinion Documents.

 

    I-2-11 
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Schedule 5 – Qualifications

 

This legal opinion is subject to the following
qualifications:

 

		16	Insolvency

 

This legal opinion is subject to any
limitations arising from bankruptcy, proceedings relating to the winding-up of insolvent companies or other legal persons, judicial arrangements,
compositions and analogous proceedings, insolvency, liquidation, moratorium, reorganisation and as well as from other laws of general
application relating to or affecting the rights of creditors.

 

		17	Terms

 

The terms ‘enforceable’,
‘enforceability’, ‘valid’, ‘legal’, ‘binding’ and ‘effective’ (or any combination
thereof) where used in this legal opinion, mean that the obligations assumed by the relevant party under the relevant document are of
a type which Belgian law generally recognises and enforces; it does not mean that these obligations will necessarily be enforced in all
circumstances in accordance with their terms; in particular, enforcement before the courts of Belgium will in any event be subject to:

 

		17.1	the nature of the remedies available in the Belgian courts (and nothing in this opinion must be taken
as indicating that specific performance or injunctive relief would be available as remedies for the enforcement of such obligations) and
the acceptance by Belgian courts of jurisdiction;

 

		17.2	prescription or limitation periods (within which claims, actions or proceedings may be brought);

 

		17.3	the availability of defences such as, without limitation, set-off (unless validly waived), fraud, misrepresentation,
unforeseen circumstances, undue influence, duress, error, abuse of right, good faith, exceptio non adimpleti contractus and counterclaim;

 

		17.4	where any party is vested with a discretion or may determine a matter in its opinion, Belgian law may
require such discretion to be exercised reasonably or such opinion to be based on reasonable grounds; and

 

		17.5	periods of grace for the performance of its obligations may be granted by the courts of Belgium to a debtor
who has acted in good faith.

 

		18	Choice of law/forum

 

		18.1	According to article 98 § 1 CLC, the law governing contractual obligations is determined by Regulation
(EC) No 593/2008 of 17 June 2008 on the law applicable to contractual obligations (hereinafter, “Rome I Regulation”).

 

The Rome I Regulation recognizes a choice
of law between parties. Such chosen law will govern the interpretation, performance, within the limits of the powers conferred on the
court by its procedural law, the consequences of breach, including the assessment of damages in so far as it is governed by rules of
law, the various ways of extinguishing obligations, and prescription and limitation of actions and the consequences of nullity of the
contract (articles 3.1 and 12 of the Rome I Regulation), subject to the limits as specified in articles 3.3, 3.4 9 and 21 of the Rome
I Regulation).

 

    I-2-12 
 Form of Opinion

     

    

 

		18.2	A choice of foreign forum by parties will be upheld by a Belgian court, meaning that by virtue of article
7 of the CLC, a Belgian court would declare it has no jurisdiction to hear the case when the foreign judgment can be recognised by virtue
of the CLC or it will postpone its judgment unless it can be foreseen that the foreign judgment could not be recognised or rendered effective
in Belgium or unless, by virtue of article 11 of the CLC, Belgian courts by way of exception would have jurisdiction because the matter
has a close connection to Belgium and a procedure outside Belgium would be impossible or it would be unreasonable to demand that the case
is commenced abroad.

 

A clause providing for submission to foreign
jurisdiction may not prevent a party from instituting summary proceedings (‘kort geding’) before a Belgian court in
order to obtain urgent conservatory measures.

 

The taking of concurrent proceedings in
more than one jurisdiction may not be accepted by the courts of Belgium and they may reject any such proceedings brought before them on
the basis of the exception of litis pendentis.

 

		19	Miscellaneous

 

		19.1	A power of attorney, including when given by way of authorising resolutions, may be revoked ad nutum
(i.e. without prior notice or without giving any reason) by the principal , except if it is limited in time and/or it relates to specific
matters, in which case it can be made irrevocable. A power of attorney may also be ineffective to the extent that there would be a conflict
of interest between the principal and the attorney-in-fact. The principal can confirm any voidable actions taken by an attorney-in-fact
having a conflict of interest, provided that it is doing so with full knowledge of the type of actions that have been taken by the attorney-in-fact.

 

		19.2	A determination, designation, calculation or certificate as to any matter provided for in the Documents
might, in certain circumstances, be held by a Belgian court not to be final, conclusive and binding (for example, if it could be shown
to have an unreasonable or arbitrary basis or not to have been reached in good faith) notwithstanding the provisions of the relevant document.

 

		19.3	Where any party is vested with a discretion or may determine a matter in its opinion, Belgian law may
require such discretion to be exercised reasonably or such opinion to be based on reasonable grounds.

 

		19.4	Where obligations are to be performed in a jurisdiction outside Belgium, they may not be enforceable in
Belgium to the extent that performance would be illegal under the laws of that jurisdiction.

 

		19.5	The effectiveness of a provision in an agreement providing for the severability of a provision held to
be void, illegal or unenforceable can be limited by (i) rules of public policy or specific legal provisions and (ii) the
(court’s interpretation of the) intentions of the parties to the agreement.

 

    I-2-13 
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		19.6	A Belgian court will give effect to any indemnity provisions of an agreement only if it can be established
that any amount payable thereunder is a genuine pre-estimate of loss or an indemnity for actual costs, and is not a penalty.

 

		19.7	Any provisions in the Documents which involves an indemnity for, or the recovery of the costs and fees
relating to litigation in Belgium may be unenforceable pursuant to article 1023 of the Belgian Judicial Code or only allowed up to limits
determined by law.

 

		19.8	Whilst, in the event of any proceedings being brought in a Belgian court in respect of a monetary obligation
expressed to be payable in a currency other than a currency of a member state of the Organisation for Economic Co-operation and Development,
a Belgian Court would have power to give judgment expressed in Euros and not as an order to pay such other currency, and may decline to
enforce the benefit of currency indemnity clauses.

 

		19.9	A Regsol Search does not provide conclusive evidence that a company has not become the subject of an insolvency
proceeding (nor an indication to the contrary).

 

		19.10	According to article 25 of the Regulation (EU) 910/2014 of 23 July 2014 on electronic signatures
a qualified electronic signature has the equivalent legal effect of a handwritten signature and if based on a qualified certificate issues
in a EU-member state shall be recognised as a qualified electronic signature in all other EU-member states. An electronic signature that
does not meet the requirement for a qualified electronic signature shall not be denied legal effect.

 

		19.11	Although the Opinion Documents do not have to be registered in Belgium, it is only on the date of its
registration that such document will obtain a certified date.

 

*

 

*

 

    I-2-14 
 Form of Opinion

     

    

 

 

EXHIBIT I-3

 

FORM OF OPINION OF VICE PRESIDENT AND

CORPORATE SECRETARY OF THE COMPANY

 

See attached.

 

    I-3-1
Form of Opinion of Vice President and Corporate Secretary of the Company

    

    

 

August 2, 2022

 

Bank of America,
N.A., as Administrative Agent, 

Swing Line Lender and an
L/C Issuer, 

and the Lenders party to
the Credit Agreement referred to below 

Agency Management 

135 S. LaSalle
Street 

Mail Code: IL4-135-09-61 

Chicago, IL
60603

 

		Re:	Avnet, Inc. – Second Amended and Restated Credit Agreement, dated as of August 2, 2022

 

Ladies and Gentlemen:

 

I am General Counsel and Chief Legal Officer of
Avnet, Inc., a New York corporation (the “Company”). I am rendering this opinion in connection with the Second
Amended and Restated Credit Agreement, dated the date hereof (the “Credit Agreement”), among the Company, Avnet Holding
Europe BV, each other subsidiary of the Company that may become party to the Credit Agreement in accordance with its terms, each lender
party thereto (the “Lenders”) and Bank of America, N.A., as administrative agent (the “Administrative Agent”),
as Swing Line Lender (as defined in the Credit Agreement) and as an L/C Issuer (as defined in the Credit Agreement).

 

For purposes of rendering this opinion, I
have reviewed and examined the originals, or copies identified to my satisfaction as being true and complete copies of the originals,
of the following documents and instruments:

 

1.            the
Credit Agreement, including the Schedules and Exhibits thereto;

 

2.            the
promissory notes, dated the date hereof, issued by the Company to certain of the Lenders (the “Notes”);

 

3.            the
Amended and Restated Guaranty, dated the date hereof, among the Company and the Administrative Agent; and

 

4.            such
other documents, certificates, instruments, corporate records and other statements of governmental officials, officers of the Company
and others as I have deemed necessary or advisable to enable me to render the opinions set forth herein.

 

The documents and instruments identified in clauses
(i), (ii) and (iii) are collectively referred to herein as the “Transaction Documents”.

 

    I-3-2
Form of Opinion of Vice President and Corporate Secretary of the Company

    

    

 

I have assumed without independent
investigation that the signatures on all documents examined by me (other than those of the Company on the Transaction Documents) are
genuine; all individuals executing such documents had all requisite legal capacity and competency; the documents submitted to me as
originals are authentic and the documents submitted to me as certified or reproduction copies conform to the originals; each party
to the Transaction Documents has all requisite power and authority to execute, deliver and perform its obligations under each of the
Transaction Documents to which it is a party; and the execution and delivery of such Transaction Documents by each party to the
Transaction Documents and performance by such party of its obligations thereunder have been duly authorized by all necessary
corporate or other action.

 

Based on the foregoing and in reliance thereon,
and subject to the assumptions, exceptions, qualifications, and limitations set forth herein, I am of the opinion that:

 

1.            The
execution, delivery and performance by the Company of the Transaction Documents do not (i) violate (A) the certificate of incorporation
or bylaws of the Company or (B) any order, judgment, or decree binding on the Company, or (ii) result in a breach of or default
under any contract of the Company filed as an exhibit to the Company’s periodic reports under the Securities Exchange Act of 1934,
as amended, or result in or require the creation or imposition of any lien or encumbrance upon any assets of the Company under any such
contract.

 

2.            To
my knowledge, there is no action, suit or proceeding pending against or threatened against or affecting the Company before any court,
governmental or regulatory authority or arbitrator, which if adversely determined would question, either individually or collectively,
the validity of the Transaction Documents, or any of the transactions contemplated thereby.

 

I am admitted to practice in the State of Arizona
and registered as in-house counsel in Arizona and express no opinion as to matters governed by any laws other than the laws of the State
of Arizona. This opinion is limited to the effect of the present state of the laws of the State of Arizona. I assume no obligation to
revise or supplement this opinion in the event of future changes in such laws or the interpretations thereof or such facts.

 

This opinion is rendered only to you and solely
for your benefit in connection with the transactions contemplated by the Credit Agreement. This opinion may not otherwise be relied upon,
or furnished, quoted or copied, in whole or in part, by you to or by any other person or entity (other than an assignee or participant
of yours) for any purpose or in any other context, without my prior written consent; provided, that you may provide this opinion
(i) to bank examiners and other regulatory authorities should they so request in connection with their normal examinations or should
such disclosure otherwise be required under applicable law, (ii) to your independent auditors and attorneys, (iii) pursuant
to order or legal process of any court or governmental agency, (iv) in connection with any legal action to which you are a party
arising out of the transactions contemplated by the Transaction Documents or (v) the proposed assignee of or participant in your
interest under the Transaction Documents.

 

	 	Very truly yours,
	 	 
	 	Michael R. McCoy 
	 	General Counsel and Chief Legal Officer 
	 	Avnet, Inc.

 

    I-3-3
Form of Opinion of Vice President and Corporate Secretary of the Company

    

    

 

EXHIBIT J

 

FORM OF LETTER OF CREDIT REPORT

 

	To: 	Bank of America, N.A. as Administrative Agent
	Attn: 	 	 	 
	Phone No.:	 	 	 
	Fax No.:	 	 	 
	 	 	 	 	 
	Ref.:	Letters of Credit	 	 
	 	Issued for the account of Avnet, Inc. 	 
	 	
    or any Subsidiary thereof under the Second Amended and Restated
    Credit Agreement dated as of August 2, 2022

     

 

Reporting Period :___/___/20__ through___/___/20__

 

	L/C No.	Maximum

 Face 

Amount	Current

 Face

 Amount	
    Escalating

Y/N(?)

If “Y"

Provide

Schedule*
	Beneficiary

 Name	Issuance

 Date	Expiry

 Date	Auto

 Renewal	
    Auto

Renewal 

Period/

Notice
	
    Date of

Amend

-ment
	Amount of

 Amend

-ment	Amount of any

 reimbursement

/Cash

 Collateral	Type of

 Amendment
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    J-1
Form of Letter of Credit Report

    

    

 

EXHIBIT K

 

FORM OF FOREIGN OBLIGOR OPINION

 

Form of Foreign Obligor Opinion

 

[To be delivered on letterhead of law firm in relevant
jurisdiction]

 

___________________ __, _____

 

	
    Bank of America, N.A., as Administrative Agent

    and Each of the Lenders Party to the Credit Agreement Referenced Below

    Agency Management

    540 W. Madison Street

    Mail Code: IL4-540-22-29

    Chicago, IL 60661
	 

 

Ladies and Gentlemen:

 

We
have acted as legal advisers in [relevant jurisdiction] to [entity name], which is [type of entity]
(the “Company”), in connection with the Company’s execution and delivery of the Designated Borrower Request and
Assumption Agreement (as defined in the Credit Agreement referenced below). This opinion is rendered to you in compliance with Section 2.14(a) of
the Second Amended and Restated Credit Agreement dated as of August 2, 2022 (as amended, restated, extended, supplemented or otherwise
modified through the date hereof, the “Credit Agreement”), among Avnet, Inc., a New York corporation, Avnet
Holding Europe BV, a Belgian privately held limited liability company, the Designated Borrowers from time to time party thereto, the Lenders
from time to time party thereto, and Bank of America, N.A., as Administrative Agent, an L/C Issuer and Swing Line Lender. Capitalized
terms used and not otherwise defined in this opinion shall have the respective meanings assigned to them in the Credit Agreement, unless
the context otherwise requires.

 

On the basis of, and in reliance on, the foregoing
and subject to the limitations, qualifications and exceptions set forth below, we are of the opinion that:

 

		1.	The Company is a [describe entity] duly organized, validly existing [and in good standing
– if applicable in relevant jurisdiction] under the laws of [country], and has all requisite [company]
power and authority to own and operate its properties and to carry on its business as now conducted.

 

		2.	The Company possesses the capacity to sue or be sued in its own name and, to our knowledge, after due
inquiry at [please specify public registry], no steps have been or are being taken to appoint an administrator or a receiver,
liquidator, trustee or similar official or otherwise to commence administration, bankruptcy, liquidation, insolvency or other analogous
proceedings over or in respect of the Company or any of its assets.

 

    K-1
Form of Foreign Obligor Opinion

    

    

 

		3.	To our
                                            knowledge, after due inquiry, there is no pending or overtly threatened, action, suit, governmental
                                            or judicial investigation or governmental or judicial proceeding (including, without limitation,
                                            any action, suit, governmental or judicial investigation, or governmental or judicial proceeding
                                            under any environmental or labor law) before or by any court, or governmental department,
                                            commission, board, bureau, instrumentality, agency or arbitral authority, which calls into
                                            question the validity or enforceability of the Designated Borrower Request and Assumption
                                            Agreement or the Credit Agreement.

 

		4.	The
                                            execution, delivery and performance by the Company of the Designated Borrower Request and
                                            Assumption Agreement, and the performance by the Company of the Credit Agreement are within
                                            its [corporate] powers, have been duly authorized by all necessary [corporate]
                                            action and (a) do not contravene or constitute a default under (i) such
                                            Company’s [please specify organizational documents], (ii) any laws,
                                            rules or regulations of [country] applicable to the Company, or (iii) any
                                            contract, agreement, indenture, lease, instrument, commitment, judgment, writ, determination,
                                            order, decree or arbitral award of which we have knowledge after due inquiry of appropriate
                                            representatives of the Company, to which the Company is a party or by which the Company or
                                            any of its properties is bound and the contravention or default of which would have a Material
                                            Adverse Effect, and (b) does not or will not result in the creation or imposition of
                                            any lien, pledge, charge or encumbrance of any nature upon or with respect to any of the
                                            properties of the Company, except for the Liens that are either (i) permitted pursuant
                                            to the Credit Agreement [based upon factual representation of the Company in the Company
                                            Certificate that is addressed to us and to you], or (2) in your favor expressly
                                            created pursuant to the Loan Documents.

 

		5.	No
                                            authorization or approval or other action by, and no notice to or filing with, any national,
                                            state, provincial, local or other governmental authority or regulatory body of or in [country]
                                            is required for the due execution, delivery and performance of the Designated Borrower
                                            Request and Assumption Agreement, or the performance of the Credit Agreement, by the Company[,
                                            which, if not obtained or made, would adversely affect the enforceability of the Designated
                                            Borrower Request and Assumption Agreement or the Credit Agreement against the Company in
                                            [country].

 

		6.	The
                                            Designated Borrower Request and Assumption Agreement has been duly executed and delivered
                                            by the Company, and the Designated Borrower Request and Assumption Agreement and (by virtue
                                            of the Company’s execution of the Designated Borrower Request and Assumption Agreement)
                                            the Credit Agreement constitute the legal valid and binding obligations of such Company enforceable
                                            against such Company in accordance with their respective terms [Subject to standard
                                            local opinion law enforceability exceptions acceptable to the Administrative Agent].

 

		7.	There
                                            is no tax, levy, impost, deduction, charge or withholding imposed by [country]
                                            or any political subdivision or taxing authority on or by virtue of the execution, delivery,
                                            enforcement, recording or filing of the Designated Borrower Request and Assumption Agreement
                                            or the Credit Agreement or on any payment to be made by the Company under the Designated
                                            Borrower Request and Assumption Agreement or the Credit Agreement, other than court costs
                                            and fees that may be or become payable in connection with the enforcement of the Designated
                                            Borrower Request and Assumption Agreement or the Credit Agreement. [If acceptable to
                                            the Administrative Agent, identified items which in the aggregate are not material will be
                                            allowed, if identified and reasonably quantified.]

 

    K-2
Form of Foreign Obligor Opinion

    

    

 

		8.	It
                                            is not necessary (a) in order to enable the Administrative Agent, the Lenders or any
                                            of them to enforce their respective rights under the Designated Borrower Request and Assumption
                                            Agreement or the Credit Agreement or (b) solely by reason of the execution, delivery
                                            or performance of the Designated Borrower
Request and Assumption Agreement or the performance of the Credit Agreement, that any of them should be licensed, qualified or entitled
to carry on business in [country].

 

		9.	Neither the Administrative Agent nor the Lenders is or will be resident, domiciled, carrying on business
or subject to taxation in [country] solely by reason only of the execution, delivery, performance and/or enforcement of
the Designated Borrower Request and Assumption Agreement, or the performance and/or enforcement of the Credit Agreement.

 

		10.	Neither the Company nor any of its property has any immunity from the jurisdiction of any [country]
court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution
or otherwise).

 

		11.	In any action or proceeding arising out of or relating to the Designated Borrower Request and Assumption
Agreement or the Credit Agreement in any [country] court, such court would recognize and give effect to the provisions under
which the parties agree that the Designated Borrower Request and Assumption Agreement and the Credit Agreement shall be governed by, and
construed in accordance with, New York law. [If such court would not give effect to the choice of New York law by the parties, please
include an opinion that the Designated Borrower Request and Assumption Agreement and the Credit Agreement would be legal, valid, binding
and enforceable under the laws of the applicable jurisdiction.]

 

		12.	The submission to the non-exclusive jurisdiction of the state or federal courts located in the State of
New York by the Company contained in the Designated Borrower Request and Assumption Agreement and the Credit Agreement is valid and binding
on such Company and is not subject to revocation.

 

		13.	A final judgment of a state or federal court located in the State of New York relating to the Designated
Borrower Request and Assumption Agreement or the Credit Agreement would be enforced by [country] court without relitigation
on the underlying merits. [Description of required procedures and evidence that do not require relitigating the underlying merits
will, to the extent acceptable to the Administrative Agent, will be allowed.]

 

		14.	Awards
                                            rendered in U.S. Dollars will be recognized by a [describe country] court and
                                            there are no restrictions on the right of the Administrative Agent or any Lender to remove
                                            funds awarded in a proceeding in [country] from such jurisdiction. [Description
                                            of procedural requirements that do not impair the ability to remove funds awarded and are
                                            acceptable to the Administrative Agent will be allowed.]

 

    K-3
Form of Foreign Obligor Opinion

    

    

 

		15.	The rate or rates of interest provided for in the Credit Agreement, including all late payment charges
and the Default Rate provided for therein, do not and will not violate or conflict with, or give rise to any defense to payment of the
Obligations or to any claim, counterclaim, setoff or recoupment under, any usury or other law or regulation of [country]
governing the maximum rate of interest or amount of other charges that may be charged or incurred in transactions of the type contemplated
under the Designated Borrower Request and Assumption Agreement or the Credit Agreement.

 

Our opinions contained
herein are rendered solely in connection with the transactions contemplated under the Designated Borrower Request and Assumption
Agreement and the Credit Agreement and may not be relied upon in any manner by any Person other than the addressees hereof, any
successor or assignee of any addressee (including successive assignees) and any Person who shall acquire a participation interest in
the interest of any Lender (collectively, the “Reliance Parties”), or by any Reliance Party for any other
purpose. Our opinions herein shall not be quoted or otherwise included, summarized or referred to in any publication or document, in
whole or in part, for any purpose whatsoever, or furnished to any Person other than a Reliance Party (or a Person considering
whether to become a Reliance Party), except as may be required of any Reliance Party by applicable law or regulation or in
accordance with any auditing or oversight function or request of regulatory agencies to which a Reliance Party is subject.

 

	 	Yours truly,

 

    K-4
Form of Foreign Obligor Opinion

    

    

 

EXHIBIT L-1

 

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to that
certain Second Amended and Restated Credit Agreement, dated as of August 2, 2022 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Credit Agreement”; the terms defined therein being used herein
as therein defined), among Avnet, Inc., a New York corporation (the “Company”), Avnet Holding Europe BV, a Belgian
privately held limited liability company, the Designated Borrowers from time to time party thereto, the Lenders from time to time party
thereto, and Bank of America, N.A., as Administrative Agent, an L/C Issuer and Swing Line Lender.

 

Pursuant to the provisions of
Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
(ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder
of the Borrowers within the meaning of Sections 871(h)(3)(B) and 881(c)(3)(B) of the Code and (iv) it is not a controlled
foreign corporation related to the Borrowers as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Company with a certificate of its non-U.S. Person status on IRS Form W-8BEN-E (or W-8BEN, as applicable).
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform the Company and the Administrative Agent, and (2) the undersigned shall have at all times furnished the
Company and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]	 
	 	 	 	 
	By:	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 	 
	Date: ________ __, 20[ 
    ]	 

 

    L-1
Form of U.S. Tax Compliance Certificate

    

    

 

EXHIBIT L-2

 

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to that
certain Second Amended and Restated Credit Agreement, dated as of August 2, 2022 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Credit Agreement”; the terms defined therein being used herein
as therein defined), among Avnet, Inc., a New York corporation (the “Company”), Avnet Holding Europe BV, a Belgian
privately held limited liability company, the Designated Borrowers from time to time party thereto, the Lenders from time to time party
thereto, and Bank of America, N.A., as Administrative Agent, an L/C Issuer and Swing Line Lender.

 

Pursuant to the provisions of
Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of
the Code, (iii) it is not a ten percent shareholder of the Borrowers within the meaning of Sections 871(h)(3)(B) and 881(c)(3)(B) of
the Code, and (iv) it is not a controlled foreign corporation related to the Borrowers as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned has furnished
its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN-E (or W-8BEN, as applicable). By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in
either of the two calendar years preceding such payments.

 

Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]	 
	 	 	 	 
	By:	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 	 
	Date: ________ __, 20[  ]	 

 

    L-2
Form of U.S. Tax Compliance Certificate

    

    

 

EXHIBIT L-3

 

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to that
certain Second Amended and Restated Credit Agreement, dated as of August 2, 2022 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Credit Agreement”; the terms defined therein being used herein
as therein defined), among Avnet, Inc., a New York corporation (the “Company”), Avnet Holding Europe BV, a Belgian
privately held limited liability company, the Designated Borrowers from time to time party thereto, the Lenders from time to time party
thereto, and Bank of America, N.A., as Administrative Agent, an L/C Issuer and Swing Line Lender.

 

Pursuant to the provisions of
Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of
the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole
beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or
indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or
business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is
a ten percent shareholder of the Borrowers within the meaning of Sections 871(h)(3)(B) and 881(c)(3)(B) of the Code and (v) none
of its direct or indirect partners/members is a controlled foreign corporation related to the Borrowers as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned has furnished
its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is
claiming the portfolio interest exemption: (i) an IRS Form W-8BEN-E (or W-8BEN, as applicable) or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN-E (or W-8BEN, as applicable) from each of such partner’s/member’s beneficial owners
that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information
provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at
all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]	 
	 	 	 	 
	By:	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 	 
	Date: ________ __, 20[  ]	 

 

    L-3
Form of U.S. Tax Compliance Certificate

    

    

 

EXHIBIT L-4

 

FORM OF

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For
U.S. Federal Income Tax Purposes)

 

Reference is made to that
certain Second Amended and Restated Credit Agreement, dated as of August 2, 2022 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Credit Agreement”; the terms defined therein being used herein
as therein defined), among Avnet, Inc., a New York corporation (the “Company”), Avnet Holding Europe BV, a Belgian
privately held limited liability company, the Designated Borrowers from time to time party thereto, the Lenders from time to time party
thereto, and Bank of America, N.A., as Administrative Agent, an L/C Issuer and Swing Line Lender.

 

Pursuant to the provisions of
Section 3.01(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of
the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its
direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)),
(iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned
nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary
course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
partners/members is a ten percent shareholder of the Borrowers within the meaning of Sections 871(h)(3)(B) and 881(c)(3)(B) of
the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrowers as
described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Company with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN-E (or W-8BEN, as applicable) or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN-E (or W-8BEN, as applicable) from each of such partner’s/member’s beneficial owners
that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information
provided on this certificate changes, the undersigned shall promptly so inform the Company and the Administrative Agent, and (2) the
undersigned shall have at all times furnished the Company and the Administrative Agent with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years
preceding such payments.

 

Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]	 
	 	 	 	 
	By:	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 	 
	DATE: ________ __, 20[  ]	 

 

    L-4
Form of U.S. Tax Compliance Certificate

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