Document:

Exhibit

Exhibit 10.1

AMENDED AND RESTATED 
CREDIT AGREEMENT

dated as of
September 18, 2017
among
THE MEET GROUP, INC.
The Lenders Party Hereto
and
JPMORGAN CHASE BANK, N.A., 
as Administrative Agent
___________________________
JPMORGAN CHASE BANK, N.A., 
as Joint Bookrunner and Joint Lead Arranger
SILICON VALLEY BANK, 
as Joint Bookrunner, Joint Lead Arranger and Syndication Agent
CADENCE BANK, N.A. and KEYBANK NATIONAL ASSOCIATION, as
Co-Documentation Agents

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TABLE OF CONTENTS
	
					
	 
	 
	Page
	 

	ARTICLE I
	DEFINITIONS
	1
	

	Section 1.01.
	Defined Terms
	1
	

	Section 1.02.
	Classification of Loans and Borrowings
	27
	

	Section 1.03
	Terms Generally
	27
	

	Section 1.04.
	Accounting Terms; GAAP
	27
	

	ARTICLE II
	THE CREDITS
	29
	

	Section 2.01.
	Revolving Commitments
	29
	

	Section 2.02.
	Loans and Borrowings
	29
	

	Section 2.03.
	Requests for Borrowings
	30
	

	Section 2.04.
	[Section Intentionally Omitted]
	31
	

	Section 2.05.
	Swingline Loans
	31
	

	Section 2.06.
	Letters of Credit
	32
	

	Section 2.07.
	Funding of Borrowings
	36
	

	Section 2.08.
	Interest Elections
	37
	

	Section 2.09.
	Termination and Reduction of Commitments
	38
	

	Section 2.10.
	Repayment and Amortization of Loans; Evidence of Debt
	39
	

	Section 2.11.
	Prepayment of Loans
	40
	

	Section 2.12.
	Fees
	42
	

	Section 2.13.
	Interest
	43
	

	Section 2.14.
	Alternate Rate of Interest
	43
	

	Section 2.15.
	Increased Costs
	44
	

	Section 2.16.
	Break Funding Payments
	45
	

	Section 2.17.
	Taxes
	45
	

	Section 2.18.
	Payments Generally; Allocation of Proceeds; Sharing of Set-offs
	49
	

	Section 2.19.
	Mitigation Obligations; Replacement of Lenders
	51
	

	Section 2.20.
	Defaulting Lenders
	52
	

	Section 2.21.
	Returned Payments
	53
	

	Section 2.22.
	Banking Services and Swap Agreements
	54
	

	ARTICLE III
	REPRESENTATIONS AND WARRANTIES
	54
	

	Section 3.01.
	Organization; Powers
	54
	

	Section 3.02.
	Authorization; Enforceability
	54
	

	Section 3.03.
	Governmental Approvals; No Conflicts
	54
	

	
			
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	Section 3.04.
	Financial Condition; No Material Adverse Change
	54
	

	Section 3.05.
	Properties, etc.
	55
	

	Section 3.06.
	Litigation and Environmental Matters
	55
	

	Section 3.07.
	Compliance with Laws and Agreements; No Default
	56
	

	Section 3.08.
	Investment Company Status
	56
	

	Section 3.09.
	Taxes
	56
	

	Section 3.10.
	ERISA
	56
	

	Section 3.11.
	Disclosure
	56
	

	Section 3.12.
	Material Agreements
	56
	

	Section 3.13.
	Solvency
	56
	

	Section 3.14.
	Insurance
	57
	

	Section 3.15.
	Capitalization and Subsidiaries
	57
	

	Section 3.16.
	Security Interest in Collateral
	57
	

	Section 3.17.
	Employment Matters
	57
	

	Section 3.18.
	Federal Reserve Regulations
	57
	

	Section 3.19.
	Use of Proceeds
	57
	

	Section 3.20.
	No Burdensome Restrictions
	57
	

	Section 3.21.
	Anti-Corruption Laws and Sanctions
	57
	

	ARTICLE IV
	CONDITIONS
	58
	

	Section 4.01.
	Effective Date
	58
	

	Section 4.02.
	Each Credit Event
	60
	

	ARTICLE V
	AFFIRMATIVE COVENANTS
	62
	

	Section 5.01.
	Financial Statements and Other Information
	62
	

	Section 5.02.
	Notices of Material Events
	64
	

	Section 5.03.
	Existence; Conduct of Business
	65
	

	Section 5.04.
	Payment of Obligations
	65
	

	Section 5.05.
	Maintenance of Properties
	65
	

	Section 5.06.
	Books and Records; Inspection Rights
	65
	

	Section 5.07.
	Compliance with Laws and Material Contractual Obligations
	65
	

	Section 5.08.
	Use of Proceeds
	65
	

	Section 5.09.
	Accuracy of Information
	66
	

	Section 5.10.
	Insurance
	66
	

	Section 5.11.
	[Intentionally Omitted]
	66
	

	Section 5.12.
	Casualty and Condemnation
	66
	

	Section 5.13.
	Depository Banks
	66
	

	
			
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	Section 5.14.
	Additional Collateral; Further Assurances
	66
	

	ARTICLE VI
	NEGATIVE COVENANTS
	67
	

	Section 6.01.
	Indebtness
	68
	

	Section 6.02.
	Liens
	69
	

	Section 6.03.
	Fundamental Changes
	70
	

	Section 6.04.
	Investments, Loans, Advances, Guarantees and Acquisitions
	71
	

	Section 6.05.
	Asset Sales
	72
	

	Section 6.06.
	Sale and Leaseback Transactions
	73
	

	Section 6.07.
	Swap Agreements
	73
	

	Section 6.08.
	Restricted Payments; Certain Payments of Indebtedness
	73
	

	Section 6.09.
	Transactions with Affiliates
	73
	

	Section 6.10.
	Restrictive Agreements
	74
	

	Section 6.11.
	Amendment of Material Documents
	74
	

	Section 6.12.
	Financial Covenants
	75
	

	ARTICLE VII
	EVENTS OF DEFAULT
	75
	

	ARTICLE VIII
	THE ADMINISTRATIVE AGENT
	78
	

	Section 8.01.
	Appointment
	78
	

	Section 8.02.
	Rights as a Lender
	78
	

	Section 8.03.
	Duties and Obligations
	78
	

	Section 8.04.
	Reliance
	79
	

	Section 8.05.
	Actions through Sub-Agents
	79
	

	Section 8.06.
	Resignation
	79
	

	Section 8.07.
	Non-Reliance
	80
	

	Section 8.08.
	Other Agency Titles
	81
	

	Section 8.09.
	Not Partners or Co-Venturers; Administrative Agent as Representative of the Secured Parties
	81
	

	Section 8.10.
	Credit Bidding
	81
	

	ARTICLE IX
	MISCELLANEOUS
	82
	

	Section 9.01.
	Notices
	82
	

	Section 9.02.
	Waivers; Amendments
	84
	

	Section 9.03.
	Expenses; Indemnity; Damage Waiver
	86
	

	Section 9.04.
	Successors and Assigns
	88
	

	Section 9.05.
	Survival
	92
	

	Section 9.06.
	Counterparts; Integration; Effectiveness; Electronic Execution
	92
	

	Section 9.07.
	Severability
	92
	

	
			
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	Section 9.08.
	Right of Setoff
	93
	

	Section 9.09.
	Governing Law; Jurisdiction; Consent to Service of Process
	93
	

	Section 9.10.
	WAIVER OF JURY TRIAL
	93
	

	Section 9.11.
	Headings
	94
	

	Section 9.12.
	Confidentiality
	94
	

	Section 9.13.
	Several Obligations; Nonreliance; Violation of Law
	95
	

	Section 9.14.
	USA PATRIOT Act
	95
	

	Section 9.15.
	Disclosure
	95
	

	Section 9.16.
	Appointment for Perfection
	95
	

	Section 9.17.
	Interest Rate Limitation
	95
	

	Section 9.18.
	Marketing Consent
	95
	

	Section 9.19.
	Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	96
	

	Section 9.20.
	Parallel Debt
	96
	

	Section 9.21.
	Amendment and Restatement of Existing Credit Agreement; No Novation
	97
	

	ARTICLE VII
	EVENTS OF DEFAULT
	97
	

	Section 10.01.
	Guaranty
	97
	

	Section 10.02.
	Guaranty of Payment
	98
	

	Section 10.03.
	No Discharge or Diminishment of Loan Guaranty
	98
	

	Section 10.04.
	Defenses Waived
	98
	

	Section 10.05.
	Rights of Subrogation
	99
	

	Section 10.06.
	Reinstatement; Stay of Acceleration
	99
	

	Section 10.07.
	Information
	99
	

	Section 10.08.
	Termination
	99
	

	Section 10.09.
	Taxes
	99
	

	Section 10.10.
	Maximum Liability
	100
	

	Section 10.11.
	Contribution
	100
	

	Section 10.12.
	Liability Cumulative
	101
	

	Section 10.13.
	Keepwell
	101
	

	
			
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SCHEDULES:
Commitment Schedule
Schedule 3.05 – Properties, etc.
Schedule 3.06 – Disclosed Matters
Schedule 3.14 – Insurance
Schedule 3.15 – Capitalization and Subsidiaries
Schedule 6.01 – Existing Indebtedness
Schedule 6.02 – Existing Liens
Schedule 6.04 – Existing Investments
Schedule 6.10 – Existing Restrictions
EXHIBITS:
		
	Exhibit A – 
	Assignment and Assumption

		
	Exhibit B – 
	Borrowing Request

		
	Exhibit C-1 – 
	U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

		
	Exhibit C-2 – 
	U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

		
	Exhibit C-3 – 
	U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

		
	Exhibit C-4 – 
	U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

		
	Exhibit D – 
	Compliance Certificate

		
	Exhibit E – 
	Joinder Agreement

	
			
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	v
	 

AMENDED AND RESTATED CREDIT AGREEMENT dated as of September 18, 2017 (as it may be amended or modified from time to time, this “Agreement”), among THE MEET GROUP, INC., a Delaware corporation, as Borrower, the other Loan Parties party hereto, the Lenders party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent.
WHEREAS, the Borrower, the other Loan Parties, the Lenders and the Administrative Agent, are parties to that certain Credit Agreement dated as of March 3, 2017 (the “Existing Credit Agreement”); and
WHEREAS, in order to continue the existing indebtedness of the Borrower and make certain accommodations as further described herein, the Borrower has requested that the Existing Credit Agreement be amended and restated in its entirety and the Lenders party thereto are willing to do so on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
ARTICLE I
 
Definitions
SECTION 1.01.    Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:
“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, is bearing interest at a rate determined by reference to the Alternate Base Rate.
“ABR Borrowing” or “ABR Loan” means a Loan bearing interest based on ABR.
“Account” has the meaning assigned to such term in the Security Agreement.
“Account Debtor” means any Person obligated on an Account.
“Acquisition” means any transaction, or any series of related transactions, consummated on or after the Effective Date, by which any Loan Party (a) acquires any going business or all or substantially all of the assets of any Person, whether through purchase of assets, merger or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the Equity Interests of a Person which has ordinary voting power for the election of directors or other similar management personnel of a Person (other than Equity Interests having such power only by reason of the happening of a contingency) or a majority of the outstanding Equity Interests of a Person.
“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period or for any ABR Borrowing, in each case denominated in Dollars, (a) an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (i) the LIBO Rate under clause (a) of the definition of LIBO Rate for such Interest Period multiplied by (ii) the Statutory Reserve Rate; and (b) with respect to any Eurodollar Borrowing for any Interest Period denominated in an Alternative Currency, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (i) the LIBO Rate under clause (b) of the definition of LIBO Rate for such Interest Period multiplied by (ii) the Statutory Reserve Rate.
“Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder.

    
	
			
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“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the specified Person.
“Aggregate Credit Exposure” means, at any time, the aggregate Credit Exposure of all the Lenders at such time.
“Aggregate Revolving Exposure” means, at any time, the aggregate Revolving Exposure of all the Lenders at such time (with the Swingline Exposure of each Lender calculated assuming that that all of the Lenders have funded their participations in all Swingline Loans outstanding at such time).
“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB in effect on such day plus 1⁄2 of 1%, and (c) the Adjusted LIBO Rate for a one-month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, the Adjusted LIBO Rate for any day shall be based on the LIBO Rate at approximately 11:00 a.m. London time on such day, subject to the interest rate floors set forth therein.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB or the Adjusted LIBO Rate, respectively.  If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 hereof, then the Alternate Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above.
“Alternative Currency” means each of Euro and Sterling.
“Alternative Currency Equivalent” means, with respect to any amount denominated in Dollars, the equivalent amount thereof in an Alternative Currency as determined by the Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of an Alternative Currency with Dollars.
“Alternative Currency Impacted Interest Period” has the meaning assigned to such term in in clause (b) of the definition of “LIBO Rate”.
“Alternative Currency LIBO Screen Rate” has the meaning assigned to such term in clause (b) of the definition of “LIBO Rate”.
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Affiliates from time to time concerning or relating to bribery or corruption.
“Applicable Percentage” means, at any time with respect to any Lender, a percentage equal to a fraction the numerator of which is such Lender’s Revolving Commitment at such time and the denominator of which is the aggregate Revolving Commitments at such time (provided that, if the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon such Lender’s share of the Aggregate Revolving Exposure at such time); provided that, in accordance with Section 2.20, so long as any Lender shall be a Defaulting Lender, such Defaulting Lender’s Commitment shall be disregarded in the calculations above.
“Applicable Rate” means, for any day, with respect to any Loan, or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption 

    
	
			
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“Revolving Commitment ABR Spread”, “Revolving Commitment Eurodollar Spread” “Delayed Draw Term Loan ABR Spread”, “Delayed Draw Term Loan Eurodollar Spread” or “Commitment Fee Rate”, as the case may be, based upon the Borrower’s Total Leverage Ratio as of the most recent determination date, provided that until the delivery to the Administrative Agent, pursuant to Section 5.01, of the Borrower’s consolidated financial information for the fiscal quarter ending December 31, 2017, the “Applicable Rate” shall be the applicable rates per annum set forth below in Category 2: 

	
						
	Total Leverage
Ratio

	Revolving
Commitment
ABR Spread
	Revolving
Commitment
Eurodollar
Spread
	Delayed Draw Term  Loan
ABR Spread
	Delayed Draw Term Loan Eurodollar Spread
	Commitment Fee Rate

	Category 1
3 1.50 to 1.0
	

2.25%
	

3.25%
	

2.25%
	

3.25%
	

0.35%

	Category 2
< 1.50 to 1.0  but
3 1.00 to 1.0
	

1.75%
	

2.75%
	

1.75%
	

2.75%
	

0.35%

	Category 3
< 1.00 to 1.0
	1.25%
	

2.25%
	1.25%
	

2.25%
	

0.35%

For purposes of the foregoing, (a) the Applicable Rate shall be determined as of the end of each fiscal quarter of the Borrower, based upon the Borrower’s annual or quarterly consolidated financial statements delivered pursuant to Section 5.01 and (b) each change in the Applicable Rate resulting from a change in the Total Leverage Ratio shall be effective during the period commencing on and including the date of delivery to the Lender of such consolidated financial statements indicating such change and ending on the date immediately preceding the effective date of the next such change, provided that at the option of the Lender if the Borrower fails to deliver the annual or quarterly consolidated financial statements required to be delivered by it pursuant to Section 5.01, the Total Leverage Ratio shall be deemed to be in Category 1 during the period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered.

If at any time the Lender determines that the financial statements upon which the Applicable Rate was determined were incorrect (whether based on a restatement, fraud or otherwise), the Borrower shall be required to retroactively pay any additional amount that the Borrower would have been required to pay if such financial statements had been accurate at the time they were delivered.

“Approved Fund” has the meaning assigned to the term in Section 9.04(b).
“Assignment and Assumption” means an assignment and assumption agreement entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent.
“Availability” means, at any time, an amount equal to (a) the aggregate Revolving Commitments minus (b) the Aggregate Revolving Exposure (calculated, with respect to any Defaulting Lender, as if such Defaulting Lender had funded its Applicable Percentage of all outstanding Borrowings).
“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Revolving Credit Maturity Date and the date of termination of the Revolving Commitments.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

    
	
			
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“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“Banking Services” means each and any of the following bank services provided to any Loan Party or any Subsidiary by a Lender or any of its Affiliates:  (a) credit cards for commercial customers (including, without limitation, “commercial credit cards” and purchasing cards), (b) stored value cards, (c) merchant processing services, and (d) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts and interstate depository network services).
“Banking Services Obligations” means any and all obligations of the Loan Parties or its Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services.
“Bankruptcy Event” means, with respect to any Person, when 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 the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative 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 Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the U.S. or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.
“Beneficial Owner” means, with respect to any U.S. federal withholding Tax, the beneficial owner, for U.S. federal income tax purposes, to whom such Tax relates.
“Board” means the Board of Governors of the Federal Reserve System of the U.S.
“Borrower” means The Meet Group, Inc., a Delaware corporation.
“Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect, (b) Delayed Draw Term Loans of the same Type made during the Delayed Draw Term Loan Availability Period, and thereafter converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect and (c) a Swingline Loan, which (i) in the case of a Borrowing denominated in Dollars shall be either a Eurodollar Borrowing or an ABR Borrowing and (ii) in the case of a Borrowing denominated in an Alternative Currency shall be a Eurodollar Borrowing.
“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03.
“Burdensome Restrictions” means any consensual encumbrance or restriction of the type described in clause (a) or (b) of Section 6.10.

    
	
			
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“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for general business in London.
“Capital Expenditures” means, without duplication, any expenditure or commitment to expend money for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP.
“Capital Lease Obligations” of any Person means 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 capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.
“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) JPMorgan’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market funds at least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition.
“Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests representing more than 25% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower; (b) occupation at any time of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither (i) directors of the Borrower on the date of this Agreement nor (ii) nominated or appointed by the board of directors of the Borrower; or (c) the acquisition of direct or indirect Control of the Borrower by any Person or group; or (d) the Borrower shall cease to own, free and clear of all Liens or other encumbrances, at least 90% of the outstanding voting Equity Interests of each Subsidiary of Borrower on a fully diluted basis.
“Change in Law” means the occurrence after the date of this Agreement (or, with respect to any Lender, such later date on which such Lender becomes a party to this Agreement) of any of the following:  (a) the adoption of or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline, requirement or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in the implementation thereof, and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented.
“Charges” has the meaning assigned to such term in Section 9.17.

    
	
			
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“Class”, when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, a Delayed Draw Term Loan or Swingline Loans, (b) any Commitment, refers to whether such Commitment is a Revolving Commitment or a Delayed Draw Term Loan Commitment and (c) any Lender, refers to whether such Lender has a Loan or Commitment of a particular Class.
“Code” means the Internal Revenue Code of 1986, as amended from time to time.
“Collateral” means any and all property owned, leased or operated by a Person covered by the Collateral Documents and any and all other property of any Loan Party, now existing or hereafter acquired, that may at any time be, become or intended to be, subject to a security interest or Lien in favor of the Administrative Agent, on behalf of itself and the Lenders and other Secured Parties, to secure the Secured Obligations.
“Collateral Access Agreement” has the meaning assigned to such term in the Security Agreement.
“Collateral Documents” means, collectively, the Security Agreement, the German Collateral Documents and any other agreements, instruments and documents executed in connection with this Agreement that are intended to create, perfect or evidence Liens to secure the Secured Obligations, including, without limitation, all other security agreements, pledge agreements, mortgages, deeds of trust, loan agreements, notes, guarantees, subordination agreements, pledges, powers of attorney, consents, assignments, contracts, fee letters, notices, leases, financing statements and all other written matter whether theretofore, now or hereafter executed by any Loan Party and delivered to the Administrative Agent.
“Commitment” means, with respect to each Lender, the sum of such Lender’s Revolving Commitment and Delayed Draw Term Loan Commitments.  The initial amount of each Lender’s Commitment is set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable.
“Commitment Schedule” means the Schedule attached hereto identified as such.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
“Communications” has the meaning assigned to such term in Section 9.01(d).
“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.
“Credit Exposure” means, as to any Lender at any time, the sum of (a) such Lender’s Revolving Exposure at such time plus (b) an amount equal to such Lender’s undrawn portion of the Delayed Draw Term Loan Commitment during the Delayed Draw Term Loan Availability Period and thereafter after giving effect to any Delayed Draw Term Loan Borrowing an amount equal to the aggregate principal amount of its Delayed Draw Term Loans outstanding at such time.
“Credit Party” means the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender.

    
	
			
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“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.
“Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, 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 (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (i) a Bankruptcy Event or (ii) a Bail-In Action.
“Delayed Draw Term Loan” means a Loan made pursuant to Section 2.01(b).
“Delayed Draw Term Loan Availability Period” means the period from the Effective Date through but excluding the date that is ninety (90) days after the Effective Date (or such earlier date on which the aggregate Delayed Draw Term Loan Commitments have been reduced to zero).
“Delayed Draw Term Loan Borrowing” means a Borrowing during the Delayed Draw Term Loan Availability Period consisting of a Delayed Draw Term Loan.
“Delayed Draw Term Loan Commitment” means, with respect to each Delayed Draw Term Loan Lender, the commitment, if any, of such Lender to make Delayed Draw Term Loans, expressed as an amount representing the maximum principal amount of the Delayed Draw Term Loan to be made by such Lender, as such commitment may be reduced or increased from time to time during the Delayed Draw Term Loan Availability Period pursuant to (a) Section 2.09 and (b) assignments by or to such Lenders pursuant to Section 9.04.  The initial amount of each Lender’s Delayed Draw Term Loan Commitment is set forth on the Commitment Schedule or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Delayed Draw Term Loan Commitment, as applicable.  The aggregate amount of the Lenders’ Delayed Draw Term Loan Commitment on the Effective Date is $60,000,000.
“Delayed Draw Term Loan Effective Date” means the date on which the conditions specified in Section 4.02 are satisfied (or waived in accordance with Section 9.02).
“Delayed Draw Term Loan Expiration Date” means the last Business Day during the Delayed Draw Term Loan Availability Period.
“Delayed Draw Term Loan Lender” means a Lender having a Delayed Draw Term Loan Commitment or an outstanding Delayed Draw Term Loan. 

    
	
			
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“Disclosed Matters” means the actions, suits, proceedings and environmental matters disclosed in Schedule 3.06.
“Document” has the meaning assigned to such term in the Security Agreement.
“Dollar Amount” means, at any time, (a) with respect to Dollars or an amount denominated in Dollars, such amount, and (b) with respect to an Alternative Currency or an amount denominated in an Alternative Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency.
“Dollars” or “$” refers to lawful money of the U.S.
“Dollar Impacted Interest Period” has the meaning assigned to such term in in clause (a) of the definition of “LIBO Rate”.
“Dollar LIBO Screen Rate” has the meaning assigned to such term in clause (a) of the definition of “LIBO Rate”.
“Domestic Subsidiary” means a Subsidiary organized under the laws of the United States or any state or territory thereof or the District of Columbia.
“EBITDA” means, for any period, Net Income for such period plus (a) without duplication and to the extent deducted in determining Net Income for such period, the sum of (i) Interest Expense for such period, (ii) income tax expense for such period, (iii) all amounts attributable to depreciation and amortization expense for such period, (iv) any extraordinary non-cash charges for such period, (v) any other non-cash charges for such period (but excluding any non-cash charge in respect of an item that was included in Net Income in a prior period and (vi) any non-recurring fees, cash charges and other cash expenses (including severance costs) made or incurred in connection with the Transactions (and the Lovoo Acquisition) that are paid or otherwise accounted for within 90 days of the consummation of the Transactions (and the Lovoo Acquisition) in an amount not to exceed $500,000, minus (b) without duplication and to the extent included in Net Income, any extraordinary gains and any non-cash items of income for such period, all calculated for the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP. 
“ECP” means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.
“EEA Financial Institution” means (a) any institution 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 institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

    
	
			
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“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).
“Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.
“Electronic System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and the Issuing Bank and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system.
“EMU” means Economic and Monetary Union as contemplated in the Treaty on European Union.
“EMU Legislation” means the legislative measures of the European Council (including without limitation European Council regulations) for the introduction of, changeover to or operation of a single or unified European currency (whether known as the Euro or otherwise), being in part the implementation of the third stage of EMU.
“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, Release or threatened Release of any Hazardous Material or to health and safety matters.
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of any Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) any violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) any exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“Equipment” has the meaning assigned to such term in the Security Agreement.
“Equity Interests” means 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 of the foregoing.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.
“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder, with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the failure to satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or 

    
	
			
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Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any ERISA Affiliate from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any ERISA Affiliate of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
“Euro” means the single currency of Participating Member States of the European Union.
“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined by reference to the Adjusted LIBO Rate.
“Eurodollar Borrowing” or “Eurodollar Loan” means a Loan bearing interest based on the Eurodollar rate.
“Event of Default” has the meaning assigned to such term in Article VII.
“Excess Cash Flow” means, for any fiscal year of the Borrower, the excess, if any, of (a) the sum, without duplication, of (i) Net Income for such fiscal year, (ii) the amount of all non-cash charges (including depreciation and amortization) deducted in determining at such Net Income, (iii) decreases in Working Capital for such fiscal year, and (iv) the aggregate net amount of non-cash loss on the disposition of property by the Borrower and its Subsidiaries during such fiscal year (other than sales of inventory in the ordinary course of business), to the extent deducted in arriving at such Net Income minus (b) the sum, without duplication, of (i) the amount of all non-cash credits included in arriving at such Net Income, (ii) the aggregate amount actually paid by the Borrower and its Subsidiaries in cash during such fiscal year on account of Capital Expenditures (excluding the principal amount of Indebtedness incurred in connection with such expenditures and any such expenditures financed with the proceeds of asset dispositions that have not yet been used to pay down the Loans), (iii) the aggregate amount of all prepayments of Revolving Loans during such fiscal year to the extent of accompanying permanent optional reductions of the Revolving Commitment and, following the Delayed Draw Term Loan Expiration Date all optional prepayments of the Delayed Draw Term Loans during such fiscal year, (iv) the aggregate amount of all regularly scheduled principal payments of Long-Term Debt (including the Delayed Draw Term Loans) of the Borrower and its Subsidiaries made during such fiscal year (other than in respect of any revolving credit facility, to the extent that there is not an equivalent permanent reduction in commitments thereunder), (v) increases in Working Capital for such fiscal year, and (vi) the aggregate net amount of non-cash gain on the disposition of property by the Borrower and its Subsidiaries during such fiscal year (other than sales of inventory in the ordinary course of business), to the extent included in arriving at such Net Income.
“Excluded Swap Obligation” means, 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 

    
	
			
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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 ECP 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.  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.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient:  (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f) and (d) any Taxes imposed under FATCA.
“Existing Credit Agreement” shall have the meaning set forth in the Recitals.
“FATCA” means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreement.
“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate.
“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.
“Financial Statements” has the meaning assigned to such term in Section 5.01.
“Fixed Charge Coverage Ratio” means, for any period, the ratio of (a) EBITDA minus Unfinanced Capital Expenditures (including capitalized software and taxes paid in cash) minus Restricted Payments permitted pursuant to Section 6.08(a)(iii), to  (b) Fixed Charges, all calculated for the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP.

    
	
			
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“Fixed Charges” means, for any period, without duplication, cash Interest Expense, plus scheduled principal payments on Indebtedness actually made, plus Capital Lease Obligation payments, all calculated for the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP.
“Fixtures” has the meaning assigned to such term in the Security Agreement.
“Foreign Currency Sublimit” means $1,000,000 (or the Alternative Currency Equivalent thereof, if applicable).
“Foreign Holdco” means a Subsidiary with no material assets other than Equity Interests (including, for this purpose, any debt or other instrument treated as equity for U.S. federal income tax purposes) in one or more Foreign Subsidiaries or Foreign Holdcos.
“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.
“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary.
“Funding Account” has the meaning assigned to such term in Section 4.01(h).
“GAAP” means generally accepted accounting principles in the U.S.
“German Collateral Documents” mean (a) that certain Share Pledge, dated as of the Effective Date, between Lovoo Holdings and the Administrative Agent, with respect to the Equity Interests of Lovoo and (b) that certain Share Pledge, dated as of the Effective Date, between the Borrower and the Administrative Agent, with respect to the Equity Interests of Lovoo Holdings.
“Governmental Authority” means the government of the U.S., any other nation or 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.
“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.
“Guaranteed Obligations” has the meaning assigned to such term in Section 10.01.
“Guarantors” means all Loan Guarantors and all non-Loan Parties who have delivered an Obligation Guaranty, and the term “Guarantor” means each or any one of them individually.

    
	
			
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“Hazardous Materials” means:  (a) any substance, material, or waste that is included within the definitions of “hazardous substances,” “hazardous materials,” “hazardous waste,” “toxic substances,” “toxic materials,” “toxic waste,” or words of similar import in any Environmental Law; (b) those substances listed as hazardous substances by the United States Department of Transportation (or any successor agency) (49 C.F.R. 172.101 and amendments thereto) or by the Environmental Protection Agency (or any successor agency) (40 C.F.R. Part 302 and amendments thereto); and (c) any substance, material, or waste that is petroleum, petroleum-related, or a petroleum by-product, asbestos or asbestos-containing material, polychlorinated biphenyls, flammable, explosive, radioactive, freon gas, radon, or a pesticide, herbicide, or any other agricultural chemical.
“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business, but, including earn-outs or similar deferred payments that are not contingent and are actually due and payable), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, and (k) obligations, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (i) any and all Swap Agreements, and (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction.  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 provide that such Person is not liable therefor.
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in the foregoing clause (a), Other Taxes.
“Indemnitee” has the meaning assigned to such term in Section 9.03(b).
“Ineligible Institution” has the meaning assigned to such term in Section 9.04(b).
“Information” has the meaning assigned to such term in Section 9.12.
“Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.08.
“Interest Expense” means, with reference to any period, total interest expense (including that attributable to Capital Lease Obligations) of the Borrower and its Subsidiaries for such period with respect to all outstanding Indebtedness of the Borrower and its Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptances and net costs under Swap Agreements in respect of interest rates, to the extent such net costs are allocable to such period in 

    
	
			
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accordance with GAAP), calculated for the Borrower and its Subsidiaries on a consolidated basis for such period in accordance with GAAP.
“Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the first Business Day of each calendar quarter and the Revolving Credit Maturity Date or the Term Maturity Date, as applicable, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and the Revolving Credit Maturity Date or the Term Maturity Date, as applicable and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Revolving Credit Maturity Date.
“Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Eurodollar Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter, as the Borrower may elect; provided that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period.  For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.
“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between:  (a) the LIBO Screen Rate for the longest period (for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest period (for which the LIBO Screen Rate is available) that exceeds the Impacted Interest Period, in each case, at such time.
“Inventory” has the meaning assigned to such term in the Security Agreement.
“IRS” means the United States Internal Revenue Service.
“Issuing Bank” means, JPMorgan, in its capacity as the issuer of Letters of Credit hereunder.  The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by its Affiliates, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate (it being agreed that the Issuing Bank shall, or shall cause such Affiliate to, comply with the requirements of Section 2.06 with respect to such Letters of Credit).  At any time there is more than one Issuing Bank, all singular references to the Issuing Bank shall mean any Issuing Bank, either Issuing Bank, each Issuing Bank, the Issuing Bank that has issued the applicable Letter of Credit, or both (or all) Issuing Banks, as the context may require.
“Issuing Bank Sublimit” means, as of the Effective Date, $1,000,000; provided that the Issuing Bank shall be permitted at any time to increase or reduce its Issuing Bank Sublimit upon providing five (5) days’ prior written notice thereof to the Administrative Agent and the Borrowers.
“Joinder Agreement” means a Joinder Agreement in substantially the form of Exhibit E.

    
	
			
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“JPMorgan” means JPMorgan Chase Bank, N.A., a national banking association, in its individual capacity, and its successors.
“LC Collateral Account” has the meaning assigned to such term in Section 2.06(j).
“LC Disbursement” means any payment made by an Issuing Bank pursuant to a Letter of Credit.
“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all standby Letters of Credit outstanding at such time plus (b) the aggregate amount of all LC Disbursements relating to standby Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers at such time.  The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the aggregate LC Exposure at such time.
“Lenders” means the Persons listed on the Commitment Schedule and any other Person that shall have become a Lender hereunder pursuant to an Assignment and Assumption, other than any such Person that ceases to be a Lender hereunder pursuant to an Assignment and Assumption.  Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender and the Issuing Bank.
“Letters of Credit” means the letters of credit issued pursuant to this Agreement, and the term “Letter of Credit” means any one of them or each of them singularly, as the context may require.
“LIBO Rate” means, in the case of any (a) Eurodollar Borrowings denominated in Dollars (i) with respect to any Eurodollar Borrowing for any applicable Interest Period or for any ABR Borrowing, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for Dollars) for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as shall be selected by the Administrative Agent in its reasonable discretion (in each case, the “Dollar LIBO Screen Rate”) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period; provided that, (x) if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement and (y) if the LIBO Screen Rate shall not be available at such time for a period equal in length to such Interest Period (an “Dollar Impacted Interest Period”), then the LIBO Rate shall be the Interpolated Rate at such time, subject to Section 2.14 in the event that the Administrative Agent shall conclude that it shall not be possible to determine such Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error); provided further, that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement; and (b) Eurodollar Borrowings denominated in an Alternative Currency (i) with respect to any Eurodollar Borrowing for any applicable Interest Period or for any ABR Borrowing, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for such Alternative Currency) for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as shall be selected by the Administrative Agent in its reasonable discretion (in each case, the “Alternative Currency LIBO Screen Rate”) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period; provided that, (x) if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement and (y) if the LIBO Screen Rate shall not be available at such time for a period equal in length to such Interest Period (an “Alternative Currency Impacted Interest Period”), then the LIBO Rate shall be the Interpolated Rate at such 

    
	
			
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time, subject to Section 2.14 in the event that the Administrative Agent shall conclude that it shall not be possible to determine such Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error); provided further, that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.  Notwithstanding the above, to the extent that “LIBO Rate” or “Adjusted LIBO Rate” is used in connection with an ABR Borrowing, such rate shall be determined as modified by the definition of Alternate Base Rate.
“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.
“Liquid Assets” means unrestricted cash and Cash Equivalents.
“Loan Documents” means, collectively, this Agreement, each promissory note issued pursuant to this Agreement, any Letter of Credit application, each Collateral Document, the Loan Guaranty, any Obligation Guaranty and each other agreement, instrument, document and certificate identified in Section 4.01 executed and delivered to, or in favor of, the Administrative Agent or any Lender and including each other pledge, power of attorney, consent, assignment, contract, notice, letter of credit agreement, letter of credit applications and any agreements between the Borrower and the Issuing Bank regarding the Issuing Bank’s Issuing Bank Sublimit or the respective rights and obligations between the Borrower and the Issuing Bank in connection with the issuance of Letters of Credit, and each other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan Party, or any employee of any Loan Party, and delivered to the Administrative Agent or any Lender in connection with this Agreement or the transactions contemplated hereby.  Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.
“Loan Guarantor” means each Loan Party other than the Borrowers’ Foreign Subsidiaries and Foreign Holdcos.
“Loan Guaranty” means Article X of this Agreement.
“Loan Parties” means, collectively, the Borrowers, the Borrowers’ Domestic Subsidiaries and any other Person who becomes a party to this Agreement pursuant to a Joinder Agreement and their successors and assigns, and the term “Loan Party” shall mean any one of them or all of them individually, as the context may require.
“Loans” means the loans and advances made by the Lenders pursuant to this Agreement, including Swingline Loans.
“Long-Term Debt” means any Indebtedness that, in accordance with GAAP, constitutes (or, when incurred, constituted) a long-term liability.
“Lovoo” means Lovoo GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany.
“Lovoo Acquisition” means the Acquisition by Borrower of the outstanding Equity Interests of Lovoo, pursuant to and subject to the terms and conditions of, the Lovoo Acquisition Documents.

    
	
			
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“Lovoo Acquisition Documents” means that certain Share purchase agreement regarding all shares in LOVOO GmbH dated as of September 18,  2017, by and among Borrower, Lovoo Holdings and BAWOGO Ventures GmbH & Co. KG, a limited partnership (Kommanditgesellschaft) organized under the laws of Germany, all as defined (and/or referenced) therein, together with all schedules and exhibits thereto, and all disclosure letters, agreements and instruments executed or delivered in connection therewith; all in form and content acceptable to Administrative Agent in its Permitted Discretion. 
“Lovoo Holdings” means TMG Holding Germany GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany.
 “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or condition, financial or otherwise, of the Borrower or the Borrower and its Subsidiaries taken as a whole, (b) the ability of any Loan Party to perform any of its obligations under the Loan Documents to which it is a party, (c) the Collateral, or the Administrative Agent’s Liens (on behalf of itself and the other Secured Parties) on the Collateral or the priority of such Liens, or (d) the rights of or benefits available to the Administrative Agent, the Issuing Bank or the Lenders under any of the Loan Documents.
“Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the Loan Parties in an aggregate principal amount exceeding $1,000,000.  For purposes of determining Material Indebtedness, the “principal amount” of the obligations of Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.
“Maximum Rate” has the meaning assigned to such term in Section 9.17.
“Moody’s” means Moody’s Investors Service, Inc.
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“Net Income” means, for any period, the consolidated net income (or loss) determined for the Borrower and its Subsidiaries, on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the Borrower or any Subsidiary, and (b) the income (or deficit) of any Person (other than a Subsidiary) in which the Borrower or any Subsidiary 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.
“Net Proceeds” means, with respect to any event, (a) the cash proceeds received in respect of such event including (i) any cash received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but excluding any interest payments), but only as and when received, (ii) in the case of a casualty, insurance proceeds and (iii) in the case of a condemnation or similar event, condemnation awards and similar payments, minus (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates) in connection with such event, (ii) in the case of a sale, transfer or other disposition of an asset (including pursuant to a sale and leaseback transaction or a casualty or a condemnation or similar proceeding), the amount of all payments required to be made as a result of such event to repay Indebtedness (other than Loans) secured by such asset or otherwise subject to mandatory prepayment as a result of such event and (iii) the amount of all taxes paid (or reasonably estimated to be payable) and the amount of any reserves established to fund contingent liabilities reasonably estimated to 

    
	
			
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be payable, in each case during the year that such event occurred or the next succeeding year and that are directly attributable to such event (as determined reasonably and in good faith by a Financial Officer).
“Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(d).
“NYFRB” means the Federal Reserve Bank of New York.
“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day(or for any day that is not a Banking Day, for the immediately preceding Banking Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received to the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Obligated Party” has the meaning assigned to such term in Section 10.02.
“Obligation Guaranty” means any Guarantee of all or any portion of the Secured Obligations executed and delivered to the Administrative Agent for the benefit of the Secured Parties by a guarantor who is not a Loan Party.
“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of any of the Loan Parties to any of the Lenders, the Administrative Agent, the Issuing Bank or any indemnified party, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof.
“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Taxes (other than a connection 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, Letter of Credit, or any Loan Document.
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).
“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time) 

    
	
			
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and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).
“Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.
“Participant” has the meaning assigned to such term in Section 9.04(c).
“Participant Register” has the meaning assigned to such term in Section 9.04(c).
“Participating Member States” means, each country so described in any EMU Legislation.
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Permitted Acquisition” means an Acquisition by any Loan Party in a transaction that satisfies each of the following requirements:
(a)    such Acquisition is not a hostile or contested acquisition;
(b)    the business acquired in connection with such Acquisition is (i) located in the U.S., (ii) organized under applicable U.S. and state laws, and (iii) not engaged, directly or indirectly, in any line of business other than the businesses in which the Loan Parties are engaged on the Effective Date and any business activities that are substantially similar, related, or incidental thereto;
(c)    both before and after giving effect to such Acquisition and the Loans (if any) requested to be made in connection therewith, each of the representations and warranties in the Loan Documents is true and correct and no Default exists, will exist, or would result therefrom;
(d)    as soon as available, but not less than thirty (30) days prior to such Acquisition, the Borrower has provided the Administrative Agent (i) notice of such Acquisition and (ii) a copy of all business and financial information reasonably requested by the Administrative Agent including pro forma financial statements, statements of cash flow, and Availability projections;
(e)    the purchase price of such Acquisition, including earn-outs or similar deferred payments in connection therewith, does not exceed $25,000,000 and any cash consideration paid (i) in connection with any single Acquisition shall not exceed $10,000,000 and (ii) for all Acquisitions made during the term of this Agreement shall not exceed $20,000,000;
(f)    if such Acquisition is an acquisition of the Equity Interests of a Person, such Acquisition is structured so that the acquired Person shall become a wholly-owned Subsidiary of the Borrower and, a Loan Party pursuant to the terms of this Agreement;
(g)    if such Acquisition is an acquisition of assets, such Acquisition is structured so that the Borrower or another Loan Party shall acquire such assets;
(h)    if such Acquisition is an acquisition of Equity Interests, such Acquisition will not result in any violation of Regulation U;
(i)    if such Acquisition involves a merger or a consolidation involving the Borrower or any other Loan Party, the Borrower or such Loan Party, as applicable, shall be the surviving entity;

    
	
			
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(j)    no Loan Party shall, as a result of or in connection with any such Acquisition, assume or incur any direct or contingent liabilities (whether relating to environmental, tax, litigation, or other matters) that could have a Material Adverse Effect;
(k)    in connection with an Acquisition of the Equity Interests of any Person, all Liens on property of such Person shall be terminated unless the Administrative Agent and the Lenders in their sole discretion consent otherwise, and in connection with an Acquisition of the assets of any Person, all Liens on such assets shall be terminated;
(l)    the Borrower shall certify to the Administrative Agent and the Lenders (and provide the Administrative Agent and the Lenders with a pro forma calculation in form and substance reasonably satisfactory to the Administrative Agent and the Lenders) that, after giving effect to the completion of such Acquisition, on a Pro Forma Basis and at all times during the 12-month period prior to the consummation of such Acquisition (i) Availability will not be less than $15,000,000 which includes all consideration given in connection with such Acquisition, other than Equity Interests of the Borrower delivered to the seller(s) in such Acquisition, as having been paid in cash at the time of making such Acquisition and (ii) the Borrower will be in compliance with the covenants contained in Section 6.12(a) and (b);
(m)    all actions required to be taken with respect to any newly acquired or formed wholly-owned Subsidiary of the Borrower or a Loan Party, as applicable, required under Section 5.14 shall have been taken; and
(n)    the Borrower shall have delivered to the Administrative Agent the final executed documentation relating to such Acquisition within 5 days following the consummation thereof.
“Permitted Discretion” means a determination made in good faith and in the exercise of reasonable (from the perspective of a secured lender) business judgment.
“Permitted Encumbrances” means:
(a)    Liens imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.04;
(b)    carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or are being contested in compliance with Section 5.04;
(c)    pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations;
(d)    deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business;
(e)    judgment Liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; and
(f)    easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of any Borrower or any Subsidiary;

    
	
			
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provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness, except with respect to clause (e) above.
“Permitted Investments” means:
(a)    direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the U.S. (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the U.S.), in each case maturing within one year from the date of acquisition thereof;
(b)    investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s;
(c)    investments in certificates of deposit, bankers’ acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the U.S. or any state thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000;
(d)    fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and
(e)    money market funds that (i) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000.
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which any Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Platform” means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.
“Prepayment Event” means:
(a)    any sale, transfer or other disposition (including pursuant to a sale and leaseback transaction) of any property or asset of any Loan Party or any Subsidiary, other than dispositions described in Section 6.05(a); or
(b)    any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of any Loan Party; or
(c)    the incurrence by any Loan Party of any Indebtedness, other than Indebtedness permitted under Section 6.01; or

    
	
			
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(d)    the issuance by any Loan Party of any Equity Interests, or the receipt by any Loan Party of any capital contribution.
“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan as its prime rate in effect at its principal offices in New York City.  Each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.
“Pro Forma Basis” means, for any Acquisition or disposition of all or substantially all of the Equity Interests or assets of a Person, each such transaction shall be deemed to have occurred on and as of the first day of the relevant period.
“Projections” has the meaning assigned to such term in Section 5.01(f).
“Public-Sider” means a Lender whose representatives may trade in securities of the Borrower or any of its Subsidiaries while in possession of the financial statements provided by the Borrower under the terms of this Agreement.
“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Loan Guaranty or grant of the relevant security interest becomes or would become effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
“Recipient” means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) the Issuing Bank, or any combination thereof (as the context requires).
“Refinance Indebtedness” has the meaning assigned to such term in Section 6.01(f).
“Register” has the meaning assigned to such term in Section 9.04.
“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, partners, members, trustees, employees, agents, administrators, managers, representatives and advisors of such Person and such Person’s Affiliates.
“Release” means any releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, migrating, disposing, or dumping of any substance into the environment.
“Report” means reports prepared by the Administrative Agent or another Person showing the results of appraisals, field examinations or audits pertaining to the assets of the Loan Parties from information furnished by or on behalf of the Borrowers, after the Administrative Agent has exercised its rights of inspection pursuant to this Agreement, which Reports may be distributed to the Lenders by the Administrative Agent.
“Required Lenders” means, at any time, Lenders (other than Defaulting Lenders) having Credit Exposure and unused Commitments representing more than 51% of the sum of the Aggregate Credit Exposure and unused Commitments at such time; provided that, as long as there are only two Lenders, Required Lenders shall mean both Lenders.
“Requirement of Law” means, with respect to any Person, (a) the charter, articles or certificate of organization or incorporation and bylaws or operating, management or partnership agreement, or other organizational or governing documents of such Person and (b) any statute, law (including common law), 

    
	
			
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treaty, rule, regulation, code, ordinance, order, decree, writ, judgment, injunction or determination of any arbitrator or court or other Governmental Authority (including Environmental Laws), in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.
“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest in any Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests or any option, warrant or other right to acquire any such Equity Interests.
“Revaluation Date” shall mean each of the following: (a) each date a Borrowing denominated in an Alternative Currency is made pursuant to Section 2.01(a); (b) each date a Eurodollar Borrowing denominated in an Alternative Currency is continued pursuant to Section 2.08; and (c) such additional dates as the Administrative Agent or the Required Lenders shall specify.
“Revolving Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate permitted amount of such Lender’s Revolving Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to (a) Section 2.09 and (b) assignments by or to such Lender pursuant to Section 9.04.  The initial amount of each Lender’s Revolving Commitment is set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable.  The initial aggregate amount of the Lenders’ Revolving Commitments is $20,000,000.
“Revolving Credit Maturity Date” means September 18, 2020 (if the same is a Business Day, or if not then the immediately next succeeding Business Day), or any earlier date on which the Revolving Commitments are reduced to zero or otherwise terminated pursuant to the terms hereof.
“Revolving Exposure” means, with respect to any Lender, at any time, the sum of the aggregate outstanding principal Dollar Amount (determined as of the most recent Revaluation Date) of such Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time.
“Revolving Lender” means, as of any date of determination, a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Exposure.
“Revolving Loan” means a Loan made pursuant to Section 2.01(a).
“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.
“Sale and Leaseback Transaction” has the meaning assigned to such term in Section 6.06.
“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State or by the United Nations Security Council, the European Union or any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority, (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).

    
	
			
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“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) 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, or (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority.
“SEC” means the Securities and Exchange Commission of the U.S.
“Secured Obligations” means all Obligations, together with all (i) Banking Services Obligations and (ii) Swap Agreement Obligations owing to one or more Lenders or their respective Affiliates; provided, however, that the definition of “Secured Obligations” shall not create any guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining any obligations of any Guarantor.
“Secured Parties” means (a) the Administrative Agent, (b) the Lenders, (c) each Issuing Bank, (d) each provider of Banking Services, to the extent the Banking Services Obligations in respect thereof constitute Secured Obligations, (e) each counterparty to any Swap Agreement, to the extent the obligations thereunder constitute Secured Obligations, (f) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document, and (g) the successors and assigns of each of the foregoing.
“Security Agreement” means that certain Amended and Restated Pledge and Security Agreement (including any and all supplements thereto), dated as of the date hereof, among the Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, and any other pledge or security agreement entered into, after the date of this Agreement by any other Loan Party (as required by this Agreement or any other Loan Document) or any other Person for the benefit of the Administrative Agent and the other Secured Parties, as the same may be amended, restated, supplemented or otherwise modified from time to time.
“Spot Rate” shall mean, with respect to an Alternative Currency, the rate quoted on the Bloomberg Benchmark Currency Rates page as the spot rate for the purchase of such Alternative Currency with Dollars at approximately 11:00 a.m. on the date that is two Business Days prior to the date as of which the foreign exchange computation is made.
“Statement” has the meaning assigned to such term in Section 2.18(g).
“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) established by the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board).  Such reserve percentages shall include those imposed pursuant to such Regulation D of the Board.  Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D of the Board or any comparable regulation.  The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
“Sterling” mean the lawful currency of the United Kingdom. 

    
	
			
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“Subordinated Indebtedness” of a Person means any Indebtedness of such Person, the payment of which is subordinated to payment of the Secured Obligations to the written satisfaction of the Administrative Agent.
“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity, the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held.
“Subsidiary” means any direct or indirect subsidiary of the Borrower or a Loan Party, as applicable.
“Swap Agreement” means any agreement with respect to any swap, forward, spot, future, credit default 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 Borrowers or their Subsidiaries shall be a Swap Agreement.
“Swap Agreement Obligations” means any and all obligations of the Loan Parties and their Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any Swap Agreement permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction permitted hereunder with a Lender or an Affiliate of a Lender.
“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.
“Swingline Commitment” means, the commitment of the Swingline Lender to make Swingline Loans pursuant to the provisions of Section 2.05 of this Agreement in an aggregate amount at any one time outstanding not to exceed $1,000,000. 
“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Revolving Lender at any time shall be the sum of (a) its Applicable Percentage of the total Swingline Exposure at such time other than with respect to any Swingline Loans made by such Revolving Lender in its capacity as the Swingline Lender and (b) the principal amount of all Swingline Loans made by such Revolving Lender in its capacity as the Swingline Lender outstanding at such time (less the amount of participations funded by the other Lenders in such Swingline Loans). 
“Swingline Lender” means JPMorgan, in its capacity as lender of Swingline Loans hereunder. Any consent required of the Administrative Agent or the Issuing Bank shall be deemed to be required of the Swingline Lender and any consent given by JPMorgan in its capacity as Administrative Agent or Issuing Bank shall be deemed given by JPMorgan in its capacity as Swingline Lender as well.

    
	
			
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“Swingline Loan” means a Loan made pursuant to Section 2.05.
“Tagged” means IFWE, Inc. a Delaware corporation.
“Tagged Letter of Credit” means that certain letter of credit issued by Comerica Bank, in the face amount of $500,000, and bearing an expiry date of October 31, 2017.
“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), value added taxes, or any other goods and services, use or sales taxes, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Term Maturity Date” means September 18, 2020.
“Total Indebtedness” means, at any date, the aggregate principal amount of all Indebtedness of the Borrower and its Subsidiaries on a consolidated basis at such date, in accordance with GAAP. 
“Total Leverage Ratio” means, on any date, the ratio of (a) Total Indebtedness on such date to (b) EBITDA for the period of four consecutive fiscal quarters ended on or most recently prior to such date.
“Transactions” means the execution, delivery and performance by the Borrowers of this Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.
“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate, or the Alternate Base Rate.
“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or in any other state, the laws of which are required to be applied in connection with the issue of perfection of security interests.
“Unfinanced Capital Expenditures” means, for any period, Capital Expenditures made during such period which are not financed from the proceeds of any Indebtedness (other than the Revolving Loans; it being understood and agreed that, to the extent any Capital Expenditures are financed with Revolving Loans, such Capital Expenditures shall be deemed Unfinanced Capital Expenditures).
“Unliquidated Obligations” means, at any time, any Secured Obligations (or portion thereof) that are contingent in nature or unliquidated at such time, including any Secured Obligation that is:  (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (ii) any other obligation (including any guarantee) that is contingent in nature at such time; or (iii) an obligation to provide collateral to secure any of the foregoing types of obligations.
“U.S.” means the United States of America.
“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.
“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

    
	
			
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“USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.
“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.
“Working Capital” means, at any date, the excess of current assets of the Borrower and its Subsidiaries other than cash or cash equivalents on such date over current liabilities of the Borrower and its Subsidiaries on such date other than Revolving Loans and Letters of Credit, all determined on a consolidated basis in accordance with GAAP.
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
SECTION 1.02.    Classification of Loans and Borrowings.  For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”).  Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”).
SECTION 1.03.    Terms Generally.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply) and all judgments, orders and decrees of all Governmental Authorities.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise (a) 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, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignments set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (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 to any particular provision hereof, (e) 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, (f) any reference in any definition to the phrase “at any time” or “for any period” shall refer to the same time or period for all calculations or determinations within such definition, and (g) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
SECTION 1.04.    Accounting Terms; GAAP.  Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in 

    
	
			
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effect from time to time; provided that, if after the date hereof there occurs any change in GAAP or in the application thereof on the operation of any provision hereof and the Borrower notifies the Administrative Agent that the Borrowers request an amendment to any provision hereof to eliminate the effect of such change in GAAP or in the application thereof (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.  
SECTION 1.05.    Rounding.  Any financial ratios required to be maintained by any Loan Party pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).
SECTION 1.06.    Status of Obligations.  In the event that any Borrower or any other Loan Party shall at any time issue or have outstanding any Subordinated Indebtedness, such Borrower shall take or cause such other Loan Party to take all such actions as shall be necessary to cause the Secured Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.  Without limiting the foregoing, the Secured Obligations are hereby designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar import under and in respect of any indenture or other agreement or instrument under which such Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such Subordinated Indebtedness in order that the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.
SECTION 1.07.    Exchange Rates; Currency Equivalents. 
(a)    The Administrative Agent shall determine the Spot Rates as of each Revaluation Date to be used for calculating the Dollar Amounts of extensions of credit and amounts outstanding hereunder denominated in Alternative Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by the Borrower hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency for purposes of the Loan Documents shall be such Dollar Amount as so determined by the Administrative Agent.
(b)    Wherever in this Agreement, in connection with any extension of credit, any conversion, continuation or prepayment of a Loan or any renewal of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such extension of credit or Borrowing is denominated in an Alternative Currency, such amount shall be the Alternative Currency Equivalent of such Dollar amount (rounded to the nearest 1,000 units of such Alternative Currency), as determined by the Administrative Agent.
(c)    Determinations by the Administrative Agent pursuant to this Section 1.07 shall be conclusive absent demonstrable error.

    
	
			
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SECTION 1.08.    Computation of Dollar Amounts.  References herein to minimum Dollar Amounts and integral multiples stated in Dollars, where they shall also be applicable to an Alternative Currency, shall be deemed to refer to approximate Alternative Currency Equivalents. Wherever in this Agreement an amount, such as a minimum or maximum limitation on Indebtedness permitted to be incurred or Investments permitted to be made hereunder, is expressed in Dollars, it shall be deemed to refer to the Dollar Amount thereof.
ARTICLE II 
 
The Credits
SECTION 2.01.    (a) Revolving Commitments.  Subject to the terms and conditions set forth herein, each Lender severally (and not jointly) agrees to make Revolving Loans to the Borrower in Dollars or in an Alternative Currency as requested by the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment, (ii) the Aggregate Revolving Exposure exceeding the aggregate Revolving Commitments or (iii) the Aggregate Revolving Exposure of all Revolving Loans consisting of Eurodollar Loans denominated in an Alternative Currency exceeding the Foreign Currency Sublimit.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans.
(b)  Delayed Draw Term Loan Borrowings.  Subject to the terms and conditions set forth herein, including without limitation Section 4.02, each Delayed Draw Term Loan Lender severally (and not jointly) agrees to make a Delayed Draw Term Loan in Dollars to the Borrower, in one advance on the Delayed Draw Term Loan Effective Date, in a principal amount not to exceed such Lender’s Delayed Draw Term Loan Commitment.  All undrawn Delayed Draw Term Loan Commitments shall be cancelled on the Delayed Draw Term Loan Expiration Date.  Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not be reborrowed.  Delayed Draw Term Loans may be ABR Loans or Eurodollar  Loans, as further provided herein.
SECTION 2.02.    Loans and Borrowings.
(a)    Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class.  The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.
(b)    Subject to Section 2.14, each Revolving Borrowing and Delayed Draw Term Loan Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith, provided that all Revolving Borrowings and Delayed Draw Term Loan Borrowings made on the Effective Date must be made as ABR Borrowings but may be converted into Eurodollar Borrowings in accordance with Section 2.08.  Each Swingline Loan shall be an ABR Loan.  Revolving Loans denominated in an Alternative Currency shall consist solely of Eurodollar Loans.  Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement.

    
	
			
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(c)    At the commencement of each Interest Period for any Eurodollar Borrowing denominated in Dollars, such Borrowing shall be in an aggregate amount that is an integral multiple of $500,000 and not less than $1,000,000.  Eurodollar Borrowings denominated in an Alternative Currency shall be in an aggregate Alternative Currency Equivalent that is an integral multiple of $250,000 and not less than $500,000.  At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Revolving Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan shall be in an amount that is an integral multiple of $100,000 and not less than $500,000.  Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of 6 Eurodollar Borrowings outstanding.
(d)    Notwithstanding any other provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Revolving Credit Maturity Date or the Term Maturity Date, as applicable.
SECTION 2.03.    Requests for Borrowings.  To request a Borrowing, the Borrower shall notify the Administrative Agent of such request either in writing (delivered by hand or fax) in the form attached hereto as Exhibit B and signed by the Borrower or by telephone or through Electronic System, if arrangements for doing so have been approved by the Administrative Agent, (a) in the case of a Delayed Draw Term Loan Borrowing, not later than 10:00 a.m., Eastern time, three Business Days before the date of the proposed Borrowing, (b)  in the case of a Eurodollar Borrowing denominated in Dollars, not later than 10:00 a.m., Eastern time, three Business Days before the date of the proposed Borrowing, (c) in the case of a Eurodollar Borrowing denominated in an Alternative Currency, not later than 9:00 a.m., Eastern time, four Business Days before the date of the proposed Borrowing or (d) in the case of an ABR Borrowing, not later than noon, Eastern time, on the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than 9:00 a.m., Eastern time, on the date of the proposed Borrowing.  Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, fax or a communication through Electronic System to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower.  Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.01:
(i)    Whether such Borrowing is to be a Revolving Loan Borrowing or a Delayed Draw Term Loan Borrowing;
(ii)    the Class of Borrowing, the aggregate amount of the requested Borrowing, and a breakdown of the separate wires comprising such Borrowing;
(iii)    name of the applicable Borrower(s);
(iv)    the date of such Borrowing, which shall be a Business Day;
(v)    whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 
(vi)    the applicable currency in which such Revolving Loan is to be funded (such currency shall either be Dollars or an Alternative Currency); and
(vii)    in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period.”

    
	
			
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If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing.  If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the applicable Borrower(s) shall be deemed to have selected an Interest Period of one month’s duration.  Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.
SECTION 2.04.    [Section Intentionally Omitted]
SECTION 2.05.    Swingline Loans.
(a)    Subject to the terms and conditions set forth herein, from time to time during the Availability Period, the Swingline Lender agrees to make Swingline Loans to the Borrower, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of  outstanding Swingline Loans exceeding the Swingline Lender’s Swingline Commitment, (ii) the Swingline Lender’s Revolving Exposure exceeding its Revolving Commitment, or (iii) the Aggregate Revolving Exposures exceeding the aggregate Revolving Commitments; provided that the Swingline Lender shall  not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by telephone (confirmed by fax) or through Electronic System, if arrangements for doing so have been approved by the Administrative Agent, not later than noon Eastern time, on the day of a proposed Swingline Loan.  Each such notice shall be irrevocable and  shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower.  The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the Funding Account(s) (or, in the case of a Swingline Loan made to finance the reimbursement of an LC  Disbursement as provided in Section 2.06(e), by remittance to the Issuing Bank, and in the case of repayment of another Loan or fees or expenses as provided by Section 2.18(c), by remittance to the Administrative Agent to be distributed to the Lenders) by 2:00 p.m. Eastern time, on the requested date of such Swingline Loan. 
(b)    The Swingline Lender may by written notice given to the Administrative Agent require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which the Revolving Lenders will participate. Promptly upon receipt of such notice, the Administrative  Agent will give notice thereof to each Revolving Lender, specifying in such notice such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Revolving Lender hereby absolutely and unconditionally agrees, promptly upon receipt of such notice from the Administrative Agent (and in any event, if such notice is received by 11:00 a.m., Eastern     time, on a Business Day no later than 4:00 p.m., Eastern time on such Business Day and if received after 11:00 a.m., Eastern time, “on a Business Day” shall mean no later than 9:00 a.m. Eastern time on the immediately succeeding Business Day), to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.  Each Revolving Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the 

    
	
			
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amounts so received by it from the Revolving Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrowers (or other party on behalf of the Borrowers) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrowers for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrowers of any default in the payment thereof. 
SECTION 2.06.    Letters of Credit.
(a)    General.  Subject to the terms and conditions set forth herein, the Borrower, on behalf of a Borrower, may request the issuance of Letters of Credit denominated in Dollars as the applicant thereof for the support of the obligations of any Borrower or any Subsidiary thereof, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability Period, and the Issuing Bank may, but shall have no obligation, to issue such requested Letters of Credit pursuant to this Agreement.  In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrowers to, or entered into by the Borrowers with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.  Each Borrower unconditionally and irrevocably agrees that, in connection with any Letter of Credit issued for the support of any Subsidiary’s obligations as provided in the first sentence of this paragraph, such Borrower will be fully responsible for the reimbursement of LC Disbursements in accordance with the terms hereof, the payment of interest thereon and the payment of fees due under Section 2.12(b) to the same extent as if it were the sole account party in respect of such Letter of Credit (each Borrower hereby irrevocably waiving any defenses that might otherwise be available to it as a guarantor or surety of the obligations of such Subsidiary that is an account party in respect of any such Letter of Credit).  Notwithstanding anything herein to the contrary, the Issuing Bank shall have no obligation hereunder to issue, and shall not issue, any Letter of Credit (i) the proceeds of which would be made available to any Person (A) to fund any activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of any Sanctions or (B) in any manner that would result in a violation of any Sanctions by any party to this Agreement, (ii) if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or any Requirement of Law relating to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuing Bank in good faith deems material to it, or (iii) if the issuance of such Letter of Credit would violate one or more policies of the Issuing Bank applicable to letters of credit generally; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in the implementation thereof, and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or 

    
	
			
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any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed not to be in effect on the Effective Date for purposes of clause (ii) above, regardless of the date enacted, adopted, issued or implemented.
(b)    Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.  To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or fax (or transmit through Electronic System, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any event no less than three Business Days) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof, and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit.  If requested by the Issuing Bank, the applicable Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit.  A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $1,000,000, (ii) no Revolving Lender’s Revolving Exposure shall exceed its Revolving Commitment and (iii) the Aggregate Revolving Exposure shall not exceed the lesser of the aggregate Revolving Commitments.  Notwithstanding the foregoing or anything to the contrary contained herein, no Issuing Bank shall be obligated to issue or modify any Letter of Credit if, immediately after giving effect thereto, the outstanding LC Exposure in respect of all Letters of Credit issued by such Person and its Affiliates would exceed such Issuing Bank’s Issuing Bank Sublimit.  Without limiting the foregoing and without affecting the limitations contained herein, it is understood and agreed that the Borrower may from time to time request that an Issuing Bank issue Letters of Credit in excess of its individual Issuing Bank Sublimit in effect at the time of such request, and each Issuing Bank agrees to consider any such request in good faith.  Any Letter of Credit so issued by an Issuing Bank in excess of its individual Issuing Bank Sublimit then in effect shall nonetheless constitute a Letter of Credit for all purposes of this Agreement, and shall not affect the Issuing Bank Sublimit of any other Issuing Bank, subject to the limitations on the aggregate LC Exposure set forth in clause (i) of this Section 2.06(b).
(c)    Expiration Date.  Each Letter of Credit shall expire (or be subject to termination or non-renewal by notice from the Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, including, without limitation, any automatic renewal provision, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the Revolving Credit Maturity Date.
(d)    Participations.  By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Revolving Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit.  In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrowers on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment 

    
	
			
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required to be refunded to the Borrowers for any reason.  Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.
(e)    Reimbursement.  If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrowers shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 11:00 a.m., Eastern time, on (i) the Business Day that the Borrower receives notice of such LC Disbursement, if such notice is received prior to 9:00 a.m., Eastern time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is received after 9:00 a.m., Eastern time, on the day of receipt; provided that, if such LC Disbursement is greater than or equal to $1,000,000, the Borrowers may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with an ABR Revolving Borrowing or a Swingline Loan in an equivalent amount and, to the extent so financed, the Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan.  If the Borrowers fail to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrowers in respect thereof, and such Lender’s Applicable Percentage thereof.  Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrowers, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders.  Promptly following receipt by the Administrative Agent of any payment from the Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank, as their interests may appear.  Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrowers of their obligation to reimburse such LC Disbursement.
(f)    Obligations Absolute.  The Borrowers’ joint and several obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein or herein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) any payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrowers’ obligations hereunder.  None of the Administrative Agent, the Revolving Lenders or the Issuing Bank, or any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit, or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing 

    
	
			
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thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrowers to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted by applicable law) suffered by any Borrower that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.  The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination.  In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.
(g)    Disbursement Procedures.  The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit.  The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by fax) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrowers of their obligation to reimburse the Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.
(h)    Interim Interest.  If the Issuing Bank shall make any LC Disbursement, then, unless the Borrowers shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrowers reimburse such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans and such interest shall be due and payable on the date when such reimbursement is due; provided that, if the Borrowers fail to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13 (c) shall apply.  Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment.
(i)    Replacement of the Issuing Bank.   The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank.  The Administrative Agent shall notify the Revolving Lenders of any such replacement of the Issuing Bank.  At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b).  From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require.  After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

    
	
			
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(i)    Subject to the appointment and acceptance of a successor Issuing Bank, the Issuing Bank may resign as an Issuing Bank at any time upon thirty days’ prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case, such Issuing Bank shall be replaced in accordance with Section 2.06(i) above.
(j)    Cash Collateralization.  If any Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC Exposure representing greater than 25% of the aggregate LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Borrowers shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders (the “LC Collateral Account”), an amount in cash equal to 105% of the amount of the LC Exposure as of such date plus accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to any Borrower described in clause (h) or (i) of Article VII.  The Borrowers also shall deposit cash collateral in accordance with this paragraph as and to the extent required by Section 2.11(b) or 2.20.  Each such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Secured Obligations.  The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the LC Collateral Account and the Borrowers hereby grant the Administrative Agent a security interest in the LC Collateral Account and all moneys or other assets on deposit therein or credited thereto.  Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrowers’ risk and expense, such deposits shall not bear interest.  Interest or profits, if any, on such investments shall accumulate in such account.  Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrowers for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing greater than 25% of the aggregate LC Exposure), be applied to satisfy other Secured Obligations.  If the Borrowers are required to provide an amount of cash collateral hereunder as a result of the occurrence of a Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrowers within three (3) Business Days after all such Default have been cured or waived as confirmed in writing by the Administrative Agent.
(k)    LC Exposure Determination.  For all purposes of this Agreement, the amount of a Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at the time of determination.
SECTION 2.07.    Funding of Borrowings.
(a)    Each Lender shall make each Loan to be made by such Lender hereunder on the proposed date thereof solely by wire transfer of immediately available funds by 1:00 p.m., Eastern time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender’s Applicable Percentage; provided that Delayed Draw Term Loans shall be made as provided in Sections 2.01(b) and 2.02(b) and Swingline Loans shall be made as provided in Section 2.05.  The Administrative Agent will make such Loans available to the Borrower by promptly crediting the funds so received in the aforesaid account of the Administrative Agent to the Funding Account(s); provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank.

    
	
			
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(b)    Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the applicable Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, 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 or (ii) in the case of the Borrowers, the interest rate applicable to ABR Revolving Loans.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.
SECTION 2.08.    Interest Elections.
(a)    Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.  Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section provided, that only a Eurodollar Loan denominated in Dollars may be converted to an ABR Borrowing.  The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
(b)    To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone or through Electronic System, if arrangements for doing so have been approved by the Administrative Agent, by the time that a Borrowing Request would be required under Section 2.03 if the Borrowers were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.  Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery, Electronic System or fax to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower.
(c)    Each telephonic and written Interest Election Request (including requests submitted through Electronic System) shall specify the following information in compliance with Section 2.02:
(i)    the name of the applicable Borrower and the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);
(ii)    the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

    
	
			
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(iii)    whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and
(iv)    if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”.
If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrowers shall be deemed to have selected an Interest Period of one month’s duration.
(d)    Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the applicable Class of the details thereof and of such Lender’s portion of each resulting Borrowing.
(e)    If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing.  Notwithstanding any contrary provision hereof, if a Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as a Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.
SECTION 2.09.    Termination and Reduction of Commitments.
(a)    Unless previously terminated, (i) the Delayed Draw Term Loan Commitments shall terminate at 5:00 p.m., Eastern time, on the Delayed Draw Term Loan Expiration Date and (ii) all the Revolving Commitments shall terminate on the Revolving Credit Maturity Date. 
(b)    The Borrowers may at any time terminate the Revolving Commitments upon (i) the payment in full of all outstanding Revolving Loans and LC Disbursements, together with accrued and unpaid interest thereon, (ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Administrative Agent of a cash deposit (or at the discretion of the Administrative Agent a backup standby letter of credit satisfactory to the Administrative Agent and the Issuing Bank) in an amount equal to 105% of the LC Exposure as of such date), (iii) the payment in full of the accrued and unpaid fees, and (iv) the payment in full of all reimbursable expenses and other Obligations together with accrued and unpaid interest thereon.
(c)    The Borrowers may from time to time reduce the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) the Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11, the Aggregate Revolving Exposure would exceed the aggregate Revolving Commitments.
(d)    The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) or (c) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof.  Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the Borrower may state 

    
	
			
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that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.  Any termination or reduction of the Revolving Commitments shall be permanent.  Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Revolving Commitments.
SECTION 2.10.    Repayment and Amortization of Loans; Evidence of Debt.
(a)    The Borrowers hereby unconditionally promise to pay (i) to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan in Dollars or, as applicable, in the Alternative Currency in which such Revolving Loan was made pursuant to Section 2.01, on the Revolving Credit Maturity Date, and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Revolving Credit Maturity Date and the fifth  Business Day after such Swingline Loan is made; provided that on each date that a Revolving Loan is made, the Borrower shall repay all Swingline Loans then outstanding and the proceeds of any such Revolving Loan shall be applied by the Administrative Agent to repay any Swingline Loans outstanding.
(b)    The Borrowers hereby unconditionally promise to pay to the Administrative Agent for the account of each Delayed Draw Term Loan Lender on each date set forth below, in each case following the Delayed Draw Term Loan Expiration Date, the aggregate principal amount set forth opposite such date (as adjusted from time to time pursuant to Section 2.11(e) or 2.18(b)):
	
		
	Date
	Amount

	December 31, 2017
	$3,750,000

	March 31, 2018
	$3,750,000

	June 30, 2018
	$3,750,000

	September 30, 2018
	$3,750,000

	December 31, 2018
	$3,750,000

	March 31, 2019
	$3,750,000

	June 30, 2019
	$3,750,000

	September 30, 2019
	$3,750,000

	December 31, 2019
	$3,750,000

	March 31, 2020
	$3,750,000

	June 30, 2020
	$3,750,000

	Term Maturity Date
	The entire unpaid 
principal amount of 
all Delayed Draw Term Loans

; provided if any date set forth above is not a Business Day, then payment shall be due and payable on the Business Day immediately preceding such date.  To the extent not previously paid, all unpaid Delayed Draw Term Loans shall be paid in full in cash by the Borrowers on the Term Maturity Date.
(c)    Prior to any repayment of any Delayed Draw Term Loan Borrowings of any Class under this Section, the Borrowers shall select the Borrowing or Borrowings of the applicable Class to be repaid and shall notify the Administrative Agent by telephone (confirmed by fax) of such selection not later than 11:00 a.m., Eastern time, three (3) Business Days before the scheduled date of such repayment.  Each repayment of a Delayed Draw Term Loan Borrowing shall be applied ratably to the Loans included in the 

    
	
			
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repaid Delayed Draw Term Loan Borrowing.  Repayments of Delayed Draw Term Loan Borrowings shall be accompanied by accrued interest on the amounts repaid.
(d)    Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrowers to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(e)    The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, if any, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.
(f)    The entries made in the accounts maintained pursuant to paragraph (d) or (e) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement.
(g)    Any Lender may request that Loans made by it be evidenced by a promissory note.  In such event, the Borrowers shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent.  Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form.
SECTION 2.11.    Prepayment of Loans.
(a)    The Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (e) of this Section and, if applicable, payment of any break funding expenses under Section 2.16.
(b)    In the event and on such occasion that (i) the Aggregate Revolving Exposure exceeds the aggregate Revolving Commitments or (ii) the Aggregate Revolving Exposure of all Revolving Loans consisting of Eurodollar Loans denominated in an Alternative Currency exceeds the Foreign Currency Sublimit, the Borrowers shall prepay the Revolving Loans, and/or LC Exposure and/or Swingline Loans (or, if no such Borrowings are outstanding, deposit cash collateral in the LC Collateral Account in an aggregate amount equal to such excess, in accordance with Section 2.06(j)).
(c)    Commencing with the fiscal year end 2017, no later than the date that is ten days after the earlier of (i) the date on which the Borrower’s annual audited financial statements for the immediately preceding fiscal year are delivered pursuant to Section 5.01 or (ii) the date on which such annual audited financial statements were required to be delivered pursuant to Section 5.01, the Borrower shall prepay the Obligations as set forth in Section 2.11(e) below in an amount equal to (A) fifty percent (50%) of the Borrower’s Excess Cash Flow for the immediately preceding fiscal year as set forth in paragraph (e) below, or (B) zero  percent (0%) of the Borrower’s Excess Cash Flow for the immediately preceding fiscal year as set forth in paragraph (e) below if the Borrower’s Total Leverage Ratio is less than 0.50 to 1.00.  Each Excess Cash Flow prepayment shall be accompanied by a certificate signed by a Financial Officer certifying the 

    
	
			
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manner in which Excess Cash Flow and the resulting prepayment were calculated, which certificate shall be in form and substance reasonably satisfactory to the Administrative Agent.
(d)    In the event and on each occasion that any Net Proceeds are received by or on behalf of any Loan Party or any Subsidiary in respect of any Prepayment Event, the Borrowers shall, immediately after such Net Proceeds are received by any Loan Party or Subsidiary, prepay the Obligations and cash collateralize the LC Exposure as set forth in Section 2.11(e) below in an aggregate amount equal to 100% of such Net Proceeds, provided that, in the case of any event described in clause (a) or (b) of the definition of the term “Prepayment Event”, if the Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer to the effect that the Loan Parties intend to apply the Net Proceeds from such event (or a portion thereof specified in such certificate), within 180 days after receipt of such Net Proceeds, to acquire (or replace or rebuild) real property, equipment or other tangible assets (excluding inventory) to be used in the business of the Loan Parties, and certifying that no Default has occurred and is continuing, then no prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds specified in such certificate, provided that to the extent of any such Net Proceeds that have not been so applied by the end of such 180 day period, a prepayment shall be required at such time in an amount equal to such Net Proceeds that have not been so applied.
(e)    All prepayments required to be made pursuant to Sections 2.11(c) and (d) shall be applied, first to prepay any protective advances or overadvances that may be outstanding and second solely following the Delayed Draw Term Loan Expiration Date, to prepay the Delayed Draw Term Loans (and in the event Delayed Draw Term Loans of more than one Class shall be outstanding at the time, shall be allocated among the Delayed Draw Term Loans pro rata based on the aggregate principal amounts of outstanding Delayed Draw Term Loans of each such Class) as so allocated, and shall be applied to reduce the subsequent scheduled repayments of Delayed Draw Term Loans of each Class to be made pursuant to Section 2.10 in inverse order of maturity and third to prepay the Revolving Loans (including the Swingline Loans) without a corresponding reduction in the Revolving Commitments and fourth to cash collateralize outstanding LC Exposure; provided that all prepayments required to be made pursuant to Section 2.11(d) with respect to Net Proceeds arising from any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding, to the extent they arise from casualties or losses to cash or Inventory shall be applied, first, to prepay the Revolving Loans (including the Swingline Loans) with a corresponding reduction in the Revolving Commitments and second, to cash collateralize outstanding LC Exposure, and third, solely following the Delayed Draw Term Loan Expiration Date, to prepay the Delayed Draw Term Loans (allocated and applied to subsequent scheduled repayments as set forth above).
(f)    The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by fax) or through Electronic System, if arrangements for doing so have been approved by the Administrative Agent, of any prepayment under this Section:  (i) in the case of prepayment of a Eurodollar Borrowing, not later than 10:00 a.m., Eastern time, three (3) Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Borrowing, not later than 10:00 a.m., Eastern time, one (1) Business Day before the date of prepayment or (iii) or (iii) in the case of prepayment of a Swingline Loan, not later than 11:00 a.m., Eastern time, on the date of prepayment.  Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that if a notice of prepayment is given in connection with a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09.  Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each partial prepayment of any Revolving Borrowing or Delayed Draw Term Loan shall be in an amount that would be permitted in the case of an advance of a Borrowing 

    
	
			
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of the same Type as provided in Section 2.02, except as necessary to apply fully the required amount of a mandatory prepayment.  Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.  Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16.
SECTION 2.12.    Fees.
(a)    The Borrowers agree to pay to the Administrative Agent:
(i)    a commitment fee for the account of each Revolving Lender, which shall accrue at the Applicable Rate on the daily amount of the undrawn portion of the Revolving Commitment of such Lender during the period from and including the Effective Date to but excluding the date on which the Lenders’ Revolving Commitments terminate; it being understood that the LC Exposure of a Lender shall be included and the Swingline Exposure of a Lender shall be excluded in the drawn portion of the Revolving Commitment of such Lender for purposes of calculating the commitment fee.  
(ii)    a commitment fee for the account of each Delayed Draw Term Loan Lender, which shall accrue at the Applicable Rate on the daily amount of the undrawn portion of the Delayed Draw Term Loan Commitment of such Lender during the period from and including the date that is thirty (30) days after the Effective Date to but excluding the Delayed Draw Term Loan Expiration Date.  
Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and, as applicable, on the date on which the Revolving Commitments terminate and the Delayed Draw Term Loan Expiration Date, commencing on the first such date to occur after the date hereof.  All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
(b)    The Borrowers agree to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving Loans on the daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate or rates per annum separately agreed upon between the Borrower and the Issuing Bank on the daily amount of the LC Exposure attributable to Letters of Credit issued by such Issuing Bank (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder.  Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third Business Day following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand.  Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand.  All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

    
	
			
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(c)    The Borrowers agree to pay to the Joint Lead Arrangers, for their respective accounts, fees payable in the amounts and at the times separately agreed upon between the Borrowers and the Joint Lead Arrangers.
(d)    All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders entitled thereto.  Fees paid shall not be refundable under any circumstances.
SECTION 2.13.    Interest.
(a)    The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b)    The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c)    Notwithstanding the foregoing, during the occurrence and continuance of an Event of Default, the Administrative Agent or the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans shall bear interest at 2% plus the rate otherwise applicable to such Loans as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount outstanding hereunder, such amount shall accrue at 2% plus the rate applicable to such fee or other obligation as provided hereunder.
(d)    Accrued interest on each Loan (for ABR Loans, accrued through the last day of the prior calendar month)  shall be payable in arrears on each Interest Payment Date for such Loan and in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e)    All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
SECTION 2.14.    Alternate Rate of Interest.  If prior to the commencement of any Interest Period for a Eurodollar Borrowing:
(a)    the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means do not exist for ascertaining (including, without limitation, by means of an Interpolated Rate) the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or

    
	
			
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(b)    the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans included in such Borrowing for such Interest Period;
then the Administrative Agent shall give notice thereof to the Borrower and the Lenders through Electronic System as provided in Section 9.01 as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and any such Eurodollar Borrowing shall be repaid on the last day of the then current Interest Period applicable thereto, and (ii) if any Borrowing Request requests a Eurodollar Borrowing denominated in Dollars, such Borrowing shall be made as an ABR Borrowing, and (ii) if any Borrowing Request requests a Eurodollar Borrowing denominated in an Alternative Currency, such Borrowing shall be revoked.
SECTION 2.15.    Increased Costs.   If any Change in Law shall:
(i)    impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank; or
(ii)    impose on any Lender or the Issuing Bank 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; or
(iii)    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;
and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting into or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, the Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrowers will pay to such Lender, the Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.
(b)    If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments of or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrowers will pay to such Lender or 

    
	
			
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the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered.
(c)    A certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrowers shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.
(d)    Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof.
SECTION 2.16.    Break Funding Payments.  In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.09(d) and is revoked in accordance therewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19 or 9.02(d), then, in any such event, the Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event.  In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Eurodollar Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Eurodollar Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Eurodollar Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for Dollar deposits of a comparable amount and period from other banks in the eurodollar market.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrowers shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.
SECTION 2.17.    Taxes.
(a)    Withholding Taxes; Gross-Up; 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.  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, 

    
	
			
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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 2.17), 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 by the Loan Parties.  The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.
(c)    Evidence of Payment.  As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.17, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment, or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(d)    Indemnification by the Loan Parties.  The Loan Parties shall jointly and severally indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Borrower by a 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.
(e)    Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any 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 9.04(c) 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 such 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 

    
	
			
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the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(ii)    Without limiting the generality of the foregoing, in the event that any 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), an executed 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 U.S. is a party (x) with respect to payments of interest under any Loan Document, an executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(2)    in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an executed IRS Form W-8ECI;
(3)    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit C-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 a 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) an executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or
(4)    to the extent a Foreign Lender is not the Beneficial Owner, an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI or IRS Form W-8BEN-E, as applicable, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2 or Exhibit C-3, IRS Form W-9, and/or other certification documents from each Beneficial Owner, as applicable; provided that 

    
	
			
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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 C-4 on behalf of each such direct and indirect partner;
(C)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed 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
(D)    if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
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.
(g)    Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), 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 2.17 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 giving rise to such refund had never been paid.  This paragraph (g) shall not be construed to require any indemnified party to 

    
	
			
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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 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.
(i)    Defined Terms.  For purposes of this Section 2.17, the term “Lender” includes the Issuing Bank and the term “applicable law” includes FATCA.
SECTION 2.18.    Payments Generally; Allocation of Proceeds; Sharing of Set-offs.
(a)    The Borrowers shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Sections 2.15, 2.16 or 2.17, or otherwise) prior to 2:00 p.m., Eastern time, on the date when due, in immediately available funds, without set off or counterclaim.  Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be made to the Administrative Agent at its offices at 10 South Dearborn, Floor L2, Suite 1L1-0480, Chicago, IL  60603-2300, except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.  Unless otherwise provided for herein, if any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.  All payments hereunder shall be made in Dollars.
(b)    Any proceeds of Collateral received by the Administrative Agent (i) not constituting either (A) a specific payment of principal, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrowers), or (B) a mandatory prepayment (which shall be applied in accordance with Section 2.11) or (ii) after an Event of Default has occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct, shall be applied ratably first, to pay any fees, indemnities, or expense reimbursements including amounts then due to the Administrative Agent, the Swingline Lender and the Issuing Bank from the Borrowers (other than in connection with Banking Services Obligations or Swap Agreement Obligations), second, to pay any fees or expense reimbursements then due to the Lenders from the Borrowers (other than in connection with Banking Services Obligations or Swap Agreement Obligations), third, to pay interest then due and payable on the Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC Disbursements and to pay any amounts owing with respect to Swap Agreement Obligations up to and including the amount most recently provided to the Administrative Agent pursuant to Section 2.22, ratably (with amounts allocated to the Delayed Draw Term Loans of any Class applied to reduce the subsequent scheduled repayments of the Delayed Draw Term Loans of such Class to be made pursuant to Section 2.10 in inverse order of maturity), fifth, to pay an amount to the Administrative Agent equal to one hundred five percent (105%) of the aggregate LC Exposure, to be held as cash collateral for such Obligations, and sixth, to the payment of any amounts owing in respect of Banking Services Obligations up to and including the amount most recently provided to the Administrative Agent pursuant to Section 2.22, and seventh, to the payment of any other Secured Obligation due to the Administrative Agent or any Lender from the Borrowers or any other Loan Party.  Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the Borrower, or unless a Default is in 

    
	
			
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existence, neither the Administrative Agent nor any Lender shall apply any payment which it receives to any Eurodollar Loan of a Class, except (i) on the expiration date of the Interest Period applicable thereto, or (ii) in the event, and only to the extent, that there are no outstanding ABR Loans of the same Class and, in any such event, the Borrowers shall pay the break funding payment required in accordance with Section 2.16.  The Administrative Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Secured Obligations.
Notwithstanding the foregoing, Secured Obligations arising under Banking Services Obligations or Swap Agreement Obligations shall be excluded from the application described above and paid in clause seventh if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may have reasonably requested from the applicable provider of such Banking Services or Swap Agreements.
(c)    At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees, costs and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder, whether made following a request by the Borrower pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account of the Borrowers maintained with the Administrative Agent.  The Borrowers hereby irrevocably authorize (i) the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents and agree that all such amounts charged shall constitute Loans (including Swingline Loans), and that all such Borrowings shall be deemed to have been requested pursuant to Sections 2.03 or 2.05, as applicable, and (ii) the Administrative Agent to charge any deposit account of any Borrower maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents.
(d)    If, except as otherwise expressly provided herein, any Lender shall, by exercising any right of set off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other similarly situated Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by all such Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrowers pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment or sale of a participation in any of its Loans or participations in LC Disbursements and Swingline Loans to any assignee or participant, other than to the Borrowers or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).  Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation.

    
	
			
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(e)    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 Bank hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due.  In such event, if the Borrowers have not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank 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.
(f)    If any Lender shall fail to make any payment required to be made by it hereunder, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations hereunder until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender hereunder.  Application of amounts pursuant to (i) and (ii) above shall be made in such order as may be determined by the Administrative Agent in its Permitted Discretion.
(g)    The Administrative Agent may from time to time provide the Borrowers with account statements or invoices with respect to any of the Secured Obligations (the “Statements”).  The Administrative Agent is under no duty or obligation to provide Statements, which, if provided, will be solely for the Borrowers’ convenience.  Statements may contain estimates of the amounts owed during the relevant billing period, whether of principal, interest, fees or other Secured Obligations.  If the Borrowers pay the full amount indicated on a Statement on or before the due date indicated on such Statement, the Borrowers shall not be in default of payment with respect to the billing period indicated on such Statement; provided, that acceptance by the Administrative Agent, on behalf of the Lenders, of any payment that is less than the total amount actually due at that time (including but not limited to any past due amounts) shall not constitute a waiver of the Administrative Agent’s or the Lenders’ right to receive payment in full at another time.
SECTION 2.19.    Mitigation Obligations; Replacement of Lenders.
(a)    If any Lender requests compensation under Section 2.15, or if the Borrowers are required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Sections 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
(b)    If any Lender requests compensation under Section 2.15, or if the Borrowers are required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender) pursuant to Section 2.17, or if any Lender becomes a Defaulting Lender, then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations under this Agreement and other Loan Documents to an assignee that 

    
	
			
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shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrowers shall have received the prior written consent of the Administrative Agent (and in circumstances where its consent would be required under Section 9.04, the Issuing Bank and the Swingline Lender), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and funded participations in LC Disbursements and Swingline 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 Borrowers (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments.  A Lender shall not 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 Borrowers to require such assignment and delegation cease to apply.
SECTION 2.20.    Defaulting Lenders.
Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(a)    fees shall cease to accrue on the unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to Section 2.12(a);
(b)    such Defaulting Lender shall not have the right to vote on any issue on which voting is required (other than to the extent expressly provided in Section 9.02(b)) and the Commitment and Revolving Exposure and, if applicable, Delayed Draw Term Commitment and Delayed Draw Term Loans of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder or under any other Loan Document; provided that, except as otherwise provided in Section 9.02, this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender directly affected thereby;
(c)    if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then:
(i)    all or any part of the Swingline Exposure or LC Exposure of such Defaulting Lender (other than the portion of such Swingline Exposure referred to in clause (b) of the definition of such term)  shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only (x) to the extent that the conditions set forth in Section 4.03 are satisfied at the time of such reallocation (and, unless any Borrower shall have otherwise notified the Administrative Agent at such time, such Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time) and (y) to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender’s Revolving Exposure to exceed its Revolving Commitment;
(ii)    if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers shall within one (1) Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize, for the benefit of the Issuing Bank, the Borrowers’ obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;

    
	
			
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(iii)    if the Borrowers cash collateralize any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;
(iv)    if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Sections 2.12(a) and 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and
(v)    if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and
(d)    so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend, renew, extend or increase any Letter of Credit, unless it is satisfied that the related exposure and such Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrowers in accordance with Section 2.20(c), and Swingline Exposure related to any such newly made Swingline Loan or LC Exposure related to any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.20(c)(i) (and such Defaulting Lender shall not participate therein).
If (i) a Bankruptcy Event or a Bail-In Action with respect to the Parent of any Lender shall occur following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or the Issuing Bank, as the case may be, shall have entered into arrangements with the Borrowers or such Lender, satisfactory to the Swingline Lender or the Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.
In the event that each of the Administrative Agent, the Borrowers, the Swingline Lender and the Issuing Bank agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving Commitment and on the date of such readjustment such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.
SECTION 2.21.    Returned Payments.  If, after receipt of any payment which is applied to the payment of all or any part of the Obligations (including a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion), then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender.  The provisions of this Section 2.21 shall be and remain 

    
	
			
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effective notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds.  The provisions of this Section 2.21 shall survive the termination of this Agreement.
SECTION 2.22.    Banking Services and Swap Agreements.  Each Lender or Affiliate thereof providing Banking Services for, or having Swap Agreements with, any Loan Party or any Subsidiary or Affiliate of a Loan Party shall deliver to the Administrative Agent, promptly after entering into such Banking Services or Swap Agreements, written notice setting forth the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary or Affiliate thereof to such Lender or Affiliate (whether matured or unmatured, absolute or contingent).  In furtherance of that requirement, each such Lender or Affiliate thereof shall furnish the Administrative Agent, from time to time after a significant change therein or upon a request therefor, a summary of the amounts due or to become due in respect of such Banking Services Obligations and Swap Agreement Obligations.  The most recent information provided to the Administrative Agent shall be used in determining which tier of the waterfall, contained in Section 2.18(b), such Banking Services Obligations and/or Swap Agreement Obligations will be placed.
ARTICLE III 

 Representations and Warranties

Each Loan Party represents and warrants to the Lenders that (and where applicable, agrees):
SECTION 3.01.    Organization; Powers.  Each Loan Party and each Subsidiary is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and , except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.
SECTION 3.02.    Authorization; Enforceability.  The Transactions are within each Loan Party’s organizational powers and have been duly authorized by all necessary organizational actions and, if required, actions by equity holders.  Each Loan Document to which each Loan Party is a party has been duly executed and delivered by such Loan Party and constitutes a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
SECTION 3.03.    Governmental Approvals; No Conflicts.  The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, 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 Requirement of Law applicable to any Loan Party or any Subsidiary, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Loan Party or any Subsidiary or the assets of any Loan Party or any Subsidiary, or give rise to a right thereunder to require any payment to be made by any Loan Party or any Subsidiary, and (d) will not result in the creation or imposition of any Lien on any asset of any Loan Party or any Subsidiary, except Liens created pursuant to the Loan Documents.
SECTION 3.04.    Financial Condition; No Material Adverse Change.

    
	
			
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(a)    The Company has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2016, reported on by RSM US LLP, independent public accountants, and (ii) as of and for the fiscal month and the portion of the fiscal year ended June 30, 2017, certified by its Financial Officer.  Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Company and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to normal year-end audit adjustments, all of which, when taken as a whole, would not be materially adverse, and the absence of footnotes in the case of the statements referred to in clause (ii) above.
(b)    No event, change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect, since December 31, 2016.
SECTION 3.05.    Properties, etc.
(a)    As of the date of this Agreement, Schedule 3.05 sets forth the address of each parcel of real property that is owned or leased by any Loan Party.  Each of such leases and subleases is valid and enforceable in accordance with its terms and is in full force and effect, and no default by any party to any such lease or sublease exists.  Each of the Loan Parties and each Subsidiary has good and indefeasible title to, or valid leasehold interests in, all of its real and personal property, free of all Liens other than those permitted by Section 6.02.
(b)    Each Loan Party and each Subsidiary owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property necessary to its business as currently conducted, a correct and complete list of which, as of the date of this Agreement, is set forth on Schedule 3.05, and the use thereof by each Loan Party and each Subsidiary does not infringe in any material respect upon the rights of any other Person, and each Loan Party’s and each Subsidiary’ rights thereto are not subject to any licensing agreement or similar arrangement.
SECTION 3.06.    Litigation and Environmental Matters.
(a)    There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of any Loan Party, threatened against or affecting any Loan Party or any Subsidiary (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters set forth on Schedule 3.06) or (ii) that involve any Loan Document or the Transactions.
(b)    Except for the Disclosed Matters, (i) no Loan Party or any Subsidiary has received notice of any claim with respect to any Environmental Liability or knows of any basis for any Environmental Liability and (ii) and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, no Loan Party or any Subsidiary (A) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law (B) has become subject to any Environmental Liability, (C) has received notice of any claim with respect to any Environmental Liability or (D) knows of any basis for any Environmental Liability.
(c)    Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect.

    
	
			
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SECTION 3.07.    Compliance with Laws and Agreements; No Default.  Except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, each Loan Party and each Subsidiary is in compliance with (i) all Requirements of Law applicable to it or its property and (ii) all indentures, agreements and other instruments binding upon it or its property.  No Default has occurred and is continuing.
SECTION 3.08.    Investment Company Status.  No Loan Party or any Subsidiary is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.
SECTION 3.09.    Taxes.  Each Loan Party and each Subsidiary has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except Taxes that are being contested in good faith by appropriate proceedings and for which such Loan Party or such Subsidiary, as applicable, has set aside on its books adequate reserves.  No tax liens have been filed and no claims are being asserted with respect to any such taxes.
SECTION 3.10.    ERISA.  No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.  The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan.
SECTION 3.11.    Disclosure.  The Loan Parties have disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which any Loan Party or any Subsidiary is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.  None of the reports, financial statements, certificates or other information furnished by or on behalf of any Loan Party or any Subsidiary to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or any other Loan Document (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Loan Parties represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time delivered and, if such projected financial information was delivered prior to the Effective Date, as of the Effective Date.
SECTION 3.12.    Material Agreements.  No Loan Party is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any material definitive agreement filed or incorporated by reference as an Exhibit 10 to Borrower’s annual report on Form 10-K for the fiscal year ended December 31, 2015 or quarterly reports on Form 10-Q for the fiscal quarters ended March 31, 2016, June 30, 2016 or September 30, 2016 to which it is a party.
SECTION 3.13.    Solvency.  Immediately after the consummation of the Transactions to occur on the Effective Date, (i) the fair value of the assets of each Loan Party, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable value of the property of each Loan Party will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) each Loan Party will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) no Loan Party will have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted after the Effective Date.

    
	
			
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SECTION 3.14.    Insurance.  Schedule 3.14 sets forth a description of all insurance maintained by or on behalf of the Loan Parties and their Subsidiaries as of the Effective Date.  As of the Effective Date, all premiums in respect of such insurance have been paid.  The Loan Parties believe that the insurance maintained by or on behalf of the Loan Parties and their Subsidiaries is adequate and is customary for companies engaged in the same or similar businesses operating in the same or similar locations.
SECTION 3.15.    Capitalization and Subsidiaries.  Schedule 3.15 sets forth (a) a correct and complete list of the name and relationship to the Company of each Subsidiary, (b) a true and complete listing of each class of each of the Company’s authorized Equity Interests, of which all of such issued Equity Interests are validly issued, outstanding, fully paid and non-assessable, and owned beneficially and of record by the Persons identified on Schedule 3.15, and (c) the type of entity of the Company and each Subsidiary.  All of the issued and outstanding Equity Interests owned by any Loan Party have been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and are fully paid and non assessable.
SECTION 3.16.    Security Interest in Collateral.  The provisions of this Agreement and the other Loan Documents create legal and valid Liens on all the Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, and such Liens constitute perfected and continuing Liens on the Collateral, securing the Secured Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all other Liens on the Collateral except in the case of (a) Permitted Encumbrances, to the extent any such Permitted Encumbrances would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law and (b) Liens perfected only by possession (including possession of any certificate of title), to the extent the Administrative Agent has not obtained or does not maintain possession of such Collateral.
SECTION 3.17.    Employment Matters.  As of the Effective Date, there are no strikes, lockouts or slowdowns against any Loan Party or any Subsidiary pending or, to the knowledge of any Loan Party, threatened.  The hours worked by and payments made to employees of the Loan Parties and their Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable federal, state, local or foreign law dealing with such matters.  All payments due from any Loan Party or any Subsidiary, or for which any claim may be made against any Loan Party or any Subsidiary, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of such Loan Party or such Subsidiary.
SECTION 3.18.    Federal Reserve Regulations.  No part of the proceeds of any Loan or Letter of Credit has been used or will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.
SECTION 3.19.    Use of Proceeds.  The proceeds of the Loans have been used and will be used, whether directly or indirectly as set forth in Section 5.08.
SECTION 3.20.    No Burdensome Restrictions.  No Loan Party is subject to any Burdensome Restrictions except Burdensome Restrictions permitted under Section 6.10.
SECTION 3.21.    Anti-Corruption Laws and Sanctions.  Each Loan Party has implemented and maintains in effect policies and procedures designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and such Loan Party, its Subsidiaries and their respective officers and employees and, to the knowledge of such Loan Party, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (a) any Loan Party, any Subsidiary 

    
	
			
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or any of their respective directors, officers or employees, or (b) to the knowledge of any such Loan Party or Subsidiary, any agent of such 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 Borrowing or Letter of Credit, use of proceeds, Transaction or other transaction contemplated by this Agreement or the other Loan Documents will violate Anti-Corruption Laws or applicable Sanctions.
ARTICLE IV 
 
Conditions
SECTION 4.01.    Effective Date.  The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):
(a)    Amended and Restated Credit Agreement and Loan Documents.  The Administrative Agent (or its counsel) shall have received (i) from each party hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include fax or other electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement and (ii) duly executed copies of the Loan Documents (other than the German Collateral Documents) and such other certificates, documents, instruments and agreements as the Administrative Agent shall reasonably request in connection with the transactions contemplated by this Agreement and the other Loan Documents, including any promissory notes requested by a Lender pursuant to Section 2.10 payable to the order of each such requesting Lender and a written opinion of the Loan Parties’ counsel, addressed to the Administrative Agent, the Issuing Bank and the Lenders in form and substance reasonably acceptable to the Administrative Agent.
(b)    Financial Statements and Projections.  The Lenders shall have received (i) audited consolidated financial statements of Borrower for the December 31, 2015 and 2016 fiscal years, (ii) audited consolidated financial statements of Lovoo for the December  31, 2015 and 2016 fiscal years, (iii) unaudited interim consolidated financial statements of Borrower for each fiscal month and quarter ended after the date of the latest applicable financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are available, and such financial statements shall not, in the reasonable judgment of the Administrative Agent, reflect any material adverse change in the consolidated financial condition of Borrower, as reflected in the audited, consolidated financial statements described in clause (i) of this paragraph and (iv) the Borrower’s projected consolidated income statement, balance sheet and cash flows for each fiscal year through 2021.
(c)    Closing Certificates; Certified Certificate of Incorporation; Good Standing Certificates.  The Administrative Agent shall have received (i) a certificate of each Loan Party, dated the Effective Date and executed by its Secretary or Assistant Secretary, which shall (A) certify the resolutions of its Board of Directors, members or other body authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of the officers of such Loan Party authorized to sign the Loan Documents to which it is a party and, in the case of a Borrower, its Financial Officers, and (C) contain appropriate attachments, including the charter, articles or certificate of organization or incorporation of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party and a true and correct copy of its bylaws or operating, management or partnership agreement, or other organizational or governing documents, and (ii) a long form good standing certificate for each Loan Party from its jurisdiction of organization.

    
	
			
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(d)    No Default Certificate.  The Administrative Agent shall have received a certificate, signed by the chief financial officer of Borrower and each other Loan Party, dated as of the Effective Date (i) stating that no Default has occurred and is continuing, (ii) stating that the representations and warranties contained in the Loan Documents are true and correct as of such date, and (iii) certifying as to any other factual matters as may be reasonably requested by the Administrative Agent.
(e)    Fees.  The Lenders, Joint Lead Arrangers and the Administrative Agent shall have received all fees required to be paid, and all expenses required to be reimbursed for which invoices have been presented (including the reasonable fees and expenses of legal counsel), on or before the Effective Date.  All such amounts will be paid with proceeds of Loans made on the Effective Date and will be reflected in the funding instructions given by the Borrower to the Administrative Agent on or before the Effective Date.
(f)    Lien Searches.  The Administrative Agent shall have received the results of a recent lien search in the jurisdiction of organization of each Loan Party and each jurisdiction where assets of the Loan Parties are located, and such search shall reveal no Liens on any of the assets of the Loan Parties except for liens permitted by Section 6.02 or discharged on or prior to the Effective Date pursuant to a payoff letter or other documentation satisfactory to the Administrative Agent.
(g)    Collateral Access and Control Agreements.  To the extent not received in connection with the Existing Credit Agreement, the Administrative Agent shall have received each of (i) a Collateral Access Agreement required to be provided pursuant to Section 4.13 of the Security Agreement and (ii) a deposit account control agreement required to be provided pursuant to Section 4.14 of the Security Agreement.
(h)    Solvency.  The Administrative Agent shall have received a solvency certificate signed by a Financial Officer of the Company dated the Effective Date.
(i)    Government and Third Party Consents.  All governmental and material third-party approvals necessary in connection with the Transactions and the continuing operations of the Borrower and its Subsidiaries (including shareholder approvals, if any) shall have been obtained on terms satisfactory to the Administrative Agent and shall be in full force and effect.
(j)    Pledged Equity Interests; Stock Powers; Pledged Notes.  To the extent not received in connection with the Existing Credit Agreement, the Administrative Agent shall have received (i) the certificates representing the Equity Interests pledged pursuant to the Security Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any) pledged to the Administrative Agent pursuant to the Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof.
(k)    Filings, Registrations and Recordings.  Each document (including any Uniform Commercial Code financing statement) required by the Collateral Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to Liens expressly permitted by Section 6.02), shall be in proper form for filing, registration or recordation.  
(l)    Insurance.  To the extent not received in connection with the Existing Credit Agreement, the Administrative Agent shall have received evidence of insurance coverage in form, scope, 

    
	
			
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and substance reasonably satisfactory to the Administrative Agent and otherwise in compliance with the terms of Section 5.10 of this Agreement and Section 4.12 of the Security Agreement.
(m)    No Actions.  There shall exist no action, suit, investigation, litigation or proceeding affecting any Loan Party or any of its Subsidiaries pending or threatened before any Governmental Authority or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect, purports to affect the the Transactions or any portion thereof or the ability of the Borrower or any other Loan Party to perform their respective obligations under the Loan Documents, or (ii) purports to affect the legality, validity or enforceability of any Loan Document or the Transactions.
(n)    USA PATRIOT Act, Etc.  The Administrative Agent and Lenders shall have received all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including USA PATRIOT Act, and a properly completed and signed IRS Form W-8 or W-9, as applicable, for each Loan Party.
(o)    Existing Credit Agreement.  All Indebtedness outstanding under the Existing Credit Agreement shall have been refinanced, or shall be refinanced substantially simultaneously with the initial Borrowing.
(p)    No Revolving Exposure.  The Revolving Commitment shall be undrawn on the Effective Date.
(q)    Other Documents.  The Administrative Agent shall have received such other documents as the Administrative Agent, the Issuing Bank, any Lender or their respective counsel may have reasonably requested.
The Administrative Agent shall notify the Borrowers, the Lenders and the Issuing Bank of the Effective Date, and such notice shall be conclusive and binding.  Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 2:00 p.m., Eastern time, on September 30, 2017 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time).
SECTION 4.02.    Delayed Draw Term Loan Effective Date.  The obligations of the Delayed Draw Term Loan Lenders to make Delayed Draw Term Loans during the Delayed Draw Term Loan Availability Period shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):
(a)    Lovoo Acquisition.  (x) The Lovoo Acquisition shall have been, or shall be, substantially contemporaneously with the Delayed Draw Term Loan Effective Date, consummated in accordance with applicable law; the terms of the Lovoo Acquisition Documents will be in form and content reasonably acceptable to the Administrative Agent and the Lenders; all conditions precedent to the consummation of the Lovoo Acquisition in the Lovoo Acquisition Documents shall have been satisfied or waived, without giving effect to any amendments thereto or any waivers or consents that are materially adverse to the Administrative Agent or the Lenders, in each case without the prior written consent of the Administrative Agent ; and (y) the board of directors (or other comparable governing body) of Lovoo shall have duly approved of the Lovoo Acquisition and Lovoo shall not have (i) announced that it will oppose the Lovoo Acquisition or (ii) commenced any action which alleges that the Lovoo Acquisition will violate applicable law.

    
	
			
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(b)    Pro Forma Opening Statements; Updated Projections.  The Administrative Agent shall have received a pro forma consolidated balance sheet, income statement and cash flow statement (“Pro Forma Opening Statements”) giving effect to the Lovoo Acquisition and projections (“Updated Projections”) updating the projections (“Earlier Projections”) previously provided to the Administrative Agent, together with such information as the Administrative Agent may reasonably request to confirm the tax, legal, and business assumptions made in such Pro Forma Opening Statements and Updated Projections ; the Pro Forma Opening Statements and Updated Projections must demonstrate, in the reasonable judgment of the Administrative Agent, together with all other information then available to the Administrative Agent, that the ability of the Borrower and its Subsidiaries to repay their debts and satisfy their respective other obligations as and when due and to comply with the financial covenants acceptable to the Administrative Agent has not changed in any material respect from the Earlier Projections.
(c)    Loan Documents.  The Administrative Agent (or its counsel) shall have received (i) from each party hereto duly executed copies of the German Collateral Documents and such other certificates, documents, instruments and agreements as the Administrative Agent shall reasonably request in connection therewith.
(d)    Payoff Letter.  The Administrative Agent shall have received satisfactory payoff letters for all existing Indebtedness required to be repaid in connection with the Lovoo Acquisition and which confirms that all Liens upon any of the property of Lovoo and its subsidiaries will be terminated concurrently with such payment and all letters of credit issued or guaranteed as part of such Indebtedness shall have been cash collateralized or supported by a Letter of Credit.
(e)    Minimum Liquidity.  Immediately following the closing of the Lovoo Acquisition, the Borrowers shall have a minimum Liquid Assets of not less than $10,000,000.
(f)    Government and Third Party Consents.  All governmental and material third-party approvals necessary in connection with the Lovoo Acquisition, the Transactions and the continuing operations of the Borrower and its Subsidiaries (including shareholder approvals, if any) shall have been obtained on terms satisfactory to the Administrative Agent and shall be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any competent authority that would restrain, prevent or otherwise impose adverse conditions on the Lovoo Acquisition or the Transactions.
(g)    No Actions.  There shall exist no action, suit, investigation, litigation or proceeding affecting any Loan Party or any of its Subsidiaries pending or threatened before any Governmental Authority or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect, purports to affect the Lovoo Acquisition, the Transactions or any portion thereof or the ability of the Borrower or any other Loan Party to perform their respective obligations under the Loan Documents, or (ii) purports to affect the legality, validity or enforceability of any Loan Document or the consummation of the Lovoo Acquisition or the Transactions.
(h)    Pro Forma Compliance.  After giving effect to the Lovoo Acquisition, the Borrower will be in compliance, on a Pro Forma Basis, with the covenants contained in Sections 6.12(a) and (b).
SECTION 4.03.    Each Credit Event.  The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:
(a)    The representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in all material respects with the same effect as though made on and as 

    
	
			
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of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, and that any representation or warranty which is subject to any materiality qualifier shall be required to be true and correct in all respects).
(b)    At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing.
(c)    After giving effect to any Borrowing or the issuance, amendment, renewal or extension of any Letter of Credit, Availability shall not be less than zero.
(d)    No event shall have occurred and no condition shall exist which has or could be reasonably expected to have a Material Adverse Effect.
(e)    Borrower shall have delivered a Borrowing Request to the Administrative Agent  in accordance with Section 2.03.
Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrowers on the date thereof as to the matters specified in paragraphs (a) through (d) of this Section.
Notwithstanding the failure to satisfy the conditions precedent set forth in paragraphs (a) through (d) of this Section, unless otherwise directed by the Required Lenders, the Administrative Agent may, but shall have no obligation to, continue to make Loans and an Issuing Bank may, but shall have no obligation to, issue, amend, renew or extend, or cause to be issued, amended, renewed or extended, any Letter of Credit for the ratable account and risk of Lenders from time to time if the Administrative Agent believes that making such Loans or issuing, amending, renewing or extending, or causing the issuance, amendment, renewal or extension of, any such Letter of Credit is in the best interests of the Lenders.
ARTICLE V 
 
Affirmative Covenants
Until the Commitments shall have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated, in each case without any pending draw, and all LC Disbursements shall have been reimbursed, each Loan Party executing this Agreement covenants and agrees, jointly and severally with all of the other Loan Parties, with the Lenders that:
SECTION 5.01.    Financial Statements and Other Information.  The Borrowers will furnish to the Administrative Agent and each Lender, including their Public-Siders:
(a)    within ninety (90) days after the end of each fiscal year of the Borrower, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by independent public accountants acceptable to the Required Lenders (without a “going concern” or like qualification, commentary or exception, and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries 

    
	
			
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on a consolidated basis in accordance with GAAP consistently applied, accompanied by any management letter prepared by said accountants;
(b)    within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of such fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by a Financial Officer of the Borrower as presenting fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;
(c)    [intentionally omitted];
(d)    The Company represents and warrants that it, its controlling Person and any Subsidiary, in each case, if any, either (i) has no registered or publicly traded securities outstanding, or (ii) files its financial statements with the SEC and/or makes its financial statements available to potential holders of its 144A securities, and, accordingly, the Company hereby (i) authorizes the Administrative Agent to make the financial statements to be provided under Section 5.01(a) and (b) above (collectively or individually, as the context requires, the “Financial Statements”), along with the Loan Documents, available to Public-Siders and (ii) agree that at the time such Financial Statements are provided hereunder, they shall already have been made available to holders of its securities.  The Company will not request that any other material be posted to Public-Siders without expressly representing and warranting to the Administrative Agent in writing that such materials do not constitute material non-public information within the meaning of the federal securities laws or that the Company has no outstanding publicly traded securities, including 144A securities.  Notwithstanding anything herein to the contrary, in no event shall the Company request that the Administrative Agent make available to Public-Siders budgets or any certificates, reports or calculations with respect to the Borrowers’ compliance with the covenants contained herein.
(e)    concurrently with any delivery of the Financial Statements, a certificate of a Financial Officer of the Borrower in substantially the form of Exhibit D (i) certifying, in the case of the Financial Statements delivered under clause (b) or (c) above, as presenting fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes, (ii) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (iii) setting forth reasonably detailed calculations demonstrating compliance with Sections 6.12(a) and (b) and (iv) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the Financial Statements accompanying such certificate;
(f)    concurrently with any delivery of Financial Statements under clause (a) above, a certificate of the accounting firm that reported on such Financial Statements stating whether they obtained knowledge during the course of their examination of such Financial Statements of any Default (which certificate may be limited to the extent required by accounting rules or guidelines);
(g)    as soon as available, but in any event no later than 45 days after the end of each fiscal year of the Borrower, a copy of the plan and forecast (including a projected consolidated and consolidating balance sheet, income statement and cash flow statement) of the Borrower for each month of the then-current fiscal year (the “Projections”) in form reasonably satisfactory to the Administrative Agent;

    
	
			
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(h)    as soon as possible and in any event within ten (10) days after the end of each quarter, a detailed listing of all intercompany loans, if any, made by the Borrower to any Affiliate during such quarter; 
(i)    promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by any Loan Party or any Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be;
(j)    promptly following any request therefor, such other information regarding the operations, material changes in ownership of Equity Interests, business affairs and financial condition of any Loan Party or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request; and
(k)    promptly after any request therefor by the Administrative Agent or any Lender, copies of (i) any documents described in Section 101(k)(1) of ERISA that the Company or any ERISA Affiliate may request with respect to any Multiemployer Plan and (ii) any notices described in Section 101(l)(1) of ERISA that the Company or any ERISA Affiliate may request with respect to any Multiemployer Plan; provided that if the Company or any ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, the Company or the applicable ERISA Affiliate shall promptly make a request for such documents and notices from such administrator or sponsor and shall provide copies of such documents and notices promptly after receipt thereof.
SECTION 5.02.    Notices of Material Events.  The Borrower will furnish to the Administrative Agent and each Lender prompt (but in any event within any time period that may be specified below) written notice of the following:
(a)    the occurrence of any Default;
(b)    receipt of any notice of any investigation by a Governmental Authority or any litigation or proceeding commenced or threatened against any Loan Party or any Subsidiary that (i) seeks damages in excess of $250,000, (ii) seeks injunctive relief, (iii) is asserted or instituted against any Plan, its fiduciaries or its assets, (iv) alleges criminal misconduct by any Loan Party or any Subsidiary, (v) alleges the violation of, or seeks to impose remedies under, any Environmental Law or related Requirement of Law, or seeks to impose Environmental Liability, (vi) asserts liability on the part of any Loan Party or any Subsidiary in excess of $250,000 in respect of any tax, fee, assessment, or other governmental charge, or (vii) involves any product recall;
(c)    the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Loan Parties and their Subsidiaries in an aggregate amount exceeding $250,000;
(d)    within two (2) Business Days after the occurrence thereof, any Loan Party entering into a Swap Agreement or an amendment to a Swap Agreement, together with copies of all agreements evidencing such Swap Agreement or amendment; and
(e)    any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.
Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

    
	
			
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SECTION 5.03.    Existence; Conduct of Business.  Each Loan Party will, and will cause each Subsidiary to, (a) do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications, licenses, permits, franchises, governmental authorizations, intellectual property rights, licenses and permits material to the conduct of its business, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03 and (b) carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted.
SECTION 5.04.    Payment of Obligations.  Each Loan Party will, and will cause each Subsidiary to, pay or discharge all Material Indebtedness and all other material liabilities and obligations, including Taxes, before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) such Loan Party has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect; provided, however, that each Loan Party will, and will cause each Subsidiary to, remit withholding taxes and other payroll taxes to appropriate Governmental Authorities as and when claimed to be due, notwithstanding the foregoing exceptions.
SECTION 5.05.    Maintenance of Properties.  Each Loan Party will, and will cause each Subsidiary to, keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted.
SECTION 5.06.    Books and Records; Inspection Rights.  Each Loan Party will, and will cause each Subsidiary to, (a) keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities and (b) permit any representatives designated by the Administrative Agent or any Lender (including employees of the Administrative Agent, any Lender or any consultants, accountants, lawyers, agents and appraisers retained by the Administrative Agent), upon reasonable prior notice, to visit and inspect its properties, conduct at the Loan Party’s premises field examinations of the Loan Party’s assets, liabilities, books and records, including examining and making extracts from its books and records, environmental assessment reports and Phase I or Phase II studies, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested.  The Loan Parties acknowledge that the Administrative Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders certain Reports pertaining to the Loan Parties’ assets for internal use by the Administrative Agent and the Lenders.
SECTION 5.07.    Compliance with Laws and Material Contractual Obligations.  Each Loan Party will, and will cause each Subsidiary to, (i) comply with each Requirement of Law applicable to it or its property (including without limitation Environmental Laws) and (ii) perform in all material respects its obligations under material agreements to which it is a party.  Each Loan Party will maintain in effect and enforce policies and procedures designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.
SECTION 5.08.    Use of Proceeds.
(a)    The proceeds of the Delayed Draw Term Loan will be used to finance the Lovoo Acquisition and to pay expenses incurred in connection therewith, and the Revolving Loans and the Letters of Credit will be used only for working capital and general corporate purposes of the Borrower.  No part of the proceeds of any Loan and no Letter of Credit will be used, whether directly or indirectly, for any purpose 

    
	
			
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that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.  Letters of Credit will be issued only to support purposes approved by the Administrative Agent and the Issuing Bank.
(b)    The Borrowers will not request any Borrowing or Letter of Credit, and no Borrower shall use, and each Borrower shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (a) 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, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country to the extent that such activities, businesses or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or the European Union, or (c) in any manner that would result in the violation of any Sanctions applicable to any party hereto.
SECTION 5.09.    Accuracy of Information.  The Loan Parties will ensure that any information, including financial statements or other documents, furnished to the Administrative Agent or the Lenders in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder contains no material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and the furnishing of such information shall be deemed to be a representation and warranty by the Borrowers on the date thereof as to the matters specified in this Section 5.09; provided that, with respect to the Projections, the Loan Parties will cause the Projections to be prepared in good faith based upon assumptions believed to be reasonable at the time.
SECTION 5.10.    Insurance.  Each Loan Party will, and will cause each Subsidiary to, maintain with financially sound and reputable carriers having a financial strength rating of at least A- by A.M. Best Company (a) insurance in such amounts (with no greater risk retention) and against such risks (including loss or damage by fire and loss in transit; theft, burglary, pilferage, larceny, embezzlement, and other criminal activities; business interruption; and general liability) and such other hazards, as is customarily maintained by companies of established repute engaged in the same or similar businesses operating in the same or similar locations and (b) all insurance required pursuant to the Collateral Documents.  The Borrowers will furnish to the Lenders, upon request of the Administrative Agent, but no less frequently than annually, information in reasonable detail as to the insurance so maintained.
SECTION 5.11.    [Intentionally Omitted].
SECTION 5.12.    Casualty and Condemnation.  The Borrowers (a) will furnish to the Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with the applicable provisions of this Agreement and the Collateral Documents.
SECTION 5.13.    Depository Banks.  Each Loan Party and each Subsidiary will maintain the Administrative Agent as its principal depository bank, including for the maintenance of operating, administrative, cash management, collection activity, and other deposit accounts for the conduct of its business.
SECTION 5.14.    Additional Collateral; Further Assurances.

    
	
			
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(a)    Subject to applicable Requirements of Law, each Loan Party will cause each of its Domestic Subsidiaries formed or acquired after the date of this Agreement to become a Loan Party by executing a Joinder Agreement.  Upon execution and delivery thereof, each such Person (i) shall automatically become a Loan Guarantor hereunder and thereupon shall have all of the rights, benefits, duties, and obligations in such capacity under the Loan Documents and (ii) will grant Liens to the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, in any property of such Loan Party which constitutes Collateral, including any parcel of real property located in the U.S. owned by any Loan Party.
(b)    Each Loan Party will cause (i) 100% of the issued and outstanding Equity Interests of each of its Domestic Subsidiaries (other than Foreign Holdcos) and (ii) 65% of the issued and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each Foreign Subsidiary and Foreign Holdco directly owned by a Borrower or any Domestic Subsidiary (other than any Foreign Holdco) to be subject at all times to a first priority, perfected Lien in favor of the Administrative Agent for the benefit of the Administrative Agent and the other Secured Parties, pursuant to the terms and conditions of the Loan Documents or other security documents as the Administrative Agent shall reasonably request.  Upon a request of the Administrative Agent, subject to applicable Requirements of Law, each Loan Party will cause its non-Loan Party parent or Subsidiaries, as applicable, including Foreign Subsidiaries and Foreign Holdcos that are not “controlled foreign corporations” as defined in Section 957 of the Code, to deliver an Obligation Guaranty in form and substance reasonable satisfactory to the Administrative Agent.
(c)    Without limiting the foregoing, each Loan Party will, and will cause each Domestic Subsidiary (other than a Foreign Holdco) to, execute and deliver, or cause to be executed and delivered, to the Administrative Agent 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, mortgages, deeds of trust and other documents and such other actions or deliveries of the type required by Section 4.01, as applicable), which may be required by any Requirement of Law or which the Administrative Agent 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 by the Collateral Documents, all at the expense of the Loan Parties.
(d)    If any material assets (including any real property or improvements thereto or any interest therein) are acquired by any Loan Party after the Effective Date (other than assets constituting Collateral under the Security Agreement that become subject to the Lien under the Security Agreement upon acquisition thereof), the Borrower will (i) notify the Administrative Agent and the Lenders thereof, and, if requested by the Administrative Agent or the Required Lenders, cause such assets to be subjected to a Lien securing the Secured Obligations and (ii)  take, and cause each applicable Loan Party to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect such Liens, including actions described in paragraph (c) of this Section, all at the expense of the Loan Parties.
ARTICLE VI 
 
Negative Covenants
Until the Commitments shall have expired or been terminated and the principal of and interest on each Loan and all fees, expenses and other amounts payable under any Loan Document shall have been paid in full and all Letters of Credit shall have expired or terminated, in each case without any pending draw, and all LC Disbursements shall have been reimbursed, each Loan Party executing this 

    
	
			
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Agreement covenants and agrees, jointly and severally with all of the other Loan Parties, with the Lenders that:
SECTION 6.01.    Indebtedness.  No Loan Party will, nor will it permit any Subsidiary to, create, incur, assume or suffer to exist any Indebtedness, except:
(a)    Indebtedness with respect to the Tagged Letter of Credit;
(b)    Indebtedness with respect to the existing American Express credit card facility of Borrower, not to exceed $800,000 at any time outstanding;
(c)    the Secured Obligations;
(d)    Indebtedness existing on the date hereof and set forth in Schedule 6.01 and any extensions, renewals, refinancings and replacements of any such Indebtedness in accordance with clause (f) hereof;
(e)    Indebtedness of any Borrower to any Subsidiary and of any Subsidiary to any Borrower or any other Subsidiary, provided that (i) Indebtedness of any Subsidiary that is not a Loan Party to any Borrower or any other Loan Party shall be subject to Section 6.04 and (ii) Indebtedness of any Loan Party to any Subsidiary that is not a Loan Party shall be subordinated to the Secured Obligations on terms reasonably satisfactory to the Administrative Agent;
(f)    Guarantees by any Borrower of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of any Borrower or any other Subsidiary, provided that (i) the Indebtedness so Guaranteed is permitted by this Section 6.01, (ii) Guarantees by any Borrower or other Loan Party of Indebtedness of any Subsidiary that is not a Loan Party shall be subject to Section 6.04 and (iii) Guarantees permitted under this clause (d) shall be subordinated to the Secured Obligations on the same terms as the Indebtedness so Guaranteed is subordinated to the Secured Obligations;
(g)    Indebtedness of any Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets (whether or not constituting purchase money Indebtedness), including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness in accordance with clause (h) below; provided that (i) such Indebtedness is incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (g) together with any Refinance Indebtedness in respect thereof permitted by clause (h) below, shall not exceed $1,000,000 at any time outstanding;
(h)    Indebtedness which represents extensions, renewals, refinancing or replacements (such Indebtedness being so extended, renewed, refinanced or replaced being referred to herein as the “Refinance Indebtedness”) of any of the Indebtedness described in clauses (d) and (g) hereof (such Indebtedness being referred to herein as the “Original Indebtedness”); provided that (i) such Refinance Indebtedness does not increase the principal amount or interest rate of the Original Indebtedness, (ii) any Liens securing such Refinance Indebtedness are not extended to any additional property of any Loan Party or any Subsidiary, (iii) no Loan Party or any Subsidiary that is not originally obligated with respect to repayment of such Original Indebtedness is required to become obligated with respect to such Refinance Indebtedness, (iv) such Refinance Indebtedness does not result in a shortening of the average weighted maturity of such Original Indebtedness, (v) the terms of such Refinance Indebtedness are not less favorable 

    
	
			
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to the obligor thereunder than the original terms of such Original Indebtedness and (vi) if such Original Indebtedness was subordinated in right of payment to the Secured Obligations, then the terms and conditions of such Refinance Indebtedness must include subordination terms and conditions that are at least as favorable to the Administrative Agent and the Lenders as those that were applicable to such Original Indebtedness;
(i)    Indebtedness owed to any Person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business;
(j)    Indebtedness of any Loan Party in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each case provided in the ordinary course of business;
(k)    Subordinated Indebtedness in an aggregate principal amount not exceeding $1,000,000 at any time outstanding;
(l)    Indebtedness of any Person that becomes a Subsidiary after the date hereof; provided that (i) such Indebtedness exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary and (ii) the aggregate principal amount of Indebtedness permitted by this clause (l) together with any Refinance Indebtedness in respect thereof permitted by clause (h) above, shall not exceed $500,000 at any time outstanding; 
(m)    Indebtedness of any Loan Party in respect of any earn-outs or similar deferred payments in connection any Permitted Acquisition (other than the Lovoo Acquisition) in an aggregate amount not to exceed $1,000,000 at any time outstanding; and
(n)    other unsecured Indebtedness in an aggregate principal amount not exceeding $1,000,000 at any time outstanding.
SECTION 6.02.    Liens.  No Loan Party will, nor will it permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including Accounts) or rights in respect of any thereof, except:
(a)    Liens created pursuant to any Loan Document;
(b)    Permitted Encumbrances;
(c)    any Lien on any property or asset of any Borrower or any Subsidiary existing on the date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not apply to any other property or asset of such Borrower or Subsidiary or any other Borrower or Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;
(d)    Liens on fixed or capital assets acquired, constructed or improved by any Borrower or any Subsidiary; provided that (i) such Liens secure Indebtedness permitted by clause (e) of Section 6.01, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed 50% of the cost of acquiring, constructing or improving such fixed or capital assets and (iv) such Liens shall not apply to any other property or assets of any Borrower or any Subsidiary;
(e)    any Lien existing on any property or asset (other than Accounts and Inventory) prior to the acquisition thereof by any Borrower or any Subsidiary or existing on any property or asset (other than 

    
	
			
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Accounts and Inventory) of any Person that becomes a Loan Party after the date hereof prior to the time such Person becomes a Loan Party; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Loan Party, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Loan Party and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Loan Party, as the case may be, and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;
(f)    Liens of a collecting bank arising in the ordinary course of business under Section 4 208 of the UCC in effect in the relevant jurisdiction covering only the items being collected upon;
(g)    Liens arising out of Sale and Leaseback Transactions permitted by Section 6.06;
(h)    Liens granted by a Subsidiary that is not a Loan Party in favor of a Borrower or another Loan Party in respect of Indebtedness owed by such Subsidiary;
(i)    Liens arising from UCC financing statement filings solely as a precautionary measure in connection with operating leases or consignment of goods;
(j)    Liens on cash collateral to secure Tagged’s reimbursement obligation under the Tagged Letter of Credit; and
(k)    Other Liens not otherwise permitted by this Section 6.02 so long as neither (i) the aggregate principal amount of the Indebtedness and other obligations secured thereby nor (ii) the aggregate fair market value (determined as of the date such Lien is incurred) of the assets subject thereto exceeds $250,000 at any time outstanding.
Notwithstanding the foregoing, none of the Liens permitted pursuant to this Section 6.02 may at any time attach to any Loan Party’s Accounts, other than those permitted under clause (a) of the definition of Permitted Encumbrances and clause (a) above.
SECTION 6.03.    Fundamental Changes.
(a)    No Loan Party will, nor will it permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing, (i) any Subsidiary of any Borrower may merge into a Borrower in a transaction in which a Borrower is the surviving entity, (ii) any Loan Party (other than any Borrower) may merge into any other Loan Party in a transaction in which the surviving entity is a Loan Party, and (iii) any Subsidiary that is not a Loan Party may liquidate or dissolve if the Borrowers determine in good faith that such liquidation or dissolution is in the best interests of the Borrowers and is not materially disadvantageous to the Lenders; provided that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04.
(b)    No Loan Party will, nor will it permit any Subsidiary to, engage in any business other than businesses of the type conducted by the Borrowers and their Subsidiaries on the date hereof and businesses reasonably related thereto.
(c)    No Loan Party will, nor will it permit any Subsidiary to change its fiscal year or any fiscal quarter from the basis in effect on the Effective Date.

    
	
			
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(d)    No Loan Party will change the accounting basis upon which its financial statements are prepared.
(e)    No Loan Party will change the tax filing elections it has made under the Code.
SECTION 6.04.    Investments, Loans, Advances, Guarantees and Acquisitions.  No Loan Party will, nor will it permit any Subsidiary to, form any subsidiary after the Effective Date, or purchase, hold or acquire (including pursuant to any merger with any Person that was not a Loan Party and a wholly owned Subsidiary prior to such merger) any Equity Interests, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (whether through purchase of assets, merger or otherwise), except:
(a)    in connection with Permitted Acquisitions;
(b)    Permitted Investments, subject to control agreements in favor of the Administrative Agent for the benefit of the Secured Parties or otherwise subject to a perfected security interest in favor of the Administrative Agent for the benefit of the Secured Parties;
(c)    investments in existence on the date hereof and described in Schedule 6.04;
(d)    investments by the Borrowers and the Subsidiaries in Equity Interests in their respective Subsidiaries, provided that (i) any such Equity Interests held by a Loan Party shall be pledged pursuant to the Security Agreement (subject to the limitations applicable to Equity Interests of a Foreign Subsidiary and a Foreign Holdco referred to in Section 5.14) and (ii) the aggregate amount of investments by Loan Parties in Subsidiaries that are not Loan Parties (together with outstanding intercompany loans permitted under Section 6.04(e) and outstanding Guarantees permitted under Section 6.04(f)) shall not exceed $250,000 at any time outstanding (in each case determined without regard to any write-downs or write-offs);
(e)    loans or advances made by any Loan Party to any Subsidiary and made by any Subsidiary to a Loan Party or any other Subsidiary, provided that (i) any such loans and advances made by a Loan Party shall be evidenced by a promissory note pledged pursuant to the Security Agreement and (ii) the amount of such loans and advances made by Loan Parties to Subsidiaries that are not Loan Parties (together with outstanding investments permitted under Section 6.04(d) and outstanding Guarantees permitted under Section 6.04(e)) shall not exceed $250,000 at any time outstanding (in each case determined without regard to any write-downs or write-offs);
(f)    Guarantees constituting Indebtedness permitted by Section 6.01, provided that the aggregate principal amount of Indebtedness of Subsidiaries that are not Loan Parties that is Guaranteed by any Loan Party (together with outstanding investments permitted under clause (ii) to the proviso to Section 6.04(d) and outstanding intercompany loans permitted under clause (ii) to the proviso to Section 6.04(e)) shall not exceed $250,000 at any time outstanding (in each case determined without regard to any write-downs or write-offs);
(g)    loans or advances made by a Loan Party to its employees on an arms-length basis in the ordinary course of business consistent with past practices for travel and entertainment expenses, relocation costs and similar purposes up to a maximum of $250,000 in the aggregate at any one time outstanding;

    
	
			
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(h)    notes payable, or stock or other securities issued by Account Debtors to a Loan Party pursuant to negotiated agreements with respect to settlement of such Account Debtor’s Accounts in the ordinary course of business, consistent with past practices;
(i)    investments in the form of Swap Agreements permitted by Section 6.07;
(j)    investments of any Person existing at the time such Person becomes a Subsidiary of a Borrower or consolidates or merges with a Borrower or any of such party’s Subsidiary (including in connection with a permitted acquisition), so long as such investments were not made in contemplation of such Person becoming a Subsidiary or of such merger;
(k)    investments received in connection with the disposition of assets permitted by Section 6.05; 
(l)    investments constituting deposits described in clauses (d) and (e) of the definition of the term “Permitted Encumbrances”; and
(m)    in connection with the Lovoo Acquisition.
SECTION 6.05.    Asset Sales.  No Loan Party will, nor will it permit any Subsidiary to, sell, transfer, lease or otherwise dispose of any asset, including any Equity Interest owned by it, nor will any Borrower permit any Subsidiary to issue any additional Equity Interest in such Subsidiary (other than to another Borrower or another Subsidiary in compliance with Section 6.04), except:
(a)    sales, transfers and dispositions of (i) Inventory in the ordinary course of business and (ii) used, obsolete, worn out or surplus Equipment or property in the ordinary course of business;
(b)    sales, transfers and dispositions of assets to any Borrower or any Subsidiary, provided that any such sales, transfers or dispositions involving a Subsidiary that is not a Loan Party shall be made in compliance with Section 6.09;
(c)    sales, transfers and dispositions of Accounts (excluding sales or dispositions in a factoring arrangement) in connection with the compromise, settlement or collection thereof;
(d)    sales, transfers and dispositions consisting of Permitted Investments;
(e)    Sale and Leaseback Transactions permitted by Section 6.06;
(f)    dispositions resulting from any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of any Borrower or any Subsidiary; and
(g)    sales, transfers and other dispositions of assets (other than Equity Interests in a Subsidiary unless all Equity Interests in such Subsidiary are sold) that are not permitted by any other clause of this Section, provided that the aggregate fair market value of all assets sold, transferred or otherwise disposed of in reliance upon this paragraph (g) shall not exceed $250,000 during any fiscal year of the Borrowers;
provided that all sales, transfers, leases and other dispositions permitted under this Section 6.05 (other than those permitted by paragraphs (b), (d) and (f) above) shall be made for fair value and for at least 75% cash consideration.

    
	
			
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SECTION 6.06.    Sale and Leaseback Transactions.  No Loan Party will, nor will it permit any Subsidiary to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred (a “Sale and Leaseback Transaction”), except for any such sale of any fixed or capital assets by any Borrower or any Subsidiary that is made for cash consideration in an amount not less than the fair value of such fixed or capital asset and is consummated within 90 days after such Borrower or such Subsidiary acquires or completes the construction of such fixed or capital asset.
SECTION 6.07.    Swap Agreements.  No Loan Party will, nor will it permit any Subsidiary to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which any Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of any Borrower or any Subsidiary), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from floating to fixed rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of any Borrower or any Subsidiary.
SECTION 6.08.    Restricted Payments; Certain Payments of Indebtedness.
(a)    No Loan Party will, nor will it permit any Subsidiary to, declare or make, or agree to declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except (i) the Borrowers may declare and pay dividends with respect to its common stock payable solely in additional shares of its common stock, and, with respect to its preferred stock, payable solely in additional shares of such preferred stock or in shares of its common stock, (ii) Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests and (iii) Borrower may repurchase shares of its common stock for an aggregate consideration of not more than $10,000,000 per fiscal year for so long as (A) Borrower has Liquid Assets of at least $15,000,000 after giving effect to any such repurchase and (B) after giving effect to any such repurchase, on a Pro Forma Basis, the Borrower will be in compliance with the covenants contained in Sections 6.12(a) and (b).
(b)    No Loan Party will, nor will it permit any Subsidiary to, make or agree to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Indebtedness, or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Indebtedness, except:
(i)    payment of Indebtedness created under the Loan Documents;
(ii)    payment of regularly scheduled interest and principal payments as and when due in respect of any Indebtedness permitted under Section 6.01, other than payments in respect of the Subordinated Indebtedness prohibited by the subordination provisions thereof;
(iii)    refinancings of Indebtedness to the extent permitted by Section 6.01; and
(iv)    payment of secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness to the extent such sale or transfer is permitted by the terms of Section 6.05.
SECTION 6.09.    Transactions with Affiliates.  No Loan Party will, nor will it permit any Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, 

    
	
			
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except (a) transactions that (i) are in the ordinary course of business and (ii) are at prices and on terms and conditions not less favorable to such Loan Party or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Loan Parties not involving any other Affiliate, (c) any investment permitted by Sections 6.04(c) or 6.04(d), (d) any Indebtedness permitted under Section 6.01(c), (e) any Restricted Payment permitted by Section 6.08, (f) loans or advances to employees permitted under Section 6.04(f), (g) the payment of reasonable fees to directors of any Borrower or any Subsidiary who are not employees of such Borrower or any Subsidiary, and compensation and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees of the Borrowers or their Subsidiaries in the ordinary course of business and (h) any issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved by a Borrower’s board of directors.
SECTION 6.10.    Restrictive Agreements.  No Loan Party will, nor will it permit any Subsidiary to, directly or indirectly enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of such Loan Party or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any Equity Interests or to make or repay loans or advances to any Borrower or any other Subsidiary or to Guarantee Indebtedness of any Borrower or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by any Requirement of Law or by any Loan Document, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.10 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (v) clause (a) of the foregoing shall not apply to customary provisions in leases restricting the assignment thereof.
SECTION 6.11.    Amendment of Material Documents.  No Loan Party will, nor will it permit any Subsidiary to, amend, modify or waive any of its rights under (a)  any agreement relating to any Subordinated Indebtedness, (b) its charter, articles or certificate of organization or incorporation and bylaws or operating, management or partnership agreement, or other organizational or governing documents or (c) any other material agreement to which any Loan Party or any Subsidiary is a party, with respect to clauses (a), (b) and (c), to the extent any such amendment, modification or waiver would be adverse to the Lenders.

    
	
			
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SECTION 6.12.    Financial Covenants.
(a)    Total Leverage Ratio.  The Borrower will not permit the Total Leverage Ratio, on the last day of any fiscal quarter ending during any period set forth below, to be greater than the ratio set forth below opposite such period:
	
		
	Period
	   Ratio

	 
	 

Effective Date through June 30, 2018                2.50:1.00
July 1, 2018 through December 31, 2018            2.00:1.00
All times thereafter                        1.50:1.00
(b)    Fixed Charge Coverage Ratio.  The Borrower will not permit the Fixed Charge Coverage Ratio, for any period of four consecutive fiscal quarters ending on the last day of any fiscal quarter during the term hereof, to be less than 1.50:1.00.
ARTICLE VII 
 
Events of Default
If any of the following events (“Events of Default”) shall occur:
(a)    the Borrowers shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;
(b)    the Borrowers shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable and such failure shall continue unremedied for three Business Days;
(c)    any representation or warranty made or deemed made by or on behalf of any Loan Party or any Subsidiary in, or in connection with, this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been materially incorrect when made or deemed made, provided, that any representation or warranty which is subject to any materiality qualifier shall be required to be correct without giving effect to materiality;
(d)    any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), 5.03 (with respect to a Loan Party’s existence) or 5.08 or in Article VI;
(e)    any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d)), and such failure shall continue unremedied for a period of (i) 10 days after the earlier of any Loan Party’s knowledge of such breach or notice thereof from the Administrative Agent (which notice will be given at the request of any Lender) if such breach relates to terms or provisions of Section 5.01, 5.02 (other than Section 5.02(a)), 5.03 through 

    
	
			
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5.07, 5.10, 5.11 or 5.13 of this Agreement or (ii) 30 days after the earlier of any Loan Party’s knowledge of such breach or notice thereof from the Administrative Agent (which notice will be given at the request of any Lender) if such breach relates to terms or provisions of any other Section of this Agreement;
(f)    any Loan Party or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable;
(g)    any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness to the extent such sale or transfer is permitted by the terms of Section 6.05;
(h)    an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of a Loan Party or Subsidiary or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or any Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 45 days or an order or decree approving or ordering any of the foregoing shall be entered;
(i)    any Loan Party or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Loan Party or Subsidiary of any Loan Party or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;
(j)    any Loan Party or any Subsidiary shall become unable, admit in writing its inability, or publicly declare its intention not to, or fail generally, to pay its debts as they become due;
(k)    one or more judgments for the payment of money in an aggregate amount in excess of $500,000 shall be rendered against any Loan Party, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Loan Party or any Subsidiary to enforce any such judgment or any Loan Party or any Subsidiary shall fail within thirty (30) days to discharge one or more non-monetary judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgments or orders, in any such case, are not stayed on appeal and being appropriately contested in good faith by proper proceedings diligently pursued;
(l)    an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;

    
	
			
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(m)    a Change in Control shall occur;
(n)    the occurrence of any “default”, as defined in any Loan Document (other than this Agreement), or the breach of any of the terms or provisions of any Loan Document (other than this Agreement), which default or breach continues beyond any period of grace therein provided;
(o)    the Loan Guaranty or any Obligation Guaranty 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 the Loan Guaranty or any Obligation Guaranty, or any Loan Guarantor shall fail to comply with any of the terms or provisions of the Loan Guaranty or any Obligation Guaranty to which it is a party, or any Loan Guarantor shall deny that it has any further liability under the Loan Guaranty or any Obligation Guaranty to which it is a party, or shall give notice to such effect, including, but not limited to notice of termination delivered pursuant to Section 10.08 or any notice of termination delivered pursuant to the terms of any Obligation Guaranty;
(p)    except as permitted by the terms of any Collateral Document, (i) any Collateral Document shall for any reason fail to create a valid security interest in any Collateral purported to be covered thereby, or (ii) any Lien securing any Secured Obligation shall cease to be a perfected, first priority Lien;
(q)    any Collateral Document 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 any Collateral Document;
(r)    any material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms (except as the result of any action or inaction by the Administrative Agent or any Lender); or
(s)    any Loan Party is criminally indicted or convicted under any law that may reasonably be expected to lead to a forfeiture of any property of such Loan Party;
then, and in every such event (other than an event with respect to the Borrowers described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times:  (i) terminate the Commitments, whereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, but ratably as among the Classes of Loans and the Loans of each Class at the time outstanding, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and in the case of any event with respect to the Borrowers described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall automatically become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers.  Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, increase the rate of interest applicable to the Loans and other Obligations as set forth in this Agreement and exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all remedies provided under the UCC.

    
	
			
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ARTICLE VIII 
 
The Administrative Agent
SECTION 8.01.    Appointment.  Each of the Lenders , on behalf of itself and any of its Affiliates that are Secured Parties and the Issuing Bank hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf, including execution of the other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto.  In addition, to the extent required under the laws of any jurisdiction other than the U.S., each of the Lenders and the Issuing Bank hereby grants to the Administrative Agent any required powers of attorney to execute any Collateral Document governed by the laws of such jurisdiction on such Lender’s or Issuing Bank’s behalf.  The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders (including the Swingline Lender and the Issuing Bank), and the Loan Parties shall not have rights as a third party beneficiary of any of such provisions.  It is understood and agreed that the use of the term “agent” as used herein or in any other Loan Documents (or any 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 independent contracting parties.
SECTION 8.02.    Rights as a Lender.  The bank 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 such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with any Loan Party or any Subsidiary or any Affiliate thereof as if it were not the Administrative Agent hereunder.
SECTION 8.03.    Duties and Obligations.  The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents.  Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the 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 necessary under the circumstances as provided in Section 9.02), and, (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Loan Party or any Subsidiary that is communicated to or obtained by the bank serving as 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 with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct as determined by a final nonappealable judgment of a court of competent jurisdiction.  The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and 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 any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the Collateral or the 

    
	
			
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existence of the Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
SECTION 8.04.    Reliance.  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 believed by it to be genuine and to have been signed or sent 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 be made by the proper Person, and shall not incur any liability for relying thereon.  The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), 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.
SECTION 8.05.    Actions through Sub-Agents.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers 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 through their respective Related Parties.  The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent.
SECTION 8.06.    Resignation.  Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower.  Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrowers, to appoint a successor.  If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank.  Upon the acceptance of its appointment as Administrative Agent hereunder by its successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents.  The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor, unless otherwise agreed by the Borrowers and such successor.  Notwithstanding the foregoing, in the event no successor Administrative Agent shall have been so appointed and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Banks and the Borrowers, whereupon, on the date of effectiveness of such resignation stated in such notice, (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents, provided that, solely for purposes of maintaining any security interest granted to the Administrative Agent under any Collateral Document for the benefit of the Secured Parties, the retiring Administrative Agent shall continue to be vested with such security interest as collateral agent for the benefit of the Secured Parties and, in the case of any Collateral in the possession of the Administrative Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with this paragraph (it being understood and agreed that the retiring Administrative Agent shall have no duly or obligation to take any further action under any Collateral Document, including any action required to maintain the perfection of any such security interest), and (b) the Required Lenders shall succeed to and become vested 

    
	
			
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with all the rights, powers, privileges and duties of the retiring Administrative Agent, provided that (i) all payments required to be made hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (ii) all notices and other communications required or contemplated to be given or made to the Administrative Agent shall also directly be given or made to each Lender and each Issuing Bank.  Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article, Section 2.17(d) and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring 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 it was acting as Administrative Agent and in respect of the matters referred to in the proviso under clause (a) above.
SECTION 8.07.    Non-Reliance.
(a)    Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise or securities.  Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder.  Each Lender shall, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information (which may contain material, non-public information within the meaning of the U.S. securities laws concerning the Borrowers and their Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document, any related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder.
(b)    Each Lender hereby agrees that (i) it has requested a copy of each Report prepared by or on behalf of the Administrative Agent; (ii) the Administrative Agent (A) makes no representation or warranty, express or implied, as to the completeness or accuracy of any Report or any of the information contained therein or any inaccuracy or omission contained in or relating to a Report and (B) shall not be liable for any information contained in any Report; (iii) the Reports are not comprehensive audits or examinations, and that any Person performing any field examination will inspect only specific information regarding the Loan Parties and will rely significantly upon the Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel and that the Administrative Agent undertakes no obligation to update, correct or supplement the Reports; (iv) it will keep all Reports confidential and strictly for its internal use, not share the Report with any Loan Party or any other Person except as otherwise permitted pursuant to this Agreement; and (v) without limiting the generality of any other indemnification provision contained in this Agreement, (A) it will hold the Administrative Agent and any such other Person preparing a Report harmless from any action the indemnifying Lender may take or conclusion the indemnifying Lender may reach or draw from any Report in connection with any extension of credit that the indemnifying Lender has made or may make to the Borrower, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a Loan or Loans; and (B) it will pay and protect, and indemnify, defend, and hold the Administrative Agent and any such other Person preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including reasonable attorneys’ fees) incurred by the Administrative Agent or any such other Person as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender.

    
	
			
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SECTION 8.08.    Other Agency Titles.  The Joint Bookrunners, Joint Lead Arrangers, Syndication Agent and Co-Documentation Agents shall not have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders in their respective capacities as Joint Bookrunners, Joint Lead Arrangers, Syndication Agent and Co-Documentation Agents, as applicable, as it makes with respect to the Administrative Agent in the preceding paragraph.
SECTION 8.09.    Not Partners or Co-Venturers; Administrative Agent as Representative of the Secured Parties.   The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) authorized to act for, any other Lender.  The Administrative Agent shall have the exclusive right on behalf of the Lenders to enforce the payment of the principal of and interest on any Loan after the date such principal or interest has become due and payable pursuant to the terms of this Agreement.
(a)    In its capacity, the Administrative Agent is a “representative” of the Secured Parties within the meaning of the term “secured party” as defined in the UCC.  Each Lender authorizes the Administrative Agent to enter into each of the Collateral Documents to which it is a party and to take all action contemplated by such documents.  Each Lender agrees that no Secured Party (other than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Collateral Document, it being understood and agreed that such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Secured Parties upon the terms of the Collateral Documents.  In the event that any Collateral is hereafter pledged by any Person as collateral security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties.
SECTION 8.10.    Credit Bidding.  The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Credit Party is subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law.  In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Administrative Agent at the direction of the Required Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase).  In connection with any such bid (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles (ii) each of the Secured Parties’ ratable interests in the Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Administrative shall be authorized to adopt documents providing for the governance of the acquisition vehicle 

    
	
			
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or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02 of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether as equity, partnership, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason, such Obligations shall automatically be reassigned to the Secured Parties pro rata and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action.  Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.
ARTICLE IX 
 
Miscellaneous
SECTION 9.01.    Notices.
(a)    Except in the case of notices and other communications expressly permitted to be given by telephone or Electronic Systems (and subject in each case to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax, as follows:
(i)    if to any Loan Party, to it in care of the Borrower at:
The Meet Group, Inc.
100 Union Square Drive
New Hope, PA  18938
Attention: Chief Financial Officer
Fax No:  (215) 933-6882

With a copy (which shall not constitute notice) to:

The Meet Group, Inc.
100 Union Square Drive
New Hope, PA  18938
Attention: General Counsel
Fax No:  (215) 933-6882

    
	
			
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(ii)    if to the Administrative Agent or JPMorgan in its capacity as the Swingline Lender, or an Issuing Bank, to JPMorgan Chase Bank, N.A. at:
JPMorgan Chase Bank, N.A.
Middle Market Servicing
10 South Dearborn, Floor L2
Suite IL1-0480
Chicago, IL, 60603-2300
Attention:  Commercial Bank Letter of Credit Servicing Team
With a copy to:
JPMorgan Chase Bank, N.A.
MM Technology Banking
270 Park Ave, 42nd Floor 
New York, NY 10017
Attention:  Will Horstman
Fax No:  (703) 665-0278
(iii)    if to any other Lender or Issuing Bank, to it at its address or fax number set forth in its Administrative Questionnaire.
All such notices and other communications (i) sent by hand or overnight courier service, or mailed by certified or registered mail shall be deemed to have been given when received, (ii) sent by fax shall be deemed to have been given when sent, provided that if not given during normal business hours for the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day of the recipient, or (iii) delivered through Electronic Systems to the extent provided in paragraph (b) below shall be effective as provided in such paragraph.
(b)    Notices and other communications to the Lenders hereunder may be delivered or furnished by Electronic Systems pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II or to compliance and no Default certificates delivered pursuant to Section 5.01(d) unless otherwise agreed by the Administrative Agent and the applicable Lender.  Each of the Administrative Agent and the Borrower (on behalf of the Loan Parties) may, in its discretion, agree to accept notices and other communications to it hereunder by Electronic Systems 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 proscribes, all such notices and other communications (i) sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if not given during the normal business hours of the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day of the recipient.
(c)    Any party hereto may change its address, facsimile number or e-mail address for notices and other communications hereunder by notice to the other parties hereto.

    
	
			
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(d)    Electronic Systems.
(i)    Each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available to the Issuing Bank and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System.
(ii)    Any Electronic System used by the Administrative Agent is provided “as is” and “as available.”  The Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications.  No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or any Electronic System.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower or the other Loan Parties, any Lender, the Issuing Bank or any other Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Borrower’s or any Loan Party’s or the Administrative Agent’s transmission of communications through an Electronic System.  “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 by the Administrative Agent, any Lender or the Issuing Bank by means of electronic communications pursuant to this Section, including through an Electronic System.
SECTION 9.02.    Waivers; Amendments.
(a)    No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time.
(b)    Neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders or (ii) in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, with the consent of the Required Lenders; provided that no such agreement shall (A) increase the Commitment of any Lender without the written consent of such Lender (including any such Lender that is a Defaulting Lender), (B) reduce or forgive the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce or forgive any interest or fees payable hereunder, without the written consent of each Lender (including any such Lender that is a Defaulting Lender) directly affected thereby, (C) postpone any scheduled date of payment of the 

    
	
			
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principal amount of any Loan or LC Disbursement, or any date for the payment of any interest, fees or other Obligations payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender (including any such Lender that is a Defaulting Lender) directly affected thereby, (D) change Section 2.18(b) or (d) in a manner that would alter the manner in which payments are shared, without the written consent of each Lender (other than any Defaulting Lender), (E) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision of any Loan Document specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender (other than any Defaulting Lender) directly affected thereby, (F) change Section 2.20, without the consent of each Lender (other than any Defaulting Lender), (G) release any Loan Guarantor from its obligation under its Loan Guaranty or Obligation Guaranty (except as otherwise permitted herein or in the other Loan Documents), without the written consent of each Lender (other than any Defaulting Lender), or (H) except as provided in clause (c) of this Section or in any Collateral Document, release all or substantially all of the Collateral without the written consent of each Lender (other than any Defaulting Lender); provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Swingline Lender or the Issuing Bank hereunder without the prior written consent of the Administrative Agent, the Swingline Lender or the Issuing Bank, as the case may be (it being understood that any amendment to Section 2.20 shall require the consent of the Administrative Agent, the Swingline Lender and the Issuing Bank); provided further that no such agreement shall amend or modify the provisions of Section 2.07 or any letter of credit application and any bilateral agreement between the Borrower and the Issuing Bank regarding the Issuing Bank’s Issuing Bank Sublimit or the respective rights and obligations between the Borrower and the Issuing Bank in connection with the issuance of Letters of Credit without the prior written consent of the Administrative Agent and the Issuing Bank, respectively.  The Administrative Agent may also amend the Commitment Schedule to reflect assignments entered into pursuant to Section 9.04.  Any amendment, waiver or other modification of this Agreement or any other Loan Document that by its terms affects the rights or duties under this Agreement of the Lenders of one or more Classes (but not the Lenders of any other Class), may be effected by an agreement or agreements in writing entered into by the Borrowers and the requisite number or percentage in interest of each affected Class of Lenders that would be required to consent thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder at the time.
(c)    The Lenders and the Issuing Bank hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral (i) upon the termination of all of the Commitments, payment and satisfaction in full in cash of all Secured Obligations (other than Unliquidated Obligations), and the cash collateralization of all Unliquidated Obligations in a manner satisfactory to each affected Lender, (ii) constituting property being sold or disposed of if the Loan Party disposing of such property certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), and to the extent that the property being sold or disposed of constitutes 100% of the Equity Interests of a Subsidiary, the Administrative Agent is authorized to release any Loan Guaranty or Obligation Guaranty provided by such Subsidiary, (iii) constituting property leased to a Loan Party under a lease which has expired or been terminated in a transaction permitted under this Agreement, or (iv) as required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII.  Except as provided in the preceding sentence, the Administrative Agent will not release any Liens on Collateral without the prior written authorization of the Required Lenders; provided that the Administrative Agent may, in its discretion, release its Liens on Collateral valued in the aggregate not in excess of $500,000 during any calendar year without the prior written authorization of the Required Lenders (it being agreed that the Administrative Agent may rely conclusively on one or more certificates of the Borrower as to the 

    
	
			
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value of any Collateral to be so released, without further inquiry).  Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral.  Any execution and delivery by the Administrative Agent of documents in connection with any such release shall be without recourse to or warranty by the Administrative Agent.
(d)    If, in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each Lender affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but has not been obtained being referred to herein as a “Non-Consenting Lender”), then the Borrowers may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrowers, the Administrative Agent and the Issuing Bank shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, and (ii) the Borrowers shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrowers hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender.
(e)    Notwithstanding anything to the contrary herein the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency.
SECTION 9.03.    Expenses; Indemnity; Damage Waiver.
(a)    The Loan Parties, jointly and severally, shall pay all (i) reasonable out of pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication and distribution (including, without limitation, via the internet or through an Electronic System) of the credit facilities provided for herein, the preparation and administration of the Loan Documents and any amendments, modifications or waivers of the provisions of the Loan Documents (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement, collection or protection of its rights in connection with the Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.  Expenses being reimbursed by the Loan Parties under this Section include, without limiting the generality of the foregoing, fees, costs and expenses incurred in connection with:
(A)    appraisals and insurance reviews;

    
	
			
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(B)    field examinations and the preparation of Reports based on the fees charged by a third party retained by the Administrative Agent or the internally allocated fees for each Person employed by the Administrative Agent with respect to each field examination;
(C)    background checks regarding senior management and/or key investors, as deemed necessary or appropriate in the sole discretion of the Administrative Agent;
(D)    Taxes, fees and other charges for (i) lien and title searches and (ii) filing financing statements and continuations, and other actions to perfect, protect, and continue the Administrative Agent’s Liens;
(E)    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
(F)    forwarding loan proceeds, collecting checks and other items of payment, and establishing and maintaining the accounts and lock boxes, and costs and expenses of preserving and protecting the Collateral.
All of the foregoing fees, costs and expenses may be charged to the Borrowers as Revolving Loans or to another deposit account, all as described in Section 2.18(c).
(b)    The Loan Parties, jointly and severally, shall indemnify the Administrative Agent, the Issuing Bank and each 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 losses, claims, damages, penalties, incremental taxes, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of the Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by a Loan Party or a Subsidiary, or any Environmental Liability related in any way to a Loan Party or a Subsidiary, (iv) the failure of a Loan Party to deliver to the Administrative Agent the required receipts or other required documentary evidence with respect to a payment made by such Loan Party for Taxes pursuant to Section 2.17, or (v) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not such claim, litigation, investigation or proceeding is brought by any Loan Party or their respective equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other theory 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, penalties, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee.  This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim.
(c)    To the extent that any Loan Party fails to pay any amount required to be paid by it to the Administrative Agent (or any sub-agent thereof), the Swingline Lender or the Issuing Bank (or any Related Party of any of the foregoing) under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the Swingline Lender or the Issuing Bank (or any Related Party of any 

    
	
			
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of the foregoing), as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (it being understood that the Borrowers’ failure to pay any such amount shall not relieve the Borrowers of any default in the payment thereof); provided that the unreimbursed expense or indemnified loss, claim, damage, penalty, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Swingline Lender or the Issuing Bank in its capacity as such.
(d)    To the extent permitted by applicable law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against any Indemnitee, (i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet), or (ii) 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 or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this paragraph (d) shall relieve any Loan Party of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.
(e)    All amounts due under this Section shall be payable not later than 3 days after written demand therefor.
SECTION 9.04.    Successors and Assigns.
(a)    The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by a Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.  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 (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)     Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of:
(A)    the Borrower, provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof, and provided further that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee;

    
	
			
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(B)    the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of all or any portion of a Delayed Draw Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; 
(C)    the Issuing Bank, provided that no consent of the Issuing Bank shall be required for an assignment of all or any portion of a Delayed Draw Term Loan; and
(D)    the Swingline Lender, provided that no consent of the Swingline Lender shall be required for an assignment of all or any portion of a Delayed Draw Term Loan. 
(ii)    Assignments shall be subject to the following additional conditions:
(A)    except in the case of an assignment to a Lender, an Affiliate of a Lender, or an Approved Fund, or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 or, in the case of a Delayed Draw Term Loan, $1,000,000, unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;
(B)    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, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;
(C)    the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation fee of $3,500; and
(D)    the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Company, the other Loan Parties and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including federal and state securities laws.
For the purposes of this Section 9.04(b), the terms “Approved Fund” and “Ineligible Institution” have the following meanings:
“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and 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.

    
	
			
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“Ineligible Institution” means a (a) natural person, (b) a Defaulting Lender, (c) company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof; provided that, such company, investment vehicle or trust shall not constitute an Ineligible Institution if it (i) has not been established for the primary purpose of acquiring any Loans or Commitments, (ii) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (iii) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business; provided that upon the occurrence of an Event of Default, any Person (other than a Lender) shall be an Ineligible Institution if after giving effect to any proposed assignment to such Person, such Person would hold more than 25% of the then outstanding Aggregate Credit Exposure or Commitments, as the case may be or (d) a Loan Party or a Subsidiary or other Affiliate of a Loan Party.
(iii)    Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 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 (c) of this Section.
(iv)    The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at one of its offices 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 Commitment of, and principal amount of (and stated interest on) the Loans and LC Disbursements 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 Borrowers, the Administrative Agent, the Issuing Bank and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrowers, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(v)    Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05, 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, 

    
	
			
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together with all accrued interest thereon.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(c)    Any Lender may, without the consent of the Borrowers, the Administrative Agent, the Swingline Lender or the Issuing Bank, sell participations to one or more banks or other entities (a “Participant”) other than an Ineligible Institution in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and 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 Borrowers, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and 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 the first proviso to Section 9.02(b) that affects such Participant.  The Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Sections 2.17(f) and (g) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender and the information and documentation required under Section 2.17(g) will be delivered to the Borrower and the Administrative Agent)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18 and 2.19 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 2.15 or 2.17 with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.
Each Lender that sells a participation agrees, at the Borrowers’ request and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section 2.19(b) with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(d) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, 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 this Agreement or any other Loan Document (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 this Agreement or any other Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement, notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
(d)    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, and this Section shall not apply to 

    
	
			
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any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
SECTION 9.05.    Survival.  All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated.  The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.
SECTION 9.06.    Counterparts; Integration; Effectiveness; Electronic Execution.   This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement, the other Loan Documents and any separate letter agreements with respect to (i) fees payable to the Administrative Agent and (ii) increases or reductions of the Issuing Bank Sublimit of the Issuing Bank constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
(a)    Delivery of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby or thereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent to accept electronic signatures in any form or format without its prior written consent.
SECTION 9.07.    Severability.  Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

    
	
			
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SECTION 9.08.    Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Loan Party against any of and all the Secured Obligations held by such Lender, irrespective of whether or not such Lender shall have made any demand under the Loan Documents and although such obligations may be unmatured.  The applicable Lender shall notify the Borrower and the Administrative Agent of such set-off or application, provided that any failure to give or any delay in giving such notice shall not affect the validity of any such set-off or application under this Section.  The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.
SECTION 9.09.    Governing Law; Jurisdiction; Consent to Service of Process.
(a)    The Loan Documents (other than those containing a contrary express choice of law provision) shall be governed by and construed in accordance with the internal laws of the State of New York, but giving effect to federal laws applicable to national banks.
(b)    Each Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any U.S. federal or New York state court sitting in New York, New York in any action or proceeding arising out of or relating to any Loan Documents, 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 state court or, to the extent permitted by law, in such federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank 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.
(c)    Each Loan Party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(d)    Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.  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.
SECTION 9.10.    WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OR OTHER AGENT (INCLUDING ANY ATTORNEY) OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) 

    
	
			
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ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 9.11.    Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
SECTION 9.12.    Confidentiality.  Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any Governmental Authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by any Requirement of Law or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (x) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (y) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Loan Parties and their obligations, (g) with the consent of the Borrower or (h) 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, the Issuing Bank or any Lender on a non-confidential basis from a source other than the Borrower.  For the purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement provided by arrangers to data service providers, including league table providers, that serve the lending industry; provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
EACH LENDER ACKNOWLEDGES THAT INFORMATION (AS DEFINED IN THIS SECTION 9.12) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.
ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH LENDER REPRESENTS TO THE 

    
	
			
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BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.
SECTION 9.13.    Several Obligations; Nonreliance; Violation of Law.  The respective obligations of the Lenders hereunder are several and not joint and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder.  Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined in Regulation U of the Board) for the repayment of the Borrowings provided for herein.  Anything contained in this Agreement to the contrary notwithstanding, neither the Issuing Bank nor any Lender shall be obligated to extend credit to the Borrower in violation of any Requirement of Law.
SECTION 9.14.    USA PATRIOT Act.  Each Lender that is subject to the requirements of the USA PATRIOT Act hereby notifies each Loan Party that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the USA PATRIOT Act.
SECTION 9.15.    Disclosure.  Each Loan Party, each Lender and the Issuing Bank hereby acknowledges and agrees that the Administrative Agent and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with, any of the Loan Parties and their respective Affiliates. 
SECTION 9.16.    Appointment for Perfection.  Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession or control.  Should any Lender (other than the Administrative Agent) obtain possession or control of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request therefor shall deliver such Collateral to the Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions.
SECTION 9.17.    Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.
SECTION 9.18.    Marketing Consent.  The Borrower hereby authorizes JPMorgan and its affiliates, at their respective sole expense, but without any prior approval by the Borrower, to publish such tombstones and give such other publicity to this Agreement as each may from time to time determine in its sole discretion.  The foregoing authorization shall remain in effect unless the Borrower notifies JPMorgan in writing that such authorization is revoked.

    
	
			
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SECTION 9.19.    Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document 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 entity, 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.
SECTION 9.20.    Parallel Debt.
(a)    Notwithstanding any other provision in any Loan Document to the contrary, each Loan Party hereby undertakes, by way of an abstract acknowledgement of debt and as an independent payment obligation, to pay to the Administrative Agent, as a creditor in his own right and not as a representative of other Secured Parties, all and any amounts which are owed by such Loan Party under or in connection with the Loan Documents to the Secured Parties from time to time (“Parallel Debt”, abstraktes Schuldanerkenntnis) as and when any of such amounts fall due for payment under the relevant Loan Document provided that this shall not at any time result in a Loan Party incurring an aggregate obligation to the Secured Parties which is greater than its obligations (excluding obligations under this Section 9.20 (Parallel Debt)) to the Secured Parties under the Loan Documents.
(b)    The Administrative Agent shall have an independent right to demand payment of the Parallel Debt.
(c)    Any amount due and payable by a Loan Party to the Administrative Agent under this Section 9.20  shall be decreased to the extent that the other Secured Parties have received (and are able to retain) payment in full under the other provisions of the Loan Documents and any amount due and payable by a Loan Party to the other Secured Parties shall be decreased to the extent that the Administrative Agent has received (and is able to retain) payment in full of the Parallel Debt.
(d)    The rights of the Secured Parties (other than the Administrative Agent) to receive payment of amounts payable by the Borrower under the Loan Documents are several and are separate and independent from, and without prejudice to, the rights of the Administrative Agent to receive payment under this Section 9.20 (Parallel Debt).

    
	
			
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(e)    Notwithstanding the foregoing, any payment under the Loan Documents shall be made to the relevant Secured Party as set out in the respective Loan Document, unless expressly stated otherwise in that Loan Document or unless the relevant Secured Party directs such payment to be made to the Administrative Agent.
(f)    The Administrative Agent shall be entitled to transfer his rights and obligations under this Section 9.20  (Parallel Debt) to any successor Administrative Agent. The a Loan Parties and Secured Parties hereby agree to such transfer. Further, the consent of any Loan Party or Secured Party shall not be necessary to such transfer.
SECTION 9.21.    Amendment and Restatement of Existing Credit Agreement; No Novation.  The parties to this Agreement agree that, upon (a) the execution and delivery by each of the parties hereto of this Agreement and (b) satisfaction or waiver of the conditions set forth in Sections 4.01 and 4.03, 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 or termination of the Obligations under the Existing Credit Agreement.  On the Effective Date, the credit facilities described in the Existing Credit Agreement, shall be amended, supplemented, modified and restated in their entirety by the facilities described herein, and all loans and other obligations of the Borrower outstanding as of such date under the Existing Credit Agreement (to the extent not repaid on the Effective Date), shall be deemed to be loans and obligations outstanding under the corresponding facilities described herein, without any further action by any Person, except that the Administrative Agent shall make such reallocations of commitments and transfers of funds as are necessary in order that the outstanding balance of such Loans, together with any Loans funded on the Effective Date, reflect the respective Commitments of the Lenders hereunder and the Borrower hereby agrees to compensate each Lender for any and all losses, costs and expenses incurred by such Lender in connection with such reallocations and transfers, in each case on the terms and in the manner set forth in Section 2.16.  
ARTICLE X 
 
Loan Guaranty
SECTION 10.01.    Guaranty.  Each Loan Guarantor (other than those that have delivered a separate Guaranty) hereby agrees that it is jointly and severally liable for, and, as a primary obligor and not merely as surety, absolutely, unconditionally and irrevocably guarantees to the Secured Parties, the prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations and all costs and expenses, including, without limitation, all court costs and reasonable attorneys’ and paralegals’ fees (including allocated costs of in-house counsel and paralegals) and expenses paid or incurred by the Administrative Agent, the Issuing Bank and the Lenders in endeavoring to collect all or any part of the Secured Obligations from, or in prosecuting any action against, the Borrower, any Loan Guarantor or any other guarantor of all or any part of the Secured Obligations (such costs and expenses, together with the Secured Obligations, collectively the “Guaranteed Obligations”); provided, however, that the definition of “Guaranteed Obligations” shall not create any guarantee by any Loan Guarantor of (or grant of security interest by any Loan Guarantor to support, as applicable) any Excluded Swap Obligations of such Loan Guarantor for purposes of determining any obligations of any Loan Guarantor).  Each Loan Guarantor further agrees that the Guaranteed Obligations may be extended or renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its guarantee notwithstanding any such extension or renewal.  All terms of this Loan Guaranty apply to and may be enforced by or on behalf of any domestic or foreign branch or Affiliate of any Lender that extended any portion of the Guaranteed Obligations.

    
	
			
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SECTION 10.02.    Guaranty of Payment.  This Loan Guaranty is a guaranty of payment and not of collection.  Each Loan Guarantor waives any right to require the Administrative Agent, the Issuing Bank or any Lender to sue the Borrower, any Loan Guarantor, any other guarantor of, or any other Person obligated for all or any part of the Guaranteed Obligations (each, an “Obligated Party”), or otherwise to enforce its payment against any collateral securing all or any part of the Guaranteed Obligations.
SECTION 10.03.    No Discharge or Diminishment of Loan Guaranty.   Except as otherwise provided for herein, the obligations of each Loan Guarantor hereunder are unconditional and absolute and not subject to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Guaranteed Obligations), including:  (i) any claim of waiver, release, extension, renewal, settlement, surrender, alteration, or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the corporate existence, structure or ownership of the Borrower or any other Obligated Party liable for any of the Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Obligated Party, or their assets or any resulting release or discharge of any obligation of any Obligated Party; or (iv) the existence of any claim, setoff or other rights which any Loan Guarantor may have at any time against any Obligated Party, the Administrative Agent, the Issuing Bank, any Lender, or any other Person, whether in connection herewith or in any unrelated transactions.
(a)    The obligations of each Loan Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination whatsoever by reason of the invalidity, illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or regulation purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations or any part thereof.
(b)    Further, the obligations of any Loan Guarantor hereunder are not discharged or impaired or otherwise affected by:  (i) the failure of the Administrative Agent, the Issuing Bank or any Lender to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed Obligations; (ii) any waiver or modification of or supplement to any provision of any agreement relating to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations of the Borrower for all or any part of the Guaranteed Obligations or any obligations of any other Obligated Party liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the Administrative Agent, the Issuing Bank or any Lender with respect to any collateral securing any part of the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed Obligations, or any other circumstance, act, omission or delay that might in any manner or to any extent vary the risk of such Loan Guarantor or that would otherwise operate as a discharge of any Loan Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of the Guaranteed Obligations).
SECTION 10.04.    Defenses Waived.  To the fullest extent permitted by applicable law, each Loan Guarantor hereby waives any defense based on or arising out of any defense of the Borrower or any Loan Guarantor or the unenforceability of all or any part of the Guaranteed Obligations from any cause, or the cessation from any cause of the liability of any Borrower, any Loan Guarantor or any other Obligated Party, other than the indefeasible payment in full in cash of the Guaranteed Obligations.  Without limiting the generality of the foregoing, each Loan Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against any Obligated Party, or any other Person.  Each Loan Guarantor confirms that it is not a surety under any state law and shall not raise any such law as a defense to its obligations hereunder.  The Administrative Agent may, at its election, foreclose on any Collateral held by it by one or more judicial or nonjudicial sales, accept an assignment of any such 

    
	
			
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Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any collateral securing all or a part of the Guaranteed Obligations, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available to it against any Obligated Party, without affecting or impairing in any way the liability of such Loan Guarantor under this Loan Guaranty, except to the extent the Guaranteed Obligations have been fully and indefeasibly paid in cash.  To the fullest extent permitted by applicable law, each Loan Guarantor waives any defense arising out of any such election even though that election may operate, pursuant to applicable law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Loan Guarantor against any Obligated Party or any security.
SECTION 10.05.    Rights of Subrogation.  No Loan Guarantor will assert any right, claim or cause of action, including, without limitation, a claim of subrogation, contribution or indemnification that it has against any Obligated Party, or any collateral, until the Loan Parties and the Loan Guarantors have fully performed all their obligations to the Administrative Agent, the Issuing Bank and the Lenders.
SECTION 10.06.    Reinstatement; Stay of Acceleration.  If at any time any payment of any portion of the Guaranteed Obligations (including a payment effected through exercise of a right of setoff) is rescinded, or must otherwise be restored or returned upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise (including pursuant to any settlement entered into by a Secured Party in its discretion), each Loan Guarantor’s obligations under this Loan Guaranty with respect to that payment shall be reinstated at such time as though the payment had not been made and whether or not the Administrative Agent, the Issuing Bank and the Lenders are in possession of this Loan Guaranty.  If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating to the Guaranteed Obligations shall nonetheless be payable by the Loan Guarantors forthwith on demand by the Administrative Agent.
SECTION 10.07.    Information.  Each Loan Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that each Loan Guarantor assumes and incurs under this Loan Guaranty, and agrees that none of the Administrative Agent, the Issuing Bank or any Lender shall have any duty to advise any Loan Guarantor of information known to it regarding those circumstances or risks.
SECTION 10.08.    Termination.  Each of the Lenders and the Issuing Bank may continue to make loans or extend credit to the Borrower based on this Loan Guaranty until five (5) days after it receives written notice of termination from any Loan Guarantor.  Notwithstanding receipt of any such notice, each Loan Guarantor will continue to be liable to the Lenders for any Guaranteed Obligations created, assumed or committed to prior to the fifth day after receipt of the notice, and all subsequent renewals, extensions, modifications and amendments with respect to, or substitutions for, all or any part of such Guaranteed Obligations.  Nothing in this Section 10.08 shall be deemed to constitute a waiver of, or eliminate, limit, reduce or otherwise impair any rights or remedies the Administrative Agent or any Lender may have in respect of, any Default or Event of Default that shall exist under Article VII hereof as a result of any such notice of termination.
SECTION 10.09.    Taxes.  Each payment of the Guaranteed Obligations will be made by each Loan Guarantor without withholding for any Taxes, unless such withholding is required by law.  If any Loan Guarantor determines, in its sole discretion exercised in good faith, that it is so required to withhold Taxes, then such Loan Guarantor may so withhold and shall timely pay the full amount of withheld Taxes to the relevant Governmental Authority in accordance with applicable law.  If such Taxes are Indemnified 

    
	
			
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Taxes, then the amount payable by such Loan Guarantor shall be increased as necessary so that, net of such withholding (including such withholding applicable to additional amounts payable under this Section), the Administrative Agent, Lender or Issuing Bank (as the case may be) receives the amount it would have received had no such withholding been made.
SECTION 10.10.    Maximum Liability.  Notwithstanding any other provision of this Loan Guaranty, the amount guaranteed by each Loan Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law.  In determining the limitations, if any, on the amount of any Loan Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation, indemnification or contribution which such Loan Guarantor may have under this Loan Guaranty, any other agreement or applicable law shall be taken into account.
SECTION 10.11.    Contribution.
(a)    To the extent that any Loan Guarantor shall make a payment under this Loan Guaranty (a “Guarantor Payment”) which, taking into account all other Guarantor Payments then previously or concurrently made by any other Loan Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Loan Guarantor if each Loan Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion as such Loan Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Loan Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following indefeasible payment in full in cash of the Guarantor Payment and the Guaranteed Obligations (other than Unliquidated Obligations that have not yet arisen), and all Commitments and Letters of Credit have terminated or expired or, in the case of all Letters of Credit, are fully collateralized on terms reasonably acceptable to the Administrative Agent and the Issuing Bank, and this Agreement, the Swap Agreement Obligations and the Banking Services Obligations have terminated, such Loan Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Loan Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.
(b)    As of any date of determination, the “Allocable Amount” of any Loan Guarantor shall be equal to the excess of the fair saleable value of the property of such Loan Guarantor over the total liabilities of such Loan Guarantor (including the maximum amount reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other Loan Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by other Loan Guarantors as of such date in a manner to maximize the amount of such contributions.
(c)    This Section 10.11 is intended only to define the relative rights of the Loan Guarantors, and nothing set forth in this Section 10.11 is intended to or shall impair the obligations of the Loan Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Loan Guaranty.
(d)    The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Loan Guarantor or Loan Guarantors to which such contribution and indemnification is owing.
(e)    The rights of the indemnifying Loan Guarantors against other Loan Guarantors under this Section 10.11 shall be exercisable upon the full and indefeasible payment of the Guaranteed 

    
	
			
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Obligations in cash (other than Unliquidated Obligations that have not yet arisen) and the termination or expiry (or, in the case of all Letters of Credit, full cash collateralization), on terms reasonably acceptable to the Administrative Agent and the Issuing Bank, of the Commitments and all Letters of Credit issued hereunder and the termination of this Agreement, the Swap Agreement Obligations and the Banking Services Obligations.
SECTION 10.12.    Liability Cumulative.  The liability of each Loan Party as a Loan Guarantor under this Article X is in addition to and shall be cumulative with all liabilities of each Loan Party to the Administrative Agent, the Issuing Bank and the Lenders under this Agreement and the other Loan Documents to which such Loan Party is a party or in respect of any obligations or liabilities of the other Loan Parties, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary.
SECTION 10.13.    Keepwell.  Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Guarantor to honor all of its obligations under this Guarantee in respect of a Swap Obligation (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.13 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.13 or otherwise under this Loan Guaranty voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  Except as otherwise provided herein, the obligations of each Qualified ECP Guarantor under this Section 10.13 shall remain in full force and effect until the termination of all Swap Obligations.  Each Qualified ECP Guarantor intends that this Section 10.13 constitute, and this Section 10.13 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

[Signature Page Follows]

    
	
			
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective authorized officers as of the day and year first above written.

THE MEET GROUP, INC., as Borrower

By:  /s/ Geoff Cook 
Name: Geoff Cook
Title:  Chief Executive Officer

SKOUT, LLC, as a Loan Guarantor

By:  /s/ Geoff Cook 
Name: Geoff Cook
Title:  Chief Executive Officer

IFWE, INC., as a Loan Guarantor

By:  /s/ Geoff Cook 
Name: Geoff Cook
Title:  Chief Executive Officer

COLLECTED LABS LLC, as a Loan Guarantor

By:  /s/ Geoff Cook 
Name: Geoff Cook
Title:  Chief Executive Officer

STIG, LLC, as a Loan Guarantor

By:  /s/ Geoff Cook 
Name: Geoff Cook
Title:  Chief Executive Officer

HI5 INC., as a Loan Guarantor

By:  /s/ Geoff Cook 
Name: Geoff Cook
Title:  Chief Executive Officer

    
	
			
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	1
	 

	
		
	 
	JPMORGAN CHASE BANK, N.A., individually, and as Administrative Agent, the Swingline Lender and Issuing Bank

By: /s/ William Horstman
Name:  William Horstman
Title:  Authorized Officer

JPMORGAN CHASE BANK, N.A., as Lender 

By: /s/ William Horstman
Name:  William Horstman
Title:  Authorized Officer

    
	
			
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SILICON VALLEY BANK, as a Lender

By:  /s/ Michael Shuhy
Name:  Michael Shuhy
Title:  Director

    
	
			
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CADENCE BANK, N.A. 

By:  /s/ Steve Prichett
Name:  Steve Prichett
Title:  EVP

    
	
			
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KEYBANK NATIONAL ASSOCIATION

By:  Robert Bauer
Name:  Robert Bauer
Title:  Enterprise Banker

    
	
			
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	5Exhibit 10.1

 

PURCHASE AND SALE AGREEMENT

 

BETWEEN

 

CH REALTY VII – CARROLL MF ORLANDO
HUNTER'S CREEK, L.L.C.

AND

CH REALTY VII – CARROLL MF ORLANDO
METROWEST, L.L.C.

AS SELLER

 

AND

 

BLUEROCK REAL ESTATE, L.L.C.

AS PURCHASER

 

DATED SEPTEMBER 7, 2017

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page No.
	 	 	 
	ARTICLE 1	Basic Information	1
	Section 1.2	Closing Costs	3
	Section 1.3	Notice Addresses	3
	 	 	 
	ARTICLE 2	Property	4
	Section 2.1	Hunter's Creek Property	4
	Section 2.2	Metrowest Property	5
	Section 2.3	Property	7
	 	 	 
	ARTICLE 3	Earnest Money	7
	Section 3.1	Deposit and Investment of Earnest Money	7
	Section 3.2	Independent Consideration	8
	Section 3.3	Form; Failure to Deposit	8
	Section 3.4	Disposition of Earnest Money	8
	 	 	 
	ARTICLE 4	Due Diligence	8
	Section 4.1	Due Diligence Materials To Be Delivered	8
	Section 4.2	Due Diligence Materials To Be Made Available	9
	Section 4.3	Physical Due Diligence	10
	Section 4.4	Due Diligence/Termination Right	10
	Section 4.5	Return of Documents and Reports	11
	Section 4.6	Service Contracts, Equipment Leases and License Agreement	11
	Section 4.7	Proprietary Information; Confidentiality	11
	Section 4.8	No Representation or Warranty by Seller	12
	Section 4.9	Purchaser's Responsibilities	12
	Section 4.10	Purchaser's Agreement to Indemnify	12
	 	 	 
	ARTICLE 5	Title and Survey	12
	Section 5.1	Title Commitment	12
	Section 5.2	New or Updated Survey	13
	Section 5.3	Title and Survey Objections	13
	Section 5.4	Delivery of Title Policy at Closing	14
	 	 	 
	ARTICLE 6	Operations and Risk of Loss	14
	Section 6.1	Ongoing Operations	14
	Section 6.2	Notices	16
	Section 6.3	Damage	16
	Section 6.4	Condemnation	17
	Section 6.5	No Additional Encumbrances	17
	Section 6.6	Condition of Vacant Units	17
	 	 	 
	ARTICLE 7	Closing	17
	Section 7.1	Closing	17
	Section 7.2	Conditions to Parties' Obligation to Close	17
	Section 7.3	Seller's Deliveries in Escrow	18
	Section 7.4	Purchaser's Deliveries in Escrow	19
	Section 7.5	Closing Statements	20

 

     

     

    

  

	Section 7.6	Purchase Price	20
	Section 7.7	Possession	20
	Section 7.8	Delivery of Books and Records	20
	Section 7.9	Notice to Tenants	20
	 	 	 
	ARTICLE 8	Prorations, Deposits, Commissions	21
	Section 8.1	Prorations	21
	Section 8.2	Leasing Costs	22
	Section 8.3	Closing Costs	23
	Section 8.4	Final Adjustment After Closing	23
	Section 8.5	Tenant Deposits	23
	Section 8.6	Commissions	23
	 	 	 
	ARTICLE 9	Representations and Warranties	23
	Section 9.1	Seller's Representations and Warranties	23
	Section 9.2	Purchaser's Representations and Warranties	24
	Section 9.3	Parties’ Knowledge	25
	Section 9.4	Survival of Representations and Warranties; Post-Closing
Claims of Breach	26
	 	 	 
	ARTICLE 10	Default and Remedies	26
	Section 10.1	Seller's Remedies	26
	Section 10.2	Purchaser's Remedies	27
	Section 10.3	Attorneys' Fees	27
	Section 10.4	Other Expenses	27
	 	 	 
	ARTICLE 11	Disclaimers, Release and Indemnity	28
	Section 11.1	Disclaimers By Seller	28
	Section 11.2	Sale "As Is, Where Is"	28
	Section 11.3	Seller Released from Liability	29
	Section 11.4	"Hazardous Materials" Defined	29
	Section 11.5	Intentionally Omitted	29
	Section 11.6	Survival	29
	 	 	 
	ARTICLE 12	Miscellaneous	30
	Section 12.1	Parties Bound; Assignment	30
	Section 12.2	Headings	30
	Section 12.3	Invalidity and Waiver	30
	Section 12.4	Governing Law	30
	Section 12.5	Survival	30
	Section 12.6	Entirety and Amendments	30
	Section 12.7	Time	30
	Section 12.8	Confidentiality; Press Releases	30
	Section 12.9	No Electronic Transactions	31
	Section 12.10	Notices	31
	Section 12.11	Construction	31
	Section 12.12	Calculation of Time Periods	31
	Section 12.13	Execution in Counterparts	32
	Section 12.14	No Recordation	32
	Section 12.15	Further Assurances	32
	Section 12.16	Discharge of Obligations	32
	Section 12.17	ERISA	32

     

     

    

  

	Section 12.18	No Third Party Beneficiary	32
	Section 12.19	Reporting Person	32
	Section 12.20	Intentionally Omitted	32
	Section 12.21	Jurisdiction and Venue	33
	Section 12.22	Radon Gas	33
	Section 12.23	Energy Disclosure	33
	Section 12.24	Obligations Regarding Financial Information	33

 

     

     

    

 

LIST OF DEFINED TERMS

 

	 	Page No.
	 	 
	Additional Property Information	9
	Agreement	1
	Assignment	19
	business day	32
	Casualty Estimate	16
	CERCLA	29
	Closing	18
	Closing Date	2
	Code	25
	Cooperation Period	34
	Deed	19
	Earnest Money	1
	Effective Date	2
	Equipment Leases	7
	ERISA	25
	Escrow Agent	2
	Extension Earnest Money	1
	Extension Notice	18
	Hazardous Material	30
	Hazardous Materials	30
	Hazardous Substance	30
	Hunter's Creek Equipment Leases	5
	Hunter's Creek Improvements	4
	Hunter's Creek Intangible Personal Property	5
	Hunter's Creek Land	4
	Hunter's Creek Leases	4
	Hunter's Creek License Agreements	5
	Hunter's Creek Property	4
	Hunter's Creek Real Property	4
	Hunter's Creek Seller	1
	Hunter's Creek Service Contracts	5
	Hunter's Creek Tangible Personal Property	4
	Improvements	7
	Independent Consideration	8
	Information Delivery Date	2
	Initial Earnest Money	1
	Inspection Period	2
	Intangible Personal Property	7
	Land	7
	Lease Files	9
	Leases	7
	Leasing Costs	23
	License Agreements	7
	Material Damage	17
	Materially Damaged	17
	Metrowest Equipment Leases	7

 

    	 	1	 

     

    

  

	Metrowest Improvements	6
	Metrowest Intangible Personal Property	7
	Metrowest Land	6
	Metrowest Leases	6
	Metrowest License Agreements	7
	Metrowest Property	5
	Metrowest Real Property	6
	Metrowest Seller	1
	Metrowest Service Contracts	6
	Metrowest Tangible Personal Property	6
	Natural Gas Liquids	30
	Notice to Proceed	10
	Objection	13
	Objection Notice	13
	OFAC	25
	Operating Statements	9
	Permitted Exceptions	14
	Permitted Outside Parties	11
	Petroleum	30
	Plan	25
	Pollutant or Contaminant	30
	Property	7
	Property Audits	34
	Property Documents	10
	Property Information	8
	Purchase Price	1
	Purchaser	1
	Purchaser Representatives	9
	Purchaser's Knowledge Parties	26
	Real Property	7
	Rent Ready Condition	17
	Rent Roll	9
	Rent-Ready Date	17
	Report	11
	Reports	11
	Required Monetary Liens	14
	Seller	1
	Seller’s Closing Certificate	19
	Seller's Representatives	26
	Service Contracts	7
	Survey	13
	Survival Period	26
	Tangible Personal Property	7
	Taxes	21
	Tenant Notice Letter	20
	Tenant Receivables	22
	Title Commitment	13
	Title Commitment Delivery Date	2
	Title Company	2
	Title Policy	15
	to Purchaser's knowledge	26

 

    	 	2	 

     

    

  

	to Seller's knowledge	26
	to the best of Purchaser's knowledge	26
	to the best of Seller's knowledge	26
	Unbilled Tenant Receivables	22
	Uncollected Delinquent Tenant Receivables	22
	Voluntary Encumbrances	14

 

    	 	3	 

     

    

 

PURCHASE AND SALE AGREEMENT

[Arium Hunter's Creek and Arium at Metrowest,
Orlando, Florida]

 

This Purchase and Sale
Agreement (this "Agreement") is made and
entered into by and between Purchaser and Seller.

 

RECITALS

 

A.           Defined
terms are indicated by initial capital letters. Defined terms shall have the meaning set forth herein, whether or not such terms
are used before or after the definitions are set forth.

 

B.           Purchaser
desires to purchase the Property and Seller desires to sell, assign and convey the Property, all upon the terms and conditions
set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual terms, provisions, covenants and agreements set forth herein, as well as the sums to be paid by Purchaser to Seller,
and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Purchaser and Seller agree
as follows:

 

ARTICLE
1

Basic
Information

 

	
         

        1.1.1           Seller:
	 	
        Collectively, CH REALTY VII – CARROLL
        MF ORLANDO HUNTER'S CREEK, L.L.C., a Delaware limited liability company ("Hunter's Creek Seller"),
        and CH REALTY VII – CARROLL MF ORLANDO METROWEST, L.L.C., a Delaware limited liability company ("Metrowest
        Seller").

         

	1.1.2           Purchaser:	 	
        BLUEROCK REAL ESTATE, L.L.C., a Delaware
        limited liability company

         

	1.1.3           Purchase Price:  	 	
        $183,500,000.00, of which $97,500,000.00 shall
        be allocated to the Hunter’s Creek Property and $86,000,000.00 shall be allocated to the Metrowest Property.

         

	1.1.4           Earnest Money:	 	$3,600,000.00 (the "Initial Earnest Money"), including interest thereon, to be deposited in accordance with Section 3.1 below, and to be increased by $1,800,000.00 (the "Extension Earnest Money") to $5,400,000.00, plus interest thereon, if Purchase delivers an Extension Notice pursuant to Section 7.1.

 

    	 	PURCHASE AND SALE AGREEMENT (Hunter's Creek and Metrowest) – Page 1	 

     

    

  

	1.1.5           Title Company:	 	
        Commonwealth
        Title of Dallas

        2651 N. Harwood,
        Suite 260

        Dallas, Texas
        75201

        Attn.: Sharon
        Cooper

        Telephone
        number: (214) 855-8400

        Facsimile
        number: (214) 754-9066

        E-mail:
        sharoncooper@cltlt.com

         

	1.1.6           Escrow Agent:	 	
        Commonwealth
        Title of Dallas

        2651 N. Harwood,
        Suite 260

        Dallas, Texas
        75201

        Attn.: Sharon
        Cooper

        Telephone
        number: (214) 855-8400

        Facsimile
        number: (214) 754-9066

        E-mail:
        sharoncooper@cltlt.com

         

	1.1.7           Intentionally Omitted:	 	 
	 	 	 
	1.1.8           Effective Date:	 	The date on which this Agreement is executed by the latter to sign of Purchaser or Seller, as indicated on the signature page of this Agreement.  If the execution date is left blank by either Purchaser or Seller, the Effective Date shall be the execution date inserted by the other party.
	 	 	 
	1.1.9           Property Information Delivery Date:	 	The date which is five (5) business days after the Effective Date.
	 	 	 
	1.1.10         Title Commitment Delivery Date:	 	The date which is five (5) business days after the Effective Date.
	 	 	 
	1.1.11         Intentionally Omitted:	 	 
	 	 	 
	1.1.12         Intentionally Omitted:	 	 
	 	 	 
	1.1.13         Inspection Period:	 	The period beginning on the Effective Date and ending at 5:00 p.m. Dallas, Texas time on September 7, 2017.
	 	 	 
	1.1.14         Closing Date:	 	October 6, 2017, unless extended to November 6, 2017 pursuant to Section 7.1.

 

    	 	PURCHASE AND SALE AGREEMENT (Hunter's Creek and Metrowest) – Page 2	 

     

    

  

Section
1.2           Closing Costs. Closing costs shall be
allocated and paid as follows:

 

	COST	 	
        RESPONSIBLE 

        PARTY

	Title Commitment required to be delivered pursuant to Section 5.1.	 	Seller
	Premium for Title Policy required to be delivered pursuant to Section 5.4.	 	Seller
	Premium for any upgrade of Title Policy for any additional coverage and any endorsements desired by Purchaser (other than any endorsements that Seller elects to obtain, in its sole discretion, to cure a Purchaser title objection hereunder, which shall be paid by Seller), any inspection fee charged by the Title Company, tax certificates, municipal and utility lien certificates, and any other Title Company charges	 	Purchaser
	Costs of Survey and/or any revisions, modifications or recertifications thereto	 	Purchaser
	Costs for UCC searches	 	Purchaser
	Per-page recording fees for recordable conveyance documents	 	Seller
	Any deed taxes, documentary stamp taxes or transfer taxes payable on the conveyance of the Property to Purchaser	 	Seller
	Any mortgage taxes, intangible taxes or other similar taxes, fees or assessments associated with any Purchaser financing on the Property	 	Purchaser
	Any escrow fee charged by Escrow Agent for holding the Earnest Money or conducting the Closing	 	
        Purchaser: 1⁄2

        Seller: 1⁄2

	All other closing costs, expenses, charges and fees	 	As customary in Orange County, Florida

 

Section
1.3           Notice Addresses:

 

	
        Purchaser:

         

        Bluerock Real Estate, L.L.C.

        712 Fifth Avenue, 9th Floor

        New York, NY 10019

        Attention: Ryan MacDonald

        Telephone: (646) 649-9150

        E-mail: rmacdonald@bluerockre.com

         
	
        Copy to:

         

        Nelson Mullins Riley & Scarborough LLP

        Atlantic Station

        201 17th Street, NW, Suite 1700

        Atlanta, Georgia 30363

        Attention: Eric R. Wilensky

        Telephone: (404) 322-6469

        E-mail: eric.wilensky@nelsonmullins.com

         

	
        Seller:

         

        c/o CH Realty VII/MF Orlando

        Properties Investor, L.L.C.

        3819 Maple Avenue

        Dallas, Texas 75219

        Attention: Madeline Lewis

        Telephone: (214) 661-8371

        E-mail: mlewis@crowholdings.com
	
        Copy to:

         

        c/o Carroll Co-Invest III Orlando

        Portfolio, LLC

        3340 Peachtree Road NE, Suite 2250

        Atlanta, GA 30326

        Attention: Josh Champion

        Telephone: (404) 812-8270

        E-mail: josh.champion@carrollorg.com

         

	
        With an additional copy to:

         

        Locke Lord LLP

        2200 Ross Avenue, Suite 2800

        Dallas, Texas 75201

        Attention: Thomas P. Arnold

        Telephone: (214) 740-8656

        E-mail: tarnold@lockelord.com
	 

 

    	 	PURCHASE AND SALE AGREEMENT (Hunter's Creek and Metrowest) – Page 3	 

     

    

 

ARTICLE
2

Property

 

Section
2.1           Hunter's Creek
Property. Subject to the terms and conditions of this Agreement, Hunter's Creek Seller agrees to sell, assign and
convey to Purchaser, and Purchaser agrees to purchase from Hunter's Creek Seller, the following property (collectively, the "Hunter's
Creek Property"):

 

2.1.1       Hunter's
Creek Real Property. All of Hunter’s Creek Seller’s right, title and interest to the land described
as the Hunter's Creek Land in Exhibit A-1 attached hereto (the "Hunter's Creek Land"),
together with (a) all buildings, structures, fixtures, parking facilities, and other improvements located thereon, but expressly
excluding improvements and structures owned by any tenant ("Hunter's Creek Improvements"),
(b) without warranty, all right, title and interest of Hunter's Creek Seller, if any, in and to the rights, benefits, privileges,
and easements appurtenant to Hunter’s Creek Seller’s interest in the Hunter’s Creek Land and the Hunter’s
Creek Improvements, if any, including, without limitation, all of Hunter’s Creek Seller’s right, title and interest,
if any, in and to all mineral, oil, gas and other hydrocarbons, water rights, air rights, and development rights, and all rights-of-way,
tenements, hereditaments, and other appurtenances thereon (whether now or hereinafter existing) or in anywise appertaining thereto
used in connection with the beneficial use and enjoyment of the Hunter’s Creek Land and Hunter’s Creek Improvements,
and (c) without warranty, all right, title, and interest of Hunter's Creek Seller, if any, in and to all strips and gores
and any land lying in the bed of any street, road or alley, open or proposed, adjoining the Hunter's Creek Land (collectively,
the "Hunter's Creek Real Property").

 

2.1.2       Hunter's
Creek Leases. All of Hunter's Creek Seller's right, title and interest, without warranty, in all leases and other
occupancy agreements of the Hunter's Creek Real Property (other than Hunter's Creek License Agreements), including leases which
may be made by Hunter’s Creek Seller after the Effective Date and prior to Closing as permitted by this Agreement, all amendments
and assignments of any of the foregoing, and all security and other refundable deposits held by Hunter's Creek Seller in connection
therewith and any guarantees given thereunder to the extent assignable (collectively, the "Hunter's Creek Leases").

 

2.1.3       Hunter's
Creek Tangible Personal Property. All of Hunter's Creek Seller's right, title and interest, without warranty, in
the equipment, machinery, furniture, furnishings, appliances, signs, carts, tools, unopened or otherwise usable supplies and keys
and other tangible personal property, if any, owned by Hunter's Creek Seller and now or hereafter located in and used in connection
with the operation, ownership or management of the Hunter's Creek Real Property, including, without limitation, such personalty
shown on Schedule 2.1.3 attached hereto and incorporated herein by reference, but specifically excluding any items of personal
property owned or leased by Hunter's Creek Seller's property manager or tenants at or on the Hunter's Creek Real Property and further
excluding any items of personal property owned by third parties and leased to Hunter's Creek Seller (collectively, the "Hunter's
Creek Tangible Personal Property").

 

    	 	PURCHASE AND SALE AGREEMENT (Hunter's Creek and Metrowest) – Page 4	 

     

    

  

2.1.4       Hunter's
Creek Intangible Personal Property. All of Hunter's Creek Seller's right, title and interest, if any, without warranty,
in all intangible personal property related to the Hunter's Creek Real Property and the Hunter's Creek Improvements, including,
without limitation: all trade names and trademarks associated with the Hunter's Creek Real Property and the Hunter's Creek Improvements,
including Hunter's Creek Seller's rights and interests, if any, in the name of the Hunter's Creek Real Property; the plans and
specifications and other architectural and engineering drawings for the Hunter's Creek Improvements, if any (to the extent owned
by Hunter's Creek Seller and assignable without cost by Hunter's Creek Seller); those certain contract rights related to the operation,
ownership, repair or management of the Hunter's Creek Real Property, including maintenance, service, construction and supply contracts
shown more particularly on Schedule 2.1.4 attached hereto and by this reference made a part hereof and including contracts
which may be made by Hunter's Creek Seller after the Effective Date and prior to Closing as permitted by this Agreement, but not
including Hunter's Creek Leases or Hunter's Creek License Agreements (collectively, the "Hunter's Creek Service
Contracts") (but only to the extent assignable without cost by Hunter's Creek Seller and to the extent that
Hunter's Creek Seller's obligations thereunder are expressly assumed by Purchaser pursuant to this Agreement); warranties (to the
extent owned by Hunter's Creek Seller and assignable without cost by Hunter's Creek Seller); governmental permits, approvals and
licenses, if any (to the extent owned by Hunter's Creek Seller and assignable without cost by Hunter's Creek Seller); all telephone
exchange numbers (to the extent owned by Hunter's Creek Seller and assignable without cost to Hunter's Creek Seller; any freely
assignable website domain names associated with the Hunter’s Creek Real Property (including http://ariumhunterscreek.com);
and all freely assignable content used or displayed under such domain (all of the items described in this Section 2.1.4
collectively referred to as the "Hunter's Creek Intangible
Personal Property"). Hunter's Creek Tangible Personal Property and Hunter's Creek Intangible Personal Property
shall not include (a) any appraisals or other economic evaluations of, or projections with respect to, all or any portion
of the Hunter's Creek Property, including, without limitation, budgets prepared by or on behalf of Hunter's Creek Seller or any
affiliate of Hunter's Creek Seller, (b) any documents, materials or information which are subject to attorney/client, work
product or similar privilege, which constitute attorney communications with respect to the Hunter's Creek Property and/or Hunter's
Creek Seller, or which are subject to a confidentiality agreement, and (c) any trade name, mark or other identifying material
that includes the names "Trammell Crow," "Crow Holdings Capital Partners," "CH Realty," "Crow
Holdings" or any derivative thereof.

 

2.1.5       Hunter's
Creek License Agreements and Equipment Leases. All of Hunter's Creek Seller's right, title and interest, without
warranty, in and to (a) all agreements (other than Hunter's Creek Leases and Hunter’s Creek Equipment Leases), if any, for
the leasing or licensing of rooftop space or equipment, telecommunications equipment, cable access and other space, equipment and
facilities that are located on or within the Hunter's Creek Real Property and generate income to Hunter's Creek Seller as
the owner of the Hunter's Creek Real Property as shown on Schedule 2.1.5 attached hereto and incorporated herein by reference,
including agreements which may be made by Hunter's Creek Seller after the Effective Date and prior to Closing as permitted by this
Agreement (the "Hunter's Creek License Agreements");
and (b) all leases of equipment to Hunter’s Creek Seller (to the extent that same are assignable by Hunter’s Creek
Seller without cost and to the extent that Hunter's Creek Seller's obligations thereunder are expressly assumed by Purchaser pursuant
to this Agreement) as shown on Schedule 2.1.5 attached hereto and incorporated herein by reference, including agreements
which may be made by Hunter's Creek Seller after the Effective Date and prior to Closing as permitted by this Agreement (the “Hunter’s
Creek Equipment Leases”). Anything in this Agreement to the contrary notwithstanding, Purchaser shall assume all
the obligations of the "lessor" or "licensor" under all Hunter's Creek License Agreements which by their terms
cannot be terminated without penalty or payment of a fee in excess of $5,000 in amount.

 

Section
2.2           Metrowest Property. Subject to the terms
and conditions of this Agreement, Metrowest Seller agrees to sell, assign and convey to Purchaser, and Purchaser agrees to purchase
from Metrowest Seller, the following property (collectively, the "Metrowest Property"):

 

    	 	PURCHASE AND SALE AGREEMENT (Hunter's Creek and Metrowest) – Page 5	 

     

    

  

2.2.1       Metrowest
Real Property. All of Metrowest Seller’s right, title
and interest to the land described as the Metrowest Land in Exhibit A-2 attached hereto (the "Metrowest Land"),
together with (a) all buildings, structures, fixtures, parking facilities and other improvements located thereon, but expressly
excluding improvements and structures owned by any tenant ("Metrowest Improvements"),
(b) without warranty, all right, title and interest of Metrowest Seller, if any, in and to the rights, benefits, privileges,
and easements appurtenant to Metrowest Seller’s interest in the Metrowest Land and the Metrowest Improvements, if any, including,
without limitation, all of Metrowest Seller’s right, title and interest, if any, in and to all mineral, oil, gas and other
hydrocarbons, water rights, air rights, and development rights, and all rights-of-way, tenements, hereditaments, and other appurtenances
thereon (whether now or hereinafter existing) or in anywise appertaining thereto used in connection with the beneficial use and
enjoyment of the Metrowest Land and Metrowest Improvements, and (c) without warranty, all right, title, and interest of Metrowest
Seller, if any, in and to all strips and gores and any land lying in the bed of any street, road or alley, open or proposed, adjoining
the Metrowest Land (collectively, the "Metrowest Real Property").

 

2.2.2       Metrowest
Leases. All of Metrowest Seller's right, title and interest,
without warranty, in all leases and other occupancy agreements of the Metrowest Real Property (other than Metrowest License Agreements),
including leases which may be made by Metrowest Seller after the Effective Date and prior to Closing as permitted by this Agreement,
all amendments and assignments of any of the foregoing, and all security and other refundable deposits held by Metrowest Seller
in connection therewith and any guarantees given thereunder to the extent assignable (collectively, the "Metrowest Leases").

 

2.2.3       Metrowest
Tangible Personal Property. All of Metrowest Seller's right,
title and interest, without warranty, in the equipment, machinery, furniture, furnishings, appliances, signs, carts, tools, unopened
or otherwise usable supplies and keys and other tangible personal property, if any, owned by Metrowest Seller and now or hereafter
located in and used in connection with the operation, ownership or management of the Metrowest Real Property, including, without
limitation, such personalty as shown on Schedule 2.2.3 attached hereto and incorporated herein by reference, but specifically
excluding any items of personal property owned or leased by Metrowest Seller's property manager or tenants at or on the Metrowest
Real Property and further excluding any items of personal property owned by third parties and leased to Metrowest Seller (collectively,
the "Metrowest Tangible Personal Property").

 

2.2.4       Metrowest
Intangible Personal Property. All of Metrowest Seller's
right, title and interest, if any, without warranty, in all intangible personal property related to the Metrowest Real Property
and the Metrowest Improvements, including, without limitation: all trade names and trademarks associated with the Metrowest Real
Property and the Metrowest Improvements, including Metrowest Seller's rights and interests, if any, in the name of the Metrowest
Real Property; the plans and specifications and other architectural and engineering drawings for the Metrowest Improvements, if
any (to the extent owned by Metrowest Seller and assignable without cost by Metrowest Seller); those certain contract rights related
to the operation, ownership, repair or management of the Metrowest Real Property, including maintenance, service, construction
and supply contract shown more particularly on Schedule 2.2.4 attached hereto and by this reference made a part hereof,
and including contracts which may be made by Metrowest Seller after the Effective Date and prior to Closing as permitted by this
Agreement, but not including Metrowest Leases or Metrowest License Agreements (collectively, the "Metrowest Service
Contracts") (but only to the extent assignable without cost by Metrowest Seller and to the extent that Metrowest
Seller's obligations thereunder are expressly assumed by Purchaser pursuant to this Agreement); warranties (to the extent owned
by Metrowest Seller and assignable without cost by Metrowest Seller); governmental permits, approvals and licenses, if any (to
the extent owned by Metrowest Seller and assignable without cost to Metrowest Seller); all telephone exchange numbers (to the extent
owned by Metrowest Seller and assignable without cost by Metrowest Seller; all freely assignable website domain names associated
with the Metrowest Real Property (including http://ariummetrowest.com) and all freely assignable content used or displayed under
such domain (all of the items described in this Section 2.2.4 collectively referred to as the "Metrowest
Intangible Personal Property"). Metrowest Tangible
Personal Property and Metrowest Intangible Personal Property shall not include (a) any appraisals or other economic evaluations
of, or projections with respect to, all or any portion of the Metrowest Property, including, without limitation, budgets prepared
by or on behalf of Metrowest Seller or any affiliate of Metrowest Seller, (b) any documents, materials or information which
are subject to attorney/client, work product or similar privilege, which constitute attorney communications with respect to the
Metrowest Property and/or Metrowest Seller, or which are subject to a confidentiality agreement, and (c) any trade name, mark
or other identifying material that includes the names "Trammell Crow," "Crow Holdings Capital Partners," "CH
Realty," "Crow Holdings" or any derivative thereof.

 

    	 	PURCHASE AND SALE AGREEMENT (Hunter's Creek and Metrowest) – Page 6	 

     

    

  

2.2.5       Metrowest
License Agreements. All of Metrowest Seller's right, title
and interest, without warranty, in and to (a) all agreements (other than Metrowest Leases and Metrowest Equipment Leases), if any,
for the leasing or licensing of rooftop space or equipment, telecommunications equipment, cable access and other space, equipment
and facilities that are located on or within the Metrowest Real Property and generate income to Metrowest Seller as the owner of
the Metrowest Real Property as shown on Schedule 2.2.5 attached hereto and incorporated herein by reference, including agreements
which may be made by Metrowest Seller after the Effective Date and prior to Closing as permitted by this Agreement (the "Metrowest
License Agreements"); and (b) all leases of equipment
to Metrowest Seller (to the extent that same are assignable by Metrowest Seller without cost and to the extent that Metrowest Seller's
obligations thereunder are expressly assumed by Purchaser pursuant to this Agreement) as shown on Schedule 2.2.5 attached
hereto and incorporated herein by reference, including agreements which may be made by Metrowest Seller after the Effective Date
and prior to Closing as permitted by this Agreement (the "Metrowest Equipment Leases"). Anything in this
Agreement to the contrary notwithstanding, Purchaser shall assume all the the "lessor" or "licensor" under
all Metrowest License Agreements which by their terms cannot be terminated without penalty or payment of a fee in excess of $5,000
in amount.

 

Section
2.3           Property. As used herein, (a) the Hunter's
Creek Property and the Metrowest Property shall be collectively called the "Property",
(b) the Hunter's Creek Land and the Metrowest Land shall be collectively called the "Land",
(c) the Hunter's Creek Improvements and the Metrowest Improvements shall be collectively called the "Improvements",
(d) the Hunter's Creek Real Property and the Metrowest Real Property shall be collectively called the "Real
Property", (e) the Hunter's Creek Leases and the Metrowest Leases shall be collectively called the "Leases",
(f) the Hunter's Creek Tangible Personal Property and the Metrowest Tangible Personal Property shall be collectively called the
"Tangible Personal Property ", (g) the Hunter's Creek Service Contracts and the Metrowest Service Contracts
shall be collectively called the "Service Contracts",
(h) the Hunter's Creek Intangible Personal Property and the Metrowest Intangible Personal Property shall be collectively called
the "Intangible Personal Property", (i) the Hunter's Creek License Agreements and the Metrowest License
Agreements shall be collectively called the "License Agreements", and (j) the Hunter's Creek Equipment
Leases and the Metrowest Equipment Leases shall be collectively called the "Equipment Leases ".

 

ARTICLE
3

Earnest
Money

 

Section
3.1           Deposit and Investment of Earnest Money.
Within one (1) business day after the Effective Date, Purchaser shall deposit the Initial Earnest Money with Escrow Agent. Escrow
Agent shall invest the Earnest Money in government insured interest-bearing accounts satisfactory to Seller and Purchaser, shall
not commingle the Earnest Money with any funds of Escrow Agent or others, and shall promptly provide Purchaser and Seller with
confirmation of the investments made. Such account shall have no penalty for early withdrawal, and Purchaser accepts all risks
with regard to such account.

 

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Section
3.2           Independent Consideration. If Purchaser
elects to terminate this Agreement for any reason and is entitled to receive a return of the Earnest Money pursuant to the terms
hereof, the Escrow Agent shall first disburse to Seller One Hundred and No/100 Dollars ($100.00) as independent consideration for
Seller's performance under this Agreement ("Independent Consideration"),
which shall be retained by Seller in all instances.

 

Section
3.3           Form; Failure to Deposit. The Earnest
Money shall be in the form of a certified or cashier's check or the wire transfer to Escrow Agent of immediately available U.S.
federal funds. If Purchaser fails to timely deposit any portion of the Earnest Money within the time periods required, Seller may
terminate this Agreement by written notice to Purchaser at any time prior to the actual receipt by Escrow Agent of such deposit
from Purchaser, in which event any Earnest Money that has previously been deposited by Purchaser with Escrow Agent shall be immediately
delivered to Seller and thereafter the parties hereto shall have no further rights or obligations hereunder, except for rights
and obligations which, by their terms, survive the termination hereof.

 

Section
3.4           Disposition of Earnest Money. The Earnest
Money shall be applied as a credit to the Purchase Price at Closing. However, if Purchaser does not send a Notice to Proceed prior
to the expiration of the Inspection Period pursuant to Section 4.4, Escrow Agent shall pay the entire Earnest Money (less
the Independent Consideration) to Purchaser one business day following r the expiration of the Inspection Period (as long as the
current investment can be liquidated and disbursed in one business day). No notice to Escrow Agent from Seller shall be required
for the release of the Earnest Money to Purchaser by Escrow Agent if Purchaser terminates this Agreement pursuant to Section
4.4. In the event of a termination of this Agreement by either Seller or Purchaser for any reason other than pursuant to Section
4.4, Escrow Agent is authorized to deliver the Earnest Money to the party hereto entitled to same pursuant to the terms hereof
on or before the fifth business day following receipt by Escrow Agent and the non-terminating party of written notice of such termination
from the terminating party, unless the other party hereto notifies Escrow Agent that it disputes the right of the other party to
receive the Earnest Money. In such event, Escrow Agent may interplead the Earnest Money into a court of competent jurisdiction
in the county in which the Earnest Money has been deposited. All attorneys' fees and costs and Escrow Agent's costs and expenses
incurred in connection with such interpleader shall be assessed against the party that is not awarded the Earnest Money, or if
the Earnest Money is distributed in part to both parties, then in the inverse proportion of such distribution.

 

ARTICLE
4

Due
Diligence

 

Section
4.1           Due Diligence Materials To Be Delivered.
Seller shall deliver to Purchaser the following (the "Property
Information") on or before the Property Information Delivery Date:

 

4.1.1       Rent
Roll. A current rent roll utilizing Seller's standard form (the "Rent
Roll") for the Hunter's Creek Property is attached hereto as Exhibit G-1, and for the Metrowest Property
is attached hereto as Exhibit G-2;

 

4.1.2       Financial
Information. Copy of operating statements pertaining to each of the Hunter's Creek Property and the Metrowest Property
for the 12 months preceding the Effective Date ("Operating
Statements");

 

4.1.3       Tax
Statements. Copy of ad valorem tax statements relating to each of the Hunter's Creek Property and the Metrowest
Property for the current tax period;

 

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4.1.4       Title
and Survey. Copy of Seller's most current title insurance information and survey of each of the Hunter's Creek Property
and the Metrowest Property;

 

4.1.5       Service
Contracts. A list of Service Contracts, together with copies thereof;

 

4.1.6       Personal
Property. A list of Tangible Personal Property; and

 

4.1.7       License
Agreements. A list of any License Agreements, together with copies thereof.

 

4.1.8       Equipment
Leases. A list of Equipment Leases, together with copies thereof.

 

Except for the Rent Roll
contemplated in Section 4.1.1, Seller's obligations to deliver the items listed in this Section 4.1 shall be
limited to the extent such items are in the possession or reasonable control of Seller or its property management company.

 

Section
4.2           Due Diligence Materials To Be Made Available.
To the extent such items are in Seller's possession and control, Seller shall make available to Purchaser for Purchaser's review,
at Seller's option at either the offices of Seller's property manager or at the Property, the following items and information (the
"Additional Property Information") on or
before the Property Information Delivery Date, and Purchaser at its expense shall have the right to make copies of same:

 

4.2.1       Lease
Files. The lease files for all tenants, including the Leases, amendments, guaranties, any letter agreements and
assignments which are then in effect with respect to the tenants ("Lease
Files");

 

4.2.2       Maintenance
Records and Warranties. Maintenance work orders for the 12 months preceding the Effective Date and warranties, if
any, on roofs, air conditioning units, fixtures and equipment;

 

4.2.3       Plans
and Specifications. Building plans and specifications relating to the Hunter's Creek Property and the Metrowest
Property; and

 

4.2.4       Licenses,
Permits and Certificates of Occupancy. Licenses, permits and certificates of occupancy relating to the Hunter's
Creek Property and the Metrowest Property.

 

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Section
4.3          Physical Due Diligence. Commencing on
the Effective Date and continuing until the Closing, Purchaser and Purchaser's employees, agents, engineers, contractors and environmental
consultants ("Purchaser Representatives")
shall have reasonable access to the Property at all reasonable times during normal business hours, upon appropriate prior notice
to tenants as permitted or required under the Leases, for the purpose of conducting reasonably necessary non-invasive tests, studies,
investigations, evaluations and inspections, including surveys and architectural, engineering, geotechnical and environmental inspections
and tests as permitted under this Agreement, provided that (a) Purchaser must give Seller one (1) business day's prior telephone
or written notice of any such inspection or test, (b) with respect to (i) any invasive inspection or test, (ii) any "Phase
II" type testing or investigation or (iii) any testing scope that is beyond a customary "Phase I" investigation
(including, without limitation, any core sampling, soils testing, vapor testing, air-quality testing, testing of on-site materials
or other similar testing, sampling or investigation), Purchaser must obtain Seller's prior written consent (which consent may be
given, withheld or conditioned in Seller's sole discretion), provided, however, that the foregoing shall not preclude Purchaser
from undertaking non-invasive radon or asbestos testing, (c) prior to performing any inspection or test, Purchaser must deliver
a certificate of insurance to Seller evidencing that Purchaser and Purchaser Representatives have in place (i) commercial general
liability insurance with limits of at least Two Million Dollars ($2,000,000.00) for bodily or personal injury or death and (ii) property
damage insurance in the amount of at least One Million Dollars ($1,000,000.00) for the inspection activities on the Property, which
certificate shall name Seller as an additional insured thereunder, and (d) all such tests shall be conducted by Purchaser
and Purchaser Representatives in compliance with Purchaser's responsibilities set forth in Section 4.9 below. Purchaser
shall bear the cost of all such inspections or tests and shall be responsible for and act as the generator with respect to any
wastes generated by those tests. Subject to the provisions of Section 4.7 hereof, Purchaser or Purchaser Representatives
may meet with any tenant; provided, however, Purchaser must contact Seller at least two full business days in advance by telephone
or in writing to inform Seller of Purchaser's intended meeting and to allow Seller the opportunity to attend such meeting if Seller
desires. Subject to the provisions of Section 4.7 hereof, Purchaser or Purchaser Representatives may meet with any governmental
authority for the sole purpose of gathering information in connection with the transaction contemplated by this Agreement; provided,
however, Purchaser must contact Seller at least two full business days in advance by telephone to inform Seller of Purchaser's
intended meeting and to allow Seller the opportunity to attend such meeting if Seller desires. Seller agrees that Purchaser may
conduct thermographic inspections of the building envelopes, provided that (A) the professional(s) performing and evaluating such
thermographic inspections must have specific training in building envelope evaluations and reasonably appropriate credentials as
a thermographer, (B) Seller shall have the right to reasonably approve the scope of the building envelope evaluation, and (C) Seller
expressly reserves the right, in its sole discretion, to refuse to permit or allow any destructive openings of the building envelopes
based upon the results of any such testing or otherwise.

 

Section
4.4           Due Diligence/Termination Right.

 

4.4.1       Purchaser
shall have through 5:00 p.m. Dallas, Texas time on the last day of the Inspection Period in which to (a) examine, inspect,
and investigate the Property Information and the Additional Property Information (collectively, the "Property
Documents") and the Property and, in Purchaser's sole and absolute judgment and discretion, determine whether
the Property is acceptable to Purchaser, and (b) obtain all necessary internal approvals.

 

4.4.2       If
Purchaser elects to proceed with the acquisition of the Property, Purchaser may continue this Agreement by giving written notice
to proceed to Seller and Escrow Agent (the "Notice to Proceed")
specifying that Purchaser wishes to acquire the Property, prior to 5:00 p.m. Dallas, Texas time on the last day of the Inspection
Period. If Purchaser timely gives its Notice to Proceed, this Agreement shall continue in full force and effect, Purchaser shall
be deemed to have waived its right to terminate this Agreement pursuant to this Section 4.4, and Purchaser shall be deemed
to have acknowledged that it has received or had access to all Property Documents and conducted all inspections and tests of the
Property that it considers important. If Purchaser does not timely give a Notice to Proceed for any reason or no reason, this Agreement
shall terminate, the Initial Earnest Money shall be refunded to Purchaser in accordance with Section 3.4, and the parties
shall have no further obligations to each other, aside from those that by their terms survive termination.

 

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Section
4.5           Return of Documents and Reports. Upon
any termination of this Agreement (other than arising out of a Seller default hereunder), and upon receipt of Seller’s written
request therefor, (a) Purchaser shall return to Seller or destroy, as requested, Purchaser’s copies of the Property Documents
(subject to Purchaser’s internal records retention requirements), and (b) upon Seller’s reimbursement of Purchaser’s
out of pocket costs incurred in obtaining such Reports, Purchaser shall provide to Seller copies of any third party reports, investigations
and studies, other than economic analyses and other than legal analysis memoranda (collectively, the "Reports"
and, individually, a "Report") prepared
for Purchaser in connection with its due diligence review of the Property and requested by Seller, including, without limitation,
any and all Reports involving structural or geological conditions, environmental, hazardous waste or hazardous substances contamination
of the Property, if any. The Reports shall be delivered to Seller at Seller’s sole risk and without representation or warranty
from Purchaser as to the completeness or accuracy of the Reports or any other matter relating thereto. Purchaser's obligation to
deliver the Property Documents and the Reports to Seller upon satisfaction of the requirements set forth in this Section 4.5.2
shall survive the termination of this Agreement.

 

Section
4.6           Service Contracts, Equipment Leases and License Agreements.
On or prior to 5:00 p.m. Dallas, Texas on the last day of the Inspection Period, Purchaser will advise Seller in writing of which
Service Contracts, Equipment Leases and License Agreements it will assume and which Service Contracts, Equipment Leases and License
Agreements Purchaser requests that Seller deliver written termination at or prior to Closing, provided Seller shall have no obligation
to terminate, and Purchaser shall be obligated to assume, any Service Contracts, Equipment Leases and License Agreements which
by their terms cannot be terminated without penalty or payment of a fee in excess of $5,000 in amount. Seller shall deliver at
Closing notices of termination of all Service Contracts, Equipment Leases and License Agreements that are not so assumed. Purchaser
must (a) assume the obligations arising from and after the Closing Date under those Service Contracts, Equipment Leases and License
Agreements (i) that Purchaser has agreed to assume, or that Purchaser is obligated to assume pursuant to this Section 4.6,
and (ii) for which a termination notice is delivered as of or prior to Closing but for which termination is not effective
until after Closing, and (b) pay any termination fees and penalties associated with Service
Contracts, Equipment Leases and License Agreements that Purchaser elects to terminate.

 

Section
4.7           Proprietary Information; Confidentiality.
Purchaser acknowledges that the Property Documents are proprietary and confidential (to the extent that they contain information
that is not generally known to or discoverable by the public) and will be delivered to Purchaser solely to assist Purchaser in
determining the feasibility of purchasing the Property. Purchaser shall not use the Property Documents for any purpose other than
as set forth in the preceding sentence. Purchaser shall not disclose the contents to any person other than to Purchaser's current
or prospective partners, agents, employees, consultants, attorneys, engineers, licensees, investors, and lenders (and each of their
respective agents, employees, consultants, attorneys, engineers and licensees) involved in this transaction who are responsible
for determining the feasibility of Purchaser's acquisition of the Property (collectively, "Permitted
Outside Parties"). Purchaser may disclose such contents of the Property Documents as (a) expressly required
under laws, rules or regulations applicable to Purchaser, including regulation and requirements of the U.S. Securities and Exchange
Commission and any other regulatory or body having oversight over Purchaser or Purchaser’s direct or indirect owners, or
(b) expressly required by appropriate written judicial order, subpoena or demand issued by a court of competent jurisdiction (but
Purchaser will first give Seller written notice of the requirement if legally permissible to do so, and will cooperate with Seller
so that Seller, at its expense, may seek an appropriate protective order and, in the absence of a protective order, Purchaser may
disclose only such content as may be necessary to avoid any penalty, sanction, or other material adverse consequence, and Purchaser
will use reasonable efforts to secure confidential treatment of any such content so disclosed). Purchaser shall not divulge the
contents of the Property Documents and other information except in strict accordance with the confidentiality standards set forth
in this Section 4.7. In permitting Purchaser to review the Property Documents or any other information, Seller has not waived
any privilege or claim of confidentiality with respect thereto, and no third party benefits or relationships of any kind, either
express or implied, have been offered, intended or created. As used hereunder, the term "Permitted Outside Parties"
shall not include Seller's existing mortgage lender and Purchaser shall not deliver to Seller's existing mortgage lender any information
relating to the Property unless approved by Seller in writing, in Seller's sole and absolute discretion.

 

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Section
4.8           No Representation or Warranty by Seller.
Purchaser acknowledges that, except as expressly set forth in this Agreement or in any of the conveyance documents executed by
Seller and delivered to Purchaser at Closing, Seller has not made and does not make any warranty or representation regarding the
truth, accuracy or completeness of the Property Documents or the source(s) thereof. Purchaser further acknowledges that some if
not all of the Property Documents were prepared by third parties other than Seller. Seller expressly disclaims any and all liability
for representations or warranties, express or implied, statements of fact and other matters contained in such information, or for
omissions from the Property Documents, or in any other written or oral communications transmitted or made available to Purchaser.
Purchaser shall rely solely upon its own investigation with respect to the Property, including, without limitation, the Property's
physical, environmental or economic condition, compliance or lack of compliance with any ordinance, order, permit or regulation
or any other attribute or matter relating thereto. Seller has not undertaken any independent investigation as to the truth, accuracy
or completeness of the Property Documents and is providing the Property Documents solely as an accommodation to Purchaser.

 

Section
4.9           Purchaser's Responsibilities. In conducting
any inspections, investigations or tests of the Property and/or Property Documents, Purchaser and Purchaser Representatives shall:
(a) not unreasonably disturb the tenants or unreasonably interfere with their use of the Property pursuant to their respective
Leases; (b) not unreasonably interfere with the operation and maintenance of the Property; (c) not damage any part of
the Property or any personal property owned or held by any tenant or any third party; (d) not injure or otherwise cause bodily
harm to Seller or its agents, guests, invitees, contractors and employees or any tenants or their guests or invitees; (e) comply
with all applicable laws; (f) promptly pay when due the costs of all tests, investigations, and examinations done with regard
to the Property; (g) not permit any liens to attach to the Real Property by reason of the exercise of its rights hereunder;
and (h) repair any damage to the Real Property resulting directly or indirectly from any such inspection or tests to substantially
the condition existing prior to Purchaser's first entry onto the Property for its investigations. Notwithstanding the foregoing,
Purchaser shall not be liable for (i) matters or pre-existing conditions merely discovered by Purchaser and/or any Purchaser
Representative (e.g., latent environmental contamination and defects in the Property) not caused or aggravated by Purchaser and/or
any Purchaser Representative; (ii) the consequences of any act or omission on the part of Seller or any of its agents or employees;
or (iii) subject to compliance with Sections 4.3 and 4.7, any pre-existing non-compliance of the Property with applicable
law.

 

Section
4.10         Purchaser's Agreement to Indemnify. Purchaser hereby
agrees to indemnify, defend and hold Seller harmless from and against any and all liens, claims, causes of action, damages, liabilities
and expenses (including reasonable and actual attorneys' fees) arising out of Purchaser's inspections or tests permitted under
this Agreement or any violation of the provisions of Section 4.3, Section 4.7 and Section 4.9; provided, however,
the indemnity shall not extend to require Purchaser to indemnify, defend or hold harmless Seller from (a) any liabilities for matters
or pre-existing conditions merely discovered by Purchaser and/or any Purchaser Representative (e.g., latent environmental contamination
and defects in the Property) not caused or aggravated by Purchaser and/or any Purchaser Representative, (b) the consequences
of any act or omission on the part of Seller or any of its agents or employees or (c) subject to compliance with Sections 4.3
and 4.7, any pre-existing non-compliance of the Property with applicable law. Purchaser's obligations under this Section
4.10 shall survive the termination of this Agreement and shall survive the Closing.

 

ARTICLE
5

Title
and Survey

 

Section
5.1           Title Commitment. Seller shall cause
to be prepared and delivered to Purchaser on or before the Title Commitment Delivery Date: (a) a current commitment for an
owner’s policy of title insurance or preliminary title report (the "Title
Commitment") issued by the Title Company, in the amount of the Purchase Price and on an ALTA
Standard Form commitment, with Purchaser as the proposed insured, and (b) copies of all documents of record referred
to in the Title Commitment as exceptions to title to the Real Property.

 

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Section
5.2           New or Updated Survey. Purchaser may
elect to obtain a new survey or revise, modify, or re-certify an existing survey ("Survey")
as necessary in order for the Title Company to delete the survey exception from the Title Policy or to otherwise satisfy Purchaser's
objectives.

 

Section
5.3           Title and Survey Objections.

 

5.3.1       During
the Inspection Period, Purchaser shall review title to the Real Property as disclosed by the Title Commitment and the Survey and
shall have the right to notify Seller and its attorneys, in writing (an "Objection Notice"), of such objections
as Purchaser may have to the Title Commitment (including the title exception documents referred to therein) or the Survey ("Objections").
If Purchaser does not deliver an Objection Notice during the Inspection Period, all matters disclosed by the Title Commitment and
the Survey (and if Seller did not obtain a current Survey, then all matters that would have been disclosed by a current Survey)
shall be Permitted Exceptions.

 

5.3.2       If
Purchaser shall notify Seller of any Objections during the Inspection Period, Seller shall have the right, but not the obligation,
to cure such Objections. On or before the fifth (5th) day following Seller’s receipt of Purchaser’s Objection
Notice, Seller or its attorneys may notify Purchaser in writing whether Seller elects to cure any such Objection (and Seller’s
failure to timely provide such a notice shall be deemed an election by Seller not to cure any such Objection). If Seller elects
(or is deemed to have elected) not to cure any Objection specified in Purchaser’s notice, or if Seller notifies Purchaser
of Seller’s election to cure any Objection and thereafter Seller fails or is unable to effect a cure prior to Closing, then
in either such case Purchaser shall have the right to elect one, but not both, of the following options, which election must in
each case be made within the time period provided in Section 5.3.3 below:

 

(a)          to
accept a conveyance of the Property subject to the Objection which Seller is unwilling or unable to cure, and without reduction
of the Purchase Price (in which event the Objection shall thereafter constitute a Permitted Exception); or

 

(b)          to
terminate this Agreement by sending written notice thereof to Seller. Upon delivery of such notice of termination, this Agreement
shall terminate, the Earnest Money shall be paid to Purchaser (less the Independent Consideration), and thereafter neither party
hereto shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation or liability
set forth herein expressly survives termination of this Agreement.

 

5.3.3       If
Seller timely notifies Purchaser that Seller does not intend to attempt to cure any Objection, or if Seller is deemed to have elected
not to cure any Objection, or if Seller notifies Purchaser of Seller’s election to cure any Objection and Seller later notifies
Purchaser that Seller has failed or will be unable to effect a cure thereof, then in any such case Purchaser shall have until the
earlier of three (3) days after receiving Seller's notice or the date of Seller's deemed election, as applicable, to notify Seller
in writing whether Purchaser shall elect to accept the conveyance under Section 5.3.2(a) above, or to terminate this Agreement
under Section 5.3.2(b) (with Purchaser’s failure to provide such a notice deemed an election by Purchaser to terminate
this Agreement under Section 5.3.2(b)).

 

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5.3.4       Seller
shall have no obligation to cure any Objections, except (and notwithstanding anything herein to the contrary) Seller agrees to
cause to be released at or prior to Closing (with Seller having the right to apply the Purchase Price or a portion thereof for
such purpose), and Seller shall deliver the Property free and clear of: (a) any mortgages or deeds of trust recorded against the
Property created by, through or under Seller and (b) any mechanics’ or materialmen’s liens in an aggregate amount not
to exceed $100,000.00 recorded against the Property created by, through or under Seller (but expressly excluding any mechanics’
or materialmen’s liens created by, through or under tenants) (collectively, the "Required Monetary
Liens"). Seller further agrees to remove any exceptions or encumbrances to title which are voluntarily created by,
under or through Seller after the Effective Date without Purchaser's prior written consent (if requested, such consent shall not
be unreasonably withheld or delayed prior to the end of the Inspection Period, but thereafter may be withheld in Purchaser’s
sole discretion ) (collectively, the "Voluntary Encumbrances"). The term "Permitted
Exceptions" shall mean: (i) the specific exceptions (excluding exceptions that are part of the promulgated
title insurance form) in the Title Commitment that the Title Company has not agreed to remove from the Title Commitment as of the
end of the Inspection Period and that Seller is not required to remove as provided above; (ii) matters created by, through or under
Purchaser; (iii) items shown on the Survey which have not been removed as of the end of the Inspection Period (or if Purchaser
does not obtain a Survey, all matters that a current, accurate survey of the Property would show); (iv) real estate taxes not yet
due and payable; (v) rights of tenants under the Leases, as tenants only, without purchase options or rights of first refusal to
purchase; (vi) rights of tenants or licensees under License Agreements; and (vii) any licensees under any Service Contracts not
terminated as of Closing.

 

5.3.5       If,
after the end of the Inspection Period and prior to Closing, a new encumbrance or condition is disclosed by an update of the Title
Commitment or any update to the Survey that (i) was not caused by Purchaser or a Purchaser Representative, (ii) does not constitute
a Permitted Exception, (iii) was not shown in the Title Commitment or any Survey or other document provided to Purchaser prior
to the end of the Inspection Period, (iv) was created without Purchaser’s written consent, and (v) has a material and adverse
effect on the Property or the current use thereof, Purchaser may, by delivering an Objection Notice to Seller within five (5) days
of Purchaser’s first receipt of the updated Title Commitment or updated Survey, whichever first provides notice of the encumbrance
or condition (but not later than the Closing Date), notify Seller of Purchaser’s Objection to any such new title or Survey
matter. With respect to any such Objections to any such new title or new survey matter, Seller shall have the same option to cure
and Purchaser shall have the same option to accept title subject to such matters or to terminate this Agreement as those which
apply to any notice of Objections made by Purchaser during the Inspection Period, and the Closing Date shall be extended as necessary
to permit both Seller and Purchaser the full time periods within which to exercise such options.

 

Section
5.4           Delivery of Title Policy at Closing.
In the event that the Title Company does not issue at Closing, or unconditionally commit at Closing to issue, to Purchaser, an
ALTA Owner's Policy (6/17/06) (With Florida Modifications) in accordance with the Title Commitment, insuring Purchaser's title
to the Real Property in the amount of the Purchase Price, subject only to the standard exceptions and exclusions from coverage
contained in such policy and the Permitted Exceptions (the "Title
Policy"), Purchaser shall have the right to terminate this Agreement, in which case the Earnest Money shall
be immediately returned to Purchaser and the parties hereto shall have no further rights or obligations, other than those that
by their terms survive the termination of this Agreement.

 

ARTICLE
6

Operations
and Risk of Loss

 

Section
6.1           Ongoing Operations. From the Effective
Date through Closing:

 

6.1.1       Leases,
Service Contracts and License Agreements. Hunter's Creek Seller and Metrowest Seller will perform their respective
material obligations under the Leases (including Equipment Leases), Service Contracts and License Agreements. Upon request, Seller
shall provide Purchaser with updated Rent Rolls and reports detailing monthly rental collections, occupancy, vacancies, concessions
and incentives.

 

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6.1.2       Insurance.
Seller shall keep the Improvements insured against loss or damage (including rental loss) by fire and all risks
covered by the Seller’s insurance that is currently in force. Seller, upon request, shall provide Purchaser an insurance
certificate confirming the amounts and types of coverages upon the Property.

 

6.1.3       New
Contracts. Except as provided in Section 6.1.5, Seller will not enter into any contract that will be
an obligation affecting the Property subsequent to the Closing, except contracts entered into in the ordinary course of business
that are terminable without cause and without the payment of any termination penalty on not more than 30 days' prior notice; provided
that Seller will not enter into any such contract after the expiration of the Inspection Period without the prior written consent
of Purchaser, which shall not be unreasonably withheld or delayed.

 

6.1.4       Maintenance
of Improvements; Removal of Personal Property. Subject to Section 6.2 and Section 6.4, Seller shall
maintain or cause the tenants under the Leases to maintain all Improvements substantially in their present condition (ordinary
wear and tear and casualty excepted) and in a manner consistent with Seller's maintenance of the Improvements during Seller's period
of ownership. Seller will not remove any Tangible Personal Property except as may be required for necessary repair or replacement,
and replacement shall be of approximately equal quality and quantity as the removed item of Tangible Personal Property.

 

6.1.5       Leasing;
License Agreements.

 

(a)          For
so long as this Agreement remains in effect, Hunter's Creek Seller and Metrowest Seller will continue their respective present
rental programs and efforts at the Hunter's Creek Property and the Metrowest Property to rent apartment units and renew expiring
Leases, subject to the following conditions after the expiration of the Inspection Period and provided this Agreement remains in
effect:

 

(i)          Seller
shall not enter into new Leases or renew expiring Leases other than on Seller’s standard form of Lease or for terms of under
three (3) months or in excess of fifteen (15) months (unless otherwise approved by Purchaser in its reasonable discretion);

 

(ii)         Seller
shall not provide concessions or tenant incentives on any new or renewed Lease without Purchaser’s prior approval in its
sole discretion, other than up-front rent credits not to exceed one (1) month’s rent; and

 

(iii)        Seller
shall not apply security deposits due to a tenant default which either (A) has been in existence more than ninety (90) days prior
to the Effective Date or (B) is less than thirty (30) days old, unless Purchaser approves in its commercially reasonable discretion.

 

(b)          Nothing
herein shall in any way affect or restrict the right of Seller to seek to enforce its rights under any Lease, but the taking of
any actions or the exercise of any remedies after the end of the Inspection Period which could result in the termination of the
Lease shall require the written consent of Purchaser which shall not be unreasonably withheld, delayed or conditioned; provided,
however, that such action is consistent with what a reasonable and prudent property owner would do under the circumstances then
existing.

 

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(c)          Following
the expiration of the Inspection Period and provided this Agreement remains in effect, Seller will not amend or terminate any existing
License Agreement or enter into any new License Agreement without Purchaser's approval, in Purchaser’s sole discretion. If
Purchaser's consent is requested by Seller as to any amendment or termination of a License Agreement, or as to a new License Agreement,
Purchaser agrees to give Seller written notice of approval or disapproval within five (5) business days after Purchaser's receipt
of request therefor. If Purchaser does not respond to Seller's request within such time period, then Purchaser will be deemed to
have disapproved such amendment, termination or new License Agreement.

 

Section
6.2           Notices.
Seller shall furnish Purchaser with copies of all written notices, which to Seller’s knowledge are received
by Seller, of (i) any violation of any law, statute, ordinance, regulation or order of any governmental or public authority relating
to the Property, (ii) any proposed change in any zoning or law affecting the use or development of the Property, (iii) any pending
or threatened in writing litigation which affects or relates to the Property and would subject Purchaser to liability or which
would materially and adversely affect the transaction contemplated hereby, (iv) any material damage or destruction (excluding
normal wear and tear) to the Property, or (v) any pending or threatened in writing condemnation or eminent domain proceeding affecting
the Property.

 

Section
6.3           Damage. If prior to Closing the Property
is damaged by fire or other casualty and Seller reasonably anticipates that such damage will require repairs in excess of $50,000.00
to repair, Seller shall engage a licensed architect or similar licensed consultant that is reasonably acceptable to Purchaser to
estimate the cost of repair and the time required to complete repairs, and will provide Purchaser written notice of such estimation
(the "Casualty Estimate") as soon as reasonably
possible after the occurrence of the casualty.

 

6.3.1       Material.
In the event of any Material Damage to or destruction of the Property or any portion thereof prior to Closing, Purchaser may, at
its option, terminate this Agreement by delivering written notice to the other on or before the expiration of 30 days after the
date Seller delivers the Casualty Estimate to Purchaser (and if necessary, the Closing Date shall be extended to give Purchaser
the full thirty-day period to make such election). Upon any such termination, the Earnest Money shall be returned to Purchaser
and the parties hereto shall have no further rights or obligations hereunder, other than those that by their terms survive the
termination of this Agreement. If Purchaser does not terminate this Agreement within said 30-day period, then the parties shall
proceed under this Agreement and close on schedule (subject to extension of Closing as provided above), and as of Closing Seller
shall assign to Purchaser, without representation or warranty by or recourse against Seller, all of Seller's rights in and to any
resulting insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due Seller
as a result of such damage or destruction and Purchaser shall assume full responsibility for all needed repairs, and Purchaser
shall receive a credit at Closing for any deductible amount under such insurance policies. For the purposes of this Agreement,
"Material Damage" and "Materially
Damaged" means damage which, pursuant to the Casualty Estimate, exceeds $2,750,000 with regard to the Hunter’s
Creek Property and $2,250,000 with regard to the Metrowest Property, in either case, to repair.

 

6.3.2       Not
Material. If the Property is not Materially Damaged, then neither Purchaser nor Seller shall have the right to terminate
this Agreement, and Seller shall, at its option, either (a) repair the damage before the Closing in a manner and using contractors
reasonably satisfactory to Purchaser, or (b) assign to Purchaser, without representation or warranty by or recourse against
Seller, all of Seller's rights in and to any resulting insurance proceeds (including any assignable rent loss insurance applicable
to any period on and after the Closing Date) due Seller as a result of such damage or destruction and Purchaser shall assume full
responsibility for all needed repairs, and Purchaser shall receive a credit at Closing for any deductible amount under such insurance
policies.

 

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Section
6.4           Condemnation. If proceedings in eminent
domain are instituted with respect to the Property or any portion thereof, Purchaser may, at its option, by written notice to Seller
given within ten days after Seller notifies Purchaser of such proceedings (and if necessary the Closing Date shall be automatically
extended to give Purchaser the full ten-day period to make such election), either: (a) terminate this Agreement, in which
case the Earnest Money shall be immediately returned to Purchaser and the parties hereto shall have no further rights or obligations,
other than those that by their terms survive the termination of this Agreement, or (b) proceed under this Agreement, in which
event Seller shall, at the Closing, assign to Purchaser its entire right, title and interest in and to any condemnation award,
and Purchaser shall have the sole right after the Closing to negotiate and otherwise deal with the condemning authority in respect
of such matter. If Purchaser does not give Seller written notice of its election within the time required above, then Purchaser
shall be deemed to have elected option (b) above.

 

Section
6.5          No Additional Encumbrances. Seller shall
not, without Purchaser’s prior written consent, voluntarily grant, join in the execution of, or consent in writing to, the
grant of any easement, subdivision plat, restriction, restrictive covenant, lien, or encumbrance affecting the Property.

 

Section
6.6           Condition of Vacant Units. To the extent
that any apartment units at the Property become vacant at least five (5) days prior to the Closing Date (the "Rent-Ready
Date"), Seller shall cause all such units to be put in Rent Ready Condition prior to Closing. If any such units are
not in Rent Ready Condition by the Closing Date, Purchaser shall receive a credit on the Closing Statement equal to $750.00 for
every such unit. For purposes of this Section 6.6, "Rent Ready Condition" shall mean the condition
in which Seller currently delivers vacant units to new tenants at the Property in Seller’s ordinary course of business and
operations. Notwithstanding the foregoing or anything to the contrary contained herein, Seller shall have no obligation to provide
a credit for any unit at the Property which becomes vacant after the Rent-Ready Date.

 

ARTICLE
7

Closing

 

Section
7.1           Closing. The consummation of the transaction
contemplated herein ("Closing") shall occur
on the Closing Date at the offices of Escrow Agent (or such other location as may be mutually agreed upon by Seller and Purchaser);
provided, however, that Purchaser shall have the one-time right to extend the Closing Date by up to thirty (30) days (i.e.,
no later than November 6, 2017) on the conditions that (a) Purchaser delivers written notice to Seller of its election to extend
the Closing Date (the "Extension Notice")
at least seven (7) business days before the original Closing Date, which Extension Notice shall include the extended Closing Date
(which shall not be later than November 6, 2017), and (b) deposits the Extension Earnest Money with Escrow Agent within two (2)
business after the date of delivery of the Extension Notice. Funds shall be deposited into and held by Escrow Agent in the same
manner as it is holding the other Earnest Money. Upon satisfaction or completion of all closing conditions and deliveries, the
parties shall direct Escrow Agent to immediately record and deliver the closing documents to the appropriate parties and make disbursements
according to the closing statements executed by Seller and Purchaser.

 

Section
7.2           Conditions to Parties' Obligation to Close.

 

7.2.1       Mutual
Closing Conditions. In addition to all other conditions set forth herein, the obligation of Seller, on the one hand, and
Purchaser, on the other hand, to consummate the transactions contemplated hereunder are conditioned upon the following:

 

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(a)          Representations
and Warranties. The other party's representations and warranties contained herein shall be true and correct in all
material respects as of the Effective Date and the Closing Date, except for representations and warranties made as of, or limited
by, a specific date, which will be true and correct in all material respects as of the specified date or as limited by the specified
date;

 

(b)          Deliveries.
As of the Closing Date, the other party shall have tendered all deliveries to be made at Closing; and

 

(c)          Actions,
Suits, etc. There shall exist no pending actions, suits, arbitrations, claims, attachments, proceedings, assignments
for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings, against the other party that would prevent
the other party from performing its obligations under this Agreement.

 

7.2.2       Additional
Purchaser’s Closing Condition. In addition to all other conditions set forth herein, the obligation of Purchaser
to consummate the transactions contemplated hereunder are conditioned upon satisfaction of the Title Policy condition in Section
5.4.

 

7.2.3       Consequences
of Failure of Closing Conditions. Provided a party is not in default hereunder (in which case Section 10.1 and
Section 10.2 and any applicable notice and cure periods provided therein shall apply rather than this Section 7.2.3),
if any condition to such party's obligation to proceed with the Closing hereunder has not been satisfied as of the Closing Date
(or such earlier date as is provided herein), such party may, in its sole discretion, (i) terminate this Agreement by delivering
written notice to the other party on or before the Closing Date (or such earlier date as is provided herein), in which case the
Earnest Money (net of the Independent Consideration) shall be released to Purchaser and the parties shall have no further obligations
hereunder, aside from those that explicitly survive termination, or (ii) elect to close (or to permit any such earlier termination
deadline to pass) notwithstanding the non-satisfaction of such condition, in which event such party shall be deemed to have waived
any such condition. In the event such party elects to close (or to permit any such earlier termination deadline to pass), notwithstanding
the non-satisfaction of such condition, said party shall be deemed to have waived said condition, and there shall be no liability
on the part of any other party hereto for breaches of representations and warranties of which the party electing to close had
knowledge at the Closing.

 

Section
7.3           Seller's Deliveries in Escrow. As of
or prior to the Closing Date, Seller shall deliver in escrow to Escrow Agent the following:

 

7.3.1       Deed.
A special warranty deed in the form of Exhibit B hereto (or other limited warranty deed, as Seller's local counsel or Title
Company shall advise, warranting title only against any party claiming by, through or under Seller) in form acceptable for recordation
under the law of the state where the Property is located and including a list of Permitted Exceptions to which the conveyance shall
be subject, (a) executed and acknowledged by Hunter's Creek Seller, conveying to Purchaser Hunter's Creek Seller's interest in
the Hunter's Creek Real Property, and (b) executed and acknowledged by Metrowest Seller, conveying to Purchaser Metrowest Seller's
interest in the Metrowest Real Property (collectively, the "Deed");

 

7.3.2       Bill
of Sale, Assignment and Assumption. A Bill of Sale, Assignment and Assumption of Leases and Contracts in the form
of Exhibit C attached hereto (collectively, the "Assignment"),
(a) executed by Hunter's Creek Seller, vesting in Purchaser, without warranty, Hunter's Seller's right, title and interest in and
to the property described therein free of any claims, except for the Permitted Exceptions to the extent applicable, and (b) executed
by Metrowest Seller, vesting in Purchaser, without warranty, Metrowest Seller's right, title and interest in and to the property
described therein free of any claims, except for the Permitted Exceptions to the extent applicable;

 

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7.3.3       Conveyancing
or Transfer Tax Forms or Returns. Such conveyancing or transfer tax forms or returns, if any, as are required to
be delivered or signed by Hunter's Creek Seller and Metrowest Seller by applicable state and local law in connection with the conveyance
of the Hunter's Creek Real Property and the Metrowest Real Property;

 

7.3.4       FIRPTA.
A Foreign Investment in Real Property Tax Act affidavit in the form of Exhibit D hereto with respect to Hunter's Creek Seller
and Metrowest Seller;

 

7.3.5       Authority.
Evidence of the existence, organization and authority of Seller and of the authority of the persons executing documents on behalf
of Seller reasonably satisfactory to the underwriter for the Title Policy;

 

7.3.6       Seller’s
Closing Certificate. A certificate, dated as of the Closing Date, (a) duly executed by Hunter's Creek Seller stating that
the representations and warranties of Hunter's Creek Seller contained in Section 9.1 of this Agreement with respect
to the Hunter's Creek Property are true and correct in all material respects as of the Closing Date, , and (b) duly executed by
Metrowest Seller stating that the representations and warranties of Metrowest Seller contained in Section 9.1 of this
Agreement with respect to the Metrowest Property are true and correct in all material respects as of the Closing Date, (collectively,
the "Seller’s Closing Certificate");
provided that (i) there shall be attached to each such certificate an updated Rent Roll for the applicable Property dated no earlier
than two (2) business days prior to the Closing Date and updated versions of the Schedules to this Agreement for the applicable
Property as to which Seller is making representations pursuant to this Agreement; (ii) which shall affirm that the representations
and warranties made in Section 9.1 are true and correct as to such updated Rent Roll and Schedules; and (iii) he representations
and warranties made in Section 9.1 as to such updated Rent Roll and Schedules shall be deemed to remain true and correct
notwithstanding any changes to the Rent Roll and Schedules since the Effective Date if the changes result from actions Seller
is permitted to take under this Agreement (e.g., entering into new Leases on terms permitted hereby);

 

7.3.7       Seller’s
Title Affidavit. An owner’s title affidavit, dated as of the Closing Date, in such form as the Title Company shall
reasonably require, executed by Hunter's Creek Seller with respect to the Hunter’s Creek Property, and (b) executed by Metrowest
Seller with respect to the Metrowest Property;

 

7.3.8       Tenant
Notice Letter. A notice regarding the sale in substantially the form of Exhibit E attached hereto, (a) duly executed
by Hunter's Creek Seller with respect to the Hunter’s Creek Property and (b) duly executed by Metrowest Seller with respect
to the Metrowest Property (collectively, the “Tenant Notice”); and

 

7.3.9       Additional
Documents. Any additional documents that Escrow Agent or the Title Company may reasonably require for the proper
consummation of the transaction contemplated by this Agreement (provided, however, no such additional document shall expand any
obligation, covenant, representation or warranty of Seller or result in any new or additional obligation, covenant, representation
or warranty of Seller under this Agreement beyond those expressly set forth in this Agreement).

 

Section
7.4           Purchaser's Deliveries in Escrow. As
of or prior to the Closing Date, Purchaser shall deliver in escrow to Escrow Agent the following:

 

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7.4.1       Bill
of Sale, Assignment and Assumption. The Assignment, executed and acknowledged by Purchaser;

 

7.4.2       Conveyancing
or Transfer Tax Forms or Returns. Such conveyancing or transfer tax forms or returns, if any, as are required to
be delivered or signed by Purchaser by applicable state and local law in connection with the conveyance of Real Property;

 

7.4.3       Authority.
Evidence of the existence, organization and authority of Purchaser and of the authority of the persons executing documents on behalf
of Purchaser reasonably satisfactory to the underwriter for the Title Policy;

 

7.4.4       Purchaser’s
Closing Certificate. A certificate, dated as of the Closing Date, duly executed by Purchaser stating that the representations
and warranties of Purchaser contained in Section 9.2 of this Agreement are true and correct in all material respects
as of the Closing Date;

 

7.4.5       Tenant
Notice Letter. The Tenant Notice Letter, executed and acknowledged by Purchaser; and

 

7.4.6       Additional
Documents. Any additional documents that Seller, Escrow Agent or the Title Company may reasonably require for the
proper consummation of the transaction contemplated by this Agreement (provided, however, no such additional document shall expand
any obligation, covenant, representation or warranty of Purchaser or result in any new or additional obligation, covenant, representation
or warranty of Purchaser under this Agreement beyond those expressly set forth in this Agreement).

 

Section
7.5           Closing Statements. As of or prior to
the Closing Date, Seller and Purchaser shall deposit with Escrow Agent executed closing statements consistent with this Agreement
in the form required by Escrow Agent.

 

Section
7.6           Purchase Price. At or before 2:00 p.m.
Eastern Time on the Closing Date, Purchaser shall deliver to Escrow Agent the Purchase Price, less the Earnest Money that is applied
to the Purchase Price, plus or minus applicable prorations, in immediate, same-day U.S. federal funds wired for credit into Escrow
Agent's escrow account, which funds must be delivered in a manner to permit Escrow Agent to deliver good funds to Seller or its
designee on the Closing Date by wire transfer (or by such other reasonable method as requested by Seller); in the event that Escrow
Agent is unable to deliver good funds to Seller or its designee on the Closing Date, then the closing statements and related prorations
will be revised as necessary.

 

Section
7.7           Possession. Seller shall deliver possession
of the Property to Purchaser at the Closing subject only to the Permitted Exceptions.

 

Section
7.8           Delivery of Books and Records. Promptly
after the Closing, Seller shall deliver to the offices of Purchaser's property manager or to the Real Property to the extent in
Seller's or its property manager's possession or control: Lease Files; Property Files; License Agreements; maintenance records
and warranties; plans and specifications; licenses, permits and certificates of occupancy; copies or originals of all books and
records of account, contracts, and copies of correspondence with tenants and suppliers; all advertising materials; booklets; and
keys.

 

Section
7.9           Notice to Tenants. Within two (2) business
days after the Closing Date, Purchaser shall deliver to each tenant a copy of the Tenant Notice. This obligation on the part of
Purchaser shall survive the Closing.

 

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ARTICLE
8

Prorations,
Deposits, Commissions

 

Section
8.1           Prorations. Purchaser and Seller acknowledge
and agree that, for the purposes of the transactions contemplated by this Agreement, notwithstanding the general applicability
of the provisions of this Section 8.1, separate prorations and adjustments shall be determined for each of the Hunter's
Creek Property and Metrowest Property on an individualized basis. At Closing, the following items shall be prorated as of 11:59
p.m. Eastern Time of the day immediately preceding the Closing Date, with all items of income and expense for the Property being
borne by Purchaser from and after (and including) the Closing Date: (i) Tenant Receivables (defined below) and other income and
rents that have been collected by Seller as of Closing; (ii) fees and assessments; (iii) prepaid expenses and obligations under
Service Contracts; (iv) accrued operating expenses; real estate and personal property taxes and ad valorem taxes ("Taxes");
and (v) any assessments by private covenant for the then-current calendar year of Closing. Specifically, the following shall apply
to such prorations and to post-Closing collections of Tenant Receivables:

 

8.1.1       Taxes.
If Taxes for the year of Closing are not known or cannot be reasonably estimated, Taxes shall be prorated based on Taxes for the
year prior to Closing, which proration shall assume that all such Taxes will be paid in November (so as to qualify for the available
four percent (4%) discount for payment as of such date). To the extent that the actual taxes and assessments for the year of Closing
differ from the amount apportioned at Closing, the parties shall make all necessary adjustments by appropriate payments between
themselves post-Closing promptly following the availability of the final Tax bills.

 

8.1.2       Utilities.
Purchaser shall make commercially reasonable efforts to effectuate the transfer of all utilities to its name as of the Closing
Date, and where necessary, post deposits or escrows with the utility companies. Seller shall ensure that all utility meters are
read as of the Closing Date. Seller shall be entitled to recover any and all deposits, escrows, bonds or letters of credit held
by any utility company, owner's association or any quasi-governmental authority as of the Closing Date.

 

8.1.3       Tenant
Receivables. Rents due from tenants under Leases and from tenants or licensees under License Agreements and parking
rents, reimbursable utility amounts, operating expenses and/or taxes payable by tenants under Leases (collectively, "Tenant
Receivables") and not collected by Seller as of Closing shall not be prorated between Seller and Purchaser
at Closing but shall be apportioned on the basis of the period for which the same is payable and if, as and when collected, as
follows:

 

(a)          Tenant
Receivables and other income received from tenants under Leases and/or tenants or licensees under License Agreements after Closing
shall be applied in the following order of priority: (A) first, to Tenant Receivables first coming due after Closing and applicable
to the period of time after Closing, which amount shall be retained by Purchaser; (B) second, to payment of the current Tenant
Receivables then due for the month in which the Closing Date occurs, which amount shall be apportioned between Purchaser and Seller
as of the Closing Date as set forth in Section 8.1 hereof (with Seller's portion thereof to be delivered to Seller); (C)
third, to payment of Tenant Receivables first coming due after Closing but applicable to the period of time before Closing, including,
without limitation, the Tenant Receivables described in Section 8.1.3(d) below (collectively, "Unbilled
Tenant Receivables"), which amount shall be delivered to Seller; and (D) thereafter, to delinquent Tenant Receivables
which were due and payable as of Closing but not collected by Seller as of Closing (collectively, "Uncollected
Delinquent Tenant Receivables"), which amount shall be delivered to Seller.

 

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(b)          Seller
shall have no right to pursue the collection of Unbilled Tenant Receivables or Uncollected Delinquent Tenant Receivables after
Closing (provided that the foregoing shall not preclude Seller from pursuing collections against tenants no longer in possession
on the Effective Date). Purchaser shall use reasonable efforts, consistent with Purchaser’s standard business practice applicable
to collection of rents on its own behalf, to collect Tenant Receivables for the six (6) months after Closing, provided, however,
that Purchaser shall not be required to incur any out-of-pocket cost with respect to such collection efforts or cooperation (unless
Seller agrees to reimburse Purchaser for such costs) or take any action against any tenant or licensee to terminate the tenant’s
or licensee’s agreements or rights under such agreements.

 

(c)          Any
Tenant Receivables received by Purchaser to which Seller is entitled shall be held in trust for Seller on account of such past
due Tenant Receivables payable to Seller, and Purchaser shall remit to Seller any such sums received by Purchaser to which Seller
is entitled within ten (10) business days after receipt thereof less reasonable, actual costs and expenses of collection, including
reasonable attorneys' fees, court costs and disbursements, if any. Seller expressly agrees that if Seller receives any amounts
after the Closing Date attributable, in whole or in part, to any period after the Closing Date, Seller shall remit to Purchaser
that portion of the monies so received by Seller to which Purchaser is entitled within ten (10) business days after receipt thereof.
With respect to Unbilled Tenant Receivables, Purchaser covenants and agrees to (i) bill the same when billable for a period
of six (6) months following the Closing Date and (ii) cooperate with Seller to determine the correct amount of operating expenses
and/or taxes due.

 

(d)          Without
limiting the generality of the requirements of Section 8.1.3(a)(C) above, if the final reconciliation or determination
of operating expenses and/or taxes due under the Leases shows that a net amount is owed by Seller to Purchaser, said amount shall
be paid by Seller to Purchaser within ten (10) business days of such final determination under the Leases. If the final determination
of operating expenses and/or taxes due under the Leases shows that a net amount is owed by Purchaser to Seller, Purchaser shall,
within ten (10) business days of such final determination, remit said amount to Seller. Purchaser agrees to receive and hold any
monies received on account of such past due expenses and/or taxes in trust for Seller and to pay same promptly to Seller as aforesaid.

 

(e)          The
provisions of this Section 8.1.3 shall survive the Closing.

 

Section
8.2           Leasing Costs. Seller agrees to pay or
discharge at or prior to Closing all leasing commissions, costs for tenant improvements, lease buyout costs, moving allowances,
design allowances, legal fees and other costs, expenses and allowances incurred in order to induce a tenant to enter into a Lease
or Lease renewal or extension or to induce a licensee to enter into a License Agreement (collectively, "Leasing
Costs") that are due and payable prior to Closing with respect to Leases and License Agreements in force as
of or prior to the Effective Date; provided, however, that Seller shall have no obligation to pay, and as of Closing Purchaser
shall assume the obligation to pay, all Leasing Costs payable with respect to any option to renew or option to expand that has
not been exercised prior to the Effective Date, which obligation shall survive the Closing. Additionally, as of Closing, Purchaser
shall assume Seller's obligations for (a) Leasing Costs that are due and payable after Closing with respect to Leases and
License Agreements in force as of or prior to the Effective Date, and (b) Leasing Costs incurred with respect to Leases and
Lease renewals and extensions and License Agreements and License Agreement renewals and extensions executed subsequent to the Effective
Date in compliance with the requirements of this Agreement.

 

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Section
8.3           Closing Costs. Closing costs shall be
allocated between Seller and Purchaser in accordance with Section 1.2.

 

Section
8.4           Final Adjustment After Closing. If final
bills are not available or cannot be issued prior to Closing for any item being prorated under Section 8.1, then Purchaser
and Seller agree to allocate such items on a fair and equitable basis as soon as such bills are available, final adjustment to
be made as soon as reasonably possible after the Closing. Payments in connection with the final adjustment shall be due within
30 days of written notice. All such rights and obligations shall survive the Closing.

 

Section
8.5           Tenant Deposits. All tenant and licensee
security deposits collected and not applied by Seller (and interest thereon if required by law or contract) shall be transferred
or credited to Purchaser at Closing. As of the Closing, Purchaser shall assume Seller's obligations related to tenant and licensee
security deposits, but only to the extent they are credited or transferred to Purchaser.

 

Section
8.6           Commissions. Seller and Purchaser each
represent and warrant to the other that no real estate brokerage commission is payable to any person or entity in connection with
the transaction contemplated hereby, and each agrees to and does hereby indemnify and hold the other harmless against the payment
of any commission to any other person or entity claiming by, through or under Seller or Purchaser, as applicable. This indemnification
shall extend to any and all claims, liabilities, costs and expenses (including reasonable attorneys' fees and litigation costs)
arising as a result of such claims and shall survive the Closing.

 

ARTICLE
9

Representations
and Warranties

 

Section
9.1           Seller's Representations and Warranties.
Each Seller represents and warrants to Purchaser, in each case as to itself and as to its Property, as of the Effective Date and
as of Closing Date (except for any of the following representations and warranties that are made as of, or limited by, a specific
date) that:

 

9.1.1       Organization
and Authority; Conflicts and Pending Actions. Seller has been duly organized, is validly existing as a limited liability
company, and is in good standing in the state in which it was formed and in the state in which the Property is located. Seller
has the full right and authority and has obtained any and all consents required to enter into this Agreement and to consummate
or cause to be consummated the transactions contemplated hereby. This Agreement has been, and all of the documents to be delivered
by Seller at the Closing will be, authorized and executed and constitute, or will constitute, as appropriate, the valid and binding
obligation of Seller, enforceable in accordance with their terms. There is no agreement to which Seller is a party or, to Seller's
knowledge, that is binding on Seller which is in conflict with this Agreement. To Seller's knowledge, there is no pending or threatened
action, suit, arbitration or administrative or judicial proceeding or unsatisfied judgment against Seller or relating to the Property
(including, without limitation, condemnation or eminent domain actions or proceedings against the Real Property) or the transaction
contemplated by this Agreement.

 

9.1.2       Rent
Roll. As of the respective dates of the Rent Rolls attached hereto as Exhibit G-1 and G-2, (a) the
Rent Roll attached hereto as Exhibit G-1 is the Rent Roll that Hunter’s Creek Seller relies upon and uses in the ordinary
course of its business and lists all tenants of the Hunter’s Creek Property, (b) the Rent Roll attached hereto as Exhibit
G-2 is the Rent Roll that Metrowest Seller relies upon and uses in the ordinary course of its business and lists all tenants
of the Metrowest Property, (c) and to Seller’s knowledge, the Lease Files include all Leases and amendments. The Rent Roll
to be attached to each Seller’s Closing Certificate pursuant to Section 7.3.6 will be, as of the respective dates
of such Rent Rolls, the respective Rent Rolls that Hunter’s Creek Seller and Metrowest Seller rely upon and use in the ordinary
course of their business and list all the respective tenants of the Hunter’s Creek Property and the Metrowest Property.

 

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9.1.3       Service
Contracts, License Agreements and Equipment Leases. To Hunter’s Creek Seller's knowledge, (a) the lists of Service
Contracts, License Agreements and Equipment Leases attached as Schedules to this Agreement constitute true, correct and complete
lists of all such Service Contracts, License Agreements and Equipment Leases with regard to the Hunter’s Creek Property,
and (b) Hunter’s Creek Seller has neither received nor issued any written notice of default with regard to any Service Contract,
License Agreement and/or Equipment Lease that has not been cured or waived. To Metrowest Seller's knowledge, (i) the lists of Service
Contracts, License Agreements and Equipment Leases attached as Schedules to this Agreement constitute true, correct and complete
lists of all such Service Contracts, License Agreements and Equipment Leases with regard to the Metrowest Property, and (b) Metrowest
Seller has neither received nor issued any written notice of default with regard to any Service Contract, License Agreement and/or
Equipment Lease that has not been cured or waived.

 

9.1.4       Notices
from Governmental Authorities. To Seller's knowledge, Seller has not received from any municipal or governmental
authority written notice of any material violation of any laws applicable (or alleged to be applicable) to the Real Property, or
any part thereof, that has not been corrected, except as may be reflected by the Property Documents or otherwise disclosed in writing
to Purchaser.

 

9.1.5       Operating
Statements. The Operating Statements to be delivered to Purchaser are the respective operating statements maintained by
Hunter’s Creek Seller and Metrowest Seller and relied on by Hunter’s Creek Seller and Metrowest Seller for internal
administration and accounting purposes; provided, however, that Seller does not and will not represent or warrant that Purchaser
will be able to, or should be able to, operate the Property according to and with similar results as shown in such operating statements.

 

9.1.6       Bankruptcy
Proceedings. No bankruptcy, insolvency, rearrangement or similar action or proceeding, whether voluntary or involuntary,
is pending or, to Seller’s knowledge, threatened against Seller, and Seller has no intention of filing or commencing any
such action or proceeding.

 

9.1.7       Special
Assessments. To Hunter's Creek Seller’s knowledge, there are no pending or threatened in writing special assessments
under the Declaration of Master Covenants, Conditions and Restrictions of Hunter's Creek, recorded in Official Records Book 6065,
Page 2309, as amended and supplemented from time to time, with respect to the Hunter’s Creek Property. To Metrowest Seller’s
knowledge, there are no pending or threatened in writing special assessments or under the Master Declaration of Protective Covenants
and Restrictions for Metrowest, recorded in Official Records Book 3759, Page 2756, as amended and supplemented from time to time,
with respect to the Metrowest Property.

 

Section
9.2           Purchaser's Representations and Warranties.
Purchaser represents and warrants to Seller that:

 

9.2.1       Organization
and Authority. Purchaser has been duly organized and is validly existing as a limited liability company in good
standing in the State of Delaware and, as of the Closing Date will be qualified to do business in the state in which the Real Property
is located. Purchaser has the full right and authority and has obtained any and all consents required to enter into this Agreement
and to consummate or cause to be consummated the transactions contemplated hereby. This Agreement has been, and all of the documents
to be delivered by Purchaser at the Closing will be, authorized and properly executed and constitute, or will constitute, as appropriate,
the valid and binding obligation of Purchaser, enforceable in accordance with their terms.

 

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9.2.2       Conflicts
and Pending Action. There is no agreement to which Purchaser is a party or to Purchaser's knowledge binding on Purchaser
which is in conflict with this Agreement. There is no action or proceeding pending or, to Purchaser's knowledge, threatened against
Purchaser which challenges or impairs Purchaser's ability to execute or perform its obligations under this Agreement.

 

9.2.3       ERISA.
Purchaser is not an employee benefit plan (a "Plan")
subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
or Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code"),
Purchaser's assets do not constitute "plan assets" within the meaning of the "plan asset regulations" (29.C.F.R.
Section 2510.3-101), and Purchaser's acquisition of the Property will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code.

 

9.2.4       Prohibited
Persons and Transactions. Neither Purchaser nor any of its affiliates, nor any of their respective partners, members,
shareholders or other equity owners, and none of their respective employees, officers, directors, representatives or agents is,
nor will they become, a person or entity with whom U.S. persons or entities are restricted from doing business under regulations
of the Office of Foreign Assets Control ("OFAC")
of the Department of the Treasury (including those named on OFAC's Specially Designated Nationals and Blocked Persons List) or
under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions
with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and will not engage
in any dealings or transactions or be otherwise associated with such persons or entities. In addition, Purchaser shall provide
to Seller a completed OFAC Information Form shown as Exhibit I attached hereto with content satisfactory to Seller relating
to Purchaser and the direct and indirect ownership interests in Purchaser.

 

9.2.5       Bankruptcy
Proceedings. No bankruptcy, insolvency, rearrangement or similar action or proceeding, whether voluntary or involuntary,
is pending or, to Purchaser’s knowledge, threatened against Purchaser, and Purchaser has no intention of filing or commencing
any such action or proceeding.

 

Section
9.3           Parties’ Knowledge.

 

9.3.1       Seller’s
Knowledge. Terms such as "to Seller's knowledge,"
"to the best of Seller's knowledge" or
like phrases mean the actual present and conscious awareness or knowledge of Josh Champion, Andrew Zelman and Madeline Lewis ("Seller's
Representatives"), without any duty of inquiry or investigation; provided that so qualifying Seller's knowledge
shall in no event give rise to any personal liability on the part of Seller's Representatives, or any of them, or any other officer
or employee of Seller, on account of any breach of any representation or warranty made by Seller herein. Said terms do not include
constructive knowledge, imputed knowledge, or knowledge Seller or such persons do not have but could have obtained through further
investigation or inquiry. No broker, agent, or party other than Seller is authorized to make any representation or warranty for
or on behalf of Seller.

 

9.3.2       Purchaser’s
Knowledge. Terms such as "to Purchaser’s knowledge," "to the best of Purchaser’s
knowledge" or like phrases when used in this Agreement shall mean the actual present and conscious awareness or knowledge
of Ryan MacDonald and Michael Konig ("Purchaser’s Knowledge Parties"), without any duty of inquiry
or investigation; provided that so qualifying Purchaser’s knowledge shall in no event give rise to any personal liability
on the part of Purchaser’s Knowledge Parties, or any of them, or any other officer or employee of Purchaser, on account of
any breach of any representation or warranty made by Purchaser herein. No broker, agent, or party other than Purchaser is authorized
to make any representation or warranty for or on behalf of Purchaser.

 

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Section
9.4           Survival of Representations and Warranties; Post-Closing
Claims of Breach.

 

9.4.1       The
representations and warranties set forth in this Article 9 are made as of the Effective Date and, except as provided in
clause (b) of Section 7.3.6, are remade as of the Closing Date (pursuant to Seller’s Closing Certificate to Purchaser
and Purchaser’s Closing Certificate to Seller) and shall not be deemed to be merged into or waived by the instruments of
Closing, but shall survive the Closing for a period of six (6) months (the "Survival
Period").

 

9.4.2       Each
party shall have the right to bring an action against the other on the breach of a representation or warranty hereunder, but only
on the following conditions: (a) the party bringing the action for breach first learns of the breach after Closing and files
such action within the Survival Period, and (b) neither party shall have the right to bring a cause of action for a breach
of a representation or warranty unless the damage to such party on account of such breach (individually or when combined with damages
from other breaches) equals or exceeds $50,000.00. Neither party shall have any liability after Closing for the breach of a representation
or warranty hereunder of which the other party hereto had knowledge as of Closing. Notwithstanding any other provision of this
Agreement, any agreement contemplated by this Agreement, or any rights which Purchaser might otherwise have at law, equity, or
by statute, whether based on contract or some other claim, Purchaser agrees that (i) any liability of Hunter’s Creek Seller
to Purchaser will be limited to $1,375,000.00, and (ii) any liability of Hunter’s Creek Seller to Purchaser will be limited
to $1,125,000.00; provided that the foregoing limitations on liability shall be independent of, and not apply to, each Seller’s
obligations with respect to post-Closing reconciliations of income and expense under Sections 8.1 - 8.5. The provisions
of this Section 9.4 shall survive the Closing. Any breach of a representation or warranty that occurs prior to Closing shall
be governed by Article 10.

 

ARTICLE
10

Default
and Remedies

 

Section
10.1         Seller's Remedies. If Purchaser fails to consummate
the purchase of the Property pursuant to this Agreement or otherwise defaults on its obligations hereunder at or prior to Closing
for any reason except failure by Seller to perform hereunder, or if prior to Closing any one or more of Purchaser's representations
or warranties are breached in any material respect, and such default or breach is not cured by the earlier of the third (3rd) business
day after written notice thereof from Seller or the Closing Date (except no notice or cure period shall apply if Purchaser fails
to timely consummate the purchase of the Property or the timely payment of the Purchase Price hereunder), Seller shall be entitled,
as its sole remedy (except as provided in Section 4.10, Section 8.6, Section 10.3 and Section 10.4
hereof), to terminate this Agreement and recover the Earnest Money as liquidated damages and not as penalty, in full satisfaction
of claims against Purchaser hereunder. Seller and Purchaser agree that Seller's damages resulting from Purchaser's default are
difficult, if not impossible, to determine and the Earnest Money is a fair estimate of those damages which has been agreed to in
an effort to cause the amount of such damages to be certain. If Closing is consummated, Seller shall have all remedies available
at law or in equity in the event Purchaser fails to perform any obligation of Purchaser under this Agreement that by their terms
survive Closing and any obligations of Purchaser under the documents executed and delivered by Purchaser at Closing.

 

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Section
10.2         Purchaser's Remedies. If Seller fails to consummate
the sale of the Property pursuant to this Agreement or otherwise defaults on its obligations hereunder at or prior to Closing for
any reason except failure by Purchaser to perform hereunder, or if prior to Closing any one or more of Seller's representations
or warranties are breached in any material respect, and such default or breach is not cured by the earlier of the third (3rd) business
day after written notice thereof from Purchaser or the Closing Date (Purchaser hereby agreeing to give such written notice to Seller
within one business day after Purchaser first obtains knowledge of any such default or breach by Seller, except no notice or cure
period shall apply if Seller fails to timely consummate the sale of the Property hereunder), Purchaser shall elect, as its sole
remedy (except as provided in Section 8.6, Section 10.3 and Section 10.4 hereof), either to (a) terminate
this Agreement by giving Seller timely written notice of such election prior to or at Closing and recover the Earnest Money and
reimbursement of Purchaser’s actual and reasonable out of pocket third-party expenses incurred in connection with this Agreement
up to a maximum reimbursement of $200,000.00, (b) enforce specific performance to consummate the sale of the Property hereunder,
or (c) waive said failure or breach and proceed to Closing without any reduction in the Purchase Price; provided, however,
that if Seller conveys the Hunter’s Creek Property or the Metrowest Property or both to a third-party or third-parties such
that the remedy of specific performance is unavailable to Purchaser, Purchaser shall have the right to seek its actual damages
against Seller in an amount not to exceed $5,000,000.00 in the aggregate (but in no event shall Seller be liable for speculative,
consequential, punitive, exemplary or special damages). Notwithstanding anything herein to the contrary, Purchaser shall be deemed
to have elected to terminate this Agreement if Purchaser fails to deliver to Seller written notice of its intent to file a claim
or assert a cause of action for specific performance or actual damages against Seller on or before ten (10) business days following
the scheduled Closing Date or, having given such notice, fails to file a lawsuit asserting such claim or cause of action for specific
performance or actual damages in the county in which the Earnest Money is deposited within two (2) months following the scheduled
Closing Date. Purchaser's remedies shall be limited to those described in this Section 10.2 and Section 8.6, Section
10.3 and Section 10.4 hereof. IN NO EVENT SHALL SELLER'S DIRECT OR INDIRECT PARTNERS, SHAREHOLDERS, OWNERS OR AFFILIATES,
ANY OFFICER, DIRECTOR, EMPLOYEE OR AGENT OF THE FOREGOING, OR ANY AFFILIATE OR CONTROLLING PERSON THEREOF HAVE ANY LIABILITY FOR
ANY CLAIM, CAUSE OF ACTION OR OTHER LIABILITY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE PROPERTY, WHETHER BASED ON CONTRACT,
COMMON LAW, STATUTE, EQUITY OR OTHERWISE.

 

Section
10.3         Attorneys' Fees. In the event either party hereto
employs an attorney in connection with claims by one party against the other arising from the operation of this Agreement, the
non-prevailing party shall pay the prevailing party all reasonable fees and actual expenses, including attorneys' fees, incurred
in connection with such claims.

 

Section
10.4         Other Expenses. If this Agreement is terminated
due to the default of a party, then the defaulting party shall pay any fees or charges due to Escrow Agent for holding the Earnest
Money as well as any escrow cancellation fees or charges and any fees or charges due to the Title Company for preparation and/or
cancellation of the Title Commitment.

 

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ARTICLE
11

Disclaimers,
Release and Indemnity

 

Section
11.1         Disclaimers By Seller. Except as expressly set forth
in this Agreement or in any of the conveyance documents executed by Seller and delivered to Purchaser at Closing, it is understood
and agreed that Seller and Seller's agents or employees have not at any time made and are not now making, and they specifically
disclaim, any warranties, representations or guaranties of any kind or character, express or implied, with respect to the Property,
including, but not limited to, warranties, representations or guaranties as to (a) matters of title (other than Seller's special
warranty of title to be contained in the Deed), (b) environmental matters relating to the Property or any portion thereof,
including, without limitation, the presence of Hazardous Materials in, on, under or in the vicinity of the Property, (c) geological
conditions, including, without limitation, subsidence, subsurface conditions, water table, underground water reservoirs, limitations
regarding the withdrawal of water, and geologic faults and the resulting damage of past and/or future faulting, (d) whether,
and to the extent to which the Property or any portion thereof is affected by any stream (surface or underground), body of water,
wetlands, flood prone area, flood plain, floodway or special flood hazard, (e) drainage, (f) soil conditions, including
the existence of instability, past soil repairs, soil additions or conditions of soil fill, or susceptibility to landslides, or
the sufficiency of any undershoring, (g) the presence of endangered species or any environmentally sensitive or protected
areas, (h) zoning or building entitlements to which the Property or any portion thereof may be subject, (i) the availability
of any utilities to the Property or any portion thereof including, without limitation, water, sewage, gas and electric, (j) usages
of adjoining property, (k) access to the Property or any portion thereof, (l) the value, compliance with the plans and
specifications, size, location, age, use, design, quality, description, suitability, structural integrity, operation, title to,
or physical or financial condition of the Property or any portion thereof, or any income, expenses, charges, liens, encumbrances,
rights or claims on or affecting or pertaining to the Property or any part thereof, (m) the condition or use of the Property
or compliance of the Property with any or all past, present or future federal, state or local ordinances, rules, regulations or
laws, building, fire or zoning ordinances, codes or other similar laws, (n) the existence or non-existence of underground
storage tanks, surface impoundments, or landfills, (o) any other matter affecting the stability and integrity of the Property,
(p) the potential for further development of the Property, (q) the merchantability of the Property or fitness of the
Property for any particular purpose, (r) the truth, accuracy or completeness of the Property Documents, (s) tax consequences,
or (t) any other matter or thing with respect to the Property.

 

Section
11.2         Sale "As Is, Where Is". Purchaser
acknowledges and agrees that upon Closing, Seller shall sell and convey to Purchaser and Purchaser shall accept the Property "AS
IS, WHERE IS, WITH ALL FAULTS," except to the extent expressly provided otherwise in this Agreement and any document executed
by Seller and delivered to Purchaser at Closing. Except as expressly set forth in this Agreement, Purchaser has not relied and
will not rely on, and Seller has not made and is not liable for or bound by, any express or implied warranties, guarantees, statements,
representations or information pertaining to the Property or relating thereto (including specifically, without limitation, Property
information packages distributed with respect to the Property) made or furnished by Seller, or any property manager, real estate
broker, agent or third party representing or purporting to represent Seller, to whomever made or given, directly or indirectly,
orally or in writing. Purchaser represents that it is a knowledgeable, experienced and sophisticated purchaser of real estate and
that, except as expressly set forth in this Agreement, it is relying solely on its own expertise and that of Purchaser's consultants
in purchasing the Property and shall make an independent verification of the accuracy of any documents and information provided
by Seller. Purchaser will conduct such inspections and investigations of the Property as Purchaser deems necessary, including,
but not limited to, the physical and environmental conditions thereof, and shall rely upon same. By failing to terminate this Agreement
prior to the expiration of the Inspection Period, Purchaser acknowledges that Seller has afforded Purchaser a full opportunity
to conduct such investigations of the Property as Purchaser deemed necessary to satisfy itself as to the condition of the Property
and the existence or non-existence or curative action to be taken with respect to any Hazardous Materials on or discharged from
the Property, and will rely solely upon same and not upon any information provided by or on behalf of Seller or its agents or employees
with respect thereto, other than such representations, warranties and covenants of Seller as are expressly set forth in this Agreement.
Upon Closing, Purchaser shall assume the risk that adverse matters, including, but not limited to, adverse physical or construction
defects or adverse environmental, health or safety conditions, may not have been revealed by Purchaser's inspections and investigations.
Purchaser hereby represents and warrants to Seller that: (a) Purchaser is represented by legal counsel in connection with
the transaction contemplated by this Agreement; and (b) Purchaser is purchasing the Property for business, commercial, investment
or other similar purpose and not for use as Purchaser's residence. Purchaser waives any and all rights or remedies it may have
or be entitled to, deriving from disparity in size or from any significant disparate bargaining position in relation to Seller.

 

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Section
11.3         Seller Released from Liability. Purchaser acknowledges
that it will have the opportunity to inspect the Property during the Inspection Period, and during such period, observe its physical
characteristics and existing conditions and the opportunity to conduct such investigation and study on and of the Property and
adjacent areas as Purchaser deems necessary, and Purchaser hereby FOREVER RELEASES AND DISCHARGES Seller from all responsibility
and liability, including without limitation, liabilities under the Comprehensive Environmental Response, Compensation and Liability
Act Of 1980 (42 U.S.C. Sections 9601 et seq.), as amended ("CERCLA"),
the Resource Conservation and Recovery Act (42 U.S.C. Section 9601 et seq.), as amended, and the Oil Pollution Act (33 U.S.C.
Section 2701 et seq.) regarding the condition, valuation, salability or utility of the Property, or its suitability for any purpose
whatsoever (including, but not limited to, with respect to the presence in the soil, air, structures and surface and subsurface
waters, of Hazardous Materials or other materials or substances that have been or may in the future be determined to be toxic,
hazardous, undesirable or subject to regulation and that may need to be specially treated, handled and/or removed from the Property
under current or future federal, state and local laws, regulations or guidelines, and any structural and geologic conditions, subsurface
soil and water conditions and solid and hazardous waste and Hazardous Materials on, under, adjacent to or otherwise affecting the
Property). Purchaser further hereby WAIVES (and by Closing this transaction will be deemed to have WAIVED) any and all objections
and complaints (including, but not limited to, federal, state and local statutory and common law based actions, and any private
right of action under any federal, state or local laws, regulations or guidelines to which the Property is or may be subject, including,
but not limited to, CERCLA) concerning the physical characteristics and any existing conditions of the Property. Purchaser further
hereby assumes the risk of changes in applicable laws and regulations relating to past, present and future environmental conditions
on the Property and the risk that adverse physical characteristics and conditions, including, without limitation, the presence
of Hazardous Materials or other contaminants, may not have been revealed by its investigation.

 

Section
11.4         "Hazardous
Materials" Defined. For purposes hereof, "Hazardous
Materials" means "Hazardous Material,"
"Hazardous Substance," "Pollutant
or Contaminant," and "Petroleum"
and "Natural Gas Liquids," as those terms
are defined or used in Section 101 of CERCLA, and any other substances regulated because of their effect or potential effect on
public health and the environment, including, without limitation, PCBs, lead paint, asbestos, urea formaldehyde, radioactive materials,
putrescible materials, and infectious materials.

 

Section
11.5         Intentionally Omitted.

 

Section
11.6         Survival. The terms and conditions of this Article
11 shall expressly survive the Closing, not merge with the provisions of any closing documents and shall be incorporated into
the Deed.

 

Purchaser acknowledges
and agrees that the disclaimers and other agreements set forth herein are an integral part of this Agreement and that Seller would
not have agreed to sell the Property to Purchaser for the Purchase Price without the disclaimers and other agreements set forth
above.

 

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ARTICLE
12

Miscellaneous

 

Section
12.1         Parties Bound; Assignment. This Agreement, and the
terms, covenants, and conditions herein contained, shall inure to the benefit of and be binding upon the heirs, personal representatives,
successors, and assigns of each of the parties hereto. Purchaser may assign its rights under this Agreement to one or two assignees
upon the following conditions: (a) the assignee or assignees of Purchaser must be one or more entities controlled, either
exclusively or non-exclusively as a member of a venture, by the principals of Purchaser, or to an entity for which entities controlled
by the principals of Purchaser will provide Property services or which will share in the economic performance of the Property,
(b) the assignee of Purchaser shall assume all obligations of Purchaser hereunder, or the two respective assignees of Purchaser
hereunder shall assume all obligations of Purchaser hereunder with respect to the Hunter’s Creek Property and the Metrowest
Property, respectively, but in either case Purchaser shall remain primarily liable for the performance of Purchaser's obligations,
(c) a copy of the fully executed written assignment and assumption agreement or agreements shall be delivered to Seller at
least five (5) business days prior to Closing, and (d) the requirements in Section 12.17 are satisfied.

 

Section
12.2         Headings. The article, section, subsection, paragraph
and/or other headings of this Agreement are for convenience only and in no way limit or enlarge the scope or meaning of the language
hereof.

 

Section
12.3         Invalidity and Waiver. If any portion of this Agreement
is held invalid or inoperative, then so far as is reasonable and possible the remainder of this Agreement shall be deemed valid
and operative, and, to the greatest extent legally possible, effect shall be given to the intent manifested by the portion held
invalid or inoperative. The failure by either party to enforce against the other any term or provision of this Agreement shall
not be deemed to be a waiver of such party's right to enforce against the other party the same or any other such term or provision
in the future.

 

Section
12.4         Governing Law. This Agreement shall, in all respects,
be governed, construed, applied, and enforced in accordance with the law of the state in which the Real Property is located.

 

Section
12.5         Survival. The provisions of this Agreement that
contemplate performance after the Closing and the obligations of the parties not fully performed at the Closing (other than any
unfulfilled closing conditions which have been waived or deemed waived by the other party) shall survive the Closing and shall
not be deemed to be merged into or waived by the instruments of Closing.

 

Section
12.6         Entirety and Amendments. This Agreement embodies
the entire agreement between the parties and supersedes all prior agreements and understandings relating to the Property. This
Agreement may be amended or supplemented only by an instrument in writing executed by the party against whom enforcement is sought.
All Exhibits attached hereto are incorporated herein by this reference for all purposes.

 

Section
12.7         Time. Time is of the essence in the performance
of this Agreement.

 

Section
12.8         Confidentiality; Press Releases. Purchaser shall
make no public announcement, press release or disclosure of the transactions contemplated under this Agreement, nor any information
related to this Agreement, to outside brokers, media or third parties, before or after the Closing, without the prior written specific
consent of Seller; provided, however, that Purchaser may, subject to the provisions of Section 4.7, make disclosure of this
Agreement (a) to its Permitted Outside Parties as necessary to perform its obligations hereunder and (b) as may be required under
laws, rules or regulations applicable to Purchaser, including regulation and requirements of the U.S. Securities and Exchange Commission
and any other regulatory or body having oversight over Purchaser or Purchaser’s direct or indirect owners. Without limiting
the foregoing requirement for Seller approval, the name "Crow Holdings" shall not be used or referenced in any public
announcement, press release or disclosure relating to the transactions contemplated under this Agreement. Purchaser acknowledges
and agrees that the use of such name in any public announcement, press release or disclosure is not accurate and Purchaser will
instruct Purchaser's partners, lenders, investors, brokers, agents, employees, officers, directors, attorneys and representatives
(collectively, the "Purchaser Parties") to comply with this provision. Purchaser, on behalf of itself and
the Purchaser Parties, stipulates that the breach of the requirements of this Section 12.8 will cause irreparable harm to
Seller for which damages may not constitute an adequate remedy. Accordingly, Purchaser agrees, on its own behalf and on behalf
of the Purchaser Parties, that any breach of the requirements of this Section 12.8 may be enjoined by an appropriate court
order or judgment. Seller's remedies are not limited to injunctive relief for a breach of the requirements of this Section 12.8,
and all legal and equitable remedies will continue to be available to Seller. The provisions of this Section 12.8 shall
survive Closing.

 

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Section
12.9         No Electronic Transactions. The parties hereby acknowledge
and agree this Agreement shall not be executed, entered into, altered, amended or modified by electronic means (provided that electronic
transmittal of the parties’ original signature page counterparts shall be permitted hereunder). Without limiting the generality
of the foregoing, the parties hereby agree the transactions contemplated by this Agreement shall not be conducted by electronic
means, except as specifically set forth in the "Notices" section of this Agreement.

 

Section
12.10       Notices. All notices required or permitted hereunder
shall be in writing and shall be served on the parties at the addresses set forth in Section 1.3. Any such notices shall,
unless otherwise provided herein, be given or served (a) by depositing the same in the United States mail, postage paid, certified
and addressed to the party to be notified, with return receipt requested, (b) by overnight delivery using a nationally recognized
overnight courier, (c) by personal delivery, or (d) by electronic mail addressed to the electronic mail address set forth
in Section 1.3 for the party to be notified with a confirmation copy delivered by another method permitted under this Section
12.10. Notice given in accordance herewith for all permitted forms of notice other than by electronic mail, shall be effective
upon the earlier to occur of actual delivery to the address of the addressee or refusal of receipt by the addressee. Notice given
by electronic mail in accordance herewith shall be effective upon the entrance of such electronic mail into the information processing
system designated by the recipient's electronic mail address. Except for electronic mail notices as described above, no notice
hereunder shall be effective if sent or delivered by electronic means. In no event shall this Agreement be altered, amended or
modified by electronic mail or electronic record. A party's address may be changed by written notice to the other party; provided,
however, that no notice of a change of address shall be effective until actual receipt of such notice. Copies of notices are for
informational purposes only, and a failure to give or receive copies of any notice shall not be deemed a failure to give notice.
Notices given by counsel to the Purchaser shall be deemed given by Purchaser and notices given by counsel to the Seller shall be
deemed given by Seller.

 

Section
12.11       Construction. The parties acknowledge that the
parties and their counsel have reviewed and revised this Agreement and agree 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 exhibits or amendments hereto.

 

Section
12.12       Calculation of Time Periods. Unless otherwise specified,
in computing any period of time described herein, the day of the act or event after which the designated period of time begins
to run is not to be included and the last day of the period so computed is to be included, unless such last day is not a business
day, in which event the period shall run until the end of the next day which is a business day. Except as otherwise specifically
provided herein, the last day of any period of time described herein shall be deemed to end at 5:00 p.m. local time in the state
in which the Real Property is located. As used herein, "business
day" means a day that is not Saturday, Sunday or legal holiday for national banks in the location where the
Property is located.

 

    	 	PURCHASE AND SALE AGREEMENT (Hunter's Creek and Metrowest) – Page 31	 

     

    

  

Section
12.13       Execution in Counterparts. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute
one Agreement. To facilitate execution of this Agreement, the parties may execute and exchange by electronic mail scanned counterparts
of the signature pages.

 

Section
12.14       No Recordation. Without the prior written consent
of Seller, there shall be no recordation of either this Agreement or any memorandum hereof, or any affidavit pertaining hereto,
and any such recordation of this Agreement or memorandum or affidavit by Purchaser without the prior written consent of Seller
shall constitute a default hereunder by Purchaser, whereupon Seller shall have the remedies set forth in Section 10.1 hereof;
provided, however, that Seller shall have the right to file a notice of lis pendens in connection with an action for specific performance
brought by Purchaser in accordance with Section 10.2. In addition to any such remedies, Purchaser shall be obligated to
execute an instrument in recordable form releasing this Agreement or memorandum or affidavit, and Purchaser's obligations pursuant
to this Section 12.14 shall survive any termination of this Agreement as a surviving obligation.

 

Section
12.15       Further Assurances. In addition to the acts and
deeds recited herein and contemplated to be performed, executed and/or delivered by either party at Closing, each party agrees
to perform, execute and deliver, but without any obligation to incur any additional liability or expense, on or after the Closing
any further deliveries and assurances as may be reasonably necessary to consummate the transactions contemplated hereby or to further
perfect the conveyance, transfer and assignment of the Property to Purchaser.

 

Section
12.16       Discharge of Obligations. The acceptance of the
Deed by Purchaser shall be deemed to be a full performance and discharge of every representation and warranty made by Seller herein
and every agreement and obligation on the part of Seller to be performed pursuant to the provisions of this Agreement, except those
which are herein specifically stated to survive Closing or which otherwise exist pursuant to the documents executed and delivered
by Seller to Purchaser at Closing.

 

Section
12.17       ERISA. Under no circumstances shall Purchaser have
the right to assign this Agreement to any person or entity owned or controlled by an employee benefit plan if Seller's sale of
the Property to such person or entity would, in the reasonable opinion of Seller's ERISA advisors or consultants, create or otherwise
cause a "prohibited transaction" under ERISA. In the event Purchaser assigns this Agreement or transfers any ownership
interest in Purchaser, and such assignment or transfer would make the consummation of the transaction hereunder a "prohibited
transaction" under ERISA and necessitate the termination of this Agreement then, notwithstanding any contrary provision which
may be contained herein, Seller shall have the right to terminate this Agreement.

 

Section
12.18       No Third Party Beneficiary. The provisions of this
Agreement and of the documents to be executed and delivered at Closing are and will be for the benefit of Seller and Purchaser
only and are not for the benefit of any third party, and accordingly, no third party shall have the right to enforce the provisions
of this Agreement or of the documents to be executed and delivered at Closing, except that a tenant of the Property may enforce
Purchaser's indemnity obligation under Section 4.10 hereof.

 

Section
12.19       Reporting Person. Purchaser and Seller hereby designate
the Title Company as the "reporting person" pursuant to the provisions of Section 6045(e) of the Internal Revenue Code
of 1986, as amended.

 

Section
12.20        Intentionally Omitted.

 

    	 	PURCHASE AND SALE AGREEMENT (Hunter's Creek and Metrowest) – Page 32	 

     

    

  

Section
12.21      Jurisdiction and Venue. WITH RESPECT TO ANY SUIT,
ACTION OR PROCEEDINGS RELATING TO THIS AGREEMENT (EACH, A “PROCEEDING”), EACH OF SELLER AND PURCHASER IRREVOCABLY
(A) SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS HAVING JURISDICTION IN DALLAS COUNTY, TEXAS, AND
(B) WAIVES ANY OBJECTION WHICH IT MAY HAVE AT ANY TIME TO THE LAYING OF VENUE OF ANY PROCEEDING BROUGHT IN ANY SUCH COURT, WAIVES
ANY CLAIM THAT ANY PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM AND FURTHER WAIVES THE RIGHT TO OBJECT, WITH RESPECT TO
SUCH PROCEEDING, THAT SUCH COURT DOES NOT HAVE JURISDICTION OVER SUCH PARTY.

 

Section
12.22      Radon Gas. Section
404.056(6), Florida Statutes, requires the following notice to be provided with respect to the contract for sale or purchase of
any building: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient
quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed Federal and State
guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from
your county health unit.

 

Section
12.23      Energy Disclosure. Purchaser hereby states that
Purchaser has received a copy of the Energy Efficiency Rating System Brochure prepared by the Department of Community Affairs.

 

Section
12.24      Obligations Regarding Financial Information.
Commencing upon the Effective Date and for a period continuing until ninety (90) days after the Closing Date (the "Cooperation
Period"), Seller agrees to use its commercially reasonable efforts to cooperate with Purchaser and its representatives
and agents in the preparation of a combined statement of revenues and certain expenses relating to the operation of the Property
audited in conformity with the requirements of Rule 3-14 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission
related to the most recent completed fiscal year and the current fiscal year (the "Property Audits"); provided,
however, Seller shall not be required to incur any out of pocket expenses or costs unless Purchaser reimburses Seller for the same. 
During the Cooperation Period, Seller shall (a) maintain, and after reasonable advance written notice from Purchaser, provide access
to such books and records of Seller and its property managers reasonably related to the Property; and (b) after reasonable written
notice to Seller, make persons in charge of management of the Property (including the applicable property manager) available for
interview; provided, however, that Seller shall be allowed to have other representatives present during any such interviews. No
later than five (5) business days after written request from Purchaser, Seller shall provide to Purchaser a signed audit response
letter from Seller’s outside counsel, as required by Purchaser’s auditor. Seller acknowledges that Purchaser may be
required to update the Property Audits during the Cooperation Period in order to meet the requirements of the Securities Act of
1933, as amended, or the Securities Exchange Act of 1934, as amended, including the rules and regulations thereunder. The obligations
under this Section 12.24 shall survive Closing.

 

[SIGNATURE PAGES AND EXHIBITS TO FOLLOW]

 

    	 	PURCHASE AND SALE AGREEMENT (Hunter's Creek and Metrowest) – Page 33	 

     

    

 

SIGNATURE PAGE TO AGREEMENT OF

PURCHASE AND SALE

BY AND BETWEEN

CH REALTY VII-CARROLL MF ORLANDO HUNTER'S
CREEK, L.L.C.,

CH REALTY VII-CARROLL MF ORLANDO METROWEST,
L.L.C.

AND

BLUEROCK REAL ESTATE, L.L.C.

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement on the day and year written below.

 

	SELLER:	CH REALTY VII-CARROLL MF ORLANDO HUNTER'S CREEK, L.L.C., a Delaware limited liability company
	 	 	 	 	 
	Date executed by Seller	By:	CH Realty VII-Carroll MF Orlando Properties, LLC, a Delaware limited liability company
	 	 	 	 	 
	September 7, 2017	 	By:	Carroll Co-Invest III Orlando Portfolio, LLC, a Georgia limited liability company
	 	 	 	 	 
	 	 	 	By:  	/s/ Josh Champion
	 	 	 	Name: 	Josh Champion
	 	 	 	Title:	Authorized Signatory
	 	 	 	 	 
	 	CH REALTY VII-CARROLL MF ORLANDO METROWEST, L.L.C., a Delaware limited liability company
	 	 	 	 	 
	 	By:	CH Realty VII-Carroll MF Orlando Properties, LLC, a Delaware limited liability company
	 	 	 	 	 
	 	 	By:	Carroll Co-Invest III Orlando Portfolio, LLC, a Georgia limited liability company
	 	 	 	 	 
	 	 	 	By:  	/s/ Josh Champion
	 	 	 	Name: 	Josh Champion
	 	 	 	Title:	Authorized Signatory

 

    	 	PURCHASE AND SALE AGREEMENT (Hunter's Creek and Metrowest) – Page 34	 

     

    

 

SIGNATURE PAGE TO AGREEMENT OF

PURCHASE AND SALE

BY AND BETWEEN

CH REALTY VII-CARROLL MF ORLANDO HUNTER'S
CREEK, L.L.C.,

CH REALTY VII-CARROLL MF ORLANDO METROWEST,
L.L.C.

AND

BLUEROCK REAL ESTATE, L.L.C.

 

 

	PURCHASER:	BLUEROCK REAL ESTATE, L.L.C., a Delaware limited liability company
	 	 	 
	Date executed by Purchaser	By: 	/s/ Michael Konig
	 	Name: 	Michael Konig
	September 7, 2017	Title: 	General Counsel

 

    	 	PURCHASE AND SALE AGREEMENT (Hunter's Creek and Metrowest) – Page 35	 

     

    

 

JOINDER BY ESCROW AGENT

 

Escrow Agent has executed this Agreement in
order to confirm that Escrow Agent has received and shall hold the Initial Earnest Money required to be deposited under this Agreement
and the interest earned thereto, in escrow, and shall disburse the Earnest Money, and the interest earned thereon, pursuant to
the provisions of this Agreement.

 

	 	COMMONWEALTH TITLE OF DALLAS
	 	 	 
	Date executed by Escrow Agent	By: 	/s/ Sharon L. Cooper
	 	Name: 	Sharon L. Cooper
	September 8, 2017	Title: 	Escrow Officer

 

    	 	PURCHASE AND SALE AGREEMENT (Hunter's Creek and Metrowest) – Page 36	 

     

    

 

LIST OF EXHIBITS

 

	A-1	-	Legal Description of Hunter’s Creek Land
	 	 	 
	A-2	-	Legal Description of Metrowest Land
	 	 	 
	B	-	Form of Special Warranty Deed
	 	 	 
	C	-	Form of Bill of Sale, Assignment and Assumption of Leases and Contracts
	 	 	 
	D	-	Form of FIRPTA Certificate
	 	 	 
	E	-	Form of Notice to Tenants
	 	 	 
	F	-	Intentionally Omitted
	 	 	 
	G-1	-	Hunter’s Creek Rent Roll
	 	 	 
	G-2	-	Metrowest Rent Roll
	 	 	 
	H	-	Intentionally Omitted
	 	 	 
	I	-	OFAC Form

 

List
of Schedules

 

	Schedule 2.1.3	Hunter’s Creek Personal Property
	 	 
	Schedule 2.1.4	Hunter’s Creek Service Contracts
	 	 
	Schedule 2.1.5	Hunter’s Creek License Agreements and Hunter’s Creek Equipment Leases
	 	 
	Schedule 2.2.3	Metrowest Personal Property
	 	 
	Schedule 2.2.4	Metrowest Service Contracts
	 	 
	Schedule 2.2.5	Metrowest License Agreements and Metrowest Equipment Leases

 

    	 	PURCHASE AND SALE AGREEMENT (Hunter's Creek and Metrowest) – Page 37	 

     

    

 

EXHIBIT A-1

 

LEGAL DESCRIPTION

 

HUNTER'S CREEK LAND

 

Lots 1 and 2, HUNTER'S CREEK TRACT 480, according
to the plat thereof, as recorded in Plat Book 40, Page 120, of the Public Records of Orange County, Florida.

 

Non-Exclusive easement for ingress and egress
as set forth and granted by Access Easement recorded May 29, 1998, in Official Records Book 5491, Page 4521, of the Public Records
of Orange County, Florida.

 

Non-Exclusive easement for encroachment and
of use, access and enjoyment in and to the "Common Area" as defined and more particularly described in that certain Second
Amended and Restated Declaration of Master Covenants, Conditions and Restrictions of Hunter's Creek, filed in Official Records
Book 6065, Page 2309, re-recorded in Official Records Book 6108, Page 4653, modified by Supplemental Declaration to Second Amended
and Restated Declaration of Master Covenants, Conditions and Restrictions of Hunter's Creek filed in Official Records Book 6112,
Page 1865, Termination of Class "C" Membership filed in Official Records Book 6178, Page 2519, and Supplemental Declaration
to Second Amended and Restated Declaration of Master Covenants, Conditions and Restrictions of Hunter's Creek, filed in Official
Records Book 6285, Page 5991, and Supplemental Declaration to Second Amended and Restated Declaration of Master Covenants, Conditions
and Restrictions of Hunter's Creek filed in Official Records Book 7735, Page 2464, and further amended by Certificate of First
Amendment to the Second Amended and Restated Declaration of Master Covenants, Conditions and Restrictions of Hunter's Creek recorded
in Official Records Book 7964, Page 263, as amended by certificate of Second Amendment to the Second Amended and Restated Declaration
of Master Covenants, Conditions and Restrictions of Hunter's Creek, recorded November 30, 2009 in Official Records Book 9968, Page
6699, as affected by Notice, recorded May 28, 2010 in Official Records Book 10052, Page 5307, as affected by Assignment of Declarant's
Rights recorded August 11, 2011 in Official Records Book 10253, Page 934, as amended by Third Amendment to the Second Amended and
Restated Declaration of Master Covenants, Conditions and Restrictions of Hunter's Creek, recorded October 25, 2012 in Official
Records Book 10463, Page 1872, as amended by Fourth Amendment to the Second Amended and Restated Declaration of Master Covenants,
Conditions and Restrictions of Hunter's Creek recorded October 2, 2014 in Official Records Book 10813, Page 3748 and as affected
by Notice of Preservation recorded June 16, 2015 in Official Records Book 10935, Page 6619, all of the Public Records of Orange
County, Florida.

 

Together with those non-exclusive easements
and rights as set forth and granted by Hunter's Creek Community Association, Inc., a Florida not for profit Corporation, in favor
of Realty Associates Fund VIII L.P., a Delaware limited Partnership, recorded August 11, 2009, in Official Records Book 9916, Page
140, of the Public Records of Orange County, Florida, for the purpose of signage and access easement agreement, over, under and
across lands as described therein.

 

    	 	Exhibit A-1, Legal Description – Hunter’s Creek Land	A-1

     

    

 

EXHIBIT A-2

 

LEGAL DESCRIPTION

 

METROWEST LAND

 

Parcel 1 (Fee Simple Estate)

 

A portion of Tract 1, METROWEST, as recorded
in Plat Book 16, pages 107 through 110 of the public records of Orange County, Florida, lying in Section 2, Township 23 South,
Range 28 East, City of Orlando, Orange County, Florida, being more particularly described as follows:

 

Commence at the Westernmost corner of Tract
1, Metro West, according to the plat thereof as recorded in Plat Book 16, pages 107 through 110 of the public records of Orange
County, Florida; thence run North 89° 47' 04" East along the most Westerly Southerly line of said Tract 1, also being
the Northerly line of Vetter Isle as recorded in Plat Book Y, page 79 of the public records of said Orange County, Florida for
a distance of 647.22 feet; thence departing said Northerly line continue North 89° 47' 23" East along said Southerly line
for a distance of 646.35 feet to the Point of Beginning; thence departing said Southerly line run North 00° 12' 37" West
for a distance of 192.28 feet; thence run South 54° 15' 28" East for a distance of 94.56 feet; thence run North 55°04'
13" East for a distance of 80.33 feet; thence run North 66° 07' 31" East for a distance of 108.04 feet; thence run
North 62°43' 45" East for a distance of 101.16 feet; thence run North 64°24' 44" East for a distance of 110.07
feet; thence run North 66°51' 29" East for a distance of 103.59 feet; thence run North 64°23' 25" East for a
distance of 111.60 feet; thence run North 87°44' 23' East for a distance of 112.59 feet; thence run South 82°53' 29"
East for a distance of 113.94 feet; thence run North 77°49' 19" East for a distance of 83.90 feet, thence run North 75°33'
14" East for a distance of 92.82 feet; thence run North 69°42' 28" East for a distance of 72.73 feet; thence run
North 45°13' 25" East for a distance of 45.65 feet; thence run North 21°08' 41" East for a distance of 70.44
feet; thence run North 06°56' 11" West for a distance of 93.26 feet; thence run North 21°32' 21" West for a distance
of 93.14 feet; thence run North 19°51' 29" East for a distance of 37.82 feet; thence run North 00°10' 47" East
for a distance of 99.14 feet; thence run North 15°54' 21" East for a distance of 63.32 feet; thence run North 90°00'
00" East for a distance of 75.98 feet to a point on the Westerly right of way line of Lake Debra Drive according to the plat
of MetroWest Tract 1, Lot 7, as recorded in Plat Book 34, pages 50 and 51 of the public records of Orange County, Florida; thence
run South 03° 11' 47" East along said right of way line for a distance of 240.79 feet to a point of curvature of a curve
concave Westerly and having a radius of 930.00 feet; thence continuing along said Westerly right of way line run Southerly along
said curve through a central angle of 03°07' 59" for an arc distance of 50.85 feet to a point of tangency; thence run
South 00°03' 48" East for a distance of 327.81 feet; thence run North 89°56' 12" East for a distance of 35.00
feet to a point on the Westerly boundary of MetroWest Tract 1, Lot 8 according to the plat thereof as recorded in Plat Book 39,
page 27 of the public records of Orange County, Florida; thence run South 00°03' 48" East for a distance of 50.30 feet;
thence run South 06°19' 52" East for a distance of 180.95 feet to a point of curvature of a curve concave Easterly and
having a radius of 1000.00 feet, thence continuing along said Westerly line run Southerly along said curve through a central angle
of 12°53' 28" for an arc distance of 224.99 feet to a point of reverse curvature of a curve concave Westerly and having
a radius of 500.00 feet, thence run Southerly along said curve through a central angle of 22°46' 31" for an arc distance
of 198.75 feet to a point; thence run North 86°26' 49" West for a distance of 27.00 feet to a point on a non tangent curve
concave Westerly and having a radius of 473.00 feet; thence from a tangent bearing of South 03°33' 03" West run Southerly
along said curve through a central angle of 09°35' 48" for an arc distance of 79.22 feet to a point; thence run South
71°38' 01" West for a distance of 44.93 feet; thence run South 36°22' 41" West for a distance of 149.85 feet;
thence run South 20°05' 36" West for a distance of 102.40 feet; thence run South 16°21' 56" West for a distance
of 382.58 feet; thence run South 00° 14' 29" East for a distance of 953.60 feet to a point on the South line of aforesaid
Section 2, also being a point on the Southerly line of Metro West Tract 1, according to the plat thereof as recorded in Plat Book
16, pages 107 through 110 of the public records of Orange County, Florida; thence run South 89°45' 31" West along said
South line for a distance of 348.71 feet to the Southwesternmost corner of said Metro West Tract 1, also being a point on the Westerly
line of said Metro West Tract 1; thence departing said South line run North 00° 19' 31" West along said Westerly line
for a distance of 887.85 feet; thence departing said Westerly line run the following courses and distances; South 89°45' 09"
West for a distance of 9.08 feet; thence run South 70°15' 39" West for a distance of 22.96 feet; thence run South 44°04'
38" West for a distance of 60.93 feet; thence run South 77°10' 38" West for a distance of 70.28 feet; thence run
South 88°35' 31" West for a distance of 19.31 feet; thence run North 55°25' 15" West for a distance of 106.39
feet; thence run North 38°26' 30" West for a distance of 7.87 feet; thence run South 89°45' 09" West for a distance
of 241.61 feet; thence run North 00°19' 31" West for a distance of 348.77 feet; thence run North 36°11' 35" West
for a distance of 4.78 feet; thence run North 19°26' 25" West for a distance of 62.36 feet; thence run North 24°15'
32" West for a distance of 31.32 feet; thence run South 89°59' 01" West for a distance of 29.91 feet; thence run
North 05°09' 27" West for a distance of 68.03 feet; thence run North 11°27' 19" East for a distance of 109.72
feet; thence run North 06°12' 17" West for a distance of 105.33 feet; thence run North 17°14' 53" West for a
distance of 171.51 feet; thence run North 00°08' 31" West for a distance of 185.59 feet; thence run South 89°47' 23"
West for a distance of 84.11 feet to aforesaid Point of Beginning.

 

    	 	Exhibit A-2, Legal Description – Metrowest Land	A-1

     

    

  

Said land is shown on the plat of ALEXAN AT
METROWEST, according to the plat thereof recorded in Plat Book 47, page 33, public records of Orange County, Florida.

 

Parcel 2 (Easement):

 

Nonexclusive easement for pedestrian and vehicular
access, ingress and egress purposes for the benefit of Parcel 1 over, through and across the land identified as "Easement
Area - Metrowest Tract 1, Lot 8" in Exhibit C to the Reciprocal Easement Agreement between Debra, Inc. and Windsor Residential
Harbortown, Inc., recorded in Official Records Book 5424, page 1968, Public Records of Orange County, Florida.

 

Parcel 3 (Easement):

 

Nonexclusive easement for drainage purposes
for the benefit of Parcel 1 reserved in the Drainage Easement Agreement (Tract ID) between Spring Trace, L.L.C. and Metrowest Master
Association, Inc., recorded in Official Records Book 6279, page 3582, as amended by the Amendment to Drainage Easement Agreement
(Tract ID) recorded in Official Records Book 6716, page 4890, Public Records of Orange County, Florida, in, on, upon, over and
through the Drainage Easement Area described in Exhibit "A" to said Amendment, and Second Amendment to Drainage Easement
Agreement (Tract ID), recorded in Official Records Book 7609, page 3588, Public Records of Orange County, Florida.

 

    	 	Exhibit A-2, Legal Description – Metrowest Land	A-2

     

    

  

Parcel 4 (Easement):

 

Nonexclusive easement for sanitary sewer utility
purposes for the benefit of Parcel 1 over, upon and across the land described in Exhibit C to the Sanitary Sewer Easement and Stormwater
Easement Agreement between Metrowest II Limited Partnership and The Northwestern Mutual Life Insurance Company, recorded in Official
Records Book 6279, page 3613, as affected by Affidavit recorded in Official Records Book 7119, Page 3877, Public Records of Orange
County, Florida.

 

Parcel 5 (Easement):

 

Nonexclusive easements for the benefit of Parcel
1 as defined and more particularly described in Section 6.1 of that certain Master Declaration of Protective Covenants and Restrictions
for MetroWest recorded March 13, 1986 in Official Records Book 3759, page 2756, as affected by the Agreement Concerning Transfer
of Responsibilities recorded September 17, 1986 in Official Records Book 3820, page 4314 and the Assignment and Assumption of Declarant's
Rights and Obligations recorded October 25, 2000 in Official Records Book 6115, page 4273, and as amended August 10, 1987 in Official
Records Book 3913, page 2944, recorded November 17, 1987 in Official Records Book 3936, page 4185, recorded March 28, 1988 in Official
Records Book 3968, page 1279, recorded August 30, 1996 in Official Records Book 5114, page 1077 and recorded February 8, 2001 in
Official Records Book 6189, page 2476, and Certificate of Approval recorded October 22, 2003 in Official Records Book 7161, page
2831, as amended by Third Amendment, recorded February 8, 2006 in Official Records Book 8471, Page 1428; Fourth Amendment, recorded
January 15, 2010 in Official Records Book 9989, Page 1602, and Fifth Amendment to Master Declaration of Protective Covenants and
Restrictions for Metrowest, recorded September 23, 2014 in Official Records Book 10808, Page 8087, Public Records of Orange County,
Florida.

 

Parcel 6 (Easement):

 

Nonexclusive easement for access and utilities
for the benefit of Parcel 1 as defined and more particularly described in that certain Utility Easement Agreement recorded in Official
Records Book 6314, Page 5929, as amended by Amendment to Utility Easement Agreement recorded in Official Records Book 7609, Page
3607, Public Records of Orange County, Florida.

 

    	 	Exhibit A-2, Legal Description – Metrowest Land	A-3

     

    

 

EXHIBIT B

 

FORM OF SPECIAL WARRANTY
DEED

 

PREPARED BY:

 

	 	 
	 	 
	 	 
	Attn:	 	 
	 	 	 

AFTER RECORDING RETURN TO:

 

	 	 
	 	 
	 	 
	Attn:	 	 
	 	 	 

 

SPECIAL WARRANTY DEED

 

	STATE OF FLORIDA	§	 
	 	§	KNOW ALL MEN BY THESE PRESENTS:
	COUNTY  OF ORANGE	§	 

 

THAT CH REALTY VII-CARROLL
MF ORLANDO [HUNTER'S CREEK] [METROWEST], L.L.C., a Delaware limited liability company ("Grantor"),
whose mailing address is 3340 Peachtree Road, Suite 2250, Atlanta, GA 30326, Attention: Josh Champion, for and in consideration
of the sum of $10.00 and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, has
GRANTED, BARGAINED, SOLD, and CONVEYED and by these presents does GRANT, BARGAIN, SELL, and CONVEY unto ___________________________,
a _________________ ("Grantee"), whose
mailing address is _________________________________, the tract or parcel of land in Orange County, Florida, described in Exhibit
A, together with all improvements, structures and fixtures situated thereon (collectively, the "Property"),
subject, however, to all easements, restrictions, reservations and covenants now of record and further subject to all matters that
a current, accurate survey of the Property would show, together with those matters more particularly described in Exhibit B
attached hereto and made a part hereof for all purposes, to the extent valid and subsisting as of the date hereof (collectively,
the "Permitted Exceptions").

 

TO HAVE AND TO HOLD the
Property, together with all and singular the rights and appurtenances thereunto in anywise belonging, unto Grantee, its successors
and assigns forever, subject to the Permitted Exceptions, and Grantor does hereby bind itself, its successors and assigns, to WARRANT
AND FOREVER DEFEND all and singular the title to the Property, subject to the Permitted Exceptions, unto the said Grantee, its
successors and assigns against every person whomsoever lawfully claiming or to claim the same or any part thereof by, through,
or under Grantor but not otherwise.

 

[Signature Page Follows]

 

    	 	Exhibit B, Special Warranty Deed	B-1

     

    

  

IN WITNESS WHEREOF, this
instrument has been executed as of (but not necessarily on) this ______ day of _______________ 2017.

 

	 	 	 	CH REALTY VII-CARROLL MF ORLANDO [HUNTER'S CREEK] [METROWEST], L.L.C., a Delaware limited liability company
	 	 	 	 	 	 	 
	WITNESSES:	 	 	By:	CH Realty VII-Carroll MF Orlando Properties, LLC, a Delaware limited liability company
	 	 	 	 	 	 	 
	 	 	 	 	By:	Carroll Co-Invest III Orlando Portfolio, LLC, 
	Print Name:	 	 	 	 	a Georgia limited liability company
	 	 	 	 	 	 	 
	 	 	 	 	 	By:	 
	Print Name:	 	 	 	 	Name:	 
	 	 	 	 	 	Title:	Authorized Signatory

 

	STATE OF ______________	§
	 	§
	COUNTY OF ____________	§

 

This instrument was acknowledged
before me on _____________, 2017, by ________________, _________________ of Carroll Co-Invest III Orlando Portfolio, LLC, a Georgia
limited liability company, the manager of CH Realty VII-Carroll MF Orlando Properties, LLC, a Delaware limited liability company,
the sole member of CH REALTY VII-CARROLL MF ORLANDO [HUNTER'S CREEK] [METROWEST], L.L.C., a Delaware limited liability company,
on behalf of said limited liability companies.

 

	 	 
	 	Notary Public, State of ____________

 

    	 	Exhibit B, Special Warranty Deed	B-2

     

    

 

 

EXHIBIT
A

 

[Description of the Property]

 

    	 	Exhibit B, Special Warranty Deed
	B-3

     

    

 

EXHIBIT
B

 

[Permitted Exceptions]

 

    	 	Exhibit B, Special Warranty Deed
	B-4

     

    

 

EXHIBIT C

 

BILL OF SALE,
ASSIGNMENT AND ASSUMPTION

 

(Arium Hunter's Creek/Arium at Metrowest)

 

THIS BILL OF SALE,
ASSIGNMENT AND ASSUMPTION is made as of the _____ day of __________________, 2017, by and between CH REALTY VII-CARROLL MF ORLANDO
[HUNTER'S CREEK] [METROWEST], L.L.C. a Delaware limited liability company ("Assignor"),
and _________________________, a _________________________ ("Assignee").

 

WITNESSETH:

 

For good and valuable
consideration, receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee hereby agree as follows:

 

[To Be Updated to reflect
revisions to Article 2 of PSA]

 

1.             Assignor
hereby sells, transfers, assigns and conveys to Assignee the following:

 

(a)       All
right, title and interest of Assignor in and to all tangible personal property ("Personalty")
set forth in the inventory on Exhibit A attached hereto and made a part hereof, and located on, and used in connection with
the management, maintenance or operation of that certain land and improvements located in the County of Orange, State of Florida,
as more particularly described in Exhibit B attached hereto and made a part hereof ("Real
Property"), but excluding tangible personal property owned or leased by Assignor's property manager or the
tenants of the Real Property under the Tenant Leases (as defined below).

 

(b)       All
right, title and interest of Assignor in and to those certain leases described on Exhibit C attached hereto and made a part
hereof (the "Tenant Leases"), relating
to the leasing of space in the Real Property and all of the rights, interests, benefits and privileges of the lessor thereunder,
and to the extent Assignee has not received a credit therefor under the Purchase Agreement (as defined below), all prepaid rents
and security and other deposits held by Assignor under the Tenant Leases and not credited or returned to tenants, but subject to
all terms, conditions, reservations and limitations set forth in the Tenant Leases.

 

(c)       To
the extent assignable, all right, title and interest of Assignor in and to those certain contracts set forth on Exhibit D
attached hereto and made a part hereof, and all warranties, guaranties, indemnities and claims (including, without limitation,
for workmanship, materials and performance) and which exist or may hereafter exist against any contractor, subcontractor, manufacturer
or supplier or laborer or other services relating thereto (collectively, the "Contracts").

 

(d)       All
right, title and interest of Assignor in and to those agreements set forth on Exhibit E attached hereto and made a part
hereof (the "License Agreements").

 

2.             This
Bill of Sale, Assignment and Assumption is given pursuant to that certain Agreement of Purchase and Sale (as amended, the "Purchase
Agreement") dated as of September ____, 2017, between Assignor and Assignee, providing for, among other things,
the conveyance of the Personalty, the Tenant Leases and the Contracts.

 

    	 	Exhibit C, Bill of Sale, Assignment and Assumption	C-1

     

    

 

3.             As
set forth in Article 11 of the Purchase Agreement, which is hereby incorporated by reference as if herein set out in full
and except as set forth herein, the property conveyed hereunder is conveyed by Assignor and accepted by Assignee AS IS, WHERE
IS, AND WITHOUT ANY WARRANTIES OF WHATSOEVER NATURE, EXPRESS OR IMPLIED, EXCEPT AS EXPRESSLY SET FORTH IN THE PURCHASE AGREEMENT,
IT BEING THE INTENTION OF ASSIGNOR AND ASSIGNEE EXPRESSLY TO NEGATE AND EXCLUDE ALL WARRANTIES, INCLUDING, WITHOUT LIMITATION,
THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE, WARRANTIES CREATED BY ANY AFFIRMATION OF FACT
OR PROMISE OR BY ANY DESCRIPTION OF THE PROPERTY CONVEYED HEREUNDER, OR BY ANY SAMPLE OR MODEL THEREOF, AND ALL OTHER WARRANTIES
WHATSOEVER CONTAINED IN OR CREATED BY THE FLORIDA UNIFORM COMMERCIAL CODE.

 

4.             Assignee
hereby accepts the assignment of the Personalty, the Tenant Leases, the Contracts and the License Agreements and agrees to assume
and discharge, in accordance with the terms thereof, all of the obligations thereunder from and after the date hereof. Additionally,
but without limiting the generality of the foregoing, Assignee agrees to assume and discharge all leasing commissions, costs for
tenant improvements, legal fees and other costs and expenses incurred with respect to Leases and Lease renewals and extensions
and License Agreements and License Agreement renewals and extensions executed subsequent to the Effective Date of the Agreement
and those set forth on Exhibit E attached hereto.

 

5.             Assignee
agrees to indemnify and hold harmless Assignor from any cost, liability, damage or expense (including reasonable attorneys' fees)
arising out of or relating to Assignee's failure to perform any of the foregoing obligations arising from and accruing on or after
the date hereof.

 

6.             Assignor
agrees to indemnify and hold harmless Assignee from any cost, liability, damage or expense (including reasonable attorneys' fees)
arising out of or relating to Assignor's failure to perform any of the obligations of Assignor under the Tenant Leases, Contracts
or License Agreements, to the extent accruing prior to the date hereof.

 

7.             This
Bill of Sale, Assignment and Assumption may be executed in any number of counterparts, each of which shall be deemed an original,
but all of which shall constitute one and the same instrument.

 

[Signature Page Follows]

 

    	 	Exhibit C, Bill of Sale, Assignment and Assumption	C-2

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Bill of Sale, Assignment and Assumption as of the date first above written.

 

	 	ASSIGNOR:
	 	 
	 	CH REALTY VII-CARROLL MF ORLANDO [HUNTER'S CREEK] [METROWEST], L.L.C.,
a Delaware limited liability company
	 	 
	 	By:	CH Realty VII-Carroll MF Orlando Properties, LLC, a Delaware limited liability
company
	 	 	 
	 	 	By:	Carroll Co-Invest III Orlando Portfolio, LLC, a Georgia limited liability company
	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name: 	 
	 	 	 	Title:	Authorized Signatory

 

	 	ASSIGNEE:
	 	 
	 	 	, a 
	 	 	 
	 	 	 
	 	By:	       	 
	 	Name:	 	 
	 	Title:	 	 

 

	Exhibit A	Personalty
	Exhibit B	Real Property
	Exhibit C	Tenant Leases
	Exhibit D	Contracts
	Exhibit E	License Agreements
	Exhibit F	Lease Costs and Expenses

 

    	 	Exhibit C, Bill of Sale, Assignment and Assumption	C-3

     

    

 

EXHIBIT D

 

FIRPTA CERTIFICATE

 

Section 1445 of the
Internal Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign
person. To inform _____________________ ("Transferee")
that withholding of tax is not required upon the disposition of a U.S. real property interest by CH REALTY VII-CARROLL MF ORLANDO
[HUNTER'S CREEK] [METROWEST], L.L.C. ("Transferor"),
the undersigned, in their capacity as _____________ of _____________, but not individually, hereby certifies to Transferee the
following on behalf of Transferor:

 

1.       Transferor
is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal
Revenue Code and Income Tax Regulations);

 

2.       Transferor's
U.S. employer identification number is ___________; and

 

3.       Transferor's
office address is ___________________________.

 

Transferor understands
that this certification may be disclosed to the Internal Revenue Service by Transferee and that any false statement contained herein
could be punished by fine, imprisonment, or both.

 

Under penalties of
perjury I declare that I have examined this certification and to the best of my knowledge and belief it is true, correct and complete,
and I further declare that I have authority to sign this document on behalf of Transferor.

 

Dated as of __________,
2017.

 

	 	 	, a 
	 	 	 
	 	 	 
	 	By:	       	 
	 	Name:	 	 
	 	Title:	 	 

 

SWORN TO AND SUBSCRIBED
BEFORE ME on ___________________________, 2017 by ______________, _________________ of _____________, a __________________, on
behalf of said __________________.

 

 

	 	 
	 	Notary Public, State of ___________

 

    	 	Exhibit D, FIRPTA Certificate	D-1

     

    

 

EXHIBIT E

 

NOTICE TO TENANTS

 

_____________________, _________

 

	 	 
	 	 
	 	 

 

Dear Tenant:

 

You are hereby notified
that CH REALTY VII-CARROLL MF ORLANDO [HUNTER'S CREEK] [METROWEST], L.L.C., a Delaware limited liability company ("Seller"),
the current owner of [Arium Hunter's Creek] [Arium at Metrowest] in Orlando,
Florida (the "Property") and the
current owner of the landlord's interest in your lease in the Property, has sold the Property to ________________, a __________________________
("New Owner"), as of the above date. In
connection with such sale, Seller has assigned and transferred its interest in your lease and your security deposit thereunder
in the amount of $____________ (the "Security Deposit")
to New Owner, and New Owner has assumed and agreed to perform all of the landlord's obligations under your lease (including any
obligations set forth in your lease or under applicable law to repay or account for the Security Deposit) from and after such
date. New Owner acknowledges that New Owner has received and is responsible for the Security Deposit.

 

Accordingly, (a) all
your obligations under the lease from and after the date hereof, including your obligation to pay rent, shall be performable to
and for the benefit of New Owner, its successors and assigns, and (b) all the obligations of the landlord under the lease, including
any obligations thereunder or under applicable law to repay or account for the Security Deposit, shall be the binding obligation
of New Owner and its successors and assigns. Unless and until you are otherwise notified in writing by New Owner, the address of
New Owner for all purposes under your lease is:

 

	 	 
	 	 
	 	 

 

	 	Very truly yours,
	 	 
	 	SELLER:
	 	 
	 	CH REALTY VII-CARROLL MF ORLANDO [HUNTER'S CREEK] [METROWEST], L.L.C.,
a Delaware limited liability company
	 	 
	 	By:	CH Realty VII-Carroll MF Orlando Properties, LLC, a Delaware limited liability
company
	 	 	 
	 	 	By:	Carroll Co-Invest III Orlando Portfolio, LLC, a Georgia limited liability company
	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name: 	 
	 	 	 	Title:	Authorized Signatory

 

    	 	Exhibit E, Notice to Tenants	E-1

     

    

 

	 	NEW OWNER:
	 	 
	 	      
	 	 
	 	By:	      
	 	Name: 	 
	 	Title:	 

 

    	 	Exhibit E, Notice to Tenants	E-2

     

    

 

EXHIBIT F

 

[INTENTIONALLY
OMITTED]

 

    	 	Exhibit F, Tenant Estoppel Certificate	F-1

     

    

  

EXHIBIT G-1

 

Hunter’s
Creek Rent Roll

 

[follows this page]

 

    	 	Exhibit G-1, Hunter’s Creek Rent Roll	G-1

     

    

  

EXHIBIT G-2

 

Metrowest Rent
Roll

 

[follows this page]

 

    	 	Exhibit G-2, Metrowest Rent Roll	G-2

     

    

  

EXHIBIT H

 

INTENTIONALLY
OMITTED

 

    	 	Exhibit H, Intentionally Omitted
	H-1

     

    

  

EXHIBIT I

 

OFAC Information* Form

 

		1.	Full legal name of person or entity entering into the Agreement:
______________________________
	 	 	 

 

		2.	Check the box that accurately describes the party named
in Item 1:

	 ̈	Individual - Skip to Item 6	 	 ̈	Sole Proprietor - Skip to Item 6
	 ̈	Corporation - Proceed to Item 3(a)	 	 ̈	Limited Liability Company - Proceed to Item 3
	 ̈	Limited Partnership - Proceed to Item 3	 	 ̈	General Partnership – Skip to Item 4
	 ̈	Trust – Skip to Item 5	 	 	 
	 ̈	National or state chartered bank, savings and loan or other regulated financial institution - proceed to Item 3(b)	 	 ̈	Other (please describe): ___________________ and proceed to Item 3

 

		3.	Is the party named in Item 1:

a. a publicly traded company on NYSE or NASDAQ or its wholly
owned subsidiary?

 ̈Yes
– (Provide ticker symbol ______ and skip to Item 6)         ̈No (Proceed to Item
4)

b. a national or state chartered
bank, savings and loan or regulated financial institution or its wholly owned subsidiary?

 ̈Yes – (Provide relationship
and skip to Item 6)         ̈No
(Proceed to Item 4)

 

		4.	For the entity named in Item 1, provide the following information:

		a.	List state of formation: _____________________________________________________________________________________

		b.	List name of Chairman, CEO and/or President: __________________________________________________________________

	 	 

		c.	List name of general partner(s) or manager(s) (if applicable),
and each upstream owner (direct or indirect) who holds a 25% or greater ownership interest. The list must include owners with
at least 50% aggregate upstream ownership: _________________________________

	 	 

	 	 

		d.	For each entity named in 4.c, provide type of entity,
state of formation, name of general partner(s) or manager(s) (if applicable), and name of Chairman, CEO and/or President and each
upstream owner (direct or indirect) who holds a 25% or greater ownership interest and include owners with at least a 50% aggregate
ownership. Please tier through each entity listed below until you reach an individual or a publicly traded company. Attach additional
sheets as necessary: _____________________________________________________________________

	 	 

	 	 

	 	 

		e.	List any person or entity not otherwise disclosed in this Section 4 who has the right to
                                                                                  control or direct the entity named in Item 1:
                                                                                  ______________________________________________________________________________________________________

	 	 

 

		5.	For each entity named in Item 1 that is a trust, please
provide names of all trustee(s) and beneficiary(ies):

	 	 

	 	 

 

		6.	Full legal name of person signing the Agreement:____________________________________________________________

 

    	 	Exhibit I, OFAC Information
	I-1

     

    

  

		7.	List full legal name of any entity that is in the signature
block to the Agreement and not otherwise listed in Item 1 or Item 4, including the state of formation, name of general partner
or manager (if applicable), and name of the Chairman, CEO and/or President, for each or state NONE:

	 	 

	 	 

 

    	 	Exhibit I, OFAC Information
	I-2

     

    

 

*WHAT IS OFAC?1

“OFAC” stands for the Office
of Foreign Assets Control, an office of the U.S. Department of the Treasury. OFAC has designated people, banks, companies and other
entities, and geographic areas that are considered a threat to national security or who participate in activities that are against
U.S. foreign policy. Their names are placed on the Specially Designated Nationals and Blocked Persons List (SDN list), which can
be found on OFAC’s website (www.treas.gov/ofac). All U.S. persons are prohibited from engaging in business with a person
or entity on the list or that is owned or controlled by a person or entity on the list (a “Prohibited Person”).

 

*WHY HAVEN’T I HEARD ABOUT OFAC BEFORE?1

While sanctions and embargo programs have
been in place for many years, following the events of September 11, 2001, special attention has been focused on ensuring that prohibited
persons are not permitted to use the United States to finance their activities. The U.S. government requires all U.S. persons to
comply and has implemented civil and criminal penalties for breach. As a result, companies have implemented procedures to screen
names and other information to assure that they are complying with U.S. law and not doing business with a Prohibited Person.

 

 

 

1
https://www.treasury.gov/resource-center/sanctions/Documents/cons.pdf

 

    	 	Exhibit I, OFAC Information
	I-3

     

    

 

SCHEDULE 2.1.3

 

HUNTER’S
CREEK PERSONAL PROPERTY

 

	Hunters Creek - Personal Property Inventory
	Clubhouse	 	Office	 	Maintenance Equipment
	Qty	Item	 	Qty	Item	 	Qty	Item
	3	Mesh Chair	 	1	Monitor	 	12	Hanging Shelves
	12	Counter Height Chair	 	3	Chair	 	1	Standing Shelf
	10	Chair	 	1	Lamp	 	1	Work Desk
	1	Desk	 	2	Printer	 	2	Surge Protector
	2	Pedestal	 	1	Desk	 	1	First Aid Kit
	2	Credenza	 	3	Filing Cabinet	 	1	Bucket/Mop
	2	Lobby Chair	 	1	Entertainment Center	 	1	Trash Bin
	2	Large Sofa	 	1	Candle Holder	 	3	Umbrella
	1	Bench	 	1	Refrigerator	 	1	Rain Coat
	3	Circular Table	 	1	Dishwasher	 	1	ZRS Mat
	2	Coffee Table	 	1	Microwave	 	1	Radio
	5	Side Table	 	1	Rug	 	1	Vacuum
	2	Console Table	 	1	TV	 	1	Water Cooler
	1	Picnic Table	 	6	Speakers	 	1	Eye Wash Station
	6	Armless Chair	 	4	Emergency Lights	 	3	Motorola Radio
	4	Lounge Chair	 	1	Keurig	 	5	Golf Cart
	2	Large Arm Chair	 	8	Trash Bin	 	5	Golf Cart Charger
	2	Love Seat	 	1	Fire Extinguisher	 	1	Pressure Washer
	1	Lamp	 	1	Pool Table	 	1	Air Compressor
	1	Miter Table	 	1	Paper Shredder	 	2	Air Handler
	2	Parquet	 	1	Paper Cutter	 	2	Condensing Unit
	1	Plank Console	 	3	Dry Erase Board	 	1	Tile Cutter
	1	Marquis Seating	 	1	Laminator	 	2	Hand Blower
	Pool Furniture	 	1	Pencil Sharpener	 	1	Backpack Blower
	Qty	Item	 	1	Floor Fan	 	1	Generator
	48	Lounge Chair	 	1	Step Stool	 	4	Charging Scale
	36	Chair	 	1	Safe	 	3	Potable A/C
	7	Dining Table	 	2	Golf Cart	 	1	Paint Sprayer
	22	Tea Table	 	Model Home	 	7	Ladder
	7	Umbrella	 	Qty	Item	 	5	Extension Cord
	3	Shade Structure	 	1	Queen Bed and Bedding	 	3	Garden Hose
	2	Canopy	 	2	Night Stand	 	2	A/C Gauges
	Fitness Equipment	 	1	Dresser	 	1	Bolt Cutter
	Qty	Item	 	3	Hanging Shelves	 	2	Caulk Gun
	3	Treadmill	 	1	Desk w/Chair	 	1	Circular Saw
	2	Elliptical	 	2	Side Chair	 	1	Claw Hammer
	1	Recumbent Bike	 	1	Love Seat	 	5	Core Removal
	1	Spin Bike	 	2	Bar Stool	 	1	Drop Cord Tool
	1	Functional Trainer	 	2	End Table	 	1	Face Shield
	1	Accessory Kit	 	1	Coffee Table	 	2	Fire Cabinet
	1	Multi Press	 	1	Rug	 	8	Flashlight
	1	Lat Pulldown	 	1	Dinnerware	 	4	Gas Can
	1	Led Extension	 	12	Wall Art	 	3	Gas Blower
	1	Decline Bench	 	20	Candle Holder	 	3	Goggles
	1	Abdominal Bench	 	10	Pottery	 	2	Grease Gun
	1	Dumbbell Rack	 	7	Florals	 	2	Hand Dollies
	1	Kettlebell Set	 	6	Mirrors	 	5	Nifty nabbers
	1	Mulitmount	 	4	Lamp	 	1	Post Hole Digger
	2	Suspension Trainer	 	1	Radio	 	1	Pressure Hose
	1	Plyo Cube	 	1	Dining Table w/Chairs	 	1	Round Hose
	 	 	 	 	1	Round Shovel
	 	 	 	 	3	Rubber Boot
	 	 	 	 	1	Screen Roller
	 	 	 	 	2	Shovels
	 	 	 	 	1	Sledge Hammer
	 	 	 	 	3	Spot Light
	 	 	 	 	1	Square Shovel
	 	 	 	 	3	Toilet Augers
	 	 	 	 	4	Torch Set
	 	 	 	 	1	Trench Shovel
	 	 	 	 	1	Tubing Cutters
	 	 	 	 	1	Drain Cleaner
	 	 	 	 	1	Router Skill
	 	 	 	 	1	Ozone Machine
	 	 	 	 	4	Air Movers

 

     

     

    

 

SCHEDULE 2.1.4

 

HUNTER’S
CREEK SERVICE CONTRACTS

 

	Hunters Creek - Summary of Contracts
	Vendor	 	Service	 	Terminable	 	Cancel Notice	 	Cost Period
	AmeriGas	 	General Supplier	 	Y	 	60	 	 
	AmeriScapes	 	Landscaping	 	Y	 	30 (Apr.-Sep.) & 90 (Oct.-March)	 	 
	Apartment Guide	 	Marketing, Online	 	Y	 	M2M	 	Monthly
	Apartment Guide	 	Marketing, Online	 	Y	 	M2M	 	Monthly
	Apartment List	 	Online	 	Y	 	M2M	 	Per-Service
	Apartments.com	 	Online	 	Y	 	60	 	Monthly
	Broadcast Music Inc	 	Music Licensing	 	Y	 	30	 	Annual
	KeyTrak	 	Electronic Keys/Locks	 	Y	 	45	 	Monthly
	Massey Services Inc	 	Pest Control	 	Y	 	M2M	 	Monthly
	Massey Services Inc	 	Termite	 	Y	 	30	 	Annual
	Mood Media	 	Music Licensing	 	Y	 	30	 	Monthly
	Progressive Waste Solutions	 	Waste Removal	 	Y	 	30	 	 
	Roberts Pool Service	 	Pool Maintenance	 	Y	 	M2M	 	 
	Scent Air	 	Air Freshener	 	Y	 	30	 	Monthly
	Valet Waste	 	Waste Removal	 	Y	 	90 Day Notice starting 10/2020	 	Monthly
	Windstream	 	Telephone	 	Y	 	30	 	Monthly
	Yelp	 	Marketing	 	Y	 	30	 	Monthly

 

     

     

    

 

SCHEDULE 2.1.5

 

HUNTER’S CREEK
LICENSE AGREEMENTS AND

HUNTER’S
CREEK EQUIPMENT LEASES

 

	Hunters Creek - Summary of License Agreements and Equipment Leases
	Vendor 	 	Service	 	Cancel Notice	 	Cost Period
	Brighthouse Networks 	 	Telephone	 	30 day notice starting 12/2019	 	 
	Canon Solutions America 	 	Copier, Copier Maintenance	 	60 Days starting 10/2020	 	Monthly

 

     

     

    

 

SCHEDULE 2.2.3

 

METROWEST PERSONAL
PROPERTY

 

	MetroWest
    - Personal Property Inventory
	Clubhouse Furniture	 	Business Center	 	Maintenance Equipment
	Qty	Item	 	Qty	Item	 	Qty	Item
	5	Desk	 	1	Lanier Copier	 	1	1 6" Bench Grinder
	2	Credenza	 	1	Fire Extinguisher	 	1	Caulk Gun
	12	Wall Art	 	1	Trash Bin	 	2	Goggles/Glasses
	7	Train Bin	 	Model	 	1	Fire Cabinet
	1	Dell Monitor	 	Qty	Item	 	2	Hand Truck
	4	Surge Protector	 	1	Accent Chest	 	1	50" Garden Hose
	1	Side Table	 	1	sofa	 	1	Pressure Hose
	1	Fake Tree	 	1	Coffee Table	 	2	Nitrogen Test Equipment
	1	File Cabinet	 	1	Chairs	 	2	Recovery Tank
	1	Refrigerator	 	1	Table	 	1	Vacuum Pump
	1	Microwave	 	1	Rug	 	1	Gas Can
	1	Dishwasher	 	1	Drapery	 	3	6" Gauge Hose
	1	Dinnerware	 	1	Dining Table	 	1	Core Remova Tool
	1	Drinking Glasses	 	4	Dining Chairs	 	1	Tone Generator
	1	Table	 	2	Queen Bed arc Bedding	 	1	6' Ladder
	3	Chairs	 	2	Dresser	 	1	8' Ladder
	1	Toaster	 	2	Nightstand	 	1	25' Extension Cord
	2	Fire Extinguisher	 	1	Desk w/Chair	 	1	50' Extension Cord
	2	Armless Chairs	 	1	Accessories	 	2	Pressure Washer S#2252035009
	1	TV	 	Fitness Equipment	 	1	2-Tank Torch Set
	1	Analog Lounge Bench	 	Qty	Item	 	1	Gas Blower
	2	Saranac Bench	 	4	Treadmill	 	1	16 Gal Wet Vac S#02040V6001
	1	Love seat	 	3	Elliptical	 	2	Mini Wet Vac
	14	Counter Chair	 	1	Recumbent Bike	 	1	Saw
	6	Arm Chair	 	1	Rower	 	1	Hand Held Gad Blower
	2	Armless Lounge Chair	 	1	Multi-Press	 	1	Grease Gun
	4	Carpet	 	1	Lat Pulldown	 	1	Bolt Cutters
	1	Sofa	 	1	Rear Delt	 	1	Floor Blower
	3	Arm Lounge Chair	 	1	Led Extension	 	1	Work Desk
	4	High Back Chair	 	1	Leg Press	 	1	Desk Chair
	10	Lounge Chair	 	1	Functional Trainer	 	2	Rubber Boots
	1	3 Seat Sofa	 	1	Adjustable Bench	 	1	First Aid Kit
	2	Table Lamp	 	1	Connexus Perimeter	 	1	Stair Help
	1	Table	 	1	Heavy Bad Strap & Carabiner	 	5	Nifty Nabers
	2	Link Table	 	1	Heavy Bag	 	1	Eye Wash Station
	2	Square Table	 	1	TXR Commercial Suspension Trainer	 	1	Square Shovel
	4	Circular Table	 	1	Dumbbell Rack	 	1	Round Shovel
	1	Big Circular Table	 	1	Dumbbells (10 pr)	 	4	Com.cool Portable A/C
	6	Side Table	 	1	Wall Kiosk	 	1	Delta Shopmaster Grinder
	2	Cocktail Table	 	1	Projector Bundle	 	1	Skilsaw Circular Saw
	2	Coffee Table	 	6	Indoor Cycle	 	1	Titan Keying Set
	1	Pool Table	 	1	accessory Package	 	1	Freon leak Detectoe
	 	 	 	 	 	 	Golf Cart Chargers
	 	 	 	 	Qty	Item
	 	 	 	 	4	Maint Cart
	 	 	 	 	1	Office Cart
	 	 	 	 	Maintenance Room
	 	 	 	 	Qty	Item
	 	 	 	 	1	Canon Copy Machine
	 	 	 	 	1	 Keytrak Drawers
	 	 	 	 	1	 White Board
	 	 	 	 	1	 Safe
	 	 	 	 	6	 Motorola Two Way Radios

 

     

     

    

 

SCHEDULE 2.2.4

 

METROWEST SERVICE
CONTRACTS

 

	MetroWest - Summary of Contracts
	Vendor	 	Service	 	Cancel Notice	 	Cost Period
	AmeriScapes	 	Landscaping	 	90	 	Monthly
	Apartment Guide	 	Online	 	30	 	Monthly
	Apartment Guide	 	Marketing, Online	 	M2M	 	Monthly
	Apartments.com	 	Online	 	60	 	Monthly
	Aquatic Weed Control	 	Landscaping	 	30	 	Monthly
	Broadcast Music Inc	 	Music Licensing	 	30	 	Annual
	KeyTrak	 	Electronic Keys/Locks	 	45	 	Monthly
	Massey Services Inc	 	Pest Control	 	M2M	 	Monthly
	Mood Media	 	Music Licensing	 	30	 	Monthly
	Scent Air	 	Air Freshener	 	30	 	Monthly
	Valet Waste	 	Waste Removal	 	90 Day Notice Starting 10/2020	 	Monthly
	Valet Waste	 	Waste Removal	 	30	 	Monthly
	Valet Waste	 	Waste Removal	 	60	 	Monthly
	Windstream	 	Telephone	 	30	 	 
	Zillow	 	Lead Tracking	 	M2M	 	 

 

     

     

    

 

SCHEDULE 2.2.5

 

METROWEST LICENSE
AGREEMENTS AND

METROWEST EQUIPMENT
LEASES

 

	MetroWest - Summary of License Agreements and Equipment Leases
	Vendor	 	Service	 	Cancel Notice	 	Cost Period
	Brighthouse Networks	 	Cable Television, Internet, Telephone	 	30 day notice starting 12/2019	 	 
	Canon Solutions America	 	Copier	 	60 Day Notice Starting 10/2020	 	Monthly

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]