Document:

Exhibit 10.1

 

 

 

$385,000,000

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of November 1, 2021

 

by and among

 

DIGI INTERNATIONAL INC.,

 

as the Borrower,

 

THE GUARANTORS FROM TIME TO TIME PARTY HERETO,

 

THE LENDERS PARTY HERETO,

 

and

 

BMO HARRIS BANK N.A.,

as Administrative Agent and Collateral Agent

 

 

 

BMO CAPITAL MARKETS CORP.,

as Sole Lead Arranger and Sole Bookrunner

 

     

     

    

 

Table of Contents

 

		 	 	Page
	 	 	 	 
	SECTION 1 DEFINITIONS 	1
	 	 	 	 
	 	1.1	Defined Terms	1
	 	1.2	Other Definitional Provisions	42
	 	1.3	Exchange Rates; Currency Equivalents	43
	 	1.4	Letter of Credit Amounts	43
	 	1.5	Limited Condition Acquisitions	43
	 	1.6	Divisions	44
	 	1.7	Change of Currency	45
	 	1.8	Amendment and Restatement of the Existing Credit Agreement	45
	 	 	 	 
	SECTION 2 AMOUNT AND TERMS OF COMMITMENTS 	46
	 	 	 	 
	 	2.1	Term Commitments	46
	 	2.2	Procedure for Term Loan Borrowing	46
	 	2.3	Repayment of Term Loans	46
	 	2.4	Revolving Commitments	47
	 	2.5	Procedure for Revolving Loan Borrowing	47
	 	2.6	Swingline Commitment	47
	 	2.7	Procedure for Swingline Borrowing; Refunding of Swingline Loans	48
	 	2.8	Fees	49
	 	2.9	Termination or Reduction of Total Revolving Commitments; Total L/C Commitments	49
	 	2.10	Loan Prepayments	50
	 	2.11	Conversion and Continuation Options	52
	 	2.12	Limitations on Eurodollar Tranches	53
	 	2.13	Interest Rates and Payment Dates	53
	 	2.14	Computation of Interest and Fees	53
	 	2.15	Inability to Determine Interest Rate	54
	 	2.16	Pro Rata Treatment and Payments	54
	 	2.17	Illegality; Requirements of Law	57
	 	2.18	Taxes	59
	 	2.19	Indemnity	61
	 	2.20	Change of Lending Office	62
	 	2.21	Substitution of Lenders	62
	 	2.22	Defaulting Lenders	63
	 	2.23	Notes	65
	 	2.24	Incremental Loans and Commitments	65
	 	2.25	Effect of Benchmark Transition Event	67
	 	 	 	 
	SECTION 3 LETTERS OF CREDIT 	69
	 	 	 	 
	 	3.1	L/C Commitment	69
	 	3.2	Procedure for Issuance of Letters of Credit	70
	 	3.3	Fees and Other Charges	70
	 	3.4	L/C Participations	71
	 	3.5	Reimbursement	71
	 	3.6	Obligations Absolute	72
	 	3.7	Letter of Credit Payments	72
	 	3.8	Applications	72
	 	3.9	Interim Interest	72
	 	3.10	Cash Collateral	72
	 	3.11	Additional Issuing Lenders	73
	 	3.12	Resignation of the Issuing Lender	73
	 	3.13	Applicability of ISP	74
	 	3.14	Notices	74

 

    - i - 

     

    

 

	SECTION 4 REPRESENTATIONS AND WARRANTIES 	74
	 	 	 	 
	 	4.1	Financial Condition	74
	 	4.2	No Change	75
	 	4.3	Existence; Compliance with Law	75
	 	4.4	Power, Authorization; Enforceable Obligations	75
	 	4.5	No Legal Bar	75
	 	4.6	Litigation	75
	 	4.7	No Default	75
	 	4.8	Ownership of Property; Liens; Investments	76
	 	4.9	Intellectual Property	76
	 	4.10	Taxes	76
	 	4.11	Federal Regulations	76
	 	4.12	Labor Matters	76
	 	4.13	ERISA	76
	 	4.14	Investment Company Act; Other Regulations	77
	 	4.15	Subsidiaries	77
	 	4.16	Use of Proceeds	77
	 	4.17	Environmental Matters	77
	 	4.18	Accuracy of Information, Etc.	78
	 	4.19	Security Documents	78
	 	4.20	Solvency	78
	 	4.21	[Intentionally Omitted]	78
	 	4.22	Insurance	79
	 	4.23	No Casualty	79
	 	4.24	OFAC	79
	 	4.25	Anti-Corruption Laws	79
	 	4.26	EEA Financial Institution	79
	 	4.27	Beneficial Ownership Certification	79
	 	4.28	Brokers	79
	 	 	 	 
	SECTION 5 CONDITIONS PRECEDENT 	79
	 	 	 	 
	 	5.1	Conditions to Effectiveness of this Agreement	79
	 	5.2	Conditions to Each Extension of Credit	82
	 	5.3	Post-Closing Conditions Subsequent	82
	 	 	 	 
	SECTION 6 AFFIRMATIVE COVENANTS 	82
	 	 	 	 
	 	6.1	Financial Statements	82
	 	6.2	Certificates; Reports; Other Information	83
	 	6.3	Payment of Obligations; Taxes	85
	 	6.4	Maintenance of Existence; Compliance	85
	 	6.5	Maintenance of Property; Insurance	85
	 	6.6	Inspection of Property; Books and Records; Discussions	85
	 	6.7	Notices	86
	 	6.8	Environmental Laws	87
	 	6.9	Operating Accounts	87
	 	6.10	Audits	87
	 	6.11	Additional Collateral, Etc.	87
	 	6.12	Anti-Corruption Laws	89
	 	6.13	Insider Subordinated Indebtedness	89
	 	6.14	Use of Proceeds	89
	 	6.15	[Intentionally Omitted]	89
	 	6.16	Beneficial Ownership Certification	89
	 	6.17	M.I.R.E Events	89
	 	6.18	Further Assurances	89

 

    - ii - 

     

    

 

	SECTION 7 NEGATIVE COVENANTS 	89
	 	 	 	 
	 	7.1	Financial Condition Covenants	89
	 	7.2	Indebtedness	89
	 	7.3	Liens	92
	 	7.4	Fundamental Changes	94
	 	7.5	Disposition of Property	94
	 	7.6	Restricted Payments	96
	 	7.7	Investments	97
	 	7.8	ERISA	99
	 	7.9	Optional Payments and Modifications of Certain Preferred Stock and Debt Instruments	99
	 	7.10	Transactions with Affiliates	99
	 	7.11	Sale Leaseback Transactions	99
	 	7.12	Swap Agreements	99
	 	7.13	Accounting Changes	99
	 	7.14	Negative Pledge Clauses	100
	 	7.15	Clauses Restricting Subsidiary Distributions	100
	 	7.16	Lines of Business	100
	 	7.17	[Reserved]	100
	 	7.18	Certification of Certain Equity Interests	100
	 	7.19	Amendments to Organizational Agreements and Material Contracts	100
	 	7.20	Use of Proceeds	100
	 	7.21	[Reserved.]	101
	 	7.22	Sanctions	101
	 	7.23	Anti-Corruption Laws	101
	 	7.24	Anti-Terrorism Laws	101
	 	 	 	 
	SECTION 8 EVENTS OF DEFAULT 	101
	 	 	 	 
	 	8.1	Events of Default	101
	 	8.2	Remedies Upon Event of Default	103
	 	8.3	Application of Funds	104
	 	8.4	Borrower’s Right to Cure	106
	 	 	 	 
	SECTION 9 THE ADMINISTRATIVE AGENT 	106
	 	 	 	 
	 	9.1	Appointment and Authority	106
	 	9.2	Delegation of Duties	107
	 	9.3	Exculpatory Provisions	107
	 	9.4	Reliance by Administrative Agent	108
	 	9.5	Notice of Default	108
	 	9.6	Non-Reliance on Administrative Agent and Other Lenders	108
	 	9.7	Indemnification	109
	 	9.8	Agent in Its Individual Capacity	109
	 	9.9	Successor Administrative Agent	109
	 	9.10	Collateral and Guaranty Matters	110
	 	9.11	Administrative Agent May File Proofs of Claim	111
	 	9.12	No Other Duties, Etc.	111
	 	9.13	Survival	111
	 	9.14	Acknowledgements of Lenders	111
	 	 	 	 
	SECTION 10 MISCELLANEOUS 	113
	 	 	 	 
	 	10.1	Amendments and Waivers	113
	 	10.2	Notices	114
	 	10.3	No Waiver; Cumulative Remedies	116
	 	10.4	Survival of Representations and Warranties	116
	 	10.5	Expenses; Indemnity; Damage Waiver	116
	 	10.6	Successors and Assigns; Participations and Assignments	118

 

    - iii - 

     

    

 

	 	10.7	Adjustments; Set-off	123
	 	10.8	Payments Set Aside	124
	 	10.9	Interest Rate Limitation	124
	 	10.10	Counterparts; Electronic Execution of Assignments	124
	 	10.11	Severability	124
	 	10.12	Integration	124
	 	10.13	GOVERNING LAW	125
	 	10.14	Submission to Jurisdiction; Waivers	125
	 	10.15	[Intentionally Omitted]	125
	 	10.16	Releases of Guarantees and Liens	125
	 	10.17	Treatment of Certain Information; Confidentiality	126
	 	10.18	Automatic Debits	127
	 	10.19	Judgment Currency	127
	 	10.20	Patriot Act	127
	 	10.21	Termination	128
	 	10.22	Contractual Recognition Provision	128
	 	10.23	Acknowledgement Regarding Any Supported QFCs	128
	 	10.24	No Advisory or Fiduciary Responsibility	129

 

    - iv - 

     

    

 

	SCHEDULES
	 	 	 
	Schedule 1.1A:	 	Commitments
	Schedule 1.1B:	 	[Reserved]
	Schedule 4.6:	 	Litigation
	Schedule 4.8:	 	Owned Real Property
	Schedule 4.15:	 	Subsidiaries
	Schedule 4.17:	 	Environmental Matters
	Schedule 4.19:	 	Financing Statements and Other Filings
	Schedule 4.28:	 	Brokers
	Schedule 5.3:	 	Post-Closing Matters
	Schedule 7.2(d):	 	Existing Indebtedness
	Schedule 7.3(f):	 	Existing Liens
	Schedule 7.7:	 	Existing Investments
	 	 	 
	EXHIBITS
	 	 	 
	Exhibit A:	 	Joinder Agreement
	Exhibit B:	 	Form of Compliance Certificate
	Exhibit C:	 	Form of Closing Date Solvency Certificate
	Exhibit D:	 	[Reserved]
	Exhibit E:	 	Form of Assignment and Assumption
	Exhibits F-1 – F-4:	 	Forms of U.S. Tax Compliance Certificates
	Exhibit G:	 	Form of Addendum
	Exhibit H-1:	 	Form of Revolving Loan Note
	Exhibit H-2:	 	Form of Swingline Loan Note
	Exhibit H-3:	 	Form of Term Loan Note
	Exhibit I:	 	Form of Notice of Borrowing
	Exhibit J:	 	Form of Notice of Conversion/Continuation

 

    - v - 

     

    

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS SECOND AMENDED AND RESTATED
CREDIT AGREEMENT (this “Agreement”), dated as of November 1, 2021, is entered into by and among DIGI INTERNATIONAL
INC., a Delaware corporation (the “Borrower”), the Guarantors from time to time party hereto, the several banks
and other financial institutions or entities from time to time party hereto as lenders (each, a “Lender” and
collectively, the “Lenders”), BMO HARRIS BANK N.A., as administrative and collateral agent for the Lenders (in
such capacity, the “Administrative Agent”).

 

RECITALS

 

WHEREAS, the Loan Parties, the Lenders and
the Administrative Agent are party to that certain Amended and Restated Credit Agreement, dated as of March 15, 2021 (the “Existing
Credit Agreement”);

 

WHEREAS, the Borrower, the other Loan Parties,
the Lenders and the Administrative Agent have agreed to enter into this Agreement in order to (a) amend and restate the Existing Credit
Agreement in its entirety; (b) modify and re-evidence the “Obligations” under, and as defined in, the Existing Credit Agreement,
which shall be repayable in accordance with the terms of this Agreement and the other Loan Documents; and (c) set forth the terms and
conditions under which the Lenders will, from time to time, make loans and extend other financial accommodations to or for the benefit
of the Loan Parties;

 

WHEREAS, it is the intent of the parties
hereto that this Agreement not constitute a novation of the obligations and liabilities of the parties under the Existing Credit Agreement
or be deemed to evidence or constitute full repayment of such obligations and liabilities, but that this Agreement amend and restate in
its entirety the Existing Credit Agreement and re-evidence the obligations and liabilities of the Borrower and the other Loan Parties
outstanding thereunder, which shall be payable in accordance with the terms hereof;

 

WHEREAS, it is also the intent of the Borrower
and the “Guarantors” (as referred to and defined in the Existing Credit Agreement) to confirm that all obligations under the
 “Loan Documents” (as referred to and defined in the Existing Credit Agreement) shall continue in full force and effect as
modified and/or restated by the Loan Documents and that, from and after the Closing Date, all references to the “Credit Agreement”
contained in any such existing “Loan Documents” shall be deemed to refer to this Agreement;

 

WHEREAS, on the Closing
Date, pursuant to that certain Purchase Agreement dated as of November 1, 2021 (together with all schedules and exhibits thereto, the
 “Acquisition Agreement”), by and among Keith Charette, Steven Glaser, the Keith R. Charette DE-Incomplete-Gift
Non-Grantor Trust, the Borrower, and the Targets, the Borrower intends to acquire all of the Equity Interests of the Targets (the “Acquisition”);

 

WHEREAS, the Borrower
desires to obtain financing to (a)(i) finance the Acquisition, (ii) repay all obligations under the Existing Credit Agreement and (iii)
finance the payment of fees, costs and expenses in connection with the foregoing transactions and (b) provide ongoing working capital
and for other general corporate purposes of the Borrower and its Subsidiaries;

 

WHEREAS, each of the
Guarantors (with the guaranty by any Target Parties (other than any Immaterial Subsidiary) to be effective upon consummation of the Acquisition)
has agreed to guarantee the Secured Obligations of the Loan Parties and to secure such guaranteed Secured Obligations by granting to the
Administrative Agent, for the ratable benefit of the Secured Parties, a first priority lien (subject to Liens permitted by the Loan Documents)
in substantially all of such Guarantor’s personal property assets (other than any Excluded Assets) pursuant to the terms of the
Guarantee and Collateral Agreement and the other Security Documents.

 

NOW, THEREFORE, the
parties hereto hereby agree as follows:

 

SECTION
1

DEFINITIONS

 

1.1          Defined
Terms. As used in this Agreement (including the recitals hereof), the terms listed in this Section 1.1 shall have the respective
meanings set forth in this Section 1.1.

 

    1

     

    

 

“ABR”:
for any day, a rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective
Rate in effect on such day plus 0.50%, and (c) the Eurodollar Rate for an Interest Period of 1 month plus 1%; provided
that in no event shall the ABR be deemed to be less than 0%. Any change in the ABR due to a change in the Prime Rate, the Federal Funds
Effective Rate or the Eurodollar Rate, as the case may be, shall be effective as of the opening of business on the effective day of the
change in such rate.

 

“ABR Loans”:
Loans, the rate of interest applicable to which is based upon the ABR.

 

“Account Debtor”:
any Person who may become obligated to any Person under, with respect to, or on account of, an Account, chattel paper or general intangible
(including a payment intangible). Unless otherwise stated, the term “Account Debtor,” when used herein, shall mean an Account
Debtor in respect of an Account of the Borrower or any Subsidiary.

 

“Accounting Changes”:
has the meaning specified in the definition of “GAAP”.

 

“Acquisition”:
as defined in the recitals hereto.

 

“Acquisition Agreement”:
as defined in the recitals hereto.

 

“Acquisition Documents”:
collectively, the Acquisition Agreement, together with all of the other documents, agreements, certificates and other information executed
and/or delivered by or on behalf of the Borrower to Targets pursuant or in connection with the Acquisition Agreement or the Acquisition.

 

“Addendum”:
an instrument, substantially in the form of Exhibit G, by which a Lender becomes a party to this Agreement.

 

“Administrative
Agent”: BMO, in its capacity as the administrative agent for the Lenders and the collateral agent for the Secured Parties
under this Agreement and the other Loan Documents, together with any of its successors in such capacity.

 

“Affected Lender”:
as defined in Section 2.21.

 

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

 

“Agent Parties”:
is defined in Section 10.2(d)(ii).

 

“Aggregate Exposure”:
with respect to any Lender at any time, an amount equal to the sum of (a) the aggregate of the then unpaid principal amount of
such Lender’s Term Loans, (b) the amount of such Lender’s Revolving Commitment then in effect (as decreased pursuant to Section 2.9)
or, if the Revolving Commitments have been terminated, the amount of such Lender’s Revolving Extensions of Credit then outstanding,
and (c) without duplication of clause (b), the L/C Commitment of such Lender then in effect (as a sublimit of the Revolving Commitment
of such Lender).

 

“Aggregate Exposure
Percentage”: with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s Aggregate
Exposure at such time to the Aggregate Exposure of all Lenders at such time.

 

“Agreement”:
as defined in the preamble hereto.

 

“Agreement Currency”:
as defined in Section 10.19.

 

“Alternative Currency”:
each of the following currencies: Australian Dollars, Canadian Dollars, Euro, Japanese Yen and Sterling.

 

    2

     

    

 

“Alternative Currency
Equivalent”: 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 or the L/C Issuer, as the case may be, at such time on the basis of the
Exchange Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars.

 

“Alternative Currency
Excess”: as defined in Section 2.10(b)(ii)

 

“Alternative Currency
Sublimit”: an amount equal $7,500,000. The Alternative Currency Sublimit is part of, and not in addition to, the Revolving
Credit Commitment.

 

“Annual Financial
Statements”: the audited consolidated financial statements of (a) the Borrower for the fiscal years ended September 30,
2018, 2019 and 2020 and (b) the Target Parties for the fiscal years ended December 31, 2018, 2019 and 2020.

 

“Applicable Margin”:
with respect to each Term Loan that is a Eurodollar Loan, the applicable rate per annum is the Eurodollar Rate plus 4.00% and with
respect to each Term Loan that is an ABR Loan, the applicable rate per annum is the ABR plus 3.00%. With respect to each Revolving
Loan, including each Swingline Loan, each Letter of Credit and the Commitment Fee Rate, the applicable rates per annum set forth under
the relevant column heading below:

 

	Level	 	Consolidated

 Leverage 

Ratio	 	Eurodollar

 Loans—

Eurodollar 

Rate Plus	 	 	ABR 

Loans

 —

ABR 

Plus	 	 	Swingline

 Loans—

ABR Plus	 	 	Letters of

 Credit—

Letter of 

Credit Fee	 	 	Commitment 

Fee Rate	 
	II	 	=/>2.75:1.00	 	 	4.00	%	 	 	3.00	%	 	 	3.00	%	 	 	4.00	%	 	 	0.50	%
	I	 	<2.75:1.00	 	 	3.75	%	 	 	2.75	%	 	 	2.75	%	 	 	3.75	%	 	 	0.375	%

 

If, as a result of any restatement
of or other adjustment to the financial statements of the Loan Parties or for any other reason, the Administrative Agent determines that
(x) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date and with reference to any applicable period
then ended was inaccurate and (y) a proper calculation of the Consolidated Leverage Ratio as of such date and with reference to such period
would have resulted in different pricing for any period, then (i) if the proper calculation of the Consolidated Leverage Ratio would have
resulted in higher pricing for such period, the Borrower shall automatically and retroactively be obligated to pay to the Administrative
Agent, for the benefit of the applicable Lenders, promptly on demand by the Administrative Agent, an amount equal to the excess of the
amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period
by reason of such higher pricing for such period; and (ii) if the proper calculation of the Consolidated Leverage Ratio would have resulted
in lower pricing for such period, neither the Administrative Agent nor any Lender shall have any obligation to repay any interest or fees
to the Borrower, nor shall the Borrower or any other Loan Party have any right of offset against any subsequent payment due and payable
by any Loan Party under any Loan Document by reason of such lower pricing for such period. Notwithstanding the foregoing or anything to
the contrary set forth in any Loan Document, the Borrower shall not be required to pay any amounts pursuant to this paragraph as a result
of any restatement of or other adjustment to the financial statements of the Loan Parties that occurs after the Discharge of Obligations.

 

“Applicable Time”:
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.

 

“Application”:
an application, in such form as any Issuing Lender may specify from time to time, requesting such Issuing Lender to issue a Letter of
Credit.

 

    3

     

    

 

“Approved Fund”:
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.

 

“Assignment and
Assumption”: 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 10.6), and accepted by the Administrative Agent (to the extent required by Section 10.6),
in substantially the form of Exhibit E, or any other form (including electronic documentation generated by an electronic platform)
approved by the Administrative Agent.

 

“Assumption Agreement”:
any Assumption Agreement delivered pursuant to the Guarantee and Collateral Agreement.

 

“Australian Dollar”
and “AUD”: the lawful currency of Australia.

 

“Available Amount”:
an amount, which shall not be less than zero, equal to (without duplication) the sum of:

 

(a)          the
greater of $7,500,000 and 10% of Consolidated EBITDA (calculated on a Pro Forma Basis) for the latest four fiscal quarter period for which
financial statements have been delivered pursuant to Section 6.1; plus

 

(b)          the
sum of Excess Cash Flow for the fiscal year ending September 30, 2022 and Excess Cash Flow for each succeeding completed fiscal year as
of such date, in each case, that was not required to prepay Term Loans pursuant to Section 2.10(f) (which amount shall not be less
than zero in any period); plus

 

(c)          100%
of the aggregate Net Cash Proceeds received by the Borrower after the Closing Date from the issue or sale of Equity Interests of the Borrower
(other than Disqualified Equity Interests and Specified Equity Contributions) to any Person other than a Subsidiary of the Borrower; plus

 

(d)          100%
of the aggregate amount of cash contributed to the capital of the Borrower after the Closing Date (other than net cash proceeds to the
extent such net cash proceeds constitute Specified Equity Contributions); plus

 

(e)          100%
of the aggregate amount received in cash by the Borrower or a Subsidiary of the Borrower by means of the sale or other disposition (other
than to the Borrower or a Subsidiary) of Investments made by the Borrower or its Subsidiaries pursuant to Section 7.7(i) and repurchases
and redemptions of such Investments pursuant to Section 7.7(i) from the Borrower or its Subsidiaries (other than by the Borrower
or a Subsidiary); plus

 

(f)          100%
of the returns, profits, distributions and similar amounts on Investments made using the Available Amount; minus

 

(g)          the
cumulative amount of Investments made pursuant to Section 7.7(i) and Restricted Payments made pursuant to Section 7.6(g)
after the Closing Date.

 

In determining the Available
Amount for the purposes of determining whether any Investment can be made under Section 7.7(i) or any Restricted Payment can be
made under Section 7.6(g), the amount of such Investment or such Restricted Payment, as the case shall be, shall not be included
in the calculation under clause (g) above until made.

 

“Available Revolving
Commitments”: at any time, an amount equal to (a) the Total Revolving Commitments in effect at such time (as decreased pursuant
to Section 2.9), minus (b) the Dollar Equivalent of the aggregate issued but undrawn amount of all outstanding Letters of
Credit at such time, minus (c) the Dollar Equivalent of the aggregate amount of all L/C Disbursements that have not yet been reimbursed
or converted into Revolving Loans at such time, minus (d) the aggregate principal balance of any Revolving Loans outstanding at
such time; provided that for purposes of calculating any Lender’s Revolving Extensions of Credit for the purpose of determining
such Lender’s available Revolving Commitment pursuant to Section 2.8(a), the aggregate principal amount of Swingline
Loans then outstanding shall be deemed to be zero.

 

    4

     

    

 

 

“Available Tenor”:
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark or
payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length
of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark
that is then-removed from the definition of “Interest Period” pursuant to Section 2.25.

 

“Average Unused
Total Revolving Commitments”: has the meaning specified in Section 2.8(a).

 

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

 

“Bail-In Legislation”:
with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of
the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule.

 

“Bank Services”:
any products, credit services and/or financial accommodations previously, now, or hereafter provided to any Group Member by any Bank Services
Provider, including any letters of credit (other than any Letters of Credit provided for the account of the Borrower hereunder), cash
management services (including merchant services, direct deposit payroll, business credit cards and check cashing services), interest
rate swap arrangements (other than to the extent constituting Specified Swap Agreements), and foreign exchange services (including with
respect to FX Contracts), as any such products or services may be identified in such Lender’s various agreements related thereto
(each, a “Bank Services Agreement”).

 

“Bank Services
Agreement”: as defined in the definition of “Bank Services”.

 

“Bank Services
Provider”: any Person that (a) at the time that it enters into a Bank Services Agreement or an FX Contract, is a Lender
or an Affiliate of a Lender, or (b) at the time it (or its Affiliate) becomes a Lender, is a party to a Bank Services Agreement or an
FX Contract, in each case, in its capacity as a party to such Bank Services Agreement or FX Contract.

 

“Bankruptcy Code”:
Title 11 of the United States Code entitled “Bankruptcy.”

 

“Benchmark”:
means, initially, Eurodollar Base Rate; provided that if a Benchmark Transition Event or an Early Opt-in Election or a Term SOFR Transition
Event, as applicable, and its related Benchmark Replacement Date have occurred with respect to Eurodollar Base Rate or the then-current
Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced
such prior benchmark rate pursuant to Section 2.25.

 

“Benchmark Replacement”:
means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent
for the applicable Benchmark Replacement Date:

 

(1) the sum of: (a) Term SOFR
and (b) the related Benchmark Replacement Adjustment;

 

(2) the sum of: (a) Daily
Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(3) the sum of: (a) the alternate
benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for
the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or
the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention
for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities
at such time and (b) the related Benchmark Replacement Adjustment;

 

    5

     

    

 

provided that, in the
case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate
from time to time as selected by the Administrative Agent in its reasonable discretion. If the Benchmark Replacement as determined pursuant
to clause (1), (2) or (3) 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 Loan Documents; provided further that, notwithstanding anything to the contrary in this Agreement
or in any other Loan Document, upon the occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, the “Benchmark
Replacement” shall revert to and shall be deemed to be Term SOFR. The Administrative Agent and the Borrower shall use commercially
reasonable efforts to ensure that any Benchmark Replacement shall meet the standards set forth in Proposed Section 1.1001-6 of the Treasury
Regulations (or any successor or final version of such regulation) so as not to be treated as a “modification” (and therefore
an exchange) of this Agreement for purposes of Section 1.1001-3 of the Treasury Regulations.

 

“Benchmark Replacement
Adjustment”: means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement
for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1) for purposes of clauses
(1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined
by the Administrative Agent:

 

(a) the spread adjustment,
or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference
Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental
Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor;

 

(b) the spread adjustment
(which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest
Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index
cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

(2) for purposes of clause
(3) of the definition of “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 Administrative Agent and the Borrower for
the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for
calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement
by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention
for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark
with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities;

 

provided that, in the
case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement
Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.

 

“Benchmark Replacement
Conforming Changes”: means, with respect to any Benchmark Replacement, any technical, administrative or operational changes
(including changes to the definition of “ABR,” the definition of “Business Day,” the definition of “Interest
Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative
or operational matters) that the Administrative Agent, in consultation with the Borrower, decides may be appropriate to reflect the adoption
and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially
consistent with market practice and consistent with changes being made by the Administrative Agent generally with respect to similarly
situated borrowers (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively
feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists,
in such other manner of administration as the Administrative Agent decides, in consultation with the Borrower, is reasonably necessary
in connection with the administration of this Agreement and the other Loan Documents).

 

    6

     

    

 

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

 

in the case of clause (1)
or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication
of information referenced therein and (b) the date on which the administrator of 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);

 

in the case of clause (3)
of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced
therein; or

 

in the case of an Early Opt-in
Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the
Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such
Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the
Required Lenders.

 

For the avoidance of doubt,
(i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect
of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination
and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) 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”: the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

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);

 

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

 

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

 

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

 

“Benchmark Unavailability
Period”: the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2)
of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder
and under any Loan Document in accordance with Section 2.25 and (y) ending at the time that a Benchmark Replacement has replaced
the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.25.

 

“Beneficial Ownership
Certification”: a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification
shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers
published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.

 

    7

     

    

 

“Beneficial Ownership
Regulation”: means 31 C.F.R § 1010.230.

 

“BHC Act Affiliate”:
with respect to any party, an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k))
of such party.

 

“Benefit Plan”:
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”.

 

“Benefitted Lender”:
as defined in Section 10.7(a).

 

“Blocked Person”:
as defined in Section 7.22.

 

“BMO”:
BMO Harris Bank N.A.

 

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

 

“Borrower”:
as defined in the preamble hereto.

 

“Borrowing Date”:
any Business Day specified by the Borrower in a Notice of Borrowing as a date on which the Borrower requests the relevant Lenders to make
Loans hereunder.

 

“Business”:
as defined in Section 4.17(b).

 

“Business Day”:
a day other than a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized or required by law
to close; provided that with respect to notices and determinations in connection with, and payments of principal and interest on,
Eurodollar Loans, such day is also a day for trading by and between banks in Dollar deposits in the interbank eurodollar market, and

 

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

 

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

 

(c)          if
such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars or Euro in respect of a Eurodollar
Loan denominated in a currency other than Dollars or Euro, or any other dealings in any currency other than Dollars or Euro to be carried
out pursuant to this Agreement in respect of any such Eurodollar 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.

 

“Canadian Dollar”
and “CAD”: the lawful currency of Canada.

 

“Capital Lease
Obligations”: as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified
and accounted for as a finance lease on a balance sheet of such Person under GAAP.

 

    8

     

    

 

“Capital Stock”:
any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all
equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the
foregoing from such Person; provided, however, that any Indebtedness convertible into Equity Interests shall not constitute
Capital Stock prior to the date of any applicable conversion.

 

“Cash Collateralize”:
to deposit in a blocked account at a commercial bank selected by the Administrative Agent, in the name of the Borrower and under the sole
dominion and control (within the meaning of the UCC) of the Administrative Agent, or to pledge and deposit with or deliver to (a) with
respect to Obligations in respect of Letters of Credit, the Administrative Agent, for the benefit of one of more of the Issuing Lenders
and one or more of the Lenders, as applicable, as collateral for L/C Exposure or obligations of the Lenders to fund participations in
respect thereof, cash or Deposit Account balances having an aggregate value of at least 103% of the L/C Exposure or, if the Administrative
Agent and the applicable Issuing Lender shall agree in their sole discretion, other credit support, in each case pursuant to documentation
in form and substance satisfactory to the Administrative Agent and such Issuing Lender; (b) with respect to Obligations arising under
any Bank Services Agreement in connection with Bank Services, the applicable Bank Services Provider for its own benefit, as provider of
such Bank Services or FX Contracts, cash or Deposit Account balances having an aggregate value of at least 103% of the aggregate amount
of the Obligations of the Group Members arising under all such Bank Services Agreements and FX Contracts evidencing such Bank Services
and FX Contracts; or (c) with respect to Obligations in respect of any Specified Swap Agreements, the applicable Qualified Counterparty,
as Collateral for such Obligations, cash or Deposit Account balances or, if such Qualified Counterparty shall agree in its sole discretion,
other credit support, in each case pursuant to documentation in form and substance satisfactory to such Qualified Counterparty. “Cash
Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and
other credit support.

 

“Cash Equivalents”:
(a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any agency thereof
and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition; (b)
certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of thirty-six months or
less from the date of acquisition issued (i) by any Lender or (ii) by any commercial bank organized under the laws of the United States
or any state thereof having combined capital and surplus of not less than $250,000,000; (c) commercial paper of an issuer rated at least
A-1 by S&P or P-1 by Moody’s or such other rating as may be acceptable to the Administrative Agent, or carrying an equivalent
rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper
issuers generally, and maturing within thirty-six months from the date of acquisition; (d) repurchase obligations of any Lender or
of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days, with respect
to securities issued or fully guaranteed or insured by the United States government; (e) securities with maturities of thirty-six months
or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political
subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state,
commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P
or A by Moody’s or such other rating as may be acceptable to the Administrative Agent; (f) securities with maturities of thirty-six
months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying
the requirements of clause (b) of this definition; (g) money market mutual or similar funds that invest exclusively in assets satisfying
the requirements of clauses (a) through (f) of this definition; or (h) money market funds that (i) comply with the criteria set forth
in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s or such
other rating as may be acceptable to the Administrative Agent and (iii) have portfolio assets of at least $5,000,000,000.

 

“Casualty Event”:
any damage to or any destruction of, or any condemnation or other taking by any Governmental Authority of any property of the Loan Parties.

 

“Change of Control”:
(a) at any time, any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act),
shall become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as
defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of 35% or more of the ordinary voting power for
the election of directors of the Borrower (determined on a fully diluted basis); or (b) at any time, the Borrower shall cease to own and
control, of record and beneficially, directly or indirectly, 100% (other than directors’ qualifying shares) of each class of outstanding
Capital Stock of each Guarantor free and clear of all Liens (except Liens permitted by Section 7.3), other than as a result of
a Disposition permitted by Section 7.5 or a merger, consolidation or amalgamation permitted by Section 7.4, in any such
case, as a result of which any applicable Guarantor ceases to be a Subsidiary.

 

    9

     

    

 

“Closing Date”:
the date on which all of the conditions precedent set forth in Section 5.1 are satisfied or waived by the Administrative Agent
and, as applicable, the Lenders or the Required Lenders.

 

“Closing Date
Solvency Certificate”: the Solvency Certificate, dated the Closing Date, delivered to the Administrative Agent pursuant
to Section 5.1(1), which Closing Date Solvency Certificate shall be in substantially the form of Exhibit C.

 

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

 

“Collateral”:
all property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be created by any Security Document.
Notwithstanding the foregoing or any contrary provision contained herein or in any other Loan Document, no Excluded Asset (as such term
is defined in the Guarantee and Collateral Agreement) shall constitute “Collateral.”

 

“Collateral Information
Certificate”: the Collateral Information Certificate relating to the Loan Parties executed and delivered by the Borrower
pursuant to Section 5.1 on the Closing Date after giving effect to the Acquisition.

 

“Collateral-Related
Expenses”: all costs and expenses of the Administrative Agent paid or incurred in connection with any sale, collection or
other realization on the Collateral, including reasonable compensation to the Administrative Agent and its agents and counsel, and reimbursement
for all other costs, expenses and liabilities and advances made or incurred by the Administrative Agent in connection therewith (including
as described in Section 6.6 of the Guarantee and Collateral Agreement), and all amounts for which the Administrative Agent is entitled
to indemnification under the Security Documents and all advances made by the Administrative Agent under the Security Documents for the
account of any Loan Party.

 

“Commitment”:
as to any Lender, the sum of its Term Commitment and its Revolving Commitment.

 

“Commitment Fee”:
as defined in Section 2.8(a).

 

“Commitment Fee
Rate”: the rate per annum set forth under the relevant column heading in the definition of Applicable Margin.

 

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

 

“Communications”:
is defined in Section 10.2(d)(ii).

 

“Company Material
Adverse Effect”: Material Adverse Effect as defined in the Acquisition Agreement.

 

“Competitor”:
as defined in the definition of “Disqualified Institution.”

 

“Compliance Certificate”:
a certificate duly executed by a Responsible Officer of the Borrower substantially in the form of Exhibit B.

 

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

 

    10

     

    

 

“Consolidated
Capital Expenditures”: for any period, with respect to the Borrower and its consolidated Subsidiaries, the aggregate of
all expenditures (whether paid in cash or other consideration or accrued as a liability and including that portion of Capital Lease Obligations
which is capitalized on the consolidated balance sheet of the Borrower) by such Group Members during such period for the acquisition or
leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs
and improvements during such period) that, in conformity with GAAP, are included in “additions to property, plant or equipment”
or comparable items reflected in the consolidated statement of cash flows of the Borrower; provided that “Consolidated Capital
Expenditures” shall not include (a) expenditures in respect of normal replacements and maintenance which are properly charged to
current operations, (b) expenditures made in connection with the replacement, substitution or restoration of assets to the extent financed
(i) from insurance proceeds paid on account of the loss of or damage to the assets being replaced or restored or (ii) with awards of compensation
arising from the taking by eminent domain or condemnation of the assets being replaced, (c) expenditures made as a tenant as leasehold
improvements during such period to the extent reimbursed by the landlord during such period, or (d) expenditures made in connection with
Permitted Acquisitions.

 

“Consolidated
EBITDA”: with respect to the Borrower and its consolidated Subsidiaries for any period,

 

(a) the sum, without
duplication, of the amounts for such period of:

 

(i)           Consolidated
Net Income, plus, in the case of the following clauses (a)(ii) through (a)(xii), to the extent the same was deducted (and not added
back) in determining such Consolidated Net Income,

 

(ii)          total
interest expense (including that portion of any Capital Lease Obligations that is treated as interest in accordance with GAAP) of the
Borrower and its consolidated Subsidiaries for such period with respect to all outstanding Indebtedness of such Persons (including all
commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net
costs under Swap Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with
GAAP), plus

 

(iii)         provisions
for taxes based on income, plus

 

(iv)         total
depreciation expense, plus

 

(v)          total
amortization expense, plus

 

(vi)        non-cash
compensation paid in Capital Stock, plus

 

(vii)       without
duplication, other non-cash items reducing Consolidated Net Income (excluding any such non-cash item to the extent that it represents
an accrual or reserve for potential cash items in any future period or amortization of a prepaid cash item that was paid in a prior period),
plus

 

(viii)       fees
and out-of-pocket transaction costs and expenses incurred by the Borrower or any of its consolidated Subsidiaries in connection with this
Agreement and the other Loan Documents, the Acquisition Agreement, and the Transactions, plus

 

(ix)         fees
and out-of-pocket transaction costs and expenses incurred by the Borrower or any of its consolidated Subsidiaries after the Closing Date
in connection with Permitted Acquisitions (whether or not consummated), plus

 

(x)          restructuring
charges, extraordinary charges, including charges from any Disposition, plus

 

    11

     

    

 

(xi)         the
amount of “run-rate” synergies, operating expense reductions and other net cost savings projected by the Borrower in good
faith to be realized as a result of actions taken during such period (calculated on a pro forma basis as though such cost savings,
operating expense reductions, restructuring charges and expenses and cost-saving synergies had been realized on the first day of such
period), net of the amount of actual benefits realized during such period from such actions and net of the costs incurred during such
period in connection with such actions; provided, that the Compliance Certificate required to be delivered pursuant to Section
6.2(b) shall include a certification from a Responsible Officer of the Borrower certifying that (1) such “run-rate” synergies,
operating expense reductions and other net cost savings are reasonably identifiable and factually supportable, (2) such “run-rate”
synergies, operating expense reductions and other net cost savings are expected to be realized within 18 months of such actions being
taken, (3) no “run-rate” synergies, operating expense reductions and other net cost savings have been added pursuant to this
clause (xi) that are duplicative of any expenses or charges relating thereto that are either excluded in computing Consolidated Net Income
or included (i.e., added back) in computing Consolidated EBITDA for such period, (4) such adjustments are not duplicative of other pro
forma adjustments (but may be incremental to any other pro forma adjustments), provided, further, that the aggregate add-backs
pursuant to this clause (xi) shall not exceed 30% of Consolidated EBITDA for such period; plus

 

(xii)        any loss or expense
that any Lender sustains or incurs for which the Borrower has to reimburse such Lender under Section 2.19;

 

minus

 

(b) the sum, without duplication
of the amounts for such period of

 

(i)           any
extraordinary gains and non-cash items, including gains from any Disposition, increasing Consolidated Net Income for such period, plus

 

(ii)          interest
income;

 

provided that for purposes of this Agreement,
Consolidated EBITDA for any period shall be determined on a Pro Forma Basis.

 

Notwithstanding the foregoing or anything to the
contrary contained herein, Consolidated EBITDA for the fiscal quarters ended on or about each of dates set forth below is the amount set
opposite such date:

 

	Date	 	 	Consolidated EBITDA	 
	 	September 30, 2020	 	 	$	16,121,000	 
	 	December 31, 2020	 	 	$	10,107,000	 
	 	March 31, 2021	 	 	$	14,847,000	 
	 	June 30, 2021	 	 	$	15,412,000	 

 

“Consolidated
First Lien Leverage Ratio”: as of the last day of any period, the ratio of (a)(i) Consolidated Total Funded Indebtedness
that is secured by any Lien on Collateral ranking pari passu with a Lien securing the Obligations as of the last day of such period
minus (ii) Unrestricted Cash, to (b) Consolidated EBITDA for such date.

 

“Consolidated
Interest Expense”: for any period, total interest expense paid in cash (including that portion of any Capital Lease Obligations
that is treated as interest in accordance with GAAP) of the Borrower and its consolidated Subsidiaries for such period with respect to
all outstanding Indebtedness of such Persons (including all commissions, discounts and other fees and charges owed with respect to letters
of credit and bankers’ acceptance financing and net costs under Swap Agreements in respect of interest rates to the extent such
net costs are allocable to such period in accordance with GAAP), but excluding the amortization of any deferred financing costs in connection
with such Indebtedness.

 

“Consolidated
Leverage Ratio”: as at the last day of any period, the ratio of (a) (i) Consolidated Total Funded Indebtedness as
of the last day of such period minus (ii) Unrestricted Cash, to (b) Consolidated EBITDA for such period.

 

“Consolidated
Net Income”: for any period, the consolidated net income (or loss) of the Borrower and its consolidated Subsidiaries, determined
on a consolidated basis in accordance with GAAP; provided that there shall be excluded from the calculation of “Consolidated
Net Income” (a) the income (or deficit) of any such Person accrued prior to the date it becomes a Subsidiary of the Borrower or
is merged into or consolidated with the Borrower or one of its Subsidiaries, (b) the income (or deficit) of any such Person (other than
a Subsidiary of the Borrower) in which the Borrower or one of its Subsidiaries has an ownership interest, except to the extent that any
such income is actually received by the Borrower or such Subsidiary in the form of dividends or similar distributions, and (c) the undistributed
earnings of any Subsidiary of the Borrower to the extent that the declaration or payment of dividends or similar distributions by such
Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or any Requirement
of Law applicable to such Subsidiary or any owner of Capital Stock of such Subsidiary.

 

    12

     

    

 

“Consolidated
Secured Leverage Ratio”: as of the last day of any period, the ratio of (a)(i) Consolidated Total Funded Indebtedness
that is secured by any Lien on Collateral as of the last day of such period minus (ii) Unrestricted Cash as of such date, to
(b) Consolidated EBITDA for such period.

 

“Consolidated
Total Current Assets” as of the date of any determination thereof, total current assets of the Borrower and its consolidated
Subsidiaries calculated in accordance with GAAP on a consolidated basis as of such date.

 

“Consolidated
Total Funded Indebtedness”: at any date, the aggregate principal amount of all Indebtedness of the Borrower and its consolidated
Subsidiaries at such date referred to (a) in clauses (a), (c), and (e) of the definition of “Indebtedness” and (b) in clause
(g) of the definition of Indebtedness to the extent relating to Indebtedness under said clauses (a), (c) and (e), all of such Indebtedness
determined on a consolidated basis in accordance with GAAP.

 

“Contractual Obligation”:
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”:
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.

 

“Copyright License”:
any written agreement which (a) names a Loan Party as licensor or licensee (including those listed on Schedule 6 of the Guarantee and
Collateral Agreement), or (b) grants any right under any Copyright owned by a third party to a Loan Party, including any right to manufacture,
distribute, exploit and sell materials derived from any such Copyright.

 

“Copyrights”:
(a) all copyrights arising under the laws of the United States, any other country or any political subdivision thereof, together with
the underlying works of authorship (including titles), whether registered or unregistered and whether published or unpublished (including
those listed on Schedule 6 of the Guarantee and Collateral Agreement), all computer programs, computer databases, computer program flow
diagrams, source codes, object codes and all tangible property embodying or incorporating any copyrights, all registrations and recordings
thereof, and all applications in connection therewith, including all registrations, recordings and applications in the USCRO, and (b)
the right to obtain any renewals thereof.

 

“Corresponding
Tenor”: with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment
period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Covered Entity”:
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).

 

“Covered Party”:
as defined in Section 10.23.

 

“Daily Simple
SOFR”: means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by
the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for
determining “Daily Simple SOFR” for syndicated business loans; provided that, if the Administrative Agent decides that
any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another
convention in its reasonable discretion.

 

    13

     

    

 

“Debtor Relief
Laws”: the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors,
moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of the United States or other applicable
jurisdictions from time to time in effect.

 

“Debtor Relief
Plan”: a plan of reorganization or plan of liquidation pursuant to any Debtor Relief Laws.

 

“Default”:
any of the events specified in Section 8.1, whether or not any requirement for the giving of notice, the lapse of time, or both,
has been satisfied.

 

“Default Rate”:
as defined in Section 2.13(c).

 

“Default Right”:
the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“Defaulting Lender”:
subject to Section 2.22(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 Borrower in writing
that such failure is the result of such Lender’s reasonable 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 Issuing Lender, the Swingline Lender or any other Lender any other amount required to be
paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two Business Days of the
date when due, (b) has notified the Borrower, the Administrative Agent, any Issuing Lender or the Swingline Lender in writing that it
does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or
public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s
reasonable determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall
be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after
written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it
will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender
pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has
a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for
it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or assets, including the 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
shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section
2.22(b)) upon delivery of written notice of such determination to the Borrower, each Issuing Lender, the Swingline Lender and each
Lender.

 

“Deposit Account”:
any “deposit account” as defined in the UCC with such additions to such term as may hereafter be made.

 

“Designated Jurisdiction”:
any country or territory to the extent that such country or territory itself is the subject of any Sanction.

 

    14

     

    

 

“Discharge of
Obligations”: subject to Section 10.8, the satisfaction of the Obligations (including all such Obligations relating
to Bank Services and FX Contracts), which shall include the following actions: (a) the payment in full, in cash of the principal of and
interest on or other liabilities relating to each Loan, all fees and all other expenses or amounts payable under any Loan Document (other
than inchoate indemnification obligations and any other obligations which pursuant to the terms of any Loan Document specifically survive
repayment of the Loans for which no claim has been made), (b) no default or termination event shall have occurred and be continuing under
any Specified Swap Agreements and any such Obligations in respect of Specified Swap Agreements have, if required by the applicable Bank
Services Provider or any applicable Qualified Counterparties, as applicable, been paid in full or Cash Collateralized, (c) no Letter of
Credit shall be outstanding (or, as applicable, each outstanding and undrawn Letter of Credit has been Cash Collateralized in accordance
with the terms hereof), (d) no Obligations in respect of any Bank Services or FX Contracts are outstanding (or, as applicable, all such
outstanding Obligations in respect of Bank Services and FX Contracts have, if required by the applicable Bank Services Provider or any
applicable Qualified Counterparties, as applicable, been Cash Collateralized in accordance with the terms hereof), and (e) the aggregate
Commitments of the Lenders are terminated.

 

“Disposition”:
with respect to any property (including, without limitation, any Capital Stock of any Person), any sale, lease, Sale Leaseback Transaction,
assignment, conveyance, transfer, encumbrance, Division or other disposition thereof and any issuance of Capital Stock of the Borrower
or any of its Subsidiaries. The terms “Dispose” and “Disposed of” shall have correlative
meanings.

 

“Disqualified
Equity Interests”: with respect to any Person, any Equity Interests of such Person which, by its terms, or by the terms
of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or
is mandatorily redeemable (other than solely as a result of a change of control or asset sale) pursuant to a sinking fund obligation or
otherwise, or is redeemable at the option of the holder thereof (other than solely as a result of a change of control or asset sale),
in whole or in part, in each case prior to the date 91 days after the earlier of the Term Loan Maturity Date or the date the Loans are
no longer outstanding; provided, however, that any Equity Interests held by any future, current or former employee, director,
officer, manager or consultant (or their respective controlled Affiliates), of the Borrower, any of its Subsidiaries, any of its direct
or indirect parent companies or any other entity in which the Borrower or a Subsidiary has an Investment and is designated in good faith
as an “affiliate” by the board of directors of the Borrower (or the compensation committee thereof), in each case pursuant
to any stock subscription or shareholders’ agreement, management equity plan or stock option plan or any other management or employee
benefit plan or agreement shall not constitute Disqualified Equity Interests solely because it may be required to be repurchased by the
Borrower or its Subsidiaries or in order to satisfy applicable statutory or regulatory obligations. Notwithstanding the preceding sentence,
any Equity Interests that would constitute Disqualified Equity Interests solely because the holders of the Equity Interests have the right
to require the Borrower to repurchase such Equity Interests upon the occurrence of a change of control or an asset sale shall not constitute
Disqualified Equity Interests if the terms of such Equity Interests (and all such securities into which it is convertible or for which
it is ratable or exchangeable) provide that the Borrower may not repurchase or redeem any such Equity Interests (and all such securities
into which it is convertible or for which it is ratable or exchangeable) pursuant to such provisions unless such repurchase or redemption
complies with the terms of this Agreement. The amount of Disqualified Equity Interests deemed to be outstanding at any time for purposes
of this Agreement shall be the maximum amount that the Borrower and its Subsidiaries may become obligated to pay upon the maturity of,
or pursuant to any mandatory redemption provisions of, such Disqualified Equity Interests, exclusive of accrued dividends.

 

“Disqualified
Institution”: means (i) any Person designated by the Borrower by written notice to the Administrative Agent delivered on
or before the Closing Date, as a disqualified institution or (ii) any Person designated by the Borrower, by written notice to the Administrative
Agent delivered on or before the Closing Date, that is an operating company competitor of the Borrower or its Subsidiaries (“Competitor”)
or (iii) any Affiliate of any Person referred to in the foregoing clauses (i) or (ii), to the extent such Affiliate (x) is clearly identifiable
as an Affiliate based on the similarity of such Affiliate’s name and (y) with respect to clause (ii) above, is not a bona fide debt
fund or investment vehicle that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions
of credit in the ordinary course of business, other than a Person specifically designated as a Disqualified Institution by the Borrower
by written notice to the Administrative Agent delivered on or before the Closing Date, provided, Disqualified Institutions shall
(A) exclude any Person that the Borrower has designated as no longer being a Disqualified Institution by written notice delivered to the
Administrative Agent from time to time and (B) include any Person that is added, pursuant to a written supplement to the list of Disqualified
Institutions (provided that any such written supplement of any Person other than a Competitor must be reasonably approved by the Administrative
Agent), that is delivered by the Borrower after the Closing Date to the Administrative Agent; provided further that (x) such supplement
shall become effective three Business Days after delivery to the Administrative Agent, (y) shall not apply retroactively to disqualify
the acquisition or transfer of an interest in the Loans that was effective prior to the effective date of such supplement and (z) no supplements
shall be made to the disqualified institutions list from and including the Closing Date through and including 90 days after the Closing
Date or during the continuance of an Event of Default.

 

    15

     

    

 

“Disqualifying
Event” as defined in “Eligible Currency”.

 

“Dividing Person”
has the meaning assigned to it in the definition of “Division.”

 

“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”)
among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include
the Dividing Person and pursuant to which the Dividing Person may or may not survive.

 

“Dollar Equivalent”:
at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in any
Foreign Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent, at such time on the basis of the
Exchange Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Foreign Currency.

 

“Dollars”
and “$”: dollars in lawful currency of the United States.

 

“DQ List”:
as defined in Section 10.6(K)(iv).

 

“Domestic Subsidiary”:
any Subsidiary of any Loan Party organized under the laws of any jurisdiction within the United States.

 

“Early Opt-in
Election”: means, if the then-current Benchmark is the Eurodollar Base Rate, the occurrence of:

 

a notification by the Administrative
Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five currently
outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed)
a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities
are identified in such notice and are publicly available for review), and

 

the joint election by the
Administrative Agent and the Borrower to trigger a fallback from Eurodollar Base Rate and the provision by the Administrative Agent of
written notice of such election to the Lenders.

 

“Earn Out Obligations”
any cash earn out obligations, performance payments or similar obligations of any Loan Party or any of their Subsidiaries to any sellers
arising out of or in connection with the Acquisition or a Permitted Acquisition, but excluding any working capital adjustments or payments
for services or licenses provided by such sellers.

 

“EEA Financial
Institution”: (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 clause (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

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

 

    16

     

    

 

“EEA Resolution
Authority”: 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.

 

“Eligible Assignee”:
any Person that meets the requirements to be an assignee under Section 10.6(b)(iii), (v) and (vi) (subject to such
consents, if any, as may be required under Section 10.6(b)(iii); provided, however, any Disqualified Institution
is subject to Section 10.6(k).

 

“Eligible Currency”
each Alternative Currency 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, with respect to any Alternative
Currency, 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 Administrative
Agent, (a) such currency no longer being readily available, freely transferable and convertible into Dollars, (b) a Dollar Equivalent
is no longer readily calculable with respect to such currency, (c) providing such currency is impracticable for the Lenders or (d) no
longer a currency in which any Lender is willing to make such Revolving Loan (each of (a), (b), (c), and (d), a “Disqualifying
Event”), then the Administrative Agent shall promptly notify the Borrower, and such country’s currency shall no longer
be an Alternative Currency until such time as the Disqualifying Event(s) no longer exist.

 

“Environmental
Laws”: any and all foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes,
decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing
liability or standards of conduct concerning protection of human health or the environment, as now or may at any time hereafter be in
effect.

 

“Environmental
Liability”: any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation,
fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly
resulting from or based upon (a) a violation of an Environmental Law, (b) the generation, use, handling, transportation, storage, treatment
or disposal of any Materials of Environmental Concern, (c) exposure to any Materials of Environmental Concern, (d) the release of any
Materials of Environmental Concern into the environment, or (e) any contract or agreement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.

 

“Equity Interests”:
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”:
the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

“ERISA Affiliate”:
each business or entity which is, or within the last six years was, a member of a “controlled group of corporations,” under
 “common control” or an “affiliated service group” with any Loan Party within the meaning of Section 414(b), (c)
or (m) of the Code, required to be aggregated with any Loan Party under Section 414(o) of the Code, or is, or within the last six years
was, under “common control” with any Loan Party, within the meaning of Section 4001(a)(14) of ERISA.

 

    17

     

    

 

“ERISA Event”:
any of (a) a reportable event as defined in Section 4043 of ERISA with respect to a Pension Plan, excluding such events as to which the
PBGC by regulation has waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such
event; (b) [Intentionally Omitted]; (c) a withdrawal by any Loan Party or any ERISA Affiliate thereof from a Pension Plan or the termination
of any Pension Plan resulting in liability under Sections 4063 or 4064 of ERISA; (d) the withdrawal of any Loan Party or, to the knowledge
of any Loan Party, any ERISA Affiliate thereof in a complete or partial withdrawal (within the meaning of Section 4203 and 4205 of ERISA)
from any Multiemployer Plan if there is any potential liability therefor, or the receipt by any Loan Party or, to the knowledge of any
Loan Party, any ERISA Affiliate thereof of notice from any Multiemployer Plan that it is in insolvency pursuant to Section 4245 of ERISA;
(e) the filing of a notice of intent to terminate, the treatment of a plan amendment as a termination under Section 4041 or 4041A of ERISA,
or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (f) the imposition of liability on any
Loan Party or any ERISA Affiliate thereof pursuant to Sections 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c)
of ERISA; (g) the failure by any Loan Party or any ERISA Affiliate thereof to make any required contribution to a Pension Plan, or the
failure to meet the minimum funding standard of Section 412 of the Code with respect to any Pension Plan (whether or not waived in accordance
with Section 412(c) of the Code) or the failure to make by its due date a required installment under Section 430 of the Code with respect
to any Pension Plan or the failure to make any required contribution to a Multiemployer Plan; (h) the determination that any Pension Plan
is considered an at-risk plan or a plan in endangered to critical status within the meaning of Sections 430, 431 and 432 of the Code or
Sections 303, 304 and 305 of ERISA; (i) an 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 Pension Plan or Multiemployer Plan; (j) the imposition
of any liability under Title I or Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon
any Loan Party or any ERISA Affiliate thereof; (k) [Intentionally Omitted]; (l) the occurrence of a non-exempt prohibited transaction
under Sections 406 or 407 of ERISA for which any Loan Party or any Subsidiary thereof may be directly or indirectly liable to the extent
such transaction could reasonably be expected to result in a Material Adverse Effect; (m) [Intentionally Omitted]; (n) the assertion of
a material claim (other than routine claim for benefits) against any Pension Plan or the assets thereof, or against any Loan Party or
any Subsidiary thereof in connection with any such Pension Plan; (o) receipt from the IRS of notice of the failure of any Pension Plan
to qualify under Section 401(a) of the Code, or the failure of any trust forming part of any Pension Plan to fail to qualify for exemption
from taxation under Section 501(a) of the Code; or (p) the imposition of any lien (or the fulfillment of the conditions for the imposition
of any lien) on any of the rights, properties or assets of any Loan Party or any ERISA Affiliate thereof, in either case pursuant to Title
I or IV, including Section 302(f) or 303(k) of ERISA or to Section 401(a)(29) or 430(k) of the Code.

 

“ERISA Funding
Rules”: the rules regarding minimum required contributions (including any installment payment thereof) to Pension Plans
as set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Erroneous Payment”:
as defined in Section 9.14.

 

“Erroneous Payment Deficiency Assignment”:
as defined in Section 9.14.

 

“Erroneous Payment Impacted Class”:
as defined in Section 9.14.

 

“Erroneous Payment Return Deficiency”:
as defined in Section 9.14.

 

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

 

“Euro”:
the single currency of the participating member states of the European Union.

 

“Eurocurrency
Reserve Requirements”: for any day as applied to a Eurodollar Loan, the aggregate (without duplication) of the maximum rates
(expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency
reserves) under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto dealing with reserve
requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the
Board) maintained by a member bank of the Federal Reserve System.

 

    18

     

    

 

“Eurodollar Base
Rate”: with respect to each day during each Interest Period pertaining to a Eurodollar Loan (a) denominated in a LIBOR Quoted
Currency, the rate per annum determined by the Administrative Agent by reference to the ICE Benchmark Administration (or any successor
thereto if the ICE Benchmark Administration is no longer making a London Interbank Offered Rate available) as the LIBOR Rate or (b) denominated
in a Non-LIBOR Quoted Currency, the rate per annum as designated by the Administrative Agent and Lenders with respect to such Alternative
Currency (collectively, “LIBOR”) or a comparable or successor rate for deposits (for delivery on the first day
of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined as of approximately 11:00 A.M. (London,
England time) two (2) Business Days prior to the beginning of such Interest Period (as set forth by Bloomberg Information Service or any
successor thereto or any other commercially available service selected by the Administrative Agent which provides quotations of LIBOR);
provided that the Eurodollar Base Rate shall not be less than 0.50% for any Term Loan and not less than 0% for any Revolving Loan.

 

“Eurodollar Loans”:
Loans the rate of interest applicable to which is based upon the Eurodollar Rate (other than any ABR Loan which is determined by reference
to the Eurodollar Rate pursuant to clause (c) of the definition of “ABR”).

 

“Eurodollar Rate”:
with respect to each day during each Interest Period pertaining to a Eurodollar Loan, or with respect to any determination of the ABR,
a rate per annum determined for such day in accordance with the following formula:

 

	Eurodollar Base Rate
	1.00 - Eurocurrency Reserve Requirements

 

The Eurodollar Rate shall
be adjusted automatically as of the effective date of any change in the Eurocurrency Reserve Requirements which affect Eurodollar Loans
to be made as of, and ABR Loans to be converted into Eurodollar Loans, in any such case, at the beginning of the next applicable Interest
Period.

 

“Eurodollar Tranche”:
the collective reference to Eurodollar Loans under a particular Facility (other than the L/C Facility), the then current Interest Periods
with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been
made on the same day).

 

“Event of Default”:
any of the events specified in Section 8.1; provided that any requirement for the giving of notice, the lapse of time, or
both, has been satisfied.

 

“Excess Cash Flow”:
with respect to the Borrower and its consolidated Subsidiaries for any fiscal year, the sum of (a) Consolidated EBITDA for such year,
minus (b) Consolidated Interest Expense for such year, minus (c) the portion of taxes based on income actually paid in cash
during such year, minus (d) payments made in cash during such year on account of principal of Indebtedness of the Borrower and
its consolidated Subsidiaries (including scheduled or optional principal payments in respect of the Term Loans but excluding principal
payments in respect of the Revolving Loans (except to the extent there is an equivalent permanent reduction in Revolving Commitments),
minus (e) the aggregate amount actually paid in cash by the Borrower and its consolidated Subsidiaries during such year on account
of Consolidated Capital Expenditures or Permitted Acquisitions (excluding, in each case, the principal amount funded with Indebtedness
(other than Revolving Loans)), minus (f) any earn-out payment (however designated) made in cash during such year, minus
(g) all cash items specified in clauses (viii), (ix) and (x) of the definition of Consolidated EBITDA added back to Consolidated Net Income
in calculating Consolidated EBITDA for such year, minus (h) solely to the extent added back to the calculation of Consolidated
EBITDA, to the extent not realized, the amount of “run-rate” synergies, operating expense reductions and other net cost savings
projected by the Borrower in good faith to be realized, minus (i) increases in Working Capital for such year, minus (j)
cash expenses in respect of Swap Agreements, plus (k) decreases in Working Capital for such year.

 

“Excess Net Cash
Proceeds”: as defined in Section 2.10(c).

 

“Exchange Act”:
the Securities Exchange Act of 1934.

 

    19

     

    

 

“Exchange Rate”:
on any day, with respect to any Foreign Currency, the rate at which such Foreign Currency may be exchanged into Dollars, as set forth
at approximately 11:00 A.M. (London, England time) two Business Days prior to the date as of which such foreign exchange computation is
made, on the relevant Reuters World Currency Page for such Foreign Currency (subject to delivery to the Borrower of a “screen shot”
of such Reuters World Currency Page). In the event that such rate does not appear on any Reuters World Currency Page, the Exchange Rate
with respect to such Foreign Currency shall be determined by reference to such other publicly available service for displaying exchange
rates as may be reasonably selected by the Administrative Agent or, in the event no such service is selected, such Exchange Rate shall
instead be calculated on the basis of the arithmetical average of the spot exchange rates of the Administrative Agent for such Foreign
Currency on the London market at 11:00 A.M. (London, England time), on such date for the purchase of Dollars with such Foreign Currency,
for delivery two Business Days later; provided, that if at the time of any such determination, for any reason, no such spot rate is being
quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall
be conclusive absent manifest error.

 

“Existing Credit
Agreement”: as defined in the recitals hereto.

 

“Existing Credit
Agreement Closing Date”: March 15, 2021.

 

“Excluded Assets”:
as defined in the Guarantee and Collateral Agreement.

 

“Excluded Foreign
Subsidiary”: in respect of any Loan Party, any Subsidiary of such Loan Party (a) that is a “controlled foreign corporation”
as defined in Section 957 of the Code, (b) that is a Subsidiary (whether direct or indirect) of a “controlled foreign corporation”
as defined in Section 957 of the Code, (c) substantially all of the assets of which are Equity Interests (or Equity Interests and debt
interests) in one or more controlled foreign corporations as defined under Section 957 of the Code, or (d) substantially all of the assets
of which are Equity Interests (or Equity Interests and debt interests) in one or more entities that are (i) treated as disregarded for
U.S. federal income tax purposes, and (ii) described in (c).

 

“Excluded Swap
Obligations”: with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee
Obligation of such Guarantor with respect to, or the grant by such Guarantor of a Lien 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 (determined after giving effect to Section 2.6
of the Guarantee and Collateral Agreement and any other “keepwell, support or other agreement” provided for the benefit of
such Guarantor and any and all guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time such Guarantee
Obligation of such Guarantor, or the grant by such Guarantor of such Lien, becomes effective with respect to such Swap Obligation. If
such a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of
such Swap Obligation that is attributable to swaps for which such Guarantee Obligation or Lien is or becomes excluded in accordance with
the first sentence of this definition.

 

“Excluded Taxes”:
any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient,
(a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in any such case (i)
imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender,
its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii) that are
Other Connection Taxes; (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of
such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender
acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.21)
or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.18, amounts with
respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such
Lender immediately before it changed its lending office; (c) Taxes attributable to such Recipient’s failure to comply with Section
2.18(f); and (d) any withholding Taxes imposed under FATCA.

 

“Facility and
Facilities”: each or all of (as applicable) (a) the Term Facility, (b) the L/C Facility (which is a subfacility of the Revolving
Facility), and (c) the Revolving Facility.

 

“FASB ASC”:
the Accounting Standards certification of the Financial Accounting Standards Board.

 

    20

     

    

 

“FATCA”:
collectively, 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), any current or future regulations or official interpretations thereof, any
agreements entered into 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 and implementing such Sections of the
Code.

 

“Federal Funds
Effective Rate”: for any day, the weighted average of the rates on overnight federal funds transactions with members of
the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve
Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day of
such transactions received by Administrative Agent from three federal funds brokers of recognized standing selected by it.

 

“Fee Letter”:
that certain Fee Letter, dated November 1, 2021, among the Borrower, BMO Capital Markets Corp. and BMO.

 

“Financial Covenant
Event of Default”: as defined in Section 8.1(c).

 

“Financial Covenant
Test Condition”: as of any date of determination, the sum of (i) the aggregate principal amount of all outstanding
Revolving Loans and Swingline Loans and (ii) the aggregate principal amount of all outstanding drawn and undrawn Letters of Credit
(other than Letters of Credit that have been cash collateralized), exceeds 30% of the aggregate amount of all Revolving Commitments as
of such date.

 

“First Tier Foreign
Subsidiary”: at any date of determination with respect to a Loan Party, each direct Foreign Subsidiary in which such Loan
Party, owns directly more than 50%, in the aggregate, of the Voting Stock of such Foreign Subsidiary.

 

“First Tier Foreign
Subsidiary Holding Company”: at any date of determination with respect to any Loan Party, each direct Domestic Subsidiary
of such Loan Party substantially all of the assets of which consist of Equity Interests (or Equity Interests and debt interests) of Foreign
Subsidiaries and assets incidental thereto.

 

“Flood Insurance
Laws”: (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii)
the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the National Flood Insurance
Reform Act of 1994 (amending 42 USC 4001, et seq.), as the same may be amended or recodified from time to time, and (iv) the Flood Insurance
Reform Act of 2004 and any regulations promulgated thereunder.

 

“Floor”:
the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment
or renewal of this Agreement or otherwise) with respect to the Eurodollar Base Rate.

 

“Flow of Funds
Agreement”: the letter agreement between the Borrower and the Administrative Agent regarding the disbursement of Loan proceeds
on the Closing Date (which shall include any proposed disbursements by the Administrative Agent to consummate the Transactions), the funding
and the payment of the Administrative Agent’s reasonable and documented expenses and the reasonable and documented expenses of the
Administrative Agent’s counsel and the Borrower’s counsel, and such other matters as may be agreed to by the Borrower and
the Administrative Agent, in form and substance satisfactory to the Administrative Agent.

 

“Foreign Currency”:
lawful money of a country other than the United States.

 

“Foreign Disposition”:
as defined in Section 2.10(d).

 

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“Foreign Investment
Limit”: at any time, with respect to all of the Loan Parties and in respect of (a) the aggregate amount of all Investments
(other than Investments that are intercompany Indebtedness) made by any Loan Party in any Subsidiary (including any Foreign Subsidiary)
that is not a Loan Party, in each case to the extent such Investments are made on or after the Closing Date and remain outstanding at
such time, (b) the aggregate amount of all intercompany Indebtedness incurred by any Subsidiary (including any Foreign Subsidiary) that
is not a Loan Party and owing to a Loan Party, in each case to the extent such intercompany Indebtedness is incurred on or after the Closing
Date and remains outstanding at such time, (c) the aggregate amount of all Restricted Payments made on or after the Closing Date by any
Loan Party to any Subsidiary (including any Foreign Subsidiary) that is not a Loan Party, (d) the aggregate amount of all Dispositions
made on or after the Closing Date by any Loan Party to any Subsidiary (including any Foreign Subsidiary) that is not a Loan Party and
(e) without duplication, the book value of the assets of any Loan Party that is merged or consolidated with or into any Subsidiary (including
any Foreign Subsidiary) that is not a Loan Party if the surviving entity in such merger is not, or does not immediately become, a Loan
Party, an aggregate amount for all of the foregoing clauses (a) through (e) in an amount not exceeding 15% of Consolidated Total Current
Assets (measured as of the date of the financial statements most recently delivered to the Administrative Agent pursuant to Section
6.1 (or, prior to the date financial statements are first delivered to the Administrative Agent pursuant to Section 6.1, as
set forth in the Pro Forma Financial Statements)).

 

“Foreign Law Pledge
Agreement”: in respect of the grant by any Loan Party to the Administrative Agent (for the ratable benefit of the Secured
Parties) of a Lien on certain of the Equity Interests in any First Tier Foreign Subsidiary owned by such Loan Party any pledge agreement
(however designated) reasonably required by the Administrative Agent to be prepared under the laws of the foreign jurisdiction in which
such First Tier Foreign Subsidiary is organized and executed by such Loan Party (and, as applicable, such First Tier Foreign Subsidiary)
for the purpose of creating, perfecting and otherwise protecting such Lien to the maximum extent possible under the laws of such foreign
jurisdiction.

 

“Foreign Lender”:
a Lender that is not a U.S. Person.

 

“Foreign Pledge
Documents”: collectively, in respect of the grant by any Loan Party to the Administrative Agent (for the ratable benefit
of the Secured Parties) of a Lien on certain of the Equity Interests in any First Tier Foreign Subsidiary owned by such Loan Party, any
related Foreign Law Pledge Agreement, any related filings, an opinion delivered by local counsel in the foreign jurisdiction in which
such First Tier Foreign Subsidiary is organized and addressing the effectiveness of the pledge by such Loan Party to the Administrative
Agent (for the ratable benefit of the Secured Parties) of the pledged Equity Interests in such First Tier Foreign Subsidiary having been
issued to such Loan Party, any related authorizing resolutions adopted by the Board of Directors (or equivalent) of such Loan Party in
connection with such pledge, any amendments to the organizational documents of such First Tier Foreign Subsidiary required by the Administrative
Agent to facilitate the pledge by such Loan Party to the Administrative Agent (for the ratable benefit of the Secured Parties) of such
pledged Equity Interests, and any other agreements, documents, instruments, notices, filings or other items reasonably required by the
Administrative Agent to be executed and/or delivered in connection with any of the foregoing.

 

“Foreign Subsidiary”:
in respect of any Loan Party, any Subsidiary of such Loan Party that is not a Domestic Subsidiary of such Loan Party.

 

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

 

“Fund”:
any Person (other than a natural Person (or a holding company, investment vehicle or trust for, owned and operated for the primary benefit
of, a natural Person)) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans, bonds and
similar extensions of credit in the ordinary course of its activities.

 

“Funding Office”:
the Revolving Loan Funding Office or the Term Loan Funding Office, as the context requires.

 

“FX Contract”:
is any foreign exchange contract by and between the Borrower or another Group Member, on the one hand, and any Bank Services Provider,
on the other hand, under which the Borrower or such other Group Member, as applicable, commits to purchase from or sell to such Bank Services
Provider a specific amount of a currency other than Dollars on a specified date.

    22

     

    

 

“GAAP”:
generally accepted accounting principles in the United States as in effect from time to time; provided that, if any “Accounting
Change” (as defined below) shall occur and such change results in a change in the method of calculation of any financial covenants,
standards or terms in this Agreement, then each party to this Agreement agrees, if requested by the Borrower or the Required Lenders in
writing, to enter into negotiations to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with
the desired result that the criteria for evaluating the Borrower’s financial condition shall be the same after such Accounting Changes
as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrower,
the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be
calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to changes
in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards
Board of the American Institute of Certified Public Accountants or, if applicable, the SEC.

 

“Governmental
Approval”: any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration,
filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.

 

“Governmental
Authority”: the government of the United States of America 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) and any group or body charged with setting accounting or regulatory capital
rules or standards (including the Financial Standards Board, the Bank for International Settlements, the Basel Committee on Banking Supervision
and any successor or similar authority to any of the foregoing).

 

“Group Members”:
the collective reference to the Borrower and its Subsidiaries.

 

“Guarantee and
Collateral Agreement”: the Amended and Restated Guarantee and Collateral Agreement, dated as of the Existing Credit Agreement
Closing Date, by the Borrower and each Guarantor in favor of the Administrative Agent, as amended, restated, amended and restated, supplemented
or otherwise modified from time to time.

 

“Guarantee Obligation”:
as to any Person (the “guaranteeing person”), any obligation, including a reimbursement, counterindemnity or
similar obligation, of the guaranteeing person that guarantees or in effect guarantees, or which is given to induce the creation of a
separate obligation by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness,
leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary
obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or
not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to
advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital
of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities
or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make
payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss
in respect thereof; provided that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection
in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower
of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is
made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such
Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated
or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated
liability in respect thereof as determined by the Borrower in good faith.

 

    23

     

    

 

“Guarantors”:
a collective reference to the Borrower and each Subsidiary of the Borrower which has become a Guarantor pursuant to the Guarantee and
Collateral Agreement. Notwithstanding the foregoing or any contrary provision herein or in any other Loan Document, no Excluded Foreign
Subsidiary shall be a Guarantor.

 

“IBA:
has the meaning specified in Section 2.25.

 

“Incremental Cap”:
means, as of any date of determination, the sum of:

 

(I)          (a)
         the greater of $75,000,000 and 100% of Consolidated EBITDA (calculated on a Pro Forma Basis) for the latest four fiscal quarter
period for which financial statements have been delivered pursuant to Section 6.1; plus

 

(b)        the
sum of the aggregate principal amount of all voluntary prepayments of Loans (and in the case of any Revolving Loans, a corresponding commitment
reduction) (other than, in each case, prepayments, redemptions, repurchases and commitment reductions with the proceeds of (x) Permitted
Refinancing Indebtedness, (y) Indebtedness, the proceeds of which are used to refinance the Term Loans or Revolving Loans and (z) other
long-term Indebtedness (other than revolving indebtedness)); minus

 

(c)        the
sum of aggregate principal amount of all Incremental Loans and the principal amount of all Incremental Revolving Credit Commitments outstanding
at such time that was incurred in reliance on the foregoing clauses (I)(a) and/or (I)(b); plus

 

(II)
        (a)         in the case of any Incremental Loan secured by the Collateral on a pari
passu basis with the Obligations, the maximum aggregate principal amount that can be incurred without causing the Consolidated
First Lien Leverage Ratio to exceed the greater of (i) 3.75 to 1.00 for the latest four fiscal quarter period for which financial
statements have been delivered pursuant to Section 6.1 as of such date and (ii) if such Incremental Loan is used to finance a
Permitted Acquisition, the Consolidated First Lien Leverage Ratio immediately prior to the incurrence of such Incremental Loan;

 

(b)         in
the case of any Incremental Loan secured by the Collateral on a junior basis to the Obligations, the maximum aggregate principal amount
that can be incurred without causing the Consolidated Secured Leverage Ratio to exceed the greater of (x) 4.25 to 1.00 for the most recently
ended four fiscal quarter period for which financial statements have been delivered pursuant to Section 6.1 as of such date and
(y) if such Incremental Loan is used to finance a Permitted Acquisition, the Consolidated Secured Leverage Ratio immediately prior to
the incurrence of such Incremental Loan; and

 

(c)         in
the case of any Incremental Loan that is unsecured, the maximum aggregate principal amount that can be incurred without causing the Consolidated
Leverage Ratio to exceed the greater of (x) 4.75 to 1.00 for the latest four fiscal quarter period for which financial statements have
been delivered pursuant to Section 6.1 and (y) if such Incremental Loan is to be used to finance a Permitted Acquisition, the Consolidated
Leverage Ratio immediately prior to the incurrence of such Incremental Loan.

 

Any ratio calculated for purposes of determining
the “Incremental Cap” shall be calculated on a Pro Forma Basis after giving effect to the incurrence of any Incremental Loan
and the use of proceeds thereof. Indebtedness may be incurred under both clauses (I) and (II), and proceeds from any such incurrence may
be utilized in a single transaction by first calculating the incurrence under clause (II) above and then calculating the incurrence under
clause (I) above (if any) (or, at the Borrower’s election, vice versa) (and if both clauses (I) and (II) are available and the Borrower
does not make an election, the Borrower will be deemed to have elected clause (II)); provided that any such Indebtedness originally
incurred in reliance on clause (I) above shall cease to be deemed outstanding under clause (I) and shall instead be deemed to be outstanding
pursuant to clause (II) above from and after the first date on which the Borrower could have incurred the aggregate principal amount of
such Indebtedness in reliance on clause (II) above.

 

“Increase Effective
Date”: has the meaning specified in Section 2.24(c).

 

“Incremental Loans”:
has the meaning specified in Section 2.24(a).

 

    24

     

    

 

 

“Incremental Revolving
Credit Commitment”: has the meaning specified in Section 2.24(a).

 

“Incremental Revolving
Loans”: has the meaning specified in Section 2.24(a).

 

“Incremental Term
Loan” and “Incremental Term Loans”: have the meanings specified in Section 2.24(a).

 

“Indebtedness”:
of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person
for the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of such Person’s
business); (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments; (d) all indebtedness
created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even
though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale
of such property); (e) all Capital Lease Obligations and all Synthetic Lease Obligations of such Person; (f) all obligations of such Person,
contingent or otherwise, as an account party or applicant under or in respect of acceptances, letters of credit, surety bonds or similar
arrangements; (g) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (f)
above, (h) all obligations of the kind referred to in clauses (a) through (g) above secured by (or for which the holder of such obligation
has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned
by such Person, whether or not such Person has assumed or become liable for the payment of such obligation (but only to the extent of
such Lien if such Indebtedness is non-recourse), and (i) the net obligations of such Person in respect of Swap Agreements. The Indebtedness
of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner)
to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such
entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor.

 

“Indemnified Taxes”:
(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 (a), Other Taxes.

 

“Indemnitee”:
is defined in Section 10.5(b).

 

“Initial Term
Commitment”: as to any Term Lender, the obligation of such Lender to make one or more Initial Term Loans hereunder on the
Closing Date under this Agreement in an aggregate principal amount not to exceed, with respect to a particular Lender, the respective
amount set forth opposite such Lender’s name under the heading “Initial Term Commitment” on Schedule 1.1A. The
original aggregate principal amount of the Initial Term Commitments as of the Closing Date is $350,000,000.

 

“Initial Term
Lender”: each Lender that has an Initial Term Commitment or that holds an Initial Term Loan.

 

“Initial Term
Loan”: any of the term loans made by the Initial Term Lenders to the Borrower pursuant to Section 2.1.

 

“Initial Term
Percentage”: as to any Initial Term Lender at any time, the percentage which the amount of such Lender’s aggregate
respective Initial Term Commitments then constitutes of the aggregate Initial Term Commitments of all of the Initial Term Lenders at such
time or, at any time from and after the Closing Date, the percentage which the respective aggregate principal amount of such Lender’s
Initial Term Loans then outstanding constitutes of the aggregate principal amount of the Initial Term Loans of all of the Initial Term
Lenders then outstanding.

 

“Insider Indebtedness”:
any Indebtedness referred to in clauses (a) or (c) of the definition of “Indebtedness” owing by any Loan Party to any Group
Member or officer, director, shareholder or employee of any Group Member.

 

“Insider Subordinated
Indebtedness”: is any Insider Indebtedness which is also Subordinated Indebtedness.

 

    25

     

    

 

“Insolvency Proceeding”:
is (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency,
liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of creditors, composition,
marshalling of assets for creditors, or other, similar arrangement in respect of any Person’s creditors generally or any substantial
portion of such Person’s creditors, in each case undertaken under U.S. Federal, state or foreign law, including any Debtor Relief
Law.

 

“Intellectual
Property”: the collective reference to all rights, priorities and privileges relating to intellectual property, whether
arising under United States, multinational or foreign laws or otherwise, including Copyrights, Copyright Licenses, Patents, Patent Licenses,
Trademarks, Trademark Licenses, technology, know-how and processes, and all rights to sue at law or in equity for any infringement or
other impairment thereof, including the right to receive all proceeds and damages therefrom.

 

“Intellectual
Property Security Agreement”: an intellectual property security agreement entered into between a Loan Party and the Administrative
Agent (for the ratable benefit of the Secured Parties) pursuant to the terms of the Guarantee and Collateral Agreement, together with
each other intellectual property security agreement and supplement thereto delivered pursuant to Section 6.11, in each case as
amended, restated, supplemented or otherwise modified from time to time.

 

“Interest Payment
Date”: (a) as to any ABR Loan (including any Swingline Loan), the first Business Day of each calendar month to occur while
such Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months
or less, the last Business Day of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three months,
each day that is three months (or, if such day is not a Business Day, the Business Day next succeeding such date) after the first day
of such Interest Period and the last Business Day of such Interest Period, and (d) as to any Loan (other than any Revolving Loan that
is an ABR Loan and any Swingline Loan), the date of any repayment or prepayment made in respect thereof.

 

“Interest Period”:
as to any Eurodollar Loan, (a) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect
to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower in its Notice of Borrowing or
Notice of Conversion/Continuation, as the case may be, given with respect thereto; and (b) thereafter, each period commencing on the last
day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected
by the Borrower by irrevocable notice to the Administrative Agent in a Notice of Conversion/Continuation not later than 12:00 P.M., Central
time, on the date that is three Business Days prior to the last day of the then current Interest Period with respect thereto; provided
that all of the foregoing provisions relating to Interest Periods are subject to the following:

 

(i)             if
any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such
Interest Period shall end on the immediately preceding Business Day;

 

(ii)            the
Borrower may not select an Interest Period under a particular Facility that would extend beyond the Revolving Termination Date (in the
case of Revolving Facility) or beyond the Term Loan Maturity Date (in the case of Term Loans);

 

(iii)          any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month; and

 

(iv)           the
Borrower shall select Interest Periods so as not to require a payment or prepayment of any Eurodollar Loan during an Interest Period for
such Loan.

 

    26

     

    

 

“Interim Financial
Statements”: the unaudited consolidated financial statements of the Borrower for the nine-month period ended June 30, 2021
and the Target Parties for the eight-month period ended August 31, 2021 (as presented on an unaudited basis by management of the Targets
to the Borrower).

 

“Inventory”:
all “inventory,” as such term is defined in the UCC, now owned or hereafter acquired by any Loan Party, wherever located,
and in any event including inventory, merchandise, goods and other personal property that are held by or on behalf of any Loan Party for
sale or lease or are furnished or are to be furnished under a contract of service, or that constitutes raw materials, work in process,
finished goods, returned goods, or materials or supplies of any kind used or consumed or to be used or consumed in such Loan Party’s
business or in the processing, production, packaging, promotion, delivery or shipping of the same, including all supplies and embedded
software.

 

“Investments”:
as defined in Section 7.7.

 

“Immaterial Subsidiary”
means each Subsidiary of Borrower that does not qualify as a Material Subsidiary.

 

“IRS”:
the Internal Revenue Service, or any successor thereto.

 

“ISDA Definitions”:
the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended
or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by
the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“ISP”:
with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International
Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).

 

“Issuing Lender”:
as the context may require, (a) BMO, or any Affiliate thereof, in its capacity as issuer of any Letter of Credit and (b) any other Lender
that may become an Issuing Lender pursuant to Section 3.11 or 3.12, with respect to Letters of Credit issued by such Lender.
Any Issuing Lender may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Lender
or other financial institutions, in which case the term “Issuing Lender” shall include any such Affiliate or other financial
institution with respect to Letters of Credit issued by such Affiliate or other financial institution.

 

“Issuing Lender
Fees”: as defined in Section 3.3(a).

 

“Japanese Yen”
and “¥”: the lawful currency of Japan.

 

“Joinder Agreement”
means a Joinder Agreement substantially in the form of Exhibit A.

 

“Judgment Currency”:
as defined in Section 10.19.

 

“L/C Advance”:
each L/C Lender’s funding of its participation in any L/C Disbursement in accordance with its L/C Percentage of the L/C Commitment.

 

“L/C Commitment”:
as to any L/C Lender, the obligation of such L/C Lender, if any, to purchase an undivided interest in the Issuing Lenders’ obligations
and rights under and in respect of each Letter of Credit (including to make payments with respect to draws made under any Letter of Credit
pursuant to Section 3.5(b)) in an aggregate principal amount not to exceed the amount set forth under the heading “L/C Commitment”
opposite such L/C Lender’s name on Schedule 1.1A or in the Assignment and Assumption pursuant to which such L/C Lender
becomes a party hereto, as the amount of any such obligation may be (i) changed from time to time pursuant to the terms hereof, or (ii)
limited by restrictions on availability set forth herein (including Sections 2.4 and 3.1(a)). For the avoidance of doubt,
(x) the original amount of the Total L/C Commitments is $10,000,000, subject to the availability limitations set forth herein, (y) the
Total L/C Commitments are a sublimit of, and not in addition to, the Total Revolving Commitments, and (z) the aggregate amount of the
respective L/C Commitments of the Lenders shall not exceed the amount of the Total L/C Commitments at any time.

 

    27

     

    

 

“L/C Disbursements”:
a payment or disbursement made by any Issuing Lender pursuant to a Letter of Credit.

 

“L/C Exposure”:
at any time, the sum of (a) the Dollar Equivalent of the aggregate undrawn amount of all outstanding Letters of Credit at such
time, plus (b) the Dollar Equivalent of the aggregate amount of all L/C Disbursements that have not yet been reimbursed or converted
into Revolving Loans at such time. The L/C Exposure of any L/C Lender at any time shall equal its L/C Percentage of the aggregate L/C
Exposure at such time.

 

“L/C Facility”:
the L/C Commitments and the extensions of credit made thereunder.

 

“L/C Fee Payment
Date”: as defined in Section 3.3(a).

 

“L/C Lender”:
a Lender with an L/C Commitment.

 

“L/C Percentage”:
as to any L/C Lender at any time, the percentage of the Total L/C Commitments represented by such L/C Lender’s L/C Commitment,
as such percentage may be adjusted as provided in Section 2.21.

 

“L/C-Related Documents”:
collectively, each Letter of Credit, all applications for any Letter of Credit (and applications for the amendment of any Letter of Credit)
submitted by the Borrower to any Issuing Lender and any other document, agreement and instrument relating to any Letter of Credit, including
any of such Issuing Lender’s standard form documents for letter of credit issuances.

 

“LCA Intervening
Period”: as defined in Section 1.5.

 

“LCA Test Date”:
as defined in Section 1.5.

 

“Lead Arrangers”:
collectively, each Lead Arranger and Co-Syndication Agent listed on the cover page to this Agreement.

 

“Lenders”:
as defined in the preamble hereto; provided that unless the context otherwise requires, each reference herein to the Lenders shall
be deemed to include the Issuing Lenders and the Swingline Lender.

 

“Letter of Credit”:
as defined in Section 3.1(a).

 

“Letter of Credit
Availability Period”: the period from and including the Closing Date to but excluding the Letter of Credit Maturity Date.

 

“Letter of Credit
Fees”: as defined in Section 3.3(a).

 

“Letter of Credit
Fronting Fees”: as defined in Section 3.3(a).

 

“Letter of Credit
Maturity Date”: the date occurring 30 days prior to the Revolving Termination Date then in effect (or, if such day is not
a Business Day, the next preceding Business Day).

 

“LIBOR”:
as defined in the definition of “Eurodollar Base Rate.”

 

“LIBOR Quoted
Currency”: Dollars, Euro, Yen and Sterling, in each case as long as there is a published LIBOR rate with respect thereto.

 

“Lien”:
any mortgage, deed of trust, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature
whatsoever (including any conditional sale or other title retention agreement and any capital lease having substantially the same economic
effect as any of the foregoing).

 

“Limited Condition
Acquisition”: any Permitted Acquisition whose consummation is not conditioned on the availability of, or on obtaining, third-party
financing.

 

    28

     

    

 

“Loan”:
any loan made or maintained by any Lender pursuant to this Agreement.

 

“Loan Documents”:
this Agreement, each Security Document, each Assignment and Assumption, each Addendum, each Note, the Fee Letter, the Flow of Funds Agreement,
the Closing Date Solvency Certificate, the Collateral Information Certificate, each L/C-Related Document, each Compliance Certificate,
each Notice of Borrowing, each Notice of Conversion/Continuation, and any amendment, waiver, supplement or other modification to any of
the foregoing.

 

“Loan Parties”:
the Borrower and each Guarantor. Notwithstanding the foregoing or any contrary provision herein or in any other Loan Document, no Excluded
Foreign Subsidiary shall be a Loan Party.

 

“Material Adverse
Effect”: the occurrence of any of (i) a material adverse change in, or a material adverse effect on, the operations, business,
assets, properties, liabilities (actual or contingent) or financial condition of the Borrower and its Subsidiaries, taken as a whole;
(ii) a material impairment of the rights and remedies (taken as a whole) of the Administrative Agent or the Lenders under the Loan Documents,
or of the ability of any Loan Party to perform its respective Obligations under the Loan Documents (taken as a whole) to which it is a
party; (iii) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of the Loan
Documents (taken as a whole) to which it is a party; or (iv) a material impairment in the perfection or priority of the Administrative
Agent’s Lien in the Collateral (held for the ratable benefit of the Secured Parties).

 

“Material Real
Property”: any fee-owned real property located in the United States that is owned by any Loan Party and that has a fair
market value in excess of $20,000,000 (as reasonably estimated by the Borrower in good faith).

 

“Materials of
Environmental Concern”: any substance, material or waste that is defined, regulated, governed or otherwise characterized
under any Environmental Law as hazardous or toxic or as a pollutant or contaminant (or by words of similar meaning and regulatory effect),
any petroleum or petroleum products, asbestos, polychlorinated biphenyls, urea-formaldehyde insulation, molds or fungus, and radioactivity,
radiofrequency radiation at levels known to be hazardous to human health and safety.

 

“Material Subsidiary”
means each Subsidiary of the Borrower, which, as of the most recently completed fiscal quarter, (i) contributed greater than 5% of the
Borrower’s Consolidated EBITDA during such period or (ii) accounted for greater than 5% of Consolidated Total Current Assets during
such period; provided that, if at any time the aggregate amount of Consolidated EBITDA or Consolidated Total Current Assets attributable
to all of Borrower’s Subsidiaries that are not Material Subsidiaries exceeds 10% of Consolidated EBITDA for such period or 10% of
Consolidated Total Current Assets as of the end of any such fiscal quarter the Borrower shall designated sufficient Immaterial Subsidiaries
as “Material Subsidiaries” to eliminate such excess, and such designated Subsidiaries shall for all purposes of this Agreement
constitute Material Subsidiaries.

 

“Maximum Rate”:
as defined in Section 10.9.

 

“MFN Protection”:
has the meaning specified in Section 2.24(h).

 

“Minority Lender”:
as defined in Section 10.1(b).

 

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

 

“Mortgages”:
collectively, the deeds of trust, trust deeds and mortgages made by the Loan Parties in favor or for the benefit of the Administrative
Agent on behalf of the Secured Parties creating and evidencing a Lien on a Material Real Property in form and substance reasonably satisfactory
to the Administrative Agent and any other mortgage executed and delivered pursuant to Section 6.11, as the same may from time
to time be amended, restated, amended and restated, supplemented or otherwise modified.

 

“Mortgaged Properties”:
as defined in Section 6.17.

 

    29

     

    

 

“Multiemployer
Plan”: a “multiemployer plan” (within the meaning of Section 3(37) of ERISA) to which any Loan Party or any
ERISA Affiliate thereof makes, is making, or is obligated to make, contributions, or to which any Loan Party or any ERISA Affiliate thereof
may have any liability.

 

“Net Cash Proceeds”:
(a) in connection with any Disposition of property or series of related Dispositions of property the proceeds thereof in the form of cash
and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable
or purchase price adjustment receivable or otherwise, but only as and when received), net of (w) attorneys’ fees, accountants’
fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder
on any asset that is the subject of such Disposition (other than any Lien pursuant to a Security Document) and other customary costs,
fees and expenses actually incurred in connection therewith, (x) taxes paid and such Person’s reasonable and good faith estimate
of income, franchise, sales, and other applicable taxes required to be paid by such Person in connection with such Disposition in the
taxable year that such Disposition is consummated, the computation of which shall, in each such case, take into account the reduction
in tax liability resulting from any available operating losses and net operating loss carryovers, tax credits, and tax credit carry forwards,
and similar tax attributes, (y) the amount of any reasonable reserve established in accordance with GAAP against any liabilities (other
than any taxes deducted pursuant to clause (x) above) (A) associated with the assets that are the subject of such event and (B)
retained by any Group Member, provided that the amount of any subsequent reduction of such reserve (other than in connection with
a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such event occurring on the date of such reduction
and (z) the pro rata portion of the Net Cash Proceeds thereof (calculated without regard to this clause (z)) attributable to minority
interests and not available for distribution to or for the account of any Group Member as a result thereof, and (b) in connection with
any issuance or sale of Capital Stock or any incurrence of Indebtedness, the cash proceeds received from such issuance or incurrence,
net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary
costs, fees and expenses actually incurred (or reasonably expected to be incurred) in connection therewith.

 

“Non-Consenting
Lender”: any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all (or all
affected) Lenders in accordance with the terms of Section 10.1 and (b) has been approved by the Required Lenders.

 

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

 

“Non-LIBOR Quoted
Currency”: any currency other than a LIBOR Quoted Currency.

 

“Note”:
a Term Loan Note, a Revolving Loan Note or a Swingline Loan Note.

 

“Notice of Borrowing”:
a notice substantially in the form of Exhibit I.

 

“Notice of Conversion/Continuation”:
a notice substantially in the form of Exhibit J.

 

“Obligations”:
(a) the unpaid principal of and interest on (including interest accruing after the maturity of the Loans and interest accruing after the
filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to any Loan Party,
whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and
liabilities of the Loan Parties to the Administrative Agent, any Issuing Lender, any other Lender, any Bank Services Provider (in its
or their capacity as provider of Bank Services and/or FX Contracts), and any Qualified Counterparty party to a Specified Swap Agreement,
whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under,
out of, or in connection with, this Agreement, any other Loan Document (including, for the avoidance of doubt, any Bank Services Agreement),
the Letters of Credit, any Specified Swap Agreement or any other document made, delivered or given in connection herewith or therewith,
whether on account of principal, interest, reimbursement obligations, payment obligations, fees, indemnities, costs, expenses (including
all reasonable and documented fees, charges and disbursements of counsel to the Administrative Agent, any Issuing Lender, any other Lender,
any Bank Services Provider, to the extent that any applicable Bank Services Agreement or FX Contract requires the reimbursement by any
applicable Group Member of any such expenses), and any Qualified Counterparty party to a Specified Swap Agreement that are required to
be paid by any Loan Party pursuant any Loan Document, Bank Services Agreement or FX Contract or otherwise, and (b) any obligations of
any other Group Member arising in connection with any Bank Services Agreement or FX Contract. For the avoidance of doubt, the Obligations
shall not include solely with respect to any Guarantor that is not a Qualified ECP Guarantor, any Excluded Swap Obligations of such Guarantor.

 

    30

     

    

 

“OFAC”:
the Office of Foreign Assets Control of the United States Department of the Treasury and any successor thereto.

 

“Operating Documents”:
for any Person as of any date, such Person’s constitutional documents, formation documents and/or certificate of incorporation (or
equivalent thereof), as certified (if applicable) by such Person’s jurisdiction of formation as of a recent date, and, (a) if such
Person is a corporation, its bylaws or memorandum and articles of association (or equivalent thereof) in current form, (b) if such Person
is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership,
its partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications thereto.

 

“Other Connection
Taxes”: 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”:
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 2.21).

 

“Participant”:
as defined in Section 10.6(d).

 

“Participant Register”:
as defined in Section 10.6(d).

 

“Patent License”:
any written agreement which (a) names a Loan Party as licensor or licensee and (b) grants to such Loan Party any right under a Patent
owned by a third party, including the right to manufacture, use or sell any invention covered in whole or in part by such Patent, including
any such agreements referred to on Schedule 6 of the Guarantee and Collateral Agreement.

 

“Patents”:
(a) all letters patent of the United States, any other country or any political subdivision thereof, all reissues and extensions thereof
and all goodwill associated therewith, including any of the foregoing referred to on Schedule 6 of the Guarantee and Collateral Agreement,
(b) all applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part
thereof, including, without limitation, any of the foregoing referred to on Schedule 6 of the Guarantee and Collateral Agreement, and
(c) all rights to obtain any reissues or extensions of the foregoing.

 

“Patriot Act”:
the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act
of 2001, Title III of Pub. L. 107-56, signed into law October 26, 2001.

 

“PBGC”:
the Pension Benefit Guaranty Corporation, or any successor thereto.

 

“Pension Plan”:
an employee pension plan (as defined in Section 3(2) of ERISA) other than a Multiemployer Plan that is subject to the provisions of Title
IV of ERISA or Sections 412 and 430 of the Code or Sections 302 and 303 of ERISA and in respect of which any Loan Party or any ERISA Affiliate
thereof is (or if such plan were terminated would under Section 4069 of ERISA be deemed to be) a “contributing sponsor” as
defined in Section 4001(a)(13) of ERISA.

 

    31

     

    

 

“Permitted Acquisition”:
is any purchase or other acquisition by any Group Member of the Capital Stock in a Person that, upon the consummation thereof, will be
a Subsidiary (including as a result of a merger or consolidation from which a Loan Party is the continuing or surviving Person) or all
or substantially all of the assets of, or assets constituting one or more business units of, any Person; provided that, with respect
to each such purchase or other acquisition:

 

(i)             the
newly-created or acquired Subsidiary (or assets acquired in connection with an asset sale) shall (A) be in a line of business permitted
pursuant to Section 7.16 and (B) have its primary business activities (I) in the United States or Canada or (II) if total acquisition
consideration (including the maximum amount of Earn Out Obligations) is less than $100,000,000, any other country that is not a Designated
Jurisdiction;

 

(ii)           all
transactions related to such purchase or acquisition shall be consummated in all material respects in accordance with all Requirements
of Law;

 

(iii)           no
Loan Party shall, as a result of or in connection with any such purchase or acquisition, assume or incur any direct or contingent liabilities
(whether relating to environmental, tax, litigation or other matters) that, as of the date of such purchase or acquisition, could reasonably
be expected to result in the existence or incurrence of a Material Adverse Effect;

 

(iv)          [reserved];

 

(v)           [reserved];

 

(vi)           any
such newly-created or acquired Subsidiary, or the Loan Party that is the acquirer of assets in connection with an asset acquisition, shall
comply with the requirements of Section 6.11 to the extent applicable, except to the extent compliance with Section 6.11
is prohibited by pre-existing Contractual Obligations or Requirements of Law binding on such Subsidiary or its properties;

 

(vii)         immediately
before and immediately after giving effect to any such purchase or other acquisition, no Default or Event of Default shall have occurred
and be continuing;

 

(viii)       [reserved];

 

(ix)          no
Indebtedness is assumed or incurred in connection with any such purchase or acquisition other than Indebtedness permitted by the terms
of Section 7.2; and

 

(x)           such
purchase or acquisition shall not constitute an Unfriendly Acquisition.

 

“Permitted Encumbrance”:
is, with respect to each fee-owned or leasehold real property of any Group Member (or similar property interests under local law), any
lien, encumbrance or other matter affecting title, zoning, building codes, land use and other similar Requirements of Law and municipal
ordinances and other similar items, which in any such case, do not impair, in any material respect, the use or ownership of such property
for its intended purpose, in the ordinary course of business.

 

“Permitted Refinancing
Indebtedness”: Indebtedness of any Person (“Refinancing Indebtedness”) issued or incurred by such
Person (including by means of the extension or renewal of existing Indebtedness) to refinance, refund, extend, renew or replace existing
Indebtedness of such Person (“Refinanced Indebtedness”); provided that (a) the principal amount of such
Refinancing Indebtedness is not greater than the principal amount of such Refinanced Indebtedness plus the amount of any premiums
or penalties and accrued and unpaid interest paid thereon and reasonable fees and expenses, in each case associated with such Refinancing
Indebtedness, (b) such Refinancing Indebtedness has a final maturity that is no sooner than, and a Weighted Average Life to Maturity that
is no shorter than, such Refinanced Indebtedness, (c) if such Refinanced Indebtedness or any Guarantee Obligation thereof or any security
therefor are subordinated to the Obligations, such Refinancing Indebtedness and any Guarantee Obligations thereof and any security therefor
remain so subordinated on terms no less favorable to the Lenders and the other Secured Parties, (d) the obligors in respect of such Refinanced
Indebtedness immediately prior to such refinancing, refunding extension, renewal or replacement are the only obligors on such Refinancing
Indebtedness and (e) any Guarantee Obligations which constitute all or a portion of such Refinancing Indebtedness, taken as a whole, are
determined in good faith by a Responsible Officer of such Person to be no less favorable to such Person and the Lenders and the other
Secured Parties in any material respect than the covenants and events of default or Guarantee Obligations, if any, applicable to such
Refinanced Indebtedness.

 

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

 

“Platform”:
is defined in Section 10.2(d)(i).

 

“Pledged Stock”:
as defined in the Guarantee and Collateral Agreement.

 

“Pledge Supplement”:
any Pledge Supplement delivered pursuant to the Guarantee and Collateral Agreement.

 

“Preferred Stock”:
the preferred Capital Stock of any Loan Party.

 

“Prime Rate”:
the rate of interest per annum from time to time published in the money rates Section of the Wall Street Journal or any successor publication
thereto as the “prime rate” then in effect; provided that if such rate of interest, as set forth from time to time
in the money rates Section of the Wall Street Journal, becomes unavailable for any reason as determined by the Administrative Agent, the
 “Prime Rate” shall mean the rate of interest per annum announced by BMO as its prime rate in effect at its principal office
in the State of New York (such BMO announced Prime Rate not being intended to be the lowest rate of interest charged by BMO in connection
with extensions of credit to debtors).

 

“Pro Forma Basis”:
with respect to any Disposition of all or substantially all of a division or a line of business or for any acquisition, whether actual
or proposed, for purposes of determining compliance with the financial covenant set forth in Section 7.1, each such transaction
or proposed transaction shall be deemed to have occurred on and as of the first day of the applicable measurement period, and the following
pro forma adjustments shall be made:

 

(a)            in
the case of an actual or proposed Disposition, all income statement items (whether positive or negative) attributable to the line of business
or the Person subject to such Disposition shall be excluded from the results of the Borrower and its Subsidiaries for such measurement
period;

 

(b)            in
the case of an actual or proposed acquisition, income statement items (whether positive or negative) attributable to the property, line
of business or the Person subject to such acquisition shall be included in the results of the Borrower and its Subsidiaries for such measurement
period;

 

(c)            interest
accrued during the relevant measurement period on, and the principal of, any Indebtedness repaid or to be repaid or refinanced in such
transaction shall be excluded from the results of the Borrower and its Subsidiaries for such measurement period; and

 

(d)           any
Indebtedness actually or proposed to be incurred or assumed in such transaction shall be deemed to have been incurred as of the first
day of the applicable measurement period, and interest thereon shall be deemed to have accrued from such day on such Indebtedness at the
applicable rates provided therefor (and in the case of interest that does or would accrue at a formula or floating rate, at the rate in
effect at the time of determination) and shall be included in the results of the Borrower and its Subsidiaries for such measurement period.

 

To the extent that pro
forma effect is to be given to an acquisition or Disposition of a company, division or line of business, the pro forma calculation
will be calculated in good faith by a responsible financial or accounting officer of such Loan Party in accordance with Regulation S-X
under the Securities Act based upon the most recent four full fiscal quarters for which the relevant financial information is available.

 

    33

     

    

 

“Pro Forma Financial
Statements”: a pro forma consolidated balance sheet and related pro forma consolidated statement of income of the Borrower
as of and for the twelve-month period ending on June 30, 2021, prepared after giving effect to the Transactions as if the Transactions
had occurred as of such date or at the beginning of such period, as applicable, it being understood that (a) such Pro Forma Financial
Statements shall not include any purchase accounting adjustments and (b) financial information regarding the Target Parties is based on
the consolidated balance sheet and related statement of income of the Target Parties as of, and for the twelve-month period ending on,
June 30, 2021.

 

“Projections”:
as defined in Section 6.2(c).

 

“Properties”:
as defined in Section 4.17(a).

 

“QFC”:
the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

“QFC Credit Support”:
as defined in Section 10.22.

 

“Qualified Counterparty”:
with respect to any Specified Swap Agreement, any counterparty thereto that, at the time such Specified Swap Agreement was entered into
or as of the date hereof, was the Administrative Agent or a Lender or an Affiliate of the Administrative Agent or a Lender.

 

“Qualified ECP
Guarantor”: in respect of any Swap Obligation, (a) each Guarantor that has total assets exceeding $10,000,000 at the time
the relevant Guarantee Obligation of such Guarantor provided in respect of, or the Lien granted by such Guarantor to secure, such Swap
Obligation (or guaranty thereof) becomes effective with respect to such Swap Obligation, and (b) any other Guarantor that (i) constitutes
an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder, or (ii) can
cause another Person (including, for the avoidance of doubt, any other Guarantor not then constituting a “Qualified ECP Guarantor”)
to qualify as an “eligible contract participant” at such time by entering into a “keepwell, support, or other agreement”
as contemplated by Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Recipient”:
the Administrative Agent or a Lender, as applicable.

 

“Reference Time”:
with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Eurodollar Base Rate, 11:00 a.m. (London
time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not the Eurodollar Base
Rate, the time determined by the Administrative Agent in its reasonable discretion.

 

“Refunded Swingline
Loans”: as defined in Section 2.7(b).

 

“Register”:
is defined in Section 10.6(c).

 

“Regulation U”:
Regulation U of the Board as in effect from time to time.

 

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

 

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

 

“Removal Effective
Date: as defined in Section 9.9(b).

 

“Replacement Lender”:
as defined in Section 2.21.

 

    34

     

    

 

“Repricing Transaction”:
(a) any prepayment or repayment of the Term Facility with the proceeds of, or any conversion of the Term Facility into, any new or replacement
tranche of Indebtedness incurred to prepay, repay or replace the Term Facility that has or results in an effective interest rate or weighted
average yield (to be determined in the reasonable discretion of the Administrative Agent consistent with generally accepted financial
practices, after giving effect to margins, upfront or similar fees or original issue discount shared with all lenders or holders thereof,
but excluding the effect of any arrangement, structuring, syndication or other fees payable in connection therewith that are not shared
with all lenders or holders thereof) less than the effective interest rate for, or weighted average yield of (to be determined in the
reasonable discretion of the Administrative Agent consistent with generally accepted financial practices, on the same basis as above)
the Term Facility (b) any amendment to the Term Facility which would cause a reduction in the effective interest rate for, or weighted
average yield of, the Term Facility; provided that no Repricing Transaction shall be deemed to have occurred if such transaction
is in connection with a Change of Control.

 

“Required Lenders”:
at least two Lenders who hold more than 50% of the sum of (i) the aggregate unpaid principal amount of the Term Loans then outstanding,
and (ii) the Total Revolving Commitments (including, without duplication, the L/C Commitments) then in effect or, if the Revolving Commitments
have been terminated, the Total Revolving Extensions of Credit then outstanding; provided that (A) the outstanding principal amount
of the Term Loans held by any Defaulting Lender and the Revolving Commitments of, and the portion of the Revolving Loans and participations
in L/C Exposure and Swingline Loans held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination
of Required Lenders and (B) any Lender and its Affiliates shall constitute a single Lender.

 

“Required Revolving
Lenders”: Lenders with Revolving Commitments which aggregate greater than 50.0% of the Total Revolving Commitments, provided
that the Revolving Commitments (or, if the Revolving Commitments have terminated or expired, the Revolving Loans and L/C Exposure and
Swingline Loans) held or deemed held by Defaulting Lenders shall be excluded for purposes of making a determination of Required Revolving
Lenders; provided, further, that the Revolving Commitments (or, if the Revolving Commitments have terminated or expired,
the Revolving Loans and L/C Exposure and Swingline Loans) held or deemed held by a Disqualified Party shall be excluded for purposes of
making a determination of Required Revolving Lenders.

 

“Requirement of
Law”: as to any Person, (a) the Operating Documents of such Person, (b) any law, treaty, rule or regulation or determination
of an arbitrator or a court or other Governmental Authority (including, for the avoidance of doubt, the Basel Committee on Banking Supervision
and any successor thereto or similar authority or successor thereto) and (c) the Dodd-Frank Wall Street Reform and Consumer Protection
Act of 2010, and any rules, regulations, interpretations, guidelines, or directives promulgated thereunder in each case of the foregoing
clauses (a), (b) and (c), applicable to or binding upon such Person or any of its property or to which such Person or any of its property
is subject.

 

“Resignation Effective
Date”: as defined in Section 9.9(a).

 

“Responsible Officer”:
the chief executive officer, president, vice president, chief financial officer, treasurer, controller or comptroller of an applicable
Loan Party, but in any event, with respect to financial matters, the chief financial officer, treasurer, controller or comptroller of
such Loan Party and, solely for purposes of notices given pursuant to Section 2, any other officer or employee of the applicable
Loan Party so designated by any of the foregoing officers in a written notice delivered to the Administrative Agent. 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 Payments”:
as defined in Section 7.6.

 

“Revaluation Date”:
with respect to any (a) Revolving Loan, each date a Eurodollar Loan denominated in an Alternative Currency is made and/or continued and
(b) Letter of Credit, each of the following: (i) a date on or about the date on which the applicable Issuing Lender receives a request
from the Borrower for the issuance of a Letter of Credit denominated in Euros or Canadian Dollars, (ii) each date of an amendment of any
such Letter of Credit having the effect of increasing the amount thereof, (iii) each date of any payment by any Issuing Lender under any
Letter of Credit denominated in Euros or Canadian Dollars, and (iv) during an Event of Default, such additional dates as the Administrative
Agent or any Issuing Lender shall reasonably request.

 

    35

     

    

 

“Revolving Commitment”:
as to any Lender, the obligation of such Lender, if any, to make Revolving Loans and to participate in Swingline Loans and Letters of
Credit in an aggregate principal amount not to exceed the amount set forth under the heading “Revolving Commitment” opposite
such Lender’s name on Schedule 1.1A or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto,
as the amount of any such obligation may be (a) changed from time to time pursuant to the terms hereof (including (i) in connection with
assignments permitted hereunder, (ii) pursuant to Section 2.9 and (iii) in connection with Incremental Revolving Credit Commitments
pursuant to Section 2.24), or (b) limited by restrictions on availability set forth herein (including in Section 2.4).

 

“Revolving Commitment
Period”: the period from and including the Closing Date to the Revolving Termination Date.

 

“Revolving Excess”:
as defined in Section 2.10(b).

 

“Revolving Extensions
of Credit”: as to any Revolving Lender at any time, an amount equal to the sum of (a) the aggregate principal amount
of all Revolving Loans held by such Lender then outstanding, plus (b) such Lender’s L/C Percentage of the Dollar Equivalent
of the aggregate undrawn amount of all outstanding Letters of Credit at such time, plus (c) such Lender’s L/C Percentage
of the Dollar Equivalent of the aggregate amount of all L/C Disbursements that have not yet been reimbursed or converted into Revolving
Loans at such time, plus (d) such Lender’s Revolving Percentage of the aggregate principal amount of Swingline Loans then
outstanding.

 

“Revolving Facility”:
the Revolving Commitments, any Incremental Revolving Credit Commitments and the extensions of credit made thereunder.

 

“Revolving Lender”:
each Lender that has a Revolving Commitment, an Incremental Revolving Credit Commitment or that holds Revolving Loans.

 

“Revolving Loan
Conversion”: as defined in Section 3.5(b).

 

“Revolving Loan
Funding Office”: the office of the Administrative Agent specified in Section 10.2 or such other office as may be
specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders.

 

“Revolving Loan
Note”: a promissory note in the form of Exhibit H-1, as the same may be amended, supplemented or otherwise modified
from time to time.

 

“Revolving Loans”:
as defined in Section 2.4(a).

 

“Revolving Percentage”:
as to any Revolving Lender at any time, the percentage which such Lender’s Revolving Commitment then constitutes of the Total Revolving
Commitments or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which the aggregate principal
amount of such Lender’s Revolving Loans then outstanding constitutes of the aggregate principal amount of all Revolving Loans then
outstanding; provided that in the event that the Revolving Loans are paid in full prior to the reduction to zero of the Total Revolving
Commitments, the Revolving Percentages shall be determined in a manner designed to ensure that the other outstanding Revolving Extensions
of Credit shall be held by the Revolving Lenders on a comparable basis.

 

“Revolving Termination
Date”: is the date occurring on the five-year anniversary of the Closing Date.

 

“S&P”:
S&P Global Ratings, a division of S&P Global Inc.

 

“Sale Leaseback
Transaction”: any arrangement with any Person or Persons, whereby in contemporaneous or substantially contemporaneous transactions
a Loan Party sells substantially all of its right, title and interest in any property and, in connection therewith, acquires, leases or
licenses back the right to use all or a material portion of such property.

 

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“Sanction(s)”:
any international economic sanction administered or enforced by the United States Government (including OFAC or the U.S. Department of
State), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.

 

“SEC”:
the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority.

 

“Secured Obligations”:
as defined in the Guarantee and Collateral Agreement.

 

“Secured Parties”:
the collective reference to the Administrative Agent, the Lenders (including any Issuing Lender in its capacity as an Issuing Lender and
any Swingline Lender in its capacity as Swingline Lender), any Bank Services Provider (in its or their respective capacities as providers
of Bank Services or FX Contracts), and any Qualified Counterparties.

 

“Securities Act”:
the Securities Act of 1933, as amended from time to time and any successor statute.

 

“Security Documents”:
the collective reference to (a) the Guarantee and Collateral Agreement, (b) each Intellectual Property Security Agreement, (c) each Foreign
Pledge Document, (d) all other security documents hereafter delivered to the Administrative Agent granting a Lien on any property of any
Person to secure the Obligations of any Loan Party arising under any Loan Document, (e) each Pledge Supplement, (f) each Assumption Agreement,
(g) each Mortgage, and (h) all financing statements, fixture filings, Patent, Trademark and Copyright filings, assignments, acknowledgments
and other filings, documents and agreements made or delivered pursuant to any of the foregoing.

 

“SOFR”:
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

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

 

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

 

“Solvent”:
when used with respect to any Person, means that, as of any date of determination, (a) the amount of the “fair value” of the
assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise,”
as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of
the insolvency of debtors, (b) the “present fair saleable value” of the assets of such Person will, as of such date, be greater
than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured, as such
quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors,
(c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such
Person will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim,”
and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated,
fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy
for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced
to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured.

 

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“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 located in North America or Europe.

 

“Specified Equity
Contribution”: any cash equity contribution (or equivalent contribution) made to the Borrower in exchange for common stock
of the Borrower; provided that (a) such cash equity contribution (or equivalent contribution) to the Borrower shall occur (x) after
the Closing Date and (y) on or prior to the date that is 15 Business Days after the date on which financial statements are required to
be delivered for a fiscal quarter (or fiscal year) pursuant to Section 6.1, (b) the Borrower identifies such equity contribution
as a “Specified Equity Contribution” in a certificate of a Responsible Officer of the Borrower delivered to the Administrative
Agent, (c) in each four fiscal quarter period, there shall exist at least two fiscal quarters in respect of which no Specified Equity
Contribution shall have been made, (d) no more than five Specified Equity Contributions may be made during the term of this Agreement
and (e) the amount of any Specified Equity Contribution included in the calculation of Consolidated EBITDA hereunder shall be limited
to the amount required to effect or continue compliance with Section 7.1(b) hereof, whether or not the financial covenant in Section
7.1(b) is required to be tested, and such amount shall be added to Consolidated EBITDA solely when calculating Consolidated EBITDA
for purposes of determining compliance with Section 7.1(b).

 

“Specified Representations”:
those representations and warranties made with respect to the U.S. Loan Parties by the Borrower in Section 4.3(a), Section 4.4, Section
4.5 (solely with respect to the Requirement of Law), Section 4.11, Section 4.14 (solely with respect to the Investment Company Act), Section
4.19, Section 4.20, and Section 4.24 (solely with respect to the use of proceeds of the Loans and Letters of Credit).

 

“Specified Swap
Agreement”: any Swap Agreement entered into by the Borrower and any Qualified Counterparty (or any Person who was a Qualified
Counterparty as of the Closing Date or as of the date such Swap Agreement was entered into) in respect of currencies or interest rates.

 

“Sterling”
and “£” mean the lawful currency of the United Kingdom.

 

“Subordinated
Debt Document”: any agreement, certificate, document or instrument executed or delivered by any Loan Party or any of their
respective Subsidiaries and evidencing Subordinated Indebtedness of such Loan Party or such Subsidiary.

 

“Subordinated
Indebtedness”: Indebtedness of a Loan Party subordinated to the Obligations or the Guaranteed Obligations, as applicable,
pursuant to subordination terms (including payment, lien and remedies subordination terms, as applicable) reasonably acceptable to the
Administrative Agent.

 

“Subsidiary”:
as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests
having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of
a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at
the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both,
by such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement
shall refer to a Subsidiary or Subsidiaries of the Borrower.

 

“Supported QFC”:
as defined in Section 10.23.

 

“Swap Agreement”:
any agreement with respect to any swap, hedge, forward, future or derivative transaction or option or similar agreement involving, or
settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial
or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these
transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current
or former directors, officers, employees or consultants of the Borrower and its Subsidiaries shall be deemed to be a “Swap Agreement.”

 

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

 

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

 

“Swingline Commitment”:
the obligation of the Swingline Lender to make Swingline Loans pursuant to Section 2.6 in an aggregate principal amount at any
one time outstanding not to exceed $10,000,000 (as such amount may be adjusted from time to time pursuant to the terms hereof).

 

“Swingline Lender”:
BMO, in its capacity as the lender of Swingline Loans.

 

“Swingline Loan
Note”: a promissory note in the form of Exhibit H-2, as the same may be amended, supplemented or otherwise modified
from time to time.

 

“Swingline Loans”:
as defined in Section 2.6.

 

“Swingline Participation
Amount”: as defined in Section 2.7(c).

 

“Synthetic Lease
Obligation”: 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 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.

 

“Target Parties”:
as of the Closing Date and after giving effect to the Acquisition, the Targets and all Domestic Subsidiaries of the Targets.

 

“Targets”:
Ventus Networks, LLC, a Connecticut limited liability company, Ventus Holdings, LLC, a Delaware limited liability company, Ventus IP Holdings,
LLC, a Delaware limited liability company, Ventus Wireless Services, Inc., a Delaware corporation, Ventus Wireless CA, Inc., a California
corporation, and VClipz, Inc., a Delaware corporation.

 

“Taxes”:
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.

 

“Term Commitment”:
as to any Lender, the obligation of such Lender, if any, to make one or more Term Loans, including Initial Term Loans, as set forth on
Schedule 1.1A, as the same may be amended, restated, amended and restated or supplemented in accordance with Section 2.24.

 

“Term Commitment
Increase”: as defined in Section 2.24(a).

 

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“Term Facility”:
the Term Commitments and the Term Loans made thereunder.

 

“Term Lender”:
each Lender that has a Term Commitment or that holds a Term Loan.

 

“Term Loan”:
any of the term loans made by the Lenders to the Borrower pursuant to Section 2.1 or Section 2.24, which shall include,
for the avoidance of doubt, all Initial Term Loans and all Incremental Term Loans.

 

“Term Loan Funding
Office”: the office of the Administrative Agent specified in Section 10.2 or such other office as may be specified
from time to time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders.

 

“Term Loan Maturity
Date”: is the date occurring on the seven-year anniversary of the Closing Date.

 

“Term Loan Note”:
a promissory note in the form of Exhibit H-3, as the same may be amended, supplemented, amended and restated or otherwise modified
from time to time.

 

“Term Percentage”:
as to any Term Lender at any time, the percentage which the amount of such Lender’s aggregate respective Term Commitments then constitutes
of the aggregate Term Commitments of all of the Term Lenders at such time or, at any time from and after the Closing Date or any subsequent
date or dates occurring after any Incremental Term Loans are made pursuant to and in accordance with the terms and provisions hereof,
the percentage which the respective aggregate principal amount of such Lender’s Term Loans then outstanding constitutes of the aggregate
principal amount of the Term Loans of all of the Term Lenders then outstanding.

 

“Term SOFR”:
means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has
been selected or recommended by the Relevant Governmental Body.

 

“Term SOFR Notice”:
a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event.

 

“Term SOFR Transition
Event”: the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental
Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event
or an Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement in accordance with Section
2.25 that is not Term SOFR.

 

“Total Credit
Exposure”: is, as to any Lender at any time, the unused Commitments, Revolving Extensions of Credit and outstanding Term
Loans of such Lender at such time.

 

“Total L/C Commitments”:
at any time, the sum of all L/C Commitments at such time, as the same may be reduced from time to time pursuant to Section 2.9
or 3.5(b). The initial amount of the Total L/C Commitments on the Closing Date is $10,000,000, which Total L/C Commitments are
part of, and not in addition to, the Revolving Commitments.

 

“Total Revolving
Commitments”: at any time, the aggregate amount of the Revolving Commitments then in effect. For the avoidance of doubt,
the amount of the Total Revolving Commitments in effect as of the Closing Date is $35,000,000, subject to the availability limitations
set forth herein, and the Total L/C Commitments, Alternative Currency Sublimit and the Swingline Commitment are sublimits of, and not
in addition to, the Total Revolving Commitments.

 

“Total Revolving
Extensions of Credit”: at any time, the aggregate amount of the Revolving Extensions of Credit outstanding at such time.

 

“Term SOFR”
means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

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“Trade Date”:
is defined in Section 10.6(b)(i)(B).

 

“Trademark License”:
any written agreement which (a) names a Loan Party as licensor or licensee and (b) grants to such Loan Party any right to use any Trademark
owned by a third party, including any such agreement referred to on Schedule 6 of the Guarantee and Collateral Agreement.

 

“Trademarks”:
(a) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks,
logos, Internet domain names and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter
adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether in the USPTO or in
any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, or otherwise,
and all common-law rights related thereto, including any of the foregoing referred to on Schedule 6 of the Guarantee and Collateral Agreement,
and (b) the right to obtain all renewals thereof.

 

“Transactions”:
collectively, (a) the Acquisition, (b) the execution and delivery of the Loan Documents on the Closing Date and the funding on the Closing
Date of the Initial Term Loans and any other Loans hereunder, (c) the consummation of any other transactions in connection with any of
the foregoing and (d) the payment of the fees and expenses incurred in connection with any of the foregoing.

 

“Type”:
as to any Loan, its nature as an ABR Loan or a Eurodollar Loan.

 

“Unadjusted Benchmark
Replacement”: the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

“Unfriendly Acquisition”:
any acquisition that has not, at the time of the first public announcement of an offer relating thereto, been approved by the board of
directors (or other legally recognized governing body) of the Person to be acquired; except that with respect to any acquisition
of a non-U.S. Person, an otherwise friendly acquisition shall not be deemed to be unfriendly if it is not customary in such jurisdiction
to obtain such approval prior to the first public announcement of an offer relating to a friendly acquisition.

 

“Uniform Commercial
Code” or “UCC”: the Uniform Commercial Code (or any similar or equivalent legislation) as in effect
from time to time in the State of New York, or as the context may require, any other applicable jurisdiction.

 

“United States”
and “U.S.”: the United States of America.

 

“Unrestricted
Cash”: as of any date of determination, the aggregate amount of all domestic cash and Cash Equivalents maintained in the
United States on the consolidated balance sheet of the Borrower and its Subsidiaries that are not “restricted” for purposes
of GAAP.

 

“USCRO”:
the US Copyright Office.

 

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

 

“USPTO”:
the US Patent and Trademark Office.

 

“U.S. Special
Resolution Regimes”: as defined in Section 10.23.

 

“U.S. Tax Compliance
Certificate”: as defined in Section 2.18(f).

 

“Voting Stock”:
as to any Person, the capital stock of any class or classes or other equity interests (however designated and including general partnership
interests in a partnership) of such Person having ordinary voting power for the election of directors or similar governing body of such
Person.

 

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“Weighted Average
Life to Maturity”: when applied to any Indebtedness at any date, the number of years obtained by dividing: (i) the sum of
the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required
payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of such payment; by (ii) the then outstanding principal amount of such
Indebtedness.

 

“Wholly Owned
Subsidiary”: as to any Person, any other Person all of the Capital Stock of which (other than directors’ qualifying
shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries.

 

“Wholly Owned
Subsidiary Guarantor”: any Guarantor that is a Wholly Owned Subsidiary of a Loan Party. “Withholding Agent”:
any Loan Party and the Administrative Agent, as the context may require.

 

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

 

“Working Capital”:
with respect to the Borrower and its consolidated Subsidiaries for any period as of any determination date, the sum of (a) current assets
of the Borrower and its consolidated Subsidiaries on such date minus (b) current liabilities of the Borrower and its consolidated
Subsidiaries on such date, determined on a consolidated basis in accordance with GAAP.

 

“Write-Down and
Conversion Powers”: 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.

 

1.2          
Other Definitional Provisions.

 

(a)            Unless
otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents
or any certificate or other document made or delivered pursuant hereto or thereto.

 

(b)           
As used herein and in the other Loan Documents, and in any certificate or other document made or delivered pursuant hereto or thereto,
(i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in Section
1.1, to the extent not defined, shall have the respective meanings given to them under GAAP, (ii) the words “include,”
 “includes” and “including” shall be deemed to be followed by the phrase “without limitation,” (iii)
the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and
the words “incurred” and “incurrence” shall have correlative meanings), (iv) 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, Capital Stock, securities, revenues, accounts, leasehold interests and contract rights, and (v) references
to agreements (including this Agreement and each other Loan Document) or other Contractual Obligations shall, unless otherwise specified,
be deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated, amended and restated or otherwise
modified from time to time. Notwithstanding the foregoing clause (i), for purposes of determining compliance with any covenant (including
the computation of any financial covenant) contained herein, Indebtedness of any Group Member shall be deemed to be carried at 100% of
the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

 

(c)          
Notwithstanding any other provision contained herein, unless the Borrower has requested an amendment with respect to the treatment
of operating leases and capital leases and until such amendment has become effective, all obligations of any Person that were or would
have been treated as operating leases for public companies for purposes of GAAP prior to December 31, 2018 shall continue to be accounted
for as operating leases for such purposes of all financial definitions and calculations for purposes of this Agreement (whether or not
such operating lease obligations were in effect on such date) regardless of any change in or application of GAAP following such date pursuant
to ASC 842 or otherwise that would require such leases (on a prospective or retroactive basis or otherwise) to be treated as capital leases
in the financial statements to be delivered pursuant to Section 6.1.

 

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(d)            The words “hereof,” “herein” and “hereunder” and words of similar import, when used in this
Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit
references are to this Agreement unless otherwise specified. The word “will” shall be construed to have the same meaning and
effect as the word “shall.” Unless the context requires otherwise, (i) any reference herein to any Person shall be construed
to include such Person’s successors and assigns, (ii) all references herein to Articles, Sections, Exhibits and Schedules shall
be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (iii) any reference to any law or regulation
herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time.

 

(e)          
The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.

 

(f)             Whenever
pursuant to this Agreement the Administrative Agent exercises any right given to it to approve or disapprove, or if any arrangement or
term is to be satisfactory to, or determined by, Administrative Agent, the decision of Administrative Agent to approve or disapprove,
to decide whether arrangements or terms are satisfactory or not satisfactory, or to determine any arrangement or term shall, except as
expressly provided otherwise, be in the reasonable discretion of Administrative Agent.

 

1.3          
Exchange Rates; Currency Equivalents.

 

(a)          
The Administrative Agent shall determine the Exchange Rates as of each Revaluation Date to be used for calculating Dollar Equivalent
amounts. Such Exchange Rates shall become effective as of such Revaluation Date and shall be the Exchange 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 the Borrower 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 the making, conversion, continuation or prepayment of a Eurodollar Loan, an amount,
such as a required minimum or multiple amount, is expressed in Dollars, but such Eurodollar Loan 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.

 

1.4           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 L/C-Related 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.

 

1.5           Limited Condition Acquisitions. In the event that the Borrower notifies the Administrative Agent in writing that any proposed
acquisition is a Limited Condition Acquisition and that the Borrower wishes to test the conditions to such Limited Condition Acquisition
and any Incremental Term Loan or Incremental Revolving Credit Commitment that is to be used to finance such acquisition in accordance
with this Section 1.5, then, the following provisions shall apply:

 

(a)           
any condition to such Limited Condition Acquisition or such Indebtedness that requires that no Default or Event of Default shall
have occurred and be continuing at the time of such Limited Condition Acquisition or the incurrence of such Indebtedness, shall be satisfied
if (i) no Default or Event of Default shall have occurred and be continuing at the time of the execution of the definitive purchase agreement,
merger agreement or other acquisition agreement governing such Limited Condition Acquisition (the “LCA Test Date”)
and (ii) no Event of Default under any of Section 8.1(a) or 8.1(f) shall have occurred and be continuing both immediately
before and immediately after giving effect to such Limited Condition Acquisition and any Indebtedness incurred in connection therewith
(including any such additional Indebtedness);

 

    43

     

    

 

(b)            any condition to such Limited Condition Acquisition or such Indebtedness that the representations and warranties in this Agreement
and the other Loan Documents shall be true and correct at the time of consummation of such Limited Condition Acquisition or the incurrence
of such Indebtedness shall be deemed satisfied if (i) all representations and warranties in this Agreement and the other Loan Documents
are true and correct in all material respects (except for any representation and warranty that is qualified by materiality or reference
to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects) as of the LCA Test Date,
or if such representation speaks as of an earlier date, as of such earlier date and (ii) as of the date of consummation of such Limited
Condition Acquisition, (A) the representations and warranties under the relevant definitive agreement governing such Limited Condition
Acquisition as are material to the lenders providing such Indebtedness shall be true and correct, but only to the extent that the Borrower
or its applicable Subsidiary has the right to terminate its obligations under such agreement or otherwise decline to close such Limited
Condition Acquisition as a result of a breach of such representations and warranties or the failure of those representations and warranties
to be true and correct and (B) certain of the representations and warranties in this Agreement and the other Loan Documents which are
similar to the Specified Representations and customary for similar “funds certain” financings and required by the lenders
providing such Indebtedness shall be true and correct in all material respects (except for any representation and warranty that is qualified
by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects);

 

(c)           
any financial ratio test or condition to be tested in connection with such Limited Condition Acquisition and the availability of
such Indebtedness will be tested as of the LCA Test Date, in each case, after giving effect to the relevant Limited Condition Acquisition
and related incurrence of Indebtedness, on a Pro Forma Basis where applicable, and, for the avoidance of doubt, (i) such ratios and baskets
shall not be tested at the time of consummation of such Limited Condition Acquisition and (ii) if any of such ratios are exceeded or conditions
are not met following the LCA Test Date, but prior to the closing of such Limited Condition Acquisition, as a result of fluctuations in
such ratio or amount (including due to fluctuations in Consolidated EBITDA of the Borrower or the Person subject to such Limited Condition
Acquisition), at or prior to the consummation of the relevant transaction or action, such ratios will not be deemed to have been exceeded
and such conditions will not be deemed unmet as a result of such fluctuations solely for purposes of determining whether the relevant
transaction or action is permitted to be consummated or taken;

 

(d)            except as provided in the last sentence of this clause (d), in connection with any subsequent calculation of any ratio or basket,
and determining compliance therewith by the Borrower and its consolidated Subsidiaries, on or following the relevant LCA Test Date and
prior to the earlier of the date on which such Limited Condition Acquisition is consummated and the date that the definitive agreement
for such Limited Condition Acquisition is terminated or expires without consummation of such Limited Condition Acquisition (the “LCA
Intervening Period”), any such ratio or basket shall be calculated (and compliance shall be determined) (i) on a Pro Forma
Basis assuming such Limited Condition Acquisition and other transactions in connection therewith (including the incurrence or assumption
of Indebtedness) have been consummated and (ii) assuming such Limited Condition Acquisition and other transactions in connection therewith
(including the incurrence or assumption of Indebtedness) have not been consummated, it being understood and agreed that the Borrower shall
be required to satisfy the tests in both of clauses (i) and (ii) during any LCA Intervening Period. Notwithstanding the foregoing, any
calculation of a ratio in connection with determining the Applicable Margin and determining whether or not the Borrower and its consolidated
Subsidiaries are in compliance with the financial covenant set forth in Section 7.1 shall, in each case, be calculated assuming
such Limited Condition Acquisition and other transactions in connection therewith (including the incurrence or assumption of Indebtedness)
have not been consummated.

 

The foregoing provisions shall
apply with similar effect during the pendency of multiple Limited Condition Acquisitions such that each of the possible scenarios is separately
tested.

 

1.6           Divisions.
For all purposes under the Loan Documents, in connection with any Division: (a) if any asset, right, obligation or liability of any
Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from
the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have
been organized on the first date of its existence by the holders of its equity interests at such time.

 

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1.7               
Change of Currency.

 

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

 

1.8               
Amendment and Restatement of the Existing Credit Agreement.

 

      (a)                
The parties to this Agreement agree that, on the Closing Date, the terms and provisions of the Existing Credit Agreement shall
be and hereby are amended, superseded and restated in their entirety by the terms and provisions of this Agreement. This Agreement is
not intended to and shall not constitute a novation. All loans made and obligations incurred under the Existing Credit Agreement which
are outstanding on the Closing Date (after giving effect to any repayment or discharge occurring on the Closing Date) shall continue as
Loans and Obligations (subject to the proviso at the end of such definition with respect to Excluded Swap Obligations) under (and shall
be governed by the terms of) this Agreement and the other Loan Documents.

 

      (b)                
Without limiting the foregoing, upon the effectiveness hereof:

 

   (i)             all references in the “Loan Documents” (as defined in the Existing Credit Agreement) to the “Borrower,”
the “Administrative Agent,” the “Credit Agreement” and the “Loan Documents” shall be deemed to refer
to the Borrower, the Administrative Agent, this Agreement and the Loan Documents, respectively;

 

   (ii)           
Letters of Credit which remain outstanding on the Closing Date shall continue as Letters of Credit under (and shall be governed
by the terms of) this Agreement;

 

   (iii)          
all obligations constituting “Obligations” owed to any Lender or any Affiliate of any Lender which are outstanding
on the Closing Date (after giving effect to any repayment or discharge occurring on the Closing Date) shall continue as Obligations under
this Agreement and the other Loan Documents;

 

   (iv)           the Liens and security interests granted by any Loan Party pursuant to any Loan Document in favor of the Administrative Agent for
the benefit of the Secured Parties securing payment of the Secured Obligations (and all filings with any Governmental Authority in connection
therewith) are in all respects continuing and in full force and effect with respect to all Secured Obligations;

 

   (v)          
the Administrative Agent shall make such reallocations, sales, assignments or other relevant actions in respect of each Lender’s
Revolving Extensions of Credit under and as defined in the Existing Credit Agreement as are necessary in the reasonable judgment of the
Administrative Agent in order that each such Lender’s outstanding Revolving Credit Extensions hereunder as of the Closing Date reflect
such Lender’s ratable share of the aggregate outstanding Revolving Credit Extensions on the Closing Date; and

 

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   (vi)           each of the Loan Parties reaffirms the terms and conditions of the “Loan Documents” (as referred to and defined in
the Existing Credit Agreement) executed by it, as modified and/or restated by the “Loan Documents” (as referred to and defined
herein) to which it is a party as of the Closing Date, and acknowledges and agrees that each “Loan Document” (as referred
to and defined in the Existing Credit Agreement) executed by it, as modified and/or restated by the “Loan Documents” (as referred
to and defined herein) to which it is a party as of the Closing Date, remains in full force and effect and is hereby ratified, reaffirmed
and confirmed, in each case, as of the Closing Date.

 

              (c)       
         The Loan Parties and the Administrative Agent agree and confirm that the Parallel Debt Agreement,
dated on or about March 10, 2021 (the “Parallel Debt Agreement”), by and among the Loan Parties and the Administrative
Agent, remains in full force and effect and confirm, for the avoidance of doubt, that this Agreement shall constitute (i) the “Credit
Agreement” as defined in the Parallel Debt Agreement and (ii) a “Loan Document” as defined in the Parallel Debt Agreement.

 

SECTION
2

AMOUNT AND TERMS OF COMMITMENTS

 

2.1               
Term Commitments. Subject to the terms and conditions hereof, each Initial Term Lender agrees to make an Initial Term Loan
to the Borrower on the Closing Date in Dollars in an amount equal to the amount of the Initial Term Commitment of such Lender. Such Term
Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in
accordance with Sections 2.2 and 2.11, and once repaid in accordance with the provisions hereof may not be reborrowed. All
Initial Term Commitments shall terminate on November 1, 2021 if the Closing Date shall not have occurred prior to such date.

 

2.2               
Procedure for Term Loan Borrowing. The Borrower shall give the Administrative Agent an irrevocable Notice of Borrowing (which
must be received by the Administrative Agent prior to 12:00 P.M., Central time, one Business Day prior to the anticipated Closing Date)
requesting that the Term Lenders make Initial Term Loans on the Closing Date and specifying the amount to be borrowed. Upon receipt of
any such Notice of Borrowing, the Administrative Agent shall promptly notify each Term Lender thereof. Not later than 12:00 P.M., Central
time, on the Closing Date, each Term Lender shall make available to the Administrative Agent at the Term Loan Funding Office an amount
in immediately available funds equal to the Initial Term Loan or Initial Term Loans to be funded by such Lender on such Borrowing Date.
The Administrative Agent shall distribute the proceeds of the Initial Term Loans in accordance with the Flow of Funds Agreement.

 

2.3               
Repayment of Term Loans.

 

      (a)               
Term Loans. The principal amount of the Initial Term Loans of the Initial Term Lenders will be subject to amortization in
an amount equal to 1.00% per annum of the original aggregate principal amount of the Initial Term Loans, payable in equal quarterly installments
on the last Business Day of each calendar quarter, beginning on June 30, 2022, with a final payment on the Term Loan Maturity Date of
all remaining Initial Term Loan principal then outstanding. In respect of each calendar quarter indicated below, the Borrower shall pay
to the Administrative Agent in Dollars the portion of the outstanding Initial Term Loan principal indicated below opposite of such calendar
quarter, and the Administrative Agent shall distribute each such installment payment made by the Borrower to the Initial Term Lenders
in accordance with the respective Initial Term Percentages of such Initial Term Lenders.

 

      (b)             
Incremental Term Loans. The amortization of Incremental Term Loans shall be as agreed between the Borrower, the Administrative
Agent and the Lenders funding such Incremental Term Loans, in each case, subject to the provisions of Section 2.24(g).

 

For the avoidance of doubt,
to the extent not previously paid, all then outstanding Term Loans (including all then outstanding principal of any Initial Term Loans
and any Incremental Term Loans) shall be due and payable on the Term Loan Maturity Date, together with accrued and unpaid interest on
the principal amount to be paid to but excluding the date of payment.

 

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2.4               
Revolving Commitments.

 

     (a)                
Subject to the terms and conditions hereof, each Revolving Lender severally agrees to make revolving credit loans in Dollars or
in one or more Alternative Currencies (each, a “Revolving Loan” and, collectively, the “Revolving
Loans”) to the Borrower from time to time during the Revolving Commitment Period in an aggregate principal amount with respect
to all such Revolving Loans at any one time outstanding which, when added to the aggregate principal amount of any then outstanding Revolving
Loans, any Swingline Loans, the aggregate undrawn amount of all then outstanding Letters of Credit, and the aggregate amount of all L/C
Disbursements that have not yet been reimbursed or converted into Revolving Loans, incurred on behalf of the Borrower and owing to such
Lender, does not exceed (i) the amount of such Lender’s Revolving Commitment and (ii) to the extent any of the foregoing are denominated
in Alternative Currencies, the Alternative Currency Sublimit. In addition, the amount of the Total Revolving Extensions of Credit outstanding
after giving effect to any requested borrowing of Revolving Loans shall not exceed the Available Revolving Commitments then in effect.
During the Revolving Commitment Period, the Borrower may use the Available Revolving Commitments by borrowing, prepaying the Revolving
Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Loans may from time
to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections
2.5 and 2.11, provided that all Revolving Loans denominated in an Alternative Currency shall be Eurodollar Loans. Notwithstanding
anything to the contrary contained herein, during the existence and continuation of an Event of Default, no Revolving Loan may be borrowed
as, converted to or continued as a Eurodollar Loan.

 

     (b)               
The Borrower shall repay all outstanding Revolving Loans on the Revolving Termination Date.

 

2.5               
Procedure for Revolving Loan Borrowing. The Borrower may borrow up to the Available Revolving Commitments under the Revolving
Commitments during the Revolving Commitment Period on any Business Day; provided that the Borrower shall give the Administrative
Agent an irrevocable Notice of Borrowing (which must be received by the Administrative Agent prior to 12:00 P.M., Central time, (a) three
Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans denominated in Dollars, (b) four Business Days (or
five Business Days in the case of a Special Notice Currency) prior to the requested Borrowing Date, in the case of Eurodollar Loans denominated
in Alternative Currencies, or (c) on the date of the requested borrowing, in the case of ABR Loans), in each such case specifying (i)
the amount and Type of Revolving Loans to be borrowed, (ii) the requested Borrowing Date, (iii) in the case of Eurodollar Loans, the respective
amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor, and (iv) instructions for remittance
of the proceeds of the applicable Loans to be borrowed. Each borrowing of, conversion to or continuation of a Eurodollar Loan shall be
in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or, if the then aggregate Available Revolving
Commitments are less than $1,000,000, such lesser amount). Except as provided in Sections 3.5(b) and 2.7(b) each borrowing
of or conversion to ABR Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if the
then aggregate Available Revolving Commitments are less than $500,000, such lesser amount). Upon receipt of any such Notice of Borrowing
from the Borrower, the Administrative Agent shall promptly notify each Revolving Lender thereof. Each Revolving Lender will make the amount
of its pro rata share of each such borrowing available to the Administrative Agent for the account of the Borrower at the Revolving Loan
Funding Office prior to 2:00 P.M., Central time in the case of any Loan denominated in Dollars, and prior to the Applicable Time specified
by the Administrative Agent in the case of any Loan in an Alternative Currency, on the Borrowing Date requested by the Borrower in funds
immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent
crediting such account as is designated in writing to the Administrative Agent by the Borrower with the aggregate of the amounts made
available to the Administrative Agent by the Revolving Lenders and in like funds as received by the Administrative Agent.

 

2.6               
Swingline Commitment. Subject to the terms and conditions hereof, the Swingline Lender agrees to make available a portion of
the credit accommodations otherwise available to the Borrower under the Revolving Commitments from time to time during the Revolving Commitment
Period by making swing line loans (each a “Swingline Loan” and, collectively, the “Swingline Loans”)
to the Borrower; provided that (a) the aggregate principal amount of Swingline Loans outstanding at any time shall not exceed the
Swingline Commitment then in effect, (b) the Borrower shall not request, and the Swingline Lender shall not make, any Swingline Loan if,
after giving effect to the making of such Swingline Loan, the aggregate amount of the Available Revolving Commitments would be less than
zero, and (c) the Borrower shall not use the proceeds of any Swingline Loan to refinance any then outstanding Swingline Loan. During the
Revolving Commitment Period, the Borrower may use the Swingline Commitment by borrowing, repaying and reborrowing, all in accordance with
the terms and conditions hereof. Swingline Loans shall be ABR Loans only and shall be made only in Dollars. To the extent not otherwise
required by the terms hereof to be repaid prior thereto, the Borrower shall repay to the Swingline Lender the then unpaid principal amount
of each Swingline Loan on the Revolving Termination Date.

 

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2.7               
Procedure for Swingline Borrowing; Refunding of Swingline Loans.

 

      (a)               
Whenever the Borrower desires that the Swingline Lender make Swingline Loans the Borrower shall give the Swingline Lender irrevocable
telephonic notice (which telephonic notice must be received by the Swingline Lender not later than 3:00 P.M., Central time, on the proposed
Borrowing Date) confirmed promptly in writing by a Notice of Borrowing, specifying (i) the amount to be borrowed, (ii) the requested Borrowing
Date (which shall be a Business Day during the Revolving Commitment Period), and (iii) instructions for the remittance of the proceeds
of such Loan. Each borrowing under the Swingline Commitment shall be made in whole multiples of $500,000. Promptly thereafter, on the
Borrowing Date specified in a notice in respect of Swingline Loans, the Swingline Lender shall make available to the Borrower an amount
in immediately available funds equal to the amount of the Swingline Loan to be made by depositing such amount in the account designated
in writing to the Administrative Agent by the Borrower. Unless a Swingline Loan is sooner refinanced by the advance of a Revolving Loan
pursuant to Section 2.7(b), such Swingline Loan shall be repaid by the Borrower no later than five (5) Business Days after the
advance of such Swingline Loan.

 

      (b)               
The Swingline Lender, at any time and from time to time in its sole and absolute discretion, may, on behalf of the Borrower (which
hereby irrevocably directs the Swingline Lender to act on its behalf), on one Business Day’s telephonic notice given by the Swingline
Lender no later than 3:00 P.M., Central time, and promptly confirmed in writing, request each Revolving Lender to make, and each Revolving
Lender hereby agrees to make, a Revolving Loan, in an amount equal to such Revolving Lender’s Revolving Percentage of the aggregate
amount of such Swingline Loan (each a “Refunded Swingline Loan”) outstanding on the date of such notice, to
repay the Swingline Lender. Each Revolving Lender shall make the amount of such Revolving Loan available to the Administrative Agent at
the Revolving Loan Funding Office in immediately available funds, not later than 12:00 P.M., Central time, one Business Day after the
date of such notice. The proceeds of such Revolving Loan shall immediately be made available by the Administrative Agent to the Swingline
Lender for application by the Swingline Lender to the repayment of the Refunded Swingline Loan. The Borrower irrevocably authorizes the
Swingline Lender to charge the Borrower’s accounts with the Administrative Agent (up to the amount available in each such account)
immediately to pay the amount of any Refunded Swingline Loan to the extent amounts received from the Revolving Lenders are not sufficient
to repay in full such Refunded Swingline Loan.

 

      (c)                
If prior to the time that the Borrower has repaid the Swingline Loans pursuant to Section 2.7(a) or a Revolving Loan has
been made pursuant to Section 2.7(b), one of the events described in Section 8.1(f) shall have occurred or if for any other
reason, as determined by the Swingline Lender in its reasonable discretion, Revolving Loans may not be made as contemplated by Section
2.7(b), each Revolving Lender shall, on the date such Revolving Loan was to have been made pursuant to the notice referred to in Section
2.7(b) or on the date requested by the Swingline Lender (with at least one Business Day’s notice to the Revolving Lenders),
purchase for cash an undivided participating interest in the then outstanding Swingline Loans by paying to the Swingline Lender an amount
(the “Swingline Participation Amount”) equal to (i) such Revolving Lender’s Revolving Percentage times
(ii) the aggregate principal amount of the outstanding Swingline Loans that were to have been repaid with such Revolving Loans.

 

      (d)             
Whenever, at any time after the Swingline Lender has received from any Revolving Lender such Lender’s Swingline Participation
Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Lender
its Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which
such Lender’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect
such Lender’s pro rata portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swingline
Loans then due); provided that in the event that such payment received by the Swingline Lender is required to be returned, such
Revolving Lender will return to the Swingline Lender any portion thereof previously distributed to it by the Swingline Lender.

 

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      (e)                
Each Revolving Lender’s obligation to make the Loans referred to in Section 2.7(b) and to purchase participating interests
pursuant to Section 2.7(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any
setoff, counterclaim, recoupment, defense or other right that such Revolving Lender or the Borrower may have against the Swingline Lender,
the Borrower or any other Person for any reason whatsoever, (ii) the occurrence of a Default or an Event of Default or the failure to
satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the condition (financial or otherwise)
of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other Revolving
Lender, or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

 

      (f)                 
The Swingline Lender may resign at any time by giving 30 days’ prior notice to the Administrative Agent, the Lenders, and
the Borrower. After the resignation of the Swingline Lender hereunder, (i) the retiring Swingline Lender shall remain a party hereto and
shall continue to have all the rights and obligations of the Swingline Lender under this Agreement and the other Loan Documents with respect
to Swingline Loans made by it prior to such resignation, but shall not be required to make any additional Swingline Loans, and (ii) another
Lender may be appointed as the new Swingline Lender hereunder so long as (A) each of the Borrower and the Administrative Agent agree in
writing and in their reasonable discretion to such appointment and (B) the Borrower, the Administrative Agent and the applicable Lenders
execute and deliver any such Swingline Loan Note and amendments to the Loan Documents as are reasonably deemed necessary by the Administrative
Agent to give effect to such appointment.

 

2.8               
Fees.

 

      (a)              
Commitment Fee. As additional compensation for the Total Revolving Commitments, the Borrower shall pay to the Administrative
Agent for the account of the Lenders, a fee for the Borrower’s non-use of available funds under the Revolving Facility (the “Commitment
Fee”), payable quarterly in arrears on the first Business Day of each calendar quarter occurring prior to the Revolving
Termination Date, and on the Revolving Termination Date, in an amount equal to the Commitment Fee Rate multiplied by the average unused
portion of the Total Revolving Commitments, as reasonably determined by the Administrative Agent. The average unused portion of the Total
Revolving Commitments measured as of any date and for any period ending on such date (the “Average Unused Total Revolving
Commitments” as of such date and for such period), for purposes of this calculation, shall equal the difference between
(i) the Total Revolving Commitments as of such date (as the same shall be reduced from time to time pursuant to Section 2.9), and
(ii) the sum of (A) the average for such period of the daily closing balance of the Revolving Loans outstanding, (B) the aggregate undrawn
amount of all Letters of Credit outstanding as of such date, and (C) the aggregate amount of all L/C Disbursements that have not yet been
reimbursed or converted into Revolving Loans as of such date. For the avoidance of doubt, the amount of any Swingline Loans at any time
outstanding during such period shall not be counted towards or considered usage of the Total Revolving Commitments for purposes of determining
the Commitment Fee.

 

      (b)               
Fee Letter Fees. The Borrower agrees to pay to the Administrative Agent and each Lender and/or their respective Affiliates,
as applicable, the fees in the amounts and on the dates specified in the Fee Letter, and to perform any other obligations contained therein.

 

      (c)               
Fees Nonrefundable. All fees payable under this Section 2.8 shall be fully earned on the date paid and nonrefundable.

 

2.9               
Termination or Reduction of Total Revolving Commitments; Total L/C Commitments.

 

      (a)               
Termination or Reduction of Total Revolving Commitments. The Borrower shall have the right, upon not less than five Business
Days’ written notice delivered to the Administrative Agent, to terminate the Total Revolving Commitments or from time to time to
reduce the amount of the Total Revolving Commitments; provided that no such termination or reduction shall be permitted if, after
giving effect thereto and to any prepayments of the Revolving Loans and Swingline Loans to be made on the effective date thereof the amount
of the Total Revolving Extensions of Credit then outstanding would exceed the Total Revolving Commitments then in effect. Any such reduction
shall be in an amount equal to $5,000,000, or a whole multiple of $1,000,000 in excess thereof (or if less, not less than an amount equal
to the remaining outstanding Total Revolving Extensions of Credit), and shall reduce permanently the Total Revolving Commitments then
in effect; provided that, if in connection with any such reduction or termination of the Total Revolving Commitments a Eurodollar
Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts
owing pursuant to Section 2.19. Any reduction of the Total Revolving Commitments shall be applied to the Revolving Commitments
of each Lender according to its respective Revolving Percentage. All fees accrued until the effective date of any termination of the Total
Revolving Commitments shall be paid on the effective date of such termination. Notwithstanding the foregoing, any notice to reduce the
Total Revolving Commitment delivered in connection with any refinancing of all of the Facility with the proceeds of such refinancing or
of any incurrence of Indebtedness or the occurrence of some other identifiable event or condition, may be, if expressly so stated to be,
contingent upon the consummation of such refinancing or incurrence or occurrence of such identifiable event or condition and may be revoked
by the Borrower in the event such contingency is not met. The Total Revolving Commitments shall automatically terminate on November 1,
2021 if the Closing Date shall not have occurred prior to such date.

 

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      (b)               
Termination or Reduction of Total L/C Commitments. The Borrower shall have the right, upon not less than five Business Days’
written notice delivered to the Administrative Agent, to terminate the Total L/C Commitments available to the Borrower or, from time to
time, to reduce the amount of the Total L/C Commitments available to the Borrower; provided that, in any such case, no such termination
or reduction of the Total L/C Commitments shall be permitted if, after giving effect thereto, the Total L/C Commitments shall be reduced
to an amount that would result in the aggregate L/C Exposure exceeding the Total L/C Commitments (as so reduced). Any such reduction shall
be in an amount equal to $2,000,000, or a whole multiple of $1,000,000 in excess thereof, and shall reduce permanently the Total L/C Commitments
then in effect. Any reduction of the Total L/C Commitments shall be applied to the L/C Commitments of each Lender according to its respective
L/C Percentage. All fees accrued until the effective date of any termination of the Total L/C Commitments shall be paid on the effective
date of such termination. The Total L/C Commitments shall automatically terminate on November 1, 2021 if the Closing Date shall not have
occurred prior to such date.

 

2.10            
Loan Prepayments.

 

      (a)                
Optional Prepayments Generally. The Borrower may at any time and from time to time prepay the Loans, in whole or in part,
(except as provided in the third proviso below) without premium or penalty, upon irrevocable notice delivered to the Administrative Agent
no later than 12:00 P.M., Central time, (i) three Business Days prior thereto, in the case of Eurodollar Loans denominated in Dollars,
(ii) four Business Days (or five Business Days in the case of a Special Notice Currency) prior thereto, in the case of Eurodollar Loans
denominated in Alternative Currencies, or (iii) on the date thereof, in the case of ABR Loans, which notice shall specify the date and
amount of the proposed prepayment; provided that if a Eurodollar Loan is prepaid on any day other than the last day of the Interest
Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.19; provided  further
that if such notice of prepayment indicates that such prepayment is to be funded with the proceeds of a refinancing or in connection
with the consummation of a specified transaction, such notice of prepayment may be revoked if the financing or specified transaction
is not consummated; and provided  further that if all or any portion of the Term Facility is subject to a Repricing
Transaction within 180 days of the Closing Date, a prepayment premium equal to 1% of the principal amount subject thereto shall be payable
at the time of such prepayment. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
If any such notice is given and not revoked, the amount specified in such notice shall be due and payable on the date specified therein,
together with (except in the case of Revolving Loans that are ABR Loans and Swingline Loans) accrued interest to such date on the amount
prepaid. Partial prepayments of Term Loans and Revolving Loans shall be in an aggregate principal amount of $2,000,000 or a whole multiple
of $1,000,000 in excess thereof. Partial prepayments of Swingline Loans shall be in an aggregate principal amount of $100,000 or a whole
multiple thereof. Prepayments of the Term Loans made pursuant to this Section 2.10(a) shall be applied to the prepayment of installments
due in respect of the Term Loans in inverse order of maturity and in accordance with Section 2.3 and 2.16(b).

 

      (b)               
Revolving Excess; Alternative Currency No Longer Eligible Currency.

 

   (i)            
If for any reason Total Revolving Extensions of Credit at any time exceed the Total Revolving Commitments then in effect (a “Revolving
Excess”), the Borrower shall promptly prepay Revolving Loans and Swingline Loans and/or Cash Collateralize the L/C Exposure
of the Issuing Lenders in an aggregate amount equal to such Revolving Excess; provided that the Borrower shall not be required
to Cash Collateralize the L/C Exposure of the Issuing Lenders pursuant to this Section 2.10(b) unless after the prepayment in full
of the Revolving Loans and Swingline Loans such Total Revolving Extensions of Credit exceed the Total Revolving Commitments then in effect.

 

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   (ii)           
If for any reason Total Revolving Extensions of Credit denominated in Alternative Currencies at any time exceeds the Alternative
Currency Sublimit then in effect (a “Alternative Currency Excess”), the Borrower shall promptly prepay Revolving
Loans denominated in Alternative Currencies in an aggregate amount equal to such Alternative Currency Excess.

 

   (iii)          
If any Alternative Currency ceases to be an Eligible Currency as a result of any Disqualifying Event, within five Business Days
after receipt of notice from the Administrative Agent of such Disqualifying Event, the Borrower shall repay all Revolving Loans in such
currency to which the Disqualifying Event applies or convert such Loans into the Dollar Equivalent of Revolving Loans in Dollars, subject
to the other terms contained herein.

 

      (c)                
Dispositions. If the Borrower or any of its Subsidiaries makes any Disposition or series of related Dispositions pursuant
to Section 7.5(h), (l) or (t) which results in the realization or receipt by any Group Member of Net Cash Proceeds
in an aggregate amount for all such transactions in excess of the greater of $7,500,000 and 7.5% of Consolidated EBITDA (calculated on
a Pro Forma Basis) for the latest four fiscal quarter period for which financial statements have been delivered pursuant to Section
6.1 (such amount being the “Excess Net Cash Proceeds”), then (x) the Borrower shall promptly, and in any
event not later than five Business Days after receipt of such Net Cash Proceeds, notify the Administrative Agent of such Disposition (including
the amount of Net Cash Proceeds to be received thereof) and (y) promptly upon receipt by such Group Member of such Net Cash Proceeds of
such Disposition, the Borrower shall apply an aggregate amount equal to 100% of the Excess Net Cash Proceeds, less any amount that
such Group Member plans to reinvest as permitted pursuant to the subsequent sentence, to prepay the Term Loans and the installments thereof
on a pro rata basis. With respect to any Excess Net Cash Proceeds received with respect to any such Disposition, at the option of the
Borrower, upon notice to the Administrative Agent, any Group Member may reinvest all or any portion of such Excess Net Cash Proceeds in
assets used or useful for its business within 12 months following the receipt thereof (or within 18 months if by the end of the initial
12 month period the Borrower has entered into a legally binding commitment to invest such Excess Net Cash Proceeds in assets used or useful
for its business); provided that, if any Excess Net Cash Proceeds (i) are no longer intended to be or cannot be so reinvested at
any time after delivery of a notice of reinvestment election, an amount equal to any such Excess Net Cash Proceeds shall be applied within
five Business Days after the Borrower reasonably determines that such Excess Net Cash Proceeds are no longer intended to be or cannot
be so reinvested to the prepayment of installments due in respect of the Term Loans on a pro rata basis and in accordance with Section
2.3 and 2.16(b) and (ii) are received by a Loan Party in respect of a Disposition of Collateral, if a reinvestment election
is made, such Excess Net Cash Proceeds must be reinvested in assets constituting Collateral owned by a Loan Party, as applicable.

 

      (d)               
Limitations on Repatriation. Notwithstanding any other provisions of this Section 2.10, (i) to the extent that any
or all of the Net Cash Proceeds of any Disposition by a Foreign Subsidiary giving rise to a prepayment event pursuant to Section 2.10(c)
(a “Foreign Disposition”) are prohibited, delayed or restricted by (I) applicable local law or (II) the material
constituent documents of any Subsidiary, in any case, from being repatriated to the Borrower, an amount equal to the portion of such Net
Cash Proceeds so affected will not be required to be applied to repay Term Loans at the times provided in Section 2.10(c) but may
be retained by the applicable Subsidiary so long, but only so long, as (x) the applicable local law will not permit repatriation to the
Borrower (the Borrower hereby agreeing to use commercially reasonable efforts to cause the applicable Subsidiary to promptly take all
actions reasonably required by the applicable local law to permit such repatriation) or (y) the material constituent documents of the
applicable Subsidiary (including as a result of minority ownership) will not permit repatriation to the Borrower, and once such repatriation
of any of such affected Net Cash Proceeds is permitted under the applicable local law or applicable material constituent documents, such
repatriation will be promptly effected and an amount equal to such repatriated Net Cash Proceeds will be promptly (and in any event not
later than five Business Days after such repatriation) applied (net of additional taxes payable or reserved against pursuant to applicable
local law and not, for the avoidance of doubt, U.S. law, as a result thereof) to the repayment of the Term Loans pursuant to Section
2.10(c) to the extent provided herein and (ii) to the extent that the Borrower has determined in good faith that repatriation of any
or all of the Net Cash Proceeds of any Foreign Disposition attributable to Foreign Subsidiaries would have an adverse tax consequence
(other than a de minimis amount) (as determined in good faith by the Borrower) with respect to such Net Cash Proceeds, the Net
Cash Proceeds so affected will not be required to be applied to repay Term Loans at the times provided in Section 2.10(c) but may
be retained by the applicable Foreign Subsidiary until such time as it may repatriate such amount without incurring such adverse tax consequences
(at which time the Borrower shall make a payment to repay the Term Loans to the extent provided herein).

 

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      (e)               
Indebtedness. If the Borrower or any of its Subsidiaries incurs any Indebtedness, other than Indebtedness permitted under
Section 7.2, which results in the realization or receipt by any Group Member of Net Cash Proceeds, then (i) the Borrower shall
promptly, and in any event not later than five Business Days after receipt of the Net Cash Proceeds, notify the Administrative Agent of
the same (including the amount of Net Cash Proceeds to be received) and (ii) promptly upon receipt by such Group Member of such Net Cash
Proceeds, the Borrower shall apply an aggregate amount equal to 100% of the amount of all such Net Cash Proceeds to the prepayment of
installments due in respect of the Term Loans on a pro rata basis and in accordance with Section 2.3 and 2.16(b).

 

      (f)                
Excess Cash Flow. Until the Term Loan Maturity Date, as the case may be, commencing with the fiscal year ending September
30, 2022, the Borrowers shall, within 90 days after the end of each fiscal year of the Borrower, prepay the Term Loans on a pro rata basis,
until the Terms Loans have been repaid in full in an amount equal to (i) 50% of Excess Cash Flow for the immediately preceding fiscal
year if the Consolidated Secured Leverage Ratio as determined on the last day of such fiscal year, for the period of four fiscal quarters
then ending, was greater than or equal to 3.25 to 1.00, (ii) 25% of Excess Cash Flow for the immediately preceding fiscal year if the
Consolidated Secured Leverage Ratio as determined on the last day of such fiscal year, for the period of four fiscal quarters then ending,
was less than 3.25 to 1.00, but greater than or equal to 2.75 to 1.00 and (iii) 0% of Excess Cash Flow for the immediately preceding fiscal
year if the Consolidated Secured Leverage Ratio as determined on the last day of such fiscal year, for the period of four fiscal quarters
then ending, was less than 2.75 to 1.00 minus, (without duplication for amounts deducted in the calculation of Excess Cash Flow)
on a dollar-for-dollar basis, aggregate principal amount of all voluntary prepayments of Loans (and in the case of any Revolving
Loans, a corresponding commitment reduction) and other Indebtedness secured by Liens on the Collateral that are pari passu with the Liens
on the Collateral securing the Term Loans during such fiscal year or, without duplication, after the end of such fiscal year but prior
to the time such Excess Cash Flow payment is due; provided, in no event shall the Excess Cash Flow payment be less than zero (0) and,
such prepayment of Term Loans shall only be required to the extent the required Excess Cash Flow prepayment is greater than the greater
of $5,000,000 or 5% of Consolidated EBITDA (calculated on a Pro Forma Basis) for the latest four fiscal quarter period for which financial
statements have been delivered pursuant to Section 6.1 (and only the amounts in excess of such threshold shall be required to be
applied to prepay the Term Loans pursuant to this Section 2.10(f)). Each Excess Cash Flow prepayment shall be accompanied by a certificate
signed by a Responsible Officer of the Company certifying the manner in which Excess Cash Flow and the resulting prepayment were calculated,
which certificate shall be in form and substance satisfactory to Administrative Agent. Each Excess Cash Flow prepayment will be applied
to the prepayment of installments due in respect of the Term Loans on a pro rata basis and in accordance with Section 2.3 and 2.16(b).

 

2.11            
  Conversion and Continuation Options.

 

      (a)               
The Borrower may elect from time to time to convert Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable
notice in a Notice of Conversion/Continuation of such election no later than 12:00 P.M., Central time, on the Business Day preceding the
proposed conversion date; provided that any such conversion of Eurodollar Loans may only be made on the last day of an Interest
Period with respect thereto. Subject to Section 2.15, the Borrower may elect from time to time to convert ABR Loans to Eurodollar
Loans by giving the Administrative Agent prior irrevocable notice (which notice shall specify the length of the initial Interest Period
therefor) in a Notice of Conversion/Continuation of such election no later than 12:00 P.M., Central time, (i) three Business Days prior
to the date of the requested conversion, in the case of Eurodollar Loans denominated in Dollars, and (ii) four Business Days (or five
Business Days in the case of a Special Notice Currency) prior to the date of the requested conversion, in the case of Eurodollar Loans
denominated in Alternative Currencies; provided that no ABR Loan may be converted into a Eurodollar Loan when any Event of Default
has occurred and is continuing. Upon receipt of any such notice, the Administrative Agent shall promptly notify each relevant Lender thereof.

 

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      (b)               
Subject to Section 2.15, any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period
with respect thereto by the Borrower giving irrevocable notice in a Notice of Conversion/Continuation to the Administrative Agent by no
later than 12:00 P.M., Central time, (i) three Business Days prior to the date of the requested continuation, in the case of Eurodollar
Loans denominated in Dollars, and (ii) four Business Days (or five Business Days in the case of a Special Notice Currency) prior to the
date of the requested continuation, in the case of Eurodollar Loans denominated in Alternative Currencies, and provided that such
notice is otherwise in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1
and specifies the length of the next Interest Period to be applicable to such Loans; provided further that no Eurodollar Loan may
be continued as such when any Event of Default has occurred and is continuing; provided further that if the Borrower shall fail
to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso,
such Loans shall automatically be converted to ABR Loans on the last day of such then expiring Interest Period and any or all of the then
outstanding Eurodollar Loans denominated in an Alternative Currency shall be prepaid, or redenominated into Dollars in the amount of the
Dollar Equivalent thereof. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

 

2.12            
Limitations on Eurodollar Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions
and continuations of Eurodollar Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections
so that no more than seven Eurodollar Tranches shall be outstanding at any one time.

 

2.13            
Interest Rates and Payment Dates.

 

      (a)               
Each Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal
to (i) the Eurodollar Rate determined for such day plus (ii) the Applicable Margin.

 

      (b)              
Each ABR Loan (including any Swingline Loan) shall bear interest at a rate per annum equal to (i) the ABR plus (ii) the
Applicable Margin.

 

      (c)               
If requested by Required Lenders in writing during the continuance of an Event of Default, all outstanding Loans and other amounts
hereunder shall bear interest at a rate per annum equal to the rate that would otherwise be applicable thereto pursuant to the foregoing
provisions of this Section plus 2.00% (the “Default Rate”), provided that for any Eurodollar Loan
denominated in an Alternative Currency that is not redenominated into Dollars at the end of the applicable Interest Period, the Default
Rate for such Loans shall be a rate per annum equal to the sum of (i) the Applicable Margin for Eurodollar Loans plus (ii) two
percent (2%) plus (iii) the rate of interest per annum as determined by the Administrative Agent (rounded upwards, if necessary,
to the next higher 1/100,000 of 1%) at which overnight or weekend deposits (or, if such amount due remains unpaid more than three Business
Days, then for such other period of time not longer than one month as the Administrative Agent may determine) of the relevant Alternative
Currency for delivery in immediately available and freely transferable funds would be offered by the Administrative Agent to major banks
in the interbank market upon request of such major banks for the applicable period as determined above and in an amount comparable to
the unpaid principal amount of any such Eurodollar Loan (or, if the Administrative Agent is not placing deposits in such currency in the
interbank market, then the Administrative Agent’s cost of funds in such currency for such period); provided further that
the Default Rate shall apply to all outstanding Loans automatically and without any Required Lender notice thereof upon the occurrence
of any Event of Default arising under Section 8.1(a) or Section 8.1(f); and provided further, that the Default Rate
shall be automatically suspended when any Event of Default is waived.

 

      (d)               
Interest on the outstanding principal amount of each Loan shall be payable in arrears on each Interest Payment Date; provided
that interest accruing pursuant to Section 2.13(c) shall be payable from time to time on demand.

 

2.14             
Computation of Interest and Fees.

 

      (a)               
Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed (or, in
the case of Eurodollar Loans denominated in Alternative Currencies as to which market practice differs, in accordance with market practice),
except that, with respect to ABR Loans the rate of interest on which is calculated on the basis of the Prime Rate (or, as applicable,
on the basis of the Eurodollar Rate), the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day
year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of
each determination of a Eurodollar Rate (and, as applicable, of the determination of the Eurodollar Rate applicable to such ABR Loan).
Any change in the interest rate on a Loan resulting from a change in the ABR or the Eurocurrency Reserve Requirements shall become effective
as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable
notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in interest rate.

 

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      (b)              
Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive
and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower,
deliver to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant
to Section 2.14(a).

 

2.15             
Inability to Determine Interest Rate.

 

      (a)               
If prior to the first day of any Interest Period (or, as applicable, on any day on which an ABR Loan bearing interest determined
by reference to the Eurodollar Rate, is outstanding), the Administrative Agent shall have determined (which determination shall be conclusive
and binding upon the Borrower) in connection with any request for a Eurodollar Loan, a request for an ABR Loan to bear interest with reference
to the Eurodollar Rate, or a conversion to or a continuation of either of the foregoing that, by reason of circumstances affecting the
relevant market, (i) Dollar or Alternative Currency, as applicable, deposits are not being offered to banks in the London interbank market
for the applicable amount and Interest Period of such requested Loan or conversion or continuation, as applicable, (ii) adequate and reasonable
means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or (iii) the Eurodollar Rate determined or to be determined
for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of
making or maintaining their affected Loans during such Interest Period, then, in any such case (i), (ii) or (iii), the Administrative
Agent shall promptly notify the Borrower and the relevant Lenders thereof as soon as practicable thereafter. Any such determination shall
specify the basis for such determination and shall, in the absence of manifest error, be conclusive and binding for all purposes. Thereafter,
(i) any Eurodollar Loans under the relevant Facility requested to be made on the first day of such Interest Period shall be made as ABR
Loans, (ii) any such requested ABR Loans which were to have utilized the Eurodollar Rate component in determining the ABR shall not utilize
a Eurodollar Rate component in determining the ABR applicable to such requested ABR Loan, (iii) any Loans under the relevant Facility
that were to have been converted on the first day of such Interest Period to Eurodollar Loans shall be continued as ABR Loans and (iv)
any outstanding Eurodollar Loans under the relevant Facility shall be converted, on the last day of the then-current Interest Period,
to ABR Loans. Until such notice has been withdrawn by the Administrative Agent, no further Eurodollar Loans under the relevant Facility
shall be made or continued as such, nor shall the Borrower have the right to convert Loans under the relevant Facility to Eurodollar Loans,
and the utilization of the Eurodollar Rate component in determining ABR shall be suspended.

 

2.16             
Pro Rata Treatment and Payments.

 

      (a)               
Each borrowing by the Borrower from the Lenders hereunder, each payment by the Borrower on account of any commitment fee and any
reduction of the Commitments shall be made pro rata according to the respective Term Percentages, L/C Percentages or Revolving Percentages,
as the case may be, of the relevant Lenders.

 

      (b)               
Except as otherwise provided herein, each payment (including each prepayment) by the Borrower on account of principal of and interest
on the Term Loans shall be made pro rata according to the respective outstanding principal amounts of the Term Loans then held by the
Term Lenders. The amount of each principal prepayment of the Term Loans shall be applied to reduce the then remaining installments of
the Term Loans pro rata based upon the respective then remaining principal amounts thereof. Any prepayment of Loans shall be applied to
the then outstanding Term Loans on a pro rata basis regardless of type. Amounts prepaid on account of the Term Loans may not be reborrowed.

 

      (c)               
Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Revolving Loans shall be
made pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by the Revolving Lenders.

 

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      (d)               
All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise,
shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff and shall be made prior to 2:00 P.M.,
Central time, on the due date thereof to the Administrative Agent, for the account of the Lenders, at the applicable Funding Office or,
if such payment is to be made in an Alternative Currency, no later than the Applicable Time to such office as the Administrative Agent
has previously specified in a notice to the Borrower for such currency, in each case for the benefit of the Lender(s) or L/C Issuer entitled
thereto; provided that payments in an Alternative Currency shall be made in a jurisdiction located in the European Union or a former
member of the European Union that is customary for settlement of such currency. All such payments shall be made (i) in Dollars, in immediately
available funds at the place of payment, or (ii) in the case of amounts payable hereunder in an Alternative Currency, in such Alternative
Currency in such funds then customary for the settlement of international transactions in such currency, in each case without set-off
or counterclaim. The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received.
Any payment received by the Administrative Agent after 2:00 P.M. Central time, shall be deemed received on the next succeeding Business
Day and any applicable interest or fee shall continue to accrue. If any payment hereunder (other than payments on the Eurodollar Loans)
becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any
payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the
next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which
event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant
to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension. 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, the Borrower is prohibited by any Requirement of Law from making any required payment hereunder in an Alternative
Currency, the Borrower shall make such payment in Dollars in the Dollar Equivalent of the Alternative Currency payment amount.

 

      (e)               
Unless the Administrative Agent shall have been notified in writing by any Lender prior to the date of any borrowing that such
Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative
Agent may assume that such Lender is making such amount available to the Administrative Agent on such date in accordance with Section
2, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such
amount is not in fact made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender and
the Borrower severally agree to pay to the Administrative Agent, on demand, such corresponding amount with interest thereon, for each
day from and including the date on which such amount is made available to the Borrower but excluding the date of payment to the Administrative
Agent, at (i) in the case of a payment to be made by such Lender, a rate equal to the greater of (A) the Federal Funds Effective
Rate, and (B) a rate reasonably determined by the Administrative Agent in accordance with banking industry rules on interbank compensation,
and with respect to any Alternative Currency, as is current market practice in such currency, and (ii) in the case of a payment to be
made by the Borrower, the rate per annum applicable to ABR Loans under the relevant Facility. If the Borrower and such Lender shall pay
such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the
Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable borrowing to
the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such borrowing. Any payment by
the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment
to the Administrative Agent.

 

      (f)                
Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the
Administrative Agent for the account of the Lenders or the Issuing Lenders hereunder that the Borrower will not make such payment, the
Administrative Agent may assume that the Borrower is making such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders or the applicable Issuing Lender, as the case may be, the amount due. In such event, if the
Borrower has not in fact made such payment, then each of the Lenders or the applicable Issuing Lender, as the case may be, severally agrees
to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such Issuing Lender, with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation and with respect to any Alternative Currency, as is current market practice in such currency.
Nothing herein shall be deemed to limit the rights of Administrative Agent or any Lender against any Loan Party.

 

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      (g)               
If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing
provisions of this Section 2, and such funds are not made available to the Borrower by the Administrative Agent because the conditions
to the applicable extension of credit set forth in Section 5.1 or Section 5.2 are not satisfied or waived in accordance
with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without
interest.

 

      (h)               
The obligations of the Lenders hereunder to (i) make Term Loans, (ii) make Revolving Loans, (iii) to fund its participations in
L/C Disbursements in accordance with its respective L/C Percentage, (iv) to fund its respective Swingline Participation Amount of any
Swingline Loan, and (v) to make payments pursuant to Section 9.7, as applicable, are several and not joint. The failure of any
Lender to make any such Loan, to fund any such participation or to make any such payment under Section 9.7 on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible
for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 9.7.

 

      (i)                
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.

 

      (j)                
If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal,
interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second,
toward payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal
then due to such parties.

 

      (k)              
If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise)
on account of the principal of or interest on any Loan made by it, its participation in the L/C Exposure or other obligations hereunder,
as applicable (other than pursuant to a provision hereof providing for non-pro rata treatment), in excess of its Term Percentage, Revolving
Percentage or L/C Percentage, as applicable, of such payment on account of the Loans or participations obtained by all of the Lenders,
such Lender shall forthwith advise the Administrative Agent of the receipt of such payment, and within five Business Days of such receipt
purchase (for cash at face value) from the other Term Lenders, Revolving Lenders or L/C Lenders, as applicable (through the Administrative
Agent), without recourse, such participations in the Term Loans or Revolving Loans made by them and/or participations in the L/C Exposure
held by them, as applicable, or make such other adjustments as shall be equitable, as shall be necessary to cause such purchasing Lender
to share the excess payment ratably with each of the other Lenders in accordance with their respective Term Percentages, Revolving Percentages
or L/C Percentages, as applicable; provided, however, that if all or any portion of such excess payment is thereafter recovered
by or on behalf of the Borrower from such purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent
of such recovery, but without interest. The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant
to this Section 2.16(k) may exercise all 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. No documentation other than notices
and the like referred to in this Section 2.16(k) shall be required to implement the terms of this Section 2.16(k). The Administrative
Agent shall keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased pursuant
to this Section 2.16(k) and shall in each case notify the Term Lenders, the Revolving Lenders or the L/C Lenders, as applicable,
following any such purchase. The provisions of this Section 2.16(k) shall not be construed to apply to (i) any payment made by
or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds
arising from the existence of a Defaulting Lender), (ii) the application of Cash Collateral provided for in Section 3.10, or (iii)
any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or sub-participations
in any L/C Exposure to any assignee or participant, other than an assignment to the Borrower or any Subsidiary thereof (as to which the
provisions of this Section shall apply unless such assignment is consented to by the Required Lenders). The Borrower consents on behalf
of itself and each other Loan Party to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any
Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Loan Party rights of setoff and counterclaim
with respect to such participation as fully as if such Lender were a direct creditor of each Loan Party in the amount of such participation.
For the avoidance of doubt, no amounts received by the Administrative Agent or any Lender from any Guarantor that is not a Qualified ECP
Guarantor shall be applied in partial or complete satisfaction of any Excluded Swap Obligations.

 

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      (l)                
Notwithstanding anything to the contrary in this Agreement, the Administrative Agent may, in its discretion at any time or from
time to time, without the Borrower’s request and even if the conditions set forth in Section 5.2 would not be satisfied,
make a Revolving Loan in an amount equal to the portion of the Obligations constituting overdue interest and fees and Swingline Loans
from time to time due and payable to itself, any Revolving Lender, the Swingline Lender or any Issuing Lender, and apply the proceeds
of any such Revolving Loan to those Obligations; provided that after giving effect to any such Revolving Loan, the aggregate outstanding
Revolving Loans will not exceed the Total Revolving Commitments then in effect.

 

2.17             
Illegality; Requirements of Law.

 

      (a)               
Illegality. If any Lender determines that any Requirement of Law has made it unlawful, or that any Governmental Authority
has asserted that it is unlawful, for such Lender to make, maintain or fund Loans whose interest is determined with reference to the Eurodollar
Rate, or to determine or charge interest rates based upon the Eurodollar 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 in the London interbank market, then, on notice thereof
by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Loans
or to convert ABR Loans to Eurodollar Loans shall be suspended; provided that such Lender shall make and continue ABR Loans in
a manner consistent with the terms hereof, and (ii) if such notice asserts the illegality of such Lender making or maintaining ABR Loans
the interest rate on which is determined by reference to the Eurodollar Rate component of the ABR, the interest on such ABR Loans of such
Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate
component of the ABR, in each case, until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving
rise to such determination no longer exist. Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a
copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Loans of such Lender to ABR Loans (the interest on
which ABR Loans of such Lender shall, if necessary to avoid the illegality, be determined by the Administrative Agent without reference
to the Eurodollar Rate component of the ABR), either on the last day of the Interest Period therefor, if such Lender may lawfully continue
to maintain such Eurodollar Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Loans,
and (y) if such notice asserts the illegality of such Lender determining or charging interest based upon the Eurodollar Rate, the Administrative
Agent shall, during the period of such suspension, compute the ABR applicable to such Lender without reference to the Eurodollar Rate
component of the ABR 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 based on the Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued
interest on the amount so prepaid or converted.

 

      (b)                Requirements of Law. If the adoption of or any change in any Requirement of Law or in the administration, interpretation,
implementation or application thereof by a Governmental Authority having jurisdiction or the making or issuance of any request, rule,
guidance or directive (whether or not having the force of law) by any Governmental Authority made subsequent to the date hereof:

 

   (i)           
shall 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;

 

   (ii)          
shall impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of or credit extended or participated in by, any Lender (except any reserve requirement
reflected in the Eurodollar Rate); or

 

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

 

and the result of any of the
foregoing is to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining Loans determined
with reference to the Eurodollar Rate or of maintaining its obligation to make such Loans, or to increase the cost to such Lender or such
other Recipient of issuing, maintaining or participating in Letters of Credit (or of maintaining its obligation to participate in or to
issue any Letter of Credit), or to reduce any amount receivable or received by such Lender or other Recipient hereunder in respect thereof
(whether in respect of principal, interest or any other amount), then, in any such case, upon the request of such Lender or other Recipient
(which request shall include an explanation of the basis for such request), the Borrower shall promptly pay such Lender or other Recipient,
as the case may be, any additional amounts necessary to compensate such Lender or other Recipient, as the case may be, for such increased
cost or reduced amount receivable. If any Lender becomes entitled to claim any additional amounts pursuant to this paragraph, it shall
promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled.

 

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

 

      (d)               
For purposes of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines,
or directives in connection therewith are deemed to have gone into effect and been adopted after the date of this Agreement, and (ii)
all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision
(or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each
case be deemed to be a change in any Requirement of Law, regardless of the date enacted, adopted or issued.

 

      (e)               
A reasonably detailed written certificate as to any additional amounts payable pursuant to paragraphs (b), (c), or (d) of this
Section submitted by any Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest
error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt of such certificate.
Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s
right to demand such compensation. Notwithstanding anything to the contrary in this Section 2.17, the Borrower shall not be required
to compensate a Lender pursuant to this Section 2.17 for any amounts incurred more than nine months prior to the date that such
Lender notifies the Borrower of the change in the Requirement of Law giving rise to such increased costs and reductions, and of such Lender’s
intention to claim compensation therefor; provided that if the circumstances giving rise to such claim have a retroactive effect,
then such nine-month period shall be extended to include the period of such retroactive effect. The obligations of the Borrower arising
pursuant to this Section 2.17 shall survive the Discharge of Obligations and the resignation of the Administrative Agent.

 

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2.18         
     Taxes. For purposes of this Section 2.18, the term “Lender” includes each
Issuing Lender and the term “applicable law” includes FATCA.

 

      (a)               
Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document
shall be made without deduction or withholding for any Taxes, except as required by applicable law and the Borrower shall, and shall cause
each other Loan Party, to comply with the requirements set forth in this Section 2.18. If any applicable law (as determined in
the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by
a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay
the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified
Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has
been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient
receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

      (b)                Payment
of Other Taxes. The Borrower shall, and shall cause each other Loan Party to, 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
applicable to such Loan Party.

 

      (c)               
Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant
to this Section 2.18, the Borrower shall, or shall cause such other Loan Party to, deliver to the Administrative Agent the original
or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment
or other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

      (d)               
Indemnification by Loan Parties. The Borrower shall, and shall cause each other Loan Party to, jointly and severally indemnify
each Recipient, within 10 days after demand therefor for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed
or asserted on or attributable to amounts payable under this Section 2.18) payable or paid by such Recipient or required to be
withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto (including
any recording and filing fees with respect thereto or resulting therefrom and any liabilities with respect to, or resulting from, any
delay in paying such Indemnified Taxes), whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy
to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest
error. For avoidance of doubt, if any Loan Party fails to pay any Taxes when due to the appropriate taxing authority or fails to remit
to the Administrative Agent the required receipts or other required documentary evidence, such Loan Party shall indemnify the Administrative
Agent and the Lenders for any incremental taxes, interest or penalties that may become payable by the Administrative Agent or any Lender
as a result of any such failure.

 

      (e)               
Indemnification by Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand
therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes
attributable to such Lender’s failure to comply with the provisions of Section 10.6 relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent
in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes
the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise
payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this
paragraph (e).

 

      (f)                
Status of Lenders.

 

   (i)             Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by
the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested
by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender
is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 2.18(f)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if the Lender is not legally entitled to complete, execute or deliver such
documentation or, 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 the Borrower is a U.S. Person,

 

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

 

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

 

     (1)          
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, copies of executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E 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 or IRS Form W-8BEN-E 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;

 

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

 

     (3)          
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or Section 881(c)
of the Code, (x) a certificate substantially in the form of Exhibit F-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section
881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S.
Tax Compliance Certificate”) and (y) copies of executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E; or

 

     (4)          
to the extent a Foreign Lender is not the beneficial owner, copies of executed originals of IRS Form W-8IMY, accompanied by IRS
Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-2 or
Exhibit F-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 F-4 on behalf
of each such direct and indirect partner;

 

    (C)          
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), copies of executed
originals 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 law to permit the Borrower or the
Administrative Agent to determine the withholding or deduction required to be made; and

 

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    (D)            if a payment made to a Lender under any Loan Document would be subject to withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and
at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower
or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA
and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount, if any, 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.

 

   (iii)           Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect,
it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability
to do so. Each Foreign Lender shall promptly notify the Borrower at any time it determines that it is no longer in a position to provide
any previously delivered certificate to the Borrower (or any other form of certification adopted by the U.S. taxing authorities for such
purpose). Notwithstanding any other provision of this paragraph, a Foreign Lender shall not be required to deliver any form pursuant to
this paragraph that such Foreign Lender is not legally able to deliver.

 

      (g)               
Treatment of Certain Refunds. If any party determines, in its reasonable discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.18 (including by the payment of additional
amounts pursuant to this Section 2.18), it shall pay to the indemnifying party an amount equal to such refund (but only to the
extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party
the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant
to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified
party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not
be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it
deems confidential) to the indemnifying party or any other Person.

 

      (h)               
Survival. Each party’s obligations under this Section 2.18 shall survive the resignation or replacement of
the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments, and the Discharge
of Obligations.

 

2.19            
Indemnity. The Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense that
such Lender may sustain or incur as a consequence of (a) a default by the Borrower in making a borrowing of, conversion into or continuation
of Eurodollar Loans after the Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (b)
a default by the Borrower in making any prepayment of or conversion from Eurodollar Loans after the Borrower has given a notice thereof
in accordance with the provisions of this Agreement, or (c) for any reason, the making of a prepayment of Eurodollar Loans on a day that
is not the last day of an Interest Period with respect thereto. Such losses and expenses shall be equal to the excess, if any, of (i)
the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, reduced, converted or continued, for the
period from the date of such prepayment or of such failure to borrow, reduce, convert or continue to the last day of such Interest Period
(or, in the case of a failure to borrow, reduce, convert or continue, the Interest Period that would have commenced on the date of such
failure) in each case at the applicable rate of interest or other return for such Loans provided for herein (excluding, however, the Applicable
Margin included therein, if any), over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to
such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank eurodollar market.
A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence
of manifest error. This covenant shall survive the Discharge of Obligations.

 

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2.20            
Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section
2.17(a), Section 2.17(b), Section 2.17(c), Section 2.18(a), Section 2.18(b) or Section 2.18(d)
with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of
such Lender) to designate a different lending office for funding or booking its Loans affected by such event or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, in each case, with the object of avoiding the consequences of
such event; provided that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its
lending office(s) to suffer no economic, legal, regulatory or other disadvantage; provided further that nothing in this Section
shall affect or postpone any of the obligations of the Borrower or the rights of any Lender pursuant to Section 2.17(a), Section
2.17(b), Section 2.17(c), Section 2.18(a), Section 2.18(b) or Section 2.18(d). The Borrower hereby agrees
to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment made at the request
of the Borrower.

 

2.21            
Substitution of Lenders. Upon the receipt by the Borrower of any of the following (or in the case of clause (a) below, if the
Borrower is required to pay any such amount), with respect to any Lender (any such Lender described in clauses (a) through (d) below being
referred to as an “Affected Lender” hereunder):

 

      (a)                
a request from a Lender for payment of Indemnified Taxes or additional amounts under Section 2.18 or of increased costs
pursuant to Section 2.17 (and, in any such case, such Lender has declined or is unable to designate a different lending office
in accordance with Section 2.20 or is a Non-Consenting Lender);

 

      (b)               
a notice from the Administrative Agent under Section 10.1(b) that one or more Minority Lenders are unwilling to agree to
an amendment or other modification approved by the Required Lenders and the Administrative Agent;

 

      (c)                
notice from the Administrative Agent that a Lender is a Defaulting Lender; or

 

     
(d)                notice
from a Lender that a Requirement of Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful,
for such Lender to make, maintain, or fund Loans whose interest is determined with reference to the Eurodollar Rate (and, in any
such case, such Lender has declined or is unable to designate a different lending office in accordance with Section
2.20);

 

then the Borrower may, at its
sole expense and effort, upon notice to the Administrative Agent and such Affected Lender: (i) request that one or more of the other Lenders
acquire and assume all or part of such Affected Lender’s Loans and Commitments; or (ii) designate a replacement lending institution
(which shall be an Eligible Assignee) to acquire and assume all or a ratable part of such Affected Lender’s Loans and Commitments
(the replacing Lender or lender in (i) or (ii) being a “Replacement Lender”); provided, however,
that the Borrower shall be liable for the payment upon demand of all costs and other amounts arising under Section 2.19 that result
from the acquisition of any Affected Lender’s Loan and/or Commitments (or any portion thereof) by a Lender or Replacement Lender,
as the case may be, on a date other than the last day of the applicable Interest Period with respect to any Eurodollar Loans then outstanding.
The Affected Lender replaced pursuant to this Section 2.21 shall be required to assign and delegate, without recourse, all of its
interests, rights other than its existing rights to payments pursuant to Section 2.17 and Section 2.18 and obligations under
this Agreement and the related Loan Documents to one or more Replacement Lenders that so agree to acquire and assume all or a ratable
part of such Affected Lender’s Loans and Commitments upon payment to such Affected Lender of an amount (in the aggregate for all
Replacement Lenders) equal to 100% of the outstanding principal of the Affected Lender’s Loans, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder and under the other Loan Documents from such Replacement Lenders (to the extent of
such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts, including amounts under Section
2.19 hereof). Any such designation of a Replacement Lender shall be effected in accordance with, and subject to the terms and conditions
of, the assignment provisions contained in Section 10.6 (with the assignment fee to be paid by the Borrower in such instance),
and, if such Replacement Lender is not already a Lender hereunder or an Affiliate of a Lender or an Approved Fund, shall be subject to
the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld). Notwithstanding the foregoing,
with respect to any assignment pursuant to this Section 2.21, (a) in the case of any such assignment resulting from a claim for
compensation under Section 2.17 or payments required to be made pursuant to Section 2.18, such assignment shall result in
a reduction in such compensation or payments thereafter; (b) such assignment shall not conflict with applicable law and (c) in the case
of any assignment resulting from a Lender being a Minority Lender referred to in clause (b) of this Section 2.21, the applicable
assignee shall have consented to the applicable amendment, waiver or consent. Notwithstanding the foregoing, an Affected Lender shall
not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Affected Lender or otherwise,
the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

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2.22           
   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 such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

 

   (i)            
Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with
respect to this Agreement shall be restricted as set forth in Section 10.1 and in the definition of Required Lenders.

 

   (ii)             Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent
for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8 or otherwise, and
including any amounts made available to the Administrative Agent by such Defaulting Lender pursuant to Section 10.7), shall be
applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts
owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts
owing by such Defaulting Lender to any Issuing Lender or to the Swingline Lender hereunder; third, to be held as Cash Collateral
for the funding obligations of such Defaulting Lender of any participation in any Letter of Credit; fourth, as the Borrower may
request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has
failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined
by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting
Lender’s potential future funding obligations with respect to Loans under this Agreement, and (y) be held as Cash Collateral for
the future funding obligations of such Defaulting Lender of any participation in any future Letter of Credit; sixth, to the payment
of any amounts owing to any L/C Lender, any Issuing Lender or the Swingline Lender as a result of any judgment of a court of competent
jurisdiction obtained by any L/C Lender, any Issuing Lender or the Swingline Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default has
occurred and is continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under
this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided
that if (A) such payment is a payment of the principal amount of any Loans or L/C Advances in respect of which such Defaulting Lender
has not fully funded its appropriate share and (B) such Loans or L/C Advances were made at a time when the conditions set forth in Section
5.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Advances 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 Advances owed to, such Defaulting Lender until
such time as all Loans and funded and unfunded participations in L/C Advances and Swingline Loans are held by the Lenders pro rata in
accordance with the Commitments under the applicable Facility without giving effect to Section 2.22(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 2.22(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each
Lender irrevocably consents hereto.

 

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(iii)             
Certain Fees.

 

    (A)             
No Defaulting Lender shall be entitled to receive any fee pursuant to Section 2.8(a) for any period during which such Lender
is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been
paid to such Defaulting Lender).

 

    (B)              
Each Defaulting Lender shall be limited in its right to receive Letter of Credit Fees as provided in Section 3.3(d).

 

    (C)              
With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (B) above, the Borrower
shall (x) pay to each Non-Defaulting Lender that portion of any such Letter of Credit Fee otherwise payable to such Defaulting Lender
with respect to such Defaulting Lender’s participation in Letters of Credit that has been reallocated to such Non-Defaulting Lender
pursuant to clause (iv) below, (y) pay to the applicable Issuing Lender the amount of any such Letter of Credit Fee otherwise payable
to such Defaulting Lender to the extent allocable to such Issuing Lender’s Fronting Exposure to such Defaulting Lender, and (z)
not be required to pay the remaining amount of any such Letter of Credit Fee, as applicable.

 

(iv)              
Reallocation of Pro Rata Share to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender, for
purposes of computing the amount of the obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters
of Credit pursuant to Section 3.4 or in Swingline Loans pursuant to Section 2.7(c), the L/C Percentage of each Non-Defaulting
Lender of any such Letter of Credit and the Revolving Percentage of each Non-Defaulting Lender of any such Swingline Loan, as the case
may be, shall be computed without giving effect to the Revolving Commitment of such Defaulting Lender; provided that, (A) each
such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Event of Default has
occurred and is continuing; (B) the aggregate obligations of each Non-Defaulting Lender to acquire, refinance or fund participations in
Letters of Credit and Swingline Loans shall not exceed the positive difference, if any, of (1) the Revolving Commitment of that non-Defaulting
Lender minus (2) the aggregate outstanding amount of the Revolving Loans of that Lender plus the aggregate amount of that
Lender’s L/C Percentage of then outstanding Letters of Credit plus the aggregate amount of that Lender’s Revolving
Percentage of then outstanding Swingline Loans that have not been converted into Revolving Loans, and (C) the conditions set forth in
Section 5.2 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative
Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time). Subject
to Section 10.23, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a
Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result
of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)               
Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (iv) above cannot, or can only partially,
be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline
Loans in an amount equal to the Swingline Lender’s Fronting Exposure, and (y) second, Cash Collateralize the Issuing Lenders’
Fronting Exposure in accordance with the procedures set forth in Section 3.10.

 

      (b)                Defaulting
Lender Cure. If the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Lenders agree in writing in their
reasonable 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), such Lender will, to the extent applicable, purchase
at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine
to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held on a
pro rata basis by the Lenders in accordance with their respective Revolving Percentages, L/C Percentages and Term Percentages, as
applicable (without giving effect to Section 2.22(a)(iv), whereupon such Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while
such 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 such Lender having been a Defaulting Lender.

 

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

 

(d)               
Termination of Defaulting Lender. The Borrower may terminate the unused amount of the Revolving Commitment of any Revolving
Lender that is a Defaulting Lender upon not less than ten Business Days’ prior notice to the Administrative Agent (which shall promptly
notify the Lenders thereof), and in such event the provisions of Section 2.22(a)(ii) will apply to all amounts thereafter paid
by the Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity
or other amounts); provided that (i) no Event of Default shall have occurred and be continuing, and (ii) such termination shall
not be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent, any Issuing Lender, the Swingline Lender
or any other Lender may have against such Defaulting Lender.

 

2.23          Notes. If so requested by any Lender by written notice to the Borrower (with a copy to the Administrative Agent), the Borrower
shall execute and deliver to such Lender (and/or, if applicable and if so specified in such notice, to any Person who is an assignee of
such Lender pursuant to Section 10.6) (promptly after the Borrower’s receipt of such notice) a Note or Notes to evidence
such Lender’s Loans.

 

2.24          Incremental Loans and Commitments.

 

(a)                  Incremental Loans and Commitments. At any time during the period commencing on the Closing Date and ending on the Business
Day prior to the Term Loan Maturity Date, provided no Default or Event of Default has occurred and is continuing and subject to the conditions
set forth in clause (d) below, upon notice to the Administrative Agent, the Borrower may, from time to time, request (i) an increase in
the aggregate principal amount of the Term Loans then outstanding (each, a “Term Commitment Increase”), (ii)
the addition of one or more new term loan facilities (which may take the form of a “term loan B” facility) (any Term Loan
under clauses (i) and (ii), an “Incremental Term Loan” and, collectively, the “Incremental Term
Loans”) from one or more existing Lenders and/or from other Eligible Assignees reasonably acceptable to the Administrative
Agent and the Borrower and (iii) new revolving credit commitments under this Agreement on the terms set forth in this Section 2.24
(each, an “Incremental Revolving Credit Commitment” and, the Loans thereunder, the “Incremental
Revolving Loans” and together with the Incremental Term Loans, the “Incremental Loans”). The aggregate
original principal amount for all such Incremental Term Loans, together with any Incremental Revolving Credit Commitments established
at any time, shall not exceed the Incremental Cap. Any Incremental Term Loan or Incremental Revolving Credit Commitment shall be in a
minimum amount of $5,000,000 (or such lower amount that represents all remaining Incremental Term Loan and Incremental Revolving Credit
Commitment availability under this Section 2.24(a)) and integral multiples of $1,000,000 in excess thereof (or such lower amount
that represents all remaining Incremental Term Loan and Incremental Revolving Credit Commitment availability under this Section 2.24(a)).

 

(b)                
Lender Election to Increase; Prospective Lenders. No Lender shall be obligated to participate in any Incremental Term Loan
or Incremental Revolving Credit Commitment. The Borrower may invite any prospective lender that satisfies the criteria of being an “Eligible
Assignee” to become a Lender pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative
Agent in connection with the proposed Incremental Term Loan and, if applicable, the proposed Incremental Revolving Credit Commitment (provided
that the joinder of any such “Lender” for the purpose of providing all or any portion of any such Incremental Term Loan shall
not require the consent of any other Lender (including any other “Lender” that is joining this Agreement) to provide all or
part of such Incremental Term Loan).

 

(c)                  Effective Date and Allocations. If an Incremental Term Loan or Incremental Revolving Credit Commitment is to be made or
established in accordance with this Section 2.24, the Borrower shall determine the effective date (the “Increase Effective
Date”) and the final allocation of such Incremental Term Loan and, if applicable, Incremental Revolving Credit Commitment
among the Lenders.

 

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(d)             Conditions Precedent. Each of the following shall be the only conditions precedent to the making of an Incremental Term
Loan and establishment of any Incremental Revolving Credit Commitment:

 

(i)                 The
Borrower shall deliver to the Administrative Agent a certificate of the Borrower, dated as of the Increase Effective Date, signed by
a Responsible Officer of the Borrower and certifying the attachment of the resolutions adopted by each Loan Party, if any, approving
or consenting to such Incremental Term Loan and, if applicable, Incremental Revolving Credit Commitment or, as applicable, the guaranty
of the Obligations of the Borrower in respect thereof.

 

(ii)                Each of the conditions precedent set forth in Sections 5.2(a) - (c) shall
be satisfied (subject to Section 1.5 with respect to a Limited Condition Acquisition).

 

(iii)               The Borrower shall demonstrate to the reasonable satisfaction of the Administrative Agent (including by delivery of the Compliance
Certificate contemplated by clause (iv) immediately below) that the Incremental Cap would not be exceeded (or, prior to the date financial
statements are first delivered to the Administrative Agent pursuant to Section 6.1, as set forth in the Pro Forma Financial Statements),
but giving effect, on a pro forma basis, to the requested Incremental Term Loan and, if applicable, Incremental Revolving Credit
Commitment (as if such requested Incremental Term Loan had been made on such day and assuming the full amount available under any Incremental
Revolving Credit Commitment is drawn and excluding the cash proceeds of any such Incremental Term Loans or Incremental Revolving Credit
Commitments).

 

(iv)              The Borrower shall have delivered to the Administrative Agent a Compliance Certificate certifying as to compliance with the requirements
of clauses (ii) and (iii) above, together with all reasonably detailed calculations evidencing compliance with clause (iii) above.

 

(v)              
The Borrower shall (x) deliver to any Lender providing any portion of any such newly requested Incremental Term Loan or Incremental
Revolving Credit Commitment any new or replacement Notes requested by such Lender, and (y) have executed any amendments to this Agreement
and the other Loan Documents as may be reasonably required by the Administrative Agent to effectuate the provisions of this Section
2.24, including, if applicable, any amendment that may be necessary to ensure and demonstrate that the Liens and security interests
granted by the Loan Documents are perfected under the UCC or other applicable law to secure the Obligations in respect of such Incremental
Term Loans and, if applicable, Incremental Revolving Credit Commitments.

 

(vi)              The Borrower shall have paid to the Administrative Agent any fees (including any upfront fees) required to be paid pursuant to
the terms of any fee letter in connection with such Incremental Term Loan and, if applicable, Incremental Revolving Credit Commitment
and shall have paid to any Lender any fees required to be paid to such Lender in connection with such Incremental Term Loan and, if applicable,
Incremental Revolving Credit Commitment.

 

(vii)             Solely in connection with any such Incremental Term Loan and, if applicable, Incremental Revolving Credit Commitment that is being
requested by the Borrower for the sole purpose of financing the consideration payable by the Borrower in connection with a Permitted Acquisition
undertaken from and after the Closing Date, the Borrower shall demonstrate to the reasonable satisfaction of the Administrative Agent
that such acquisition is a Permitted Acquisition.

 

(viii)            If any such Incremental Term Loan is to be secured by a Lien on Collateral ranking junior to any Lien securing the Obligations,
an intercreditor agreement in the form reasonably satisfactory to the Administrative Agent.

 

(e)             Distribution
of Revised Commitments Schedule. The Administrative Agent shall promptly distribute to the parties an amended Schedule 1.1A
(which shall be deemed incorporated into this Agreement), to reflect the addition of any new Lenders that have provided a portion of
any such Incremental Term Loan and, if applicable, Incremental Revolving Credit Commitment, and the respective Term Percentages of the
Term Lenders resulting therefrom and Revolving Percentages of the Revolving Lenders resulting therefrom.

 

(f)              Conflicting
Provisions. This Section shall supersede any provisions in Section 2.16 or Section 10.1 to the contrary.

 

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(g)           
Incremental Loans as Loans. Subject to the provisions of clause (h) of this Section 2.24, any Incremental Term Loans
provided pursuant to a Term Commitment Increase shall, for purposes of principal repayment and interest, be treated substantially the
same as the Initial Term Loans funded on the Closing Date, and shall be made on the same terms (including with respect to pricing, and
maturity date) as the Initial Term Loans. Any Incremental Revolving Credit Commitments and Incremental Revolving Loans shall, for purposes
of principal repayment and interest, be treated the same as the Revolving Commitments and Revolving Loans on the Closing Date, and shall
be made on the same terms (including with respect to pricing, commitment fees and maturity date) as the Revolving Loans and the Revolving
Commitments in effect on the Closing Date.

 

(h)            
Terms of Incremental Loans. The Incremental Term Loans provided pursuant to a Term Commitment Increase shall, for purposes
of prepayments, be treated substantially the same as any previously funded Term Loans and shall have the same terms as such previously
funded Term Loans, except for terms not more restrictive to the Borrower and its Subsidiaries, as may be mutually agreed among the Borrower
and the Lenders providing such Incremental Term Loans; provided that, in any case, (x) no Incremental Term Loan shall have a final
maturity date that is earlier than the Term Loan Maturity Date, (y) the amortization schedule relating to any Incremental Term Loan provided
pursuant to a Term Commitment Increase shall not have a Weighted Average Life to Maturity that is shorter than the remaining Weighted
Average Life to Maturity of any previously funded Term Loan, and (z) to the extent the initial yield (including any original issue discount
or similar yield-related discounts, deductions or payments but excluding any customary arrangement or commitment fees payable to the Administrative
Agent) applicable to any Incremental Term Loan secured by any Lien on the Collateral ranking pari passu with any Lien securing
the Obligations is higher than the initial yield applicable to Term Loans funded on the Closing Date (without giving effect to the application
of any Default Rate), by more than 0.50%, the Borrower shall enter into an amendment to this Agreement to increase the Applicable Margin
applicable to such Term Loans other than such Incremental Term Loan, to the extent necessary so that the Applicable Margin on such Incremental
Term Loan is no more than 0.50% greater than the applicable margin related to such previously funded Term Loans (the “MFN
Protection”).

 

2.25          Effect
of Benchmark Transition Event.

 

(a)             The interest rate on Eurodollar Loans is determined by reference to the Eurodollar Base Rate, which is derived from the London
interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term
borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the
end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together
with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank
offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may
no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurocurrency Loans. In light of this eventuality,
public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place
of the London interbank offered rate. Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in
Election, this Section 2.25 provides a mechanism for determining an alternative rate of interest. The Administrative Agent will
promptly notify the Borrower, pursuant to this Section 2.25, of any change to the reference rate upon which the interest rate on
Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any
liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates
in the definition of “Eurodollar Base Rate” or with respect to any alternative or successor rate thereto, or replacement rate
thereof including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to this Section
2.25, whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, and (ii)
the implementation of any Benchmark Replacement Conforming Changes pursuant to this Section 2.25, including without limitation,
whether the composition or characteristics of any such alternative, successor or replacement reference rate, will be similar to, or produce
the same value or economic equivalence of, the Eurodollar Rate or have the same volume or liquidity as did the London interbank offered
rate prior to its discontinuance or unavailability.

 

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(b)            
Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or an Early Opt-in
Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting
of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) 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 Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any
amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement
is determined in accordance with clause (3) 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 Loan 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 Loan
Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement
from Lenders comprising the Required Lenders.

 

(c)             Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph,
if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any
setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes
hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to,
or further action or consent of any other party to, this Agreement or any other Loan Document; provided that, this clause (b)(ii)
shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. For the avoidance
of doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do so
in its sole discretion.

 

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

 

(e)             The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event,
Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation
of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement
of any tenor of a Benchmark pursuant to clause (d) below and (v) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders)
pursuant to this Section 2.25 including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and
binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement
or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.25.

 

(f)              Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation
of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or Eurodollar Base 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 Administrative 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 or will be no longer representative,
then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time
to remove such unavailable or non-representative tenor 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 or will no longer be representative for a Benchmark (including a Benchmark Replacement),
then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time
to reinstate such previously removed tenor.

 

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(g)            
Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any
request for a Eurocurrency Borrowing of, conversion to or continuation of Eurocurrency Loans to be made, converted or continued during
any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for
a Borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current
Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable,
will not be used in any determination of ABR.

 

SECTION
3

LETTERS OF CREDIT

 

3.1           
L/C Commitment.

 

(a)             Subject
to the terms and conditions hereof, each Issuing Lender agrees to issue letters of credit (each, a “Letter of Credit”
and, collectively, the “Letters of Credit”) for the account of the Borrower on any Business Day during the
Letter of Credit Availability Period in such form as may reasonably be approved from time to time by such Issuing Lender; provided
that no Issuing Lender shall have any obligation to issue any Letter of Credit if, after giving effect to such issuance, either the
L/C Exposure would exceed the Total L/C Commitments or the Available Revolving Commitments would be less than zero. Each Letter of Credit
shall (i) be denominated in Dollars, Euros or Canadian Dollars, and (ii) expire no later than the earlier of (x) the first anniversary
of its date of issuance and (y) the Letter of Credit Maturity Date, provided that any Letter of Credit with a one-year term may
provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause
(y) above). For the avoidance of doubt, no commercial letters of credit shall be issued by any Issuing Lender to any Person under this
Agreement.

 

(b)            
No Issuing Lender shall at any time be obligated to issue any Letter of Credit if:

 

(i)                such
issuance would conflict with, or cause such Issuing Lender or any L/C Lender to exceed any limits imposed by, any applicable Requirement
of Law;

 

(ii)               
any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such
Issuing Lender from issuing, amending or reinstating such Letter of Credit, or any law, rule or regulation applicable to such Issuing
Lender or any request, guideline or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction
over such Issuing Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance, amendment, renewal or reinstatement
of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Lender with respect to such Letter
of Credit any restriction, reserve or capital requirement (for which such Issuing Lender is not otherwise compensated) not in effect on
the Closing Date, or shall impose upon such Issuing Lender any unreimbursed loss, cost or expense which was not applicable on the Closing
Date and which such Issuing Lender in good faith deems material to it;

 

(iii)              such Issuing Lender has received written notice from any Lender, the Administrative Agent or the Borrower, at least one Business
Day prior to the requested date of issuance, amendment, renewal or reinstatement of such Letter of Credit, that one or more of the applicable
conditions contained in Section 5.2 shall not then be satisfied (which notice shall contain a description of any such condition
asserted not to be satisfied);

 

(iv)              any requested Letter of Credit is not in form and substance acceptable to such Issuing Lender, or the issuance, amendment or renewal
of a Letter of Credit shall violate any applicable laws or regulations or any applicable policies of such Issuing Lender;

 

(v)             
such Letter of Credit contains any provisions providing for automatic reinstatement of the stated amount after any drawing thereunder;

 

(vi)              except as otherwise agreed by the Administrative Agent and such Issuing Lender, such Letter of Credit is in an initial face amount
less than the Dollar Equivalent of $100,000; or

 

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(vii)            
any Lender is at that time a Defaulting Lender, unless such Issuing Lender has entered into arrangements, including the delivery
of Cash Collateral pursuant to Section 3.10, satisfactory to such Issuing Lender (in its sole discretion) with the Borrower or
such Defaulting Lender to eliminate such Issuing Lender’s actual or potential Fronting Exposure (after giving effect to Section
2.22(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or such Letter
of Credit and all other L/C Exposure as to which such Issuing Lender has actual or potential Fronting Exposure, as it may elect in its
sole discretion.

 

3.2            Procedure for Issuance of Letters of Credit. The Borrower may from time to time request that any Issuing Lender issue a Letter
of Credit for the account of the Borrower by delivering to the applicable Issuing Lender at its address for notices specified herein an
Application therefor, completed to the satisfaction of the applicable Issuing Lender, and such other certificates, documents and other
papers and information as the applicable Issuing Lender may request. Upon receipt of any Application, the applicable Issuing Lender will
process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance
with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall any Issuing Lender
be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all such
other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the
beneficiary thereof or as otherwise may be agreed to by the applicable Issuing Lender and the Borrower. Each Issuing Lender shall furnish
a copy of such Letter of Credit to the Borrower promptly following the issuance thereof. Each Issuing Lender shall promptly furnish to
the Administrative Agent, which shall in turn promptly furnish to the Lenders, notice of the issuance (or amendment, renewal or extension)
of each Letter of Credit (including the amount thereof).

 

3.3           
Fees and Other Charges.

 

(a)             The
Borrower agrees to pay, in Dollars, with respect to each outstanding Letter of Credit issued for the account of (or at the request of)
the Borrower, (i) a fronting fee of 0.125% per annum on the Dollar Equivalent of the daily amount available to be drawn under each such
Letter of Credit to the applicable Issuing Lender for its own account (a “Letter of Credit Fronting Fee”),
(ii) a letter of credit fee equal to the Applicable Margin relating to Letters of Credit multiplied by the Dollar Equivalent of
the daily amount available to be drawn under each such Letter of Credit on the drawable amount of such Letter of Credit to the Administrative
Agent for the ratable account of the L/C Lenders (determined in accordance with their respective L/C Percentages) (a “Letter
of Credit Fee”), and (iii) each Issuing Lender’s standard and reasonable fees with respect to the issuance, amendment,
renewal or extension of any Letter of Credit issued for the account of (or at the request of) the Borrower or processing of drawings
thereunder (the fees in this clause (iii), collectively, the “Issuing Lender Fees”). The Issuing Lender Fees
shall be paid when required by the applicable Issuing Lender, and the Letter of Credit Fronting Fee and the Letter of Credit Fee shall
be payable quarterly in arrears on the last Business Day of March, June, September and December of each year and on the Letter of Credit
Maturity Date (each, an “L/C Fee Payment Date”) after the issuance date of such Letter of Credit. All Letter
of Credit Fronting Fees and Letter of Credit Fees shall be computed on the basis of the actual number of days elapsed in a year of 360
days.

 

(b)            
In addition to the foregoing fees, the Borrower shall pay or reimburse each Issuing Lender, in Dollars, for the Dollar Equivalent
of such customary and documented costs and expenses as are incurred or charged by such Issuing Lender in issuing, negotiating, effecting
payment under, amending or otherwise administering any Letter of Credit.

 

(c)             The
Borrower shall furnish to the applicable Issuing Lender and the Administrative Agent such other documents and information pertaining
to any requested Letter of Credit issuance, amendment or renewal, including any L/C-Related Documents, as such Issuing Lender or the
Administrative Agent may require. This Agreement shall control in the event of any conflict with any L/C-Related Document (other than
any Letter of Credit).

 

(d)            
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 Issuing Lender pursuant to Section 3.10
shall be payable, to the maximum extent permitted by applicable law, in accordance with Section 2.21(a)(iii)(C).

 

(e)             All fees payable pursuant to this Section 3.3 shall be fully-earned on the date paid and shall not be refundable for any
reason.

 

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3.4          
L/C Participations. Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Lender, and, to induce such
Issuing Lender to issue Letters of Credit, each L/C Lender irrevocably agrees to accept and purchase and hereby accepts and purchases
from such Issuing Lender, on the terms and conditions set forth below, for such L/C Lender’s own account and risk an undivided interest
equal to such L/C Lender’s L/C Percentage in such Issuing Lender’s obligations and rights under and in respect of each Letter
of Credit and the amount of each draft paid by such Issuing Lender thereunder. Each L/C Lender agrees with such Issuing Lender that, if
a draft is paid under any Letter of Credit for which such Issuing Lender is not reimbursed in full by the Borrower pursuant to Section
3.5(a), such L/C Lender shall pay to such Issuing Lender upon demand at such Issuing Lender’s address for notices specified
herein an amount equal to such L/C Lender’s L/C Percentage of the amount of such draft, or any part thereof, that is not so reimbursed.
Each L/C Lender’s obligation to pay such amount shall be absolute and unconditional and shall not be affected by any circumstance,
including (i) any setoff, counterclaim, recoupment, defense or other right that such L/C Lender may have against such Issuing Lender,
the Borrower or any other Person for any reason whatsoever, (ii) the occurrence of a Default or an Event of Default or the failure to
satisfy any of the other conditions specified in Section 5.2, (iii) any adverse change in the condition (financial or otherwise)
of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other L/C Lender,
or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

 

3.5           
Reimbursement.

 

(a)             If
any Issuing Lender shall make any L/C Disbursement in respect of a Letter of Credit, such Issuing Lender shall notify the Borrower and
the Administrative Agent thereof and the Borrower shall pay or cause to be paid to such Issuing Lender an amount equal to the Dollar
Equivalent of the entire amount of such L/C Disbursement not later than (i) the immediately following Business Day if such Issuing Lender
issues such notice before 12:00 P.M. Central time on the date of such L/C Disbursement, or (ii) on the second following Business Day
if such Issuing Lender issues such notice at or after 12:00 P.M. Central time on the date of such L/C Disbursement. Each such payment
shall be made to such Issuing Lender at its address for notices referred to herein in Dollars and in immediately available funds.

 

(b)           
If any Issuing Lender shall not have received from the Borrower the payment that it is required to make pursuant to Section
3.5(a) with respect to a Letter of Credit within the time specified in such Section, such Issuing Lender will promptly notify the
Administrative Agent of the L/C Disbursement and the Administrative Agent will promptly notify each L/C Lender of such L/C Disbursement
and its L/C Percentage thereof, and each L/C Lender shall pay to such Issuing Lender upon demand in Dollars at such Issuing Lender’s
address for notices specified herein an amount equal to such L/C Lender’s L/C Percentage of the Dollar Amount of such L/C Disbursement
(and the Administrative Agent may apply Cash Collateral provided for this purpose) and upon such payment pursuant to this paragraph to
reimburse such Issuing Lender for any L/C Disbursement, the Borrower shall be required to reimburse the L/C Lenders for such payments
(including interest accrued thereon from the date of such payment until the date of such reimbursement at the rate applicable to Revolving
Loans that are ABR Loans plus 2% per annum) on demand; provided that if at the time of and after giving effect to such payment
by the L/C Lenders, the conditions to borrowings and Revolving Loan Conversions set forth in Section 5.2 are satisfied, the Borrower
may, by written notice to the Administrative Agent certifying that such conditions are satisfied and that all interest owing under this
paragraph has been paid, request that such payments by the L/C Lenders be converted into Revolving Loans (a “Revolving
Loan Conversion”), in which case, if such conditions are in fact satisfied, the L/C Lenders shall be deemed to have extended,
and the Borrower shall be deemed to have accepted, a Revolving Loan in the aggregate principal amount of the Dollar Equivalent of such
payment without further action on the part of any party, and the Total L/C Commitments shall be permanently reduced by such amount; any
amount so paid pursuant to this paragraph shall, on and after the payment date thereof, be deemed to be Revolving Loans for all purposes
hereunder; provided that such Issuing Lender, at its option, may effectuate a Revolving Loan Conversion regardless of whether the
conditions to borrowings and Revolving Loan Conversions set forth in Section 5.2 are satisfied.

 

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3.6           
Obligations Absolute. The Borrower’s obligations under this Section 3 shall be absolute and unconditional under
any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against
any Issuing Lender, any beneficiary of a Letter of Credit or any other Person. The Borrower also agrees with the Issuing Lenders that
the Issuing Lenders shall not be responsible for, and the Borrower’s obligations hereunder shall not be affected by, among other
things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be
invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party
to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit
or any such transferee. No Issuing Lender shall be liable for any error, omission, interruption or delay in transmission, dispatch or
delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found
by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct
of such Issuing Lender. The Borrower agrees that any action taken or omitted by any Issuing Lender under or in connection with any Letter
of Credit or the related drafts or documents, if done in the absence of gross negligence or willful misconduct, shall be binding on the
Borrower and shall not result in any liability of such Issuing Lender to the Borrower.

 

In addition to amounts payable
as elsewhere provided in the Agreement, the Borrower hereby agrees to pay and to protect, indemnify, and save each Issuing Lender harmless
from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable attorneys’
fees and allocated costs of internal counsel) that such Issuing Lender may incur or be subject to as a consequence, direct or indirect,
of (a) the issuance of any Letter of Credit, or (b) the failure of any Issuing Lender or of any L/C Lender to honor a demand for payment
under any Letter of Credit thereof as a result of any act or omission, whether rightful or wrongful, of any present or future de jure
or de facto government or Governmental Authority, in each case other than to the extent solely as a result of the gross negligence or
willful misconduct of such Issuing Lender or such L/C Lender (as finally determined by a court of competent jurisdiction).

 

3.7          
Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the applicable Issuing Lender
shall promptly notify the Borrower and the Administrative Agent of the date and the Dollar, Canadian Dollar, or Euro, as applicable, amount
thereof. The responsibility of any Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter
of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that
the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity
with such Letter of Credit.

 

3.8           
Applications. To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the
provisions of this Section 3, the provisions of this Section 3 shall apply.

 

3.9           
Interim Interest. If any Issuing Lender shall make any L/C Disbursement in respect of a Letter of Credit, then, unless either
the Borrower shall have reimbursed such L/C Disbursement in full within the time period specified in Section 3.5(a) or the L/C
Lenders shall have reimbursed such L/C Disbursement in full on such date as provided in Section 3.5(b), in each case the unpaid
amount thereof shall bear interest for the account of such Issuing Lender, for each day from and including the date of such L/C Disbursement
to but excluding the earlier of the date of payment by the Borrower, at the rate per annum that would apply to such amount if such amount
were a Revolving Loan that is an ABR Loan; provided that the provisions of Section 2.13(c) shall be applicable to any such
amounts not paid when due.

 

3.10         Cash Collateral.

 

(a)             Certain
Credit Support Events. Upon the request of the Administrative Agent or any Issuing Lender (i) if such Issuing Lender has honored
any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Advance by all the L/C Lenders
that is not reimbursed by the Borrower or converted into a Revolving Loan pursuant to Section 3.5(b), or (ii) if, as of the Letter
of Credit Maturity Date, any L/C Exposure for any reason remains outstanding, the Borrower shall, in each case, promptly Cash Collateralize
the then effective L/C Exposure in an amount equal to 103% of such L/C Exposure.

 

At any time that there shall
exist a Defaulting Lender, within one Business Day following the request of the Administrative Agent or the applicable Issuing Lender
(with a copy to the Administrative Agent), the Borrower shall deliver to the Administrative Agent Cash Collateral in an amount sufficient
to cover 103% of the Fronting Exposure relating to Letters of Credit (after giving effect to Section 2.22(a)(iv) and any Cash Collateral
provided by such Defaulting Lender).

 

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(b)           
Grant of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall
be maintained in blocked, non-interest bearing deposit accounts with the Administrative Agent. The Borrower, and to the extent provided
by any Lender or Defaulting Lender, such Lender or Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative
Agent, for the benefit of the Administrative Agent, the Issuing Lenders and the L/C Lenders, and agrees to maintain, a first priority
security interest and Lien in all such Cash Collateral and in all proceeds thereof, as security for the Obligations to which such Cash
Collateral may be applied pursuant to Section 3.10(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 or any Issuing Lender as herein provided, or that the
total amount of such Cash Collateral is less than 103% of the applicable L/C Exposure, Fronting Exposure and other Obligations secured
thereby, the Borrower or the relevant Lender or Defaulting Lender, as applicable, will, promptly upon demand by the Administrative Agent,
pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving
effect to any Cash Collateral provided by such Defaulting Lender).

 

(c)             Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of
this Section 3.10, Section 2.22 or otherwise in respect of Letters of Credit shall be held and applied to the satisfaction
of the specific L/C Exposure, 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 otherwise be provided for herein.

 

(d)            
Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure in
respect of Letters of Credit or other Obligations shall no longer be required to be held as Cash Collateral pursuant to this Section
3.10 following (i) the elimination of the applicable Fronting Exposure and other Obligations giving rise thereto (including by the
termination of the Defaulting Lender status of the applicable Lender), or (ii) a determination by the Administrative Agent that there
exists excess Cash Collateral; provided, however, (A) that Cash Collateral furnished by or on behalf of a Loan Party shall
not be released during the continuance of an Event of Default, and (B) that, subject to Section 2.22, the Person providing such
Cash Collateral and the Issuing Lenders may agree that such Cash Collateral shall not be released but instead shall be held to support
future anticipated Fronting Exposure or other obligations, and provided further, that to the extent that such Cash Collateral was
provided by the Borrower or any other Loan Party, such Cash Collateral shall remain subject to any security interest and Lien granted
pursuant to the Loan Documents or any applicable Bank Services Agreement or FX Contract.

 

3.11          Additional Issuing Lenders. The Borrower may, at any time and from time to time with the consent of the Administrative Agent
(which consent shall not be unreasonably withheld, conditioned or delayed) and such Lender or Lenders, as applicable, designate one or
more additional Lenders to act as a Letter of Credit issuing bank under the terms of this Agreement. Any Lender designated as a Letter
of Credit issuing bank pursuant to this paragraph shall be deemed to be an “Issuing Lender” (in addition to
being a Lender) in respect of Letters of Credit issued or to be issued by such Lender, and, with respect to such Letters of Credit, such
term shall thereafter apply to the other Issuing Lenders and such Lender.

 

3.12          Resignation of the Issuing Lender. Any Issuing Lender may resign at any time by giving at least 60 days’ prior written
notice to the Administrative Agent, the Lenders and the Borrower. Subject to the next succeeding paragraph, upon the acceptance of any
appointment as an Issuing Lender hereunder by a Lender that shall agree to serve as successor Issuing Lender, such successor shall succeed
to and become vested with all the interests, rights and obligations of the retiring Issuing Lender and the retiring Issuing Lender shall
be discharged from its obligations to issue additional Letters of Credit hereunder without affecting its rights and obligations with respect
to Letters of Credit previously issued by it. At the time such resignation shall become effective, the Borrower shall pay all accrued
and unpaid fees pursuant to Section 3.3. The acceptance of any appointment as an Issuing Lender hereunder by a successor Lender
shall be evidenced by an agreement entered into by such successor, in a form satisfactory to the Borrower and the Administrative Agent,
and, from and after the effective date of such agreement, (i) such successor Lender shall have all the rights and obligations of the previous
Issuing Lender under this Agreement and the other Loan Documents (other than with respect to the rights of the retiring Issuing Lender
with respect to Letters of Credit issued by such retiring Issuing Lender) and (ii) references herein and in the other Loan Documents to
the term “Issuing Lender” shall be deemed to refer to such successor or to any previous Issuing Lender, or to such successor
and all previous Issuing Lenders, as the context shall require. After the resignation of an Issuing Lender hereunder, the retiring Issuing
Lender shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Lender under this Agreement
and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue
additional Letters of Credit or to extend, renew or increase any existing Letter of Credit.

 

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3.13          Applicability of ISP. Unless otherwise expressly agreed by any Issuing Lender and the Borrower when a Letter of Credit is issued
and subject to applicable laws, the Letters of Credit shall be governed by and subject to the rules of the ISP.

 

3.14          Notices. Each Issuing Lender shall furnish to the Administrative Agent, from time to time, within a reasonable time after written
request by the Administrative Agent, a summary report on the status of the Letters of Credit issued by such Issuing Lender, including
the outstanding amount of each such Letter of Credit, since the date of the most recent notice delivered pursuant to this Section 3.14,
any amendment to or increase or decrease in the outstanding amount of any Letters of Credit issued by such Issuing Lender, any Letters
of Credit issued by such Issuing Lender since the date of the most recent notice delivered pursuant to this Section 3.14 and such
other information as may be reasonably requested by the Administrative Agent.

 

SECTION
4

REPRESENTATIONS AND WARRANTIES

 

To induce the Administrative
Agent and the Lenders to enter into this Agreement, to make any requested Loans on the Closing Date and to make Loans and to issue the
Letters of Credit thereafter, each Loan Party hereby represents and warrants to the Administrative Agent and each Lender, as to itself,
each of its Subsidiaries, as applicable, that:

 

4.1            Financial Condition.

 

(a)             The
Pro Forma Financial Statements have been prepared giving effect (as if such events had occurred as of the last day of the fiscal quarter
of the Borrower ended June 30, 2021) to the consummation of the Transactions. The Pro Forma Financial Statements have been prepared in
good faith based on information available to the Borrower as of the date thereof, and present fairly in all material respects on a Pro
Forma Basis the estimated and projected consolidated financial position of Borrower and its Subsidiaries as of June 30, 2021, assuming
that the events specified in the preceding sentence had actually occurred at such date.

 

(b)           
The Annual Financial Statements of the Borrower reported on by and accompanied by an unqualified report from Grant Thornton LLP
and of the Target Parties reported on by and accompanied by an unqualified report from Reynolds + Rowella, LLP present fairly in all material
respects the consolidated financial condition of the Borrower and its Subsidiaries or the Targets and their Subsidiaries as at such date
(other than any qualifications as may be required as a result of (x) an actual or prospective default or event of default with respect
to a financial covenant under this Agreement and the definitive documentation governing any material Indebtedness (including the financial
covenant set forth in Section 7.1) or (y) the impending maturity of any material Indebtedness), and the consolidated results of
its operations and consolidated cash flows for the respective fiscal year then ended. The Interim Financial Statements of the Borrower
and its Subsidiaries present fairly in all material respects the consolidated financial condition of the Borrower and its Subsidiaries
as at such dates, and the consolidated results of its operations and its consolidated cash flows for the periods then ended (subject to
the absence of footnotes and normal year-end audit adjustments). All such financial statements, including the related schedules and notes
thereto and all financial statements delivered by the Borrower to the Administrative Agent pursuant to Section 6.1 have been prepared
in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants
and disclosed therein). None of any Group Member had, as of the Closing Date, any material Guarantee Obligations, contingent liabilities
and liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including any interest rate or Foreign
Currency swap or exchange transaction or other obligation in respect of derivatives, that, to the extent required to be shown in accordance
with GAAP, are not reflected in the most recent financial statements referred to in this paragraph, other than certain liabilities of
the Target Loan Parties for which indemnification is specifically provided for under the Acquisition Agreement or has been reflected as
a reduction in purchase price under the Acquisition Agreement.

 

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4.2          
No Change. Since June 30, 2021, there has been no development or event that has had or could reasonably be expected to have
a Material Adverse Effect.

 

4.3          
Existence; Compliance with Law. Each Loan Party (a) is duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization or incorporation, as applicable, (b) has the power and authority, and the legal right, to own
and operate its material property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged,
(c) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction where the
failure to be so qualified could reasonably be expected to have a Material Adverse Effect, and (d) is in material compliance with all
Requirements of Law except in such instances in which (i) such Requirement of Law is being contested in good faith by appropriate proceedings
diligently conducted and the prosecution of such contest could not reasonably be expected to result in a Material Adverse Effect, or (ii)
the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect.

 

4.4          
Power, Authorization; Enforceable Obligations. Each Loan Party has the power and authority, and the legal right, to make, deliver
and perform the Loan Documents to which it is a party and, in the case of the Borrower, to obtain extensions of credit hereunder. Each
Loan Party has taken all necessary organizational action to authorize the execution, delivery and performance of the Loan Documents to
which it is a party and, in the case of the Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement.
No Governmental Approval or consent or authorization of, filing with, notice to or other act by or in respect of, any other Person is
required in connection with the extensions of credit hereunder or in connection with the execution, delivery, performance, validity or
enforceability of this Agreement or any of the Loan Documents, except (i) the filings referred to in Section 4.19, and (ii) any
approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make could not
reasonably be expected to have a Material Adverse Effect. Each Loan Document has been duly executed and delivered on behalf of each Loan
Party thereto. This Agreement constitutes, and each other Loan Document constitutes or, upon execution will constitute, a legal, valid
and binding obligation of each Loan Party party thereto enforceable against each such Loan Party in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditors’ rights generally and by general equitable principles and principles of good faith and fair dealing (whether enforcement
is sought by proceedings in equity or at law).

 

4.5           
No Legal Bar. The execution, delivery and performance of this Agreement and the other Loan Documents, the issuance of Letters
of Credit, consummation of the Transactions, the borrowings hereunder and the use of the proceeds thereof will not violate any material
Requirement of Law or any Operating Document of any Loan Party or any material Contractual Obligation of any Loan Party and will not result
in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any material Requirement
of Law or any such material Contractual Obligation (other than the Liens created by the Security Documents). No Requirement of Law or
Contractual Obligation applicable to the Borrower or any of its Subsidiaries could reasonably be expected to have a Material Adverse Effect.

 

4.6            Litigation. No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or,
to the knowledge of the Borrower, threatened in writing by or against any Group Member or against any of their respective properties or
revenues (a) with respect to any of the Loan Documents or any of the Transactions contemplated hereby or thereby, or (b) except as specifically
described in Schedule 4.6, that could reasonably be expected to have a Material Adverse Effect. There has been no adverse change
in the status or financial effect on any Group Member of the matters described in Schedule 4.6.

 

4.7          
No Default. No Group Member is in default beyond applicable notice and cure periods under or with respect to any of its Contractual
Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred
and is continuing, nor shall either result from the making of a requested credit extension.

 

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4.8          
Ownership of Property; Liens; Investments. Each Group Member has title in fee simple to, or a valid leasehold interest in,
all of its real property, and good title to, or a valid leasehold interest in, all of its other material property, and none of such property
is subject to any Lien except as permitted by Section 7.3. No Loan Party owns any Investment except as permitted by Section
7.7. Other than as set forth in Schedule 4.8, no Loan Party owns any fee interest in real estate as of the date hereof. Section
10 of the Collateral Information Certificate sets forth a complete and accurate list of all leases of real property under which any Loan
Party is the lessee as of the date hereof.

 

4.9           
Intellectual Property. Each Group Member owns, or is licensed to use, all material Intellectual Property necessary for the
conduct of its business as currently conducted. No claim has been asserted and is pending by any Person challenging or questioning any
Group Member’s use of any Intellectual Property or the validity or effectiveness of any such Group Member’s Intellectual Property,
nor does the Borrower know of any valid basis for any such claim, unless such claim could not reasonably be expected to have a Material
Adverse Effect. To the knowledge of the Loan Parties, the use of Intellectual Property by each Group Member, and the conduct of such Group
Member’s business, as currently conducted, does not infringe on or otherwise violate the rights of any Person, unless such infringement
could not reasonably be expected to have a Material Adverse Effect, and, to the knowledge of the Borrower, there are no claims pending
or threatened in writing to such effect.

 

4.10          Taxes. Each Group Member has filed or caused to be filed all Federal, state and other tax returns and reports that are required
to be filed by it and has paid all federal, state, and other taxes, assessments, fees and other governmental charges levied or imposed
upon it or its properties, income or assets otherwise payable, except (a) Taxes that are being contested in good faith by appropriate
proceedings diligently conducted and with respect to which reserves in conformity with GAAP have been provided on the books of the relevant
Group Member or (b) to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect. No material
tax Lien has been filed against any Group Member (other than Liens permitted by Section 7.3(a)), and, to the knowledge of the Borrower,
no material claim is being asserted, with respect to any such tax, fee or other charge, as of the date hereof.

 

4.11          Federal Regulations. No part of the proceeds of any Loans, and no other extensions of credit hereunder, will be used (a) for
 “buying” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms
under Regulation U as now and from time to time hereafter in effect for any purpose that violates the provisions of the Regulations of
the Board or (b) for any purpose that violates the provisions of the Regulations of the Board. If requested by any Lender or the Administrative
Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the
requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U.

 

4.12         Labor Matters. Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are
no strikes or other labor disputes against any Group Member pending or, to the knowledge of the Borrower, threatened in writing; (b) hours
worked by and payment made to employees of each Group Member have not been in violation of the Fair Labor Standards Act or any other applicable
Requirement of Law dealing with such matters; and (c) all payments due from any Group Member on account of employee health and welfare
insurance have been paid or accrued as a liability on the books of the relevant Group Member.

 

4.13         ERISA. (a) Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect:

 

(i)               
each Loan Party and each of its respective ERISA Affiliates are in compliance in all material respects with all applicable provisions
and requirements of ERISA with respect to each Pension Plan, and have materially performed all their obligations under each Pension Plan;

 

(ii)              
no ERISA Event has occurred;

 

(iii)              each Loan Party and each of its respective ERISA Affiliates has met all applicable requirements under the ERISA Funding Rules with
respect to each Pension Plan, and no waiver of the minimum funding standards under the ERISA Funding Rules has been applied for or obtained;

 

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(iv)              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 at least 60%, and no Loan Party nor any of its respective ERISA Affiliates knows of any facts or circumstances that could
reasonably be expected to cause the funding target attainment percentage to fall below 60% as of the most recent valuation date;

 

(v)             
 [Intentionally Omitted];

 

(vi)              the execution and delivery of this Agreement and the consummation of the Transactions contemplated hereunder will not, to the knowledge
of the Loan Parties, involve any transaction that is subject to the prohibitions of Section 406 of ERISA or in connection with which taxes
could be imposed pursuant to Section 4975(c)(1)(A)-(D) of the Code; and

 

(b)           
(i) no Loan Party is nor will any such Loan Party be a “plan” within the meaning of Section 4975(e) of the Code; (ii)
the respective assets of the Loan Parties do not and will not constitute “plan assets” within the meaning of the United States
Department of Labor Regulations set forth in 29 C.F.R. §2510.3-101, as modified by Section 3(42) of ERISA of one or more Benefit
Plans, provided, that no Loan Party makes any representation as to any assets received by any Loan Party from any Lender pursuant
to the Loans, the Letters of Credit or the Commitments; and (iii) no Loan Party is nor will any such Loan Party be a “governmental
plan” within the meaning of Section 3(32) of ERISA

 

4.14          Investment Company Act; Other Regulations. No Loan Party is an “investment company,” or a company “controlled”
by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. No such Loan Party is subject
to regulation under any Requirement of Law (other than Regulation X of the Board), including the Federal Power Act, that may limit its
ability to incur Indebtedness or that may otherwise render all or any portion of the Obligations unenforceable.

 

4.15          Subsidiaries. As of the date hereof, (a) Schedule 4.15 sets forth the name and jurisdiction of organization of the Borrower
and each Subsidiary of the Borrower and, as to each such Subsidiary, the percentage of each class of Capital Stock owned by any Loan Party,
and (b) there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock
options granted to employees or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of any Subsidiary
of the Borrower, except as may be created by the Loan Documents and except as are disclosed on Schedule 4.15.

 

4.16          Use of Proceeds. The proceeds of the Term Loans and the Revolving Loans shall be used (a) on the Closing Date, to (i) finance
the Acquisition and (ii) repay all obligations under the Existing Credit Agreement, (b) to finance Permitted Acquisitions from and after
the Closing Date, (c) to pay related fees and expenses in connection with each of the foregoing, and (d) for general corporate purposes.
All or a portion of the proceeds of the Revolving Loans, Swingline Loans and the Letters of Credit, shall be used for general corporate
purposes.

 

4.17          Environmental Matters. Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect:

 

(a)             Except as disclosed on Schedule 4.17, the facilities and properties owned, leased or operated by any Group Member (the “Properties”)
do not contain, and, to the knowledge of the Borrower, have not previously contained, any Materials of Environmental Concern in amounts
or concentrations that constitute or have constituted a violation of any Environmental Law;

 

(b)            
no Group Member has received or is aware of any notice of violation, alleged violation, non-compliance, liability or potential
liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the business operated
by any Group Member (the “Business”);

 

(c)             no Group Member has transported or disposed of Materials of Environmental Concern from the Properties in violation of, or in a
manner or to a location that could give rise to liability under, any Environmental Law, nor has any Group Member generated, treated, stored
or disposed of Materials of Environmental Concern at, on or under any of the Properties in violation of, or in a manner that could give
rise to liability under, any applicable Environmental Law;

 

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(d)            
no judicial proceeding or governmental or administrative action is pending or, to the knowledge of the Borrower, threatened, under
any Environmental Law to which any Group Member is or will be named as a party with respect to the Properties or the Business, nor are
there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial
requirements outstanding under any Environmental Law with respect to the Properties or the Business;

 

(e)              there
has been no release or threat of release of Materials of Environmental Concern at or from the Properties arising from or related to the
operations of any Group Member or otherwise in connection with the Business, in violation of or in amounts or in a manner that could
give rise to liability under Environmental Laws;

 

(f)              the Properties and all operations of the Group Members at the Properties are in compliance in all material respects, and have in
the last five years been in compliance in all material respects, with all applicable Environmental Laws, and except as disclosed on Schedule 4.17,
to the knowledge of the Borrower, there is no contamination at, under or about the Properties or violation of any Environmental Law with
respect to the Properties or the Business; and

 

(g)            
no Group Member has assumed any liability of any other Person (other than any other Group Member) under Environmental Laws.

 

4.18         Accuracy of Information, Etc. No written statement or information contained in this Agreement, any other Loan Document or any
other document, certificate or statement furnished by or on behalf of any Loan Party to the Administrative Agent or the Lenders, or any
of them, for use in connection with the Transactions contemplated by this Agreement or the other Loan Documents, contained as of the date
such statement, information, document or certificate was so furnished when taken as a whole, any untrue statement of a material fact or
omitted to state a material fact necessary to make the statements contained herein or therein not misleading in any material respect.
The projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates
and assumptions believed by the Borrower to be reasonable at the time made, it being recognized by the Lenders that such financial information
as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial
information may differ from the projected results set forth therein by a material amount.

 

4.19          Security Documents. Subject to the terms of Sections 5.1 and 5.3, the Security Documents are effective to create
in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest
in the Collateral described therein and the proceeds thereof. In the case of the Pledged Stock, if any, described in the Guarantee and
Collateral Agreement that are securities represented by stock certificates or otherwise constituting certificated securities within the
meaning of Section 8-102(a)(15) of the New York UCC or the corresponding code or statute of any other applicable jurisdiction, when certificates
representing such Pledged Stock are delivered to the Administrative Agent, and, in the case of the other Collateral constituting personal
property described in the Security Documents, when financing statements and other filings specified on Schedule 4.19 in appropriate
form are filed in the offices specified on Schedule 4.19, the Administrative Agent, for the benefit of the Secured Parties, shall
have a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the
proceeds thereof, as security for the Obligations, in each case prior and superior in right to any other Person (except, in the case of
Collateral other than Pledged Stock, Liens permitted by Section 7.3).

 

4.20         Solvency. The Borrower and its consolidated Subsidiaries, taken as a whole, are, and immediately after giving effect to, as
applicable, the consummation of the Transactions and the incurrence of all Indebtedness, Obligations and obligations being incurred in
connection herewith and therewith, will be Solvent.

 

4.21         [Intentionally Omitted].

 

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4.22          Insurance. All insurance maintained by the Loan Parties is in full force and effect, all premiums have been duly paid, no Loan
Party has received written notice of violation or cancellation thereof, and there exists no default beyond applicable notice and cure
periods under any requirement of such insurance. Each Loan Party maintains, with financially sound and reputable insurance companies,
insurance on all its property (and also with respect to its foreign receivables) in at least such amounts and against at least such risks
(but including in any event public liability and product liability) as are usually insured against in the same general area by companies
engaged in the same or a similar business.

 

4.23          No Casualty. No Loan Party has received any written notice of, nor does any Loan Party have any knowledge of, the occurrence
or pendency or contemplation of any Casualty Event affecting all or any material portion of its property.

 

4.24         OFAC. No Loan Party, nor, to the knowledge of any Responsible Officer of any Loan Party, any Related Party, (i) is currently
the subject of any Sanctions, (ii) is located, organized or residing in any Designated Jurisdiction, or (iii) to the knowledge of any
Loan Party, is or has been (within the previous five years) engaged in any transaction with any Person who is now or was then the subject
of Sanctions or who is located, organized or residing in any Designated Jurisdiction. No Loan, nor the proceeds from any Loan, has been
used, directly or, to the knowledge of any Responsible Officer of the Borrower, indirectly, to lend, contribute, provide or has otherwise
made available to fund any activity or business in any Designated Jurisdiction or to fund any activity or business of any Person located,
organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions, or in any other manner that will result in
any violation by any Person (including any Lender, any Lead Arranger, the Administrative Agent, any Issuing Lender or the Swingline Lender)
of Sanctions.

 

4.25         Anti-Corruption Laws. Since January 1, 2012, the Borrower and its Subsidiaries have conducted their businesses in compliance
with applicable anti-corruption laws and have instituted and maintained policies and procedures designed to promote and achieve compliance
with such laws.

 

4.26          EEA Financial Institution. No Loan Party is an EEA Financial Institution or a Covered Entity.

 

4.27         Beneficial Ownership Certification. To the extent delivered, the information included in the Beneficial Ownership Certification
most recently delivered to each Lender is true and correct in all respects.

 

4.28         Brokers. Except as disclosed on Schedule 4.28, no broker or finder brought about the obtaining, making or closing of
the Transactions, and no Loan Party or Affiliate thereof has any obligation to any Person in respect of any finder’s or brokerage
fees in connection therewith.

 

SECTION
5

CONDITIONS PRECEDENT

 

5.1                 
Conditions to Effectiveness of this Agreement. The effectiveness of this Agreement and the obligation of each Lender to make
its extension of credit hereunder on the Closing Date shall be subject to the satisfaction or waiver, prior to or concurrently with the
making of each such extension of credit on the Closing Date, of the following conditions precedent:

 

(a)                  
This Agreement. To the extent requested, each Lender shall have received Notes to evidence such Lender’s Loans, and
the Administrative Agent shall have received in form and substance satisfactory to the Administrative Agent, this Agreement and each of
the other Loan Documents, executed and delivered by the Borrower and the Loan Parties party thereto;

 

(b)                 
[Reserved].

 

(c)                  
Secretary’s Certificates; Certified Operating Documents; Good Standing Certificates. The Administrative Agent shall
have received a certificate of each Loan Party, dated the Closing Date and executed by the Secretary, managing member or equivalent officer
of such Person with appropriate insertions and attachments, including (i) the Operating Documents of such Person (and, for the avoidance
of doubt, the certificate of incorporation (or equivalent) of the applicable Person shall be certified by the Governmental Authority of
the respective jurisdiction in which such Person is organized), (ii) in the case of each Loan Party, the relevant board resolutions or
written consents adopted by the such Loan Party for purposes of authorizing the such Loan Party to enter into and perform the Loan Documents,
(iii) the names, titles, incumbency and signature specimens of those representatives of such Person who have been authorized by such resolutions
and/or written consents to execute Loan Documents on behalf of such Person and (iv) a good standing certificate for such Person certified
as of a recent date by the appropriate Governmental Authority of its respective jurisdiction of organization.

 

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(d)            
Responsible Officer’s Certificate. The Administrative Agent shall have received a certificate signed by a Responsible
Officer of the Borrower, dated as of the Closing Date and in form and substance reasonably satisfactory to the Administrative Agent, certifying
that the conditions set forth in clauses (j) and (m) of this Section 5.1 and clauses (a) and (d) of Section 5.2 have been satisfied.

 

(e)             Collateral Matters.

 

(i)                 Lien
Searches. The Administrative Agent shall have received the results of recent lien searches in each jurisdiction where any Loan Party
was formed or organized, and such searches shall reveal no liens on any of the assets of such Person except for Liens permitted by Section
7.3 or liens to be discharged on or prior to the Closing Date (which liens shall be discharged pursuant to documentation reasonably
satisfactory to the Administrative Agent).

 

(ii)              
Pledged Stock; Stock Powers; Pledged Notes. Subject to the last paragraph of this clause (e) and Section 5.3, to
the extent required to be delivered pursuant to the Guarantee and Collateral Agreement, the Administrative Agent shall have received original
versions of (A) any certificates representing equity interests (that do not constitute Excluded Assets), together with an undated stock
power or other instrument of transfer for each such certificate executed in blank by a duly authorized officer of the applicable Loan
Party, and (B) each promissory note (if any) (that does not constitute an Excluded Asset), endorsed (without recourse) in blank (or accompanied
by an executed transfer form in blank) by the applicable Loan Party.

 

(iii)              Filings, Registrations, Recordings, Agreements, Etc. To the extent not having been made prior to the Closing Date or, as
applicable, delivered to the Administrative Agent prior to the Closing Date, each document (including any UCC financing statements or
filings of any Intellectual Property Security Agreements) required by the Loan Documents or under applicable law or reasonably requested
by the Administrative Agent to be filed, executed, registered or recorded to create in favor of the Administrative Agent (for the ratable
benefit of the Secured Parties) a perfected Lien on any Collateral (and not Excluded Assets) as of the Closing Date, prior and superior
in right and priority to any Lien in such Collateral held by any other Person (other than with respect to Liens expressly permitted by
Section 7.3), shall have been executed (if applicable) and delivered to the Administrative Agent in proper form for filing, registration
or recordation.

 

Notwithstanding the foregoing
or anything to the contrary, to the extent any security interest in the Collateral or any deliverable related to the perfection of security
interests in the Collateral (other than any Collateral the security interest in which may be perfected by the filing of a UCC financing
statement, filings of any Intellectual Property Security Agreements or the possession of stock certificates of any Domestic Subsidiary
(to the extent, with respect to the Target Parties, such stock certificates are received from the Targets on or prior to the Closing Date))
is not or cannot be provided and/or perfected on the Closing Date (1) without undue burden or expense or (2) after the Borrower’s
use of commercially reasonable efforts to do so, then the provision and/or perfection of such security interests or deliverable shall
not constitute a condition precedent to the obligation of each Lender to make its extension of credit on the Closing Date but shall be
required to be delivered after the Closing Date pursuant to arrangements and timing to be mutually agreed by the Administrative Agent
and the Borrower (but in any event no earlier than 90 days after Closing Date or such longer period as may be agreed by the Administrative
Agent in its reasonable discretion).

 

(f)             [Reserved.]

 

(g)           
Insurance. Subject to Section 5.3 and the last paragraph of clause (e) above, the Administrative Agent shall
have received, after giving effect to the consummation of the Transactions and to the extent not having been delivered to the Administrative
Agent previously, insurance certificates (and related insurance endorsements) satisfying the requirements of Section 6.5 hereof
and Section 5.2(b) of the Guarantee and Collateral Agreement.

 

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(h)           
Fees. The Lenders and the Administrative Agent shall have received all fees required to be paid on or prior to the Closing
Date pursuant to the Fee Letter and reasonable and documented out-of-pocket expenses required to be paid on the Closing Date pursuant
to the Fee Letter, to the extent invoiced at least three (3) business days prior to the Closing Date. All such amounts will be paid with
proceeds of Loans made on the Closing Date and will be reflected in the Flow of Funds Agreement.

 

(i)              Legal Opinions. The Administrative Agent shall have received a customary legal opinion of Faegre Drinker Biddle & Reath
LLP, as counsel for the Borrower, and together with opinions from local counsel in the State of Utah.

 

(j)              Consummation
of Acquisition. Substantially concurrently with the funding of the Initial Term Loans, the Acquisition shall be consummated, in all
material respects, in accordance with the terms of the Acquisition Agreement.

 

(k)            
Borrowing Notices. The Administrative Agent shall have received, (i) in respect of the Initial Term Loans to be made on
the Closing Date, a completed Notice of Borrowing executed by the Borrower and otherwise complying with the requirements of Section
2.2, and (ii) in respect of any Revolving Loans to be made on the Closing Date, a completed Notice of Borrowing executed by the Borrower
and otherwise complying with the requirements of Section 2.5.

 

(l)             
Closing Date Solvency Certificate. The Administrative Agent shall have received a Closing Date Solvency Certificate from
the chief financial officer or treasurer of the Borrower, substantially in the form of Exhibit C.

 

(m)            No Material Adverse Effect. There shall not have occurred and be continuing since June 30, 2021 any event or condition that
has had or that could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(n)           
Patriot Act, etc. The Administrative Agent and each Lender shall have received, at least three business days prior to the
Closing Date, all documentation and other information required by regulatory authorities under applicable “know your customer”
and anti-money laundering rules and regulations, including without limitation the Patriot Act, in each case to the extent requested of
the Borrower at least fifteen (15) Business Days prior to the Closing Date.

 

(o)            
Beneficial Ownership Certification. At least three (3) Business Days prior to the Closing Date, the Borrower, if it qualifies
as a “legal entity customer” under the Beneficial Ownership Regulation, shall have delivered to each Lender a Beneficial Ownership
Certification in relation to Borrower, to the extent requested of the Borrower at least fifteen (15) Business Days prior to the Closing
Date.

 

(p)            
Financial Statements. The Administrative Agent shall have received the Annual Financial Statements, Interim Financial Statements
and Pro Forma Financial Statements, in form and substance acceptable to the Administrative Agent.

 

For purposes of determining
compliance with the conditions specified in this Section 5.1, each Lender that has executed this Agreement (whether or not on the
Closing Date or pursuant to an Addendum and an Assignment and Assumption) and made Loans to the Borrower on the Closing Date or thereafter
shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter either sent (or made
available) by the Administrative Agent to such Lender for consent, approval, acceptance or satisfaction, or required thereunder to be
consented to or approved by or acceptable or satisfactory to such Lender, unless an officer of the Administrative Agent responsible for
the Transactions contemplated by the Loan Documents shall have received notice from such Lender prior to the Closing Date specifying such
Lender’s objection thereto and either such objection shall not have been withdrawn by notice to the Administrative Agent to that
effect on or prior to the Closing Date or, if any extension of credit on the Closing Date has been requested, such Lender shall not have
made available to the Administrative Agent on or prior to the Closing Date such Lender’s Revolving Percentage or Term Percentage,
as the case may be, of such requested extension of credit.

 

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5.2           
Conditions to Each Extension of Credit. The agreement of each Lender to make any extension of credit requested to be made by
it hereunder on any date (including its Loans disbursed on the Closing Date but excluding (x) any Revolving Loan Conversion, (y) any conversion
of a Eurodollar Loan into an ABR Loan pursuant to Section 2.11(a) and (z) any continuation of Loans pursuant to Section 2.11(b))
is subject to the satisfaction of the following conditions precedent:

 

(a)             Representations
and Warranties. Each of the representations and warranties made by each Loan Party in or pursuant to any Loan Document (i) that is
qualified by materiality shall be true and correct, and (ii) that is not qualified by materiality, shall be true and correct in all material
respects, in each case, on and as of such date as if made on and as of such date, except to the extent any such representation and warranty
expressly relates to an earlier date, in which case such representation and warranty shall have been true and correct in all respects
or all material respects, as required, as of such earlier date.

 

(b)            
Availability. With respect to any requests for any Revolving Extensions of Credit, after giving effect to such Revolving
Extension of Credit, the availability and borrowing limitations specified in Section 2.4 shall be complied with.

 

(c)             Notice of Borrowing. The Administrative Agent shall have received a Notice of Borrowing in connection with any such request
for extension of credit which complies with the requirements hereof, and if such Loan is to be denominated in an Alternative Currency,
such Alternative Currency remains an Eligible Currency.

 

(d)            
No Default. No Default or Event of Default shall have occurred and be continuing as of or on such date or after giving effect
to the extensions of credit requested to be made on such date.

 

Each borrowing by and issuance
of a Letter of Credit on behalf of the Borrower hereunder and each Revolving Loan Conversion (excluding (x) any Revolving Loan Conversion,
(y) any conversion of a Eurodollar Loan into an ABR Loan pursuant to Section 2.11(a) and (z) any continuation of Loans pursuant
to Section 2.11(b)) shall constitute a representation and warranty by the Borrower as of the date of such extension of credit,
Revolving Loan Conversion or conversion, as applicable, that the conditions contained in this Section 5.2 have been satisfied.

 

5.3           
Post-Closing Conditions Subsequent. Notwithstanding anything to the contrary set forth in this Agreement, the Borrower agrees,
except as otherwise provided on Schedule 5.3, to use commercially reasonable efforts to deliver to the Administrative Agent, on
behalf of the Lenders, the documents set forth on Schedule 5.3, in form and substance reasonably satisfactory to the Administrative
Agent, and/or take the actions set forth on Schedule 5.3, in a manner reasonably acceptable to the Administrative Agent, on or
before the deadlines set forth on Schedule 5.3 (as such deadlines may be extended by the Administrative Agent in its reasonable
discretion). To the extent there is any conflict between the provisions of any Loan Document and Schedule 5.3, the provisions of
Schedule 5.3 shall control. To the extent any representation and warranty contained herein or in any other Loan Document would
not be true or any provision of any covenant contained herein or in any other Loan Document would be breached because the foregoing actions
were not taken on the Closing Date, the respective representation and warranty shall be required to be true and correct in all material
respects and the respective covenant complied with at the time the respective action is taken (or was required to be taken) in accordance
with this Section 5.3 (and the corresponding Schedule 5.3).

 

SECTION
6

AFFIRMATIVE COVENANTS

 

Each Loan Party hereby agrees
that, at all times prior to the Discharge of Obligations, each Loan Party shall, and, where applicable, shall cause each of its Subsidiaries
to:

 

6.1           
Financial Statements. Furnish to the Administrative Agent, for distribution to each Lender:

 

(a)            
as soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, a copy of the audited
consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such fiscal year and the related audited
consolidated statements of income and of cash flows for such fiscal year, setting forth in each case in comparative form the figures for
the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out
of the scope of the audit (other than any qualifications as may be required as a result of (x) an actual or prospective default or event
of default with respect to a financial covenant under this Agreement and the definitive documentation governing any material Indebtedness
(including the financial covenant set forth in Section 7.1) or (y) the impending maturity of any material Indebtedness), by Grant
Thornton LLP or other independent certified public accountants of nationally recognized standing;

 

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(b)           
as soon as available, but in any event within 45 days after the end of each of the first three fiscal quarterly periods of each
fiscal year of the Borrower (commencing with the fiscal quarter ended September 30, 2021), the unaudited consolidated balance sheet of
the Borrower and its consolidated Subsidiaries as at the end of such fiscal quarter and the related unaudited consolidated statements
of income and of cash flows for such fiscal quarter and the portion of the fiscal year through the end of such fiscal quarter, setting
forth in each case in comparative form the figures from the budget and for the previous year, certified by a Responsible Officer as being
fairly stated in all material respects (subject to normal year-end audit adjustments) and inclusive of any management discussion and analysis
accompanying such financial statements;

 

All such financial statements
shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied
(except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout
the periods reflected therein and with prior periods.

 

Additionally, documents required
to be delivered pursuant to this Section 6.1 and Section 6.2(e) (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically and if so, shall be deemed to have been delivered on the date on which the
Borrower posts such documents, or provides a link thereto, either: (i) on the Borrower’s website on the Internet at the website
address listed in Section 10.2; or (ii) when such documents are posted electronically on the Borrower’s behalf on an internet
or intranet website to which each Lender and the Administrative Agent has access (whether a commercial, third-party website or whether
sponsored by the Administrative Agent), if any; provided that: (A) the Borrower shall deliver paper copies of such documents to
the Administrative Agent upon its request to the Borrower to deliver such paper copies until written request to cease delivering paper
copies is given by the Administrative Agent; and (B) upon request by the Administrative Agent to the Borrower, the Borrower shall notify
(which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the Administrative
Agent by email electronic versions (i.e. soft copies) of such documents. The Administrative Agent shall have no obligation to request
the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor
compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting
delivery to it or maintaining its copies of such documents.

 

6.2           
Certificates; Reports; Other Information. Furnish to the Administrative Agent, for distribution to each Lender:

 

(a)             concurrently with the delivery of any financial statements pursuant to Section 6.1, and with respect to the last day of
the applicable fiscal quarter or year to which such financial statements relate, a reasonably detailed report (in form and substance reasonably
satisfactory to the Administrative Agent) that details the respective amounts of cash, Cash Equivalents and Investments held as of such
date by each Subsidiary of the Borrower that is not a Loan Party as of such date;

 

(b)           
concurrently with the delivery of any financial statements pursuant to Section 6.1, a Compliance Certificate (i) containing
all information and calculations necessary for determining compliance by each Group Member with the provisions of this Agreement referred
to therein as of the last day of the applicable fiscal quarter or fiscal year of the Borrower, as the case may be, (ii) containing a certification
by a Responsible Officer stating that, to the best of such Responsible Officer’s knowledge, each Loan Party during such period has
observed or performed all of its covenants and other agreements, and satisfied every condition contained in this Agreement and the other
Loan Documents to which it is a party to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no
knowledge of any Default or Event of Default except as specified in such certificate, (iii) containing a certification from a Responsible
Officer of the Borrower with respect to the items described in clause (xi) of the definition of “Consolidated EBITDA” and
(iii) to the extent not previously disclosed to the Administrative Agent, containing, (A) as applicable, a description of any change in
the jurisdiction of organization of any Loan Party and a list of any Intellectual Property, Chattel Paper (as defined in the Guarantee
and Collateral Agreement), Commercial Tort Claim (as defined in the Guarantee and Collateral Agreement) and Letter-of-Credit Rights (as
defined in the Guarantee and Collateral Agreement) issued to or acquired by any Loan Party since the date of the most recent Compliance
Certificate delivered pursuant to this Section 6.2(b)(B) and (B) a description of each event, condition or circumstance during
the last fiscal quarter or fiscal year covered by such Compliance Certificate requiring a mandatory prepayment under Section 2.10(c)
or (e) (to the extent notice of such event has not been previously furnished to the Administrative Agent);

 

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(c)            
as soon as available, and in any event no later than 75 days after the end of each fiscal year of the Borrower (commencing with
the fiscal year of the Borrower beginning on October 1, 2021), a detailed consolidated budget for the following fiscal year (including
a projected consolidated balance sheet of the Borrower and its Subsidiaries, the related consolidated statements of projected cash flow,
projected changes in financial position and projected income as of the end of each fiscal quarter and a description of the underlying
assumptions applicable thereto), and, as soon as available, significant revisions, if any, of such budget and projections with respect
to such fiscal year (collectively, the “Projections”), which Projections shall in each case be accompanied by a certificate
of a Responsible Officer of the Borrower stating that such Projections are based on reasonable estimates, information and assumptions
and that such Responsible Officer has no reason to believe that such Projections are incorrect or misleading in any material respect (it
being recognized by the Administrative Agent and the Lenders that any projections and forecasts provided by the Borrower are based on
good faith estimates and assumptions believed by the Borrower to be reasonable as of the date of delivery of the applicable projections
or assumptions and that actual results during the period or periods covered by any such projections and forecasts may differ from projected
or forecasted results);

 

(d)           
promptly, and in any event within ten Business Days after receipt thereof by a Responsible Officer of any Loan Party or any Subsidiary
thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction)
concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results
of any Loan Party or any Subsidiary thereof (other than routine comment letters from the staff of the SEC relating to the Borrower’s
filings with the SEC) if, and only to the extent that such Loan Party or Subsidiary may provide such information in accordance with any
applicable Requirements of Law;

 

(e)             within five days after the same are sent, copies of each annual report, proxy or financial statement or other material report that
the Borrower sends to the holders of any class of the Borrower’s debt securities having an aggregate principal amount in excess
of $5,000,000 or public equity securities and, within five days after the same are filed, copies of all annual, regular, periodic and
special reports and registration statements which the Borrower may file with the SEC under Section 13 or 15(d) of the Exchange Act, or
with any national securities exchange, and not otherwise required to be delivered to the Administrative Agent pursuant hereto;

 

(f)             
within five days after the same are sent or received, copies of all material correspondence, material reports, material documents
and other material filings with any Governmental Authority (i) regarding any non-compliance with or any failure to maintain any Governmental
Approvals or Requirements of Law applicable to any Loan Party, or (ii) that could reasonably be expected to have a Material Adverse Effect;

 

(g)            
concurrently with the delivery of the financial statements referred to in Section 6.1(a), updated insurance certificates
with respect to the insurance coverage required to be maintained pursuant to Section 6.5 and the terms of the Guarantee and Collateral
Agreement, together with any supplemental reports with respect thereto which the Administrative Agent may reasonably request;

 

(h)           
promptly, such additional financial and other information as the Administrative Agent or any Lender may from time to time reasonably
request; and

 

(i)              promptly
following any request therefor, information and documentation reasonably requested in writing by the Administrative Agent or any Lender
for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including
the Patriot Act and the Beneficial Ownership Regulation.

 

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6.3          Payment
of Obligations; Taxes.

 

(a)                
Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material
obligations and liabilities (including all material Taxes and material Other Taxes imposed by law on an applicable Loan Party) of whatever
nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings diligently conducted
and reserves in conformity with GAAP with respect thereto have been provided on the books of the relevant Group Member.

 

(b)                 File or cause to be filed all Federal, state and other material tax returns that are required to be filed.

 

6.4           Maintenance of Existence; Compliance. (a)(i) Preserve, renew and keep in full force and effect its organizational existence,
and (ii) take all reasonable action to maintain or obtain all Governmental Approvals and all other rights, privileges and franchises necessary
or desirable in the normal conduct of such Group Member’s business or necessary for the performance by such Group Member of its
Obligations under any Loan Document, except, in each case, as otherwise permitted by Section 7.4 and except, in the case of clause
(ii) above, to the extent that a failure to do so could not reasonably be expected to have a Material Adverse Effect; (b) comply with
all Contractual Obligations (including with respect to leasehold interests of the Borrower or any such Subsidiary) and Requirements of
Law except to the extent that a failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse
Effect; and (c) comply with all Governmental Approvals, and any term, condition, rule, filing or fee obligation, or other requirement
related thereto, except to the extent that a failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

6.5           Maintenance of Property; Insurance.

 

(a)                
Keep all material property useful and necessary in its respective business in good working order and condition, ordinary wear and
tear excepted;

 

(b)               
maintain with financially sound and reputable insurance companies insurance on all of the property of the Borrower or such Subsidiary,
as applicable, in at least such amounts and against at least such risks (but including in any event public liability and product liability)
as are usually insured against in the same general area by companies engaged in the same or a similar business. Without limiting the foregoing,
(i) within 30 days after the first date on which the Collateral includes any improved real property of any Loan Party on any Material
Real Property that is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having
special flood hazards pursuant to the National Flood Insurance Reform Act of 1994 or (ii) if any Material Real Property is at any time
located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with
respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect
or successor act thereto), then the Borrower shall, and shall cause each other Loan Party, to (x) maintain, if available, fully paid flood
hazard insurance on all such improved real property of such Loan Party that constitutes Collateral, on such terms and in such amounts
as are required by the National Flood Insurance Reform Act of 1994 or as otherwise required by the Administrative Agent, (y) furnish to
the Administrative Agent evidence of the renewal of (and payment of renewal premiums in respect of) all such policies prior to the expiration
or lapse thereof, and (z) furnish to the Administrative Agent prompt written notice of any redesignation of any such improved real property
into or out of a special flood hazard area.

 

6.6           Inspection
of Property; Books and Records; Discussions. With respect to each Loan Party, (a) keep proper books of records and account in which
full, true and correct entries in conformity with GAAP (consistently applied as in effect from time to time) and all Requirements of
Law shall be made of all dealings and transactions in relation to its business and activities, and (b) permit representatives and independent
contractors of (and reasonably selected by) the Administrative Agent or, as applicable, any Lender to visit and inspect any of the respective
properties of the Loan Parties (provided that, with respect to any leased properties, such inspection shall not violate the terms
of the applicable lease), and examine and make abstracts from any of their respective books and records at any reasonable time (during
normal business hours and, so long as no Event of Default has occurred and is continuing, upon reasonable advance notice to such Loan
Party) and as often as may reasonably be desired and to discuss the business, operations, properties and financial and other condition
of the Loan Parties with officers, directors and employees of the Loan Parties and with their independent certified public accountants;
provided that such inspections shall not be undertaken more frequently than once per year, unless an Event of Default has occurred
and is continuing, in which case such inspections and audits may occur as often as the Administrative Agent shall reasonably determine
is necessary.

 

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6.7           Notices.
Promptly after a Responsible Officer of the Borrower, any other Loan Party, or any other officer or employee of the Borrower responsible
for administering any of the Loan Documents or monitoring compliance with any of the provisions thereof, in any such case, obtains knowledge
thereof, notify the Administrative Agent in writing of:

 

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

 

(b)                 any (i) default or event of default under any Contractual Obligation of any Group Member that, if not cured or if adversely determined,
as the case may be, could reasonably be expected to have a Material Adverse Effect; and (ii) litigation, investigation or proceeding that
may exist at any time between any Group Member and any Governmental Authority that, if not cured or if adversely determined, as the case
may be, could reasonably be expected to have a Material Adverse Effect;

 

(c)                
any litigation or proceeding affecting any Group Member (i) in which, if such litigation or proceeding was determined adversely
to any Group Member it could reasonably be expected to have a Material Adverse Effect or (ii) which relates to the performance of any
Group Member’s Obligations under any Loan Document;

 

(d)               
(i)             promptly after the Borrower has knowledge or becomes aware of the occurrence of any of the following events affecting any
Loan Party or any of its respective ERISA Affiliates (but in no event more than ten days after any such event), the occurrence of any
of the following events, and shall provide the Administrative Agent with a copy of any notice with respect to such event that may be required
to be filed with a Governmental Authority and any notice delivered by a Governmental Authority to the Borrower or any of its ERISA Affiliates
with respect to such event, if such event could reasonably be expected to result in liability in excess of $5,000,000 of any Loan Party
or any of their respective ERISA Affiliates: (A) an ERISA Event, (B) the adoption of any new Pension Plan by the Borrower or any ERISA
Affiliate, (C) the adoption of any amendment to a Pension Plan, if such amendment will result in a material increase in benefits or unfunded
benefit liabilities (as defined in Section 4001(a)(18) of ERISA), or (D) the commencement of contributions by the Borrower or any ERISA
Affiliate to any Pension Plan that is subject to Title IV of ERISA or Section 412 of the Code;

 

(ii)               
upon the reasonable request of the Administrative Agent after the giving, sending or filing thereof, or the receipt thereof, copies
of each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by Loan Party or any of its respective ERISA
Affiliates with the IRS with respect to each Pension Plan; and

 

(iii)             
promptly after the receipt thereof by any Loan Party or any of its respective ERISA Affiliates, all notices from a Multiemployer
Plan sponsor concerning an ERISA Event that could reasonably be expected to result in a liability in excess of $2,500,000 of any Loan
Party or any of its respective ERISA Affiliates;

 

(e)                
[Intentionally Omitted];

 

(f)                 
any material change in accounting policies or financial reporting practices by any Loan Party; and

 

(g)               
any development or event that has had or could reasonably be expected to have a Material Adverse Effect.

 

Each notice pursuant to this
Section 6.7 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence
referred to therein and stating what action the relevant Group Member proposes to take with respect thereto.

 

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6.8           Environmental Laws.

 

(a)                
Comply in all material respects with, and ensure compliance in all material respects by all tenants and subtenants, if any, with,
all applicable Environmental Laws, and obtain and comply in all material respects with and maintain, and ensure that all tenants and subtenants
obtain and comply in all material respects with, and maintain any and all licenses, approvals, notifications, registrations or permits
required by, all applicable Environmental Laws.

 

(b)               
Except as could not reasonably be expected to result in a Material Adverse Effect, conduct and complete all investigations, studies,
sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply in all material
respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws.

 

6.9           Operating
Accounts. Within 180 days after the Closing Date, each of the Loan Parties will establish and thereafter maintain the Administrative
Agent as its principal depository bank.

 

6.10         Audits.
At reasonable times, on 10 Business Days’ prior notice (provided that no notice shall be required if an Event of Default
has occurred and is continuing), the Administrative Agent, or its agents, shall have the right to inspect the Collateral and the right
to audit and copy any and all of any Loan Party’s books and records including ledgers, federal and state tax returns, records regarding
assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment
containing such information (provided that with respect to any leased property, such inspection shall not violate the terms of
the applicable lease). Any of foregoing inspections and audits that are ordered or commenced during the continuance of an Event of Default
shall be at the Borrower’s expense, and the charge therefor shall be $1,000 per person per day (or such reasonably higher amount
as shall represent the Administrative Agent’s then-current standard charge for the same), plus reasonable and documented
out-of-pocket expenses. Such inspections and audits shall not be undertaken more frequently than once per year, unless an Event of Default
has occurred and is continuing, in which case such inspections and audits shall occur as often as the Administrative Agent shall reasonably
determine is necessary.

 

6.11        Additional
Collateral, Etc.

 

(a)                
With respect to any property (to the extent included in the definition of Collateral and not constituting Excluded Assets) acquired
on or after the Closing Date by any Loan Party (other than (x) any property described in paragraph (b) or (c) below, and (y) any property
subject to a Lien expressly permitted by Section 7.3(g)) as to which the Administrative Agent, for the ratable benefit of the Secured
Parties, does not have a perfected Lien, promptly (and in any event within 60 days) (i) execute and deliver to the Administrative Agent
such amendments to the Guarantee and Collateral Agreement, or such other documents as the Administrative Agent may reasonably deem necessary
or advisable to evidence that such Loan Party is a Guarantor and to grant to the Administrative Agent, for the ratable benefit of the
Secured Parties, a security interest in such property and (ii) take all actions necessary or advisable in the opinion of the Administrative
Agent to grant to the Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority (except as expressly
permitted by Section 7.3) security interest and Lien in such property, including the filing of Uniform Commercial Code financing
statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement, or by law or as may be requested by the
Administrative Agent.

 

(b)               
With respect to each Target that is a Material Subsidiary and any new direct or indirect Material Subsidiary of the Borrower created
or acquired on or after the Closing Date (including any such Material Subsidiary acquired pursuant to a Permitted Acquisition), within
60 days after any Subsidiary of the Borrower qualifies as a Material Subsidiary, deliver to the Administrative Agent (i) a Joinder Agreement,
(ii) a joinder to the Guarantee and Collateral Agreement, (iii) such documents and instruments as the Administrative Agent reasonably
deems necessary or advisable to grant to the Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority
security interest and Lien in the Capital Stock of such Target or new Material Subsidiary (provided that in no event shall more
than 66% of the total outstanding voting Equity Interests of any Target or new Material Subsidiary that is an Excluded Foreign Subsidiary
be required to be so pledged), including but not limited to, the certificates representing such Capital Stock, together with undated stock
powers, in blank, executed and delivered by a duly authorized officer of the applicable Loan Party and (iv) if requested by the Administrative
Agent, deliver to the Administrative Agent legal opinions addressing such matters as the Administrative Agent may reasonably specify,
which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. Notwithstanding
the foregoing, any Subsidiary created for the purpose of consummating an acquisition and that the Borrower plans to merge out of existence
in connection with such acquisition shall not be required to comply with the foregoing clause (b) provided that such Subsidiary is actually
merged out of existence in connection with such acquisition. Notwithstanding anything to the contrary in any Loan Document, no Immaterial
Subsidiary, unless such Immaterial Subsidiary has been designated as a “Material Subsidiary” in accordance with the definition
of Material Subsidiary set forth in Section 1.1, or Excluded Foreign Subsidiary shall be required to be a Loan Party.

 

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(c)                
With respect to any new First Tier Foreign Subsidiary or any First Tier Foreign Subsidiary Holding Company, as applicable, created
or acquired on or after the Closing Date by any Loan Party, promptly (i) execute and deliver to the Administrative Agent such amendments
to the Guarantee and Collateral Agreement as the Administrative Agent reasonably deems necessary or advisable to grant to the Administrative
Agent, for the ratable benefit of the Secured Parties, a perfected first priority security interest and Lien in the Capital Stock of such
new First Tier Foreign Subsidiary or First Tier Foreign Subsidiary Holding Company, as applicable, that is owned by any such Loan Party
(provided that in no event shall more than 66% of the total outstanding voting Equity Interests of any such new First Tier Foreign
Subsidiary or First Tier Foreign Subsidiary Holding Company, as applicable, that is an Excluded Foreign Subsidiary be required to be so
pledged, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock (if certificated), together with undated
stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, and take such other action (including,
as applicable, the delivery of any Foreign Pledge Documents reasonably requested by the Administrative Agent for any Foreign Subsidiaries
that contribute more than $1,500,000 in revenue) as may be necessary or, in the reasonable opinion of the Administrative Agent, desirable
to perfect the Administrative Agent’s security interest therein, and (iii) if reasonably requested by the Administrative Agent,
deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance,
and from counsel, reasonably satisfactory to the Administrative Agent.

 

(d)               
Each Loan Party shall use commercially reasonable efforts to obtain a landlord’s agreement or bailee letter, as applicable,
from the lessor of its headquarters location and from the lessor of or the bailee related to any other location where in excess of $2,500,000
of Collateral is stored or located, in each case, if requested by the Administrative Agent, which agreement or letter, in any such case,
shall contain a waiver or subordination of all Liens or claims that the landlord or bailee may assert against the Collateral at that location,
and shall otherwise be reasonably satisfactory in form and substance to the Administrative Agent. Each Loan Party shall pay and perform
its material obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral
is or may be located.

 

(e)                
Not later than 120 days (or such longer period as the Administrative Agent may agree in writing in its discretion) after (i) any
Material Real Property is acquired by a Loan Party on or after the Closing Date or (ii) an entity becomes a Loan Party if such entity
owns Material Real Property at the time it becomes a Loan Party, cause such Material Real Property to be subject to a Lien and Mortgage
in favor of the Administrative Agent for the benefit of the Secured Parties and take, or cause the relevant Loan Party to take, such actions
as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect or record such Lien, in each case to the
extent required by, and subject to the limitations and exceptions of, the Loan Documents and to otherwise comply with the requirements
of the Loan Documents. Notwithstanding anything to the contrary contained in this Section 6.11(e), prior to the execution of any
Mortgage for any such Material Real Property, (x) the Borrower shall deliver to the Administrative Agent advance notice of the address
of any such Material Real Property and (y) the Administrative Agent shall provide the Lenders with at least 30 days’ prior written
notice of the address of such Material Real Property (it being understood that the Administrative Agent shall not be responsible for or
have a duty to ascertain or inquire into the accuracy of any such address, nor shall the Administrative Agent be responsible or liable
to the Lenders for any failure to provide any such notice).

 

Notwithstanding the foregoing,
the Administrative Agent shall not enter into any Mortgage in respect of any real property acquired by any Loan Party on or after the
Closing Date until the date that occurs thirty (30) days after the Administrative Agent has delivered to the Lenders (which may be delivered
electronically) the following documents in respect of such real property: (i) a completed flood hazard determination from a third party
vendor; (ii) if such real property is located in a “special flood hazard area”, (A) a notification to the Borrower (or applicable
Loan Party) of that fact and (if applicable) notification to the Borrower that flood insurance coverage is not available and (B) evidence
of the receipt by the Borrower of such notice; and (iii) if such notice is required to be provided to the Borrower and flood insurance
is available in the community in which such real property is located, evidence of required flood insurance.

 

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6.12         Anti-Corruption
Laws. Conduct its business in compliance with all applicable anti-corruption laws and maintain policies and procedures designated
to promote and achieve compliance with such laws.

 

6.13       
Insider Subordinated Indebtedness. Cause any Insider Indebtedness in excess of $1,000,000 owing by any Loan Party to any Person
that is not a Loan Party to become Insider Subordinated Indebtedness (a) on or prior to the Closing Date, in respect of any such Insider
Indebtedness in existence as of the Closing Date or (b) contemporaneously with the incurrence thereof, in respect of any such Insider
Indebtedness incurred at any time after the Closing Date; provided that no Insider Indebtedness shall in any event and under any
circumstances be secured by any assets of any Group Member.

 

6.14        
Use of Proceeds. Use the proceeds of each credit extension only for the purposes specified in Section 4.16.

 

6.15       
[Intentionally Omitted].

 

6.16        Beneficial Ownership Certification. Borrower shall, following any request therefor, promptly deliver information and documentation
reasonably requested by the Administrative Agent or any Lender for purposes of compliance with the Beneficial Ownership.

 

6.17       
M.I.R.E Events. Each of the parties hereto acknowledges and agrees that, if there are any properties subject to a Mortgage
(“Mortgaged Properties”), any increase, extension or renewal of any of the Commitments or Loans (excluding
(i) any continuation or conversion of borrowings, (ii) the making of any Revolving Loan or (iii) the issuance, renewal or extension of
Letters of Credit) shall be subject to (and conditioned upon) the prior delivery of all flood hazard determination certifications, acknowledgements
and evidence of flood insurance and other flood-related documentation with respect to such Mortgaged Properties as required by Flood Insurance
Laws.

 

6.18       
Further Assurances. Execute any further instruments and take such further action as the Administrative Agent reasonably deems
necessary to perfect, protect, ensure the priority of or continue the Administrative Agent’s Lien on the Collateral or to effect
the purposes of this Agreement.

 

SECTION
7

NEGATIVE COVENANTS

 

Each Loan Party hereby agrees
that, at all times prior to the Discharge of Obligations, no Loan Party shall, nor shall it permit any of its Subsidiaries to, directly
or indirectly:

 

7.1          Financial
Condition Covenants.

 

(a)                
[Reserved].

 

(b)               
Maximum Consolidated First Lien Leverage Ratio. If as of the last day of any fiscal quarter the Financial Covenant Test
Condition is then applicable, permit the Consolidated First Lien Leverage Ratio, for the period of four fiscal quarters ending as of the
last day of any fiscal quarter period of the Borrower, to exceed 5.25:1.00.

 

7.2          Indebtedness.
Create, issue, incur, assume, become liable in respect of or suffer to exist any Indebtedness, except:

 

(a)                
Indebtedness of any Group Member pursuant to any Loan Document or Bank Services Agreement or FX Contract;

 

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(b)               
Indebtedness of (i) any Loan Party owing to any other Loan Party, and (ii) any Group Member that is not a Loan Party to any other
Group Member that is not a Loan Party to fund working capital requirements in the ordinary course of business not inconsistent with past
practices;

 

(c)                
Guarantee Obligations (i) of any Loan Party of the Indebtedness of any other Loan Party; (ii) of any Subsidiary (which is not a
Loan Party) of the Indebtedness of any Loan Party, or (iii) by any Subsidiary (which is not a Loan Party) of the Indebtedness of any other
Subsidiary (that is not a Loan Party), provided that, in any case (i), (ii) or (iii), the Indebtedness so guaranteed is otherwise
permitted by the terms hereof;

 

(d)               
Indebtedness outstanding on the date hereof and listed on Schedule 7.2(d) and any Permitted Refinancing Indebtedness in
respect thereof;

 

(e)                
Indebtedness (including, without limitation, Capital Lease Obligations) secured by Liens permitted by Section 7.3(g) in
an aggregate principal amount not to exceed at any one time outstanding the greater of $10,000,000 and 10% of Consolidated EBITDA (calculated
on a Pro Forma Basis) for the latest four fiscal quarter period for which financial statements have been delivered pursuant to Section
6.1 (and any Permitted Refinancing Indebtedness in respect thereof);

 

(f)                 
[reserved];

 

(g)               
unsecured Subordinated Indebtedness owed to a seller in connection with an acquisition not to exceed at any one time outstanding
the greater of $10,000,000 and 10% of Consolidated EBITDA (calculated on a Pro Forma Basis) for the latest four fiscal quarter period
for which financial statements have been delivered pursuant to Section 6.1;

 

(h)               
Indebtedness consisting of any Earn Out Obligations or any working capital adjustments in connection with the Acquisition or any
Permitted Acquisition (to the extent any such payment obligations constitute Indebtedness);

 

(i)                 
obligations (contingent or otherwise) of the Loan Parties and their respective Subsidiaries existing or arising under any Swap
Agreement, provided that such obligations are (or were) entered into by such Person in accordance with Section 7.12 and
not for purposes of speculation;

 

(j)                 
Guarantee Obligations of the Borrower in respect of obligations (other than Indebtedness) of any Subsidiary of the Borrower, which
Guarantee Obligations are not otherwise prohibited pursuant to the terms of this Agreement or, as applicable, any other Loan Document;
provided that any such Guarantee Obligation is incurred by the Borrower in the ordinary course of business consistent with past
practice;

 

(k)               
Indebtedness owing to trade creditors that is incurred in respect of surety bonds and similar obligations in the ordinary course
of business and consistent with past practice;

 

(l)                 
Indebtedness of any Group Member in respect of workers’ compensation claims, payment obligations in connection with health
or other types of social security benefits, unemployment or other insurance obligations, reclamation and statutory obligations, incurred
in the ordinary course of business and not for overdue amounts;

 

(m)              
Indebtedness consisting of the financing of insurance premiums in the ordinary course of business;

 

(n)               
Indebtedness of Foreign Subsidiaries not to exceed at any one time outstanding the greater of $10,000,000 or 10% of Consolidated
EBITDA (calculated on a Pro Forma Basis) for the latest four fiscal quarter period for which financial statements have been delivered
pursuant to Section 6.1;

 

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(o)               
(i) secured Indebtedness of any Person that becomes, and continues as, a Subsidiary of any Loan Party after the Closing Date, and
secured Indebtedness in respect of assets acquired after the Closing Date pursuant to an acquisition permitted hereunder and existing
at the time of such asset acquisition; provided that (A) no such Indebtedness is created in contemplation of such asset acquisition, (B)
any such Indebtedness, as applicable, remains Indebtedness of such acquired Subsidiary and not of any other Loan Party, and (C) immediately
before and immediately after giving effect to the incurrence of such secured Indebtedness, no Default or Event of Default shall have occurred
and be continuing (including any Event of Default arising from any failure to comply with the financial covenant set forth in Section
7.1), such calculation to be determined on a pro forma basis based on the financial information most recently delivered to
the Administrative Agent pursuant to Section 6.1(a) or (b) (or, prior to the date financial statements are first delivered
to the Administrative Agent pursuant to Section 6.1, on the basis of the Pro Forma Financial Statements) (giving pro forma effect
to such acquisition, as if such acquisition was consummated as of the last day of the period as to which such financial information relates);
and (ii) (A)  unsecured Indebtedness of any Person that becomes, and continues as, a Subsidiary of any Loan Party after the
date hereof, and (B) unsecured Indebtedness in respect of assets acquired pursuant to an acquisition permitted hereunder and existing
at the time of such asset acquisition; provided that (1) no such unsecured Indebtedness permitted by this clause (ii) is created
in contemplation of such asset acquisition, and (2) immediately before and immediately after giving effect to the incurrence of any such
unsecured Indebtedness permitted by this clause (ii), no Default or Event of Default shall have occurred and be continuing (including
without limitation any Event of Default arising from any failure to comply with the financial covenant set forth in Section 7.1),
such calculation to be determined on a pro forma basis based on the financial information most recently delivered to the Administrative
Agent pursuant to Section 6.1(a) or (b) (or, prior to the date financial statements are first delivered to the Administrative
Agent pursuant to Section 6.1, on the basis of the Pro Forma Financial Statements); provided, that the aggregate amount
of all such Indebtedness permitted by this clause (o) shall not exceed the greater of $10,000,000 and 10% of Consolidated EBITDA (calculated
on a Pro Forma Basis) for the latest four fiscal quarter period for which financial statements have been delivered to Section 6.1
at any time outstanding.

 

(p)               
Indebtedness of the Borrower and any Subsidiary of the Borrower, including any Permitted Refinancing Debt in respect thereof; provided,
that in the case of each incurrence of such Indebtedness:

 

(i)                 
no Event of Default shall have occurred and be continuing or would be caused by the incurrence of such Indebtedness;

 

(ii)               
the Consolidated Leverage Ratio shall not exceed 5.00 to 1.00, calculated on a pro forma basis after giving effect to the incurrence
of such Indebtedness and use the proceeds thereof;

 

(iii)               not more than the greater of $20,000,000 and 20% of Consolidated EBITDA (calculated on a Pro Forma Basis) for the latest four fiscal
quarter period for which financial statements have been delivered pursuant to Section 6.1 of such Indebtedness shall be incurred
(and be outstanding) by Subsidiaries of the Borrower that are not Loan Parties.

 

(q)               
Indebtedness incurred on or after the Closing Date by any Subsidiary (including any Foreign Subsidiary) that is not a Loan Party
and owing to a Loan Party; provided that no Indebtedness incurred at any time in reliance on this clause (q) shall cause the Foreign
Investment Limit in effect at such time to be exceeded; and

 

(r)                 
other Indebtedness in a principal amount not to exceed at any one time outstanding the greater of $20,000,000 and 20% of Consolidated
EBITDA (calculated on a Pro Forma Basis) for the latest four fiscal quarter period for which financial statements have been delivered
pursuant to Section 6.1;

 

To the extent that the creation,
incurrence or assumption of any Indebtedness could be attributable to more than one subsection of this Section 7.2, the Borrower
may allocate such Indebtedness to any one or more of such subsections and in no event shall the same portion of Indebtedness be deemed
to utilize or be attributable to more than one item; provided that all Indebtedness created pursuant to the Loan Documents shall
be deemed to have been incurred in reliance on Section 7.2(a). For purposes of determining compliance with the Dollar-denominated
restrictions in any subsection of this Section 7.2 on the incurrence of Indebtedness, the Dollar Equivalent principal amount of
Indebtedness denominated in a Foreign Currency shall be calculated based on the relevant currency Exchange Rate in effect on the date
on which such Indebtedness was incurred in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness;
provided that if such Indebtedness is Permitted Refinancing Indebtedness incurred to modify, refinance, refund, renew or extend
other Indebtedness denominated in a Foreign Currency, and such modification, refinancing, refunding, renewal or extension would cause
the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency Exchange Rate in effect on the date
of such modification, refinancing, refunding, renewal or extension, such Dollar-denominated restriction shall be deemed not to have been
exceeded so long as such Permitted Refinancing Indebtedness is otherwise permitted by the terms of this Section 7.2.

 

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7.3           Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, whether now owned or hereafter acquired,
except:

 

(a)                
Liens for Taxes not yet delinquent or that are being contested in good faith by appropriate proceedings; provided that adequate
reserves with respect thereto are maintained on the books of the applicable Group Member in conformity with GAAP (or, in the case of any
Foreign Subsidiary, generally accepted accounting principles in effect from time to time in its respective jurisdiction of organization);

 

(b)               
carriers’, warehousemen’s, landlord’s, mechanics’, materialmen’s, repairmen’s or other like
Liens arising in the ordinary course of business that (i) do not cover any Intellectual Property, and (ii) are not overdue for a period
of more than 90 days or that are being contested in good faith by appropriate proceedings;

 

(c)                
pledges or deposits (other than to the extent involving any pledge of Intellectual Property) in connection with workers’
compensation, unemployment insurance and other social security legislation;

 

(d)               
pledges or deposits (other than any deposits of any Intellectual Property or rights thereto) made to secure earnest money deposits
required under letters of intent or purchase money agreements or made to secure the performance of tenders, bids, trade contracts (other
than for borrowed money), leases, subleases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of
a like nature incurred in the ordinary course of business (other than for indebtedness or any Liens arising under ERISA);

 

(e)                
easements, rights-of-way, minor defects or irregularities of title, restrictions and other similar encumbrances incurred in the
ordinary course of business that, in the aggregate, are not substantial in amount and that 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 Group Member;

 

(f)                 
Liens (other than in any Intellectual Property) in existence on the date hereof listed on Schedule 7.3(f), securing Indebtedness
permitted by Section 7.2(d); provided that (i) no such Lien is spread to cover any additional property after the Closing
Date, (ii) the amount of Indebtedness secured or benefitted thereby is not increased, (iii) the direct or any contingent obligor with
respect thereto is not changed, and (iv) any renewal or extension of the obligations secured thereby is permitted by Section 7.2(d);

 

(g)               
Liens securing Indebtedness incurred pursuant to Section 7.2(e) to finance the acquisition of fixed or capital assets; provided
that (i) such Liens shall be created substantially simultaneously with the acquisition of such fixed or capital assets, (ii) such Liens
do not at any time encumber any property other than the property financed by such Indebtedness (provided that individual financings
of equipment provided by one lender of the type permitted under Section 7.2(e) may be cross-collateralized to other financings
of equipment provided by such lender of the type permitted under Section 7.2(e), and (iii) the amount of Indebtedness secured thereby
is not increased;

 

(h)               
Liens created pursuant to the Security Documents;

 

(i)                 
any interest or title of a lessor or licensor under any lease or license entered into by a Group Member in the ordinary course
of its business and covering only the assets so leased or licensed;

 

(j)                 
judgment Liens that do not constitute an Event of Default under Section 8.1(h) of this Agreement;

 

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(k)               
bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash, Cash Equivalents, securities,
commodities and other funds on deposit in one or more accounts maintained by a Group Member, in each case arising in the ordinary course
of business in favor of banks, other depositary institutions, securities or commodities intermediaries or brokerages with which such accounts
are maintained securing amounts owing to such banks or financial institutions with respect to cash management and operating account management
or are arising under Section 4-208 or 4-210 of the UCC on items in the course of collection;

 

(l)                 
Liens securing Indebtedness incurred pursuant to Section 7.2(n) or Section 7.2(r);

 

(m)              
the replacement, extension or renewal of any Lien permitted by clause (g) above upon or in the same property theretofore subject
thereto or the replacement, extension or renewal (without increase in the amount or change in any direct or contingent obligor) of the
Indebtedness secured thereby;

 

(n)               
Liens comprised of licenses not prohibited by the terms of the Loan Documents;

 

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

 

(p)               
Liens securing Indebtedness permitted under Section 7.2(o)(i) and, in each case, not created in contemplation of or in connection
with such event; provided that (i) no such Lien shall extend to or cover any other property or assets of any Loan Party or any
Subsidiary, as the case may be, and (ii) such Lien shall secure only those obligations that it secures on the date of any applicable asset
acquisition or on the date such Person becomes a Subsidiary and any refinancing or replacement thereof;

 

(q)               
Liens consisting of an agreement to Dispose of any property in a Disposition permitted under Section 7.5, in each case,
solely to the extent such Disposition would have been permitted on the date of the creation of such Lien; provided that such Liens
encumber only the applicable assets pending consummation of such Disposition;

 

(r)                 
 (i) leases, licenses, subleases and sublicenses granted to other Persons in the ordinary course of business which do not (A) interfere
in any material respect with the business of the Group Members, taken as a whole, or (B) secure any Indebtedness, and (ii) the rights
reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the Borrower or its Subsidiaries;

 

(s)                
Permitted Encumbrances;

 

(t)                 
Liens securing Indebtedness represented by financed insurance premiums in the ordinary course of business consistent with past
practice, provided that such Liens do not extend to any property or assets other than the corresponding insurance policies being
financed;

 

(u)               
precautionary UCC financing statements or similar filings made in respect of (i) operating leases entered into by any Group Member
or (ii) receivables financing arrangements permitted by Section 7.5(m), provided that such financing statements or similar filings
do not extend to any property or assets other than the assets subject to such operating leases or receivables financing arrangements;

 

(v)               
Liens securing Indebtedness incurred pursuant to Section 7.2(p); provided that (i) in the case of Liens ranking
pari  passu with the Liens securing the Obligations, the Consolidated First Lien Leverage Ratio shall not exceed
4.00 to 1.00, calculated on a pro forma basis after giving effect to incurrence of such Indebtedness and the use of proceeds therefrom,
and (ii) in the case of Liens ranking junior to the Liens securing the Obligations, the Consolidated Secured Leverage Ratio shall not
exceed 4.50 to 1.00, calculated on a pro forma basis after giving effect to the incurrence of such Indebtedness and the use of proceeds
therefrom; and

 

(w)              
Other Liens securing obligations in a principal amount not to exceed at any one time outstanding the greater of $10,00,000 and
10% of Consolidated EBITDA (calculated on a Pro Forma Basis) for the latest four fiscal quarter period for which financial statements
have been delivered pursuant to Section 6.1.

 

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For purposes of determining
compliance with this Section 7.3, (A) a Lien securing an item of Indebtedness need not be permitted solely by reference to one
category of permitted Liens (or any portion thereof) described in clauses (a) through (w) above, but may be permitted in part under any
combination thereof, and (B) in the event that a Lien securing an item of Indebtedness (or any portion thereof) meets the criteria of
one or more of the categories of permitted Liens (or any portion thereof) described in clauses (a) through (w) above, the Borrower may
classify or divide such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies with this Section
7.3 and will be entitled to only include the amount and type of such Lien or such item of Indebtedness secured by such Lien (or any
portion thereof) in one of the above clauses and such Lien securing such item of Indebtedness (or any portion thereof) will be treated
as being incurred or existing pursuant to only such clause or clauses (or any portion thereof).

 

7.4           Fundamental
Changes. Consummate any merger, consolidation, or amalgamation, or a Division, or liquidate, wind up, or dissolve itself (or suffer
any liquidation or dissolution), or Dispose of all or substantially all of its property or business, except that:

 

(a)                
any Group Member that is not a Loan Party may be merged or consolidated with or into (i) a Loan Party (provided that a Loan
Party shall be the continuing or surviving Person), and (ii) another Group Member that is not a Loan Party (provided that the surviving
Group Member complies with the requirements specified in Section 6.11, if applicable);

 

(b)               
any Subsidiary of the Borrower may Dispose of any or all of its assets (i) pursuant to any liquidation or other transaction that
results in the assets of such Subsidiary being transferred to the Borrower or any other Loan Party, or (ii) pursuant to a Disposition
permitted by Section 7.5;

 

(c)                
any Investment permitted by Section 7.7 may be structured as a merger, consolidation, or amalgamation; provided that
if any Loan Party is the subject of such a merger, consolidation, or amalgamation, the surviving entity shall be a Loan Party; and

 

(d)               
any Loan Party may be merged or consolidated with or into any other Loan Party (provided that if the Borrower is the subject
of a merger or consolidation, the surviving entity must be the Borrower).

 

Notwithstanding the foregoing
or any provision to the contrary in any Loan Document, no merger, Disposition or other transaction made at any time in reliance on this
Section 7.4 shall cause the Foreign Investment Limit in effect at such time to be exceeded.

 

7.5           Disposition
of Property. Dispose of any of its property, whether now owned or hereafter acquired, or, in the case of any Subsidiary of the Borrower,
issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except:

 

(a)                
Dispositions of obsolete or worn out property in the ordinary course of business;

 

(b)               
Dispositions of Inventory in the ordinary course of business and consistent with past practice;

 

(c)                
Dispositions permitted by clause (i) of Section 7.4(b);

 

(d)               
the sale or issuance of the Capital Stock of any Subsidiary of the Borrower (i) to the Borrower or any other Loan Party, or (ii)
for fair market value in connection with any transaction that does not result in a Change of Control;

 

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

 

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(f)                 
the licensing of Patents, Trademarks, Copyrights and other Intellectual Property rights in the ordinary course of business and
that does not materially interfere with the ordinary course of business of the Loan Parties;

 

(g)               
the Disposition of property (i) by any Loan Party to any other Loan Party, and (ii) by any Subsidiary that is not a Loan Party
to any other Group Member;

 

(h)               
Dispositions of property subject to a Casualty Event in good faith on an arm’s length basis; provided that Net Cash
Proceeds of such Dispositions shall be reinvested or applied to prepay Loans to the extent required pursuant to Section 2.10(c);

 

(i)                 
leases or subleases of real property or equipment on an arm’s length basis for fair market value;

 

(j)                 
the sale or discount without recourse of accounts receivable arising in the ordinary course of business in connection with the
compromise or collection thereof, other than pursuant to clause (m) below;

 

(k)               
any abandonment, cancellation, non-renewal or discontinuance of use or maintenance of Intellectual Property (or rights relating
thereto) of any Group Member that the Borrower determines in good faith is desirable in the conduct of its business and not materially
disadvantageous to the interests of the Lenders;

 

(l)                 
Dispositions made on an arm’s length basis for fair market value of other property so long as at least 75% of the total consideration
for any such Disposition shall be in the form of cash or Cash Equivalents; provided that, at the time of any such Disposition made
in reliance on this clause (l), no Event of Default shall have occurred and be continuing or would result from any such Disposition; provided,
further, that Net Cash Proceeds of such Dispositions shall be reinvested or applied to prepay Loans to the extent required pursuant
to Section 2.10(c);

 

(m)              
Dispositions of Accounts in the ordinary course of business, pursuant to supply chain finance or receivables finance arrangements;

 

(n)               
payments permitted under Section 7.6, Investments permitted under Section 7.7, and Liens permitted under Section
7.3;

 

(o)               
Dispositions of equipment or real property on an arm’s length basis to the extent that (i) such property is exchanged for
credit against the purchase price of property used or useful in the business of any Group Member or (ii) the proceeds of such Disposition
are reasonably promptly applied to the purchase price of such property;

 

(p)               
any Foreign Subsidiary of the Borrower may sell or Dispose of Equity Interests in such Subsidiary to qualify directors where required
by applicable Law or to satisfy other requirements of applicable Law with respect to the ownership of Equity Interests in Foreign Subsidiaries;

 

(q)               
each Group Member may surrender or waive contractual rights and settle or waive contractual or litigation claims in the ordinary
course of business and to the extent such surrender or waiver could not reasonably be expected to result in a Material Adverse Effect;

 

(r)                 
to the extent constituting a Disposition, the issuance by the Borrower of its Equity Interests, so long as no Change of Control
would result;

 

(s)                
[reserved] and

 

(t)                 
Dispositions made on or after the Closing Date by any Loan Party to any Subsidiary (including any Foreign Subsidiary) that is not
a Loan Party; provided that no Disposition made at any time in reliance on this clause (t) shall cause the Foreign Investment
Limit in effect at such time to be exceeded.

 

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7.6           Restricted
Payments. Make any payment or prepayment of principal of, premium, if any, or interest on, or redemption, purchase, retirement, defeasance
(including in-substance or legal defeasance), sinking fund or similar payment with respect to, any Subordinated Indebtedness (except
intercompany Indebtedness permitted under Section 7.2(b) or 7.2(q)), declare or pay any dividend (other than dividends
payable solely in common stock of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking
or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of any Group
Member, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether
in cash or property or in obligations of any Group Member (collectively, “Restricted Payments”), except that,
so long as no Event of Default shall have occurred and be continuing at the time of any action described below or would result therefrom:

 

(a)                
(i) any Group Member may make Restricted Payments to any Loan Party, (ii) any Group Member that is not a Loan Party may make Restricted
Payments to the owners of the Equity Interests of such Group Member based on the relative ownership interests of the relevant Equity Interests,
and (iii) any Group Member may declare and make dividends which are payable solely in the common Capital Stock of such Group Member;

 

(b)               
each Loan Party may purchase common Capital Stock or common Capital Stock options from present or former officers or employees
of any Group Member upon the death, disability or termination of employment of such officer or employee; provided that no Default
or Event of Default then exists or would result therefrom and the aggregate amount of payments made under this subsection (b) shall not
exceed $1,000,000 during any fiscal year of the Borrower;

 

(c)                
payments on any Subordinated Indebtedness in accordance with the terms of any subordination agreement governing such Subordinated
Indebtedness;

 

(d)               
the Loan Parties may make Restricted Payments; provided that (i) no Default or Event of Default has occurred and is continuing
or would result therefrom and (ii) the Consolidated Leverage Ratio shall not exceed 2.00 to 1.00 calculated on a pro forma basis after
giving effect to such Restricted Payments and the incurrence of any Indebtedness in connection therewith (which, if requested by the Administrative
Agent, shall be demonstrated in a Compliance Certificate provided to the Administrative Agent);

 

(e)                
 (i) each Group Member may make repurchases of Capital Stock deemed to occur upon exercise of Equity Interests consisting of stock
options or warrants if such repurchased Capital Stock represents a portion of the exercise price of such Equity Interests consisting of
options or warrants, and (ii) repurchases of Capital Stock deemed to occur upon the withholding of a portion of the Capital Stock granted
or awarded to a current or former officer, director, employee or consultant to pay for the taxes payable by such Person upon such grant
or award (or upon vesting thereof);

 

(f)                 
each Group Member may deliver its common Capital Stock upon conversion of any convertible Indebtedness having been issued by the
Borrower; provided that such Indebtedness is otherwise permitted by Section 7.2;

 

(g)               
so long as no Default or Event of Default shall be continuing, Restricted Payments using the Available Amount;

 

(h)               
each Group Member may make Restricted Payments with respect to Subordinated Indebtedness in an aggregate amount not to exceed the
greater of $10,00,000 and 10% of Consolidated EBITDA (calculated on a Pro Forma Basis) for the latest four fiscal quarter period for which
financial statements have been delivered pursuant to Section 6.1;

 

(i)                 
Restricted Payments made on or after the Closing Date by (i) any Loan Party to any Subsidiary (including any Foreign Subsidiary)
that is not a Loan Party; provided that no Restricted Payment made at any time in reliance on this clause (i) shall cause
the Foreign Investment Limit in effect at such time to be exceeded and (ii) any Subsidiary (including any Foreign Subsidiary) that is
not a Loan Party to any Subsidiary (including any Foreign Subsidiary) that is not a Loan Party constituting payments in respect of intercompany
Indebtedness permitted by Section 7.2(q);

 

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(j)                 
Each Group Member may make other Restricted Payments in an aggregate amount in any fiscal year not to exceed the greater of $20,000,000
and 20% of Consolidated EBITDA (calculated on a Pro Forma Basis) for the latest four fiscal quarter period for which financial statements
have been delivered pursuant to Section 6.1;

 

(k)               
Each Group Member may make unlimited Restricted Payments if (i) no Default or Event of Default shall be continuing and (ii) the
Consolidated Leverage Ratio shall not exceed 2.00 to 1.00, calculated on a pro forma basis after giving effect to such Restricted Payments.

 

For purposes of determining
compliance with this Section 7.6, in the event that a Restricted Payment (or any portion thereof) meets the criteria of more than
one of the categories of Restricted Payments described in clauses (a) through (k) above, the Borrower may divide and classify such Restricted
Payment (or any portion thereof) on the date it is made, and at any time from time to time may later reclassify all or any portion of
any Restricted Payment as having been made under any category of Restricted Payments described in clauses (a) through (k) above, so long
as such Restricted Payment is permitted to be made pursuant to such provisions at the time of reclassification.

 

The foregoing provisions of
this Section 7.6 will not prohibit the payment of any Restricted Payment or the consummation of any redemption, repurchase, defeasance,
sinking fund or similar payment within 60 days after the date of declaration thereof or the giving of notice, as applicable, if at the
date of declaration or the giving of such notice, such payment would have complied with the provisions of this Section 7.6 (it
being understood that such Restricted Payment shall be deemed to have been made on the date of declaration of notice for purposes of such
provision).

 

Notwithstanding the foregoing
or any provision to the contrary in any Loan Document, no Restricted Payment made at any time in reliance on this Section 7.6 shall
cause the Foreign Investment Limit in effect at such time to be exceeded.

 

7.7           Investments. Make any advance, loan, extension of credit (by way of guarantee or otherwise) or capital contribution to, or
purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting a business unit of, or make
any other investment in, any Person (all of the foregoing, “Investments”), except:

 

(a)                
extensions of trade credit in the ordinary course of business;

 

(b)               
(i) Investments in cash and Cash Equivalents and (ii) other Investments permitted by the Borrower’s board approved cash management
investment policy (a copy of which policy, in the form in which it exists as of the Closing Date, has been provided to and approved by
the Administrative Agent);

 

(c)                
Guarantee Obligations permitted by Section 7.2;

 

(d)               
loans and advances to employees of any Group Member in the ordinary course of business (including for travel, entertainment and
relocation expenses) in an aggregate amount for all Group Members not to exceed $1,000,000 at any one time outstanding;

 

(e)                
intercompany Investments by any Group Member in the Borrower or any Person that, prior to such investment, is a Wholly Owned Subsidiary
Guarantor; provided that any intercompany loans made by any Loan Party shall be evidenced by and funded under an intercompany note
in form and substance reasonably satisfactory to the Administrative Agent and pledged and delivered to the Administrative Agent to the
extent required by the Guarantee and Collateral Agreement;

 

(f)                 
Investments in the ordinary course of business consisting of endorsements of negotiable instruments for collection or deposit;

 

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(g)               
Investments received in settlement of amounts due to any Group Member effected in the ordinary course of business or owing to such
Group Member as a result of Insolvency Proceedings involving an Account Debtor or upon the foreclosure or enforcement of any Lien in favor
of such Group Member;

 

(h)               
(i) Investments constituting Permitted Acquisitions and the Acquisition and (ii) Investments held by any Person as of the date
such Person is acquired in connection with a Permitted Acquisition, provided that (A) such Investments were not made, in any case,
by such Person in connection with, or in contemplation of, such Permitted Acquisition, and (B) with respect to any such Person which becomes
a Subsidiary as a result of such Permitted Acquisition, such Subsidiary remains the only holder of such Investment;

 

(i)                 
so long as no Default or Event of Default shall be continuing, Investments using the Available Amount;

 

(j)                 
deposits or guaranties made to secure the performance of leases, licenses or contracts in the ordinary course of business, and
other deposits made in connection with the incurrence of Liens permitted under Section 7.3;

 

(k)               
the licensing or contribution of Intellectual Property pursuant to joint marketing arrangements with other Persons in the ordinary
course of business;

 

(l)                 
promissory notes and other non-cash consideration received in connection with Dispositions permitted by Section 7.5, to
the extent not exceeding the limits specified therein with respect to the receipt of non-cash consideration in connection with such Dispositions;

 

(m)              
unlimited Investments if (i) no Default or Event of Default shall be continuing and (ii) the Consolidated Leverage Ratio shall
not exceed 3.00 to 1.00, calculated on a pro forma basis after giving effect to such Investments;

 

(n)               
Investments specified in Schedule 7.7 and existing on the Closing Date;

 

(o)               
Investments made to effect, or in connection with, the Transactions;

 

(p)               
Other Investments in an aggregate amount not to exceed the greater of $15,000,000 and 15% of Consolidated EBITDA (calculated on
a Pro Forma Basis) for the latest four fiscal quarter period for which financial statements have been delivered pursuant to Section
6.1 at one time outstanding;

 

(q)               
Investments made on or after the Closing Date by any Loan Party in any Subsidiary (including any Foreign Subsidiary) that is not
a Loan Party; provided that no Investment made at any time in reliance on this clause (q) shall cause the Foreign Investment Limit
in effect at such time to be exceeded.

 

For purposes of determining
compliance with this Section 7.7, in the event that an Investment (or any portion thereof) meets the criteria of more than one
of the categories of permitted Investments described in clauses (a) through (q) above, the Borrower may divide and classify such Investment
(or any portion thereof) on the date of incurrence, and at any time from time to time may later reclassify all or any portion of any Investment
as having been incurred under any category of permitted Investments described in clauses (a) through (q) above, so long as such Investment
is permitted to be incurred pursuant to such provisions at the time of reclassification.

 

Notwithstanding the foregoing
or any provision to the contrary in any Loan Document, no Investment made at any time in reliance on this Section 7.7 shall cause
the Foreign Investment Limit in effect at such time to be exceeded.

 

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7.8           ERISA.
Except as could not reasonably be expected to result in a Material Adverse Effect, the Borrower shall not, and shall not permit any
of its Subsidiaries to: (a) terminate any Pension Plan so as to result in any liability to such Person or any of such Person’s
ERISA Affiliates, (b) permit to exist any ERISA Event, or any other event or condition, which presents the risk of a material liability
to any of their respective ERISA Affiliates, (c) make a complete or partial withdrawal (within the meanings of ERISA Sections 4203 and
4205) from any Multiemployer Plan so as to result in any material liability to such Person or any of their respective ERISA Affiliates,
(d) enter into any new Pension Plan or modify any existing Pension Plan so as to increase its obligations thereunder which could result
in any liability to any such Person or any of its respective ERISA Affiliates, (e) [Intentionally Omitted], or (f) engage in any transaction
which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by the Administrative Agent or any Lender
of any of its rights under this Agreement, any Note or the other Loan Documents) to be a non-exempt (under a statutory or administrative
class exemption) prohibited transaction under ERISA or Section 4975 of the Code.

 

7.9          Optional Payments and Modifications of Certain Preferred Stock and Debt Instruments. (a) Amend, modify, waive or otherwise
change, or consent or agree to any amendment, modification, waiver or other change to, any of the terms of the Preferred Stock (i) that
would move to an earlier date the scheduled redemption date or increase the amount of any scheduled redemption payment or increase the
rate or move to an earlier date any date for payment of dividends thereon or (ii) that would be otherwise materially adverse to any Lender
or any other Secured Party; or (b) amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver
or other change to, any of the terms of any Indebtedness permitted by Section 7.2 (other than Indebtedness pursuant to any Loan
Document or any Bank Services Agreement or FX Contract) that could reasonably be expected to result in a Material Adverse Effect.

 

7.10        Transactions with Affiliates. Enter into any transaction, including any purchase, sale, lease or exchange of property, the
rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than any other Loan Party
or between or among any Subsidiaries that are not Loan Parties) unless such transaction is (a)(i) not otherwise prohibited under this
Agreement or any other Loan Document, (ii) [Intentionally Omitted], (iii) upon fair and reasonable terms not materially less favorable
to the relevant Group Member than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate,
and (iv) a transaction the consummation of which would not cause the Foreign Investment Limit in effect at such time to be exceeded, (b)
one involving the payment of customary directors’ fees and indemnification and reimbursement of expenses to directors, officers
and employees, (c) one involving the issuance of Equity Interests pursuant to the Borrower’s equity plans and stock purchase plans,
(d) one involving reasonable compensation paid to officers and employees in their capacities as such, and (e) other transactions in the
ordinary course of business (including any Restricted Payment not prohibited by this Agreement) that are on fair and reasonable terms
not materially less favorable to the relevant Group Member than it would obtain in a comparable arm’s length transaction with a
Person that is not an Affiliate and are disclosed when required to be disclosed pursuant to Exchange Act rules.

 

7.11        Sale
Leaseback Transactions. Enter into any Sale Leaseback Transaction unless (a) the Disposition of the applicable property subject to
such Sale Leaseback Transaction is permitted under Section 7.5(l), and (b) any Liens in the property of any Loan Party incurred
in connection with any such Sale Leaseback Transaction are permitted under Section 7.3(g).

 

7.12        Swap
Agreements. Enter into (a) any Swap Agreement secured by a Lien on all or any portion of the Collateral, except Specified Swap Agreements;
or (b) any Swap Agreement, except Swap Agreements which are entered into by a Group Member to (i) hedge or mitigate risks to which such
Group Member has actual or anticipated exposure (other than those in respect of Capital Stock), or (ii) effectively cap, collar or exchange
interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing
liability or investment of such Group Member.

 

7.13        Accounting Changes. Make any change in its (a) accounting policies (including any U.S. federal income tax accounting policies)
or reporting practices, except as required by GAAP, or (b) fiscal year (except that any Subsidiary may change its fiscal year to match
that of the Borrower).

 

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7.14         Negative
Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of any Loan
Party to create, incur, assume or suffer to exist any Lien upon any of its property or revenues, whether now owned or hereafter acquired,
to secure its Obligations under the Loan Documents and Bank Services Agreements and FX Contracts to which it is a party, other than (a)
this Agreement and the other Loan Documents (other than any Bank Services Agreements and FX Contracts), (b) any agreements governing
any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall
only be effective against the assets financed thereby), (c) customary restrictions on the assignment of leases, licenses and other agreements,
(d) any agreement in effect at the time any Subsidiary becomes a Subsidiary of a Loan Party, so long as such agreement was not entered
into solely in contemplation of such Person becoming a Subsidiary or, in any such case, that is set forth in any agreement evidencing
any amendments, restatements, supplements, modifications, extensions, renewals and replacements of the foregoing, so long as such amendment,
restatement, supplement, modification, extension, renewal or replacement applies only to such Subsidiary and does not otherwise expand
in any material respect the scope of any restriction or condition contained therein, and (e) any customary restriction pursuant to any
document, agreement or instrument governing or relating to any Lien permitted under Sections 7.3 or any agreement or option to
Dispose any asset of any Group Member, the Disposition of which is permitted by any other provision of this Agreement (in each case,
provided that any such restriction relates only to the assets or property subject to such Lien or being Disposed).

 

7.15       
Clauses Restricting Subsidiary Distributions. Enter into or suffer to exist or become effective any consensual encumbrance
or restriction on the ability of any Loan Party or any of their respective Subsidiaries to (a) make Restricted Payments in respect of
any Capital Stock of such Subsidiary held by, or to pay any Indebtedness owed to, any other Group Member, (b) make loans or advances to,
or other Investments in, any other Group Member, or (c) transfer any of its assets to any other Group Member, except for such encumbrances
or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents, (ii) any restrictions with respect
to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with a Disposition permitted hereby of all or
substantially all of the Capital Stock or assets of such Subsidiary, (iii) customary restrictions on the assignment of leases, licenses
and other agreements, (iv) restrictions of the nature referred to in clause (c) above under agreements governing purchase money liens
or Capital Lease Obligations otherwise permitted hereby which restrictions are only effective against the assets financed thereby (v)
any agreement in effect at the time any Subsidiary becomes a Subsidiary of the Borrower, so long as such agreement applies only to such
Subsidiary, was not entered into solely in contemplation of such Person becoming a Subsidiary or in each case that is set forth in any
agreement evidencing any amendments, restatements, supplements, modifications, extensions, renewals and replacements of the foregoing,
so long as such amendment, restatement, supplement, modification, extension, renewal or replacement does not expand in any material respect
the scope of any restriction or condition contained therein, (vi) any restriction pursuant to any document, agreement or instrument governing
or relating to any Lien permitted under Section 7.3 or (viii) restrictions pursuant to documents, agreements or instruments governing
or relating to any Indebtedness permitted under Section 7.2 which are not materially more restrictive than the restrictions contained
in the Loan Documents.

 

7.16       
Lines of Business. Enter into any business, either directly or through any Subsidiary, except for those businesses in which
the Borrower and its Subsidiaries are engaged on the date of this Agreement or that are reasonably related or provides similar business
benefits to its customers, ancillary or incidental thereto (including the Target Parties).

 

7.17       
[Reserved].

 

7.18        Certification of Certain Equity Interests. Take any action to certificate any Equity Interests having been pledged to the Administrative
Agent (for the ratable benefit of the Secured Parties) which were uncertificated at the time so pledged, in any such case, without first
obtaining the Administrative Agent’s prior written consent to do so and undertaking to the reasonable satisfaction of the Administrative
Agent all such actions as may reasonably be requested by the Administrative Agent to continue the perfection of its Liens (held for the
ratable benefit of the Secured Parties) in any such newly certificated Equity Interests.

 

7.19       
Amendments to Organizational Agreements and Material Contracts. (a) Materially amend or permit any material amendments to any
Loan Party’s organizational documents if such amendment would be adverse to the Administrative Agent or the Lenders in any material
respect; or (b) amend or permit any amendments to, or terminate or waive any provision of, any material Contractual Obligation if such
amendment, termination, or waiver could reasonably be expected to result in a Material Adverse Effect.

 

7.20        Use of Proceeds. Use the proceeds of any extension of credit hereunder, whether directly or indirectly, and whether immediately,
incidentally or ultimately, to (a) purchase or carry margin stock (within the meaning of Regulation U of the Board) 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 Board, or (b) finance
an Unfriendly Acquisition.

 

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7.21       
[Reserved.].

 

7.22        Sanctions. Permit any Loan or Letter of Credit or the proceeds thereof, directly or, to the knowledge of any Responsible Officer
of the Borrower, indirectly, (a) to be lent, contributed or otherwise made available to fund any activity or business in any Designated
Jurisdiction; (b) to fund any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who
is the subject of any Sanctions; or (c) in any other manner that will result in any material violation by any Person (including any Lender,
Lead Arranger, Administrative Agent, any Issuing Lender or Swing Line Lender) of any Sanctions.

 

7.23        Anti-Corruption
Laws. Directly or indirectly use the proceeds of any Loan or other credit extension made hereunder for any purpose which would breach
the Foreign Corrupt Practices Act, the UK Bribery Act 2010, or other similar legislation in other jurisdictions, applicable to the Borrower
and the Subsidiaries.

 

7.24        Anti-Terrorism Laws. Conduct, deal in or engage in or permit any Affiliate or agent of any Loan Party within its control to
conduct, deal in or engage in any of the following activities: (a) conduct any business or engage in any transaction or dealing with any
person blocked pursuant to Executive Order No. 13224 (a “Blocked Person”), including the making or receiving
any contribution of funds, goods or services to or for the benefit of any Blocked Person; (b) deal in, or otherwise engage in any transaction
relating to, any property or interests in property blocked pursuant to Executive Order No. 13224; or (c) engage in on conspire to engage
in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set
forth in Executive Order No. 13224 or the Patriot Act. The Borrower shall deliver to the Administrative Agent and the Lenders any certification
or other evidence reasonably requested from time to time by the Administrative Agent or any Lender confirming the Borrower’s compliance
with this Section 7.24.

 

SECTION
8

EVENTS OF DEFAULT

 

8.1          
Events of Default. The occurrence of any of the following shall constitute an Event of Default:

 

(a)                
the Borrower (i) shall fail to pay any amount of principal of any Loan when due in accordance with the terms hereof, (ii) shall
fail to reimburse any L/C Disbursement when due, or (iii) shall fail to pay any amount of interest on any Loan, or any other amount payable
hereunder or under any other Loan Document, within three Business Days after any such interest or other amount becomes due in accordance
with the terms hereof; or

 

(b)               
any representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained
in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or
any such other Loan Document (i) if qualified by materiality, shall be incorrect or misleading when made or deemed made, or (ii) if not
qualified by materiality, shall be incorrect or misleading in any material respect when made or deemed made; or

 

(c)                
any Loan Party shall default in the observance or performance of any agreement contained in any of Section 6.1, clause (i)
or (ii) of Section 6.4(a), Section 6.7(a), Section 6.9, Section 6.14 or any subsection of Section 7
(subject to, in the case of the financial covenant contained in Section 7.1(b), the cure rights in Section 8.4); provided
that, in the case of any Event of Default under Section 7.1(b) (a “Financial Covenant Event of Default”), such
default shall not constitute a default with respect to any Term Loans unless and until the Revolving Loans have been declared due and
payable and the Revolving Commitments have been terminated by the Required Revolving Lenders pursuant to Section 8.2 and such acceleration
or termination has not been rescinded; provided, however, that if (x) Required Revolving Lenders irrevocably rescind such acceleration
and termination in a writing delivered to the Administrative Agent within 10 Business Days after such acceleration and termination and
(y) Required Lenders (including the Term Loan Lenders) have not accelerated the Loans, the Financial Covenant Event of Default shall automatically
cease to constitute an Event of Default with respect to the Term Loans from and after such date; or

 

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(d)               
any Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or any other Loan
Document to which it is a party (other than as provided in paragraphs (a) through (c) of this Section) or an “Event of Default”
under and as defined in any Security Document shall have occurred, and in each case such default shall continue unremedied for a period
of 30 days after the earlier of (i) the Borrower’s receipt of written notice thereof from the Administrative Agent or (ii) a Responsible
Officer of any Loan Party obtaining knowledge thereof; or

 

(e)                
(i) any Group Member shall (A) default in making any payment of any principal of any Indebtedness (including any Guarantee Obligation,
but excluding the Loans) on the scheduled or original due date with respect thereto; (B) default in making any payment of any interest
on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was
created; (C) default in making any payment or delivery under any such Indebtedness constituting a Swap Agreement beyond the period of
grace, if any, provided in such Swap Agreement; (D) default in making any payment or delivery under any such Indebtedness constituting
a Swap Agreement beyond the period of grace, if any, provided in such Swap Agreement; or (E) default in the observance or performance
of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing
or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to
(1) cause, or to permit the holder or beneficiary of, or, in the case of any such Indebtedness constituting a Swap Agreement, counterparty
under, such Indebtedness (or a trustee or agent on behalf of such holder, beneficiary, or counterparty) to cause, with the giving of notice
if required, such Indebtedness to become due prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee
Obligation) to become payable or (in the case of any such Indebtedness constituting a Swap Agreement) to be terminated, or (2) to cause,
with the giving of notice if required, any Group Member to purchase or redeem or make an offer to purchase or redeem such Indebtedness
prior to its stated maturity; provided that, unless such Indebtedness constitutes a Specified Swap Agreement, a default, event
or condition described in clauses (i)(A), (B), (C), (D) or (E) of this subsection (e) shall not at any time constitute an Event of Default
unless, at such time, one or more defaults, events or conditions of the type described in clauses (i)(A), (B), (C), (D) or (E)
of this subsection (e) shall have occurred with respect to Indebtedness, the outstanding principal amount (and, in the case of Swap Agreements,
other than Specified Swap Agreements, the Swap Termination Value) of which, individually or in the aggregate for all such Indebtedness,
exceeds $20,000,000; or (ii) any default or event of default (however designated) shall occur with respect to any Subordinated Indebtedness
of any Group Member (other than intercompany Indebtedness) the outstanding principal amount of which exceeds $20,000,000; or

 

(f)                 
(i) any Group Member shall commence any case, proceeding or other action (a) under any Debtor Relief Law seeking to have an order
for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (b) seeking appointment of a receiver,
trustee, custodian, conservator, judicial manager, or other similar official for it or for all or any substantial part of its assets,
or any Group Member shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against any Group
Member any case, proceeding or other action of a nature referred to in clause (i) above that (a) results in the entry of an order for
relief or any such adjudication or appointment, or (b) remains undismissed, undischarged or unbonded for a period of 60 consecutive days
(provided that, during such 60 consecutive day period, no Loans shall be advanced or Letters of Credit issued hereunder); or (iii)
there shall be commenced against any Group Member any case, proceeding or other action seeking issuance of a warrant of attachment, execution,
distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief
that shall not have been vacated, discharged, or stayed or bonded pending appeal for a period of 60 consecutive days (provided
that, during such 60 consecutive day period, no Loans shall be advanced or Letters of Credit issued hereunder); or (iv) any Group Member
shall consent to, approve of, or acquiesce in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) any Group Member
shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or

 

(g)               
there shall occur one or more ERISA Events which individually or in the aggregate results in or otherwise is associated with liability
of any Loan Party or any ERISA Affiliate thereof in excess of $20,000,000 during the term of this Agreement; or there exists an amount
of unfunded benefit liabilities (as defined in Section 4001(a)(18) of ERISA), individually or in the aggregate for all Pension Plans (excluding
for purposes of such computation any Pension Plans with respect to which assets exceed benefit liabilities) which exceeds $20,000,000;
or

 

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(h)               
there is entered against any Group Member (i) one or more final judgments or orders for the payment of money or fines or penalties
issued by any Governmental Authority involving in the aggregate a liability (not paid or fully covered by insurance as to which the relevant
insurance company has acknowledged coverage) of $20,000,000 or more, or (ii) one or more non-monetary final judgments that have, or could
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case (i) or (ii), (A) enforcement
proceedings are commenced by any creditor or any such Governmental Authority, as applicable, upon such judgment, order, penalty or fine,
as applicable, or (B) such judgment, order, penalty or fine, as applicable, shall not have been vacated, discharged, stayed or bonded,
as applicable, pending appeal for a period of 60 consecutive days; or

 

(i)                 
(i)            any of the Security Documents shall cease, for any reason, to be in full force and effect (other than pursuant to the terms
thereof), or any Loan Party shall so assert, or any Lien created by any of the Security Documents shall cease to be enforceable and of
the same effect and priority purported to be created thereby (in each case, except to the extent that (i) any such enforceability or priority
is not required pursuant to the Security Documents, or (ii) such loss of a valid or perfected security interest, as applicable, may be
remedied by the filing of appropriate documentation without the loss of priority); or

 

(ii)               
there shall be commenced against any Loan Party any case, proceeding or other action seeking issuance of a warrant of attachment,
execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any
such relief that shall not have been vacated, discharged or stayed or bonded pending appeal within 60 days from the entry thereof; or

 

(iii)             
any court order enjoins, restrains or prevents a Loan Party from conducting all or any material part of its business for a period
of time in excess of five Business Days; or

 

(j)                 
the guarantee contained in Section 2 of the Guarantee and Collateral Agreement shall cease, for any reason, to be in full force
and effect or any Loan Party shall so assert; or

 

(k)               
a Change of Control shall occur; or

 

(l)                 
any of the Governmental Approvals required to be obtained and/or delivered to the Administrative Agent pursuant to any Loan Document
shall have been (i) revoked, rescinded, suspended, modified in an adverse manner or not renewed in the ordinary course for a full term
or (ii) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of
any of the Governmental Approvals or that could reasonably be expected to result in the Governmental Authority taking any of the actions
described in clause (i) above, and such decision or such revocation, rescission, suspension, modification or nonrenewal has, or could
reasonably be expected to have, a Material Adverse Effect; or

 

(m)              
any Loan Document not otherwise referenced in Section 8.1(i) or (j), at any time after its execution and delivery
and for any reason, other than (x) as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under
Section 7.4 or 7.5), or (y) the Discharge of Obligations, ceases to be in full force and effect; or any Loan Party or any
other Person contests in any manner the validity or enforceability of any Loan Document; or any Loan Party denies that it has any or any
further liability or obligation under any Loan Document to which it is a party, or purports to revoke, terminate or rescind any such Loan
Document.

 

8.2               
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)                
(i) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) of Section 8.1 with respect to
the Borrower, the Commitments shall immediately terminate automatically and the Loans (with accrued interest thereon) and all other amounts
owing under this Agreement, the other Loan Documents and all Bank Services Agreements and FX Contracts shall automatically immediately
become due and payable and (ii) if such event is a Financial Covenant Event of Default, at the request of, or with the consent of the
Required Revolving Lenders only, and without limiting Section 8.1(c), only with respect to the Revolving Loans, Revolving Commitments,
Swingline Commitments, Swingline Loans, any Letter of Credit and L/C Exposure), the Administrative Agent may, or upon the request of the
Required Revolving Lenders, the Administrative Agent shall, by notice to the Borrower, declare such Commitments to be terminated forthwith,
whereupon such Commitments, if any, shall immediately terminate, and/or declare such Loans hereunder (with accrued interest and fees thereon)
to be due and payable forthwith, whereupon the same shall immediately become due and payable, and

 

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(b)               
if such event is any other Event of Default, any of the following actions may be taken: (i) with the consent of the Required Lenders,
the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower declare
the Revolving Commitments, the Term Commitments, the Swingline Commitments and the L/C Commitments to be terminated forthwith, whereupon
the Revolving Commitments, the Term Commitments, the Swingline Commitments and the L/C Commitments shall immediately terminate; (ii) with
the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent
shall, by notice to the Borrower, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and
the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable; (iii) if so provided
for by the terms of any FX Contract or Bank Services Agreement, any Bank Services Provider may terminate any FX Contract or other Bank
Services Agreement then outstanding and declare all Obligations then owing by the Group Members under any Bank Services Agreements or
FX Contract then outstanding to be due and payable forthwith, whereupon the same shall immediately become due and payable; and (iv) exercise
on behalf of itself, the Lenders and the Issuing Lenders all rights and remedies available to it, BMO, any of BMO’s applicable Affiliates,
the Lenders, the Issuing Lenders and any Bank Services Provider under the Loan Documents and the Bank Services Agreements and FX Contracts,
as applicable. With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of
an acceleration pursuant to Section 8.2(a) or (b), the Borrower shall Cash Collateralize an amount equal to 103% of the aggregate then
undrawn and unexpired amount of such Letters of Credit. Amounts so Cash Collateralized shall be applied by the Administrative Agent to
the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired
or been fully drawn upon, if any, shall be applied to repay other Obligations of the Borrower hereunder and under the other Loan Documents
and Bank Services Agreements and FX Contracts in accordance with Section 8.3. In addition, (x) the Borrower shall also Cash
Collateralize the full amount of any Swingline Loans then outstanding, and (y) to the extent elected by any Bank Services Provider the
Borrower shall also Cash Collateralize the amount of any Obligations in respect of Bank Services and FX Contracts then outstanding, which
Cash Collateralized amounts shall be applied by such Bank Services Provider to the payment of all such outstanding Bank Services and FX
Contracts, and any unused portion thereof remaining after all such Bank Services and FX Contracts shall have been fully paid and satisfied
in full shall be applied by the Administrative Agent to repay other Obligations of the Loan Parties hereunder and under the other Loan
Documents in accordance with the terms of Section 8.3. After all such Letters of Credit and Bank Services Agreements and FX Contracts
shall have been terminated, expired or fully drawn upon, as applicable, and all amounts drawn under any such Letters of Credit shall have
been reimbursed in full and all other Obligations of the Borrower and the other Loan Parties (including any such Obligations arising in
connection with Bank Services and FX Contracts) shall have been paid in full or the Event of Default for which cash collateral was required
hereunder is waived, and no other Event of Default has occurred and is continuing, the balance, if any, of the funds having been so Cash
Collateralized shall be returned to the Borrower (or such other Person as may be lawfully entitled thereto). Except as expressly provided
above in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrower (except
to the extent such notices are otherwise expressly provided for elsewhere in this Agreement or the other Loan Documents).

 

8.3          Application
of Funds. After the exercise of remedies provided for in Section 8.2, any amounts received by the Administrative Agent on
account of the Obligations shall be applied by the Administrative Agent in the following order:

 

First, to the payment
of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest but including
any Collateral-Related Expenses, fees, charges and disbursements of outside counsel to the Administrative Agent and amounts payable under
Sections 2.17, 2.18 and 2.19) payable to the Administrative Agent, in its capacity as such, (including interest thereon);

 

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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, the Issuing Lenders (including any Letter of Credit Fronting Fees, Issuing Lender Fees and the reasonable
fees, charges and disbursements of outside counsel to the respective Lenders and the respective Issuing Lenders and amounts payable under
Sections 2.17, 2.18 and 2.19), any Qualified Counterparties, and to any Bank Services Providers (in their respective
capacities as providers of Bank Services and FX Contracts), in each case, 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 in respect of any Bank Services and
FX Contracts and on the Loans and L/C Disbursements which have not yet been converted into Revolving Loans, and to payment of premiums
and other fees (including any interest thereon) under any Specified Swap Agreements and any Bank Services Agreements and FX Contracts,
in each case, ratably among the Lenders, the Issuing Lenders, any Bank Services Providers (in their respective capacities as providers
of Bank Services and FX Contracts), and any Qualified Counterparties, in each case, ratably among them 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, L/C Disbursements which have not yet been converted into Revolving
Loans, and settlement amounts, payment amounts and other termination payment obligations under any Specified Swap Agreements and Bank
Services Agreements and FX Contracts, in each case, ratably among the Lenders, the Issuing Lenders, any Bank Services Providers (in their
respective capacities as providers of Bank Services and FX Contracts), and any applicable Qualified Counterparties, in each case, ratably
among them in proportion to the respective amounts described in this clause Fourth and payable to them;

 

Fifth, to the Administrative
Agent for the account of the Issuing Lenders, to Cash Collateralize that portion of the L/C Exposure comprised of the aggregate undrawn
amount of Letters of Credit pursuant to Section 3.10;

 

Sixth, if so elected
by any Bank Services Provider, to the Administrative Agent for the account of such Bank Services Providers, to Cash Collateralize then
outstanding Obligations arising in connection with Bank Services and FX Contracts;

 

Seventh, to the payment
of all other Obligations of the Loan Parties that are then due and payable to the Administrative Agent and the other Secured Parties on
such date (including any such other Obligations arising in connection with any Bank Services and FX Contracts), in each case, ratably
among them in proportion to the respective aggregate amounts of all such Obligations described in this clause Seventh and payable
to them;

 

Eighth, for the account
of any applicable Qualified Counterparty, to Cash Collateralize Obligations arising under any then outstanding Specified Swap Agreements,
in each case, ratably among them in proportion to the respective amounts described in this clause Eighth payable to them; and

 

Last, the balance, if
any, after all of the Obligations have been indefeasibly paid in full (excluding, for this purpose, any Obligations which have been Cash
Collateralized in accordance with the terms hereof), to the Borrower or as otherwise required by Law.

 

Subject to Sections 2.22(a),
3.4, 3.5 and 3.10, 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 for Letters of Credit 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.

 

Notwithstanding the foregoing,
no Excluded Swap Obligation of any Guarantor shall be paid with amounts received from such Guarantor or from any Collateral in which such
Guarantor has granted to the Administrative Agent a Lien (for the ratable benefit of the Secured Parties) pursuant to the Guarantee and
Collateral Agreement; provided, however, that each party to this Agreement hereby acknowledges and agrees that appropriate
adjustments shall be made by the Administrative Agent (which adjustments shall be controlling in the absence of manifest error) with respect
to payments received from other Loan Parties in order to preserve the allocation of such payments to the satisfaction of the Obligations
in the order otherwise contemplated in this Section 8.3.

 

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8.4            Borrower’s Right to Cure (a)       Notwithstanding anything to the contrary otherwise
contained in this Section 8, in the event of any Financial Covenant Event of Default and upon the receipt of a Specified Equity
Contribution (the “Cure Amount”) within the time period specified, and subject to the satisfaction of the other conditions
with respect to Specified Equity Contribution set forth in the definition thereof, Consolidated EBITDA shall be increased with respect
to such applicable fiscal quarter and any four fiscal quarter period that contains such fiscal quarter by the amount of such Specified
Equity Contribution solely for the purpose of measuring compliance with Section 7.1(b). If, after giving effect to the foregoing
pro forma adjustment (without giving effect to any repayment of any Indebtedness with any portion of the Cure Amount or any portion of
the Cure Amount on the balance sheet of the Borrower with respect to such fiscal quarter only (except, for each fiscal quarter other than
the fiscal quarter in respect of which such Specified Equity Contribution is made, to the extent applied for the voluntary prepayment
of Term Loans)), the Borrower shall then be in compliance with the requirements of Section 7.1(b), it shall be deemed to have been
in compliance therewith as of the relevant date of determination with the same effect as though there had been no failure to comply therewith
at such date, and the applicable breach or default hereunder that had occurred shall be deemed cured for the purposes of this Agreement.

 

(b)            
The parties hereby acknowledge that notwithstanding any other provision in this Agreement to the contrary, (i) the Cure
Amount received pursuant to the occurrence of any Specified Equity Contribution shall be disregarded for purposes of calculating Consolidated
EBITDA in any determination of any financial ratio-based conditions, pricing or basket under Section 7 (other than as applicable to Section
7.1(b)) and (ii) no Revolving Lender, Swingline Lender or Issuing Lender shall be required to make any extension of credit hereunder,
if a Financial Covenant Event of Default has occurred and is continuing during the 15 Business Day period during which a Specified Equity
Contribution may be made (as provided in the definition of Specified Equity Contribution), unless and until the Cure Amount is actually
received.

 

SECTION
9

THE ADMINISTRATIVE AGENT

 

9.1            Appointment
and Authority.

 

(a)           
Each of the Lenders hereby irrevocably appoints BMO 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.

 

(b)            The
provisions of Section 9 are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Lenders, and neither
the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions (other than provisions
that are for the express benefit of the Borrower and the other Loan Parties, including Sections 9.9 and 9.10). Notwithstanding
any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities to
any Lender or any other Person, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document
or otherwise exist against the Administrative Agent. 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.

 

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(c)           
The Administrative Agent shall also act as the collateral agent under the Loan Documents, and each of the Issuing Lenders and each
of the other Lenders (in their respective capacities as a Lender and, as applicable, Qualified Counterparty and Bank Services Provider)
hereby irrevocably (i) authorize the Administrative Agent to enter into all other Loan Documents, as applicable, including the Guarantee
and Collateral Agreement, any subordination agreements and any other Security Documents, and (ii) appoint and authorize the Administrative
Agent to act as the agent of the Secured Parties for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted
by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto.
The Administrative Agent, as collateral agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent
pursuant to Section 9.2 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under
the Security Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled
to the benefits of all provisions of this Section 9 and Section 10 (including Section 9.7, as though such co-agents,
sub-agents and attorneys-in-fact were the collateral agent under the Loan Documents) as if set forth in full herein with respect thereto.
Without limiting the generality of the foregoing, the Administrative Agent is further authorized on behalf of all the Lenders, without
the necessity of any notice to or further consent from the Lenders, from time to time to take any action, or permit the any co-agents,
sub-agents and attorneys-in-fact appointed by the Administrative Agent to take any action, with respect to any Collateral or the Loan
Documents which may be necessary to perfect and maintain perfected the Liens upon any Collateral granted pursuant to any Loan Document.

 

9.2            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 Section 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 Facilities provided
for herein as well as activities as the Administrative Agent. The Administrative Agent shall not be responsible for the negligence or
misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment
that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub agents.

 

9.3            Exculpatory Provisions. The Administrative Agent shall have no duties or obligations except those expressly set forth herein
and in the other Loan Documents, and its duties hereunder and thereunder shall be administrative in nature. Without limiting the generality
of the foregoing, the Administrative Agent shall not:

 

(a)            be
subject to any fiduciary or other implied duties, regardless of whether any Default or any Event of Default has occurred and is continuing;

 

(b)            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), as applicable;
provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance
of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification
or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and

 

(c)            except
as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and the Administrative Agent shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by
any Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

The Administrative Agent 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 8.2 and 10.1), 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
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 or Event of Default, (iv) the validity, enforceability, effectiveness
or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any
condition set forth in Section 5.1, Section 5.2 or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent.

 

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9.4            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, the Administrative Agent may presume that such condition is satisfactory to such Lender
unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan or the issuance
of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for any of the Loan Parties), 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. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for
all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent.
The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document
unless it shall first receive such advice or concurrence of the Required Lenders (or such other number or percentage of Lenders as shall
be provided for herein or in the other Loan Documents) as it deems appropriate or it shall first be indemnified to its satisfaction by
the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.
The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other
Loan Documents in accordance with a request of the Required Lenders (or such other number or percentage of Lenders as shall be provided
for herein or in the other Loan Documents), and such request and any action taken or failure to act pursuant thereto shall be binding
upon the Lenders and all future holders of the Loans.

 

9.5            Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default
or Event of Default unless the Administrative Agent has received prompt notice in writing from any Lender or the Borrower referring to
this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” In the
event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative
Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders
(or, if so specified by this Agreement, all Lenders); provided that unless and until the Administrative Agent shall have received
such directions, the Administrative Agent may (but shall not be obligated to) take such action or refrain from taking such action with
respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders.

 

9.6            Non-Reliance on Administrative Agent and Other Lenders. Each Lender expressly acknowledges that neither the Administrative
Agent nor any of its officers, directors, employees, agents, attorneys in fact or affiliates has made any representations or warranties
to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of a Group Member or any Affiliate
of a Group Member, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender
represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender
or any of their Related Parties, and based on such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, operations, property, financial and other condition and creditworthiness of the Group Members and their
affiliates and made its own credit analysis and decision to make its Loans hereunder and enter into this Agreement. Each Lender also agrees
that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties, and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals
and decisions in taking or not taking action under or based upon this Agreement, the other Loan Documents or any related agreement or
any document furnished hereunder or thereunder, and to make such investigation as it deems necessary to inform itself as to the business,
operations, property, financial and other condition and creditworthiness of the Group Members and their affiliates. Except for notices,
reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative
Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning the business, operations,
property, condition (financial or otherwise), prospects or creditworthiness of any Group Member or any Affiliate of a Group Member that
may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys in fact or affiliates.

 

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9.7            Indemnification.
Each of the Lenders agrees to indemnify each of the Administrative Agent, the Issuing Lenders and the Swingline Lender and each of
its Related Parties in its capacity as such (to the extent not reimbursed by the Borrower or any other Loan Party pursuant to any Loan
Document and without limiting the obligation of the Borrower or any other Loan Party to do so) according to its Aggregate Exposure Percentage
in effect on the date on which indemnification is sought under this Section 9.7 (or, if indemnification is sought after the date
upon which the Commitments shall have terminated and the Loans shall have been paid in full, in accordance with its Aggregate Exposure
Percentage immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of
the Loans) be imposed on, incurred by or asserted against the Administrative Agent or such other Person in any way relating to or arising
out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein
or the Transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent or such other Person under
or in connection with any of the foregoing and any other amounts not reimbursed by the Borrower or such other Loan Party; provided
that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction
to have resulted primarily from the Administrative Agent’s or such other Person’s gross negligence or willful misconduct,
and that with respect to such unpaid amounts owed to any Issuing Lender or Swingline Lender solely in its capacity as such, only the
Revolving Lenders shall be required to pay such unpaid amounts, such payment to be made severally among them based on such Revolving
Lenders’ Revolving Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought).
The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder.

 

9.8            Agent
in Its Individual Capacity. 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 Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without
any duty to account therefor to the Lenders.

 

9.9            Successor Administrative Agent.

 

(a)            The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such
notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower (not to be unreasonably withheld, conditioned
or delayed) unless a Default or Event of Default then exists, to appoint a successor, which shall be a bank with an office in the State
of New York, or an Affiliate of any such bank with an office in the State of New York. 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, appoint a successor Administrative
Agent meeting the qualifications set forth above; provided that in no event shall any such successor Administrative Agent be a
Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice
on the Resignation Effective Date.

 

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

 

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(c)            With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any
collateral security held by the Administrative Agent on behalf of the Secured Parties 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 such collateral security is assigned to such successor Administrative Agent) and (ii) except for any indemnity payments 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 directly, until such time, if any, as the Required Lenders appoint a successor Administrative
Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder,
such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative
Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), 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). The fees payable by the Borrower to a successor Administrative Agent shall be
the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed
Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of Section 9 and
Section 10.5 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their
respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative
Agent was acting as the Administrative Agent.

 

9.10        
Collateral and Guaranty Matters. The Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion,

 

(a)           
to release any Lien on any Collateral or other property granted to or held by the Administrative Agent under any Loan Document
(i) upon the Discharge of Obligations, (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or
in connection with any sale or other disposition permitted hereunder or under any other Loan Document, or (iii) subject to Section
10.1, if approved, authorized or ratified in writing by the Required Lenders;

 

(b)            to subordinate any Lien on any Collateral or other property granted to or held by the Administrative Agent under any Loan Document
to the holder of any Lien on such property that is permitted by Sections 7.3(g) and (i); and

 

(c)           
to release any Guarantor from its obligations under the Guarantee and Collateral Agreement if such Person either (i) ceases to
be a Subsidiary as a result of a transaction permitted under the Loan Documents, (ii) becomes an Immaterial Subsidiary or (iii) is a Foreign
Subsidiary or to release any Foreign Law Pledge Documents if the First Tier Foreign Subsidiary whose Equity Interests are being pledged
no longer contribute more than $1,500,000 in revenue.)

 

(d)            Upon
request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority
to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under
the Guaranty pursuant to this Section 9.10.

 

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

 

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9.11        
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 Obligation
in respect of any Letter of Credit shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated), by intervention
in such proceeding or otherwise:

 

(a)           
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Obligations
in respect of any Letter of Credit and all other Obligations that are owing and unpaid and to file such other documents as may be necessary
or advisable to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due
the Lenders and the Administrative Agent under Sections 2.8 and 10.5) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such
payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements
and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.8
and 10.5.

 

Nothing contained herein shall
be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to
vote in respect of the claim of any Lender in any such proceeding.

 

9.12         No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Lead Arrangers 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, an Issuing Lender or the Swingline Lender hereunder.

 

9.13         Survival. This Section 9 shall survive the Discharge of Obligations.

 

9.14         Acknowledgements of Lenders.

 

(a)            Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined
in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment,
prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, an “Erroneous Payment”)
were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Erroneous Payment (or
a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent
the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest
thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to
the date such amount is repaid to the Administrative Agent at the Prime Rate from time to time in effect, and (y) to the extent permitted
by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or
right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous
Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine. A notice
of the Administrative Agent to any Lender under this Section 9.14 shall be conclusive, absent manifest error.

 

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(b)           Each
Lender hereby further agrees that if it receives an Erroneous Payment from the Administrative Agent or any of its Affiliates (x)
that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent
(or any of its Affiliates) with respect to such Erroneous Payment (a “Payment Notice”) or (y) that was not preceded
or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Erroneous
Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware an Erroneous Payment (or portion thereof) may have
been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative
Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any
such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect
of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount
is repaid to the Administrative Agent at the Prime Rate from time to time in effect.

 

(c)            In the event an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand
therefor by the Administrative Agent in accordance with immediately preceding clauses (a) and (b), from any Lender that has received such
Erroneous Payment (or portion thereof) (or from any payment recipient who received such Erroneous Payment (or portion thereof) on its
respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent's
request to such Lender at any time, (i) such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the relevant
Tranche with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”) in an amount
equal to the Erroneous Payment Return Deficiency (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted
Class, the “Erroneous Payment Deficiency Assignment”) at par plus any accrued and unpaid interest (with the
assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with any Borrower) deemed to execute
and deliver an Assignment and Acceptance (or, to the extent applicable, an agreement incorporating an Assignment and Acceptance by reference
pursuant to an electronic platform approved by the Administrative Agent as to which the Administrative Agent and such parties are participants)
with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any Notes evidencing such Loans to the Borrower
or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency
Assignment and (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender, as applicable,
hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with
respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification
provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender. For the avoidance of doubt,
no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance
with the terms of this Agreement.

 

(d)           The
parties hereto agree that an Erroneous Payment shall not, in and of itself, be deemed to pay, prepay, repay, discharge or otherwise satisfy
any Obligations owed by any Borrower or any other Loan Party, except, in each case, to the extent such erroneous Payment is, and solely
with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from any Borrower
or any other Loan Party for the purpose of paying, prepaying, repaying, discharging or otherwise satisfying any Obligations owed by any
Borrower or any other Loan Party.

 

(e)            Notwithstanding
anything to the contrary herein or in any other Loan Document, this Section 9.14 will not create any additional Obligations of
the Loan Parties' under the Loan Documents or otherwise increase or alter such Obligations (other than having consented to the assignment
referenced in Section 9.14(c)).

 

(f)             Each
party's obligations under this Section 9.14 shall survive the resignation or replacement of the Administrative Agent or any transfer
of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge
of all Obligations under any Loan Document.

 

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SECTION
10

MISCELLANEOUS

 

10.1        
Amendments and Waivers.

 

(a)            Neither this Agreement, nor any other Loan Document (other than any L/C Related Document, Fee Letter, or Bank Services Agreement),
nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 10.1.
The Required Lenders and each Loan Party party to the relevant Loan Document may, or, with the written consent of the Required Lenders,
the Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (i) enter into written amendments,
supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the
other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (ii) waive,
on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument,
any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided
that no such waiver and no such amendment, supplement or modification shall (A) forgive the principal amount or extend the final scheduled
date of maturity of any Loan, extend the scheduled date of any amortization payment in respect of any Term Loan, reduce the stated rate
of any interest or fee payable hereunder (except that any amendment or modification of defined terms used in the financial covenant in
this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (A)) or extend the scheduled
date of any payment thereof, or increase the amount or extend the expiration date of any Lender’s Revolving Commitment or Term Commitment,
in each case without the written consent of each Lender directly affected thereby; (B) eliminate or reduce the voting rights of any Lender
under this Section 10.1 without the written consent of such Lender; (C) reduce any percentage specified in the definition of Required
Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other
Loan Documents, release all or substantially all of the Collateral or release all or substantially all of the Guarantors from their obligations
under the Guarantee and Collateral Agreement, subordinate all or substantially all of the Obligations or subordinate all or substantially
all the Liens of the Administrative Agent and Lenders in the Collateral, in each case without the written consent of all Lenders; (D)
(1) amend, modify or waive the pro rata requirements of Section 2.16 or any other provision of the Loan Documents (including Section 8.3)
requiring pro rata treatment of payments to the Lenders in a manner that adversely affects Revolving Lenders without the written consent
of each Revolving Lender or (2) amend, modify or waive the pro rata requirements of Section 2.16 or any other provision of the
Loan Documents (including Section 8.3) requiring pro rata treatment of payments to the Lenders in a manner that adversely affects
Term Lenders or the L/C Lenders without the written consent of each Term Lender and/or, as applicable, each L/C Lender; (E) amend, modify
or waive any provision of Section 9 without the written consent of the Administrative Agent; (F) amend, modify or waive any provision
of Section 2.6 or 2.7 without the written consent of the Swingline Lender; (G) amend, modify or waive any provision
of Section 3 without the written consent of each Issuing Lender; (H) amend or modify the application of payments provisions set
forth in Section 8.3 or the definitions set forth in Section 1.1 that directly affect swap security or ratable treatment
in a manner that adversely affects any Issuing Lender or any Qualified Counterparty, as applicable, without the written consent of each
such Issuing Lender or each such Qualified Counterparty, as applicable; (I) add any Alternative Currencies in addition to those specified
herein without the written consent of all Revolving Lenders; (J) contractually subordinate the Obligations hereunder, or the Liens granted
hereunder or under the other Loan Documents, to any other Indebtedness or Lien on any of the Collateral, as the case may be, without the
consent of all Lenders, except (i) Indebtedness that is expressly permitted by this Agreement as in effect as of the Closing Date to be
senior to the Obligations and/or be secured by a Lien that is senior to the Lien securing the Obligations or (ii) any “debtor in-possession”
facility; (K) (1) amend or otherwise modify Section 7.1(b) (including to add, amend or otherwise modify representations, warranties,
covenants or other terms and conditions or to add, amend or otherwise modify defined terms solely to the extent applicable thereto); (2)
waive any Financial Covenant Event of Default, (3) amend, add or otherwise modify representations, warranties, covenants or other terms
and conditions or to amend or add defined terms solely to the extent applicable thereto, in each case solely for the benefit of the Revolving
Commitments, (4) amend or otherwise modify Section 9.4 or the definition of “Specified Equity Contribution” or (5)
waive or consent to any Default or Event of Default relating solely to the Revolving Loans and Revolving Commitments (including Defaults
and Events of Default relating to the foregoing clauses (1) through (4)), in each case without the written consent of the Required Revolving
Lenders; provided, however, that the amendments, supplements, modifications, waivers and consents described in this clause (K) shall not
require the consent of any Lenders other than the Required Revolving Lenders; or (L) reduce the percentage specified in the definition
of “Required Revolving Lenders” without the written consent of all the Revolving Lenders.. Any such waiver and any such amendment,
supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative
Agent, the Issuing Lenders, each Qualified Counterparty, and all future holders of the Loans. In the case of any waiver, the Loan Parties,
the Lenders and the Administrative Agent shall be restored to their former position and rights hereunder and under the other Loan Documents,
and any Default or Event of Default waived shall be deemed to be cured during the period such waiver is effective; but no such waiver
shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. Notwithstanding the foregoing,
any Issuing Lender may amend any of the L/C Documents of such Issuing Lender without the consent of the Administrative Agent or any other
Lender.

 

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(b)            Notwithstanding
anything to the contrary contained in Section 10.1(a) above, in the event that the Borrower or any other Loan Party, as applicable,
requests that this Agreement or any of the other Loan Documents, as applicable, be amended or otherwise modified in a manner which would
require the consent of all of the Lenders or, as applicable, all affected Lenders, and such amendment or other modification is agreed
to by the Borrower and/or such other Loan Party, as applicable, the Required Lenders and the Administrative Agent, then, with the consent
of the Borrower and/or such other Loan Party, as applicable, the Administrative Agent and the Required Lenders, this Agreement or such
other Loan Document, as applicable, may be amended without the consent of the Lender or Lenders who are unwilling to agree to such amendment
or other modification (each, a “Minority Lender”), to provide for:

 

(i)              the termination of the Commitments of each such Minority Lender;

 

(ii)             the assumption of the Loans and Commitments of each such Minority Lender by one or more Replacement Lenders pursuant to the provisions
of Section 2.21; and

 

(iii)            the payment of all interest, fees and other obligations payable or accrued in favor of each Minority Lender and such other modifications
to this Agreement or to such Loan Documents as the Borrower, the Administrative Agent and the Required Lenders may determine to be appropriate
in connection therewith.

 

(c)            Notwithstanding any provision herein to the contrary but subject to the proviso in Section 10.1(a), this Agreement may be
amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent, and the Borrower, (i) to
add one or more additional credit or term loan facilities to this Agreement and to permit all such additional extensions of credit and
all related obligations and liabilities arising in connection therewith and from time to time outstanding thereunder to share ratably
(or on a basis subordinated to the existing facilities hereunder) in the benefits of this Agreement and the other Loan Documents with
the obligations and liabilities from time to time outstanding in respect of the existing facilities hereunder, and (ii) in connection
with the foregoing, to permit, as deemed appropriate by the Administrative Agent and approved by the Required Lenders, the Lenders providing
such additional credit facilities to participate in any required vote or action required to be approved by the Required Lenders.

 

(d)            Notwithstanding
any provision herein to the contrary, any Bank Services Agreement or FX Contract may be amended or otherwise modified by the parties
thereto in accordance with the terms thereof without the consent of the Administrative Agent or any Lender.

 

10.2         Notices.

 

(a)           
All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile
or electronic mail), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered,
or three Business Days after being deposited in the mail, postage prepaid, or, in the case of facsimile or electronic mail notice, when
received, addressed as follows in the case of the Borrower and the Administrative Agent, and as set forth in an administrative questionnaire
delivered to the Administrative Agent in the case of the Lenders, or to such other address as may be hereafter notified by the respective
parties hereto:

 

	 	Any Loan Party:	 	Digi International Inc. 
9350 Excelsior Boulevard, Suite 700 
Hopkins, Minnesota 55343-3444 
Attention: Jamie Loch, Chief Financial Officer 
Facsimile No.: (952) 912-4941 
Telephone No.: (952) 912-3737 
E-Mail: Jamie.Loch@digi.com 
Website URL: www.digi.com 

 

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	 	 	with a copy to: 
  
Faegre Drinker Biddle & Reath LLP 
2200 Wells Fargo Center 
90 South Seventh Street 
Minneapolis, Minnesota 55402 
Attention: Nicole J. Leimer 
Telephone No.: 612-766-7239 
Facsimile No.: 612-766-1600 
E-Mail: Nicole.Leimer@faegredrinker.com 

 

	 	Administrative Agent:	 	BMO Harris Bank N.A. 
50 South Sixth Street 
Suite 1000 
Minneapolis, Minnesota 55402 
Attention: Philip Sanfilippo 
Facsimile No.: 612-904-8011 
Telephone No.: 612-904-8922 
E-Mail: philip.sanfilippo@bmo.com 
  
with a copy to: 
  
Kramer Levin Naftalis & Frankel LLP 
1177 Avenue of the Americas 
New York, NY 10036 
Attention: Richard E. Farley 
Telephone No.: (212) 715-9106 
Facsimile No.: (212) 715-8106 
E-Mail: RFarley@kramerlevin.com 

 

provided that any notice,
request or demand to or upon the Administrative Agent or the Lenders shall not be effective until received.

 

(b)            Notices
and other communications to the Lenders hereunder may be delivered or furnished by electronic communications (including email 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 pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable Lender.
The Administrative Agent or the Loan Parties may, in their 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, (a) notices and other communications sent
to an email address shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as
by the “return receipt requested” function, as available, return email or other written acknowledgment); and (b) notices
or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient
at its email address as described in the foregoing clause (a) of notification that such notice or communication is available and identifying
the website address therefor; provided that, for both clauses (a) and (b) above, if such notice 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)            Any
party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties
hereto.

 

(d)            (i)             Each
Loan Party agrees that the Administrative Agent and/or the Lead Arrangers may, but shall not be obligated to, make the
Communications (as defined below) available to the Issuing Lenders and the other Lenders by posting the Communications on Debt
Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system (the
 “Platform”).

 

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(ii)            
The Platform is provided “as is” and “as available.” The Agent Parties (as defined below) and the Lead
Arrangers do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications.
No warranty of any kind, express, implied or statutory, including, without limitation, 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 or
any Lead Arranger in connection with the Communications or the Platform. In no event shall the Administrative Agent or any of its Related
Parties (collectively, the “Agent Parties”) or any Lead Arranger have any liability to the Borrower or the other
Loan Parties, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special,
incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s,
any Loan Party’s or the Administrative Agent’s transmission of communications through the Platform. “Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party
pursuant to any Loan Document or the Transactions contemplated therein which is distributed to the Administrative Agent, any Lender or
any Issuing Lender by means of electronic communications pursuant to this Section, including through the Platform.

 

10.3       
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent
or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents 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 are cumulative
and not exclusive of any rights, remedies, powers and privileges provided by law.

 

10.4         Survival of Representations and Warranties. All representations and warranties made hereunder, in the other Loan Documents
and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery
of this Agreement and the making of the Loans and other extensions of credit hereunder.

 

10.5        
Expenses; Indemnity; Damage Waiver.

 

(a)           
Costs and Expenses. Each Loan Party shall pay (i) all reasonable documented out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates (including the reasonable invoiced fees, charges and disbursements of counsel for the Administrative Agent),
in connection with the syndication of the Facilities (including the syndication of the Facilities contemplated by this Agreement), the
preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents, or any amendments, amendments
and restatements, modifications or waivers of the provisions hereof or thereof (whether or not the Transactions contemplated hereby or
thereby shall be consummated); (ii) all reasonable documented out-of-pocket expenses incurred by the Issuing Lenders in connection with
the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, and (iii) all documented out-of-pocket
expenses incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for the Administrative
Agent or any Lender), in connection with the enforcement or protection of its rights (a) in connection with this Agreement and the other
Loan Documents, including its rights under this Section, or (b) in connection with the Loans made or Letters of Credit issued or participated
in hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such
Loans or Letters of Credit.

 

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(b)            Indemnification by the Loan Parties. Upon written demand (together with reasonable back up documentation) each Loan Party
shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender (including each Issuing Lender), and each Related Party
of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all actual losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements
of counsel for any Indemnitee (but limited to the fee, charges and disbursements of one firm as counsel to all Indemnitees taken as a
whole and, if reasonably necessary, a single firm local counsel firm for all Indemnitees taken as a whole in each relevant jurisdiction
(which may be a single local counsel firm acting in multiple material jurisdictions), if reasonably necessary, a single regulatory firm
as counsel, and solely in the case of an actual or perceived conflict of interest where the Indemnitee affected by such conflict of interest
informs the Borrower in writing of such conflict of interest and thereafter retains its own firm as counsel, one additional firm as counsel
in each relevant jurisdiction and one regulatory firm as counsel to each group of affected Indemnitees taken as a whole, in each case,
except allocated costs of in-house counsel), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the
Borrower or any other Loan Party) other than such Indemnitee and its Related Parties arising out of, in connection with, or as a result
of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby,
the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions
contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any
refusal by any Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such
demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Materials of
Environmental Concern on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability
related in any way to any Loan Parties or any of their respective 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 Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (w) are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the bad faith, gross negligence
or willful misconduct of such Indemnitee, (x) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee
for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan
Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction, or
(y) arising from any dispute solely among Indemnitees or any of their respective Affiliates other than any claims against an Indemnitee
in its capacity or in fulfilling its role as the Administrative Agent, a Lead Arranger, a Lender, an Issuing Lender, or a similar role
under the Facilities and other than any claims arising out of any act or omission of any Loan Party or any of its Affiliates. This Section 10.5(b)
shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(c)           
Reimbursement by Lenders. To the extent that the Borrower (or any other Loan Party pursuant to this Agreement or any other
Loan Document) for any reason fails indefeasibly to pay any amount required under paragraph (a) or (b) of this Section to be paid by it
to the Administrative Agent (or any sub-agent thereof), the Issuing Lenders, the Swingline Lender or any Related Party of any of the foregoing,
each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Issuing Lenders, the Swingline Lender or
such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid amount
(including any such unpaid amount in respect of a claim asserted by such Lender); provided that with respect to such unpaid amounts
owed to any Issuing Lender or the Swingline Lender solely in its capacity as such, only the Revolving Lenders shall be required to pay
such unpaid amounts, such payment to be made severally among them based on such Revolving Lenders’ Revolving Percentage (determined
as of the time that the applicable unreimbursed expense or indemnity payment is sought); and 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), any Issuing Lender or the Swingline Lender in its capacity as such, or against any Related
Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), any Issuing Lender or the Swingline Lender
in connection with such capacity. The obligations of the Lenders under this paragraph (c) are subject to the provisions of Sections
2.1, 2.4 and 2.18(e).

 

(d)           
Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no Loan Party shall assert, and
hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages
(as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document
or any agreement or instrument contemplated hereby, the Transactions contemplated hereby or thereby, any Loan or Letter of Credit, or
the use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above shall be liable for any damages arising from the use
by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan Documents or the Transactions contemplated hereby or thereby.

 

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

 

(f)             Survival.
Each party’s obligations under this Section shall survive the resignation of the Administrative Agent, the resignation of any Issuing
Lender, the resignation of the Swingline Lender, the replacement of any Lender, the termination of the Loan Documents, the termination
of the Commitments and the Discharge of Obligations.

 

10.6        
Successors and Assigns; Participations and Assignments.

 

(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 (which for purposes of this Section 10.6 shall include
any Bank Services Provider), 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 paragraph (b) of this Section, (ii) by way of
participation in accordance with the provisions of paragraph (d) of this Section, or (iii) by way of pledge or assignment of a security
interest subject to the restrictions of paragraph (f) of this Section (and any other attempted assignment or transfer by any party hereto
shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this
Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any
legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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

 

(i)            
Minimum Amounts.

 

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

 

(B)            
in any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitments (which for this purpose
includes Loans outstanding thereunder) or, if the applicable Commitments are not then in effect, the principal outstanding balance of
the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect
to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date) shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving Facility,
or $1,000,000, in the case of any assignment in respect of the Term Facility, unless each of the Administrative Agent and, so long as
no Default or Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably
withheld or delayed).

 

(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 and/or the Commitments assigned, except that this
clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a
non-pro rata basis.

 

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

 

(A)            the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of
Default has occurred and is continuing at the time of such assignment, or (y) such assignment is to a Lender, an Affiliate of a Lender
or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object
thereto by written notice to the Administrative Agent within five Business Days after having received notice thereof;

 

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

 

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

 

(iv)           Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee of $3,500; provided that the Administrative Agent may, in its reasonable
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 any such administrative questionnaire as the Administrative Agent may request.

 

(v)             No Assignment to Certain Persons. No such assignment shall be made to (A) a Loan Party or any of a Loan Party’s Affiliates
or Subsidiaries or (B) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute
a Defaulting Lender or a Subsidiary thereof.

 

(vi)            No Assignment to Natural Persons. No such assignment shall be made to a natural Person (or a holding company, investment
vehicle or trust for, or owned and operated for the primary benefit of, a natural Person).

 

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

 

Subject to acceptance and
recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in
each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits and subject to the obligations of Sections
2.17, 2.18, 2.19 and 10.5 with respect to facts and circumstances occurring prior to the effective date of such
assignment; provided that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting
Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph
shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with paragraph (d) of this Section.

 

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(c)          
Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of
its offices in New York a copy of each Assignment and Assumption delivered to it 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 owing to, each Lender pursuant to the
terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest
error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower
and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)          
Participations. Any Lender may at any time, without the consent of, or notice to, the 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, or any Loan Party or any of any Loan Party’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 Commitments and/or the Loans owing to it); provided that (i) such Lender’s obligations under this
Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations, and (iii) the Borrower, the Administrative Agent, the Issuing Lenders and the other Lenders shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of
doubt, each Lender shall be responsible for the indemnities under Sections 2.18(e) and 9.7 with respect to any payments
made by such Lender to its Participant(s).

 

Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver which affects
such Participant and for which the consent of such Lender is required (as described in Section 10.1). The Borrower agrees that
each Participant shall be entitled to the benefits of Sections 2.17, 2.18 and 2.19 (subject to the requirements and
limitations therein, including the requirements under Section 2.18(f) (it being understood that the documentation required under
Section 2.18(f) shall be delivered by such Participant to the Lender granting 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 Section 2.21 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 2.17 or 2.18, with respect to any participation, than
its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results
from a change in any Requirement of Law that occurs after the Participant acquired the applicable participation. Each Lender that sells
a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate
the provisions of Section 2.21 with respect to any Participant. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 10.7 as though it were a Lender; provided that such Participant agrees to be subject
to Section 2.16(k) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as
a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal
amounts (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 and proposed Section 1.163-5(b) of the United States Treasury Regulations (or any amended or successor version).
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name
is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice
to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility
for maintaining a Participant Register.

 

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(e)          
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under
this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank
or any central banking authority; provided that no such pledge or assignment shall release such Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(f)            
Notes. The Borrower, upon receipt by the Borrower of written notice from the relevant Lender, agrees to issue Notes to any
Lender requiring Notes to facilitate transactions of the type described in Section 10.6.

 

(g)           
Representations and Warranties of Lenders. Each Lender, upon execution and delivery hereof or upon succeeding to an interest
in the Commitments or Loans, as the case may be, represents and warrants as of the Closing Date or as of the effective date of the applicable
Assignment and Assumption that (i) it is an Eligible Assignee; (ii) it has experience and expertise in the making of or investing in commitments,
loans or investments such as the Commitments and Loans; and (iii) it will make or invest in its Commitments and Loans for its own account
in the ordinary course of its business and without a view to distribution of such Commitments and Loans within the meaning of the Securities
Act or the Exchange Act, or other federal securities laws (it being understood that, subject to the provisions of this Section 10.6,
the disposition of such Commitments and Loans or any interests therein shall at all times remain within its exclusive control).

 

(h)            ERISA Provisions. Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to,
and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent, the Lead Arrangers and their respective Affiliates, that at least one of the following is
and will be true:

 

A.            such
Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA)
of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,

 

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

 

C.             (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

 

D.       
      such other representation, warranty and covenant as may be agreed in writing between the
Administrative Agent, the Borrower and such Lender.

 

(i)             No
Fiduciary Capacity as to Plan Assets. In addition, unless either (1) sub-clause (A) in the immediately preceding clause
(h) is true with respect to a Lender or (2) such Lender has provided another representation, warranty and covenant as provided in
sub-clause (iv) in the immediately preceding clause (h), 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, the Lead Arrangers and their respective Affiliates, that none
of the Administrative Agent, the Lead Arrangers or any of their respective Affiliates is a fiduciary with respect to the assets of such
Lender involved in 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 to hereto or thereto).

 

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(j)             No
Investment Advice; Not a Fiduciary; Amounts Received. The Administrative Agent and the Lead Arrangers hereby inform the Lenders that
each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection
with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that
such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the
Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount
less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive
fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring
fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent
or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction
fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or
fees similar to the foregoing.

 

(k)            Disqualified
Institutions.

 

(i)              No assignment or participation shall be made to, and no Commitment shall be provided by, any Person that was a Disqualified Institution
as of the date (the “Trade Date”) on which the assigning Lender entered into a binding agreement to sell and
assign all or a portion of its rights and obligations under this Agreement to such Person or the date upon which such Commitment shall
become effective, as the case may be (unless (i) an Event of Default has occurred and is continuing under Section 8.1(a) or (f)
or (ii) the Borrower has consented to such assignment or Commitment in writing in its sole and absolute discretion, in which cases such
Person will not be considered a Disqualified Institution for the purpose of such assignment, participation or Commitment and this Agreement).
For the avoidance of doubt, with respect to any assignee, participant or Lender that becomes a Disqualified Institution after the applicable
Trade Date (including as a result of the delivery of a notice pursuant to, and/or the expiration of the notice period referred to in,
the definition of “Disqualified Institution”), (x) such assignee, participant or Lender shall not retroactively be disqualified
from becoming or being a Lender and (y) the execution by the Borrower of an Assignment and Assumption or similar documentation with respect
to such assignee, participant or Lender will not by itself result in such Person no longer being considered a Disqualified Institution.
Any assignment, participation or Commitment in violation of this clause (k)(i) shall not be void, but the other provisions of this clause
(k) shall apply.

 

(ii)            
If any assignment or participation is made to, or any Commitment is provided by, any Disqualified Institution in violation of clause
(i) above, or if any Person becomes a Disqualified Institution after the applicable Trade Date, the Borrower may, at its sole expense
and effort, upon notice to the applicable Disqualified Institution and the Administrative Agent, (A) terminate any Revolving Commitment
of such Disqualified Institution and repay all obligations of the Borrowers owing to such Disqualified Institution in connection with
such Revolving Commitment, (B) repay all obligations in respect of Term Loans owing to such Disqualified Institution and/or (C) require
such Disqualified Institution to assign, without recourse (in accordance with and subject to the restrictions contained in this Section),
all of its interest, rights and obligations under this Agreement to one or more Eligible Assignees at the lesser of (x) the principal
amount thereof and (y) the amount that such Disqualified Institution paid to acquire such interests, rights and obligations, in each case
plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder.

 

(iii)            Notwithstanding
anything to the contrary contained in this Agreement, Disqualified Institutions (A) will not (x) have the right to receive
information, reports or other materials provided to Lenders by the Loan Parties, the Administrative Agent or any other Lender, (y)
attend or participate in meetings attended by the Lenders and the Administrative Agent, or (z) access any electronic site
established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the
Lenders and (B)(x) for purposes of any consent to any amendment, waiver or modification of, or any action under, and for the purpose
of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this
Agreement or any other Loan Document, each Disqualified Institution will be deemed to have consented in the same proportion as the
Lenders that are not Disqualified Institutions consented to such matter, and (y) for purposes of voting on any Debtor Relief Plan,
each Disqualified Institution party hereto hereby agrees (1) not to vote on such Debtor Relief Plan, (2) if such Disqualified
Institution does vote on such Debtor Relief Plan notwithstanding the restriction in the foregoing clause (1), such vote will be
deemed not to be in good faith and shall be “designated” pursuant to Section 1126(e) of the Bankruptcy Code (or any
similar provision in any other Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class
has accepted or rejected such Debtor Relief Plan in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision
in any other Debtor Relief Laws) and (3) not to contest any request by any party for a determination by the bankruptcy court (or
other applicable court of competent jurisdiction) effectuating the foregoing clause (2).

 

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(iv)           
The Administrative Agent shall have the right, and the Borrower hereby expressly authorizes the Administrative Agent, to (A) post
the list of Disqualified Institutions provided by the Borrower and any updates thereto from time to time (collectively, the “DQ
List”) on the Platform, including that portion of the Platform that is designated for “public side” Lenders
and (B) provide the DQ List to each Lender requesting the same.

 

10.7        
Adjustments; Set-off.

 

(a)           
Except to the extent that this Agreement expressly provides for payments to be allocated to a particular Lender or to the Lenders
under a particular Facility, if any Lender (a “Benefitted Lender”) shall receive any payment of all or
part of the Obligations owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant
to events or proceedings of the nature referred to in Section 8.1(f), or otherwise), in a greater proportion than any such payment
to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender, such Benefitted Lender
shall purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing to each such other Lender,
or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to
share the excess payment or benefits of such collateral ratably with each of the Lenders; provided that if all or any portion of
such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase
price and benefits returned, to the extent of such recovery, but without interest.

 

(b)            Upon (i) the occurrence and during the continuance of any Event of Default and (ii) obtaining the prior written consent of the
Administrative Agent, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, without prior notice
to the Borrower or any other Loan Party, any such notice being expressly waived by the Borrower and each Loan Party, 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
any currency, at any time held or owing, and any other credits, indebtedness, claims or obligations, in any currency, in each case whether
direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, its Affiliates or any branch
or agency thereof to or for the credit or the account of the Borrower or any other Loan Party, as the case may be, against any and all
of the obligations of the Borrower or such other Loan Party now or hereafter existing under this Agreement or any other Loan Document
or any Bank Services Agreement or FX Contract to such Lender or its Affiliates, irrespective of whether or not such Lender or Affiliate
shall have made any demand under this Agreement or any other Loan Document or Bank Services Agreement or FX Contract and although such
obligations of the Borrower or such other Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such
Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in
the event that any Defaulting Lender or any of its Affiliates shall exercise any such right of setoff, (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 2.21
and, pending such payment, shall be segregated by such Defaulting Lender or Affiliate thereof from its other funds and deemed held in
trust for the benefit of the Administrative Agent 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 or Affiliate thereof as to which it
exercised such right of setoff. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff
and application made by such Lender or any of its Affiliates; provided that the failure to give such notice shall not affect the
validity of such setoff and application. The rights of each Lender and its Affiliates under this Section 10.7 are in addition to
other rights and remedies (including other rights of set-off) which such Lender or its Affiliates may have.

 

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10.8    
     Payments Set Aside. To the extent that any payment or transfer by or on behalf of the Borrower is
made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such
payment or transfer 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 or such Lender in
its discretion) to be repaid to a trustee, receiver or any other party, in connection with any Insolvency Proceeding or otherwise,
then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender
severally agrees to pay to the Administrative Agent upon demand its applicable share (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 Federal Funds Effective Rate from time to time in effect. This Section 10.8
shall survive the Discharge of Obligations solely on an unsecured basis.

 

10.9     
    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 Borrower. 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.

 

10.10   
    Counterparts; Electronic Execution of Assignments.

 

(a)           
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all
of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page
of this Agreement by facsimile or other electronic mail transmission shall be effective as delivery of a manually executed counterpart
hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent.

 

(b)            The
words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption
shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may
be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions
Act.

 

10.11   
    Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.11, if
and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited under
or in connection with any Insolvency Proceeding, as determined in good faith by the Administrative Agent or any Issuing Lender, as
applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

 

10.12       Integration. The Fee Letter, this Agreement, the other Loan Documents, the Bank Services
Agreements, and the FX Contracts represent the entire agreement of the Borrower, the other Loan Parties, the Administrative Agent
and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or
warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to
herein or therein.

 

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10.13     
GOVERNING LAW. This Agreement, the other Loan Documents and any claims, controversy, dispute or causes of actions arising therefrom
(whether in contract or tort or otherwise) shall be construed in accordance with and governed by the law of the State of New York. This
Section 10.13 shall survive the Discharge of Obligations.

 

10.14      
Submission to Jurisdiction; Waivers. The Borrower hereby irrevocably and unconditionally:

 

(a)           
submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in the
Borough of Manhattan, New York County and of the United States District Court of the Southern District of New York sitting in the Borough
of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or
for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law,
in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be binding (subject
to appeal as provided by applicable law) and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise
have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or its properties
in the courts of any jurisdiction;

 

(b)           
WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF
OR BASED UPON THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL
OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH
ITS COUNSEL;

 

(c)           
consents to service of process in the manner provided for notices in Section 10.2; provided that nothing in
this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted
by law; and

 

(d)           
waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section any special, exemplary, punitive or consequential damages.

 

This Section 10.14
shall survive the Discharge of Obligations.

 

10.15      
[Intentionally Omitted].

 

10.16      
Releases of Guarantees and Liens.

 

(a)           
Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent is hereby irrevocably
authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 10.1)
to take, and for the benefit of the Borrower the Administrative Agent agrees to take, any action requested by the Borrower having the
effect of releasing any Collateral or guarantee obligations (1) to the extent necessary to permit consummation of any transaction not
prohibited by any Loan Document or that has been consented to in accordance with Section 10.1 or (2) under the circumstances described
in Section 10.16(b) below.

 

(b)            At such time as the Discharge of Obligations shall have occurred, the Collateral shall automatically be released from the Liens
created by the Security Documents and Bank Services Agreements and FX Contracts (other than any Bank Services Agreements used to Cash
Collateralize any Obligations arising in connection with Bank Services Agreements and FX Contracts), and all obligations (other than those
expressly stated to survive such termination) of the Administrative Agent and each Loan Party under the Security Documents and Bank Services
Agreements and FX Contracts (other than any Bank Services Agreements used to Cash Collateralize any Obligations arising in connection
with Bank Services Agreements and FX Contracts) shall terminate, all without delivery of any instrument or performance of any act by any
Person.

 

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(c)           
By virtue of a Lender’s execution of this Agreement or an assignment agreement pursuant to Section 10.06, as the case
may be, any Affiliate of a Lender that has become a Secured Party shall be deemed a Lender party hereto for purposes of any reference
in a Loan Document to the parties for whom Administrative Agent is acting, it being understood and agreed that the rights and benefits
of such Affiliate under the Loan Documents consist exclusively of such Affiliate’s right to share in payments and collections out
of the Collateral as more fully set forth in Section 8.3. In connection with any distribution of payments and collections, or any
request for the release of the Guarantee Obligations and Administrative Agent’s Liens under the Loan Documents in connection with
the termination of the Commitments and the payment in full of the Obligations, Administrative Agent shall be entitled to assume no amounts
are due to any Lender or its Affiliates with respect to Banking Services, FX Contracts, or Specified Swap Agreements unless such Lender
has notified Administrative Agent in writing of the amount of any such liability owed to it or its Affiliate prior to such distribution
or payment or release of Guarantee Obligations and Liens.

 

(d)            At any time from
and after the Closing Date, the Borrower may request that any of its Immaterial Subsidiaries that are Loan Parties be released from all
of its obligations under the Loan Documents and any property pledged or granted by such Subsidiary as Collateral (including any Foreign
Law Stock Pledge) granted pursuant to the Existing Credit Agreement shall be automatically released from the Liens created pursuant to
the Security Documents and the Lenders acknowledge that the Administrative Agent may deliver to Borrower such certificates or documents
as Borrower may reasonably request to effect the releases described in this Section 10.16(d).

 

10.17       Treatment of Certain Information; Confidentiality. Each of the Administrative Agent and each Lender agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates, its Related Parties
and the Related Parties of its Affiliates (it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent required or requested
by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority,
such as the National Association of Insurance Commissioners); (c) to the extent required by applicable laws or regulations or by any subpoena
or similar legal process, upon the request or demand of any Governmental Authority, in response to any order of any court or other Governmental
Authority or as may otherwise be required pursuant to any Requirement of Law or if requested or required to do so in connection with any
litigation or similar proceeding (in which case such disclosing Person shall promptly notify the Borrower, in advance, to the extent permitted
by applicable laws or regulations and not prohibited by such subpoena, legal process, court order or Governmental Authority); (d) to any
other party hereto; (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or Bank Services Agreement
or FX Contracts or any action or proceeding relating to this Agreement or any other Loan Document or Bank Services Agreement or FX Contracts
or the enforcement of rights hereunder or thereunder; (f) subject to an agreement containing provisions substantially the same as those
of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations
under this Agreement, or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under
which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder; (g) on a confidential
basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the Facilities or (ii) the CUSIP Service
Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Facilities; (h) with
the consent of the Borrower; or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of
this Section, or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a non-confidential
basis from a source other than the Borrower. In addition, the Administrative Agent and the Lenders may disclose the existence of this
Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service
providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents
and the Commitments. This provision shall apply for one year after the Discharge of Obligations.

 

Notwithstanding anything herein
to the contrary, any party to this Agreement (and any employee, representative, or other agent of any party to this Agreement) may disclose
to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transactions contemplated by this Agreement
and all materials of any kind (including opinions or other tax analyses) that are provided to it relating to such tax treatment and tax
structure. However, any such information relating to the tax treatment or tax structure is required to be kept confidential to the extent
necessary to comply with any applicable federal or state securities laws.

 

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For purposes of this Section,
 “Information” means all information received from the Borrower or any of its Subsidiaries relating to the Borrower
or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative
Agent or any Lender on a non-confidential basis prior to disclosure by the Borrower or any of its Subsidiaries. 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.

 

Each of the Administrative
Agent and each Lender shall be permitted to use any information (not constituting Information subject to the foregoing confidentiality
restrictions) related to the syndication and arrangement of the senior credit facilities contemplated by this Agreement in connection
with marketing, press releases or other transactional announcements or updates provided to investor or trade publications, including the
placement of “tombstone” advertisements in publications of its choice at its own expense.

 

10.18      
Automatic Debits. With respect to any principal, interest, fee, or any other cost or expense (including attorney costs of the
Administrative Agent or any Lender payable by the Borrower hereunder) due and payable to the Administrative Agent or any Lender under
the Loan Documents, the Borrower hereby irrevocably authorizes the Administrative Agent to debit any deposit account of the Borrower maintained
with the Administrative Agent in an amount such that the aggregate amount debited from all such deposit accounts does not exceed such
principal, interest, fee or other cost or expense. If there are insufficient funds in such deposit accounts to cover the amount then due,
such debits will be reversed (in whole or in part, in the Administrative Agent’s sole discretion) and such amount not debited shall
be deemed to be unpaid. No such debit under this Section 10.18 shall be deemed a set-off.

 

10.19      
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 and each other Loan Party in respect of any such sum due from it
to the Administrative Agent or any Lender hereunder or under any other Loan Document 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 the Borrower or any other Loan Party in the Agreement Currency, the Borrower and each other Loan Party 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 Borrower or other Loan Party, as applicable (or to any other Person who may be entitled thereto under applicable law).

 

10.20      
Patriot Act. Each Lender and the Administrative Agent (for itself and not on behalf of any other party) hereby notifies the
Borrower that, pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies
the Borrower, which information includes the names and addresses and other information that will allow such Lender or the Administrative
Agent, as applicable, to identify the Borrower in accordance with the Patriot Act. The Borrower will, and will cause each of its Subsidiaries
to, provide, to the extent commercially reasonable or required by any Requirement of Law, such information and take such actions as are
reasonably requested by the Administrative Agent or any Lender to assist the Administrative Agent and the Lenders in maintaining compliance
with the Patriot Act.

 

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10.21      
Termination. Notwithstanding anything to the contrary contained herein or in any other Loan Document: this Agreement (other
than Sections 2.17, 2.18, 2.19, 10.5, 10.8, 10.13 and 10.14, Section 9 and any
other agreement set forth in a Loan Document that expressly survives the termination of the Commitments and the Discharge of Obligations)
and any Commitment of any Lender hereunder shall terminate upon the occurrence of the Discharge of Obligations.

 

10.22     
Contractual Recognition Provision. 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 EEA Financial Institution
arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of
an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)           
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)           
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)             
a reduction in full or in part or cancellation of any such liability;

 

(ii)           
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or

 

(iii)          
the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA
Resolution Authority.

 

10.23     
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or
otherwise, for any Swap Agreement or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”,
and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the
resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the
United States or any other state of the United States): In the event a Covered Entity that is party to a Supported QFC (each, a “Covered
Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the
benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any
rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any
such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the
event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised
against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the
United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to
a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

    128

     

    

 

10.24      
No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party acknowledges and
agrees that: (i) (A) The Administrative Agent, Lead Arrangers and each Lender and their respective Affiliates (collectively, solely for
purposes of this Section 10.24, the “Lenders”), may have economic interests that conflict with those of the
Loan Parties, (B) the arranging and other services regarding this Agreement provided by the Lenders are arm’s-length commercial
transactions between each Loan Party and its Affiliates, on the one hand, and the Lenders, on the other hand, (C) each Loan Party has
consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (D) each 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) each of the Lenders 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 any Loan Party or any of its Affiliates,
or any other Person, and the relationship between the Lenders, on one hand, and the Loan Parties, on the other hand, in connection herewith
is solely that of debtor and creditor, (B) no Lender has any obligation to any Loan Party or any of its Affiliates with respect to the
transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents, and (C) no joint
venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the Transactions contemplated hereby among the
Lenders or among the Loan Parties and the Lenders; and (iii) each of the Lenders and their respective Affiliates may be engaged in a broad
range of transactions that involve interests that differ from those of each Loan Party and its Affiliates, and no Lender has any obligation
to disclose any of such interests to any Loan Party or its Affiliates. To the fullest extent permitted by law, each Loan Party hereby
waives and releases any claims that it may have against each of the Lenders with respect to any breach or alleged breach of agency or
fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

[Remainder of page left blank intentionally]

 

    129

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the day and year
first above written.

 

	 	BORROWER:
	 	 
	 	DIGI INTERNATIONAL INC. 
	 	as the Borrower
	 	 
	 	 
	 	By:	/s/ Ronald E. Konezny
	 	Name:	Ronald E. Konezny
	 	Title: 	President and Chief Executive Officer
	 	 
	 	LOAN PARTIES:
	 	 
	 	ACCELERATED CONCEPTS, INC.
	 	 
	 	 
	 	By:	/s/ Ronald E. Konezny
	 	Name:	Ronald E. Konezny
	 	Title:	 President
	 	 
	 	ITK INTERNATIONAL, INC.
	 	 
	 	 
	 	By:	/s/ Ronald E. Konezny
	 	Name:	Ronald E. Konezny
	 	Title: 	President
	 	 
	 	SMART TEMPS, L.L.C.
	 	 
	 	 
	 	By:	/s/ Ronald E. Konezny
	 	Name:	Ronald E. Konezny
	 	Title: 	President
	 	 
	 	FRESHTEMP, LLC
	 	 
	 	 
	 	By:	/s/ Ronald E. Konezny
	 	Name:	Ronald E. Konezny
	 	Title: 	Manager

 

[Signature Page to Credit Agreement]

 

     

     

    

 

	 	DIGI SMARTSENSE, LLC
	 	 
	 	 
	 	By:	/s/ Ronald E. Konezny
	 	Name:	Ronald E. Konezny
	 	Title:	 President
	 	 
	 	 
	 	OPENGEAR, INC.
	 	 
	 	 
	 	By:	/s/ Ronald E. Konezny
	 	Name:	Ronald E. Konezny
	 	Title:	 Vice President
	 	 
	 	 
	 	HAXIOT, INC.
	 	 
	 	By:	/s/ Ronald E. Konezny
	 	Name:	Ronald E. Konezny
	 	Title: 	President

 

[Signature Page to Credit Agreement]

 

     

     

    

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	BMO HARRIS BANK N.A., 
	 	as the Administrative Agent
	 	 
	 	 
	 	By:	/s/ Philip Sanfilippo
	 	Name:	 Philip Sanfilippo
	 	Title:	 Director

 

[Signature Page to Credit Agreement]

 

     

     

    

 

	 	LENDERS:
	 	 
	 	BMO HARRIS BANK N.A.,
	 	as Issuing Lender, Swingline Lender, and as a Lender
	 	 
	 	 
	 	By:	/s/ Philip Sanfilippo
	 	Name:	 Philip Sanfilippo
	 	Title:	 Director

 

[Signature Page to Credit Agreement]

 

     

     

    

 

	 	BANK OF MONTREAL,
	 	as a Lender
	 	 
	 	 
	 	By:	/s/ David Lynch
	 	Name: 	David Lynch
	 	Title:	 Managing Director

 

[Signature Page to Credit Agreement]Exhibit 10.1
​
Execution Version
​
​
​
​
​
AMENDED AND RESTATED
CREDIT AND SECURITY AGREEMENT
​
among
​
KEYBANK NATIONAL ASSOCIATION
(as Administrative Agent, Collateral Agent, Lender and Issuer)
​
and
​
SUCH OTHER LENDERS THAT ARE NOW
OR HEREAFTER BECOME A PARTY HERETO
​
RAMACO RESOURCES, INC.
RAMACO DEVELOPMENT, LLC
RAM MINING, LLC
RAMACO COAL SALES, LLC
RAMACO RESOURCES, LLC
​
and
​
RAMACO RESOURCES LAND HOLDINGS, LLC
(as Borrowers)
​
OCTOBER 29, 2021
​
​
​

TABLE OF CONTENTS
​
	​

	​

	​

	ARTICLE 1 DEFINITIONS
	1

	1.1
	Accounting Terms. 
	1

	1.2
	General Terms. 
	1

	1.3
	Uniform Commercial Code Terms. 
	21

	1.4
	General Matters of Construction. 
	22

	1.5
	Time References. 
	22

	1.6
	Benchmark Notification. 
	22

	ARTICLE 2 ADVANCES, PAYMENTS
	22

	2.1
	Revolving Loans. 
	22

	2.2
	Procedure for Borrowing Advances. 
	22

	2.3
	Disbursement of Loan Proceeds. 
	23

	2.4
	Maximum Advances. 
	23

	2.5
	Repayment of Loans. 
	23

	2.6
	Reserved. 
	24

	2.7
	Statement of Account. 
	24

	2.8
	Letters of Credit. 
	24

	2.9
	Issuance of Letters of Credit. 
	25

	2.10
	Requirements For Issuance of Letters of Credit. 
	25

	2.11
	Reserved. 
	26

	2.12
	Additional Payments. 
	26

	2.13
	Use of Proceeds. 
	26

	2.14
	Manner of Borrowing and Payment; Settlement. 
	27

	2.15
	Defaulting Lender. 
	28

	ARTICLE 3 INTEREST AND FEES
	29

	3.1
	Interest. 
	29

	3.2
	Letter of Credit Fees. 
	29

	3.3
	Unused Facility Fee. 
	30

	3.4
	Reserved. 
	30

	3.5
	Reserved. 
	30

	3.6
	Computation of Interest and Fees. 
	30

	3.7
	Maximum Charges. 
	31

	3.8
	Increased Costs. 
	31

	3.9
	Illegality; Inability to Determine Interest Rate; Benchmark Replacement Setting. 
	32

	3.10
	Capital Adequacy. 
	36

	ARTICLE 4 COLLATERAL: GENERAL TERMS
	37

	4.1
	Security Interest in the Collateral. 
	37

	4.2
	Perfection of Security Interest. 
	37

	4.3
	Disposition of Collateral. 
	38

	4.4
	Preservation of Collateral. 
	38

	4.5
	Ownership of Collateral. 
	38

	4.6
	Defense of the Interests of the Agent and the Lenders. 
	39

	4.7
	Books and Records. 
	39

	4.8
	Financial Disclosure. 
	39

	4.9
	Compliance with Laws. 
	40

	4.10
	Inspection of Premises; Appraisals. 
	40

	4.11
	Insurance. 
	40

	4.12
	Failure to Pay Insurance. 
	41

	4.13
	Payment of Taxes. 
	41

	4.14
	Payment of Leasehold Obligations. 
	41

​
​

i

	4.15
	Accounts. 
	42

	4.16
	Maintenance of Equipment. 
	44

	4.17
	Exculpation of Liability. 
	44

	4.18
	Environmental Matters. 
	44

	4.19
	Financing Statements. 
	45

	4.20
	Pledged Securities. 
	45

	4.21
	Cash Management System. 
	47

	4.22
	Mineral Interest Descriptions. 
	48

	ARTICLE 5 REPRESENTATIONS AND WARRANTIES
	48

	5.1
	Authority. 
	48

	5.2
	Formation and Qualification; Subsidiaries. 
	49

	5.3
	Officers, Directors, Shareholders, Capitalization. 
	49

	5.4
	Governmental Approvals; No Conflicts. 
	49

	5.5
	Tax Returns. 
	49

	5.6
	Reserved. 
	49

	5.7
	Corporate Name. 
	49

	5.8
	M.S.H.A. and Environmental Compliance. 
	49

	5.9
	Solvency; No Litigation, No Violation, ERISA. 
	50

	5.10
	Patents, Trademarks, Copyrights and Licenses. 
	50

	5.11
	Licenses and Permits. 
	51

	5.12
	Default of Indebtedness. 
	51

	5.13
	No Burdensome Restrictions; No Default. 
	51

	5.14
	No Labor Disputes. 
	51

	5.15
	Margin Regulations. 
	51

	5.16
	Investment Company Act. 
	51

	5.17
	Disclosure. 
	51

	5.18
	Hedging Contracts. 
	51

	5.19
	Material Business Agreements. 
	52

	5.20
	Anti-Terrorism Laws. 
	52

	5.21
	Anti-Corruption Laws and Sanctions. 
	52

	ARTICLE 6 AFFIRMATIVE COVENANTS
	53

	6.1
	Conduct of Business and Maintenance of Existence and Assets. 
	53

	6.2
	Violations. 
	53

	6.3
	Fixed Charge Coverage Ratio. 
	53

	6.4
	Execution of Supplemental Instruments. 
	53

	6.5
	Payment of Indebtedness. 
	53

	6.6
	Standards of Financial Statements. 
	53

	6.7
	Taxes. 
	53

	6.8
	Deposit Accounts. 
	54

	6.9
	Interest Rate Protection. 
	54

	ARTICLE 7 NEGATIVE COVENANTS
	54

	7.1
	Merger, Consolidation, Acquisition and Sale of Assets. 
	54

	7.2
	Creation of Liens. 
	54

	7.3
	Guarantees. 
	54

	7.4
	Investments. 
	55

	7.5
	Loans. 
	55

	7.6
	Reserved. 
	55

	7.7
	Dividends and Distributions. 
	55

	7.8
	Indebtedness. 
	56

	7.9
	Nature of Business. 
	56

	7.10
	Transactions with Affiliates. 
	56

	7.11
	Reserved. 
	56

​
​

ii

	​

	​

	​

	7.12
	Subsidiaries; Partnerships. 
	56

	7.13
	Reserved. 
	57

	7.14
	Fiscal Year and Accounting Changes. 
	57

	7.15
	Pledge of Credit. 
	57

	7.16
	Amendment of Charter Documents. 
	57

	7.17
	ERISA. 
	57

	7.18
	Prepayment of Indebtedness. 
	57

	7.19
	Modification of Material Business Agreements. 
	57

	7.20
	Anti-Terrorism Laws. 
	57

	7.21
	Ramaco Coal, Inc. 
	57

	ARTICLE 8 CONDITIONS PRECEDENT
	58

	8.1
	Conditions to Initial Loans. 
	58

	8.2
	Conditions to Each Advance. 
	60

	8.3
	Post-Closing Condition. 
	60

	ARTICLE 9 INFORMATION AS TO THE LOAN PARTIES
	61

	9.1
	Disclosure of Material Matters. 
	61

	9.2
	Collateral Reporting and Information. 
	61

	9.3
	Litigation. 
	63

	9.4
	Material Occurrences. 
	63

	9.5
	Annual Financial Statements. 
	63

	9.6
	Monthly Financial Statements. 
	63

	9.7
	Additional Information. 
	64

	9.8
	Projected Operating Budget, Availability Forecast. 
	64

	9.9
	Notice of Suits, Adverse Events. 
	64

	ARTICLE 10 EVENTS OF DEFAULT
	64

	10.1
	Payment of Obligations. 
	64

	10.2
	Misrepresentations. 
	64

	10.3
	Failure to Furnish Information. 
	65

	10.4
	Liens Against Assets. 
	65

	10.5
	Breach of Covenants. 
	65

	10.6
	Judgment. 
	65

	10.7
	Insolvency and Related Proceedings. 
	65

	10.8
	Material Adverse Effect. 
	65

	10.9
	Loss of Priority Lien. 
	65

	10.10
	Breach of Material Business Agreements. 
	65

	10.11
	Cross Default; Cross Acceleration. 
	65

	10.12
	Change of Control. 
	65

	10.13
	Invalidity of Loan Documents. 
	66

	10.14
	Loss of Material Intellectual Property. 
	66

	10.15
	Destruction of Collateral. 
	66

	10.16
	Business Interruption. 
	66

	10.17
	Guarantor Repudiation. 
	66

	ARTICLE 11 LENDER’S RIGHTS AND REMEDIES AFTER DEFAULT
	66

	11.1
	Rights and Remedies. 
	66

	11.2
	Agent Discretion. 
	67

	11.3
	Setoff. 
	67

	11.4
	Rights and Remedies not Exclusive. 
	67

	11.5
	Appointment of Receiver. 
	67

	11.6
	Allocation of Payments After Event of Default. 
	67

	ARTICLE 12 WAIVERS AND JUDICIAL PROCEEDINGS
	68

	12.1
	Waiver of Notice. 
	68

​
​

iii

	​

	​

	​

	12.2
	Delay. 
	68

	12.3
	Jury Waiver. 
	69

	ARTICLE 13 EFFECTIVE DATE AND TERMINATION
	69

	13.1
	Term. 
	69

	13.2
	Termination. 
	69

	ARTICLE 14 THE BORROWER REPRESENTATIVE
	70

	14.1
	Appointment; Nature of Relationship. 
	70

	14.2
	Joint and Several Obligations. 
	70

	14.3
	Notices. 
	71

	14.4
	Execution of Loan Documents; Borrowing Base Certificate. 
	71

	14.5
	Waivers. 
	72

	ARTICLE 15 REGARDING THE AGENT
	72

	15.1
	Appointment. 
	72

	15.2
	Nature of Duties. 
	72

	15.3
	Lack of Reliance on the Agent and Resignation. 
	73

	15.4
	Certain Rights of the Agent. 
	72

	15.5
	Reliance. 
	73

	15.6
	Notice of Default. 
	74

	15.7
	Indemnification. 
	74

	15.8
	The Agent in its Individual Capacity. 
	74

	15.9
	Delivery of Documents. 
	74

	15.10
	Loan Parties’ Undertaking to the Agent. 
	74

	15.11
	No Reliance on the Agent’s Customer Identification Program. 
	74

	15.12
	Erroneous Payments. 
	75

	ARTICLE 16 MISCELLANEOUS
	76

	16.1
	Governing Law. 
	76

	16.2
	Entire Understanding; Amendments. 
	77

	16.3
	Transfers and Assignments. 
	79

	16.4
	Application of Payments. 
	82

	16.5
	Indemnity. 
	82

	16.6
	Notice. 
	82

	16.7
	Survival. 
	84

	16.8
	Severability. 
	84

	16.9
	Expenses. 
	84

	16.10
	Injunctive Relief. 
	84

	16.11
	Consequential Damages. 
	85

	16.12
	Counterparts; Electronic Signatures. 
	85

	16.13
	Construction. 
	85

	16.14
	Confidentiality; Sharing Information. 
	85

	16.15
	Conflict Clause. 
	85

	16.16
	Approved Electronic Communication System. 
	86

	16.17
	Amendment and Restatement. 
	86

​
​

iv

LIST OF SCHEDULES AND EXHIBITS
All Schedules to the Amended and Restated Credit and Security Agreement:
	​

	​

	Schedule 1
	Commitments of the Lenders

	Schedule 1.2(b)
	Liens

	Schedule 4.5
	Inventory

	Schedule 4.15(c)
	Loan Parties’ States of Organization and Chief Executive Offices

	Schedule 5.2(a)
	Incorporation/Organization/Foreign Qualification

	Schedule 5.2(b)
	Subsidiaries

	Schedule 5.3
	Officers, Directors, Shareholders, Capitalization and Pledged Securities

	Schedule 5.9(b)
	Litigation

	Schedule 5.10
	Patents, Trademarks, Copyrights and Licenses

	Schedule 5.19
	Material Business Agreements

	Schedule 6.8
	Accounts

	Schedule 7.3
	Guarantees

	Schedule 7.4
	Investments

	Schedule 7.8
	Indebtedness

​
All Exhibits to the Amended and Restated Credit and Security Agreement:
	​

	​

	Exhibit A
	Form of Compliance Certificate

	Exhibit B
	Form of Revolving Note

	Exhibit C
	Reserved

	Exhibit D
	Form of Notice of Loan

	Exhibit E
	Equipment List

​
​

v

AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT
This AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (this “Agreement”), has been executed and is dated as of October 29, 2021, by and among RAMACO RESOURCES, INC., RAMACO DEVELOPMENT, LLC, RAM MINING, LLC, RAMACO COAL SALES, LLC, RAMACO RESOURCES, LLC, and RAMACO RESOURCES LAND HOLDINGS, LLC, as the Borrowers, the Lenders party hereto, and KEYBANK NATIONAL ASSOCIATION, as the Agent, a Lender, and the Issuer.
IN CONSIDERATION of the mutual covenants and undertakings herein contained, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Agent, the Lenders and the Issuer hereby agree as follows:
ARTICLE 1
DEFINITIONS
1.1Accounting Terms.  As used in the Loan Documents, accounting terms not defined in Section 1.2 or elsewhere in this Agreement and accounting terms partly defined in Section 1.2 to the extent not defined shall have the respective meanings given to them under GAAP; provided, however, whenever such accounting terms are used for the purposes of determining compliance with financial covenants in this Agreement, such accounting terms shall be defined in accordance with GAAP.  All financial computations to be made under this Agreement shall, unless otherwise specifically provided herein, be made in accordance with GAAP applied on a basis consistent in all material respects with the financial statements delivered to the Agent on or prior to the Closing Date. Notwithstanding any other provision contained herein, (a) any lease that is treated as an operating lease for purposes of GAAP as of the date hereof shall not be treated as Indebtedness or as a capital lease and shall continue to be treated as an operating lease (and any future lease, if it were in effect on the date hereof, that would be treated as an operating lease for purposes of GAAP as of the date hereof shall be treated as an operating lease), in each case for purposes of this Agreement, notwithstanding any actual or proposed change in GAAP after the date hereof.
1.2General Terms.  For purposes of this Agreement, the following terms shall have the following meanings:
“Accommodation Payment” shall have the meaning set forth in Section 14.2.
“Acquisition” shall mean any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of all or substantially all of any business or division of a Person, (b) the acquisition of in excess of 50% of the Equity Interests of any Person, or otherwise causing any Person to become a Subsidiary, (c) a merger or consolidation or any other combination with another Person (other than a Person that is already a Subsidiary), or (d) the purchase of coal reserves or existing coal mining operations of another Person.
“Advances” shall mean and include the Revolving Loans and Letters of Credit.
“Affiliate” of any Person shall mean any Person (a) which, directly or indirectly, is in control of, is controlled by, or is under common control with such Person or (b) any Person who is a director or officer (i) of such Person, (ii) of any subsidiary of such Person, or (iii) of any Person described in clause (a) above.  For purposes of this definition, control of a Person shall mean the power, directly or indirectly, (x) to vote fifteen percent (15%) or more of the securities having ordinary voting power for the election of directors of such Person, or (y) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.
​
​

​

“Agent” shall mean KeyBank, in its capacity as administrative agent and collateral agent for the Lenders, and its successors and assigns.
 “Aggregate Credit Exposure” shall mean, at any time, the aggregate Credit Exposure of all of the Lenders.
“Aggregate Revolving Commitment” shall mean, at any time, the aggregate Revolving Commitments of all the Lenders.   The initial Aggregate Revolving Commitment is $40,000,000.
 “Agreement” shall have the meaning set forth in the preamble.
“Allocable Amount” shall have the meaning set forth in Section 14.2.
“Anti-Corruption Laws” shall mean all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.
“Anti-Terrorism Laws” shall mean any laws relating to terrorism or money laundering, including Executive Order No. 13224, the USA Patriot Act, the laws comprising or implementing the Bank Secrecy Act, and the laws administered by the United States Treasury Department’s Office of Foreign Asset Control.
“Applicable Base Rate Margin” shall mean 1.50%.
“Applicable Letter of Credit Fee Percentage” shall mean 2.00%.
“Applicable SOFR Rate Margin” shall mean 2.00%
“Applicable Unused Facility Fee Percentage” shall mean 0.375%.
“Approved Electronic Communication System” shall mean the StuckyNet System or any other equivalent electronic service, whether owned, operated or hosted by Agent, any affiliate of Agent or any other Person.
“Assignment and Assumption” shall mean an assignment and assumption agreement entered into by a Lender that is an assignee, that is in form and substance reasonably satisfactory to the Agent.
“Authority” shall have the meaning set forth in Section 4.18(b).
“Authorized Officer” shall mean a Financial Officer or other individual authorized by a Financial Officer in writing (with a copy to the Agent), or any other officer approved by the Agent in its Permitted Discretion, in each case to handle certain administrative matters in connection with this Agreement.
“Bankruptcy Event” shall mean, with respect to any Person, such Person becomes the subject of a   bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business, appointed for it, or, in the good faith determination of the Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a “Bankruptcy Event” shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Body or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person 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 Person (or such Governmental Body or
​

2

instrumentality), to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.
“Base Rate” shall mean, for any day, a fluctuating interest rate per annum equal to the higher of: (a) the rate of interest which is established from time to time by the Agent at its principal office in Cleveland, Ohio as its “prime rate” or “base rate” in effect, such rate to be adjusted automatically, without notice, as of the opening of business on the effective date of any change in such rate (it being agreed that: (i) such rate is not necessarily the lowest rate of interest then available from the Agent on fluctuating rate loans and (ii) such rate may be established by the Agent by public announcement or otherwise); (b) the Federal Funds Effective Rate in effect on such day plus 0.50%; (c) Daily Simple SOFR in effect on such day (taking into account any floor set forth in the definition of “Daily Simple SOFR”) plus 1.00%; and (d) the Floor.  Any change in the Base Rate due to a change in the prime rate, the Federal Funds Effective Rate or Daily Simple SOFR as applicable, shall be effective from and including the effective date of such change in the prime rate, the Federal Funds Effective Rate or Daily Simple SOFR, respectively
“Base Rate Loan” shall mean any Loan that bears interest based on the Base Rate.
“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulations” means 31 C.F.R. § 1010.230.
“Benefited Lender” shall have the meaning set forth in Section 2.14(d).
“Blocked Person” shall have the meaning set forth in Section 5.20(b).
“Borrower” and “Borrowers” shall mean, individually or collectively, as the context may require, the Borrower Representative, Ramaco Development, LLC, a Delaware limited liability company, RAM Mining, LLC, a Delaware limited liability company, RAMACO Coal Sales, LLC, a Delaware limited liability company, Ramaco Resources, LLC, a Delaware limited liability company, RAMACO Resources Land Holdings, LLC, a Delaware limited liability company, and any other Person who may hereafter become a party hereto.
“Borrower Representative” shall mean Ramaco Resources, Inc., a Delaware corporation.
“Borrowing Base” shall mean, at any time, the sum of:
(a) up to 85% of each Borrower’s Eligible Accounts at such time plus
		(b) 
	the lesser of (i) the product of 85% multiplied by the Net Orderly Liquidation Value multiplied by each Borrower’s Eligible Coal Inventory, valued at the lower of cost or net realizable value, determined on a first in first out (FIFO) basis at such time, and (ii) 55% of the Aggregate Revolving Commitment, minus

		(c) 
	Reserves.

The Agent may, from time to time, in its Permitted Discretion, reduce the advance rates set forth above, adjust Reserves or reduce one or more of the other elements used in computing the Borrowing Base.
“Borrowing Base Certificate” shall mean a certificate duly executed by an Authorized Officer of the Borrower Representative appropriately completed and in form and substance satisfactory to the Agent.
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3

“Business Day” shall mean any day other than Saturday or Sunday or a legal holiday on which commercial banks are authorized or required by law to be closed for business in Cleveland, Ohio.
“Capital Expenditures” shall mean any expenditure made or liability incurred which is, determined in accordance with GAAP, treated as a capital expenditure and not as an expense item for the year in which it was made or incurred, as the case may be.
“Cash Concentration Account” shall mean, with respect to the Borrowers, that certain commercial deposit account maintained at KeyBank, the funds within which: (a) shall be the sole and exclusive property of the Agent for the benefit of the Agent and the Lenders and (b) the Agent shall have the irrevocable and exclusive right to withdraw until all of the Obligations are paid, performed, satisfied and enforced in full and the commitments of the Lenders to make Advances hereunder and all Letters of Credit have terminated.
“Cash Dominion Period” shall mean the period (a) commencing on the earlier of the date on which (i) a Default or Event of Default has occurred, or (ii) Excess Availability is less than 12.5% of the Aggregate Revolving Commitment (the “Cash Dominion Amount”) and (b) ending on the date on which (i) no Default or Event of Default exists and (ii) Excess Availability is greater than the Cash Dominion Amount for a period of thirty (30) consecutive days. Notwithstanding the foregoing, after the commencement of the third Cash Dominion Period, such Cash Dominion Period shall stay in effect until the Facility Termination Date.
“CERCLA” shall mean the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. Sections 9601 et seq.
“Change of Control” shall mean (a) the Permitted Holders shall cease to own, free and clear of all Liens or other encumbrances, 51% of the outstanding voting Equity Interests of the Borrower Representative on a fully diluted basis; (b) any merger or consolidation of or with any or sale of all or substantially all of the property or assets of any Loan Party, other than with another Loan Party; or (c) each Borrower shall cease to own, free and clear of all Liens or other encumbrances (except Permitted Encumbrances), at least 100% of the outstanding voting Equity Interests of any of its existing or future Subsidiaries (when aggregated with the ownership of the other Loan Parties in such Subsidiary).
“Charges” shall mean all taxes, charges, fees, imposts, levies or other assessments, including all net income, gross income, gross receipts, sales, use, ad valorem, value added, transfer, franchise, profits, inventory, capital stock, license, withholding, payroll, employment, social security, unemployment, excise, severance, stamp, occupation and property taxes, custom duties, fees, assessments, liens, claims and charges, together with any interest and any penalties, additions to tax or additional amounts, imposed by any taxing or other similar Governmental Body, domestic or foreign (including the Pension Benefit Guaranty Corporation or any environmental agency or superfund), upon the Collateral, any Loan Party or any of its Affiliates.
“Charter Documents” shall mean, as to any Person (other than a natural person), the charter, certificate or articles of incorporation or organization, by-laws, regulations, general or limited partnership agreement, certificate of limited partnership, certificate of formation, operating agreement, and other similar organizational or governing documents of such Person.
“CIP Regulations” shall have the meaning set forth in Section 15.11.
“Clean Coal” shall mean coal that has been cleaned and processed through a preparation plant and is available for shipment to customers.
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4

“Clean Coal Equivalents” shall mean the aggregate of (a) all tons of raw coal that are available for direct shipment to customers without processing through a preparation plant, plus (b) all tons of raw coal that require further preparation and processing at a preparation plant multiplied by the clean coal recovery percentage at the preparation plant calculated in accordance with the Loan Party’s practice in the ordinary course of business and consistent with common industry standards.
“Closing Date” shall mean October 29, 2021.
“Code” shall mean the Internal Revenue Code of 1986 and the regulations promulgated thereunder.
“Collateral” shall mean and include all personal property and as-extracted collateral, including, without limitation, all as-extracted coal, owned by the Loan Parties, whether now owned or existing, or hereafter arising or acquired or received by the Loan Parties, wherever located, including:
		(a)
	all Accounts;

		(b)
	all Inventory;

		(c)
	all Equipment, provided that only the specific equipment set forth on Exhibit E shall be included in the Collateral and all other “equipment” (as defined in the Uniform Commercial Code) shall not be part of the Collateral;

		(d)
	all General Intangibles, Payment Intangibles and Intellectual Property;

		(e)
	all Investment Property;

		(f)
	all Deposit Accounts and any and all monies credited by or due from any financial institution or any other depository;

		(g)
	all Chattel Paper, Instruments and Documents;

		(h)
	all of the Loan Parties’ right, title and interest in and to (i) its respective goods and other personal property including all merchandise returned or rejected by Account Debtors, relating to or securing any of the Accounts; (ii) all of the Loan Parties’ rights as a consignor, a consignee, an unpaid vendor, mechanic, artisan, or other lien or, including stoppage in transit, setoff, detinue, replevin, reclamation and repurchase; (iii) all additional amounts due to the Loan Parties from any Account Debtors relating to the Accounts; (iv) other property, including warranty claims, relating to any goods securing this Agreement; (v) all of the Loan Parties’ contract rights, rights of payment which have been earned under a contract right, Instruments (including promissory notes), Documents, Chattel Paper (including electronic chattel paper), warehouse receipts, Deposit Accounts, letters of credit, and money; (vi) all Commercial Tort Claims (whether now existing or hereafter arising); (vii) if and when obtained by the Loan Parties, all real and personal property of third parties in which the Loan Parties have been granted a Lien or security interest as security for the payment or enforcement of Accounts; (viii) all Letter of Credit Rights (whether or not the respective letter of credit is evidenced by a writing); (ix) all Supporting Obligations; and (x) any other goods or personal property, if any, in which the Loan Parties may hereafter in writing grant a security interest to the Agent, or any Lender hereunder, or in

​

5

any amendment or supplement hereto or thereto, or under any other agreement between the Agent or any Lender and the Loan Parties;
		(i)
	all of the Loan Parties’ ledger sheets, ledger cards, files, correspondence, records, books of account, business papers, computer software (owned by the Loan Parties or in which they have an interest), computer programs, tapes, disks and documents relating to (a), (b), (c), (d), (e), (f), (g) or (h) of this Paragraph; and

		(j)
	all proceeds and products of (a), (b), (c), (d), (e), (f), (g) and (h) in whatever form, including: cash, deposit accounts (whether or not comprised solely of proceeds), certificates of deposit, insurance proceeds (including hazard, flood and credit insurance), negotiable instruments and other instruments for the payment of money, chattel paper, security agreements, documents, eminent domain proceeds, condemnation proceeds and tort claim proceeds.

It is expressly understood that Collateral does not include any owned or leased Real Property of any Borrower or any improvements thereto or Fixtures thereon.
“Commitment Percentage” of any Lender shall mean the percentage set forth on the Commitment Schedule, as it may be adjusted pursuant to the terms of this Agreement.
“Commitment Schedule” shall mean the Schedule 1 attached to this Agreement, as it may be amended from time to time pursuant to the terms of this Agreement.
“Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
“Compliance Certificate” shall mean a certificate of the Loan Parties signed by a Financial Officer of the Borrower Representative on behalf of each Loan Party appropriately completed and in substantially the form of Exhibit A hereto.
“Consents” shall mean all filings and all licenses, permits, consents, approvals, authorizations, qualifications and orders of Governmental Bodies and other third parties, domestic or foreign, necessary to carry on any Loan Party’s business, including any Consents required under all applicable Federal, state or other applicable law.
“Controlled Disbursement Account” shall mean a commercial Deposit Account designated “controlled disbursement account” and maintained by one or more of the Loan Parties with the Agent, without liability by the Agent or any Lender to pay interest thereon.
“Controlled Group” shall mean all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with any Person, are treated as a single employer under Section 414 of the Code.
“Credit Exposure” shall mean, as to any Lender at any time, such Lender’s Revolving Exposure.
“Credit Insured Accounts” shall mean Eligible Accounts that are insured by third party credit insurance and satisfactory in all respects to the Agent in its Permitted Discretion.
“Daily Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum (rounded upwards to the next higher multiple of 1/16th if such rate is not such a multiple, unless a Hedging Contract with a Lender as the counterparty is in effect with respect to the Loans hereunder) equal to the greater of
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6

(a) SOFR for the day (such day, the “SOFR Determination Day”) that is five (5) SOFR Business Days prior to (i) if such SOFR Rate Day is a SOFR Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a SOFR Business Day, the SOFR Business Day immediately preceding such SOFR Rate Day, in each case, as and when SOFR for such SOFR Rate Day is published by the SOFR Administrator on the SOFR Administrator’s Website, and (b) the Floor.  For the avoidance of doubt, SOFR for any SOFR Rate Day is published on the SOFR Administrator’s website at approximately 8:00 a.m. New York City time on the immediately following SOFR Business Day.  If by 5:00 pm (New York City time) on the second (2nd) SOFR Business Day immediately following any SOFR Determination Day, SOFR in respect of such SOFR Determination Day has not been published on the SOFR Administrator’s Website and a Benchmark Replacement Date with respect to Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Day will be SOFR as published in respect of the first preceding SOFR Business Day for which such SOFR was published on the SOFR Administrator’s Website; provided that any SOFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SOFR for no more than ten (10) consecutive SOFR Rate Days.  Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.
“Default” shall mean an event which, with the giving of notice or passage of time or both, would constitute an Event of Default.
“Defaulting Lender” shall have the meaning set forth in Section 2.15 hereof.
“Dodd-Frank Act” shall mean the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173) signed into law on July 21, 2010, as amended from time to time.
“Dollar” and the sign “$” shall mean lawful money of the United States of America.
“Domestic Subsidiary” shall mean a Subsidiary that is not a Foreign Subsidiary.
“Earnings Before Interest and Taxes” shall mean, for any fiscal period, the sum of (a)  net income (or loss) for such period calculated based on a valuation of Inventory using first-in first-out (FIFO) basis and valued at the lower of cost or market value in accordance with GAAP (excluding extraordinary gains and losses approved by the Lender), plus (b) all interest expense for such period plus (c) all charges against (or minus credits to) income for Federal, state and local taxes for such period, in each case, calculated on a consolidated basis for the Borrowers and their Subsidiaries.
“EBITDA” shall mean, for any fiscal period, the sum of (a) Earnings Before Interest and Taxes for such period, plus (b) depreciation expenses for such period, plus (c) amortization expenses for such period, plus (d) non-cash stock based compensation expense for such period, in each case, calculated on a consolidated basis for the Borrowers and their Subsidiaries.
“Eligible Accounts” shall mean, at any time, Accounts of the Borrowers that the Agent determines in its Permitted Discretion are eligible as the basis for the extension of Revolving Loans and the issuance of Letters of Credit.  Without limiting the Agent’s Permitted Discretion provided herein, Eligible Accounts shall not include any Account:
		(a)
	which is not subject to a first priority perfected security interest in favor of the Agent for the benefit of the Agent and the Lenders;

		(b)
	which is subject to any Lien other than a Permitted Encumbrance;

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7

		(c)
	(i) which is unpaid more than 90 days after the date of the original invoice therefor, or (ii) which has been written off the books of the Borrowers or otherwise designated as uncollectible;

		(d)
	which is owing by an Account Debtor if more than 50 %  of the Accounts owing from such Account Debtor and its Affiliates are ineligible;

		(e)
	with respect to which any covenant, representation, or warranty contained in this Agreement has been breached or is not true;

		(f)
	which (i) does not arise from the sale of goods or performance of services in the ordinary course of business, (ii) is not evidenced by an invoice or other documentation satisfactory to the Agent which has been sent to the Account Debtor, (iii) represents a progress billing, (iv) is contingent upon a Borrower’s completion of any further performance, (v) represents a sale on a bill-and-hold, guaranteed sale, sale-and-return, sale on approval, consignment, cash-on-delivery or any other repurchase or return basis, or (vi) relates to payments of interest;

		(g)
	for which the goods giving rise to such Account have not been delivered to the Account Debtor, for which the services giving rise to such Account have not been performed by a Borrower or if such Account was invoiced more than once;

		(h)
	with respect to which any check or other instrument of payment has been returned uncollected for any reason;

		(i)
	which is owed by an Account Debtor which has (i) applied for, suffered, or consented to the appointment of any receiver, custodian, trustee, or liquidator of its assets, (ii) has had possession of all or a material part of its property taken by any receiver, custodian, trustee or liquidator, (iii) filed, or had filed against it, any request or petition for liquidation, reorganization, arrangement, adjustment of debts, adjudication as bankrupt, winding-up, or voluntary or involuntary case under any state or Federal bankruptcy laws, (iv) admitted in writing its inability, or is generally unable to, pay its debts as they become due, (v) become insolvent, or (vi) ceased operation of its business;

		(j)
	which is owed by any Account Debtor which has sold all or substantially all of its assets;

		(k)
	which is owed by an Account Debtor which (i) does not maintain its chief executive office in the U.S. or Canada (other than Quebec) or (ii) is not organized under applicable law of the U.S., any state of the U.S., Canada, or any province of Canada  (other than the province of Quebec) unless such Account is either supported by a letter of credit or insured by credit insurance, in each case, satisfactory to the Agent in its Permitted Discretion;

		(l)
	which is owed in any currency other than U.S. dollars;

		(m)
	which is owed by (i) any Federal, state or local government (or any department, agency, public corporation, or instrumentality thereof) unless (i) such Account is backed by a Letter of Credit acceptable to the Agent which is in the possession of the Agent, or (ii) with respect to the government of the U.S., or any department, agency, public corporation, or instrumentality thereof, unless the Federal

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8

Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727 et seq. and 41 U.S.C. § 15 et seq.) and any other steps necessary to perfect the Lien of the Agent’s in such Account have been complied with to the Agent’s satisfaction;
		(n)
	which is owed by any Affiliate, employee, officer, director, agent or stockholder of any Loan Party;

		(o)
	which, for any Account Debtor, the aggregate amount of Accounts owed from such Account Debtor exceeds 35% (40% for investment grade Account Debtors acceptable to the Agent in its Permitted Discretion) of all Eligible Accounts to the extent of such excess; provided that such limitations shall not apply to Credit Insured Accounts;

		(p)
	which is owed by an Account Debtor or any Affiliate of such Account Debtor to which any Loan Party is indebted, or is subject to any security, deposit, progress payment, retainage or other similar advance made by or for the benefit of an Account Debtor (except for price adjustments based on quality, demurrage or similar changes in the ordinary course of business);

		(q)
	which is subject to any counterclaim, deduction (except for price adjustments based on quality, demurrage or similar changes in the ordinary course of business), defense, setoff or dispute;

		(r)
	which is evidenced by any promissory note, chattel paper, or instrument;

		(s)
	which is owed by an Account Debtor located in any jurisdiction which requires filing of a “Notice of Business Activities Report” or other similar report in order to permit a Borrower to seek judicial enforcement in such jurisdiction of payment of such Account, unless such Borrower has filed such report or qualified to do business in such jurisdiction;

		(t)
	with respect to which a Borrower has made any agreement with the Account Debtor for any reduction thereof, other than discounts and adjustments given in the ordinary course of business, or any Account which was partially paid and such Borrower created a new receivable for the unpaid portion of such Account;

		(u)
	which does not comply in all material respects with the requirements of all applicable laws and regulations, whether Federal, state or local, including the Federal Consumer Credit Protection Act, the Federal Truth in Lending Act and Regulation Z of the Board of Governors of the Federal Reserve System;

		(v)
	which is for goods that have been sold under a purchase order or pursuant to the terms of a contract or other agreement or understanding (written or oral) that indicates or purports that any Person other than a Borrower has or has had an ownership interest in such goods, or which indicates any party other than a Borrower as payee or remittance party;

		(w)
	which was created on cash on delivery terms; or

		(x)
	which the Agent determines may not be paid by reason of the Account Debtor’s inability to pay or which the Agent otherwise determines in its Permitted Discretion is unacceptable.

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9

In the event that an Account in excess of $1,000,000 that was previously an Eligible Account ceases to be an Eligible Account hereunder, the Borrower Representative shall notify the Agent thereof within five (5) Business Days.  In determining the amount of an Eligible Account, the face amount of an Account may, in the Agent’s Permitted Discretion, be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or other allowances (including any amount that the Borrowers may be obligated to rebate to an Account Debtor pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect of such Account but not yet applied by the Borrowers to reduce the amount of such Account.
“Eligible Assignee” shall mean any of the following Persons: (a) a Lender; (b) an Affiliate of a Lender; and (c) any other Person (other than a natural person) approved by (i) the Agent, and (ii) in the case of any assignment of a commitment to make Advances hereunder, the Issuer; provided that, notwithstanding the foregoing, “Eligible Assignee” shall not include any Borrower or any of such Borrower’s Affiliates or Subsidiaries and; provided, further, that, notwithstanding the foregoing, a Person shall only be an “Eligible Assignee” if the assignment to or participation of such Person shall not constitute a “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code).
 “Eligible Coal Inventory” shall mean, at any time, Inventory of the Borrowers consisting of Clean Coal and Clean Coal Equivalents that the Agent determines in its Permitted Discretion is eligible as the basis for the extension of Revolving Loans and the issuance of Letters of Credit.  Without limiting the Agent’s Permitted Discretion provided herein, Eligible Coal Inventory shall not include any Inventory:
		(a)
	which is not subject to a first priority perfected Lien in favor of the Agent for the benefit of the Agent and the Lenders;

		(b)
	which is subject to any Lien other than a Permitted Encumbrance;

		(c)
	which is, in the Agent’s Permitted Discretion, unmerchantable, defective, unfit for sale, not salable at prices approximating at least the cost of such Inventory in the ordinary course of business or unacceptable due to type and/or category;

		(d)
	with respect to which any covenant, representation, or warranty contained in this Agreement has been breached or is not true in all material respects and which does not conform to all standards imposed by any Governmental Body;

		(e)
	in which any Person other than a Borrower shall (i) have any direct or indirect ownership, interest or title to such Inventory or (ii) be indicated on any purchase order or invoice with respect to such Inventory as having or purporting to have an interest therein;

		(f)
	which constitutes goods held on consignment or goods which are not of a type held for sale in the ordinary course of business;

		(g)
	which is not located in the U.S. or is in transit (other than coal that is otherwise Eligible Coal Inventory that is in transit to a port in connection with international sales) with a common carrier from vendors and suppliers;

		(h)
	which is located in any location leased by a Borrower unless the lessor has delivered to the Agent a Waiver or, in the Permitted Discretion of the Agent, the Agent has implemented a rent reserve;

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10

		(i)
	which is located in any third party location or is in the possession of a bailee (other than a third party processor) and is not evidenced by a Document unless such warehouseman or bailee has delivered to the Agent a Waiver and such other documentation as the Agent may require or, in the Permitted Discretion of the Agent, the Agent has implemented a rent reserve;

		(j)
	which is being processed offsite at a third party location or outside processor, or is in transit to or from said third party location or outside processor;

		(k)
	which is a discontinued product or component thereof or which is the subject of a consignment by a Borrower as consignor;

		(l)
	which contains or bears any Intellectual Property rights licensed to a Borrower unless the Agent is satisfied that it may sell or otherwise dispose of such Inventory without (i) infringing the rights of such licensor, (ii) violating any contract with such licensor, or (iii) incurring any liability with respect to payment of royalties other than royalties incurred pursuant to sale of such Inventory under the current licensing agreement;

		(m)
	which is not reflected in a standard inventory report of the Borrowers; and

		(n)
	which the Agent otherwise determines in its Permitted Discretion is unacceptable.

In the event that Inventory in excess of $1,000,000 that was previously Eligible Coal Inventory ceases to be Eligible Coal Inventory hereunder, the Borrower Representative shall notify the Agent thereof within five (5) Business Days.
“Environmental Complaint” shall have the meaning set forth in Section 4.18(b).
“Environmental Laws” shall mean all federal, state and local environmental, land use, zoning, health, chemical use, safety and sanitation laws, statutes, ordinances and codes relating to the protection of the environment and/or governing the use, storage, treatment, generation, transportation, processing, handling, production or disposal of Hazardous Substances and the rules, regulations, policies, guidelines, interpretations, decisions, orders and directives of Governmental Bodies with respect thereto.
“Equipment” shall mean only the equipment set forth on Exhibit E.
“Equity Interests” shall mean shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest.
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.
“Erroneous Payment” has the meaning assigned to it in Section 15.12(a).
 “Event of Default” shall have the meaning set forth in Article 10.
“Excess Availability” shall mean, as of any date of determination, an amount equal to (a)  the Maximum Borrowing Amount, minus (b) the sum of (i) the Revolving Exposure plus (ii) all amounts due
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11

and owing to the Borrowers’ trade creditors which are outstanding sixty (60) days or more beyond the due date (without duplication with respect to any such amount deducted from the Borrowing Base), plus (iii) fees and expenses for which the Borrowers are liable but which have not been paid or charged to the Loan Account.
“Excluded Capital Expenditures” shall mean Capital Expenditures not funded by Indebtedness made by the Borrowers, which shall include (a) $8,000,000 for each testing period used to determine the Fixed Charge Coverage Ratio provided in Section 6.3 ending on March 31, 2021 through and including December 31, 2021, plus (b) up to an additional $2,000,000 per fiscal quarter for each fiscal quarter ending on March 31, 2021 through and including December 31, 2021, until an aggregate of $8,000,000 is excluded hereunder, plus (c) all or any portion of the purchase price paid by any Borrower for the acquisition of the assets of the Permitted Coronado Acquisition; provided that any Capital Expenditures financed by additional Indebtedness in respect of Capital Expenditures incurred during any such fiscal quarter shall reduce the foregoing amount on a dollar for dollar basis and the Borrowers shall be permitted to defer such reduced amount once to a subsequent fiscal quarter not more than four (4) quarters beyond the deferral period.
“Excluded Equity” shall mean (a) Equity Interests of any Foreign Subsidiary that is not a first-tier Foreign Subsidiary, and (b) Equity Interests in any first-tier Foreign Subsidiary in excess of sixty-five percent (65%) of the total outstanding shares of voting Equity Interest of such first-tier Foreign Subsidiary.
“Excluded Swap Obligation” shall mean, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is 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) (a) 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 of such Guarantor or the grant of such security interest becomes or would become effective with respect to such Swap Obligation or (b) in the case of a Swap Obligation subject to a clearing requirement pursuant to Section 2(h) of the Commodity Exchange Act (or any successor provision thereto), because such Guarantor is a “financial entity,” as defined in Section 2(h)(7)(C)(i) the Commodity Exchange Act (or any successor provision thereto), at the time the guarantee of such Guarantor becomes or would become effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee or security interest is or becomes illegal.
 “Executive Order No. 13224” shall mean Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.
“Existing Credit Agreement” shall mean that certain Credit and Security Agreement dated as of the Original Closing Date, by and among the Borrowers, the Lenders and the Agent.
“Existing Loan Documents” shall mean the Existing Credit Agreement, the Loan Documents (as defined in the Existing Credit Agreement), and every other document, instrument, note and other agreement executed in connection therewith.
“Facility Termination Date” shall mean December 31, 2024, or such other date that this Agreement and the obligations of parties hereto are terminated.
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“FATCA” shall mean Sections 1471 through 1474 of the Code, any current or future regulations or interpretations thereof and any agreements entered into pursuant to Section 1471(b) of the Code.
“Federal Funds Effective Rate” shall mean, for any day, the rate per annum (rounded upwards, if necessary, to the nearest one hundredth of one percent (1/100 of 1%) equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided, however, that: (a) if the day for which such rate is to be determined is not a Business Day, the Federal Funds Effective Rate for such day shall be such a rate on such transactions on the immediately preceding Business Day as so published on the next succeeding Business Day and (b) if such rate is not so published for any Business Day, the Federal Funds Effective Rate for such Business Day shall be the average of quotations for such day on such transactions received by the Agent from three federal funds brokers of recognized standing selected by the Agent.
“Financial Officer” shall mean any of the following officers: chief executive officer, president, chief financial officer, treasurer, chief accounting officer, chief commercial officer, or manager.  Unless otherwise qualified, all references to a Financial Officer in this Agreement shall refer to a Financial Officer of a Borrower.
“Fixed Charge Coverage Ratio” shall mean and include, with respect to any fiscal period, the  ratio of (a) EBITDA less (i) total Capital Expenditures, provided that total Capital Expenditures will be reduced by (A) Excluded Capital Expenditures and (B) Capital Expenditures funded by Indebtedness less (ii) taxes paid in cash, less (iii) dividends and distributions paid in cash, in each case, of the Borrowers and their Subsidiaries calculated on a consolidated basis with respect to such period to (b) Fixed Charges.
“Fixed Charges” shall mean, with respect to any fiscal period, the sum of (a) interest expense paid in cash plus (b) scheduled principal payments on Indebtedness, plus (c) optional prepayments of principal on Indebtedness unless otherwise approved by the Agent in its sole discretion, in each case, of the Borrowers and their Subsidiaries calculated on a consolidated basis and with respect to such period.
“Floor” shall mean a rate of interest equal to 0.00%.
“Foreign Lender” shall mean a Lender that is not a United States Person within the meaning of Code Section 7701(a)(30).
“Foreign Subsidiary” shall mean a Subsidiary that is organized under the laws of any jurisdiction other than the United States, any State thereof or the District of Columbia.
“GAAP” shall mean generally accepted accounting principles in the United States of America in effect from time to time.
“Governmental Body” shall mean any nation or government, any state or other political subdivision thereof or any entity exercising the legislative, judicial, regulatory or administrative functions of or pertaining to a government.
“Guarantor” shall mean, individually or collectively, as the context may require, any Person that guaranties all or any portion of the Obligations, and, in each case, their respective successors and assigns.
 “Hazardous Discharge” shall have the meaning set forth in Section 4.18(b).
“Hazardous Substance” shall mean, without limitation, any flammable explosives, radon, radioactive materials, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum
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13

and petroleum products, methane, hazardous materials, Hazardous Wastes, hazardous or Toxic Substances or related materials as defined in CERCLA, the Hazardous Materials Transportation Act, as amended (49 U.S.C. Sections 1801, et seq.), RCRA or any other applicable Environmental Law and in the regulations adopted pursuant thereto.
“Hazardous Wastes” shall mean all waste materials subject to regulation under CERCLA, RCRA or applicable state law, and any other applicable Federal and state laws now in force or hereafter enacted relating to hazardous waste disposal.
“Hedging Contracts” shall mean any foreign exchange contract, currency swap agreement, futures contract, commodities hedge agreement, interest rate protection agreement, interest rate future agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, option agreement or any other similar hedging agreement or arrangement entered into by a Person in the ordinary course of business and not for speculative purposes.
“Hedging Obligations” shall mean all liabilities of a Person under Hedging Contracts.
“Indebtedness” shall mean, with respect to a Person at any date of determination, any and all indebtedness, obligations or liabilities (but not including trade payables, rentals, royalties, wheelage fees, real and personal property taxes, and similar fees, and accrued expenses incurred in the ordinary course of business which are not represented by a promissory note or other evidence of indebtedness and which are not more than sixty (60) days past due) (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person, in each case, for or in respect of: (a) borrowed money, (b) amounts raised under or liabilities in respect of any note purchase or acceptance credit facility, (c) reimbursement obligations (contingent or otherwise) under any letter of credit, (d) Hedging Obligations, (e) any other transaction (including forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements, (f) any guaranty of Indebtedness for borrowed money, and (g) all indebtedness secured by a Lien on assets owned by such Person, whether or not such indebtedness actually shall have been created, assumed or incurred by such Person.
“Intellectual Property” shall mean patents, patent rights, patent applications, copyrights, works which are the subject matter of copyrights, copyright registrations, trademarks, trade names, trade styles, trademark and service mark applications, and licenses and rights to use any of the foregoing; all extensions, renewals, reissues, divisions, continuations, and continuations-in-part of any of the foregoing; all rights to sue for past, present and future infringement of any of the foregoing; inventions, trade secrets, formulae, processes, compounds, drawings, designs, blueprints, surveys, reports, manuals, and operating standards; goodwill; customer and other lists in whatever form maintained; and trade secret rights, copyright rights, rights in works of authorship, and contract rights relating to computer software programs, in whatever form created or maintained.
 “Issuer” shall mean, with respect to any Letter of Credit, the issuer of such Letter of Credit and shall be, with respect to any Letter of Credit hereunder, KeyBank, and each of its successors and assigns (in each case, which may be replaced by the Agent in its sole discretion).
“KeyBank” shall mean KeyBank National Association, a national banking association, in its individual capacity, and its successors.
“Lender” and “Lenders” shall mean each Person listed on the Commitment Schedule, as amended from time to time, and each additional Person that becomes a party hereto pursuant to an Assignment and Assumption.
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“Lender Default” shall have the meaning set forth in Section 2.15.
“Letter of Credit Exposure” shall mean, at any time, the aggregate undrawn amount of all outstanding Letters of Credit plus the aggregate amount of all disbursements relating to Letters of Credit that have not been reimbursed by the Borrowers.
“Letter of Credit Fees” shall have the meaning set forth in Section 3.2.
“Letters of Credit” shall have the meaning set forth in Section 2.8.
 “Lien” shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, security interest, lien (whether statutory or otherwise), Charge, claim or encumbrance, or preference, priority or other security agreement or preferential arrangement held or asserted in respect of any asset of any kind or nature whatsoever including any conditional sale or other title retention agreement, any lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement under the Uniform Commercial Code or comparable law of any jurisdiction.
“Loan” shall mean each Revolving Loan; and “Loans” shall collectively mean all of the Revolving Loans.
“Loan Account” shall have the meaning set forth in Section 2.7.
“Loan Documents” shall mean this Agreement, the Notes, the Perfection Certificate, the Letters of Credit, the Waivers, any Hedging Contracts, and any and all other agreements, instruments and documents, including guaranties, pledges, powers of attorney, consents, and all other writings heretofore, now or hereafter executed by any Loan Party and/or delivered to the Issuer, the Agent or any Lender in respect of the transactions contemplated by this Agreement.
“Loan Party” or “Loan Parties” shall mean, singularly or collectively, as the context may require, each Borrower and their respective successors and assigns.
“Master Agreement” shall mean that Master Agreement entered into among the Borrowers and the Agent in connection with the cash management services undertaken by the Agent on behalf of Borrowers.
“Material Adverse Effect” shall mean a material adverse effect on (a) the financial condition, results of operations, business or prospects of the Borrowers on a consolidated basis, (b) the Borrowers’ ability to pay the Obligations in accordance with the terms thereof, or (c) the value of the Collateral, the Liens of the Agent or any Lender on the Collateral, or the priority of any such Lien.
“Material Recovery Determination Notice” shall have the meaning set forth in Section 2.6(d).
“Material Recovery Event” shall mean (a) any casualty loss in respect of assets of a Loan Party covered by casualty insurance, and (b) any compulsory transfer or taking under threat of compulsory transfer of any asset of a Loan Party by any Governmental Body; provided that, in the case of either subpart (a) or (b), the proceeds received from such loss, transfer or taking exceeds Seven Hundred Fifty Thousand Dollars ($750,000).
“Material Business Agreement” shall mean any agreement that if terminated (other than expiration in accordance with its terms), rescinded or breached (without timely cure of such breach) would have a Material Adverse Effect on any Loan Party.
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“Maximum Borrowing Amount” shall mean, at any time, an amount equal to the lesser of (a) the Aggregate Revolving Commitment minus all Reserves then in effect and (b) the Borrowing Base.
“Multiemployer Plan” shall mean a “multiemployer plan” as defined in Sections 3(37) and 4001(a)(3) of ERISA.
“Net Orderly Liquidation Value” shall mean, the orderly liquidation value (net of costs and expenses estimated to be incurred in connection with such liquidation) of the Borrowers’ Eligible Coal Inventory that is estimated to be recoverable in an orderly liquidation of such Eligible Coal Inventory expressed as a percentage of the net book value thereof, such percentage to be as determined from time to time by reference to the most recent Eligible Coal Inventory appraisal completed by a qualified third-party appraisal company (approved by the Agent in its Permitted Discretion) delivered to the Agent.
“Non-Consenting Lender” shall have the meaning set forth in Section 16.3(h) hereof.
“Non-Defaulting Lender” shall have the meaning set forth in Section 2.15.
“Note” shall mean each Revolving Note; and “Notes” shall collectively mean all of the Revolving Notes.
“Obligations” shall mean and include any and all loans, advances, debts, liabilities, obligations, covenants and duties (absolute, contingent, matured or unmatured) of any kind or nature, present or future (including any interest accruing thereon after maturity, or after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to any Loan Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), whether or not evidenced by any note, guaranty or other instrument, whether arising under any agreement, instrument or document (including the Loan Documents), whether or not for the payment of money, (a) owing by the Loan Parties to the Lenders, the Agent or the Issuer or to any other direct or indirect subsidiary or affiliate of the Lenders, the Agent or the Issuer pursuant to the terms of this Agreement or the other Loan Documents, (b) owing by the Loan Parties to the Agent or any direct or indirect subsidiary or affiliate of the Agent arising (i) by reason of an equipment lease or guarantee, (ii) under any Hedging Contract, (iii) in connection with any commercial credit cards, stored value cards, cash management or treasury administration services or in any other manner, whether arising out of overdrafts or deposit or other accounts or electronic funds transfers (whether through automated clearing houses or otherwise), (iv) out of the Agent’s non-receipt of or inability to collect funds or otherwise not being made whole in connection with depository transfer check or other similar arrangements, or (v) under any other agreement between the Agent and any Loan Party, in each case, whether direct or indirect (including those acquired by assignment or participation), absolute or contingent, joint or several, due or to become due, now existing or hereafter arising, contractual or tortious, liquidated or unliquidated, regardless of how such indebtedness or liabilities arise or by what agreement or instrument they may be evidenced or whether evidenced by any agreement or instrument, and any amendments, extensions, renewals or increases and all costs and expenses of the Agent, the Lenders and the Issuer incurred in the documentation, negotiation, modification, enforcement, collection or otherwise in connection with any of the foregoing, including reasonable attorneys’ fees and expenses.  “Obligations” shall not include, with respect to any Guarantor, Excluded Swap Obligations of such Guarantor.
“Original Closing Date” shall mean November 2, 2018.
“Participant” shall mean have the meaning set forth in Section 16.3(d).
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“Payment Office” shall mean initially KeyBank National Association, Mail Code: OH-01-49-0114, 4900 Tiedeman Road, Brooklyn, Ohio 44144-2302; and, thereafter, such other office of the Agent, if any, which it may designate by notice to the Borrower Representative and the Lenders.
“Payment Recipient” has the meaning assigned to it in Section 15.12(a).
“Perfection Certificate” shall mean the perfection certificate provided by the Borrowers to the Agent.
“Permitted Acquisition” shall mean any Acquisition by any Loan Party, to the extent that each of the following conditions shall have been satisfied:
(a)the assets, business or Person being acquired is engaged in the same business of the Loan Parties and their Subsidiaries;
(b)(i) in the case of a stock Acquisition, the target thereof shall, upon Acquisition, be a Domestic Subsidiary of a Loan Party and (ii) in the case of an asset Acquisition, the assets being acquired shall be located in the United States;
(c)the Borrower Representative shall have delivered to the Agent (i) as soon as available (but no later than five (5) Business Days after the consummation of such Acquisition), final executed counterparts of the material agreements, documents and instruments pursuant to which such Acquisition is to be consummated (including any management, non-compete, employment and option agreements) and any schedules to such agreements, documents and instruments, (ii) to the extent required under the related Acquisition agreement, all consents and approvals from applicable governmental authorities and other Persons required to consummate such Acquisition and (iii) if reasonably requested by the Agent, environmental assessments reasonably satisfactory to the Agent;
(d)the Loan Parties and their Subsidiaries (including any new Subsidiary) shall execute and deliver the agreements, instruments and other documents required by Sections 4.2, 4.20, and 7.12, and upon the consummation of such Acquisition to the extent required by Section 7.12, the target thereof shall be a Borrower hereunder;
(e)there shall not exist on the date on which the Acquisition is consummated, both before and after giving effect to the Acquisition, a Default or Event of Default;
(f)such acquired assets and/or Equity Interests shall be acquired free and clear of all Liens (except for Permitted Encumbrances);
(g)if the Accounts and Inventory acquired in connection with such Acquisition are proposed to be included in the determination of the Borrowing Base, the Agent shall have conducted an audit and field examination of such Accounts and Inventory, the results of which shall be satisfactory to the Agent;
(h)as soon as available, but not less than five (5) days prior to such Acquisition, the Borrower Representative shall have provided the Agent (i) notice of such Acquisition and (ii) a copy of all business and financial information reasonably requested by the Agent including pro forma financial statements, statements of cash flow, and availability projections; and
(i)if the cash consideration paid at closing for such Acquisition, when added to the cash consideration paid at closing for all Acquisitions consummated during the twelve (12) month period immediately preceding the date of such Acquisition, (i) is less than $3,000,000, the consent of the Agent shall not be required, (ii) is greater than or equal to $3,000,000 but less than $5,000,000, the consent of
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the Agent shall not be required if (A) the Loan Parties shall have Excess Availability of at least 25% of the Aggregate Revolving Commitment prior to and immediately following such Acquisition, and (B) the Fixed Charge Coverage Ratio calculated in accordance with Section 6.3 shall equal or exceed 1.25 to 1.00 as of the last day of the fiscal quarter immediately preceding such Acquisition and after giving effect to such Acquisition on a pro forma basis; and (iii) is (A) greater than or equal to $5,000,000, or (B) is greater than or equal to $3,000,000 but less than $5,000,000 and the conditions in clause (ii) are not met, the prior written consent of the Agent shall be obtained.
For the avoidance of doubt, leases of coal or other real property by any Loan Party from any other Person shall not be deemed to be an Acquisition and therefore permitted hereunder.
“Permitted Coronado Acquisition” shall mean the Acquisition by Ramaco Resources, LLC of coal reserves or existing coal mining operations known as the “Amonate Assets” located in McDowell County, West Virginia and Tazewell County, Virginia, pursuant to the terms of the Permitted Coronado Acquisition Documents and the schedules and exhibits thereto; provided that (a) Borrower shall provide copies of the Permitted Coronado Acquisition Documents and related due diligence, which shall be in form and substance satisfactory to the Agent in its Permitted Discretion, (b) the Revolving Loan shall not be used to finance any portion of the Permitted Coronado Acquisition, and (c) the assets acquired in connection with the Permitted Coronado Acquisition shall not be included in the calculation of the Borrowing Base until the Borrower delivers evidence (in form and substance satisfactory to the Agent) that such assets are subject to a first priority perfected Lien in favor of the Agent for the benefit of the Agent and the Lenders and meet all other eligibility requirements set forth in definitions of Eligible Accounts and Eligible Coal Inventory.
“Permitted Coronado Acquisition Documents” shall mean, collectively, (a) that certain Asset Purchase Agreement by and among Coronado IV LLC and Buchanan Minerals, LLC, as the sellers, and Ramaco Resources, LLC, as the buyer dated on or around the Closing Date, and (b) each additional document and agreement related thereto.
“Permitted Discretion” shall mean a determination made in good faith and in the exercise of reasonable business judgment (from the perspective of a secured asset based lender).
“Permitted Encumbrances” shall mean (a) Liens in favor of the Agent for the benefit of the Agent, the Lenders and the Issuer; (b) Liens for taxes, assessments or other governmental Charges that (i) are not delinquent or (ii) are being contested in good faith by appropriate proceedings that stay the enforcement of such Liens and with respect to which proper reserves have been taken by the Loan Parties in accordance with GAAP; (c) deposits or pledges to secure obligations under worker’s compensation, social security or similar laws, or under unemployment insurance or general liability or product liability insurance; (d) deposits or pledges to secure bids, tenders, contracts (other than contracts for the payment of money), leases, statutory obligations, performance bonds, surety and appeal bonds and other obligations of like nature arising in the ordinary course of any Loan Party’s business; (e) mechanics, workers, materialmen’s, warehousemen’s, common carriers, landlord’s or other like Liens arising in the ordinary course of any Loan Party’s business with respect to obligations which are not more than 60 days past due or which are being contested in good faith by the applicable Loan Party; (f) Liens (including purchase money Liens) placed upon personal property (including equipment) and real estate assets created to secure a portion of the purchase price thereof or created to secure obligations in respect of capitalized leases, provided that any such Lien shall not encumber any other property of the Loan Parties other than insurance and other proceeds of such personal property and real estate; (g) zoning restrictions, easements, encroachments, rights of way, restrictions, leases, licenses, restrictive covenants and other similar title exceptions or Liens affecting Real Property, none of which materially impairs the use of such Real Property or the value thereof, and none of which is violated in any material respect by existing or
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supporting structures or land use; (h) attachment and judgment liens which do not constitute an Event of Default under Section 10.6; (i) Liens disclosed on Schedule 1.2(b) provided that the principal amount secured thereby is not hereafter increased, and no additional assets become subject to such Lien; (j) [reserved]; (k) any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of any Lien referred to in this definition, provided that the principal amount secured thereby is not hereafter increased, and no additional assets become subject to such Lien, or (l) overriding royalties in favor of a sublessor, assignor or seller of assets.
“Permitted Holders” shall mean Yorktown Energy Partners IX L.P., Yorktown Energy Partners X, L.P., Yorktown Energy Partners XI, L.P. and Energy Capital Partners Mezzanine Opportunities Fund A, LP.
“Person” shall mean any individual, sole proprietorship, partnership, corporation, business trust, joint stock company, trust, unincorporated organization, association, limited liability company, institution, public benefit corporation, joint venture, entity or Governmental Body.
“Plan” shall mean any employee benefit plan within the meaning of Section 3(3) of ERISA, maintained for employees of the Loan Parties or any member of the Controlled Group or any such Plan to which any Loan Party or any member of the Controlled Group is required to contribute on behalf of any of its employees.
“Pledged Securities” shall mean all of the Equity Interests of a Subsidiary of a Loan Party, whether now owned or hereafter acquired or created, and all proceeds thereof; provided that Pledged Securities shall exclude any Excluded Equity.  (Schedule 5.3 hereto lists, as of the Closing Date, all of the Pledged Securities.)
“RCRA” shall mean the Resource Conservation and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.
“Real Property” shall mean all real property, both owned and leased, of the Loan Parties.
“Register” shall have the meaning set forth in Section 16.3(c).
“Release” shall have the meaning set forth in Section 5.8(c).
“Required Lenders” shall mean, any of the Lenders (other than Defaulting Lenders) holding at least 51% in the aggregate, based on each Lender’s Commitment Percentage, of (a) prior to the Facility Termination Date, the Aggregate Revolving Commitment, and (b) after the Facility Termination Date, the Aggregate Credit Exposure; provided that, as long as (y) there are only two Lenders (that are not Defaulting Lenders), Required Lenders shall mean both Lenders (that are not Defaulting Lenders) and (z) there are more than two Lenders (that are not Defaulting Lenders), Required Lenders shall mean at least two Lenders (that are not Defaulting Lenders) holding at least 51% in the aggregate, based on each Lender’s Commitment Percentage.
“Reserves” shall mean any and all amounts the Agent deems necessary in its Permitted Discretion to block, withhold, reserve or maintain against the amount of the Loans that the Lenders will make available to the Borrowers with respect to such matters that will or could reasonably be expected to adversely affect the value of the Collateral, the enforceability or priority of Liens of the Agent, or the amount that the Agent, for the benefit of the Lenders, would be likely to receive in the liquidation of such Collateral, including, without limitation, reserves for rent and royalties, if necessary.
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 “Revolving Commitment” shall mean the commitment of each Lender to make Revolving Loans and issue Letters of Credit, as such commitment may be reduced pursuant to the terms of this Agreement.  The initial amount of each Lender’s Revolving Commitment is set forth on the Commitment Schedule.
“Revolving Exposure” shall mean, at any time, the sum of the outstanding principal amount of Revolving Loans and Letter of Credit Exposure at such time.
“Revolving Loan” shall mean a revolving loan made pursuant to Section 2.1.
“Revolving Note” or “Revolving Notes” shall mean, individually or collectively, as the context may require, the promissory notes referred to in Section 2.1.
“Sanctioned Country” shall mean, at any time, a country or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Cuba, Iran, North Korea, Sudan and Syria).
“Sanctioned Person” shall mean, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).
“Sanctions” economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State.
“SEC” shall mean the United States Securities and Exchange Commission, or any governmental body or agency succeeding to any of its principal functions.
“Settlement Date” shall mean one or more Business Days of each week, or such longer period of time, as selected by the Agent in its reasonable discretion.
“SOFR” or “SOFR Rate” means, with respect to any SOFR Business Day, a rate per annum equal to the secured overnight financing rate for such SOFR Business Day.
“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
“SOFR Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
“SOFR Loan” shall mean a Loan that bears interest at a rate based on Daily Simple SOFR.
“SOFR Rate Date” has the meaning specified in the definition of “Daily Simple SOFR”.
“SOFR Unavailability Period” means, the period (if any) (a) beginning at the time that either (i) the SOFR Administrator permanently or indefinitely has ceased to provide SOFR or (ii) the SOFR Administrator has announced that SOFR is no longer representative and (b) ending at the time that either
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(i) the SOFR Administrator has resumed providing SOFR or (ii) the SOFR Administrator has announced that SOFR is representative, as applicable.
“Subsidiary” shall mean a corporation or other entity whose shares of stock or other ownership interests having ordinary voting power (other than stock or other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the directors of such corporation, or other Persons performing similar functions for such entity, are owned, directly or indirectly, by such Person.
“StuckyNet System” shall mean the Agent’s StuckyNet-Link internet-based communication system utilized by the Agent.
 “Toxic Substances” shall mean and include any material present on the Real Property which has been shown to have significant adverse effect on human health or which is subject to regulation under the Toxic Substances Control Act (TSCA), 15 U.S.C. Sections 2601 et seq., applicable state law, or any other applicable Federal or state laws now in force or hereafter enacted relating to toxic substances, and includes asbestos, polychlorinated biphenyls (PCBs) and lead-based paints.
“Transferee” shall have the meaning set forth in Section 16.14(a).
“UFCA” shall have the meaning set forth in Section 14.2.
“UFTA” shall have the meaning set forth in Section 14.2.
“Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect from time to time in the State of Ohio; provided, however, that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest or Lien in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than Ohio, “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection.
“USA Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.
“Waivers” shall mean, collectively, any landlord’s waiver, warehouseman’s waiver, bailee’s waiver, creditor’s waiver, mortgagee waiver, processor waiver, customs broker waiver, and any similar waiver, executed and delivered in connection with this Agreement, in form and substance satisfactory to the Agent.
“Week” shall mean the time period commencing on Monday and ending on Friday of each calendar week.
1.3Uniform Commercial Code Terms.  All terms used herein and defined in the Uniform Commercial Code as adopted in the State of Ohio from time to time shall have the meaning given therein unless otherwise defined herein.  Such terms shall include: “Account”, “Account Debtor”, “Certificated Security”, “Chattel Paper”, “Commercial Tort Claim”, “Commodities Account”, “Deposit Account”, “Document”, “Farm Products”, “Financial Asset”, “Fixture”, “General Intangible”, “Instrument”, “Inventory”, “Investment Property”, “Lease”, “Lessor”, “Letter-of-Credit Rights”, “money”, “Payment Intangibles”, “Proceeds”, “Product”, “Record”, “Secured Party”, “Securities Account”, “Security”, “Security Entitlement”, “Security Interest” and “Supporting Obligation”.  To the extent the definition of any category or type of Collateral is expanded by any amendment, modification or revision to the
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Uniform Commercial Code, such expanded definition will apply automatically as of the effective date of such amendment, modification or revision.
1.4General Matters of Construction.  For the purpose of computing periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”.  Unless the context otherwise expressly requires, (a) all references to laws, statutes and regulations shall include any amendments, renewals, extensions, replacements, or successor laws, statutes or regulations, (b) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument, or other document as from time to time amended, supplemented or otherwise modified, substituted, amended and restated, or replaced, (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (d) the words “herein,” “hereof,” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not any particular provision hereof, (e) any reference to payment, repayment, or prepayment shall be construed as referring to payment of immediately available funds in Dollars, (f) any pronoun used shall be deemed to cover all genders, (g) any reference to any Loan Document or other deliverable shall mean, unless the context expressly states otherwise, such Loan Document or deliverable in form and substance satisfactory to the Agent, (h) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (i) the word “will” shall be construed to have the same meaning and effect as the word “shall”, (j) wherever appropriate in the context, terms used herein in the singular also include the plural and vice versa, and (k) captions used in this Agreement are intended for convenience only and do not constitute and shall not be interpreted as part of this Agreement.
1.5Time References.  All time references in the Loan Documents are to Cleveland, Ohio time.
1.6Benchmark Notification.  The Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the administration of, submission of, calculation of or any other matter related to Daily Simple SOFR, any component definition thereof or rates referenced in the definition thereof or any alternative, comparable or successor rate thereto (including any then-current Benchmark or any Benchmark Replacement), including whether the composition or characteristics of any such alternative, comparable or successor rate (including any Benchmark Replacement) will be similar to, or produce the  same value or economic equivalence of, or have the same volume or liquidity as, Daily Simple SOFR or any other Benchmark, or (b) the effect, implementation or composition of any Benchmark Replacement Conforming Changes.
ARTICLE 2
ADVANCES, PAYMENTS
2.1Revolving Loans.  Subject to the terms and conditions set forth in this Agreement, each Lender, severally and not jointly, will make Revolving Loans to the Borrowers in aggregate amounts outstanding at any time prior to the Facility Termination Date equal to such Lender’s Commitment Percentage of the Maximum Borrowing Amount minus such Lender’s Commitment Percentage of the Letter of Credit Exposure. All Revolving Loans bear interest as a SOFR Loan unless the Borrowers elect to convert them to Base Rate Loans pursuant to Section 2.2(b).  If requested by a Lender, that Lender’s Revolving Loans shall be evidenced by a secured promissory note (each, a “Revolving Note”) substantially in the form attached hereto as Exhibit B.
2.2Procedure for Borrowing Advances.
		(a)
	The Borrower Representative shall notify the Agent by providing the Agent with a notice of loan substantially in the form attached hereto as Exhibit D hereto (a

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“Notice of Loan”) prior to 11:00 a.m. on a Business Day of a Borrower’s request to incur, on that day, a Revolving Loan hereunder.  Should any amount required to be paid as interest hereunder, or as fees or other charges under this Agreement or any other agreement with the Agent or any Lender, or with respect to any other Obligation, become due, the same shall be deemed a request for a Revolving Loan charged to the Loan Account as of the date such payment is due, in the amount required to pay in full such interest, fee, charge or Obligation under this Agreement or any other agreement with the Agent, any Lender or the Issuer, and such request shall be irrevocable.
		(b)
	The Borrower Representative may elect to convert all of the Loans to Base Rate Loans (or SOFR Loans if they are Base Rate Loans) by providing irrevocable notice to the Agent.  Each such notice shall be in form and substance satisfactory to the Agent in its Permitted Discretion, appropriately completed and signed by an Authorized Officer of the Borrower and must be received by the Agent at least one (1) Business Day prior to the effective day of such request.

2.3Disbursement of Loan Proceeds.  All Loans shall be disbursed from whichever office or other place the Agent may designate from time to time and, together with any and all other Obligations of the Borrowers to the Agent and the Lenders, shall be charged to the Loan Account on the Agent’s books.  During the term of this Agreement, the Borrower Representative may use the Revolving Loans by borrowing, prepaying and reborrowing, all in accordance with the terms and conditions hereof.  The proceeds of each Revolving Loan requested by the Borrower Representative or deemed to have been requested by any Borrower under Section 2.2(a) shall, with respect to requested Revolving Loans to the extent the Lenders make such Revolving Loans, be made available to the Borrower Representative on the day so requested by way of credit to a Borrower’s operating account at KeyBank, in immediately available federal funds or other immediately available funds or, with respect to Revolving Loans deemed to have been requested by a Borrower pursuant to Section 2.2(a), be disbursed to the Agent to be applied to the outstanding Obligations giving rise to such deemed request.
2.4Maximum Advances.  Subject to Section 4.4, the Revolving Exposure outstanding at any time shall not exceed the Maximum Borrowing Amount.  If the Revolving Exposure at any time exceeds the Maximum Borrowing Amount, subject to Section 4.4, such excess shall be immediately due and payable without the necessity of any demand, at the Payment Office, whether or not a Default or Event of Default has occurred.
2.5Repayment of Loans.
		(a)
	The Loans shall be due and payable in full on the Facility Termination Date subject to earlier prepayment as herein provided.

		(b)
	Any Account Debtor payment with respect to Accounts which is evidenced by a check, note, draft or any other similar item of payment may not be immediately collectible.  In calculating outstanding availability, the Agent and the Lenders agree that any such item of payment will be deemed to have been received by the Agent and will be provisionally credited to the Loan Account by the Agent and the Lenders on the Business Day immediately following the day on which the Agent has actual possession of such item of payment for deposit to the Cash Concentration Account.  In consideration of the Agent’s and Lenders’ agreement for provisional crediting of items of payment, the Borrowers agree that, in calculating interest and other charges on the Obligations, all Account Debtor payments will be treated as having been credited to the Loan Account on the

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Business Day immediately following the Business Day on which such payments are deemed to have been received by the Lender pursuant to this paragraph.
		(c)
	The Agent shall not be required to credit the Loan Account for the amount of any item of payment or other payment which is unsatisfactory to the Agent in its Permitted Discretion.  All credits (other than federal wire transfers) shall be provisional, subject to verification and final settlement.  The Agent may charge the Loan Account for the amount of any item of payment or other payment which is returned to the Agent unpaid or otherwise not collected.  The Borrowers agree that any information and data reported to the Borrowers pursuant to any service which is received prior to final posting and confirmation is subject to correction and is not to be construed as final posting information.  The Agent and the Lenders shall have no liability for the content of such preliminary service related information.

		(d)
	All payments of principal, interest and other amounts payable hereunder, or under any of the other Loan Documents shall be made to the Agent at the Payment Office not later than 11:00 a.m. on the due date in lawful money of the United States of America in federal funds or other funds immediately available to the Agent.  The Agent shall have the right to effectuate payment on any and all Obligations due and owing hereunder by charging the Loan Account or by making Advances as provided in Section 2.2. The aggregate unpaid amount of Loans, types of Loans, and similar information with respect to the Loans and Letters of Credit set forth on the records of the Agent shall be rebuttably presumptive evidence with respect to such information, including the amounts of principal, interest and fees owing to the Agent and the Lenders.

		(e)
	Whenever any payment to be made hereunder, including, without limitation, any payment to be made on any Loan, shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next Business Day and such extension of time shall in each case be included in the computation of the interest payable on such Loan.

		(f)
	The Borrowers shall pay principal, interest, and all other amounts payable hereunder, or under any other Loan Document, without any deduction whatsoever, including any deduction for any setoff or counterclaim.

2.6Reserved.
2.7Statement of Account.  The Agent shall maintain, in accordance with its customary procedures, a loan account (“Loan Account”) in the name of the Borrowers in which shall be recorded, among other things, the date and amount of each Advance made by the Agent and the date and amount of each payment in respect thereof; provided, however, the failure by the Agent to record the date and amount of any Advance shall not adversely affect the Agent or any Lender.
2.8Letters of Credit.  Subject to the terms and conditions hereof, the Issuer shall issue or cause the issuance of letters of credit (“Letters of Credit”) on behalf of the Borrowers; provided, however, that the Issuer will not be required to issue or cause to be issued any Letters of Credit to the extent that the face amount of such Letters of Credit would then cause the Revolving Exposure to exceed the Maximum Borrowing Amount.  The maximum amount of Letters of Credit outstanding shall not exceed $3,000,000 in the aggregate at any time.  All disbursements or payments related to Letters of Credit shall be charged to the Loan Account as a Revolving Loan that is a Base Rate Loan and added to the Obligations.
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2.9Issuance of Letters of Credit.
		(a)
	The Borrower Representative may request the Issuer to issue or cause the issuance of a Letter of Credit by delivering to the Issuer at the Payment Office the Issuer’s form of letter of credit application completed to the satisfaction of the Issuer; and, such other certificates, documents and other papers and information as the Issuer may reasonably request no later than 11:00 a.m. at least three (3) Business Days’ prior to the date of such proposed issuance. Each Letter of Credit shall have an expiry date not later than the earlier to occur of (a) 364 days from the date of issuance and (b) 30 days prior to the Facility Termination Date.  The Issuer shall issue any Letter of Credit in its Permitted Discretion.

		(b)
	The Issuer shall notify the Agent and the Lenders of the request by the Borrower Representative for a Letter of Credit hereunder within a reasonable time after receiving such request.

2.10Requirements For Issuance of Letters of Credit.
		(a)
	In connection with the issuance of any Letter of Credit, the Borrowers shall indemnify, save and hold the Agent, the Lenders and the Issuer harmless from any loss, cost, expense or liability, including payments made by the Agent, any Lender or the Issuer and expenses and reasonable attorneys’ fees incurred by the Agent, the Lenders or the Issuer arising out of, or in connection with, any Letter of Credit to be issued or created for any Borrower.  The Borrowers shall be bound by the Agent’s or the Issuer’s regulations and good faith interpretations of any Letter of Credit issued or created to the Loan Account, although this interpretation may be different from its own; and, neither the Agent, nor any Lender, nor the Issuer nor any of their correspondents shall be liable for any error, negligence, or mistakes, whether of omission or commission, in following any Borrower’s instructions or those contained in any Letter of Credit or of any modifications, amendments or supplements thereto or in issuing or paying any Letter of Credit unless on account of its own gross negligence or willful misconduct.

		(b)
	The Borrowers shall authorize and direct the Issuer to deliver to the Agent all instruments, documents, and other writings and property received by the Issuer pursuant to the Letter of Credit and to accept and rely upon the Agent’s instructions and agreements with respect to all matters arising in connection with the Letter of Credit, the application therefor or any acceptance therefor.

		(c)
	Each Lender shall to the extent of the amount equal to the product of such Lender’s Commitment Percentage multiplied by the aggregate amount of all unpaid reimbursement obligations arising from disbursements made or obligations incurred with respect to the Letters of Credit be deemed to have irrevocably purchased an undivided participation in each such unpaid reimbursement obligation.  In the event that at the time a disbursement is made the unpaid balance of Advances exceeds or would exceed, with the making of such disbursement, the Maximum Borrowing Amount, and such disbursement is not reimbursed by the Borrowers within two (2) Business Days, the Agent shall promptly notify each Lender and upon the Agent’s demand each Lender shall pay to the Agent such Lender’s proportionate share of such unpaid disbursement together with such Lender’s proportionate share of the Agent’s reasonable

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unreimbursed costs and expenses relating to such disbursement.  In the event the Issuer makes a disbursement in respect of a Letter of Credit, each Lender shall pay to such Issuer, upon such Issuer’s demand, such Lender’s proportionate share of such disbursement together with such Lender’s proportionate share of such Issuer’s reasonable unreimbursed costs and expenses relating to such disbursement.  Upon receipt by the Agent of a repayment from any Borrower of any amount disbursed by the Agent for which the Agent had already been reimbursed by the Lenders, the Agent shall deliver to each Lender that Lender’s pro rata share of such repayment.  Each Lender’s participation commitment shall continue until the last to occur of any of the following events: (i) the Issuer ceases to be obligated to issue or cause to be issued Letters of Credit hereunder; (ii) no Letter of Credit issued hereunder remains outstanding and uncancelled or (iii) all Persons (other than the applicable Borrower) have been fully reimbursed for all payments made under or relating to Letters of Credit.
		(d)
	Immediately upon the request of the Agent, (i) after the occurrence of a Default or an Event of Default, or (ii) if any Letter of Credit remains outstanding after five (5) Business Days prior to the Facility Termination Date, in each such case, the Borrowers will deposit and maintain in an account with the Agent in cash, as cash collateral, in an amount equal to one hundred five percent (105%) of the amount of outstanding Letters of Credit.  In each case, the Borrowers hereby irrevocably authorize the Agent, in its discretion, on the Borrowers’ behalf and in any Borrower’s name, to open such an account and to make and maintain deposits in such account or in an account opened by the Borrowers, in the amounts required to be made by the Borrowers, out of the proceeds of Accounts or other Collateral, from an Advance, or out of any other funds of the Borrowers coming into any Lender’s possession at any time.  The Agent will invest such cash collateral (munus applicable Reserves) in such short-term money-market items as to which the Agent and the Borrowers mutually agree and the net return on such investments shall be credited to such account and constitute additional cash collateral.  The Borrowers may not withdraw amounts credited to any such account except upon payment and performance in full of all Obligations and termination of this Agreement.

2.11Reserved.
2.12Additional Payments.  Any sums reasonably expended by the Agent or any Lender due to any Loan Party’s failure to perform or comply with its obligations under any Loan Document, including the Loan Party’s obligations under Sections 2.9, 4.2, 4.4, 4.12, 4.13, 4.15, 6.7 and 16.9, may be charged to the Loan Account as a Revolving Loan that is a Base Rate Loan and added to the Obligations.
2.13Use of Proceeds.  The Borrowers shall apply the proceeds of Advances and other Loans (a) to refinance existing Indebtedness owed to the Agent and the Lenders, (b) to pay fees and expenses relating to the transaction contemplated by this Agreement, (c) for general corporate purposes and (d) to provide for working capital needs. The Borrowers shall not request any Loan or Letter of Credit, and the Borrowers shall not use, and shall ensure that their Subsidiaries and their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit (x) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (y) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any
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Sanctioned Country, or (z)  in any manner that would result in the violation of  any Sanctions applicable to any party hereto.
2.14Manner of Borrowing and Payment; Settlement.
		(a)
	Each borrowing of Revolving Loans shall be advanced according to the applicable Commitment Percentages of the Lenders.

		(b)
	Each payment (including each prepayment) by the Borrowers on account of the principal of and interest on the Revolving Loans, shall be applied to the Revolving Loans pro rata according to the applicable Commitment Percentages of the Lenders.  Except as expressly provided herein, all payments (including prepayments) to be made by any Borrower on account of principal, interest and fees shall be made without set off or counterclaim and shall be made to the Agent on behalf of the Lenders to the Payment Office, in each case on or prior to 1:00 p.m. in Dollars and in immediately available funds.

		(c)
	Reserved.

		(d)
	If any Lender or Participant (a “Benefited Lender”) shall at any time receive any payment of all or part of its Advances or other Loans, or interest thereon, or receive any Collateral in respect thereof (whether voluntarily or involuntarily or by set-off) in a greater proportion than any such payment to and Collateral received by any other Lender, if any, in respect of such other Lender’s Advances or other Loans, or interest thereon, and such greater proportionate payment or receipt of Collateral is not expressly permitted hereunder, such Benefited Lender shall purchase for cash from the other Lenders a participation in such portion of each such other Lender’s Advances or other Loans, or shall provide such other Lender with the benefits of any such Collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such Collateral or proceeds ratably with each of the other Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.  Each Lender so purchasing a portion of another Lender’s Advances or other Loans may exercise all rights of payment (including, without limitation, rights of set-off) with respect to such portion as fully as if such Lender were the direct holder of such portion.

		(e)
	Unless the Agent shall have been notified by telephone, confirmed in writing, by any Lender that such Lender will not make the amount which would constitute its applicable Commitment Percentage of the Advances available to the Agent, the Agent may (but shall not be obligated to) assume that such Lender shall make such amount available to the Agent on the next Settlement Date and, in reliance upon such assumption, make available to the Borrowers a corresponding amount.  The Agent will promptly notify the Borrowers of its receipt of any such notice from a Lender.  If such amount is made available to the Agent on a date after such next Settlement Date, such Lender shall pay to the Agent on demand an amount equal to the product of (i) the daily average Federal Funds Effective Rate (computed on the basis of a year of 360 days) during such period as quoted by the Agent, multiplied by (ii) such amount, multiplied by (iii) the number of days from and including such Settlement Date to the date on which such amount

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becomes immediately available to the Agent.  A certificate of the Agent submitted to any Lender with respect to any amounts owing under this subsection (e) shall be presumed correct, in the absence of manifest error.  If such amount is not in fact made available to the Agent by such Lender within three (3) Business Days after such Settlement Date, the Agent shall be entitled to recover such an amount, with interest thereon at the rate per annum then applicable to Revolving Loans hereunder, on demand from the Borrowers; provided, however, that the Agent’s right to such recovery shall not prejudice or otherwise adversely affect the Borrowers’ rights (if any) against such Lender.
2.15Defaulting Lender.
		(a)
	Notwithstanding anything to the contrary contained herein, in the event any Lender (i) has refused (which refusal constitutes a breach by such Lender of its obligations under this Agreement) to make available its portion of any Advance,  (ii) notifies either the Agent or the Borrower Representative that it does not intend to make available its portion of any Advance (if the actual refusal would constitute a breach by such Lender of its obligations under this Agreement), (iii) has notified any Borrower, or has made a public statement, to the effect that it does not intend or expect to comply with any of its funding obligations under this Agreement, or (iv) becomes, or its parent becomes, subject to a Bankruptcy Event (each, a “Lender Default”), all rights and obligations hereunder of such Lender (a “Defaulting Lender”) as to which a Lender Default is in effect and of the other parties hereto shall be modified to the extent of the express provisions of this Section 2.15 while such Lender Default remains in effect.

		(b)
	Advances shall be incurred pro rata from the Lenders (the “Non-Defaulting Lenders”) which are not Defaulting Lenders based on their respective Commitment Percentages, and no Commitment Percentage of any Lender or any pro rata share of any Advances required to be advanced by any Lender shall be increased as a result of such Lender Default.  Amounts received in respect of principal of any type of Advances or other Loans shall be applied to reduce the applicable Advances or other Loans of each Lender pro rata based on the aggregate of the outstanding Advances or other Loans of that type of all Lenders at the time of such application; provided, that, such amount shall not be applied to any Advances or other Loans of a Defaulting Lender at any time when, and to the extent that, the aggregate amount of Advances or other Loans of any Non-Defaulting Lender exceeds such Non-Defaulting Lender’s Commitment Percentage of all Advances or other Loans then outstanding.

		(c)
	A Defaulting Lender shall not be entitled to give instructions to the Agent or to approve, disapprove, consent to or vote on any matters relating to this Agreement and the Loan Documents.  All amendments, waivers and other modifications of this Agreement and the Loan Documents may be made without regard to a Defaulting Lender and, for purposes of the definition of “Required Lenders”, a Defaulting Lender shall be deemed not to be a Lender and not to have Advances outstanding.

		(d)
	Other than as expressly set forth in this Section 2.15, the rights and obligations of a Defaulting Lender (including the obligation to indemnify the Agent) and the other parties hereto shall remain unchanged.  Nothing in this Section 2.15 shall

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be deemed to release any Defaulting Lender from its obligations under this Agreement and the Loan Documents, shall alter such obligations, shall operate as a waiver of any default by such Defaulting Lender hereunder, or shall prejudice any rights which any Borrower, the Agent or any Lender may have against any Defaulting Lender as a result of any default by such Defaulting Lender hereunder.
A Defaulting Lender may be replaced in accordance with Section 16.3(g).  In the event a Defaulting Lender retroactively cures to the satisfaction of the Agent the breach which caused a Lender to become a Defaulting Lender, such Defaulting Lender shall no longer be a Defaulting Lender and shall be treated as a Lender under this Agreement.
ARTICLE 3
INTEREST AND FEES
3.1Interest.
		(a)
	Interest on the Loans shall be payable in arrears on the first (1st) day of each calendar month. Interest charges shall be computed on the actual principal amount of Loans outstanding during the calendar month.

		(b)
	Base Rate Loans shall bear interest for each day at a rate per annum equal to the Base Rate plus the Applicable Base Rate Margin, and SOFR Loans shall bear interest for each day at a rate per annum equal to Daily Simple SOFR plus the Applicable SOFR Rate Margin.

		(c)
	Whenever, subsequent to the date of this Agreement, the Base Rate is increased or decreased, the interest rate for Base Rate Loans shall be similarly changed without notice or demand of any kind by an amount equal to the amount of such change in the Base Rate during the time such change or changes remain in effect.

		(d)
	The Base Rate or Daily Simple SOFR shall be determined by the Lender, and such determination shall be conclusive absent manifest error.

		(e)
	All Loans shall bear interest as Base Rate Loans during the continuance of a Default or an Event of Default.

		(f)
	Upon and after the occurrence of an Event of Default, the Obligations (including all Letter of Credit Fees) shall bear interest at the highest applicable rate set forth in this Agreement plus two percent (2%) per annum.

		(g)
	If the Borrower and the Agent agree to key performance indicators with respect to certain environmental, social and governance targets aligned with sustainability linked loan principles, the Agent in its sole discretion may reduce the Applicable Base Rate Margin, Applicable SOFR Rate Margin and Applicable Letter of Credit Fee Percentage by up to 5 basis points pursuant to documentation satisfactory to the Agent in its sole discretion.

3.2Letter of Credit Fees.
		(a)
	Trade or Commercial Documentary Letters of Credit.  With respect to each Letter of Credit that shall be a trade or commercial documentary letter of credit

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and the drafts thereunder, the Borrowers agree to pay to the Issuer issuance, amendment, renewal, negotiation, draw, acceptance, telex, courier, postage and similar transactional fees as are customarily charged by the Issuer in respect of the issuance and administration of similar letters of credit under its fee schedule as in effect from time to time.
		(b)
	Standby Letter of Credit.  The Borrowers shall pay (i) to the Agent, for the ratable benefit of the Lenders, fees for each Letter of Credit, for the period from and excluding the date of issuance of same to and including the date of expiration or termination, equal to the average daily face amount of each outstanding Letter of Credit multiplied by the Applicable Letter of Credit Fee Percentage, such fees to be payable monthly in arrears on the first day of each calendar month and on the Facility Termination Date, (ii) [reserved], and (iii) to the Issuer, for its own account, any and all fees and expenses as agreed upon by the Issuer and the Borrowers in connection with any Letter of Credit, including in connection with the opening, amendment or renewal of any such Letter of Credit and any acceptances created thereunder and shall reimburse the Agent for any and all fees and expenses, if any, paid by the Agent to the Issuer (all of the foregoing fees, the “Letter of Credit Fees”).  All such charges shall be deemed earned in full on the date when the same are due and payable hereunder and shall not be subject to rebate or proration upon the termination of this Agreement for any reason.  Any such charge in effect at the time of a particular transaction shall be the charge for that transaction, notwithstanding any subsequent change in the Issuer’s prevailing charges for that type of transaction.

		(c)
	Fronting Fee.  In addition to the other fees set forth in this Section, the Borrowers shall pay to the Issuer, for its own account, a fronting fee, which shall accrue at the rate of 0.15% per annum on the average daily face amount of each outstanding Letter of Credit during the period from and including the issuance of each such Letter of Credit to but excluding the day on which each such Letter of Credit expires or is terminated, such fees to be payable monthly in arrears on the first day of each calendar month and on the Facility Termination Date.

3.3Unused Facility Fee.  If, for any calendar month during the term of this Agreement, the average daily Revolving Exposure for each day of such calendar month does not equal the Aggregate Revolving Commitment, then the Borrowers shall pay to the Agent, for the ratable benefit of the Lenders, a fee at a rate per annum equal to the Applicable Unused Facility Fee Percentage, multiplied by the amount by which the Aggregate Revolving Commitment exceeds such average daily Revolving Exposure, such fees shall be payable to the Agent in arrears on the first (1st) day of each calendar month after the date hereof until the Facility Termination Date and on the Facility Termination Date.
3.4Reserved.
3.5Reserved.
3.6Computation of Interest and Fees.  Interest and fees hereunder, including Letter of Credit Fees, shall be computed on the basis of a year of 360 days and for the actual number of days elapsed.  If any payment to be made hereunder becomes due and payable on a day other than a Business Day, the due date thereof shall be extended to the next succeeding Business Day and interest thereon shall be payable at the applicable interest rate during such extension.
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3.7Maximum Charges.  In no event whatsoever shall interest and other charges charged hereunder exceed the highest rate permissible under law.  In the event interest and other charges as computed hereunder would otherwise exceed the highest rate permitted under law, such excess amount shall be first applied to any unpaid principal balance owed by the Borrowers, and if the remaining excess amount is greater than the previously unpaid principal balance, the Lenders shall promptly refund such excess amount to the Borrowers and the provisions hereof shall be deemed amended to provide for such permissible rate.
3.8Increased Costs.  In the event that, (a) the introduction after a Lender becomes a party to this Agreement of any law, treaty, rule or regulation or any change therein after such Lender becomes a party hereto, (b) any change after a Lender becomes a party to this Agreement in the interpretation or administration of any law, treaty, rule or regulation by any central bank or other Governmental Body or (c) the compliance by the Agent, any Lender or the Issuer with any guideline, request or directive from any central bank or other Governmental Body (whether or not having the force of law) after such Agent, Lender or Issuer becomes a party to this Agreement (for purposes of this Section 3.8, the term “Agent” or “Lender” shall include the Agent or any Lender and any corporation or bank controlling the Agent or any Lender and the office or branch where the Agent or any Lender (as so defined) makes or maintains any Loans), shall:
		(a)
	subject the Agent or any Lender to any tax of any kind whatsoever with respect to any Loan Document or change the basis of taxation of payments to the Agent or any such Lender of principal, fees, interest or any other amount payable under any Loan Documents (except for (i) changes in the rate of tax on the overall net income of the Agent or any Lender by the jurisdiction in which it maintains its principal office or applicable lending office and (ii) taxes payable by a Loan Party under Section 4.13 of this Agreement); or

		(b)
	impose, modify or hold applicable any reserve, special deposit, assessment or similar requirement against assets held by, or deposits in or for the account of, advances or loans by, or other credit extended by, any office of the Agent or any Lender, including pursuant to Regulation D of the Board of Governors of the Federal Reserve System.

and the result of any of the foregoing is to increase the cost to the Agent or any Lender of making, renewing or maintaining its Advances  or other Loans hereunder by an amount that the Agent or any such Lender deems to be material or to reduce the amount of any payment (whether of principal, interest or otherwise) in respect of any of the Advances or other Loans by an amount that the Agent or such Lender deems to be material, then, in any case the Borrowers shall promptly pay the Agent or such Lender, upon its demand, such additional amount as will compensate the Agent or such Lender for such additional cost or such reduction, as the case may be.  For purposes of this Section 3.8, any rules or directives concerning capital adequacy promulgated by the Bank of International Settlements pursuant to the Dodd-Frank Act or the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) under Basel III, and any rules, regulations, orders and directives adopted, promulgated or implemented in connection with any of the foregoing, regardless of the date adopted, issued, promulgated or implemented, are deemed to have been introduced and adopted after the Closing Date.  The Agent or such Lender shall certify the amount of such additional cost or reduced amount to the Borrower Representative, and such certification shall be presumed correct absent manifest error.
Each Lender shall severally indemnify the Agent for any taxes (but only to the extent that the Loan Parties have not already indemnified the Agent for such taxes and without limiting the obligation of the Loan Parties to do so) attributable to such Lender that are paid or payable by the Agent
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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 Body.  This indemnity obligation shall be paid within ten (10) days after the Agent delivers to the applicable Lender a certificate stating the amount of taxes so paid or payable by the Agent.  Such certificate shall be conclusive of the amount so paid or payable absent manifest error.
3.9Illegality; Inability to Determine Interest Rate; Benchmark Replacement Setting.
(a)Illegality.  If, because of the introduction of or any change in, or because of any judicial, administrative, or other governmental interpretation of, any law or regulation, it becomes unlawful for any Lender to make, fund, or maintain any advance at Daily Simple SOFR or SOFR, then such Lender shall notify the Agent and the Borrower Representative that such Lender is no longer able to maintain the interest rate at Daily Simple SOFR or SOFR, (b) the Borrower Representative shall not be entitled to elect Daily Simple SOFR or SOFR for Loans, and (c) the Loans shall automatically be converted to Base Rate Loans.
(b)Inability to Determine Rates.
		(i)
	Temporary.  If the Agent determines (which determination shall be conclusive and binding on the Borrowers) that reasonable means do not exist for ascertaining “Daily Simple SOFR”, other than due to a Benchmark Transition Event, the Agent will promptly so notify the Borrower Representative and each Lender.  Upon notice thereof by the Agent to the Borrower Representative and the Lenders, (a) any obligation of the Lenders to make or continue SOFR Loans or to convert Base Rate Loans to SOFR Loans shall be suspended, (b) all SOFR Loans shall be immediately converted to Base Rate Loans (the interest rate on which Base Rate Loans shall be determined by the Agent without reference to the SOFR component of Base Rate) and (c) the component of Base Rate based upon SOFR will not be used in any determination of Base Rate, in each case, until the Agent revokes such notice.

		(ii)
	Permanent. If the Agent determines (which determination shall be conclusive and binding on the Borrower) that reasonable means do not exist for ascertaining “Daily Simple SOFR” as a result of a Benchmark Transition Event, the Agent will promptly so notify the Borrower Representative and each Lender, and the provisions of Section 3.9(c) of this Agreement shall be applicable.  Upon notice thereof by the Agent to the Borrower and the Lenders, (a) any obligation of the Lenders to make or continue SOFR Loans or to convert Base Rate Loans to SOFR Loans shall be suspended, (b) all SOFR Loans shall be immediately converted to Base Rate Loans (the interest rate on which Base Rate Loans shall be determined by the Agent without reference to the SOFR component of Base Rate) and (c) the component of Base Rate based upon SOFR will not be used in any determination of Base Rate. Unless and until the Agent and the Borrowers have amended this Agreement to provide for a Benchmark Replacement in accordance with Section 3.9(c) of this Agreement, all Loans shall be Base Rate Loans.

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(c)Benchmark Replacement Setting.
		(i)
	Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document (and any Hedging Contract shall be deemed not to be a “Loan Document” for purposes of this Section titled “Benchmark Replacement Setting”), upon the occurrence of a Benchmark Transition Event, the Agent and the Borrowers may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at the time, not less than five Business Days after the Agent has provided notice thereof, which is provided in the applicable amendment implementing such Benchmark Replacement.  No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 3.9(c) will occur prior to the applicable Benchmark Transition Start Date.

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

		(iii)
	Notices; Standards for Decisions and Determinations.  The Agent will promptly notify the Borrower Representative and each Lender of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Benchmark Replacement Conforming Changes.  Any determination, decision or election that may be made by the Agent pursuant to this Section 3.9(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 3.9(c).

		(iv)
	Benchmark Unavailability Period.  Upon the Borrower Representative’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrowers will be deemed to have immediately converted all Loans to Base Rate Loans.  During a Benchmark Unavailability Period or a SOFR Unavailability Period, the component of the Base Rate based upon the then-current Benchmark or SOFR, as applicable, will not be used in any determination of the Base Rate.

		(v)
	For purposes of this Agreement, the following terms have the definitions provided below:

“Benchmark” means, initially, Daily Simple SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Daily Simple SOFR or the then-current Benchmark, then “Benchmark” means the applicable
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Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to this Section 3.9.
“Benchmark Replacement” means with respect to any Benchmark Transition Event , the sum of: (i) the alternate benchmark rate that has been selected by the Agent and the Borrower 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 to the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment; provided that, in each case, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, 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 Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” or “SOFR Business Day”, timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of any “breakage” provisions and other technical, administrative or operational matters) that the Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the 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 such Benchmark Replacement 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 Loan Documents).
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“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
(a)in the case of clause (a) or (b) of the definition of “Benchmark Transition Event”, the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide 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 no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c).
For the avoidance of doubt, (A) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (B) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
(a)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide 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 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 such Benchmark (or such component thereof)
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permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide 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 such Benchmark (or such component thereof) is no longer, or as of a specified future date will no longer be, representative.
For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Start Date” means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication.
“Benchmark Unavailability Period” means, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with this Section 3.9(c) and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with this Section 3.9(c).
“Reference Time” with respect to any setting of the then-current Benchmark means four (4) SOFR Business Days prior to (a) if the date of such setting is a SOFR Business Day, such date or (b) if the date of such setting is not a SOFR Business Day, the SOFR Business Day immediately preceding such date.
“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.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
3.10Capital Adequacy.  In the event that the Agent or any Lender shall have determined that (a) the introduction after the Closing Date of any law, treaty, rule or regulation or any change therein after the Closing Date, (b) any change after the Closing Date in the interpretation or administration of any law,
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treaty, rule or regulation by any central bank or other Governmental Body or (c) the compliance by the Agent, any Lender or the Issuer with any guideline, request or directive from any central bank or other Governmental Body (whether or not having the force of law) after the Closing Date (for purposes of this Section 3.10, the term “Agent or any Lender” shall include the Agent or any Lender and any corporation or bank controlling the Agent or any such Lender and the office or branch where the Agent or any such Lender (as so defined) makes or maintains any Loans), has or would have the effect of reducing the rate of return on the Agent’s or any such Lender’s capital as a consequence of its obligations hereunder to a level below that which the Agent or any such Lender could have achieved but for such adoption, change or compliance (taking into consideration the Agent’s or any such Lender’s policies with respect to capital adequacy) by an amount deemed by the Agent or any such Lender to be material, then, from time to time, the Borrowers shall pay upon demand to the Agent or any such Lender such additional amount or amounts as will compensate the Agent or such Lender for such reduction.  In determining such amount or amounts, the Agent or any such Lender may use any reasonable averaging or attribution methods.  The protection of this Section 3.10 shall be available to the Agent or any Lender regardless of any possible contention of invalidity or inapplicability with respect to the applicable law, regulation or condition.  For purposes of this Section 3.10, any rules or directives concerning capital adequacy promulgated by the Bank of International Settlements pursuant to the Dodd Frank Act or the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) under Basel III, and any rules, regulations, orders and directives adopted, promulgated or implemented in connection with any of the foregoing, regardless of the date adopted, issued, promulgated or implemented, are deemed to have been introduced and adopted after the Closing Date.  A certificate of the Agent or any Lender setting forth such amount or amounts as shall be necessary to compensate the Agent or such Lender with respect to this Section 3.10 when delivered to the Borrower Representative shall be presumed correct absent manifest error.
ARTICLE 4
COLLATERAL: GENERAL TERMS
4.1Security Interest in the Collateral.  To secure the prompt payment and performance of the Obligations, each Loan Party hereby grants to the Agent, for its benefit, the benefit of the Lenders, the benefit of the Issuer, and the benefit of each of their respective Affiliates, a continuing security interest in and a pledge of all of its Collateral.  Each Loan Party shall mark its books and records as may be necessary or appropriate to evidence, protect and perfect the security interest of the Agent, the Lenders and the Issuer and shall cause its financial statements to reflect such security interest.  Each Loan Party shall promptly provide the Agent with written notice of any commercial tort claims, such notice to contain the case title together with the applicable court and a brief description of the claim(s).  Upon delivery of each such notice, such Loan Party shall be deemed to hereby grant to the Agent a security interest and Lien in and to such commercial tort claims and all proceeds thereof.
4.2Perfection of Security Interest.  Each Loan Party shall take all action that may be necessary or desirable, or that the Agent may request, so as at all times to maintain the validity, perfection, enforceability and priority of the Agent’s security interest in the Collateral or to enable the Agent to protect, exercise or enforce its rights hereunder and in the Collateral, including (a) immediately discharging all Liens other than Permitted Encumbrances, (b) using commercially reasonable efforts to obtain such Waivers as the Agent may request, (c) delivering to the Agent, endorsed or accompanied by such instruments of assignment as the Agent may specify, and stamping or marking, in such manner as the Agent may specify, any and all chattel paper, instruments, vehicle titles, letters of credit and advices thereof and documents evidencing or forming a part of the Collateral, (d) entering into lockbox and other custodial arrangements satisfactory to the Agent, and (e) executing and delivering control agreements, instruments of pledge, notices and assignments, in each case in form and substance satisfactory to the Agent, relating to the creation, validity, perfection, maintenance or continuation of the Agent’s security
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interest in Collateral under the Uniform Commercial Code or other applicable law.  By its signature hereto, each Loan Party hereby authorizes the Agent to file against such Loan Party, one or more financing, continuation, or amendment statements pursuant to the Uniform Commercial Code to perfect Liens securing Obligations arising hereunder in form and substance satisfactory to the Agent.  All charges, expenses and fees the Agent may incur in doing any of the foregoing, and any local taxes relating thereto, shall be charged to the Loan Account as a Revolving Loan that is a Base Rate Loan and added to the Obligations, or, at the Agent’s option, shall be paid to the Agent promptly, but in no event later than three days, after demand.
4.3Disposition of Collateral.  Each Loan Party will safeguard and protect all Collateral for the Agent’s general account and shall make no disposition thereof whether by sale, lease or otherwise except as may be otherwise permitted under this Agreement.
4.4Preservation of Collateral.  Following the occurrence of a Default or an Event of Default, in addition to the rights and remedies set forth in Section 11.1, the Agent may at any time take such steps as the Agent deems necessary to protect the Agent’s interest in and to preserve the Collateral, including (a) the hiring of such security guards or the placing of other security protection measures as the Agent may deem appropriate; (b) employing and maintaining at any of any Loan Party’s premises a custodian who shall have full authority to do all acts necessary to protect the Agent’s interests in the Collateral; (c) leasing warehouse facilities to which the Agent may move all or part of the Collateral; and (d) using any Loan Party’s owned or leased lifts, hoists, trucks and other facilities or equipment for handling or removing the Collateral.  The Agent shall have, and is hereby granted by the Loan Parties to the fullest extent that the Loan Parties can provide such grant, a right of ingress and egress to any Real Property where the Collateral is located, and may proceed over and through any such Real Property.  Each Loan Party shall cooperate fully with all of the Agent’s efforts to preserve the Collateral as permitted in the first sentence of this Section 4.4 and will take such actions to preserve the Collateral as the Agent may direct.  The Agent is hereby authorized by the Loan Parties, the Lenders, and the Issuer, from time to time in the Agent’s sole discretion, (a) after the occurrence of a Default or an Event of Default, or (b) at any time that any of the other applicable conditions precedent set forth in Section 8.2 hereof have not been satisfied, to make Revolving Loans to the Borrowers which the Agent, in its sole discretion, deems necessary or desirable (i) to preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment of the Advances and other Obligations, or (iii) to pay any other amount chargeable to the Borrowers pursuant to the terms of this Agreement.  All of the Agent’s expenses of preserving the Collateral in accordance with the foregoing, including any expenses relating to the bonding of a custodian, shall be charged to the Loan Account as a Revolving Loan that is a Base Rate Loan and added to the Obligations.  With respect to custody, safekeeping and physical preservation of the Collateral in its possession, the Agent shall deal with the Collateral in the same manner as the Agent deals with similar property for similarly situated borrowers.
4.5Ownership of Collateral.  With respect to the Collateral, at the time the Collateral becomes subject to the Agent’s security interest: (a) each Loan Party shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority security interest in each and every item of its respective Collateral to the Agent, subject to any Permitted Encumbrances; and, except for Permitted Encumbrances, the Collateral shall be free and clear of all Liens and encumbrances whatsoever; (b) each document and agreement executed by each Loan Party or delivered to the Agent or any Lender in connection with this Agreement shall be true and correct in all material respects; (c) all signatures and endorsements of each Loan Party that appear on such documents and agreements shall be genuine and each Loan Party shall have full capacity to execute same; and (d) each Loan Party’s Inventory and Equipment shall be located as set forth on Schedule 4.5 (as such schedule may be updated from time to time) and shall not be removed from such location(s) without the prior written consent of the Agent except with respect to repair, maintenance, or rebuild of such Equipment required to be performed off-site
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in the usual and customary course of business in the industry, the sale or other disposition of Inventory in the ordinary course of business and Equipment in accordance with this Agreement, and with respect to Inventory and Equipment in transit from one location identified on Schedule 4.5 (as such schedule may be updated from time to time) to another location identified on Schedule 4.5.
4.6Defense of the Interests of the Agent and the Lenders.  Until (a) payment and performance in full of all of the Obligations (other than contingent obligations that expressly survive the termination of this Agreement), and (b) termination of this Agreement the interests of the Agent and the Lenders in the Collateral shall continue in full force and effect.  During such period no Loan Party shall, without the Agent’s prior written consent, pledge, sell (except Inventory in the ordinary course of business), assign, transfer, create or suffer to exist a Lien upon or encumber or allow or suffer to be encumbered in any way except for Permitted Encumbrances, and except for sales, assignments, and transfers expressly permitted elsewhere herein, any part of the Collateral.  Each Loan Party shall defend the interests of the Agent and the Lenders in the Collateral against any and all Persons whatsoever.  At any time after the occurrence of an Event of Default, the Agent shall have the right to take possession of the indicia of the Collateral and the Collateral in whatever physical form contained, including: labels, stationery, documents, instruments and advertising materials.  If the Agent exercises such right to take possession of the Collateral, the Loan Parties shall, upon demand, assemble it in the best manner possible and make it available to the Agent at a place reasonably convenient to the Agent.  In addition, with respect to all Collateral, the Agent, the Lenders, and the Issuer shall be entitled to all of the rights and remedies set forth herein and further provided by the Uniform Commercial Code or other applicable law.  After the occurrence of an Event of Default, each Loan Party shall, and the Agent may, at its option, instruct all suppliers, carriers, forwarders, warehousers or others receiving or holding cash, checks, Inventory, documents or instruments in which the Agent holds a security interest to deliver same to the Agent and/or subject to the Agent’s order and if they shall come into any Loan Party’s possession, they, and each of them, shall be held by such Loan Party in trust as the Agent’s trustee, and such Loan Party will immediately deliver them to the Agent in their original form together with any necessary endorsement.
4.7Books and Records.  Each Loan Party shall (a) keep proper books of record and account in which full, true and correct entries will be made of all dealings or transactions of or in relation to its business and affairs; (b) set up on its books accruals with respect to all Charges; and (c) on a reasonably current basis set up on its books, from its earnings, allowances against doubtful Accounts, advances and investments and all other proper accruals (including accruals for premiums, if any, due on required payments and accruals for depreciation, obsolescence, or amortization of properties), which shall be set aside from such earnings in connection with its business.  All determinations pursuant to this Section 4.7 shall be made in all material respects in accordance with, or as required by, GAAP consistently applied in the opinion of such independent public accountant as shall then be regularly engaged by the Loan Parties.
4.8Financial Disclosure.  Each Loan Party hereby irrevocably authorizes and directs all accountants and auditors employed by such Loan Party at any time and promptly after the request of the Agent to exhibit and deliver to the Agent copies of any Loan Party’s financial statements (if any exist at or prior to the date of such request), trial balances or other accounting records of any sort in the accountant’s or auditor’s possession, and to disclose to the Agent any information such accountants may have concerning such Loan Party’s financial status and business operations.  Each Loan Party hereby authorizes all federal, state and municipal authorities to furnish to the Agent copies of reports or examinations relating to such Loan Party, whether made by such Loan Party or otherwise; however, the Agent will attempt to obtain such information or materials directly from such Loan Party prior to obtaining such information or materials from such accountants or such authorities.
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4.9Compliance with Laws.  Each Loan Party shall be in compliance in all material respects with all laws, acts, rules, regulations and orders of any Governmental Body with jurisdiction over it or the Collateral or any part thereof or to the operation of such Loan Party’s business, including, without limitation the USA PATRIOT Act and Beneficial Ownership Regulations.  The Collateral at all times shall be maintained in accordance with the material requirements of all insurance carriers which provide insurance with respect to the Collateral so that such insurance shall remain in full force and effect. Each Loan Party will maintain in effect and enforce policies and procedures designed to ensure compliance by the Loan Parties, their Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.
4.10Inspection of Premises; Appraisals.  At all times as the Agent reasonably deems necessary, the Agent shall have full access to and the right to audit, check, inspect and make abstracts and copies from each Loan Party’s books, records, audits, correspondence and all other papers relating to the Collateral and the operation of each Loan Party’s business.  The Agent and its agents may enter upon any of each Loan Party’s premises at any time during business hours and at any other reasonable time, and from time to time as the Agent deems necessary or desirable, for the purpose of auditing, inspecting and appraising the Collateral and any and all records pertaining thereto and the operation of such Loan Party’s business.  The Agent shall have the right to conduct such audits, including “Desk Top” appraisals, inspections and appraisals at such times as the Agent deems necessary, in each case, at the Borrowers’ expense; provided that, notwithstanding the foregoing or anything else contained herein to the contrary, the Borrowers shall be required to pay for no more than two (2) field exams and one (1) appraisal per calendar year unless an Event of Default occurs, in which case such limitation shall not apply.
4.11Insurance.  Each Loan Party shall bear the full risk of any loss of any nature whatsoever with respect to the Collateral.  At each Loan Party’s own cost and expense in amounts and with carriers reasonably acceptable to the Agent, each Loan Party shall (a) keep all of its insurable properties and properties in which each Loan Party has an interest insured against the hazards of fire, flood, sprinkler leakage, those hazards covered by extended coverage insurance and such other hazards, and for such amounts, as is customary in the case of companies engaged in businesses similar to such Loan Party, including business interruption insurance for its preparation plants; (b) maintain a bond in such amounts as is customary in the case of companies engaged in businesses similar to such Loan Party insuring against larceny, embezzlement or other criminal misappropriation of insured’s officers and employees who may either singly or jointly with others at any time have access to the assets or funds of such Loan Party either directly or through authority to draw upon such funds or to direct generally the disposition of such assets; (c) maintain general and excess liability insurance against claims for personal injury, death or property damage suffered by others; (d) maintain all such worker’s compensation or similar insurance as may be required under the laws of any state or jurisdiction in which such Loan Party is engaged in business; and (e) furnish the Agent with (i) a status report with respect to the renewal of all such insurance, no later than ten (10) days before the expiration date thereof, (ii) evidence of the maintenance of all such insurance by the renewal thereof no later than the expiration date thereof, and (iii) appropriate loss payable and additional insured endorsements in form and substance satisfactory to the Agent, naming the Agent as a co-insured and lender loss payee as its interests may appear but only with respect to all insurance coverage covering damage, loss or destruction of Collateral, and providing (A) that all proceeds thereunder covering a loss of or damage to Collateral shall be payable to the Agent, (B) no such insurance shall be affected by any act or neglect of the insured or owner of the property described in such policy, and (C) that such policy and loss payable clauses may not be cancelled, amended or terminated unless at least thirty (30) days’ prior written notice is given to the Agent.  The Loan Parties shall provide copies of all such insurance policies (including the appropriate lender loss payee and additional insured endorsements) within thirty (30) days after the Agent’s request, however, only certificates of such insurance shall be required on the Closing Date.  In the event of any loss under any insurance covering Collateral, the carriers named in such insurance policies covering Collateral hereby are directed by the
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Agent and the applicable Loan Party to make payment for such loss to the Agent and not to such Loan Party and the Agent jointly.  If any insurance losses with respect to Collateral are paid by check, draft or other instrument payable to any Loan Party and the Agent jointly, the Agent may endorse such Loan Party’s name thereon and do such other things as the Agent may deem advisable to reduce the same to cash. Upon the occurrence of an Event of Default, the Agent is hereby authorized to adjust and compromise claims under insurance coverage with respect to Collateral.
4.12Failure to Pay Insurance.  If any Loan Party fails to obtain insurance as hereinabove provided, or to keep the same in force, the Agent, if the Agent so elects, may obtain such insurance and pay the premium therefor on behalf of such Loan Party, and such premium shall be charged to the Loan Account as a Revolving Loan that is a Base Rate Loan and added to the Obligations.
4.13Payment of Taxes.  Each Loan Party will pay, when due, all taxes, assessments and other Charges lawfully levied or assessed upon such Loan Party or any of the Collateral including real and personal property taxes, assessments and Charges and all franchise, income, employment, social security benefits, withholding, and sales taxes, except those taxes, assessments or Charges to the extent that any Loan Party has contested or disputed those taxes, assessments or Charges in good faith, by expeditious protest, administrative or judicial appeal or similar proceeding provided that any related tax Lien is stayed and sufficient reserves are established to the reasonable satisfaction of the Agent to protect the security interest of the Agent, for the benefit of the Lenders, in or Lien on the Collateral.  If any (a) tax (other than U.S. withholding taxes as a result of FATCA or taxes based on net income, gross receipts or profits) is or may be imposed by any Governmental Body on or as a result of any transaction between any Loan Party and the Agent, any Lender, or the Issuer, on one hand, and the Loan Parties on the other hand, after such Person becomes a party to this Agreement and the Agent, any Lender, or the Issuer may is required to withhold or pay or (b) taxes, assessments, or other Charges remain unpaid after the date fixed for their payment, or if any claim shall be made in connection therewith which, in the Agent’s opinion, may possibly create a valid Lien on the Collateral, the Agent may without notice to the Loan Parties pay the taxes, assessments or other Charges and each Loan Party hereby indemnifies and holds the Agent, each Lender and the Issuer harmless in respect thereof.  The Agent will not pay any taxes, assessments or Charges to the extent that any Loan Party has contested or disputed those taxes, assessments or Charges in good faith, by expeditious protest, administrative or judicial appeal or similar proceeding provided that any related tax lien is stayed and sufficient reserves are established to the reasonable satisfaction of the Agent to protect the Agent’s security interest in or Lien on the Collateral.  The amount of any payment by the Agent or any Lender under this Section 4.13 shall be charged to the Loan Account as a Revolving Loan that is a Base Rate Loan and added to the Obligations and, until the Loan Parties shall furnish the Agent or such Lender with an indemnity therefor (or supply the Agent or such Lender with evidence satisfactory to the Agent that due provision for the payment thereof has been made), the Agent or such Lender may hold without interest any balance standing to the Loan Parties’ credit and the Agent or such Lender shall retain its security interest in any and all Collateral held by the Agent or such Lender.  Each Foreign Lender shall provide to the Agent and the Borrowers any tax form (including any applicable supporting document) and document or information required under FATCA on or before becoming a party to this Agreement that will eliminate or reduce the rate of any taxes with respect to payments made under a Loan Document.
4.14Payment of Leasehold Obligations.  Each Loan Party shall at all times pay, when and as due, its rental obligations under all leases under which it is a tenant, and shall otherwise comply, in all material respects, with all other terms of such leases and keep them in full force and effect and, at the Agent’s reasonable request, each Loan Party will provide evidence of having done so.
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4.15Accounts.
		(a)
	Nature of Accounts.  Each of the Accounts shall be a bona fide and valid account representing a bona fide obligation incurred by the Account Debtor therein named, for a fixed sum as set forth in the invoice relating thereto (provided immaterial or unintentional invoice errors shall not be deemed to be a breach hereof) with respect to an absolute sale or lease and delivery of goods upon stated terms of a Loan Party, or work, labor or services theretofore rendered by a Loan Party as of the date each Account is created.  Such Account shall be due and owing without dispute, setoff or counterclaim except as may be stated on the accounts receivable schedules delivered by the Loan Parties to the Agent (or except for adjustments for quality, demurrage and similar charges).

		(b)
	Solvency of Account Debtors.  Each Account Debtor, to the Loan Parties’ knowledge, as of the date each Account is created, is solvent and able to pay all Accounts on which the Account Debtor is obligated to any Loan Party in full when due or with respect to such Account Debtor of any Loan Party who, to the Loan Parties’ knowledge, are not solvent such Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover the uncollectible portion.

		(c)
	Locations of Loan Parties.  Each Loan Party’s state of organization and chief executive office are located at the addresses set forth on Schedule 4.15(c).  Until written notice is given to the Agent by the Borrower Representative of any other office at which any Loan Party keeps its records pertaining to Accounts, all such records shall be kept at such executive office.

		(d)
	Notification of Assignment of Accounts.  At any time following the occurrence of an Event of Default, the Agent shall have the right to send notice of the assignment of, and the Agent’s security interest in, the Accounts to any and all Account Debtors or any third party holding or otherwise concerned with any of the Collateral.  Thereafter, the Agent shall have the sole right to collect the Accounts, take possession of the Collateral, or both.

		(e)
	Power of Agent to Act on Loan Parties’ Behalf.  The Agent shall have the right, at any time, to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the Accounts, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed.  Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill of lading relating to any of the Accounts, drafts against Account Debtors, assignments and verifications of Accounts; (B) demand payment of the Accounts; (C) enforce payment of the Accounts by legal proceedings or otherwise; (D) exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts and any other Collateral; (E) settle, adjust, compromise, extend or renew the Accounts; (F) settle, adjust or compromise any legal proceedings brought to collect Accounts; (G) prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account

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Debtor; (H) prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Accounts; and (I) do all other acts and things necessary to carry out this Agreement.  All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid.  The Agent shall have the right at any time following the occurrence of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
		(f)
	No Liability.  Neither the Agent, nor the Issuer nor any Lender shall, under any circumstances or in any event whatsoever, have any liability for any error or omission or delay of any kind occurring in the settlement, collection or payment of any of the Accounts or any instrument received in payment thereof, or for any damage resulting therefrom, except in the event of gross negligence or willful misconduct. The Agent is authorized and empowered to accept the return of the goods represented by any of the Accounts, without notice to or consent by any Loan Party, all without discharging or in any way affecting any Loan Party’s liability hereunder.

		(g)
	Processing Collections; Cash Concentration Account.  All collections from Account Debtors of the Borrowers sent to the Borrowers shall be deposited via scanner on a daily basis directly into the Cash Concentration Account.  Collections received into the Cash Concentration Accounts shall (i) during a Cash Dominion Period, be applied to the Revolving Loan, and (ii) at all other times, be swept into the Borrower Representative’s main operating account that is maintained with the Agent.  The Cash Concentration Account shall not be subject to any deduction, set off, banker’s lien or any other right in favor of any Person.  All funds deposited into the Cash Concentration Account shall be the exclusive property of the Agent and shall be subject to the sole and exclusive control of the Agent and only to such signing authority designated from time to time by the Agent.  The Borrowers shall not have control over or any interest in such funds.

Any collections received by the Borrowers shall be deemed held by the Borrowers in trust and as fiduciary for the Lenders.  The Borrowers agree not to commingle any such collections with any of Borrowers’ other funds or property, but to hold such funds separate and apart in trust and as fiduciary for the Agent until deposit is made into the Cash Concentration Account.
		(h)
	Adjustments.  No Loan Party will, without the Agent’s consent, compromise or adjust any Account (or extend the time for payment thereof) or accept any returns of merchandise or grant any additional discounts, allowances or credits thereon except for those compromises, adjustments, returns, discounts, credits and allowances as have been heretofore (i) customary in the business or industry of the Borrowers, and (ii) done in the ordinary course of the Borrowers’ business.

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		(i)
	Payment of Fees.  Each Loan Party shall pay to the Agent, for its benefit, on demand all usual and customary fees and expenses which the Agent incurs in connection with (i) the forwarding of Advance proceeds and (ii) the establishment and maintenance of any accounts as provided for in this Section 4.15.  The Agent may, without making demand, charge all such fees and expenses to the Loan Account as a Revolving Loan that is a Base Rate Loan and add them to the Obligations.

4.16Maintenance of Equipment.  Each Loan Party shall maintain its equipment in good operating condition and repair in substantial accordance with industry standards (reasonable wear and tear excepted) and shall make all necessary replacements of and repairs thereto so that the value and operating efficiency of such equipment shall be maintained and preserved in the ordinary course of such Loan Party’s business.  No Loan Party shall use or operate its equipment in material violation of any law, statute, ordinance, code, rule or regulation.
4.17Exculpation of Liability.  Nothing herein contained shall be construed to constitute the Agent, any Lender or the Issuer as any Loan Party’s agent for any purpose whatsoever, nor shall the Agent, any Lender or the Issuer be responsible or liable for any shortage, discrepancy, damage, loss or destruction of any part of the Collateral wherever the same may be located and regardless of the cause thereof.  Neither the Agent, nor the Issuer nor the Lenders, whether by anything herein or in any assignment or otherwise, assume any of any Loan Party’s obligations under any contract or agreement assigned to the Agent, the Issuer or the Lenders, and neither the Agent, nor the Issuer nor any Lender shall be responsible in any way for the performance by any Loan Party of any of the terms and conditions thereof.
4.18Environmental Matters.
		(a)
	The Loan Parties shall ensure that the Real Property remains in material compliance with all material Environmental Laws and that they shall not place or permit to be placed any Hazardous Substances on any Real Property, in each case, except as permitted by applicable law or appropriate Governmental Bodies.

		(b)
	In the event any Loan Party obtains, gives or receives notice of any Release or threat of Release of a reportable quantity of any Hazardous Substances at the Real Property (any such event being hereinafter referred to as a “Hazardous Discharge”) or receives any notice of violation, request for information or notification that it is potentially responsible for investigation or cleanup of environmental conditions at the Real Property, demand letter or complaint, order, citation, or other written notice with regard to any Hazardous Discharge or violation of Environmental Laws affecting the Real Property or any Loan Party’s interest therein (any of the foregoing is referred to herein as an “Environmental Complaint”) from any Person, including any state agency responsible in whole or in part for environmental matters in the state in which the Real Property is located or the United States Environmental Protection Agency (any such Person hereinafter the “Authority”), then the Loan Parties shall, within five (5) Business Days, give written notice of same to the Agent detailing facts and circumstances of which any Loan Party is aware giving rise to the Hazardous Discharge or Environmental Complaint.  Such information is to be provided to allow the Agent to protect its security interest in the Real Property and the Collateral and is not intended to create nor shall it create any obligation upon the Agent or any Lender with respect thereto.

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		(c)
	The Loan Parties shall promptly forward to the Agent copies of any request for information, notification of potential liability, demand letter relating to potential responsibility with respect to the investigation or cleanup of Hazardous Substances at any other site owned, operated or used by any Loan Party to dispose of Hazardous Substances and shall continue to forward copies of correspondence between any Loan Party and the Authority regarding such claims to the Agent until the claim is settled.  The Loan Parties shall promptly forward to the Agent copies of all documents and reports concerning a Hazardous Discharge at the Real Property that any Loan Party is required to file under any Environmental Laws.  Such information is to be provided solely to allow the Agent to protect the Agent’s security interest in the Real Property and the Collateral and is not intended to create nor shall it create any obligation upon the Agent with respect thereto.

4.19Financing Statements.  Except for (a) the financing statements filed by the Agent, and (b) those financing statements permitted to be filed hereunder, no financing statement covering any of the Collateral or any proceeds thereof is on file in any public office.
4.20Pledged Securities.
		(a)
	Schedule 5.3 sets forth, as of the Closing Date, a complete and accurate list of the ownership of the issued and outstanding Equity Interests of each Borrower (other than Borrower Representative, which is publicly traded) and their respective Subsidiaries, if any.  Each Loan Party represents and warrants that (i) all Pledged Securities owned by it have been duly authorized, validly issued, are fully paid and non-assessable, (ii) with respect to any certificates delivered to the Agent representing any Pledged Securities, either such certificates are Securities as defined in Article 8 of the Uniform Commercial Code as a result of actions by the issuer or otherwise, or, if such certificates are not Securities as defined in Article 8 of the Uniform Commercial Code, such Loan Party has so informed the Agent so that the Agent may take steps to perfect its security interest therein as a General Intangible and each Loan Party covenants to not cause such certificates to become Securities as defined in Article 8 of the Uniform Commercial Code without the Agent’s prior written consent, (iii) with respect to any Pledged Securities not represented by certificates, such Loan Party has so informed the Agent so that the Agent may take steps to perfect its security interest therein as a General Intangible and each Loan Party covenants to not cause such uncertificated Pledged Securities to become represented by certificates or to become Securities as defined in Article 8 of the Uniform Commercial Code without the Agent’s prior written consent, and (iv) all such Pledged Securities held by a securities intermediary are covered by a control agreement among such Loan Party, the securities intermediary and the Agent pursuant to which the Agent has Control.

		(b)
	(i) None of the Pledged Securities has been issued or transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject, (ii) except as set forth on Schedule 5.3, there are existing no options, warrants, calls or commitments of any character whatsoever relating to such Pledged Securities or which obligate the issuer of any Pledged Securities to issue additional Equity Interests, and (iii) no consent, approval, authorization, or other action by, and no giving of notice,

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filing with, any Governmental Body or any other Person is required for the pledge by such Loan Party of such Pledged Securities pursuant to this Agreement or for the exercise by the Agent of remedies in respect of the Pledged Securities, except as may be required in connection with such disposition by laws affecting the offering and sale of securities generally.
		(c)
	(i) Each Borrower hereby grants a security interest in and pledges and collaterally assigns all of each Borrower’s rights and title to the Pledged Securities.    For the better protection of the Agent and the Lenders hereunder, the Borrowers shall execute appropriate transfer powers with respect to the Pledged Securities represented by certificates and, concurrently therewith, deliver such the Pledged Securities and the aforesaid transfer powers with the Agent promptly upon Agent’s request.  (ii) Each Borrower authorizes the Agent, at any time after the occurrence of an Event of Default, to transfer the Pledged Securities into the name of the Agent or the Agent’s nominee, but the Agent shall be under no duty to do so. Notwithstanding any provision or inference herein or elsewhere to the contrary, unless and until there shall have occurred an Event of Default (A) the Agent shall have no right to vote the Pledged Securities, and (B) the Borrowers shall be entitled to receive and retain (free from the lien of the Agent once paid) all dividends and other distributions made with respect to the Pledged Securities prior to an Event of Default, unless the payment of such dividends or distributions caused an Event of Default (and for clarification, Borrowers may in all cases receive and retain (free from the lien of the Agent once paid) dividends permitted by this Agreement made prior to an Event of Default).  (iii) The Agent shall at all times have the rights and remedies of a secured party under the Uniform Commercial Code and Ohio law as in effect from time to time, in addition to the rights and remedies of a secured party provided elsewhere within this Agreement, the Notes or any other Loan Document, or otherwise provided in law or equity. Upon the occurrence of an Event of Default hereunder, the Agent, in its sole discretion, may sell, assign, transfer and deliver the Pledged Securities, at any time, or from time to time. No prior notice need be given to the Borrowers or to any other Person in the case of any sale of the Pledged Securities that the Agent reasonably determines to be declining speedily in value or that is customarily sold in any securities exchange, over-the-counter market or other recognized market, but in any other case the Agent shall give the Borrower Representative no fewer than ten days prior notice of either the time and place of any public sale of the Pledged Securities or of the time after which any private sale or other intended disposition thereof is to be made. Each Borrower waives advertisement of any such sale and (except to the extent specifically required by the preceding sentence) waives notice of any kind in respect of any such sale. At any such public sale, the Agent may purchase the Pledged Securities, or any part thereof, free from any right of redemption, all of which rights each Borrower hereby waives and releases. After deducting all expenses, and after paying all claims, if any, secured by liens having precedence over this Agreement, the Agent may apply the net proceeds of each such sale to or toward the payment of the Obligations, whether or not then due, in such order and by such division as the Agent in its sole discretion may deem advisable. Any excess, to the extent permitted by law, shall be paid to the Borrowers.

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4.21Cash Management System.  The Borrowers shall establish and maintain, until the payment in full of the Obligations and the termination of the Commitment, the cash management systems described below:
		(a)
	Scanner.  On or before the Closing Date, the Borrowers shall (i) establish a scanner system with KeyBank, and (ii) promptly scan and deposit all items of payment received by the Borrowers into the Cash Concentration Account.

		(b)
	Cash Concentration Account.  On or before the Closing Date, the Borrowers shall have established a Cash Concentration Account with KeyBank.  All collections from sales of Inventory or from Account Debtors shall be deposited directly on a daily basis, and in any event no later than the first Business Day after the date of receipt thereof, into Borrowers’ Cash Concentration Account as set forth in Section 4.15(g).  Such funds shall be in the identical form in which such collections were made (except for any necessary endorsements) whether by cash or check.  The Cash Concentration Account shall not be subject to any deduction, set off, banker’s lien or any other right in favor of any Person other than the Agent and the Lenders.

		(c)
	Operating Account; Payroll Account.  The Borrower Representative shall maintain, in its name, an operating account with KeyBank, into which the Agent shall, from time to time, deposit proceeds of the Revolving Loans made to the Borrowers for use by the Loan Parties in accordance with the provisions of this Agreement.  Unless otherwise agreed by the Agent and the Borrowers, any Revolving Loan requested by the Borrowers and made under this Agreement shall be deposited into the operating account.  The Borrowers shall not accumulate or maintain cash in the operating account or payroll or other such accounts, as of any date of determination, in excess of checks outstanding against the Controlled Disbursement Account (or Controlled Disbursement Accounts) and other deposit accounts approved by the Agent (such as medical benefit accounts, flexible spending accounts and automated clearing house accounts) as of that date, and amounts necessary to meet minimum balance requirements.  The Borrowers shall be permitted to maintain a payrolls account with The Huntington National Bank, into which it shall only deposit funds in an amount necessary to meet the current minimum payroll requirements.

		(d)
	Controlled Disbursement Account.  The Loan Parties shall maintain, in the name of the Borrower Representative, a Controlled Disbursement Account with KeyBank.  The Borrowers may maintain more than one Controlled Disbursement Account.  The Borrowers shall base its requests for Revolving Loans on, among other things, the daily balance of the Controlled Disbursement Account (or Controlled Disbursement Accounts).  The Borrowers shall not, and shall not cause or permit any Loan Party, to maintain cash in any Controlled Disbursement Account, as of any date of determination, in excess of checks outstanding against such account as of that date, and amounts necessary to meet minimum balance requirements.

		(e)
	Security Accounts.  The Cash Concentration Account, the operating account and the Controlled Disbursement Accounts shall be referred to in this Agreement as “Security Accounts” with all cash, checks and other similar items of payment in such accounts securing payment of the Obligations.

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		(f)
	Costs of Collection.  All service charges and costs related to the establishment and maintenance of the Security Accounts shall be the sole responsibility of the Borrowers, whether the same are incurred by the Agent, any Lender or one of the Loan Parties.  The Loan Parties hereby indemnify and hold the Agent and each Lender harmless from and against any loss or damage with respect to any deposits made in the Security Accounts that are dishonored or returned for any reason.  If any deposits are dishonored or returned unpaid for any reason, the Agent, in its sole discretion, may charge the amount thereof against the Cash Concentration Account or any other Security Account or other Deposit Account of one or more of the Loan Parties.  The Agent and the Lenders shall not be liable for any loss or damage resulting from any error, omission, failure or negligence on the part of the Agent or any Lender, except losses or damages resulting from the gross negligence or willful misconduct of the Agent or a Lender, as determined by a final judgment of a court of competent jurisdiction.

		(g)
	Return of Funds.  Upon the payment in full of the Obligations (other than continuing indemnification obligations) and the termination of all the commitment hereunder, (i) the Lender’s security interests and other rights in funds in the Security Accounts shall terminate, (ii) all rights to such funds shall revert to the Loan Parties, as applicable, and (iii) Lender will, at the Borrowers’ expense, take such steps as the Borrower Representative may reasonably request to evidence the termination of such security interests and to effect the return to the Borrowers of such funds.

4.22Mineral Interest Descriptions.  The leasehold and mineral interests described in the applicable UCC-1 Financing Statements naming Ramaco Resources, LLC, as debtor, and the Lender, as lender, previously prepared by the Borrowers and delivered to Lender, for filing of record in the official records of Logan County, West Virginia, McDowell County, West Virginia, Wyoming County, West Virginia, Buchanan County, Virginia, and Tazewell County, Virginia, as applicable, constitute all of the leasehold and mineral interests of Ramaco Resources, LLC in such counties from which Ramaco Resources, LLC presently extracts coal or other minerals.  No Borrower other than Ramaco Resources, LLC has any leasehold and mineral interests in such counties from which it presently extracts coal or other minerals.  Not later than ten (10) days before Ramaco Resources LLC or any other Borrower commences extraction of coal or other minerals from any property not described in such UCC-1 Financing Statements, the applicable Borrower shall prepare and deliver to the Lender a UCC-1 Financing Statement naming such Borrower, as debtor, and the Lender, as lender.  Such UCC-1 Financing Statement shall describe such new property from which such Borrower anticipates extraction of coal or other mineral interests, shall be in form sufficient for filing in the official records of the applicable county in which such new property sits, and shall be reasonably acceptable to the Lender.
ARTICLE 5
REPRESENTATIONS AND WARRANTIES
Each Loan Party represents and warrants as follows:
5.1Authority.  Each Loan Party has the full power, authority and legal right to enter into this Agreement and the other Loan Documents to which it is a party and to perform all of its respective obligations hereunder and thereunder, as the case may be.  This Agreement and the other Loan Documents to which each Loan Party is a party constitute the legal, valid and binding obligations of such
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Loan Party, enforceable against it in accordance with their terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally.  The execution, delivery and performance of this Agreement and of the other Loan Documents by each Loan Party a party hereto or thereto has been approved by all necessary corporate action.
5.2Formation and Qualification; Subsidiaries.  Each Loan Party is duly incorporated or organized, as the case may be, and in good standing under the laws of the jurisdictions listed on Schedule 5.2(a) and is qualified to do business and is in good standing in the jurisdictions listed on Schedule 5.2(a) (as such Schedule may be updated from time to time) which constitute all jurisdictions in which qualification and good standing are necessary for such Loan Party to conduct its business and own its property and where the failure to so qualify could reasonably be expected to have a Material Adverse Effect.  As of the Closing Date, all of the Subsidiaries of each Loan Party are listed on Schedule 5.2(b).
5.3Officers, Directors, Shareholders, Capitalization.  The names and titles of all executive officers and directors of each Loan Party, as of the Closing Date, are set forth on Schedule 5.3.  Schedule 5.3 also sets forth for each Loan Party, as of the Closing Date, the names of such Loan Party’s (other than that of Borrower Representative) shareholders and a description of such Person’s Equity Interest in such Loan Party (including, if applicable, a listing of the share certificates and the number of shares of capital stock held by such Person).  There are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments of any nature relating to any Equity Interests in any Loan Party or any Subsidiary thereof, except as set forth on Schedule 5.3.
5.4Governmental Approvals; No Conflicts.  The transactions contemplated by this Agreement (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Body, except such as have been obtained or made and are in full force and effect and except for filings necessary to perfect Liens created pursuant to the Loan Documents, (b) will not violate any law applicable to any Loan Party or any of its Subsidiaries, (c) will not violate or result in a default under any Material Business Agreement, or give rise to a right thereunder to require any payment to be made by any Loan Party or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of any Loan Party or any of its Subsidiaries, except Permitted Encumbrances.
5.5Tax Returns.  Each Loan Party has filed all federal, state and local tax returns and other reports such Loan Party is required by law to file and has paid all taxes, assessments, fees and other Charges that are due and payable.  The provision for taxes on the books of such Loan Party is adequate for all years not closed by applicable statutes, and for its current fiscal year, and no Loan Party has any knowledge of any deficiency or additional assessment in connection therewith not provided for on its books.  No tax Liens have been filed and no claims are being asserted with respect to any taxes.
5.6Reserved.
5.7Corporate Name.  No Loan Party has been known by any other corporate name in the past five (5) years and does not sell Inventory under any other name, nor has any Loan Party been the surviving entity of a merger or consolidation or acquired all or substantially all of the assets of any Person during the preceding five (5) years.
5.8M.S.H.A. and Environmental Compliance.
		(a)
	Each Loan Party has duly complied with, and (i) its facilities, business, assets, property, and Equipment, and (ii) to its knowledge, its leaseholds are in compliance in all material respects with, the provisions of the Federal Mine

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Safety and Health Act, the Environmental Protection Act, RCRA and all other Environmental Laws; and, there have been no outstanding citations, notices or orders of non-compliance issued to any Loan Party or relating to its business, assets, property, leaseholds or Equipment under any such laws, rules or regulations which could have a Material Adverse Effect.
		(b)
	Each Loan Party has been issued all required Federal, state and local licenses, certificates or permits relating to all applicable Environmental Laws necessary for its operations as currently conducted.

		(c)
	(i) there are no material releases, spills, discharges, leaks or disposals (each, a “Release”) of Hazardous Substances at, upon, under or within any Real Property; (ii) there are no underground storage tanks or polychlorinated biphenyls on the Real Property; (iii) to the knowledge of any Loan Party, the Real Property has not ever been used as a treatment, storage or disposal facility of Hazardous Waste and (iv) to the knowledge of any Loan Party, no Hazardous Substances are present on the Real Property.

5.9Solvency; No Litigation, No Violation, ERISA.
		(a)
	After giving effect to the transactions contemplated by this Agreement, the Loan Parties will be solvent, able to pay their debts as they mature, have capital sufficient to carry on their business and all businesses in which they are about to engage, and (i) as of the Closing Date, the fair present saleable value of their assets, calculated on a going concern basis, is in excess of the amount of their liabilities and (ii) subsequent to the Closing Date, the fair saleable value of their assets (calculated on a going concern basis) will be in excess of the amount of their liabilities.

		(b)
	Except as disclosed in Schedule 5.9(b), no Loan Party has any pending or threatened litigation, arbitration, actions or proceedings which could reasonably be expected to have a Material Adverse Effect.

		(c)
	No Loan Party is in violation of any applicable statute, regulation or ordinance in any respect which could reasonably be expected to have a Material Adverse Effect, nor is any Loan Party in violation of any order of any court, Governmental Body or arbitration board or tribunal.

		(d)
	No Loan Party is a member of any Controlled Group nor does it maintain or contribute to any Plan or Multiemployer Plan.

5.10Patents, Trademarks, Copyrights and Licenses.  All patents, patent applications, trademarks, trademark applications, service marks, service mark applications, copyrights, copyright applications, design rights, tradenames, assumed names, trade secrets and licenses owned or utilized by any Loan Party are set forth on Schedule 5.10 (as such Schedule may be updated from time to time), are valid and have been duly registered or filed with all appropriate Governmental Bodies and constitute all of the patents, trademarks, service marks, copyrights, design rights, tradenames, assumed names, trade secrets and licenses which are necessary for the operation of its business; there is no objection to or pending challenge to the validity of any such patent, trademark, copyright, design right, tradename, trade secret or license and no Loan Party is aware of any grounds for any challenge, except as set forth in Schedule 5.10. Each patent, patent application, patent license, trademark, trademark application, trademark license, service mark, service mark application, service mark license, design right, copyright,
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copyright application and copyright license owned or held by any Loan Party consists of original material or property developed by such Loan Party or was lawfully acquired by such Loan Party from the proper and lawful owner thereof.  Each of such items has been maintained so as to preserve the value thereof from the date of creation or acquisition thereof.  With respect to all customized software licensed by any Loan Party, such Loan Party is in possession of all source and object codes related to each piece of software or is the beneficiary of a source code escrow agreement, each such source code escrow agreement being listed on Schedule 5.10.
5.11Licenses and Permits.  Each Loan Party (a) is in compliance with and (b) has procured and is now in possession of, all material licenses or permits required by any applicable federal, state or local law or regulation for the operation of its business in each jurisdiction wherein it is now conducting or proposes to conduct business and where the failure to comply with or procure such licenses or permits would reasonably be expected to have a Material Adverse Effect.
5.12Default of Indebtedness.  No Loan Party is in default in the payment of the principal of or interest on any Indebtedness with a principal amount outstanding in excess of $­­250,000, or under any instrument or agreement under or subject to which any such Indebtedness has been issued and no event has occurred under the provisions of any such instrument or agreement which with or without the lapse of time or the giving of notice, or both, constitutes or would constitute an event of default thereunder.
5.13No Burdensome Restrictions; No Default.  No Loan Party is subject to any restriction or party to any contract or agreement, the compliance with or the performance of which could reasonably be expected to have a Material Adverse Effect.  No Loan Party has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien which is not a Permitted Encumbrance.  No Loan Party is in default in the payment or performance of any of its contractual obligations.
5.14No Labor Disputes.  No Loan Party is involved in any labor dispute and there are no strikes or walkouts or union organization of any of the Loan Party’s employees in existence, or, to the knowledge of any Loan Party, threatened, and no labor contract is scheduled to expire during the term of this Agreement.
5.15Margin Regulations.  No Loan Party is engaged, nor will it engage, principally or as one of its important activities, in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve System as now and from time to time hereafter in effect.  No part of the proceeds of any Advance or any other Loans will be used for “purchasing” or “carrying” “margin stock” as defined in Regulation U of such Board of Governors.
5.16Investment Company Act.  No Loan Party is an “investment company” registered or required to be registered under the Investment Company Act of 1940, as amended, nor is it controlled by such a company.
5.17Disclosure.  No representation or warranty made by any Loan Party in this Agreement or in any financial statement, report, certificate or any other document furnished in connection herewith contains any untrue statement of fact or omits to state any fact necessary to make the statements herein or therein not misleading.
5.18Hedging Contracts.  No Loan Party is a party to, nor will it be a party to, any Hedging Contract unless same provides that damages upon termination following an event of default thereunder are payable on a “two-way basis” without regard to fault on the part of either party.
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5.19Material Business Agreements.  All Material Business Agreements to which any Loan Party is a party or is bound are listed on Schedule 5.19.  No Loan Party is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Material Business Agreement to which it is a party.
5.20Anti-Terrorism Laws.
		(a)
	No Loan Party nor any Affiliate of any Loan Party, is in violation in any material respect of any Anti-Terrorism Law or engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law.

		(b)
	No Loan Party, nor any Affiliate of any Loan Party or their respective agents acting or benefiting in any capacity in connection with the Advances, the Loans, or other transactions hereunder, is any of the following (each a “Blocked Person”):

		(i)
	a Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224;

		(ii)
	a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224;

		(iii)
	a Person with which the Agent, any Lender or the Issuer is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law;

		(iv)
	a Person that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive Order No. 13224;

		(v)
	a Person that is named as a “specially designated national” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of such list; or

		(vi)
	a Person who is affiliated or associated with a Person listed above.

No Loan Party or, to the knowledge of any Loan Party, any of its agents acting or benefiting in any capacity in connection with the Advances, the Loans or other transactions hereunder, (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, or (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224.
5.21Anti-Corruption Laws and Sanctions.  Each Loan Party has implemented and maintains in effect policies and procedures designed to ensure compliance by the Loan Parties, their Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Loan Parties, their Subsidiaries and their respective officers and employees and, to the knowledge of each Loan Party and its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably be expected to result in any Loan Party being designated as a Sanctioned Person.  No (a) Loan Party, Subsidiary or any of their respective directors, officers or employees, or (b) to
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the knowledge of any Loan Party, any agent of any Loan Party or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.   No Loan or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions.
ARTICLE 6
AFFIRMATIVE COVENANTS
Each Loan Party shall until payment in full of the Obligations and termination of this Agreement:
6.1Conduct of Business and Maintenance of Existence and Assets.
		(a)
	Conduct continuously and operate actively its business according to good business practices;

		(b)
	keep in full force and effect its existence; and

		(c)
	make all such reports and pay all such franchise and other taxes and license fees and do all such other acts and things as may be lawfully required to maintain its rights, licenses, leases, powers and franchises under the laws of the United States or any political subdivision thereof.

6.2Violations.  Immediately notify the Agent in writing of any violation of any law, statute, regulation or ordinance of any Governmental Body, or of any agency thereof, applicable to any Loan Party or the Collateral which could reasonably be expected to have a Material Adverse Effect.
6.3Fixed Charge Coverage Ratio.  Maintain a Fixed Charge Coverage Ratio (for the Loan Parties on a consolidated basis) of not less than 1.10 to 1.00 calculated as of the last day of the fiscal quarter ending on September 30, 2021 for the period equal to four (4) consecutive fiscal quarters then ending and as of the last day of each fiscal quarter thereafter for the period equal to the four (4) consecutive fiscal quarters then ending.
6.4Execution of Supplemental Instruments.  Execute and deliver, and will cause each Subsidiary to execute and deliver, or cause to be executed and delivered, to the Agent and the Lenders such documents, agreements and instruments, and will take or cause to be taken such further actions (including the filing and recording of financing statements, fixture filings, and other documents and such other actions), which may be required by law or which the Agent or any Lender may, from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents and to ensure perfection and priority of the Liens created or intended to be created, all at the expense of the Loan Parties.
6.5Payment of Indebtedness.  Pay, discharge or otherwise satisfy at or before maturity (subject, where applicable, to specified grace periods and, in the case of the trade payables, to normal payment practices) all its Indebtedness.
6.6Standards of Financial Statements.  Cause all financial statements referred to in Sections 9.5, 9.6 and 9.8 to be complete and correct in all material respects (subject, in the case of interim financial statements, to notes and normal year-end audit adjustments) and to be prepared in reasonable detail.
6.7Taxes. Pay, and cause each Subsidiary thereof to pay, when due, all income taxes, assessments and other Charges.  If any tax, assessment or other Charge by any Governmental Body
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creates a Lien on the Collateral which the Agent, in the exercise of its sole judgment, determines is currently enforceable and neither inchoate nor stayed, the Agent may without notice to the Loan Parties pay the taxes, assessments or other Charges.  Any such payments shall be charged to the Loan Account as a Revolving Loan that is a Base Rate Loan and added to the Obligations, or, at the Agent’s option, shall be paid to the Agent immediately upon demand.
6.8Deposit Accounts.    Not maintain any deposit, investment, brokerage and any other account with any financial institution other than KeyBank, unless such account is set forth on Schedule 6.8.  Other than the petty cash accounts maintained with Logan Bank and Fifth Third Bank, and payroll accounts maintained with The Huntington National Bank, each such account set forth on Schedule 6.8 shall be and remain subject to an account control agreement duly executed on behalf of the applicable financial institution; provided that no petty cash account shall contain more than $20,000 at any time.  Following the Closing Date, no Loan Party shall open a deposit, investment, brokerage and other account with any financial institution unless (a) it has received the prior written consent of the Agent and (b) it delivers to the Agent an account control agreement with respect to such account duly executed by the financial institution.
6.9Interest Rate Protection.  Promptly upon the Agent’s request, maintain Hedging Contracts with financial institutions reasonably acceptable to the Agent on such terms and under such conditions as shall be reasonably acceptable to the Agent in its Permitted Discretion.
ARTICLE 7
NEGATIVE COVENANTS
No Loan Party shall until satisfaction in full of the Obligations and termination of this Agreement:
7.1Merger, Consolidation, Acquisition and Sale of Assets.  Except with the Agent’s written consent in its Permitted Discretion:
		(a)
	enter into any Acquisition (other than a Permitted Acquisition and the Permitted Coronado Acquisition), merger, consolidation or other reorganization with or into any other Person or acquire all or a substantial portion of the assets or stock of any Person or permit any other Person to consolidate with or merge with it.

		(b)
	Sell, pledge, lease, transfer or otherwise dispose of any of its properties or assets, except in the ordinary course of its business or once any such property or asset in reached its useful life or is no longer useful to the business of the Loan Parties.

7.2Creation of Liens.  Create, assign, transfer or suffer to exist any Lien upon or against any of its Collateral, except Permitted Encumbrances.
7.3Guarantees. Except as set forth Schedule 7.3, become liable upon the obligations of any Person by assumption, endorsement or guaranty thereof or otherwise (other than to the Agent, any Lender or the Issuer), except (a) the endorsement of checks in the ordinary course of business, (b) guarantees made by a Loan Party with respect to the Obligations of another Loan Party, (c) guarantees incurred by any Loan Party in respect of Indebtedness of any other Loan Party permitted by Section 7.8, and (d) unless an Event of Default has occurred and is continuing, unsecured guarantees of mineral rights leases and royalty agreements if such guarantees contain customary terms and conditions consistent with existing guarantees; provided that, the Borrower Representative shall have provided prior written notice to the Agent of any such guarantees.
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7.4Investments.  Purchase, hold, acquire or invest in the obligations or stock of, or any other interest in, or make or permit to exist any investment or any other interest in (including any option, warrant or other right to acquire any of the foregoing) any Person, except (a) investments existing on the Closing Date and set forth on Schedule 7.4, (b) obligations issued or guaranteed by the United States of America or any agency thereof, (c) commercial paper with maturities of not more than one hundred eighty (180) days and a published rating of not less than A-1 or P-1 (or the equivalent rating), (d) certificates of time deposit and bankers’ acceptances having maturities of not more than one hundred eighty (180) days and repurchase agreements backed by United States government securities of a commercial bank if (i) such bank has a combined capital and surplus of at least $500,000,000, or (ii) its debt obligations, or those of a holding company of which it is a Subsidiary, are rated not less than A (or the equivalent rating) by a nationally recognized investment rating agency, or (e) U.S. money market funds (i) rated AAA by Standard & Poors, Inc. or with an equivalent rating from Moody’s Investors Service, Inc., or (ii) that invest solely in obligations issued or guaranteed by the United States of America or an agency thereof.
7.5Loans.  Make advances, loans or extensions of credit to any Person (other than another Loan Party), including any Subsidiary or Affiliate, except with respect to the extension of commercial trade credit in connection with the sale of Inventory in the ordinary course of its business.
7.6Reserved.
7.7Dividends and Distributions.
		(a)
	Declare, pay or make any dividend on any shares of the common stock or preferred stock or other Equity Interest, as the case may be, of any Loan Party (other than dividends or distributions payable in stock or other Equity Interest, as the case may be, or split-ups, or reclassifications of its stock), or apply or otherwise distribute any of its funds, property or assets to the purchase, redemption or other retirement of any common or preferred stock or other Equity Interest, as the case may be, or of any options to purchase or acquire any such shares of common or preferred stock or other Equity Interest, as the case may be, of any Loan Party except with respect to any Loan Party, the Borrowers may make dividends and distributions as long as (i) a notice of termination with regard to this Agreement shall not be outstanding, (ii) no Event of Default or Default shall exist immediately prior to or after giving effect to such dividend, (iii) the Borrowers shall have Excess Availability of at least twenty percent (20%) of the Revolving Commitment for the sixty (60) days immediately prior and immediately after giving effect to such dividend or distribution, and (iv) the Fixed Charge Coverage Ratio calculated in accordance with Section 6.3 shall equal or exceed 1.20 to 1.00 as of the last day of the fiscal quarter immediately preceding such dividend or distribution after giving effect to such dividend or distribution as if it had been made during such prior fiscal quarter; or

		(b)
	Except as set forth on Schedule 5.3, enter into or issue, as applicable, any subscriptions, options, warrants, calls, rights or other agreements or commitments of any nature relating to any Equity Interests of any Loan Party.

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7.8Indebtedness.  Create, incur, assume or suffer to exist any Indebtedness except in respect of:
		(a)
	Indebtedness existing on the Closing Date and set forth on Schedule 7.8 (including any extensions, renewals or refinancings thereof so long as the principal amount thereof is not increased);

		(b)
	Indebtedness to the Agent, the Lenders and the Issuer under or pursuant to the Loan Documents;

		(c)
	Indebtedness incurred for Capital Expenditures;

		(d)
	Indebtedness as permitted under Sections 7.3;

		(e)
	Indebtedness arising from Hedging Contracts; and

		(f)
	other unsecured Indebtedness in an aggregate outstanding principal amount not to exceed $45,000,000.

7.9Nature of Business.  Substantially change the nature of the business in which it is currently engaged, nor, except as specifically permitted hereby purchase or invest, directly or indirectly, in any assets or property other than in the ordinary course of business for assets or property which are useful in, necessary for and are to be used in its business, as presently conducted.
7.10Transactions with Affiliates.  Directly or indirectly, purchase, acquire or lease any property from, or sell, transfer or lease any property to, or otherwise deal with, any Affiliate, except transactions on an arm’s length basis on terms no less favorable than terms which would have been obtainable from a Person other than an Affiliate.
7.11Reserved.
7.12Subsidiaries; Partnerships.
		(a)
	Form any Domestic Subsidiary unless, (i) such Subsidiary expressly becomes a Borrower and becomes jointly and severally liable for the Obligations, (ii) the Borrower which is the parent entity of such Subsidiary pledges, in accordance with Section 4.20, the Equity Interest of such Subsidiary to the Agent, for the benefit of the Agent and the Lenders, so that such Subsidiary’s Equity Interest becomes Pledged Securities, (iii) the Agent shall have received all documents, including organizational documents and legal opinions it may reasonably require in connection therewith, including, without limitation, all information that may be reasonably requested by the Agent to comply with applicable “know your customer” requirements established by U.S. regulatory authorities (including without limitation pursuant to the Beneficial Ownership Regulation), and (iv) such Subsidiary grants first priority perfected Liens in its assets to the Agent, for the benefit of the Agent and the Lenders (subject to Permitted Encumbrances); provided, however, to the extent such Subsidiary becomes a Borrower, none of such assets which become Collateral shall be included in the Borrowing Base in accordance with the terms of this Agreement until such time as the Agent makes such determination in its Permitted Discretion unless (A) they meet the eligibility requirements contained in this Agreement and (B) the Agent has conducted a Collateral audit and appraisal with respect to such assets;

		(b)
	Form any Foreign Subsidiary unless the Borrower which is the parent entity of such Subsidiary pledges, in accordance with Section 4.20, the applicable

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percentage the Equity Interest of such Subsidiary to the Agent, for the benefit of the Agent and the Lenders, so that such percentage of such Subsidiary’s Equity Interest becomes Pledged Securities; or
		(c)
	Enter into any partnership, joint venture or similar agreement.

7.13Reserved.
7.14Fiscal Year and Accounting Changes.  Change its fiscal year from a calendar year or make any material change (a) in accounting treatment and reporting practices except as required by GAAP or (b) in tax reporting treatment except as required or permitted by law.
7.15Pledge of Credit.  Now or hereafter pledge the credit of the Agent or any Lender on any purchase or for any purpose whatsoever.
7.16Amendment of Charter Documents.  Amend, modify or waive any material term or provision of its Charter Documents.
7.17ERISA.  Become part of a Controlled Group or create, maintain or become obligated to contribute to any Plan or Multiemployer Plan.
7.18Prepayment of Indebtedness.  At any time, directly or indirectly, prepay any Indebtedness (other than to the Agent, the Lenders or the Issuer or other than payment of rentals, royalties, trade payables or similar items in the ordinary course of business) or repurchase, redeem, retire or otherwise acquire any Indebtedness of any Loan Party (other than to the Agent, the Lenders or the Issuer).
7.19Modification of Material Business Agreements.  Amend, waive or otherwise modify in any material respect the terms of any Material Business Agreement which could result in a Material Adverse Effect without the prior written consent of the Agent.
7.20Anti-Terrorism Laws.  At any time, (a) directly or through its Affiliates and agents, conduct any business or engage in any transaction or dealing with any Blocked Person, including the making or receiving of any contribution of funds, goods or services to or for the benefit of any Blocked Person; (b) directly or through its Affiliates and agents, deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224; (c) directly or through its Affiliates and agents, engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in Executive Order No. 13224, the USA Patriot Act or any other Anti-Terrorism Law or (d) fail to deliver to the Agent, the Lenders or the Issuer any certification or other evidence requested from time to time by the Agent, any Lender or the Issuer in their sole judgment, confirming each Loan Party’s compliance with this Section 7.20.
7.21Ramaco Coal, Inc.  So long as Ramaco Coal, Inc., is not a Borrower hereunder, permit Ramaco Coal, Inc. to engage in any business or own any material assets, other than ownership of the membership interests of RAMACO Coal Sales, LLC which is expressly permitted, or have any liabilities; provided that it may engage in those activities that are incidental to (a) the maintenance of its corporate existence in compliance with applicable law, (b) ownership of the membership interests of RAMACO Coal Sales, LLC, and (c) legal, tax and accounting matters in connection with any of the foregoing activities; provided further that the Borrowers are permitted to dissolve Ramaco Coal, Inc. without the consent of the Agent so long as the Borrowers provide the Agent notice of dissolution.
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ARTICLE 8
CONDITIONS PRECEDENT
8.1Conditions to Initial Loans.  The agreement of the Agent, the Lenders and the Issuer, as the case may be, to make the initial Loans and other Advances requested to be made on the Closing Date is subject to the satisfaction, or waiver by the Agent, the Lenders and the Issuer, immediately prior to or concurrently with the making of such Loans and other Advances, of the following conditions precedent, unless waived by the Agent:
		(a)
	Loan Documents.  The Agent shall have received duly executed Loan Documents, all in form and substance satisfactory to the Agent;

		(b)
	Collateral and Security.  All Collateral items required to be physically delivered to the Agent under the Loan Documents shall have been so delivered, accompanied by any appropriate instruments of transfer (or arrangements satisfactory to the Agent for such delivery shall be in place), and all taxes, fees and other charges then due and payable in connection with the execution, delivery, recording, publishing and filing of such instruments and incurrence of the Obligations and the delivery of the Loan Documents shall have been paid in full;

		(c)
	Lien Searches.  The Agent shall have received accurate and complete copies of any Lien, pending suit, title and other public record searches required by the Agent;

		(d)
	Filings, Registrations and Recordings.  Each document (including any Uniform Commercial Code financing statement) required by this Agreement, any related agreement or under law or reasonably requested by the Agent to be filed, registered or recorded in order to create, in favor of the Agent, a perfected security interest in or Lien upon the Collateral shall have been properly filed, registered or recorded in each jurisdiction in which the filing, registration or recordation thereof is so required or requested, and all actions necessary to perfect and protect the Liens of the Agent shall have been taken; provided, however, that any filings required to be made in counties in which the Borrowers operations are located shall be made within three (3) Business Days following the Closing Date;

		(e)
	Corporate Proceedings of the Loan Parties.  The Agent shall have received a copy of the resolutions in form and substance reasonably satisfactory to the Agent, of the Board of Directors, Managers or Members, as the case may be, of each Loan Party authorizing (i) the execution, delivery and performance of this Agreement, the Notes, and any related agreements, and (ii) the granting by such Loan Party of the security interests in and Liens upon the Collateral, in each case, certified by an Authorized Officer of such Loan Party as of the Closing Date; and, such certificate shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded as of the date of such certificate;

		(f)
	Incumbency Certificates of the Loan Parties.  The Agent shall have received a certificate of the Secretary of each Loan Party, dated the Closing Date, as to the incumbency and signature of the Authorized Officers of each Loan Party executing this Agreement, any certificate or other documents to be delivered by it pursuant hereto, together with evidence of the incumbency of such Secretary;

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		(g)
	Charter Documents.  The Agent shall have received copies of the Charter Documents of each Loan Party, together with all amendments thereto, certified by the Secretary of State or other appropriate official of such entity’s jurisdiction of formation, incorporation or organization, as the case may be (with respect to the formation documents), and by an Authorized Officer of such Loan Party (with respect to the governance documents);

		(h)
	Good Standing.  The Agent shall have received copies of good standing certificates, or similar certifications, as applicable, for the Loan Parties dated not more than ten (10) days prior to the Closing Date, issued by the Secretary of State or other appropriate official of each such entity’s jurisdiction of incorporation or organization, as the case may be, and each jurisdiction where the conduct of each entity’s business activities or the ownership of each such entity’s properties necessitates qualification;

		(i)
	Legal Opinion.  The Agent shall have received the executed legal opinion of Steptoe & Johnson PLLC, in form and substance satisfactory to the Agent, which shall cover such matters incident to the transactions contemplated by this Agreement, and the other Loan Documents as the Agent may reasonably require and the Loan Parties hereby authorize and direct such counsel to deliver such opinion to the Agent;

		(j)
	No Litigation.  (i) No litigation, investigation or proceeding before or by any arbitrator or Governmental Body shall be continuing or threatened against any Loan Party or against the officers, directors or managers of any Loan Party, (A) in connection with the Loan Documents or any of the transactions contemplated thereby and which, in the reasonable opinion of the Agent, is deemed material or (B) which could, in the reasonable opinion of the Agent, have a Material Adverse Effect; and (ii) no injunction, writ, restraining order or other order of any nature materially adverse to any Loan Party or the conduct of its business or inconsistent with the due consummation of the transactions contemplated by the Loan Documents shall have been issued by any Governmental Body;

		(k)
	Fees.  The Agent shall have received all fees payable to the Agent, the Lenders and the Issuer on or prior to the Closing Date;

		(l)
	Payment Instructions.  The Agent shall have received written instructions from the Borrower Representative directing the application of proceeds of the initial Loans and other Advances made pursuant to this Agreement;

		(m)
	No Adverse Material Effect.  (i) Since December 31, 2020, there shall not have occurred any event, condition or state of facts which could reasonably be expected to have a Material Adverse Effect and (ii) no representations made or information supplied to the Agent shall have been proven to be inaccurate or misleading in any material respect;

		(n)
	Borrowing Base.  The Agent shall have received an executed Borrowing Base Certificate from the Borrower Representative demonstrating that the Borrowing Base is sufficient in value and amount to support the Advances in the amount requested by the Borrower Representative on the Closing Date;

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		(o)
	Legal and Capital Structure.  The Agent shall have reviewed and shall be satisfied with the legal and capital structure of the Borrowers after the consummation of the transactions contemplated herein;

		(p)
	Other.  All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the transactions contemplated by this Agreement shall be satisfactory in form and substance to the Agent and its counsel.

8.2Conditions to Each Advance.  The agreement of the Agent, the Lenders and the Issuer to make any Advance requested to be made on any date (including the initial Loans and Advances), is subject to the satisfaction of the following conditions precedent as of the date such Advance is made:
		(a)
	Representations and Warranties.  Each of the representations and warranties made by any Loan Party in or pursuant to any Loan Document shall be true and correct in all material respects on and as of such date as if made on and as of such date, except to the extent such representations and warranties relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date.

		(b)
	No Event of Default.  No Event of Default shall have occurred and be continuing on such date, or would exist after giving effect to the Advances requested to be made, on such date; provided, however that, the Agent, in its sole discretion, may continue to make Advances notwithstanding the existence of an Event of Default and that any Advances so made shall not be deemed a waiver of any such Event of Default.

		(c)
	Maximum Advances.  In the case of any Advances requested to be made, after giving effect thereto, the aggregate Revolving Exposure shall not exceed the Maximum Borrowing Amount.

Each request for an Advance by the Borrower Representative hereunder shall constitute a representation and warranty by the Borrowers as of the date of such Advance that the conditions contained in this subsection shall have been satisfied.
8.3Post-Closing Conditions.
		(a)
	As soon as possible, but in any event, within five (5) Business Days of the Closing Date (or such extended time as agreed to by the Agent in its sole discretion), the Agent shall have received, in form and substance satisfactory to the Agent, evidence that each Loan Party has the insurance required by Section 4.11, listing the Agent as lender loss payee, additional insured and mortgagee, as applicable.

		(b)
	As soon as possible, but in any event, within forty-five (45) days of the Closing Date (or such extended time as agreed to by the Agent in its sole discretion), the Agent shall have received a copy of the filed UCC termination for UCC File No. 20204562494 in favor of Kinder Morgan Operating L.P.

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ARTICLE 9
INFORMATION AS TO THE LOAN PARTIES
Each Borrower shall, on behalf of itself and the other Loan Parties, until satisfaction in full of the Obligations and the termination of this Agreement:
9.1Disclosure of Material Matters.  Immediately upon learning thereof, report to the Agent all matters materially affecting the value, enforceability or collectability of any portion of the Collateral  including any Lien or claim asserted against the Collateral, any loss, damage or destruction of any material portion of the Collateral, and any Loan Party’s reclamation or repossession of, or the return to any Loan Party of, a material amount of goods or material claims or material disputes asserted by any Account Debtor or other obligor.
9.2Collateral Reporting and Information.
		(a)
	Borrowing Base.  Unless a Cash Dominion Period is in effect, the Borrower Representative shall deliver to the Lender, within twenty-five (25) days after the end of each calendar month, a Borrowing Base Certificate for the calendar month just ended reconciled to the financial statements delivered pursuant to Section 9.6 for such month, prepared by a Financial Officer of the Borrower Representative.  During each Cash Dominion Period, the Borrower Representative shall deliver to the Lender, as frequently as the Lender may request, but no less frequently than by 5:00 P.M. (Eastern time) on each Wednesday of each calendar week (or the next Business Day if such Wednesday is not a Business Day), a Borrowing Base Certificate (for the period ending on Friday of the week prior to the date such Borrowing Base Certificate is submitted) prepared and certified by a Financial Officer of the Borrower Representative.  Each Borrowing Base Certificate shall be updated for all activity (including the recalculation of ineligibles) impacting the accounts receivable of the Borrowers from the date of the immediately preceding Borrowing Base Certificate to the date of such Borrowing Base Certificate.  The amount of Eligible Coal Inventory and the determination as to which accounts receivable constitute Eligible Accounts to be included on each Borrowing Base Certificate shall, absent a request from the Lender that such amounts be calculated more frequently, be the amount that is calculated and updated monthly pursuant to subsections (b) and (c) below.

		(b)
	Accounts Receivable Aging Report.  The Borrowers shall deliver to the Agent an accounts receivable aging report, in form and substance satisfactory to the Agent and signed by a Financial Officer of the Borrower Representative, (i) concurrently with the delivery of the Borrowing Base Certificate referenced in subsection (a) above, aged by the original invoice date of accounts receivable of the Borrowers, prepared as of the last day of the preceding month, reconciled to the month-end balance sheet and month-end Borrowing Base Certificate, together with the calculation of the current month-end Eligible Accounts of the Borrowers, (ii) upon the Agent’s request, an aging by original invoice date of all existing accounts receivable, specifying the names, current value and dates of invoices for each Account Debtor, and (iii) that includes any other information the Agent shall reasonably request with respect to such accounts receivable and its evaluation of such reports.

		(c)
	Inventory Report.  The Borrowers shall deliver to the Agent a summary of Inventory, in form and substance satisfactory to the Agent and signed by a

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Financial Officer of the Borrower Representative, concurrently with the delivery of the Borrowing Base Certificate referenced in subsection (a) above, based upon month-end balances reconciled to the month-end balance sheet and the month-end Borrowing Base Certificate, and accompanied by an Inventory certification, in form and substance reasonably acceptable to the Agent and including a calculation of the Eligible Coal Inventory of the Borrowers (the calculation of Eligible Coal Inventory reflecting the then most recent month-end balance).  The Borrowers shall deliver to the Agent, after the end of each month, Inventory records, in such detail as the Agent shall deem reasonably necessary to determine the level of Eligible Coal Inventory.  The values shown on the Inventory reports shall be at the lower of cost or market value, determined in accordance with the usual cost accounting system of the Borrowers.  The Borrowers shall provide such other reports with respect to the Inventory of the Borrowers as the Agent may reasonably request from time to time.
		(d)
	Accounts Payable Aging Report.  The Borrowers shall deliver to the Agent, concurrently with the delivery of the Borrowing Base Certificate referenced in subsection (a) above, in form and detail satisfactory to the Agent, an aging summary of the accounts payable of the Borrowers, dated as of the last day of the preceding month.

		(e)
	Equipment Report.  The Borrowers shall deliver to the Agent, as frequently as the Agent may request, an itemized schedule describing the kind, type, quality, quantity and book value of the Equipment of the Borrowers.

		(f)
	Customer List.  The Borrowers shall deliver to the Agent an updated customer list, concurrently with the delivery of any field audit report and upon request by any field examiner of the Agent, that sets forth all Account Debtors of the Borrowers, including but not limited to the name, address and contact information of each Account Debtor, in form and detail satisfactory to the Agent.

		(g)
	Locations of Collateral.  The Borrowers shall deliver to the Agent, within thirty (30) days after the end of each fiscal year of the Borrower Representative, a replacement Schedule 4.5 that sets forth each location (including third party locations) where any Loan Party conducts business or maintains any Accounts, Inventory or Equipment, in form and substance satisfactory to the Agent.

		(h)
	Financial Information of the Loan Parties.  The Borrowers shall deliver to the Agent, within ten days of the written request of the Agent, such other information about the financial condition, properties and operations of any Loan Party as the Agent may from time to time reasonably request, which information shall be submitted in form and detail satisfactory to the Agent and certified by an Authorized Officer of the Borrower Representative.

		(i)
	Shareholder and SEC Documents.  The Borrowers shall deliver to the Agent (or give notice of availability thereof on the SEC Edgar Website), as soon as available, (i) copies of Form 10-Q quarterly reports, Form 10-K annual reports and Form 8-K current reports, (ii) upon request of the Agent, copies of any other filings made by the Borrowers with the SEC, and (iii) notice of (and, upon the request of the Agent, copies of) any other information that is provided by the Borrowers to its shareholders generally.

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		(j)
	Delivery Through Approved Electronic Communication System.  Unless otherwise required by the Agent, the Borrowers shall have the option of delivering all documents and other information required to be provided to the Agent pursuant to Section 9.2(a) (Borrowing Base Certificate), Section 9.2(b) (Accounts Receivable Aging Report), Section 9.2(c) (Inventory Report), Section 9.2(d) (Accounts Payable Aging Report) and Section 9.2(e) (Equipment Report) through the Approved Electronic Communication System, and such submissions shall be completed by a Financial Officer of the Borrower Representative or any other Person acceptable to the Agent.

9.3Litigation.  Immediately notify the Agent in writing of any litigation, suit or administrative proceeding affecting any Loan Party, whether or not the claim is covered by insurance, and of any suit or administrative proceeding, which in any such case could reasonably be expected to have a Material Adverse Effect.
9.4Material Occurrences.  Immediately notify the Agent in writing upon the occurrence of (a) any Event of Default or Default under this Agreement; (b) any default (which is not timely cured) under any Material Business Agreement; (c) any event, development or circumstance whereby any financial statements or other reports furnished to the Agent fail in any material respect to present fairly, in accordance with GAAP consistently applied, the financial condition or operating results of the Loan Parties on a consolidated or consolidating basis as of the date of such statements; (d) each and every default by any Loan Party which would reasonably be expected to result in the acceleration of the maturity of any Indebtedness including the names and addresses of the holders of such Indebtedness with respect to which there is a default existing or with respect to which the maturity has been or could be accelerated, and the amount of such Indebtedness; and (e) any other development in the business or affairs of any Loan Party which could reasonably be expected to have a Material Adverse Effect; in each case, to the extent permitted by applicable law, describing the nature thereof and the action the Loan Parties propose to take with respect thereto.
9.5Annual Financial Statements.  Furnish the Agent within one hundred twenty (120) days after the end of each fiscal year of the Loan Parties, audited financial statements of the Borrower Representative on a consolidated and consolidating basis including statements of income and stockholders’ equity and cash flow from the beginning of such fiscal year to the end of such fiscal year and the balance sheet as at the end of such fiscal year, in all cases prepared in accordance with GAAP applied on a basis consistent with prior practices, and in reasonable detail and reported upon without qualification by an independent certified public accounting firm selected by the Loan Parties and satisfactory to the Agent. In addition, the reports shall be accompanied by a Compliance Certificate and a copy of any management report, letter or similar writing that may have been furnished to the Borrowers by the independent public accountants in respect of the systems, operations, financial condition or properties of the Loan Parties.
9.6Monthly Financial Statements.  Furnish the Agent within thirty (30) days after the end of each fiscal month, an unaudited balance sheet of the Loan Parties on a consolidated and consolidating basis and unaudited statements of income and stockholders’ equity and cash flow of the Loan Parties on a consolidated and consolidating basis reflecting results of operations from the beginning of the fiscal year to the end of such month and for such month, prepared on a basis consistent with prior practices and complete and correct in all material respects, subject to normal and recurring year end adjustments that individually and in the aggregate are not material to the business of the Loan Parties and setting forth in each case in comparative form the figures from the projected annual operating budget delivered pursuant to Section 9.8 covering the current fiscal year.  In addition, the financial statements furnished as of the last day of each of the Borrowers’ fiscal quarters shall be accompanied by a Compliance Certificate and a
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copy of any management report, letter or similar writing, if any, that may have been furnished to the Borrowers by the independent public accountants in respect of the systems, operations, financial condition or properties of the Loan Parties.
9.7Additional Information.  Furnish the Agent with such additional information as the Agent shall reasonably request in order to enable the Agent to determine whether the terms, covenants, provisions and conditions of this Agreement and the Notes have been complied with by the Loan Parties,  including, without the necessity of any request by the Agent, (a) all documentation and other information that the Agent requests to enable the Agent and the Lenders to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and Beneficial Ownership Regulations, (b) copies of all environmental audits and reviews, (c) at least thirty (30) days prior thereto, notice of any Loan Party’s opening of any new place of business, closing of any existing place of business or a change in its legal name, and (d) immediately upon any Loan Party’s learning thereof, notice of any material labor dispute to which any Loan Party may become a party, any strikes or walkouts relating to any of its plants or other facilities, and the expiration of any labor contract to which any Loan Party is a party or by which any Loan Party is bound.
9.8Projected Operating Budget, Availability Forecast.  Furnish the Agent no later than the beginning of each fiscal year of the Loan Parties, commencing with fiscal year 2022 and each fiscal year thereafter during the term of this Agreement, a month by month projected operating budget and cash flows of the Loan Parties on a consolidated and consolidating basis for such fiscal year (including an income statement and statement of cash flows for each calendar month, and a balance sheet and availability projection as at the end of each calendar month), such projections to be accompanied by a certificate signed by a Financial Officer of the Borrower Representative to the effect that such projections and forecasts have been prepared on the basis of sound financial planning practice consistent with past budgets and financial statements and that such officer has no reasonable basis to question the reasonableness of any material assumptions on which such projections and forecasts were prepared.
9.9Notice of Suits, Adverse Events.  Furnish the Agent with immediate notice of (a) any lapse or other termination of any Consent issued to any Loan Party by any Governmental Body or any other Person that is material to the operation of any Loan Party’s business, (b) any refusal by any Governmental Body or any other Person to renew or extend any such Consent, (c) copies of any periodic or special reports filed by any Loan Party with any Governmental Body or Person, if such reports indicate any material adverse change in the business, operations, affairs or condition of any Loan Party, or if copies thereof are requested by the Agent and/or the Issuer, and (d) copies of any material notices and other communications from any Governmental Body which specifically relate to any Loan Party.
ARTICLE 10
EVENTS OF DEFAULT
The occurrence of any one or more of the following events shall constitute an “Event of Default”:
10.1Payment of Obligations.  Failure by any Borrower to pay any principal or interest on the Obligations when due, whether at maturity or by reason of acceleration pursuant to the terms of this Agreement, or by required prepayment or failure to pay any other liabilities or make any other payment, fee or charge provided for in any Loan Document;
10.2Misrepresentations.  Any representation or warranty made or deemed made by any Loan Party in this Agreement or any related agreement or in any certificate, document or financial or other statement furnished at any time in connection herewith or therewith, as the case may be, shall prove to have been misleading in any material respect on the date when made or deemed to have been made;
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10.3Failure to Furnish Information.  Failure by any Loan Party to (a) furnish financial information required to be provided hereunder when due, (b) furnish any additional financial information requested by the Agent within ten (10) days after such information is requested, or (c) permit the inspection of its books or records;
10.4Liens Against Assets.  Issuance of a notice of Lien, levy, assessment, injunction or attachment against a material portion of any Loan Party’s property other than as permitted hereunder;
10.5Breach of Covenants.  Failure or neglect of any Loan Party to perform, keep or observe any term, provision, condition, covenant contained in any Loan Document (other than those in Sections 4.7, 4.9, 4.16, 6.1, 6.2, 6.7 or 6.8 hereof) or contained in any Loan Document hereafter entered into; and (b) failure or neglect of any Loan Party to perform, keep or observe any other term, provision, condition, covenant contained in Sections 4.7, 4.9, 4.16, 6.1, 6.2, 6.7 or 6.8 hereof and such failure shall continue for fifteen (15) days from the occurrence of such failure or neglect;
10.6Judgment.  Any judgment or judgments are rendered or judgment liens filed against any Loan Party for an aggregate amount in excess of $500,000 which within thirty (30) days of such rendering or filing is not either appealed, satisfied, stayed, discharged of record or bonded;
10.7Insolvency and Related Proceedings.  Any Loan Party or any Affiliate or Subsidiary thereof shall (a) apply for, consent to or suffer the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator or similar fiduciary of itself or of all or a substantial part of its property, (b) make a general assignment for the benefit of creditors, (c) admit in writing its inability, or be generally unable to pay its debts as they become due or cease operations of its present business, (d) commence a voluntary case under any state or Federal bankruptcy laws (as now or hereafter in effect), (e) be adjudicated a bankrupt or insolvent, (f) file a petition seeking to take advantage of any other law providing for the relief of debtors, (g) acquiesce to, or fail to have dismissed, within thirty (30) days, any petition filed against it in any involuntary case under such bankruptcy laws, or (h) take any action for the purpose of effecting any of the foregoing;
10.8Material Adverse Effect.  Except as covered under any other Section of this Article 10, any Material Adverse Effect occurs;
10.9Loss of Priority Lien.  Any Lien created hereunder or provided for hereby or under any related agreement for any reason ceases to be or is not a valid and perfected Lien having a first priority interest (except as subject to the Permitted Encumbrances);
10.10Breach of Material Business Agreements.  A default of the obligations of any Loan Party under any Material Business Agreement to which it is a party shall not be cured within any applicable cure period if such default could reasonably be expected to have a Material Adverse Effect;
10.11Cross Default; Cross Acceleration.  Any Loan Party shall (a) default in any payment of principal of or interest on any Indebtedness with an outstanding principal amount in excess of $250,000 beyond any period of grace with respect to such payment or (b) default beyond any period of grace in the observance of any other covenant, term or condition contained in any agreement or instrument pursuant to which such Indebtedness with an outstanding principal amount in excess of $250,000 is created, secured or evidenced, if the effect of such default is to permit the acceleration of any such Indebtedness (whether or not such right shall have been waived);
10.12Change of Control.  Any Change of Control shall occur without the Agent’s written consent;
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10.13Invalidity of Loan Documents.  Any material provision of any Loan Document shall, for any reason, cease to be valid and binding on any Loan Party, or any Loan Party shall so claim in writing to the Agent;
10.14Loss of Material Intellectual Property.  (a) Any Governmental Body shall (i) revoke, terminate, suspend or adversely modify any license, permit, patent, trademark or tradename of any Loan Party, or (ii) commence proceedings to suspend, revoke, terminate or adversely modify any such license, permit, trademark, tradename or patent and such proceedings shall not be dismissed or discharged within sixty (60) days, or (iii) schedule or conduct a hearing on the renewal of any license, permit, trademark, tradename or patent necessary for the continuation of any Loan Party’s business and the staff of such Governmental Body issues a report recommending the termination, revocation, suspension or material adverse modification of such license, permit, trademark, tradename or patent; or (b) any agreement which is necessary or material to the operation of any Loan Party’s business shall be revoked or terminated and not replaced by a substitute acceptable to the Agent within thirty (30) days after the date of such revocation or termination, and such revocation or termination and non-replacement would reasonably be expected to have a Material Adverse Effect;
10.15Destruction of Collateral.  Any portion of the Collateral shall be seized or taken by a Governmental Body, or any Loan Party or the title and rights of any Loan Party shall have become the subject matter of litigation which might, in the reasonable opinion of the Agent, upon final determination, result in material impairment or loss of the security provided by any Loan Document;
10.16Business Interruption.  The operations of any Loan Party are interrupted at any time for more than seven (7) consecutive days, which interruption would reasonably be expected to have a Material Adverse Effect; or
10.17Guarantor Repudiation.  Any applicable guaranty of the Obligations shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert the invalidity or unenforceability of such guaranty, or any guarantor of the Obligations shall fail to comply with any of the terms or provisions of the guaranty to which it is a party, or any such guarantor shall deny that it has any further liability under the guaranty to which it is a party, or shall give notice to such effect.
ARTICLE 11
LENDER’S RIGHTS AND REMEDIES AFTER DEFAULT
11.1Rights and Remedies.  Upon the occurrence of (a) an Event of Default pursuant to Section 10.7, all Obligations shall be immediately due and payable and this Agreement and the obligation of the Lenders and the Issuer to make Advances and maintain Loans shall be deemed terminated; and (b) any other Event of Default and at any time thereafter (such Event of Default not having previously been waived by the Agent), at the option of the Required Lenders, all Obligations shall be immediately due and payable and the Lenders and the Issuer shall have the right to terminate this Agreement and to terminate the obligation of the Lenders and the Issuer to make Advances and maintain Loans.  Upon the occurrence of any Event of Default, the Agent shall have the right to exercise any and all other rights and remedies provided for herein, under the Uniform Commercial Code and at law or equity generally, including the right to foreclose the security interests granted herein and to realize upon any Collateral by any available judicial procedure and/or to take, to the extent permitted by applicable law, possession of and sell any or all of the Collateral with or without judicial process.  The Agent may enter any of any Loan Party’s premises or other premises without legal process and without incurring liability to any Loan Party therefor, and the Agent may thereupon, or at any time thereafter, in its discretion without notice or demand, take the Collateral and remove the same to such place as the Agent may deem advisable and the Agent may require the Loan Parties to make the Collateral available to the Agent at a convenient place.  With or without having the Collateral at the time or place of sale, the Agent may sell the Collateral, or any
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part thereof, at public or private sale, at any time or place, in one or more sales, at such price or prices, and upon such terms, either for cash, credit or future delivery, as the Agent may elect.  Except as to that part of the Collateral which is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Agent shall give the Loan Parties reasonable notification of such sale or sales, it being agreed that in all events written notice mailed to the Loan Parties at least ten (10) days prior to such sale or sales is reasonable notification.  At any public sale the Agent or the Issuer may bid for and become the purchaser, and the Agent, any Lender, the Issuer or any other purchaser at any such sale thereafter shall hold the Collateral sold absolutely free from any claim or right of whatsoever kind, including any equity of redemption and such right and equity are hereby expressly waived and released by each Loan Party.  In connection with the exercise of the foregoing remedies, the Agent is granted permission to use all of each Loan Party’s trademarks, trade styles, trade names, patents, patent applications, licenses, franchises and other proprietary rights which are used in connection with (y) Inventory for the purpose of disposing of such Inventory and (z) equipment for the purpose of completing the manufacture of unfinished goods.  The proceeds realized from the sale of any Collateral shall be applied in accordance with Section 11.6.  If any deficiency shall arise, the Loan Parties shall remain liable to the Agent, the Lenders and the Issuer therefor.
11.2Agent Discretion.  The Agent shall have the right in its sole discretion to determine which rights, Liens, security interests or remedies the Agent may at any time pursue, relinquish, subordinate, or modify or to take any other action with respect thereto and such determination will not in any way modify or affect any rights of the Agent, the Lenders or the Issuer hereunder.
11.3Setoff.  In addition to any other rights which the Agent, any Lender or the Issuer may have under applicable law, upon the occurrence of an Event of Default hereunder, the Agent, such Lender and the Issuer, including any branch, Subsidiary or Affiliate thereof, shall have a right to apply any Loan Party’s property held by the Agent, any Lender or the Issuer, such branch, Subsidiary or Affiliate to reduce the Obligations.
11.4Rights and Remedies not Exclusive.  The enumeration of the foregoing rights and remedies is not intended to be exhaustive and the exercise of any right or remedy shall not preclude the exercise of any other right or remedies provided for herein or otherwise provided by law, all of which shall be cumulative and not alternative.
11.5Appointment of Receiver.  Upon the occurrence and during the continuation of an Event of Default, the Agent shall be entitled, to the immediate appointment of a receiver for all or any part of the Collateral, whether such receivership is incidental to a proposed sale of the Collateral, pursuant to the Uniform Commercial Code or otherwise.  Each Loan Party hereby consents to the appointment of such a receiver without notice or bond, to the full extent permitted by applicable statute or law; and waives any and all notices of and defenses to such appointment and agrees not to oppose any application therefor by the Agent, but nothing herein is to be construed to deprive the Agent or any Lender of any other right, remedy or privilege the Agent or any Lender may have under law to have a receiver appointed, provided, however, that, the appointment of such receiver shall not impair or in any manner prejudice the rights of the Agent or any Lender to receive any payments provided for herein.  Such receivership shall, at the option of the Agent, continue until full payment of all of the Obligations.
11.6Allocation of Payments After Event of Default.  Notwithstanding any other provisions of this Agreement to the contrary, after the occurrence and during the continuance of an Event of Default, all amounts collected or received by the Agent or any Lender on account of the Obligations or any other amounts outstanding under any of the Loan Documents or in respect of the Collateral shall be paid over or delivered as follows:
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FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ fees) of the Agent in connection with enforcing the rights of the Lenders and the Issuer under this Agreement and the Loan Documents and any protective advances made by the Agent with respect to the Collateral under or pursuant to the terms of this Agreement;
SECOND, to payment of any fees owed to the Agent;
THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ fees) of each of the Lenders and the Issuer in connection with enforcing its rights under this Agreement and the Loan Documents or otherwise with respect to the Obligations owing to such Lender or the Issuer;
FOURTH, to the payment of all of the Obligations consisting of accrued fees and interest arising under or pursuant to this Agreement or the Loan Documents;
FIFTH, to the payment of the outstanding principal amount of the Obligations constituting Advances (including the payment or cash collateralization of the outstanding amount of Letters of Credit), treasury management services and Hedging Contracts;
SIXTH, to all other Obligations and other obligations which shall have become due and payable under the Loan Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and
SEVENTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus.
In carrying out the foregoing, (a) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (b) each of the Lenders and the Issuer shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro rata share (based on the proportion that the then outstanding Advances held by such Lender or the Issuer bears to the aggregate then outstanding Advances) of amounts available to be applied pursuant to clauses “THIRD”, “FOURTH”, “FIFTH”, and “SIXTH” above; and (c) to the extent that any amounts available for distribution pursuant to clause “FIFTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Agent in a cash collateral account and applied (i) first, to reimburse the Issuer from time to time for any drawings under such Letters of Credit and (ii) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clause “SIXTH” above in the manner provided in this Section 11.6.
ARTICLE 12
WAIVERS AND JUDICIAL PROCEEDINGS
12.1Waiver of Notice.  Each Loan Party hereby waives notice of non-payment of any of the Accounts, demand, presentment, protest and notice thereof with respect to any and all instruments, notice of acceptance hereof, Notice of Loans or advances made, credit extended, Collateral received or delivered, or any other action taken in reliance hereon, and all other demands and notices of any description, except such as are expressly provided for herein.
12.2Delay.  No delay or omission on the Agent’s, any Lender’s or the Issuer’s part in exercising any right, remedy or option shall operate as a waiver of such or any other right, remedy or option or of any default.
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12.3Jury Waiver.  EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT, ANY LOAN DOCUMENT, OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, ANY LOAN DOCUMENT, OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND EACH PARTY HEREBY CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENTS OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
ARTICLE 13
EFFECTIVE DATE AND TERMINATION
13.1Term.  This Agreement, which shall inure to the benefit of and shall be binding upon the respective successors and permitted assigns of each Loan Party, the Agent, the Lenders and the Issuer, shall become effective on the date hereof and shall continue in full force and effect until the Facility Termination Date unless sooner terminated as herein provided.  Without limiting Section 11.1, (a) the Aggregate Revolving Commitment shall expire on the Facility Termination Date and (b) all unpaid Obligations shall be paid in full by the Borrowers on the Facility Termination Date. The Borrowers may terminate this Agreement with at least thirty (30) Business Days’ prior written notice thereof to the Agent, upon (a) the payment in full of all outstanding Loans, together with accrued and unpaid interest thereon, (b) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Agent of a cash deposit as required by Section 2.10(d), (c) the payment in full of all reimbursable expenses and other Obligations together with accrued and unpaid interest thereon, and (d) the payment in full of any amount due under Section 2.12.
13.2Termination.  The termination of this Agreement shall not affect any Loan Party’s, the Agent’s, any Lender’s or the Issuer’s rights, or any of the Obligations having their inception prior to the effective date of such termination, and the provisions hereof shall continue to be fully operative until all transactions entered into, rights or interests created or Obligations have been fully disposed of, concluded or liquidated.  The security interests, Liens and rights granted to the Agent, each Lender and the Issuer hereunder and the financing statements filed hereunder shall continue in full force and effect, notwithstanding the termination of this Agreement or the fact that the Loan Account may from time to time be temporarily in a zero or credit position, until all of the Obligations of each Loan Party have been paid or performed in full after the termination of this Agreement or each Loan Party has furnished the Agent, the Lenders and the Issuer with an indemnification satisfactory to the Agent, the Lenders and the Issuer with respect thereto. Accordingly, each Loan Party waives any rights which it may have under the Uniform Commercial Code to demand the filing of termination statements with respect to the Collateral, and the Agent shall not be required to send such termination statements to each Loan Party, or to file them with any filing office, unless and until this Agreement shall have been terminated in accordance with its terms and all Obligations paid in full in immediately available funds and upon such payment, the Agent promptly shall file all necessary termination statements. All representations, warranties, covenants, waivers and agreements contained herein shall survive the termination hereof until all Obligations are
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paid or performed in full.  Without limitation, all indemnification obligations contained herein shall survive the termination hereof and payment in full of the Obligations.
ARTICLE 14
THE BORROWER REPRESENTATIVE
		14.1
	Appointment; Nature of Relationship.  The Borrower Representative is hereby appointed by each of the Borrowers as its contractual representative hereunder and under each other Loan Document, and each of the Borrowers irrevocably authorizes the Borrower Representative to act as the contractual representative of such Borrower with the rights and duties set forth herein and in the other Loan Documents.  The Borrower Representative agrees to act as such contractual representative.  Additionally, the Borrowers hereby appoint the Borrower Representative as their agent to receive all of the proceeds of the Loans in its operating account, at which time the Borrower Representative shall promptly disburse such Loans to the appropriate Borrower, provided that, in the case of a Revolving Loan, such amount shall not exceed such Borrower’s Borrowing Base availability.  The Agent, the Lenders and their respective officers, directors, agents or employees, shall not be liable to the Borrower Representative or any Borrower for any action taken or omitted to be taken by the Borrower Representative or the Borrowers pursuant to this Article 14.

		14.2
	Joint and Several Obligations.  All Obligations shall be joint and several, and each Borrower shall make payment upon the maturity of the Obligations by acceleration or otherwise, and such obligation and liability on the part of each Borrower shall in no way be affected by any extensions, renewals and forbearance granted by the Agent, any Lender or the Issuer to any Borrower, failure of the Agent, any Lender or the Issuer to give any Borrower notice of borrowing or any other notice, any failure of the Agent, any Lender or the Issuer to pursue or preserve its rights against any Borrower, the release by the Agent, any Lender or the Issuer of any Collateral now or thereafter acquired from any Borrower, and such agreement by each Borrower to pay upon any notice issued pursuant thereto is unconditional and unaffected by prior recourse by the Agent, any Lender or the Issuer to the other Borrowers or any Collateral for such Borrower’s Obligations or the lack thereof.  Each Borrower waives all suretyship defenses.  Without limiting the generality of the foregoing, each of the Borrowers hereby acknowledges and agrees that any and all actions, inactions or omissions by any one or more, or all, of the Borrowers in connection with, related to or otherwise affecting this Agreement or any of the other Loan Documents are the Obligations of, and inure to and are binding upon, each and all of the Borrowers, jointly and severally.  Each covenant, agreement, obligation, representation and warranty of the Borrowers contained herein constitutes the joint and several undertaking of each Borrower. Each Borrower acknowledges that the Obligations of such Borrower undertaken herein might be construed to consist, at least in part, of the guaranty of Obligations of the other Borrowers and, in full recognition of that fact, each Borrower consents and agrees that the Agent and the Lenders may, at any time and from time to time, without notice or demand, whether before or after any actual or purported termination, repudiation or revocation of this Agreement by any Borrower, and without affecting the enforceability or continuing effectiveness hereof as to such Borrower:  (a) supplement, restate, modify, amend, increase, decrease, extend, renew or otherwise change the time for payment or the terms of this Agreement or any part thereof, including any increase or decrease of the rate(s) of interest thereon; (b) supplement, restate, modify, amend, increase, decrease or waive, or enter into or give any agreement, approval or consent with respect to, this Agreement or any part thereof, or any of the Loan Documents, or any condition, covenant, default, remedy, right, representation or term thereof or thereunder; (c) accept partial payments; (d) release, reconvey, terminate, waive, abandon, fail to perfect, subordinate, exchange, substitute, transfer or enforce any security or guarantees, and apply any security and direct the order or manner of sale thereof as the Agent, in its sole and absolute discretion may determine; (e) release any Person from any personal liability with respect to this Agreement or any part thereof; (f) settle, release on terms satisfactory to the Agent or by operation of applicable law or otherwise liquidate or enforce any security or guaranty in any

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manner, consent to the transfer of any security and bid and purchase at any sale; or (g) consent to the merger, change or any other restructuring or termination of the corporate or partnership existence of any Borrower, or any other Person, and correspondingly restructure the Obligations evidenced hereby, and any such merger, change, restructuring or termination shall not affect the liability of any Borrower or the continuing effectiveness hereof, or the enforceability hereof with respect to all or any part of the Obligations evidenced hereby. Each Borrower states and acknowledges that: (w) pursuant to this Agreement, the Borrowers desire to utilize their borrowing potential on a consolidated basis to the same extent possible as if they were merged into a single corporate entity and that this Agreement reflects the establishment of credit facilities which would not otherwise be available to such Borrower if each Borrower were not jointly and severally liable for payment of the Obligations; (x) it has determined that it will benefit specifically and materially from the advances of credit contemplated by this Agreement; (y) it is both a condition precedent to the Obligations of  the Agent and the Lenders hereunder and a desire of the Borrowers that each Borrower execute and deliver to the Agent and the Lenders this Agreement; and (z) the Borrowers have requested and bargained for the structure and terms of and security for the advances contemplated by this Agreement.  Each Borrower agrees if such Borrower’s joint and several liability hereunder, or if any Liens securing such joint and several liability, would, but for the application of this Section 14.2, be unenforceable under applicable law, such joint and several liability and each such Lien shall be valid and enforceable to the maximum extent that would not cause such joint and several liability or such Lien to be unenforceable under applicable law, and such joint and several liability and such Lien shall be deemed to have been automatically amended accordingly at all relevant times.  To the extent that any Borrower shall, under this Agreement as a joint and several obligor, repay any of the Obligations constituting Loans or Advances made to another Borrower hereunder or other Obligations incurred directly and primarily by any other Borrower (an “Accommodation Payment”), then the Borrower making such Accommodation Payment shall be entitled to contribution and indemnification from, and, be reimbursed by, each of the other Borrowers in an amount, for each of such other Borrowers, equal to a fraction of such Accommodation Payment, the numerator of which fraction is such other Borrower’s “Allocable Amount” (as defined below) and the denominator of which is the sum of the Allocable Amounts of all of the Borrowers.  As of any date of determination, the “Allocable Amount” of each Borrower shall be equal to the maximum amount of liability for Accommodation Payments which could be asserted against such Borrower hereunder without (A) rendering such Borrower “insolvent” within the meaning of Section 101(31) of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act (“UFTA”) or Section 2 of the Uniform Fraudulent Conveyance Act (“UFCA”), (B) leaving such Borrower with unreasonably small capital or assets, within the meaning of Section 548 of the United States Bankruptcy Code, Section 4 of the UFTA, or (C) leaving such Borrower unable to pay its debts as they become due within the meaning of Section 548 of the United States Bankruptcy Code or Section 4 of the UFTA, or Section 5 of the UFCA. All rights and claims of contribution, indemnification and reimbursement under this Section shall be subordinate in right of payment to the prior payment in full of the Obligations. The provisions of this Section shall, to the extent expressly inconsistent with any provision in any Loan Document, supersede such inconsistent provision.
		14.3
	Notices.  Each Borrower shall immediately  notify the Borrower Representative of the occurrence of any Default or Event of Default.  In the event that the Borrower Representative receives such a notice, the Borrower Representative shall give prompt notice thereof to the Agent.  Any notice provided to the Borrower Representative hereunder shall constitute notice to each Borrower on the date received by the Borrower Representative.

		14.4
	Execution of Loan Documents; Borrowing Base Certificate.  The Borrowers hereby empower and authorize the Borrower Representative, on behalf of the Borrowers, to execute and deliver to the Agent and the Lenders the Loan Documents and all related agreements, certificates, documents, or instruments as shall be necessary or appropriate to effect the purposes of the Loan Documents, including without limitation, the Borrowing Base Certificates and the Compliance Certificates.  Each Borrower

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agrees that any action taken by the Borrower Representative or the Borrowers in accordance with the terms of this Agreement or the other Loan Documents, and the exercise by the Borrower Representative of its powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of the Borrowers.
		14.5
	Waivers.  Each Borrower expressly waives (a) any and all rights of subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which such Borrower may now or hereafter have against the other Borrowers (except as set forth in Section 14.2) or other Person directly or contingently liable for the Obligations hereunder, or against or with respect to the other Borrowers’ property (including, any property which is Collateral for the Obligations), arising from the existence or performance of this Agreement, until termination of this Agreement and repayment in full of the Obligations and (b) any defense it may otherwise have to the payment and performance of the Obligations based on any contention that its liability hereunder and under the Loan Documents is limited and not joint and several.  Each Borrower acknowledges and agrees that the foregoing waivers serve as a material inducement to the agreement of the Lenders and the Issuer to make the Advances and other Loans, and that the Lenders and the Issuer are relying on each specific waiver and all such waivers in entering into this Agreement.  The undertakings of each Borrower hereunder secure the Obligations of itself and the other Borrowers.

ARTICLE 15
REGARDING THE AGENT
15.1Appointment.  Each Lender and the Issuer hereby designates KeyBank to act as the Agent for each such Lender and the Issuer under this Agreement and the Loan Documents.  Each Lender and the Issuer hereby irrevocably authorizes the Agent to take such action on its behalf under the provisions of this Agreement and the Loan Documents and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Agent by the terms hereof and thereof and such other powers as are reasonably incidental thereto and the Agent shall hold all Collateral, payments of principal and interest, fees, charges and collections (without giving effect to any collection days) received pursuant to this Agreement, for the ratable benefit of the Lenders and the Issuer.  The Agent may perform any of its duties hereunder by or through its agents or employees.  As to any matters not expressly provided for by this Agreement (including without limitation, collection of the Notes) the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such instructions shall be binding; provided, however, that the Agent shall not be required to take any action which exposes the Agent to liability or which is contrary to this Agreement or the Loan Documents or applicable law unless the Agent is furnished with an indemnification reasonably satisfactory to the Agent with respect thereto.
15.2Nature of Duties.  The Agent shall have no duties or responsibilities except those expressly set forth in this Agreement and the Loan Documents.  Neither the Agent nor any of its officers, directors, employees or agents shall be (a) liable for any action taken or omitted by them as such hereunder or in connection herewith, unless caused by their gross negligence or willful misconduct, or (b) responsible in any manner for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement, or in any of the Loan Documents or in any certificate, report, statement or other document referred to or provided for in, or received by the Agent under or in connection with, this Agreement or any of the Loan Documents, as the case may be, or for the value, validity, effectiveness, genuineness, due execution, enforceability or sufficiency of this Agreement, or any of the Loan Documents or for any failure of any Loan Party to perform its obligations hereunder.  The Agent shall not be under any obligation to any Lender or the Issuer to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any
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of the Loan Documents, or to inspect the properties, books or records of any Loan Party.  The duties of the Agent as respects the Advances to the Loan Party shall be mechanical and administrative in nature; the Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender or the Issuer; and nothing in this Agreement, expressed or implied, is intended to or shall be so construed as to impose upon the Agent any obligations in respect of this Agreement except as expressly set forth herein.
15.3Lack of Reliance on the Agent and Resignation.  Independently and without reliance upon the Agent, any other Lender or the Issuer, each Lender and the Issuer has made and shall continue to make (a) its own independent investigation of the financial condition and affairs of each Loan Party in connection with the making and the continuance of the Advances hereunder and the taking or not taking of any action in connection herewith, and (b) its own appraisal of the creditworthiness of each Loan Party.  The Agent shall have no duty or responsibility, either initially or on a continuing basis, to provide any Lender or the Issuer with any credit or other information with respect thereto, whether coming into its possession before making of the Advances or at any time or times thereafter except as shall be provided by any Loan Party pursuant to the terms hereof.  The Agent shall not be responsible to any Lender or the Issuer for any recitals, statements, information, representations or warranties herein or in any agreement, document, certificate or a statement delivered in connection with or for the execution, effectiveness, genuineness, validity, enforceability, collectibility or sufficiency of this Agreement or any Loan Document, or of the financial condition of any Loan Party, or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Agreement, the Note, the Loan Documents or the financial condition of any Loan Party, or the existence of any Event of Default or any Default.
The Agent may resign on thirty (30) days’ written notice to each of the Lenders, the Issuer and the Borrower Representative and upon such resignation, the Required Lenders will designate prior to the end of such thirty day period a successor the Agent reasonably satisfactory to the Loan Parties.
Any such successor of the Agent shall succeed to the rights, powers and duties of the Agent, and the term “Agent” shall mean such successor agent effective upon its appointment, and the former the Agent’s rights, powers and duties as the Agent shall be terminated, without any other or further act or deed on the part of such former the Agent.  After the Agent’s resignation as the Agent, the provisions of this Article 15 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Agent under this Agreement.
15.4Certain Rights of the Agent.  If the Agent shall request instructions from the Lenders and the Issuer with respect to any act or action (including failure to act) in connection with this Agreement or any Loan Document, the Agent shall be entitled to refrain from such act or taking such action unless and until the Agent shall have received instructions from the Required Lenders; and the Agent shall not incur liability to any Person by reason of so refraining.  Without limiting the foregoing, the Lenders and the Issuer shall not have any right of action whatsoever against the Agent as a result of its acting or refraining from acting hereunder in accordance with the instructions of the Required Lenders.
15.5Reliance.  The Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, statement, certificate, telex, teletype or telecopier message, cablegram, order or other document or telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person or entity, and, with respect to all legal matters pertaining to this Agreement and the Loan Documents and its duties hereunder, upon advice of counsel selected by it.  The Agent may employ agents and attorneys-in-fact and shall not be liable for the default or misconduct of any such agents or attorneys-in-fact selected by the Agent with reasonable care.
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15.6Notice of Default.  The Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder or under the Loan Documents, unless the Agent has received notice from a Lender, the Issuer or a Loan Party referring to this Agreement or the Loan Documents, describing such Default or Event of Default.  In the event that the Agent receives such a notice, the Agent shall give notice thereof to the Lenders and the Issuer.  The Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided, that, unless and until the Agent shall have received such directions, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders and the Issuer.
15.7Indemnification.  To the extent the Agent is not reimbursed and indemnified by the Loan Parties, each Lender will reimburse and indemnify the Agent and the Issuer in proportion to its respective portion of the Loans and other Advances (or, if no Loans or other Advances are outstanding, according to its Commitment Percentage), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Agent or the Issuer in performing its duties hereunder, or in any way relating to or arising out of this Agreement or any Loan Document; provided that, the Lenders shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Agent’s gross negligence or willful misconduct.
15.8The Agent in its Individual Capacity.  With respect to the obligation of the Agent to lend under this Agreement, the Loans and other Advances made by it shall have the same rights and powers hereunder as any other Lender and as if it were not performing the duties as the Agent specified herein; and the term “Lender” or any similar term shall, unless the context clearly otherwise indicates, include the Agent in its individual capacity as a Lender.  The Agent may engage in business with any Loan Party as if it were not performing the duties specified herein, and may accept fees and other consideration from any Loan Party for services in connection with this Agreement or otherwise without having to account for the same to the Lenders.
15.9Delivery of Documents.  To the extent the Agent receives financial statements required under Article 9 of this Agreement, the Agent will promptly furnish such documents and information to the Lenders and the Issuer.
15.10Loan Parties’ Undertaking to the Agent.  Without prejudice to their respective obligations to the Lenders and/or the Issuer under the other provisions of this Agreement, each Loan Party hereby undertakes with the Agent to pay to the Agent from time to time on demand all amounts from time to time due and payable by it for the account of the Agent, the Lenders or the Issuer or any of them pursuant to this Agreement to the extent not already paid.  Any payment made pursuant to any such demand shall pro tanto satisfy the relevant Loan Party’s obligations to make payments for the account of the Lenders and the Issuer or the relevant one or more of them pursuant to this Agreement.
15.11No Reliance on the Agent’s Customer Identification Program.  Each of the Lenders and the Issuer acknowledges and agrees that neither such Lender nor the Issuer, nor any of their Affiliates, participants or assignees, may rely on the Agent to carry out such Lender’s, Issuer’s, Affiliate’s, participant’s or assignee’s customer identification program, or other obligations required or imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism Law, including any programs involving any of the following items relating to or in connection with any of the Loan Parties, their Affiliates or their agents, this Agreement, the Loan Documents or the transactions hereunder or contemplated hereby: (a) any identity verification procedures,
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(b) any record keeping, (c) comparisons with government lists, (d) customer notices or (e) other procedures required under the CIP Regulations or such other laws.
15.12Erroneous Payments.
		(a)
	If the Agent notifies a Lender, Issuer, any secured party, or any other Person who has received funds on behalf of a Lender, Issuer or other secured party (any such Lender, Issuer, secured party, or other recipient, a “Payment Recipient”) that the Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Issuer or other Payment Recipient on its behalf)  (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Agent, and such Lender, Issuer or other secured party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Agent in same day funds at the greater of the Federal Funds Effective Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

		(b)
	Without limiting immediately preceding clause (a), each Lender, Issuer or other secured party, or any Person who has received funds on behalf of a Lender, Issuer or other secured party, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Agent (or any of its Affiliates), or (z) that such Lender, Issuer, secured party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case:

(i)(A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent written confirmation from the Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and
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		(ii)
	such Lender, Issuer or secured party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Agent pursuant to this Section 15.12(b).

		(c)
	Each Lender, Issuer or secured party hereby authorizes the Agent to set off, net and apply any and all amounts at any time owing to such Lender, Issuer or secured party under any Loan Document, or otherwise payable or distributable by the Agent to such Lender, Issuer or secured party from any source, against any amount due to the Agent under immediately preceding clause (a) or under the indemnification provisions of this Agreement.

		(d)
	The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrowers or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Agent from the Borrowers or any other Loan Party for the purpose of making such Erroneous Payment.

		(e)
	To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine

		(f)
	Each party’s obligations, agreements and waivers under this Section 15.12 shall survive the resignation or replacement of the Agent, the termination of the Aggregate Revolving Commitment and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

ARTICLE 16
MISCELLANEOUS
16.1Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio.  Any judicial proceeding brought by or against any Loan Party with respect to any of the Obligations, this Agreement or any related agreement may be brought in any court of competent jurisdiction in the State of Ohio, United States of America, and, by execution and delivery of this Agreement, each Loan Party accepts for itself and in connection with its properties, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement.  Each Loan Party hereby waives personal service of any and all process upon it and consents that all such service of process may be made by registered mail (return receipt requested) directed to the Borrower Representative at its address set forth in Section 16.6 and service so made shall be deemed completed five (5) days after the same shall have been so deposited in the mails of the United States of America, or, at the Agent’s, any Lender’s and/or the Issuer’s option, by service upon the Borrower Representative which each Loan Party irrevocably appoints as such Loan Party’s agent for the purpose of accepting service within the State of Ohio.  Nothing herein shall affect the right to serve process in any manner permitted by law or shall limit the right of the Agent, any Lender or the Issuer to bring proceedings against any Loan Party in the courts of any other jurisdiction.  Each Loan Party waives any objection to jurisdiction and venue of any action
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instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens.  Any judicial proceeding by any Loan Party against the Agent, any Lender or the Issuer involving, directly or indirectly, any matter or claim in any way arising out of, related to or connected with this Agreement or any related agreement, shall be brought only in a Federal or state court located in the County of Cuyahoga, State of Ohio.
16.2Entire Understanding; Amendments.
		(a)
	This Agreement and the other Loan Documents contain the entire understanding between each Loan Party, the Agent, the Lenders and the Issuer and supersedes all prior agreements and understandings, if any, relating to the subject matter hereof.  Each Loan Party acknowledges that it has been advised by counsel in connection with the execution of the Loan Documents and is not relying upon oral representations or statements inconsistent with the terms and provisions of this Agreement.

		(b)
	The Required Lenders, the Agent with the consent in writing of the Required Lenders, and the Loan Parties may, subject to the provisions of this Section 16.2(b), from time to time enter into written supplemental agreements to this Agreement or the Loan Documents executed by the Loan Parties, for the purpose of adding or deleting any provisions or otherwise changing, varying or waiving in any manner the rights of the Lenders, the Issuer, the Agent or the Loan Parties thereunder or the conditions, provisions or terms thereof or waiving any Event of Default thereunder, but only to the extent specified in such written agreements; provided, however, the consent of the Issuer must be obtained with respect to any amendment, waiver or consent with respect to Sections 2.8, 2.9 and 2.10 or any other provisions, the amendment or waivers of which would adversely affect the Issuer and, provided, further, that no such supplemental agreement shall:

		(i)
	increase the Revolving Commitment of any Lender, without the written consent of the Agent and such Lender;

		(ii)
	extend the maturity of any Note or the due date for any amount payable hereunder without the written consent of the Agent and each Lender affected thereby;

		(iii)
	decrease the rate of interest or reduce any fee payable by the Loan Parties to the Lenders and/or the Issuer pursuant to this Agreement without the written consent of the Agent and each Lender and/or Issuer affected thereby;

		(iv)
	alter the definition of the term Required Lenders without the consent of the Agent and each Lender;

		(v)
	alter, amend or modify this Section 16.2(b) without the consent of the Agent and each Lender;

		(vi)
	release any Collateral during any calendar year (other than in connection with dispositions of collateral permitted by this Agreement) having an aggregate value in excess of One Million Dollars ($1,000,000) without the consent of each Lender; provided, however, that, if an Event of

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Default has occurred and is continuing, the consent of each Lender shall be required to release any such Collateral.
		(vii)
	change the rights and duties of the Agent without the consent of each Lender;

		(viii)
	increase the advance rates in the definition of Borrowing Base above the advance rates in effect on the Closing Date without the consent of each Lender;

		(ix)
	release any Loan Party from the Obligations under this Agreement, or any Loan Document without the consent of each Lender; or

		(x)
	alter, amend or modify Section 11.6 hereof without the consent of each Lender.

Any such supplemental agreement shall apply equally to each Lender and the Issuer and shall be binding upon the Loan Parties, the Lenders, the Issuer, the Agent and all future holders of the Obligations.  In the case of any waiver, the Loan Parties, the Agent, the Lenders and the Issuer shall be restored to their former positions and rights, and any Event of Default waived shall be deemed to be cured and not continuing, but no waiver of a specific Event of Default shall extend to any subsequent Event of Default (whether or not the subsequent Event of Default is the same as the Event of Default which was waived), or impair any right consequent thereon.
Notwithstanding (a) the existence of a Default or an Event of Default, (b) that any of the other applicable conditions precedent set forth in Section 8.2 hereof have not been satisfied or (c) any other provision of this Agreement, the Agent may at its discretion and without the consent of the Lenders, voluntarily permit the outstanding Revolving Loans and the amount of Letters of Credit outstanding at any time to exceed one hundred five percent (105%) of the Borrowing Base for up to ninety (90) consecutive Business Days provided that such outstanding Advances do not exceed the Aggregate Revolving Commitment.  For purposes of the preceding sentence, the discretion granted to the Agent hereunder shall not preclude involuntary overadvances that may result from time to time due to the fact that the Borrowing Base was unintentionally exceeded for any reason, including, but not limited to, Collateral previously deemed to be either “Eligible Accounts” or “Eligible Coal Inventory”, as applicable, becomes ineligible or collections of Accounts applied to reduce outstanding Advances are thereafter returned for insufficient funds or overadvances are made to protect or preserve the Collateral.  In the event the Agent involuntarily permits the outstanding Advances to exceed the Borrowing Base by more than five percent (5%), the Agent shall use its efforts to have the Loan Parties decrease such excess in as expeditious a manner as is practicable under the circumstances and not inconsistent with the reason for such excess.  Advances made after the Agent has determined the existence of involuntary overadvances shall be deemed to be involuntary overadvances and shall be decreased in accordance with the preceding sentence.
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		(c)
	If, following the Closing Date, the Agent and the Borrower Representative shall have agreed in their sole and absolute discretion that there is an ambiguity, inconsistency, manifest error or any error or omission of a technical or immaterial nature, in each case, in any provision of the Loan Documents, then the Agent and the Borrower Representative shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Documents if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof (it being understood that the Agent has no obligation to agree to any such amendment).

16.3Transfers and Assignments.
		(a)
	Successors and Assigns.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Loan Parties may not assign or otherwise transfer any of their rights or Obligations hereunder without the prior written consent of the Agent.  No Lender may assign or otherwise transfer any of its rights or obligations hereunder except: (i) to an Eligible Assignee in accordance with the provisions of Section 16.3(b), (ii) by way of participation in accordance with the provisions of Section 16.3(d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 16.3(e) (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 16.3(d) and, to the extent expressly contemplated hereby, the Affiliates of each of the Agent, the Lenders and the respective directors, officers, employees, agents and advisors of such Affiliates) any legal or equitable right, remedy or claim under or by reason of this Agreement.

		(b)
	Transfer of Commitments.  Upon first obtaining the prior written consent of the Borrower Representative (provided that if an Event of Default has occurred and is continuing, prior written consent of the Borrowers Representative shall not be required), any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its commitment to make Advances hereunder and the Advances at the time owing to such Lender); provided that (i) except in the case of an assignment of the entire remaining amount of the assigning Lender’s commitment to make Advances hereunder and the Advances at the time owing to such Lender or in the case of an assignment to a Lender or an Affiliate of a Lender, the aggregate amount of the commitment to make Advances hereunder (which for this purpose includes Advances outstanding thereunder) or, if the applicable commitment to make Advances hereunder is not then in effect, the principal outstanding balance of the Advances 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 Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than Five Million Dollars ($5,000,000), in the case of any assignment in respect of Advances, unless the Agent otherwise consents; (ii) each partial assignment shall be made as an assignment of a proportionate part of all the

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assigning Lender’s rights and obligations under this Agreement with respect to the Advances or the commitment to make Advances hereunder assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations in Advances on a non-pro rata basis; (iii) any assignment of a commitment to make Advances hereunder must be approved by the Agent unless the Person that is the proposed assignee is itself a Lender with a commitment to make Advances hereunder (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); and (iv) the parties to each assignment shall execute and deliver to the Agent an Assignment and Assumption, together with a processing and recordation fee of Three Thousand Five Hundred Dollars ($3,500).  Subject to acceptance and recording thereof by the Agent pursuant to Section 16.3(b), from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Section 16.5 with respect to facts and circumstances occurring prior to the effective date of such assignment.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 16.3(d).
		(c)
	Maintenance of Register.  The Agent, acting solely for this purpose as an agent of the Loan Parties, shall maintain at its office in Cleveland, Ohio, a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the commitments to make Advances and other Loans hereunder of, and principal amounts of the Advances  and other Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and the Loan Parties, the 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.  The Register shall be available for inspection by the Borrower Representative and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

		(d)
	Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrower Representative or the Agent, sell participations to any Person (other than a natural person or any Loan Party or any of the Loan Party’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 to make Advances hereunder and/or the Advances 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 (iii) the Loan Parties, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement,

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and (iv) the selling Lender maintains a register that reflects the name and address and principal amounts of the Advances owing to such Participant.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any  provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in Section 16.2(b)(i) through 16.2(b)(ix) that affects such Participant.  The Loan Parties agree that each Participant shall be entitled to the benefits of Sections 3.7, 3.8, 3.9, and 16.5 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 16.3(a).
A Participant shall not be entitled to receive any greater payment under Section 16.5 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 Loan Parties’ prior written consent.
		(e)
	Pledge of Interests.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including, without limitation, any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

		(f)
	Notes.  The Loan Parties shall execute and deliver: (i) to the Agent, the transferor and the transferee, any consent or release (of all or a portion of the obligations of the transferor) to be delivered in connection with each Assignment and Assumption, (ii) if a Lender’s entire interest in its commitments to make Advances hereunder has been transferred to the transferee, appropriate replacement notes against return of the Notes (each marked “replaced”) held by the transferor and (iii) if only a portion of a Lender’s interest in its commitments to make Advances and other Loans hereunder has been transferred, replacement notes to each of the transferor and the transferee against return of the Notes of the transferor (each marked “replaced”) held by the transferor; provided, that, simultaneously with the Loan Parties’ delivery of new Notes pursuant to this Section 16.3(f), the transferor Lender will deliver to the Borrower Representative any Note being replaced in whole or in part, and each such Note delivered by the transferor Lender shall be conspicuously marked “replaced” when so delivered.

		(g)
	Replacement of Certain Lenders.  If any Lender is a Defaulting Lender hereunder, then the Borrower Representative may, at its sole expense and effort, upon notice to such Lender and the Agent, require such Lender to assign and delegate, without recourse (in accordance with the restrictions contained in Section 16.3(a)), all of its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations; provided that: (i) the Borrower Representative shall have received the prior written consent of the Agent (not to be unreasonably withheld), (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Advances and other Loans, accrued interest thereon, accrued fees and all other amounts payable

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to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Loan Parties (in the case of all other amounts).  No Lender shall be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower Representative to require such assignment and delegation cease to apply.
		(h)
	Replacement of Non-Consenting Lenders.  If, in connection with any proposed amendment, waiver or consent hereunder pursuant to Section 16.2(b) hereof: (i) requiring the consent of all Lenders, the consent of Required Lenders is obtained but the consent of all Lenders whose consent is required is not obtained or (ii) requiring the consent of Required Lenders, the consent of Lenders holding fifty-one percent (51%) or more is obtained but the consent of Required Lenders is not obtained (any Lender withholding consent as described in clause (i) and (ii) hereof being referred to as a “Non-Consenting Lender”), then, so long as the Agent is not a Non-Consenting Lender, the Agent may, at the sole expense of the Loan Parties, upon notice to such Non-Consenting Lender and the Borrower Representative, require such Non-Consenting Lender to assign and delegate, without recourse (in accordance with the restrictions contained in Section 16.3(a)), all of its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that such Lender shall have received payment of an amount equal to the outstanding principal of its Advances and other Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Loan Parties (in the case of all other amounts).

16.4Application of Payments.  The Agent shall have the continuing and exclusive right to apply or reverse and re-apply any payment and any and all proceeds of Collateral to any portion of the Obligations in such order as the Agent determines in its Permitted Discretion.  To the extent that any Loan Party makes a payment or the Agent, the Lenders or the Issuer receives any payment or proceeds of the Collateral for any Loan Party’s benefit, which are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other party under any bankruptcy law, common law or equitable cause, then, to such extent, the Obligations or part thereof intended to be satisfied shall be revived and continue as if such payment or proceeds had not been received by the Agent, the Lenders or the Issuer.
16.5Indemnity.Each Loan Party shall indemnify the Agent, each Lender, the Issuer and each of their respective officers, directors, attorneys, representatives, Affiliates, employees and agents from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including fees and disbursements of counsel) which may be imposed on, incurred by, or asserted against the Agent, any Lender or the Issuer in any litigation, proceeding or investigation with respect to any aspect of, or any transaction contemplated by, or referred to in, or any matter related to, the Loan Documents, whether or not the Agent, any Lender or the Issuer is a party thereto, except for gross negligence or willful misconduct.
16.6Notice.  Any notice or request hereunder may be given to the Borrower Representative or any Loan Party or to the Agent, any Lender or the Issuer at their respective addresses set forth below or at such other address as may hereafter be specified in a notice designated as a notice of change of address under this Section.  Any notice, request, demand, direction or other communication (for purposes of this
​

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Section 16.6 only, a “Notice”) to be given to or made upon any party hereto under any provision of this Agreement shall be given or made in writing (which includes by means of electronic transmission (i.e., “e-mail”) or facsimile transmission).  Any such Notice must be delivered to the applicable parties hereto at the addresses and numbers set forth under their respective names on Section 16.6 or in accordance with any subsequent unrevoked Notice from any such party that is given in accordance with this Section 16.6.  Any notice provided to the Borrower Representative shall be deemed to have been given to each other Loan Party.  Any Notice shall be effective:
		(a)
	In the case of hand-delivery, when delivered;

		(b)
	If given by mail, four (4) days after such Notice is deposited with the United States Postal Service, with first-class postage prepaid, return receipt requested;

		(c)
	In the case of electronic transmission, when actually received;

		(d)
	If given by any other means (including by overnight courier), when actually received; and

		(e)
	When any Lender or the Issuer gives a Notice to the Borrower Representative or any Loan Party, such Lender or the Issuer shall concurrently send a copy thereof to the Agent, and the Agent shall promptly notify the other Lenders and the Issuer.

	​

	​

	(A)    If to the Agent at:
	KeyBank National Association

	​
	127 Public Square

	​
	Cleveland, Ohio 44114

	​
	Attention: Tim Kenealy,

	​
	KeyBank Business Capital

	​
	Telephone: (216) 689-8413

	​
	Email: timothy_w_kenealy@keybank.com

	​
	​

	With a copy to:
	McDonald Hopkins LLC

	​
	Attn: James E. Stief

	​
	600 Superior Avenue East, Suite 2100

	​
	Cleveland, Ohio 44114

	​
	Telephone: (304-353-8141

	​
	Email: jstief@mcdonaldhopkins.com

	​
	​

	(B)    If to the Borrower
	​

	Representative at:
	Ramaco Resources, Inc.

	​
	250 West Main Street, Suite 1800

	​
	Lexington, Kentucky 40507

	​
	Attention: Randall W. Atkins

	​
	Telephone: (859) 244-7455

	​
	Email: rwa@ramacocoal.com

	​
	​

	With a copy to:
	Steptoe & Johnson PLLC

	​
	Attn: Bob Fluharty

	​
	Chase Tower, 17th Floor

	​
	P.O. Box 1588

	​
	Charleston, West Virginia 25326-1588

	​
	Telephone: 304-353-8158

	​
	Email: Bob.Fluharty@steptoe-johnson.com

​
​

83

​
16.7Survival.  The obligations of the Loan Parties under Sections 2.10, 2.12, 3.7, 3.8, 3.9 and 16.5 shall survive termination of the Loan Documents and payment in full of the Obligations.
16.8Severability.  If any part of this Agreement is contrary to, prohibited by, or deemed invalid under applicable laws or regulations, such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as possible.
16.9Expenses.
		(a)
	All costs, expenses, including reasonable attorneys’ fees (including the allocated costs of in-house counsel) and disbursements incurred by the Agent (i) in connection with the entering into, modification, amendment, administration and enforcement of this Agreement or any consents or waivers hereunder and all related agreements, documents and instruments, (ii) in connection with any advice given to any Lender or the Issuer with respect to its rights and obligations under this Agreement and all related agreements, in each case, which may be charged to the Loan Account as a Revolving Loan that is a Base Rate Loan and added to the Obligations.  Expenses being reimbursed by the Loan Parties under this Section include costs and expenses incurred in connection with:  (1) appraisals and insurance reviews; (2) field examinations and the preparation of reports based on the fees charged by a third party retained by the Agent or the internally allocated fees for each Person employed by the Agent with respect to each field examination; (3) background checks regarding senior management and/or key investors, as deemed necessary or appropriate in the sole discretion of the Agent; (4) taxes, fees and other charges for (A) lien and title searches and title insurance and (B) recording any Mortgages, filing financing statements and continuations, and other actions to perfect, protect, and continue the Agent’s Liens; (5) sums paid or incurred to take any action required of any Loan Party under the Loan Documents that such Loan Party fails to pay or take; and (6) forwarding loan proceeds, collecting checks and other items of payment, and establishing and maintaining the accounts and the scanner system, and costs and expenses of preserving and protecting the Collateral.

		(b)
	All costs, expenses, including reasonable attorneys’ fees (excluding the allocated costs of in house counsel), and disbursements incurred by the Agent, the Lenders and the Issuer (i) in all efforts made to enforce payment of any Obligation or effect collection of any Collateral, (ii) in instituting, maintaining, preserving, enforcing and foreclosing on the Agent’s, the Issuer’s or any Lender’s security interest in or Lien on any of the Collateral, whether through judicial proceedings or otherwise, or (iii) in defending or prosecuting any actions or proceedings arising out of or relating to the Agent’s, any Lender’s or the Issuer’s transactions with any Loan Party.

16.10Injunctive Relief.  Each Loan Party recognizes that, in the event any Loan Party fails to perform, observe or discharge any of its obligations or liabilities under this Agreement, any remedy at law may prove to be inadequate relief to the Agent, the Lenders, the Issuer, or any thereof; therefore, the
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84

Agent, if the Agent so requests, shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving that actual damages are not an adequate remedy.
16.11Consequential Damages.  No party to this Agreement, nor any agent or attorney for any of them, shall be liable to any other party to this Agreement for any special, incidental, consequential or punitive damages arising from any breach of contract, tort or other wrong relating to the establishment, administration or collection of the Obligations.
16.12Counterparts; Electronic Signatures.  This Agreement may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement.  Any signature delivered by a party by facsimile or email transmission shall be deemed to be an original signature hereto.
16.13Construction.  The parties acknowledge that each party and its counsel have reviewed this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments, schedules or exhibits hereto.
16.14Confidentiality; Sharing Information.
		(a)
	The Agent, the Lenders, the Issuer and each transferee of the Agent, the Lenders or the Issuer pursuant to Section 16.3(a) (a “Transferee”) shall hold all non-public information obtained by the Agent, the Lenders, the Issuer or such Transferee in accordance with the Agent’s, each Lender’s, the Issuer’s and such Transferee’s customary procedures for handling confidential information of this nature; provided, however, the Agent, the Lenders, the Issuer and such Transferee may disclose such confidential information (a) to its examiners, affiliates, outside auditors, counsel and other professional advisors, (b) to the Agent, the Lenders, the Issuer and such Transferee and (c) as required or requested by any Governmental Body or representative thereof or pursuant to legal process.

		(b)
	Each Loan Party acknowledges that from time to time financial advisory, investment banking and other services may be offered or provided to such Loan Party or one or more of its Affiliates (in connection with this Agreement or otherwise) by the Agent, a Lender, the Issuer or by one or more Subsidiaries or Affiliates of the Agent, a Lender or the Issuer and each Loan Party hereby authorizes the Agent, each Lender and the Issuer to share any information delivered to the Agent, any Lender or the Issuer by such Loan Party and its Subsidiaries pursuant to this Agreement, or in connection with the decision of the Agent, any Lender or the Issuer to enter into this Agreement, to any such Subsidiary or Affiliate of the Agent, such Lender or the Issuer, it being understood that any such Subsidiary or Affiliate receiving such information shall be bound by the provisions of Section 16.14 as if it were the Agent, a Lender or the Issuer, as the case may be, hereunder.  Such authorization shall survive the repayment of the other Obligations and the termination of this Agreement.

16.15Conflict Clause.  In the event of any conflict, inconsistency or discrepancy between the provisions of this Agreement and the provisions of the Loan Documents and any other collateral agreements, the provisions giving the Agent or any Lender greater rights or remedies shall govern to the maximum extent permitted by any applicable law, it being understood and agreed that the purpose of this Agreement and any Loan Documents is to add to, and not to limit, detract or derogate from, diminish or
​

85

otherwise impair or reduce the rights granted to the Agent and the Lenders pursuant to this Agreement or the Loan Documents.  For greater certainty, where the provisions of this Agreement and the provisions of the Loan Documents deal with the same subject matter but are not identical, no conflict between the said documents shall exist or be deemed to exist unless the observance of or compliance with the provisions of one of the said documents will cause a default under or breach of the provisions of the other document or documents.
16.16Approved Electronic Communication System.
(a)Unless otherwise specifically identified therein, each posting to an Approved Electronic Communication System shall be deemed to be a representation and warranty by the Borrowers, the Authorized Officer of any such Borrower submitting the information to the Approved Electronic Communication System and, if such Authorized Officer is not a Financial Officer, the Financial Officer who authorized such Authorized Officer to submit such information, as of the date of such posting, of the accuracy of the information provided with respect thereto, and that each of the representations and warranties contained in this Agreement and the other Loan Documents are true and correct as if made on and as of the date of such posting, except to the extent that any thereof expressly relate to an earlier date.
(b)Although the Approved Electronic Communication System is secured with generally-applicable security procedures and policies implemented or modified from time to time, the Borrowers and each other Loan Party acknowledge and agree that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution. In consideration for the convenience and other benefits afforded by such distribution and for the other consideration provided hereunder, the receipt and sufficiency of which is hereby acknowledged, the Borrowers and each other Loan Party hereby approves of the use of the Approved Electronic Communication System and understands and assumes the risks of using such forms of communication.
(c)The Approved Electronic Communication System is provided “as is” and “as available”.  Neither the Agent nor any of the Agent’s Affiliates, officers, directors, attorneys, agents or employees warrant the accuracy, adequacy or completeness of the Approved Electronic Communication System and each expressly disclaims any liability for errors or omissions in the Approved Electronic Communication System. No warranty of any kind, express, implied or statutory, including, without limitation, 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 the Agent (or any of the Agent’s Affiliates, officers, directors, attorneys, agents or employees) in connection with the Approved Electronic Communication System.
(d)The Borrowers and each other Loan Party agree that the Agent may, but shall not be obligated to, store information provided through the Approved Electronic Communication System in accordance with the Agent’s generally-applicable document retention procedures and policies in effect from time to time.
16.17Amendment and Restatement.
		(a)
	Existing Obligations.  The Borrowers hereby acknowledge, confirm and agree that the Borrowers are indebted to the Agent and the Lenders for outstanding loans and advances to the Borrowers under the Existing Loan Documents, together with all interest accrued and accruing thereon (to the extent applicable), and all fees, costs, expenses and other charges relating thereto, all of which are

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86

unconditionally owing by the Borrowers to the Agent and the Lenders to the extent set forth in the Existing Loan Documents, without offset, defense or counterclaim of any kind, nature or description whatsoever.
		(b)
	Acknowledgment of Security Interests.

		(i)
	The Borrowers hereby acknowledge, confirm and agree that the Agent, on behalf of the Lenders, shall continue to have a security interest in and lien upon the Collateral heretofore granted to such parties pursuant to the Existing Loan Documents to secure the Obligations, as well as any Collateral granted under this Agreement or under any of the other Loan Documents or otherwise granted to or held by the Agent or any Lender.

		(ii)
	The liens and security interests of the Agent or any Lender in the Collateral shall be deemed to be continuously granted and perfected from the earliest date of the granting and perfection of such liens and security interests to the Agent or any Lender whether under the Existing Loan Documents, this Agreement or any of the other Loan Documents.

		(c)
	Existing Agreements.  The Borrowers hereby acknowledge, confirm and agree that, subject to Section 16.17(e) hereof:  (i) the Existing Loan Documents have been duly executed and delivered by the Borrowers and are in full force and effect as of the date hereof; (ii) the agreements and obligations of the Borrowers contained in the Existing Loan Documents constitute the legal, valid and binding obligations of the Borrowers enforceable against the Borrowers in accordance with their terms, except as they may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles, and the Borrowers do not have a valid defense to the enforcement of such obligations; and (iii) the Agent and the Lenders are entitled to all of the rights, remedies and benefits provided for in or arising pursuant to the Existing Loan Documents.

		(d)
	Waiver and Release of all Claims and Defenses.  Each Borrower hereby represents and warrants to the Agent and each Lender, and agrees with the Agent and each Lender, that such Borrower does not have any claim or offset against, or defense or counterclaim to, any obligation or liability under this Agreement, the Existing Loan Documents or any other Loan Document, and such Borrower hereby waives and releases the Agent and each Lender and all of their respective affiliates, officers, agents, attorneys, employees and representatives, as of the date hereof, from any and all such claims, offsets, defenses and counterclaims of which such Borrower is aware or unaware, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto.

		(e)
	Restatement.

		(i)
	Except as otherwise stated in Section 16.17(b) hereof and this Section 16.17(e),  as of the date hereof, the terms, conditions, agreements, covenants, representations and warranties set forth in the Existing Loan Documents are simultaneously amended and restated in their entirety (excluding the schedules prepared as of the Closing Date, which shall be superseded by the schedules delivered on and after the

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87

Closing Date), and as so amended and restated, replaced and superseded by the terms, conditions, agreements, covenants, representations and warranties set forth in this Agreement and the other Loan Documents executed or delivered on or after the date hereof, except that nothing herein or in the other Loan Documents shall impair or adversely affect the continuation of the liability of the Borrowers for the Obligations heretofore incurred and the security interests, liens and other interests in the Collateral heretofore granted, pledged or assigned by the Borrowers to the Agent or any Lender (whether directly, indirectly or otherwise).
		(ii)
	The amendment and restatement contained herein shall not, in any manner, be construed to constitute payment of, or impair, limit, cancel or extinguish, or constitute a novation in respect of, the Obligations of the Borrowers evidenced by or arising under any of the Existing Loan Documents, and the Liens and security interests of the Agent and the Lenders securing such Obligations and other obligations and liabilities, which shall not in any manner be impaired, limited, terminated, waived or released, but shall continue in full force and effect in favor of the Lender.

		(iii)
	All loans, advances and other financial accommodations under any of the Existing Loan Documents and all other Obligations of the Borrowers to the Agent and the Lenders outstanding and unpaid as of the date hereof pursuant to the Existing Loan Documents or otherwise shall be deemed Obligations of the Borrowers pursuant to the terms hereto.

[Remainder of Page Intentionally Left Blank]
​
​

88

IN WITNESS WHEREOF, the Loan Parties, the Lender and the Issuer have caused this Agreement to be executed and delivered as of the date first written above.
​
	​

	​

	​

	​
	BORROWER:

	​
	​

	​
	RAMACO RESOURCES, INC.,

	​
	  a Delaware corporation

	​
	​

	​
	By:
	​

	​
	Name:
	​

	​
	Title:
	​

​
	​

	​

	​

	​
	RAMACO DEVELOPMENT, LLC,

	​
	  a Delaware limited liability company

	​
	​

	​
	By:
	​

	​
	Name:
	​

	​
	Title:
	​

​
	​

	​

	​

	​
	RAM MINING, LLC,

	​
	  a Delaware limited liability company

	​
	​

	​
	By:
	​

	​
	Name:
	​

	​
	Title:
	​

​
	​

	​

	​

	​
	RAMACO COAL SALES, LLC,

	​
	  a Delaware limited liability company

	​
	​

	​
	By:
	​

	​
	Name:
	​

	​
	Title:
	​

​
	​

	​

	​

	​
	RAMACO RESOURCES, LLC,

	​
	  a Delaware limited liability company

	​
	​

	​
	By:
	​

	​
	Name:
	​

	​
	Title:
	​

​
	​

	​

	​

	​
	RAMACO RESOURCES LAND HOLDINGS, LLC,

	​
	  a Delaware limited liability company

	​
	​

	​
	By:
	​

	​
	Name:
	​

	​
	Title:
	​

​
​

1

	​

	​

	​

	​
	AGENT, LENDER and ISSUER:

	​
	​

	​
	KEYBANK NATIONAL ASSOCIATION,

	​
	  a national banking association

	​
	​

	​
	By:
	​

	​
	Name:
	​

	​
	Title:
	​

​

2

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