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FOURTH AMENDMENT TO CREDIT AGREEMENT
This FOURTH AMENDMENT TO CREDIT AGREEMENT, dated as of November 24, 2021 (this “Amendment”), amends the Credit Agreement, dated as of December 12, 2016, as amended by the First Amendment to Credit Agreement, dated as of September 13, 2018, the Second Amendment to Credit Agreement dated as of May 7, 2020, and the Third Amendment to Credit Agreement dated as of December 4, 2020 (as further amended, restated, supplemented, waived or otherwise modified from time to time prior to the date hereof, the “Credit Agreement” and, as amended hereby, the “Amended Credit Agreement”; capitalized terms used herein without definition shall have the meanings assigned to such terms in the Amended Credit Agreement), among BLUE BIRD CORPORATION, a Delaware corporation (“Holdings”), BLUE BIRD BODY COMPANY, a Georgia corporation (the “Borrower”), SCHOOL BUS HOLDINGS INC., a Delaware corporation, PEACH COUNTY HOLDINGS, INC., a Delaware corporation, and BLUE BIRD GLOBAL CORPORATION, a Delaware corporation, each as Intermediate Parents, the several banks and other financial institutions from time to time party thereto (the “Lenders”), and BANK OF MONTREAL, as an Issuing Bank, the Swingline Lender and the Administrative Agent for the Lenders thereunder (in such capacities, respectively, the “Administrative Agent”), and Fifth Third Bank and Truist Bank, each as an Issuing Bank.
W I T N E S S E T H:
WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make, and have made, certain loans and other extensions of credit to the Borrower;

WHEREAS, the Borrower has requested certain amendments to the Credit Agreement, in each case subject to the terms and conditions set forth herein and in the Amended Credit Agreement; and

WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent are willing to agree to this Amendment on the terms set forth herein.

NOW THEREFORE, in consideration of the premises and mutual covenants hereinafter set forth, the parties hereto agree as follows:

Section 1.    Amendments to Credit Agreement.  Effective as of the Fourth Amendment Effective Date (as hereinafter defined), the parties hereby agree to amend the Credit Agreement as follows:
(a)Section 1.01 of the Credit Agreement is hereby amended by inserting the following definitions in proper alphabetical order: 
“Actual Booked Units” means, as of any date of determination, the cumulative number of Units booked by the Borrower or any Subsidiary Loan Party during the three-fiscal month period ending on the last day of the fiscal month immediately preceding such date.

“Approved Budget” means the budget delivered to the Administrative Agent on or before the Fourth Amendment Effective Date, which shall depict on a fiscal month basis the forecast number of Units booked by the Borrower or any Subsidiary Loan Party on a fiscal monthly basis.

“Availability Cap” means $110,000,000; provided that such amount shall be permanently reduced to $100,000,000 immediately following the initial issuance or incurrence of Junior Capital on or after the Fourth Amendment Effective Date.

“Available Tenor” means, as of any date of determination and with respect to the then‐current Benchmark, as applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then‐removed from the definition of “Interest Period” pursuant to clause (e) of Section 2.23.

“Benchmark” means, initially, the Eurodollar Rate; provided that if a Benchmark Transition Event, a Term SOFR Event or an Early Opt‐in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to the Eurodollar Rate or the then‐current 
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Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (a) or (b) of Section 2.23.

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

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

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

“Fourth Amendment” means the Fourth Amendment to Credit Agreement, dated as of the Fourth Amendment Effective Date, by and among the Borrower, the Guarantors party thereto, the Lenders party thereto, the Issuing Banks party thereto and the Administrative Agent.

“Fourth Amendment Effective Date” means November 24, 2021.

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

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

“Junior Capital” means, collectively, (a) any Qualified Equity Interests of Holdings issued on or after the Fourth Amendment Effective Date or (b) any Indebtedness of the Borrower that is issued or incurred pursuant to Section 6.01(a)(viii) on or after the Fourth Amendment Effective Date, in each case, solely for cash consideration.

“Material Intellectual Property” means any Intellectual Property, whether currently owned or licensed, or acquired, developed or otherwise licensed or obtained after the date hereof, of any Loan Party or any Restricted Subsidiary (i) that is necessary or material to the operation of the business of Holdings and its Restricted Subsidiaries, taken as a whole, as currently conducted or contemplated to be conducted or (ii) the loss of which would reasonably be expected to have a Material Adverse Effect.

“NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

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

“Rescindable Amount” has the meaning assigned to such term in Section 2.18(d).

“Rollover Units” means, as of the last day of any three-fiscal month period (such period, the “applicable testing period”), a number of Units equal to the excess (if any) of (a) the cumulative number of Units booked by the Borrower or any Subsidiary Loan Party during the period beginning on the later of (x) the first day of the twelve-fiscal month period ending on the last day of the applicable testing period and (y) the first day of the three-fiscal month period ending November 27, 2021, and, in each case, ending on the day immediately preceding the applicable testing period over (b) the cumulative aggregate amount of Units projected for such period in the Approved Budget.

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

“SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate).

“SOFR Administrator’s Website” means the NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

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

“Term SOFR Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.23 that is not Term SOFR.

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

“Unit” means each Type C school bus, Type D school bus or specialty bus manufactured by or on behalf of the Borrower or any Subsidiary Loan Party.

(b)The definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby amended by replacing the table in clause (ii) thereof with the following:
												
	Level	Total Net Leverage Ratio	ABR Loans	Eurodollar Loans
	I	Less than 2.00x	0.75%	1.75%
	II	Greater than or equal to 2.00x and less than 2.50x	1.00%	2.00%
	III	Greater than or equal to 2.50x and less than 3.00x	1.25%	2.25%
	IV	Greater than or equal to 3.00x and less than 3.25x	1.50%	2.50%
	V	Greater than or equal to 3.25x and less than 3.50x	1.75%	2.75%
	VI	Greater than or equal to 3.50x and less than 4.50x	2.00%	3.00%
	VII	Greater than or equal to 4.50x and less than 5.00x	3.25%	4.25%
	VIII	Greater than or equal to 5.00x	4.25%	5.25%

(c)The definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby further amended by amending and restating clause (iv) in its entirety as follows:
    (iv)    Notwithstanding the foregoing, at all times during the Limited Availability Period, the Applicable Rate shall be (a) solely to the extent that the aggregate Revolving Exposures exceeds $100,000,000, 5.75% for Eurodollar Loans or 4.75% for ABR Loans, as the case may be, with respect to such excess (which shall be applied on a ratable basis to all then outstanding Revolving Exposures regardless of the Borrowing of any Revolving Loan or the issuance of any Letter of Credit that results in such threshold being exceeded), and (b) with respect to all other Revolving Exposures, the sum of (x) the rate determined by the Administrative Agent in accordance with clauses (ii) and (iii) above, plus (y) 0.50%.
(d)The definition of “Benchmark Replacement” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

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

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

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

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

provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided further that, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject to the first proviso above).

If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

(e)The definition of “Benchmark Replacement Adjustment” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 

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

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

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

(2)    for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or 

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determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated syndicated credit facilities;

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

(f)The definition of “Benchmark Replacement Conforming Changes” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” the timing and frequency of determining rates and making payments of interest, the timing of borrowing requests or prepayment, conversion or continuation notices, the length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

(g)The definition of “Benchmark Replacement Date” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

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

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); 

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

(3) in the case of a Term SOFR Event, the date that is 30 days after the date a Term SOFR Notice is provided to the Lenders and the Borrower pursuant to Section 2.23(b); or

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

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time (Benchmark) in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time (Benchmark) for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then‐current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

(h)The definition of “Benchmark Transition Event” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

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

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

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

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

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

(i)The definition of “Benchmark Transition Start Date” in Section 1.01 of the Credit Agreement is hereby deleted in its entirety.
(j)The definition of “Benchmark Unavailability Period” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then‐current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.23 and (y) ending at the time that a Benchmark Replacement has replaced the then‐current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.23.

(k)The definition of “Consolidated EBITDA” in Section 1.01 of the Credit Agreement is hereby amended by deleting the words “or non-recurring” in clause (i)(E) thereof.
(l)The definition of “Cure Amount” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Cure Amount” means any EBITDA Cure Amount and any Liquidity Cure Amount; provided that for all purposes of this Agreement other than Section 7.02, unless the Required Lenders otherwise agree in writing, the term “Cure Amount” shall also be deemed to include a reference to the Net Proceeds of any issuance or incurrence of any Junior Capital on or after the Fourth Amendment Effective Date, whether or not all or any portion thereof is required to be applied to prepay outstanding Revolving Loans pursuant to Section 2.11 or to exercise a Cure Right pursuant to Section 7.02.
(m)The definition of “Early Opt-in Election” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

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

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

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

(n)The definition of “Financial Performance Covenant” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Financial Performance Covenant” means, collectively, the covenants set forth in Section 6.10(a) and, at all times during the Limited Availability Period, Sections 6.10(b), (c) and (d).

(o)The definition of “Limited Availability Period” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Limited Availability Period” means the period beginning on the Third Amendment Effective Date and continuing through and including the earlier of (i) April 1, 2023, and (ii) the first date on which the Borrower makes a Trigger Election; provided that in the case of this clause (ii), (x) no Default or Event of Default then exists or would exist after giving pro forma effect thereto and (y) the Borrower shall be in pro forma compliance with the Financial Performance Covenant (calculated as if the Trigger Election had already occurred).

(p)The definition of “Projections” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Projections” means (a) the financial projections of Holdings with respect to Holdings and its Restricted Subsidiaries dated as of November 11, 2016, and covering fiscal years 2017 through 2021 and delivered to the Joint Lead Arrangers prior to the Closing Date and (b) the Approved Budget.

(q)The definition of “Relevant Governmental Body” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Relevant Governmental Body” means the FRB and/or the NYFRB, or a committee officially endorsed or convened by the FRB and/or the NYFRB, or any successor thereto.

(r)The definition of “Trigger Election” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Trigger Election” means the election by the Borrower, which election shall only be permitted to be made concurrently with the delivery of financial statements pursuant to Section 5.01(a) or (b) for the immediately preceding fiscal period, to terminate the Limited Availability Period by written notice to the Administrative Agent, provided that no such Trigger Election shall occur or be deemed to be effective unless (a) no Default or Event of Default then exists or would result therefrom and (b) the Borrower is in compliance on a pro forma basis with the Financial Performance Covenant (as in effect immediately prior to the effectiveness of the Third Amendment) for the most recently ended Test Period.

(s)The definition of “Unadjusted Benchmark Replacement” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

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(t)The definition of “Unrestricted Subsidiary” in Section 1.01 of the Credit Agreement is hereby amended by inserting the following language at the end thereof:
Notwithstanding the foregoing, (x) no Subsidiary may be designated as an Unrestricted Subsidiary if, at the time of designation, it directly or indirectly owns or has the exclusive license to use any Material Intellectual Property and (y) if any Unrestricted Subsidiary shall own or shall have the exclusive license to use, whether directly or indirectly, any Material Intellectual Property such Subsidiary shall cease to be an Unrestricted Subsidiary and shall automatically become a Restricted Subsidiary.

(u)Section 1.03 of the Credit Agreement is hereby amended by inserting the following sentence at the end thereof:
“For the avoidance of doubt, any basket, financial covenant, pricing grid or other test or metric in any Loan Document that is determined by reference to a leverage ratio will be deemed to be at the highest level or exceeded, as the case may be, if the applicable leverage ratio is negative.”

(v)Section 1.09 of the Credit Agreement is hereby amended and restated in its entirety as follows:
SECTION 1.09  Rates.  The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (A) the continuation of, administration of, submission of, calculation of or any other matter related to any Benchmark, any component definition thereof or rates referenced in the definition thereof or any alternative, successor or replacement rate thereto (including any Benchmark Replacement or other benchmark replacement or adjustment thereto), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement or other benchmark replacement or adjustment thereto) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, such Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (B) the effect, implementation or composition of any Benchmark Replacement Conforming Changes or other conforming changes in connection therewith. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of any Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement or other benchmark replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any Benchmark, any component definition thereof or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

(w)Section 2.11(d) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(d)    On each occasion that any Net Proceeds are received by or on behalf of Holdings or any of its Subsidiaries in respect of the issuance or incurrence of any Junior Capital on or after the Fourth Amendment Effective Date, the Borrower shall immediately prepay the outstanding Revolving Loans (with no permanent reduction in the Revolving Commitments) in an amount equal to the lesser of (x) 100% of such Net Proceeds and (y) the aggregate of Revolving Exposures then outstanding.

(x)Section 2.18(d) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(d)    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 Banks hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption and in its sole discretion, distribute to the Lenders or Issuing Banks, as the case may be, the amount due.  With respect to any payment that the Administrative Agent makes to any Lender, Issuing Bank or other Secured Party as to which the Administrative Agent determines (in its sole and absolute discretion) that any of the following applies (such payment referred to as the “Rescindable Amount”): (1) Borrower has not in fact made the corresponding payment to the Administrative Agent; (2) the Administrative Agent has made a payment in excess of the amount(s) received by it from Borrower either individually or in the aggregate (whether or not then owed); or (3) the Administrative Agent has for 

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any reason otherwise erroneously made such payment; then each of the Secured Parties severally agrees to repay to the Administrative Agent within two Business Days of demand the Rescindable Amount so distributed to such Secured Party, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the 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.

(y)Section 2.23 of the Credit Agreement is hereby amended and restated in its entirety as follows:
SECTION 2.23  Effect of Benchmark Transition Event.
(a) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document (and, for the avoidance of doubt, any Swap Agreement shall be deemed not to be a “Loan Document” for purposes of this Section 2.23), if a Benchmark Transition Event or an Early Opt‐in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then‐current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the 5th Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. 
(b) Term SOFR Event. Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, if a Term SOFR Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then‐current Benchmark, then the applicable Benchmark Replacement will replace the then‐current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; provided that, this clause (b) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice.

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

(d) Notices; Standards for Decisions and Determinations.  The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, Term SOFR Event or Early Opt‐in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.23, including any determination with respect to a tenor, rate or adjustment or of the occurrence or nonoccurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.23.

(e) Removal of Tenor. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark 

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

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

(z)Section 4.02(c) of the Credit Agreement is hereby amended and restated in its entirety as follows:
    (c)    In the case of any Borrowing of Revolving Loans or the issuance, amendment or extension of any Letter of Credit, after giving effect to the incurrence of such Revolving Loans or issuance, amendment or extension of such Letter of Credit, as applicable, the aggregate outstanding Revolving Exposures would not exceed (i) during the Limited Availability Period, the lesser of (x) the Availability Cap and (y) the aggregate Revolving Commitments then in effect, and (ii) at any other time, the aggregate Revolving Commitments then in effect.
       (aa)Section 5.01(c) of the Credit Agreement is hereby amended and restated in its entirety as follows:
    (c)    solely during the Limited Availability Period, (i) with respect to each fiscal month ending after the Third Amendment Effective Date, as soon as available, but in any event no later than the date that is 25 days after the end of each such fiscal month, an unaudited consolidated and consolidating balance sheet and unaudited consolidated statement of operations of Holdings and its Restricted Subsidiaries as of the end of and for such fiscal month and the then elapsed portion of the fiscal year, setting forth in each case in comparative form (x) 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 and (y) the figures for the corresponding period or periods contained in the most recently delivered annual budget, all certified by a Financial Officer as presenting fairly in all material respects, as applicable, the financial condition as of the end of and for such fiscal month and such portion of the fiscal year and results of operations of Holdings and its Restricted Subsidiaries on a consolidated basis, subject to normal quarter-end adjustments, year-end audit adjustments and the absence of footnotes and (ii) with respect to each fiscal month ending after the Fourth Amendment Effective Date, as soon as available, but in any event no later than the date that is 25 days after the end of each such fiscal month, a monthly report provided by the Borrower to the Administrative Agent and (x) showing the Actual Booked Units as of the last day of the immediately preceding three-fiscal month period (broken down on a monthly basis), noting therein all variances, on a monthly and a cumulative basis, from the Approved Budget and the minimum booked Units required for such period set forth in Section 6.10(d), and (y) shall include explanations for all material variances, which report shall be certified by a Responsible Officer of the Borrower and shall be in a form, and shall contain supporting information, satisfactory to the Administrative Agent in its sole discretion;

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(bb)          Section 5.01(d) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(d)    concurrently with the delivery of financial statements under paragraph (a), (b) and (c) above, a certificate executed by a Financial Officer (a “Compliance Certificate”) (i) certifying as to whether a Default has occurred and is continuing and specifying the details thereof and any action taken or proposed to be taken with respect thereto and (ii) setting forth reasonably detailed calculations (1) in the case of financial statements delivered under paragraph (a) or (b) above, demonstrating compliance with the applicable Financial Performance Covenants contained in Section 6.10(a) and (b), (2) in the case of financial statements delivered under paragraph (a) above, beginning with the financial statements for the fiscal year of Holdings ending September 30, 2017, of Excess Cash Flow for such fiscal year, (3) in the case of financial statements delivered under paragraph (a) or (b) above, updating schedules required to be updated pursuant to Section 5.03(b) below and (4) in the case of financial statements delivered under paragraph (c) above, of the Liquidity and the Cash Balance itemized for each day during such month, and the Actual Booked Units for the applicable three-month period (and any Rollover Units that were applied to such three-month period pursuant to the last paragraph of Section 6.10(d)), and confirming whether Holdings has been in compliance with Sections 2.11(d), 6.10(c) and 6.10(d) for such month or, if not, describing any non-compliance and the steps, if any, being taken to cure it; 
(cc)Section 6.01(a)(viii) of the Credit Agreement is hereby amended and restated in its entirety as follows:
“(viii)    unsecured subordinated Indebtedness and/or unsecured convertible Indebtedness of the Borrower in an aggregate outstanding principal amount for all such Indebtedness not exceeding $100,000,000 at any time, consisting of notes or loans under credit agreements, indentures or other similar instruments or agreements and any Permitted Refinancing thereof; provided that (A) such Indebtedness does not mature prior to the date that is 91 days after the Latest Maturity Date in effect at the time of incurrence thereof (other than through the cashless conversion or exchange of any such Indebtedness for Qualified Equity Interests or other Junior Capital), (B) such Indebtedness has no mandatory (other than customary provisions relating to asset sales or a change of control, so long as the rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior payment in full in cash of the Loan Document Obligations and the termination of the Commitments) or scheduled amortization or payments, repurchases or redemptions of principal prior to the date that is 91 days after the Latest Maturity Date in effect at the time of incurrence thereof (in each case, other than through the cashless conversion or exchange of any such Indebtedness for Qualified Equity Interests or other Junior Capital), (C) immediately after giving effect thereto and the use of the proceeds thereof, no Event of Default shall exist or result therefrom, (D) no Person shall guarantee or otherwise provide credit support for any such Indebtedness other than another Loan Party, (E) such Indebtedness shall have customary terms for transactions of that type as determined by the Administrative Agent in its sole discretion, and shall otherwise contain other terms and conditions (including economic terms) that are satisfactory to the Administrative Agent in its sole discretion and (F) in the case of unsecured subordinated Indebtedness only, (1) the Loan Document Obligations shall have been, and while the Loan Document Obligations remain outstanding, no other Indebtedness is or is permitted to be, designated as “Senior Indebtedness” or its equivalent under any indenture or document governing any such applicable Indebtedness and (2) such Indebtedness and any guarantee or other credit support therefor shall have payment subordination terms and shall be subject to a subordination agreement in form and substance satisfactory to the Administrative Agent in its sole discretion;”

(dd)        Section 6.10 of the Credit Agreement is hereby amended and restated in its entirety as follows:
    SECTION 6.10    Financial Performance Covenant.

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(a)    Total Net Leverage Ratio. Holdings will not permit the Total Net Leverage Ratio as of the last day of any Test Period ending during any period set forth below to be greater than the ratio set forth opposite such period:
						
	Period	Maximum Total Net
Leverage Ratio

	First Amendment Effective Date through the fiscal quarter ending June 29, 2019	4.00:1.00
	Fiscal quarter ending September 28, 2019  through the fiscal quarter ending October 3, 2020	3.75:1.00
	Fiscal quarter ending January 2, 2021 through the fiscal quarter ending October 2, 2021	Not applicable during the Limited Availability Period (or, if the Borrower has made a Trigger Election, 3.75:1.00)
	Fiscal quarter ending January 1, 2022 through the fiscal quarter ending October 1, 2022	Not applicable during the Limited Availability Period (or, if the Borrower has made a Trigger Election, 3.50:1.00)
	Fiscal quarter ending December 31, 2022 through the fiscal quarter ending April 1, 2023	4.00:1.00 (or, if the Borrower has made a Trigger Election on or before October 1, 2022, 3.50:1.00)
	Fiscal quarter ending July 1, 2023 and thereafter	3.50:1.00

    Notwithstanding the foregoing, with respect to any reference in this Agreement (other than in this Section 6.10, Section 5.01(a) or (c), Section 7.01(d) (solely with respect to Section 6.10), Section 7.02 and Section 8.06) to compliance (on a pro forma basis or otherwise) with this Section 6.10, the Financial Performance Covenant or Total Net Leverage Ratio requirement contained in this Section 6.10 (including, for the avoidance of doubt, any determination of compliance therewith), the Total Net Leverage Ratio required by this Section 6.10 for (x) the fiscal periods ending January 2, 2021, April 3, 2021, July 3, 2021 and October 2, 2021 shall be deemed to be 3.75:1.00 and (y) any fiscal quarter ending on or after January 1, 2022 shall be deemed to be 3.50:1.00, in each case, whether or not the Borrower has made a Trigger Election or the Limited Availability Period has otherwise ended.
(b)    Minimum Consolidated EBITDA.  During the Limited Availability Period, Holdings will not permit the Consolidated EBITDA as of the last day of any Test Period ending during any period set forth below to be less than the amount set forth opposite such period (with numbers in parentheses denoting negative amounts):
						
	Period	Minimum Consolidated EBITDA
	Fiscal quarter ending January 2, 2021	$24,500,000
	Fiscal quarter ending April 3, 2021	$19,300,000
	Fiscal quarter ending July 3, 2021	$24,700,000
	Fiscal quarter ending October 2, 2021	$27,500,000
	Fiscal quarter ending January 1, 2022	$14,500,000
	Fiscal quarter ending April 2, 2022	($4,500,000)
	Fiscal quarter ending July 2, 2022	($6,800,000)
	Fiscal quarter ending October 1, 2022	$20,000,000

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(c)    Minimum Liquidity. During the Limited Availability Period, Holdings will not permit Liquidity as of the last Friday of any fiscal month ending during a period set forth below (or, if such day is not a Business Day, the immediately preceding Business Day) to be less than the amount set forth opposite such period: 
						
	Period	Minimum Liquidity
	Fourth Amendment Effective Date through January 1, 2022	$10,000,000
	January 2, 2022, through April 2, 2022	$5,000,000
	April 3, 2022, through July 2, 2022	$15,000,000
	Thereafter	$20,000,000

Notwithstanding anything to the contrary in Section 5.01(d) hereof, any reasonably detailed calculations of such Liquidity shall not be required to be furnished any sooner than the 25th day of the immediately succeeding fiscal month (or, if such day is not a Business Day, the immediately preceding Business Day).
(d)    Minimum Units Booked.  During the Limited Availability Period, but only if the Liquidity calculated pursuant to Section 6.10(c) for the most-recently ended fiscal month is less than $50,000,000, Holdings will not permit the Actual Booked Units during any three-fiscal month period set forth below to be less than the number of Units set forth opposite such period. Notwithstanding anything to the contrary in Section 5.01(d) hereof, any reasonably detailed calculations of such Actual Booked Units shall not be required to be furnished any sooner than the 25th day of the immediately succeeding fiscal month (or, if such day is not a Business Day, the immediately preceding Business Day).

						
	Period	Minimum Units Booked
	Three month period ending November 27, 2021	1,128
	Three month period ending January 1, 2022	776
	Three month period ending January 29, 2022	748
	Three month period ending February 26, 2022	727
	Three month period ending April 2, 2022	763
	Three month period ending April 30, 2022	1,111
	Three month period ending May 28, 2022	1,525
	Three month period ending July 2, 2022	2,053
	Three month period ending July 30, 2022	2,072
	Three month period ending August 27,2022	2,199
	Three month period ending October 1, 2022	2,306

Notwithstanding the foregoing, if the Actual Booked Units during any three-fiscal month period set forth above is less than the minimum number of Units set forth opposite such period, then the Borrower may elect (on no more than two occasions during any twelve-month period) by written notice to the Administrative Agent to carry forward up to 50% of available Rollover Units to such three-fiscal month period, which Rollover Units will deemed to be Actual Booked Units for such three-fiscal month period; provided, however, that the Borrower may not elect to carry forward Rollover Units in two consecutive three-fiscal month periods.

(ee)    A new Section 6.14 of the Credit Agreement is hereby inserted as follows:

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SECTION 6.14  Material Intellectual Property.  Notwithstanding any other provision of this Agreement, neither Holdings nor any of its Restricted Subsidiaries shall be permitted, whether directly or indirectly, to dispose of, make an investment, dividend or distribution of, or otherwise contribute, transfer, sell, lease or license any Material Intellectual Property, in each case, other than (x) transfers of Material Intellectual Property to a Loan Party, (y) transfers of Material Intellectual Property from a non-Guarantor Restricted Subsidiary to another non-Guarantor Restricted Subsidiary or (z) non-exclusive licenses in the ordinary course of business of any such Material Intellectual Property.  For purposes of this Section 6.14, a transfer of Material Intellectual Property shall include (x) any disposition of Equity Interests of a Subsidiary that directly or indirectly owns or has the exclusive license to use any such Material Intellectual Property or the taking of any action (including any designation) that results in a Loan Party that directly or indirectly owns or has the exclusive license to use any such Material Intellectual Property becoming an Excluded Subsidiary and (y) the entering into or optional renewal of an exclusive license of any such Material Intellectual Property.

(ff) Section 7.01 of the Credit Agreement is hereby amended by amending and restating clause (d)(ii) in its entirety as follows:
(ii) Section 5.01 or 5.02(a) and, in each case, such failure shall continue unremedied for a period of ten (10) days;

(gg)           Section 7.02(c) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(c)    Notwithstanding anything to the contrary contained in Section 7.01, in the event that Holdings and the Restricted Subsidiaries fail to comply with the requirements of Section 6.10(c), as of the last Friday of any fiscal month (or, if such day is not a Business Day, the immediately preceding Business Day) (the “Liquidity Date”), at any time prior to the expiration of the third (3rd) Business Day subsequent to the date on which a Compliance Certificate with respect to such fiscal month is required to be delivered in accordance with Section 5.01(d), Holdings shall have the right to issue Qualified Equity Interests (that do not constitute any portion of the EBITDA Cure Amount) for cash or otherwise receive cash contributions to the capital of Holdings as cash common equity or other Qualified Equity Interests (which Holdings shall contribute through its Restricted Subsidiaries to the Borrower as cash common equity) (collectively, the “Liquidity Cure Right”), and upon the receipt by the Borrower of the Net Proceeds of such issuance (the “Liquidity Cure Amount”) pursuant to the exercise by Holdings of such Liquidity Cure Right, the Liquidity shall be recalculated to include such Net Proceeds solely for the purposes of determining compliance with Section 6.10(c) as of the applicable Liquidity Date for such prior fiscal month. If, after giving effect to the foregoing recalculation Holdings and its Restricted Subsidiaries shall then be in compliance with the requirements of Section 6.10(c), then Holdings and its Restricted Subsidiaries shall be deemed to have satisfied the requirements of such Section 6.10(c) as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of such Section 6.10(c) that had occurred shall be deemed cured for the purposes of this Agreement.

(hh)    A new Section 8.11 of the Credit Agreement is hereby inserted as follows:
SECTION 8.11  Swap Obligation and Cash Management Obligation Arrangements.   By virtue of a Lender’s execution of this Agreement or an Assignment and Assumption or an agreement to provide a new Commitment pursuant to Section 2.20, as the case may be, any Affiliate of such Lender with whom Borrower or any Loan Party has entered into an agreement creating Swap Obligations or Cash Management Obligations shall be deemed a Lender party hereto for purposes of any reference in a Loan Document to the parties for whom the Administrative Agent is acting, it being understood and agreed that the rights and benefits of such Affiliate under the Loan Documents consist exclusively of such Affiliate’s right to share in payments and collections out of the Collateral and the Guarantees as more fully set forth herein.  Without limiting the generality of the foregoing, (i) each such Affiliate shall, for the avoidance of doubt, be deemed to have agreed to the provisions of Section 8.12 and (ii) no such Affiliate shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any 

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Collateral).  Notwithstanding any other provision of this Article VIII  to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to Swap Obligations or Cash Management Obligations unless the Administrative Agent has received written notice of such Swap Obligations or Cash Management Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Lender or such Affiliate.

(ii) A new Section 8.12 of the Credit Agreement is hereby inserted as follows:
SECTION 8.12  Recovery of Erroneous Payments.  Notwithstanding anything to the contrary in this Agreement, if at any time the Administrative Agent determines (in its sole and absolute discretion) that it has made a payment hereunder in error to any Lender, Issuing Bank or other Secured Party, whether or not in respect of an Obligation due and owing by Borrower at such time, where such payment is a Rescindable Amount, then in any such event, each such Person receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount received by such Person in immediately available funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by 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.  Each Lender, each Issuing Bank and each other Secured Party irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another), “good consideration”, “change of position” or similar defenses (whether at law or in equity) to its obligation to return any Rescindable Amount.  The Administrative Agent shall inform each Lender, Issuing Bank or other Secured Party that received a Rescindable Amount promptly upon determining that any payment made to such Person comprised, in whole or in part, a Rescindable Amount.  Each Person’s obligations, agreements and waivers under this Section 8.12 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Issuing Bank, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Loan Document Obligations (or any portion thereof) under any Loan Document.

(jj) Section 9.15 of the Credit Agreement is hereby amended by inserting the following language at the end of clause (a) thereof:
Notwithstanding anything set forth above, the release of a Subsidiary Loan Party that becomes a non-Wholly Owned Subsidiary shall only be permitted if (i) at the time such Subsidiary Loan Party becomes an Excluded Subsidiary of such type, no Default or Event of Default has occurred and is continuing or would result therefrom, (ii) the Disposition or other transaction pursuant to which such Subsidiary Loan Party ceased to be a Wholly-Owned Subsidiary of the Borrower (z) was entered into for a bona fide business purpose and was not undertaken for the purpose of causing such Subsidiary Loan Party to cease to be a Subsidiary Loan Party and (y) was not for less than fair market value as reasonably determined by the Borrower (unless pursuant to a bona fide joint venture with a Person that is not an Affiliate), (iii) after giving pro forma effect to such Disposition or other transaction, less than 50% of the Equity Interests in such Subsidiary Loan Party are directly or indirectly owned by the Borrower and its Affiliates, (iv) after giving pro forma effect to such release and such Disposition or other transaction, the Borrower is deemed to have made a new Investment in such Person for purposes of Section 6.04 (as if such Person were then newly acquired), in an amount equal to the portion of fair market value of the net assets of such Person attributable to the Borrower’s direct or indirect equity interest therein and such Investment is permitted pursuant to Section 6.04 at such time and (v) the Borrower certifies to the Administrative Agent in writing compliance with preceding clauses (i) through (iv).

(kk)           A new Section 9.20 of the Credit Agreement is hereby inserted as follows:
SECTION 9.20  Certain Amendments.  In addition to any requirements set forth in Section 9.02(b), without the consent of each Lender adversely affected thereby, no Loan Document nor any provision hereof or thereof may be waived, amended or modified if such waiver, amendment or modification shall directly or indirectly (w) waive, amend or otherwise modify this Section 9.20, (x) alter the manner in which payments or prepayments of principal, interest or other amounts shall be applied as among the Lenders and their Affiliates (including the waterfall provisions), (y) release all or substantially 

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all of the Collateral from the Liens of the Security Documents or subordinate the Liens on the Collateral granted pursuant to the Loan Documents to secure the Secured Obligations to any other Lien or (z) subordinate the Secured Obligations owed to any Lender or any of its Affiliates to any other indebtedness, except, in the cases of the preceding clauses (y) and (z), to any indebtedness that is expressly permitted by Section 9.15(b) as in effect on the Fourth Amendment Effective Date to rank senior in right of payment or be secured by Liens that are senior in priority to the Liens securing the Secured Obligations.

(ll) Exhibit I-2 to the Credit Agreement is hereby amended and restated in its entirety as set forth on Annex II attached hereto.
(mm)        Exhibit K to the Credit Agreement is hereby amended and restated in its entirety as set forth on Annex III attached hereto.
Section 2.    Conditions to Effectiveness of Amendment.  Section 1 of this Amendment shall become effective as of the date (the “Fourth Amendment Effective Date”) on which the following conditions have been satisfied or waived:
(a)    The Administrative Agent (or its counsel) shall have received (i) a duly executed and completed counterpart hereof that bears the signature of the Borrower and each other Loan Party, (ii) a duly executed and completed counterpart hereof that bears the signature of the Administrative Agent and (iii) a duly executed and completed counterpart hereof that bears the signature of each of the Lenders party hereto (comprising the Required Lenders);
(b)    The Administrative Agent shall have received an Acknowledgment and Confirmation in the form of Annex I hereto from an authorized officer of each Loan Party;
(c)    The Administrative Agent shall have received (i) reimbursement of reasonable and documented out of pocket expenses (to the extent invoiced no later than three Business Days prior to the Fourth Amendment Effective Date) in connection with this Amendment and the other transactions contemplated hereby in accordance with Section 9.03 of the Credit Agreement and (ii) on behalf of itself, its Affiliates and each Lender consenting to this Amendment, all fees owed to it, its Affiliates and/or such Lender on or prior to the date hereof;
(d)    The Administrative Agent shall have received at least two (2) Business Days prior to the Fourth Amendment Effective Date all documentation and other information about the Loan Parties as shall have been reasonably requested in writing at least five (5) Business Days prior to the Fourth Amendment Effective Date by the Administrative Agent required by regulatory authorities under applicable Anti-Money Laundering Laws, including the USA PATRIOT Act and other “know your customer” rules and regulations; and
(e)    The Administrative Agent shall have received the Approved Budget in form and substance satisfactory to the Administrative Agent and the Required Lenders.
Section 3.    Representations and Warranties.  Each Loan Party party hereto represents and warrants to each of the Lenders and the Administrative Agent that as of the Fourth Amendment Effective Date:
(a)    Such Loan Party is duly organized, validly existing and in good standing (to the extent such concept exists in the relevant jurisdictions) under the laws of the jurisdiction of its organization, has all corporate or other organizational power and authority to carry on its business and to execute, deliver and perform its obligations under this Amendment and, except where the failure to do so, individually or in the aggregate, would 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.
(b)    This Amendment has been duly authorized by all necessary corporate or other organizational action and, if required, action by the holders of such Loan Party’s Equity Interests.  This Amendment has been duly executed and delivered by each such Loan Party and constitutes, and the Amended Credit Agreement constitutes, a legal, valid and binding obligation of such Loan Party, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, 

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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, and implied covenants of good faith and fair dealing.
(c)    The execution, delivery and performance of this Amendment by such Loan Party, the Loans provided for hereunder and the use of the proceeds thereof (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other Person, except (x) such as have been obtained or made and are in full force and effect except filings necessary to perfect Liens created under the Loan Documents or (y) for consents, approvals, registrations, filings or other actions the failure to make or obtain would not reasonably be expected to be adverse in any material respect to the rights of the Administrative Agent or the lenders, (b) will not violate (i) the Organizational Documents of, or (ii) any Requirements of Law applicable to, Holdings, any Intermediate Parent, the Borrower or any Restricted Subsidiary, (c) will not violate or result in a default under any indenture or other material agreement or instrument binding upon Holdings, the Borrower or any Restricted Subsidiary or their respective assets, or give rise to a right thereunder to require any payment, repurchase or redemption to be made by Holdings, the Borrower or any Restricted Subsidiary, or give rise to a right of, or result in, termination, cancellation or acceleration of any obligation thereunder except (in the case of each of clauses (b)(ii) and (c) to the extent that such violation, individually or in the aggregate, would not  as would not reasonably be expected to have a Material Adverse Effect and (d) will not result in the creation or imposition of any Lien on any asset of Holdings, the Borrower or any Restricted Subsidiary, except Liens created under the Loan Documents or constituting Permitted Encumbrances.
(d)    The representations and warranties of each Loan Party set forth in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the date hereof; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided, further, that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language are true and correct in all respects on and as of the date hereof or on such earlier date, as the case may be.
(e)    As of the date hereof, both immediately before and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.
Section 4.    Effect of Amendment.
(a)    Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders and the Administrative Agent under the Credit Agreement or the other Loan Documents, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or the other Loan Documents or any other provision of the Credit Agreement or of any other Loan Document, all of which are hereby ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Amended Credit Agreement or any other Loan Document in similar or different circumstances.
(b)    On and after the Fourth Amendment Effective Date, each reference in the Amended Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import, and each reference to the Credit Agreement in any other Loan Document shall be deemed a reference to the Amended Credit Agreement. 
(c)    This Amendment and the Acknowledgment and Confirmation shall constitute a “Loan Document” for all purposes of the Amended Credit Agreement and the other Loan Documents.
Section 5.    General.

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(a)    GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
(b)    Incorporation by Reference.  The parties hereto acknowledge and agree that Sections 9.03, 9.05, 9.09, 9.10, 9.12 and 9.18 of the Credit Agreement are incorporated herein by reference mutatis mutandis.
(c)     Counterparts.  This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Amendment by email or facsimile transmission (or other electronic transmission) shall be effective as delivery of a manually executed counterpart hereof.
(d)    Entire Agreement. This Amendment, the Amended Credit Agreement and the other Loan Documents embody the entire agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof.
(e)    Severability.  Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  
(f)    Waiver of Claims.  The Loan Parties hereby acknowledge and agree that, through the date hereof, each of the Administrative Agent, the Issuing Banks and the Lenders has acted in good faith and has conducted itself in a commercially reasonable manner in its relationships with the Loan Parties in connection with the Obligations, the Credit Agreement, the other Loan Documents and the other transactions contemplated hereby, and the Loan Parties hereby waive and release any claims to the contrary with respect to the period through the Fourth Amendment Effective Date.  To the maximum extent permitted by law, the Loan Parties hereby release, acquit and forever discharge the Administrative Agent, each Issuing Bank and each of the Lenders, their respective Affiliates, and their respective officers, directors, employees, agents, attorneys, advisors, successors and assigns, both present and former, from any and all claims and defenses, known or unknown as of the date hereof, with respect to the Obligations, the Credit Agreement, the other Loan Documents and the transactions contemplated hereby and thereby.
(g)    Headings.  The headings of this Amendment are used for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.
[remainder of page intentionally left blank]

NAI-1522289547v19                    

    

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective duly authorized officers as of the day and year first above written. 
															
	BORROWER:	BLUE BIRD BODY COMPANY
		By:	/s/ Razvan Radulescu
			Name:	Razvan Radulescu
			Title:	Chief Financial Officer
					
	HOLDINGS:	BLUE BIRD CORPORATION
		By:	/s/ Razvan Radulescu
			Name:	Razvan Radulescu
			Title:	Chief Financial Officer
					
	GUARANTORS:	BLUE BIRD GLOBAL CORPORATION
		By:	/s/ Razvan Radulescu
			Name:	Razvan Radulescu
			Title:	Chief Financial Officer
					
		PEACH COUNTY HOLDINGS, INC.
		By:	/s/ Razvan Radulescu
			Name:	Razvan Radulescu
			Title:	Chief Financial Officer
					
		SCHOOL BUS HOLDINGS INC.
		By:	/s/ Razvan Radulescu
			Name:	Razvan Radulescu
			Title:	Chief Financial Officer
					

 
[Signature Page to Fourth Amendment]
NAI-1522289547v19 

												
		BANK OF MONTREAL,
as Administrative Agent, Swingline Lender, Issuing Bank and a Lender
		By:	/s/ Charlie Fox
			Name:  Charlie Fox	
			Title:    Director	

[Signature Page to Fourth Amendment]
NAI-1522289547v19 

												
		REGIONS BANK,
as a Lender
		

		By:	/s/ J. Richard Baker
			Name:	J. Richard Baker
			Title:	Senior Vice President

[Signature Page to Fourth Amendment]
NAI-1522289547v19 

												
		FIFTH THIRD BANK, NATIONAL ASSOCIATION
as an Issuing Bank and as a Lender
		

		By:	/s/ Cynthia Clark
			Name:	Cynthia Clark
			Title:	Vice President

[Signature Page to Fourth Amendment]
NAI-1522289547v19 

												
		JPMORGAN CHASE BANK, N.A.,
as a Lender
		

		By:	/s/ Laura Woodward
			Name:	Laura Woodward
			Title:	Vice President

[Signature Page to Fourth Amendment]
NAI-1522289547v19 

												
		BANK OF AMERICA, N.A.,
as a Lender
		

		By:	/s/ Miles Nerren
			Name:	Miles Nerren
			Title:	Senior Vice President

[Signature Page to Fourth Amendment]
NAI-1522289547v19 

												
		SANTANDER BANK, N.A.,
as a Lender
		

		By:	/s/ Irv Roa
			Name:	Irv Roa
			Title:	Managing Director

[Signature Page to Fourth Amendment]
NAI-1522289547v19 

												
		TRUIST BANK,
as an Issuing Bank and as a Lender
		

		By:	/s/ Jason Hembree
			Name:	Jason Hembree
			Title:	Vice President

[Signature Page to Fourth Amendment]
NAI-1522289547v19 

												
		CAPITAL ONE, NATIONAL ASSOCIATION,
as a Lender
		

		By:	/s/ Robert P Harvey
			Name:	Robert P Harvey
			Title:	Senior Director

[Signature Page to Fourth Amendment]
NAI-1522289547v19 

												
		SYNOVUS BANK,
as a Lender
		

		By:	/s/ Chandra Cockrell
			Name:	Chandra Cockrell
			Title:	Corporate Banker

[Signature Page to Fourth Amendment]
NAI-1522289547v19 

												
		CIBC BANK USA,
as a Lender
		

		By:	/s/ Timothy P Roberts
			Name:	Timothy P Roberts
			Title:	Managing Director

[Signature Page to Fourth Amendment]

												
		RENASANT BANK,
as a Lender
		

		By:	/s/ Alex Falgiano
			Name:	Alex Falgiano
			Title:	Managing Director, Corporate Banking

[Signature Page to Fourth Amendment]

Annex I
ACKNOWLEDGMENT AND CONFIRMATION
Reference is made to (i) the Fourth Amendment to Credit Agreement, dated as of the date hereof (the “Amendment”), which amends the Credit Agreement, dated as of December 12, 2016, as amended by the First Amendment to Credit Agreement, dated as of September 13, 2018, as further amended by the Second Amendment to Credit Agreement, dated as of May 7, 2020, and the Third Amendment to Credit Agreement dated as of December 4, 2020 (as further amended, supplemented, waived or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), among BLUE BIRD CORPORATION, a Delaware corporation (“Holdings”), BLUE BIRD BODY COMPANY, a Georgia corporation (the “Borrower”), SCHOOL BUS HOLDINGS INC., a Delaware corporation, PEACH COUNTY HOLDINGS, INC., a Delaware corporation, BLUE BIRD GLOBAL CORPORATION,  Delaware corporation, as Intermediate Parents, the several banks and other financial institutions from time to time party thereunder (the “Lenders”), BANK OF MONTREAL, as an Issuing Bank, the Swingline Lender and the Administrative Agent for the Lenders thereunder (in such capacities, the “Administrative Agent”), and Fifth Third Bank and Truist Bank, each as an Issuing Bank, and (ii) the Collateral Agreement, dated as of December 12, 2016 (as amended, supplemented, waived or otherwise modified from time to time prior to the date hereof, the “Collateral Agreement”), among Holdings, the Borrower and the other Grantors (as defined therein) from time to time party thereto, in favor of the Administrative Agent, for the benefit of the Secured Parties.  Capitalized terms used herein but not defined have the meanings assigned to such terms in the below-defined Amended Credit Agreement.
(a)    The Credit Agreement is being amended as set forth in the Amendment (the Credit Agreement, as amended by the Amendment, the “Amended Credit Agreement”).
(b)    Each of the undersigned parties hereby assigns, pledges and grants to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, a continuing security interest in all of its right, title and interest in and/or to the Collateral of such party to secure the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Secured Obligations of such party.  Such security interest shall be governed in all respects by all of the terms contained in the Collateral Agreement.
(c)Each of the undersigned hereby agrees, with respect to each Loan Document to which it is a party: 
(i)all of its obligations, liabilities and indebtedness under such Loan Document shall remain in full force and effect on a continuous basis regardless of the effectiveness of the Amendment; and 
(ii)all of the Liens and security interests in the Collateral created and arising under such Loan Document remain in full force and effect on a continuous basis, and the perfected status and priority of each such Lien and security interest continues in full force and effect on a continuous basis, unimpaired, uninterrupted and undischarged, as collateral security for its obligations, liabilities and indebtedness under the Amended Credit Agreement and the Collateral Agreement.
(d)This Acknowledgment and Confirmation shall constitute a “Loan Document” for all purposes of the Amended Credit Agreement and the other Loan Documents.
(e)THIS ACKNOWLEDGMENT AND CONFIRMATION AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS ACKNOWLEDGMENT AND CONFIRMATION SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
(f)This Acknowledgment and Confirmation may be executed by one or more of the parties to this Acknowledgment and Confirmation on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Acknowledgment and Confirmation by email or facsimile transmission (or other electronic transmission) shall be effective as delivery of a manually executed counterpart hereof.
NAI-1522289547v19 

 [remainder of page intentionally left blank]
NAI-1522289547v19 

IN WITNESS WHEREOF, each of the undersigned has caused this Acknowledgment and Confirmation to be duly executed and delivered as of the date first written above.
						
	BLUE BIRD CORPORATION
	
	By:	/s/ Paul Yousif
	Name:   Paul Yousif
	 Title:    Senior Vice President, General Counsel & Corporate Treasurer
	
	BLUE BIRD BODY COMPANY
	
	By:	/s/ Paul Yousif
	Name:   Paul Yousif
	 Title:    Senior Vice President, General Counsel & Corporate Treasurer
	
	SCHOOL BUS HOLDINGS INC.
	
	By:	/s/ Paul Yousif
	Name:   Paul Yousif
	 Title:    Senior Vice President, General Counsel & Corporate Treasurer
	
	PEACH COUNTY HOLDINGS, INC.
	
	By:	/s/ Paul Yousif
	Name:   Paul Yousif
	 Title:    Senior Vice President, General Counsel & Corporate Treasurer
	
	BLUE BIRD GLOBAL CORPORATION
	
	By:	/s/ Paul Yousif
	Name:   Paul Yousif
	 Title:    Senior Vice President, General Counsel & Corporate Treasurer

NAI-1522289547v19 

Annex II
See attached.

NAI-1522289547v19 

AMENDED EXHIBIT I-2
Form of Issuance Notice1
Reference is made to that certain Credit Agreement, dated as of December 12, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Blue Bird Corporation (“Holdings”), School Bus Holdings Inc., Peach County Holdings, Inc. and Blue Bird Global Corporation (collectively, the “Intermediate Parents”), Blue Bird Body Company (the “Borrower”), the Lenders party thereto from time to time and Bank of Montreal, in its capacity as Administrative Agent.  Terms defined in the Credit Agreement are used herein with the same meanings.

Pursuant to Section 2.05(b) of the Credit Agreement, the undersigned Borrower desires [a Letter of Credit to be issued in accordance with the terms and conditions of the Credit Agreement on [mm/dd/yy] (the “Credit Date”)2 in an aggregate face amount of $______________]] [Letter of Credit No. [_____] to be [extended][amended]].

Attached hereto for each such Letter of Credit are the following:

(a)    the stated amount of such Letter of Credit;
(b)    the name and address of the beneficiary;
(c)    the expiration date [and the extended expiration date]3; [and]
(d)    either (i) the verbatim text of such proposed Letter of Credit, or (ii) a description of the proposed terms and conditions of such Letter of Credit, including a precise description of any documents to be presented by the beneficiary which, if presented by the beneficiary prior to the expiration date of such Letter of Credit, would require the Issuing Bank to make payment under such Letter of Credit. [and]4

(e)    [the terms of the requested amendment to such Letter of Credit.]

The Borrower hereby certifies that:

(i)    after [issuing][extending][amending] such Letter of Credit requested on the Credit Date, the Applicable Fronting Exposure of the Issuing Bank will not exceed its Revolving Commitment, the aggregate LC Exposure will not exceed the Letter of Credit Sublimit and the aggregate Revolving Exposures will not exceed (x) during the Limited Availability Period, the lesser of (1) the Availability Cap and (2) the aggregate Revolving Commitments currently in effect and (y) at any other time, the aggregate Revolving Commitments then in effect;

(ii)     after [issuing][extending][amending] such Letter of Credit requested on the Credit Date, during the Limited Availability Period, the Cash Balance of the Loan Parties will not exceed $20,000,000;

(iii)     as of the Credit Date, the representations and warranties of each Loan Party set forth in the Loan Documents are true and correct in all material respects on and as of such Credit Date; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided, further, that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language are true and correct in all respects on such Credit Date or on such earlier date, as the case may be; and

1  The Borrower shall deliver the Issuing Notice to the applicable Issuing Bank and the Administrative Agent in accordance with Section 2.05(b) of the Credit Agreement.
2  The Credit Date shall be a Business Day.
3  Expiration date to comply with Section 2.05(d) of the Credit Agreement.
4 If requested by the Issuing Bank, the Borrower also shall submit a letter of credit application on such Issuing Bank’s standard form.
NAI-1522289547v19 

(iv)    as of the Credit Date at the time of and immediately after giving effect to the [issuance][amendment][extension] of such requested Letter of Credit, no Default or Event of Default will have occurred and be continuing.

Date: [__________], 20[__]
BLUE BIRD BODY COMPANY
By:             
    Name:    
    Title:    
NAI-1522289547v19 

Annex III

See attached.

NAI-1522289547v19 

AMENDED EXHIBIT K
Form of Compliance Certificate
Reference is hereby made to the Credit Agreement dated as of December 12, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Blue Bird Corporation (“Holdings”), School Bus Holdings Inc., Peach County Holdings, Inc. and Blue Bird Global Corporation (collectively, the “Intermediate Parents”), Blue Bird Body Company (the “Borrower”), the Lenders party thereto from time to time and Bank of Montreal, in its capacity as Administrative Agent.  Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such terms in the Credit Agreement.  Pursuant to Section 5.01(d) of the Credit Agreement, the undersigned, in his/her capacity as a Financial Officer of the Borrower, certifies as follows:
(a)    [Attached hereto as Annex A is the audited consolidated balance sheet and audited consolidated and consolidating statements of operations and cash flows of Holdings and its Restricted Subsidiaries as of, [__________, __],  20[__], in each case with (x) customary management’s discussion and analysis describing results of operations, setting forth in each case in comparative form the figures for the previous fiscal year and (y) to the extent prepared, accountants’ letter to management, all reported on by PriceWaterhouse Coopers LLP or other independent public accountants of recognized standing without any qualifications (including any (A) “going concern” or like qualification or exception, (B) qualification or exception as to the scope of such audit or (C) qualification which relates to the treatment or classification of any item and which, as a condition to the removal of such qualification, would require an adjustment to such item, the effect of which would be to cause any noncompliance with the Financial Performance Covenant).  These consolidated financial statements present fairly in all material respects the financial condition as of the end of and for such year and results of operations and cash flows of Holdings and its Restricted Subsidiaries on a consolidated basis in accordance with GAAP consistently applied.]5 
(b)    [Attached hereto as Annex A is the unaudited consolidated and consolidating balance sheet and unaudited consolidated statements of operations and cash flows of Holdings and its Restricted Subsidiaries as of [__________, __], 20[__] and the then elapsed portion of the 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.  These consolidated financial statements present fairly in all material respects, the financial condition as of the end of and for such fiscal quarter and such portion of the fiscal year and results of operations and cash flows of Holdings and its Restricted Subsidiaries on a consolidated or consolidating basis, as applicable, in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes, together with customary management’s discussion and analysis describing results of operations.]6
(c)    [Attached hereto as Annex A is the unaudited consolidated and consolidating balance sheet and unaudited consolidated statement of operations of Holdings and its Restricted Subsidiaries as of the end of and for such fiscal month and the then elapsed portion of the 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. These consolidated financial statements present fairly in all material respects, the financial condition as of the end of and for such fiscal month and such portion of the fiscal year and results of operations of Holdings and its Restricted 

5     To be delivered as soon as available, but in any event no later than the date that is 105 days after the end of each fiscal year of Holdings.
6     To be delivered as soon as available, but in any event no later than the date that is 50 days after the end of each of the first three fiscal quarters of each fiscal year of Holdings.
NAI-1522289547v19 

Subsidiaries on a consolidated basis, subject to normal year-end audit adjustments and the absence of footnotes.]7
(d)    [To my knowledge, no Default has occurred and is continuing as of the date hereof.] [A Default has occurred and is continuing.  Specified below are details of the Default and any action taken or proposed to be taken with respect thereto.]
_______________________________________________________________________
_______________________________________________________________________]
(e)    The following represent true and accurate calculations, as of [__________, __], 20[__], to be used to determine compliance with the covenants set forth in Section 6.10 of the Credit Agreement for the applicable Test Period:
Total Net Leverage Ratio:8
Consolidated Net Debt =    [            ]
Consolidated EBITDA =    [            ]
Actual Ratio =    [            ] to 1.00
Required Ratio =    [            ] to 1.00
    Supporting detail showing the calculation of the Total Net Leverage Ratio is attached hereto as Schedule 1.
Minimum Consolidated EBITDA:9
Consolidated EBITDA =    [            ]
Required Consolidated EBITDA =    [            ]
    [Supporting detail showing the calculation of Consolidated EBITDA is attached hereto as Schedule 1.]
[Liquidity and Cash Balance:10
    A computation by a Financial Officer of Holdings containing reasonably detailed calculations of the Liquidity and the Cash Balance, in form and detail reasonably satisfactory to the Administrative Agent, itemized for each Business Day of the applicable fiscal month, is attached hereto as Schedule 2A.  Holdings [has] [has not] been in compliance with Sections 2.11(d) and 6.10(c) of the Credit Agreement for such month.  Specified below are details of any such non-compliance and any action taken or proposed to be taken with respect thereto or, if not, describing any non-compliance and the steps, if any, being taken to cure it:
_______________________________________________________________________
_______________________________________________________________________]

7 To be delivered as soon as available but in any event no later than the date that is 25 days after the end of each fiscal month during the Limited Availability Period.
8 Required only for any Compliance Certificate delivered pursuant to Section 5.01(a) or (b) of the Credit Agreement.
9 Required only for a Compliance Certificate delivered during the Limited Availability Period for the fiscal periods ending on or before October 1, 2022.
10 Required only for a Compliance Certificate delivered pursuant to Section 5.01(c) of the Credit Agreement during the Limited Availability Period for the fiscal periods ending on or before October 1, 2022.
NAI-1522289547v19 

[Minimum Units Booked:11
    A computation by a Financial Officer of Holdings containing reasonably detailed calculations of the Actual Booked Units as of the last day of the immediately preceding three-fiscal month period, in form and detail reasonably satisfactory to the Administrative Agent, broken down on a monthly basis, together with all variances, on a monthly and a cumulative basis, from the Approved Budget and the minimum booked Units required for such period set forth in Section 6.10(d) for such period and, is attached hereto as Schedule 2B (together with any supporting information requested by the Administrative Agent in its sole discretion).  Holdings [has] [has not] been in compliance with Section 6.10(d) of the Credit Agreement for such month.  Specified below are details of any such non-compliance and any action taken or proposed to be taken with respect thereto or, if not, describing any non-compliance and the steps, if any, being taken to cure it:
_______________________________________________________________________
_______________________________________________________________________]
(f)    [There has been no change to the information provided in the Perfection Certificate since the date of the Perfection Certificate delivered on the Closing Date or, if applicable, the date of the most recent supplement to the Perfection Certificate delivered pursuant to Section 5.03(b) of the Credit Agreement.] [Attached hereto as Schedule 3 is a supplement to the Perfection Certificate updating the information provided in the Perfection Certificate.]12
(g)    [Attached hereto as Schedule 4 is a list of each Restricted Subsidiary of the Borrower that has become a Material Subsidiary during the most recently ended fiscal quarter.] [Attached hereto as Schedule 4 is a list of each Restricted Subsidiary of the Borrower that has ceased to be a Material Subsidiary during the most recently ended fiscal quarter.]13  
(h)    [All notices required by Section 5.03 of the Credit Agreement to be given to the Administrative Agent prior to the date of this certificate have been given in compliance with Section 5.03 of the Credit Agreement.]14
(i)    [Attached hereto as Schedule 5 are detailed calculations setting forth the Excess Cash Flow as of [__________, __], 20[__].]15

[Signature Page Follows]

11 Required only for a Compliance Certificate delivered pursuant to Section 5.01(c) of the Credit Agreement during the Limited Availability Period for the fiscal periods ending on or before October 1, 2022.
12 Required only for any Compliance Certificate delivered pursuant to Section 5.01(a) or (b) of the Credit Agreement.
13 Required only for any Compliance Certificate delivered pursuant to Section 5.01(a) or (b) of the Credit Agreement.
14 Required only for any Compliance Certificate delivered pursuant to Section 5.01(a) or (b) of the Credit Agreement.
15  To be included only in annual compliance certificates, beginning with the financial statements for the fiscal year of Holdings ending October 1, 2016.
NAI-1522289547v19 

BLUE BIRD BODY COMPANY
By:             
    Name:    
    Title:    
NAI-1522289547v19 

ANNEX A
Annual/Quarterly Financials

[See attached.]

NAI-1522289547v19 

[ANNEX B]
[Monthly Financials]

[See attached.]

NAI-1522289547v19 

NAI-1522289547v19 

[SCHEDULE 1]
[Calculation of Total Net Leverage Ratio]

[See attached.]

NAI-1522289547v19 

[SCHEDULE 2A]
[Calculation of Liquidity and Cash Balance]

[See attached.]

NAI-1522289547v19 

[SCHEDULE 2B]
[Calculation of Actual Booked Units and Variances]

[See attached.]

NAI-1522289547v19 

[SCHEDULE 3]

[Supplement to Perfection Certificate]

[See attached.]

NAI-1522289547v19 

[SCHEDULE 4]
[Changes to Material Subsidiaries]

NAI-1522289547v19 

[SCHEDULE 5]
[Calculation of Excess Cash Flow]

[See attached.]
NAI-1522289547v19Exhibit 4.1

CERTIFICATE OF INCORPORATION

OF

AEROCLEAN TECHNOLOGIES, INC.

 

ARTICLE I

 

Name

 

The name of the corporation is AeroClean Technologies,
Inc. (the “Corporation”).

 

ARTICLE II

 

Registered Office and Registered Agent

 

The address of the registered office of the Corporation
in the State of Delaware is 850 New Burton Road, Suite 201 in the City
of Dover County of Kent, 19904. The name of the registered agent of the Corporation
at such address is Cogency Global Inc.

 

ARTICLE III

 

Corporate Purpose

 

The purpose of the Corporation is to engage in any
lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware (the “General
Corporation Law”).

 

ARTICLE IV

 

Capital Stock

 

(1) The total number of shares of all classes of
stock that the Corporation shall have authority to issue is 121,000,000, of which 110,000,000 shall be shares of Common Stock of the Corporation,
par value $0.01 per share (“Common Stock”), and 11,000,000 shall be shares of Preferred Stock, at a par value of $0.01
per share (“Preferred Stock”).

 

(2) The Board of Directors of the Corporation (the
 “Board”) is hereby expressly authorized to provide, out of the unissued shares of Preferred Stock, for the issuance
of one or more series of Preferred Stock and, with respect to each such series, to fix the number of shares constituting such series and
the designation of such series, the voting powers, if any, of the shares of such series, and the preferences and relative, participating,
optional or other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series. The
powers, preferences and relative, participating, optional and other special rights of each series of Preferred Stock, and the qualifications,
limitations or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding. The Corporation
shall, from time to time and in accordance with applicable law, increase the number of authorized shares of Common Stock if at any time
the number of shares of Common Stock remaining unissued and available for issuance shall not be sufficient to permit the conversion of
any series of Preferred Stock that, as provided for or fixed pursuant to the provisions of this paragraph (2) of Article IV, is otherwise
convertible into Common Stock.

 

ARTICLE V

 

Board of Directors

 

(1) The business and affairs of the Corporation
shall be managed by, or under the direction of, the Board, which may exercise all such powers of the Corporation and do all such
lawful acts and things as are not by law or this Certificate of Incorporation directed or required to be exercised or done by
stockholders.

 

    1 

     

    

 

(2) The Bylaws of the Corporation may fix and alter
the number of directors and may prescribe the term of office, and from time to time the number of directors may be increased or decreased
by amendment of the Bylaws of the Corporation; provided that in no case shall the number of directors be less than three.

 

(3) Any director or the entire Board may be removed
from office only for cause and only by the affirmative vote of at least sixty-six and two-thirds percent (66 2/3%) of the total voting
power of the outstanding shares of the capital stock of the Corporation entitled to vote in any annual election of directors, voting together
as a single class.

 

(4) Vacancies occurring on the Board for any reason,
including, without limitation, vacancies occurring as a result of the death, resignation, retirement, disqualification or removal from
office of a director, or the creation of new directorships that increase the number of directors, shall solely be filled by a majority
vote of the directors then in office, even if the number of such directors is less than a quorum, or by a sole remaining director, or
by the written consent of such directors as permitted by the General Corporation Law and as provided in the Bylaws of the Corporation,
and shall not be filled by the stockholders.

 

(5) At any meeting of stockholders at which directors
are elected, directors shall be elected by a plurality of the voting power of the shares entitled to vote on the election of directors
and present in person or by proxy at the meeting. Elections of directors of the Corporation need not be by written ballot, except and
to the extent provided in the Bylaws of the Corporation.

 

(6) To the fullest extent permitted by the General
Corporation Law as it now exists and as it may hereafter be amended, no director of the Corporation shall be personally liable to the
Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. For the avoidance of all doubt, notwithstanding
any other provision in this Certificate of Incorporation, no amendment to, modification of or repeal of this paragraph (6) shall apply
to or have any effect on the liability or alleged liability of any director of the Corporation for or with respect to any acts or omissions
of such director occurring prior to such amendment.

 

(7) Nothing in this Article V shall be deemed to
affect or restrict (i) any rights of the holders of any series of Preferred Stock to elect directors as provided for or fixed pursuant
to the provisions of Article IV, or (ii) the ability of the Board to provide, pursuant to Article IV, for the preferences and relative,
participating, optional or other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of
any series of Preferred Stock, including with regard to those directors, if any, to be elected by the holders of any series of Preferred
Stock.

 

    2 

     

    

 

ARTICLE VI

 

Interested Directors and Officers

 

(1) No contract or transaction between the
Corporation and one or more of its directors or officers, or between the Corporation and any other corporation, partnership,
association or other organization in which one or more of the Corporation’s directors or officers are directors or officers,
or have a financial interest, shall be void or voidable solely for this reason, or solely because such director or officer is
present at or participates in the meeting of the Board or committee thereof that authorizes the contract or transaction, or solely
because his or her vote is counted for such purpose, if (i) the material facts as to his or her relationship or interest and as to
the contract or transaction are disclosed or are known to the Board or the committee, and the Board or committee in good faith
authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the
disinterested directors be less than a quorum, (ii) the material facts as to his or her relationship or interest and as to the
contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is
specifically approved in good faith by vote of the stockholders, or (iii) the contract or transaction is fair as to the Corporation
as of the time it is authorized, approved or ratified by the Board, a committee thereof or the stockholders.

 

(2) Common or interested directors may be counted
in determining the presence of a quorum at a meeting of the Board or of a committee which authorizes the contract or transaction.

 

ARTICLE VII

 

Stockholder Action

 

(1) The annual meeting of stockholders of the Corporation
for the election of directors of the Corporation, and for the transaction of such other business as may properly come before such meeting,
shall be held at such place, date and time as shall be fixed by the Board in its sole and absolute discretion.

 

(2) Except as otherwise required by law, or as otherwise
provided for or fixed pursuant to the provisions of Article IV with regard to the rights of holders of shares of one or more series of
Preferred Stock, special meetings of stockholders of the Corporation may only be called by (i) the Board or (ii) the Chairman of the Board
of the Corporation or the Chief Executive Officer of the Corporation.

 

(3) Any previously scheduled meeting of the stockholders
may be postponed to another date, time or place by resolution of the Board.

 

(4) Except as otherwise provided for or fixed pursuant
to the provisions of Article IV with regard to the rights of holders of shares of one or more series of Preferred Stock, no action that
is required or permitted to be taken by the stockholders of the Corporation at any annual or special meeting of stockholders may be effected
by written consent of stockholders in lieu of a meeting; provided, however, that the taking of any action that is required
or permitted to be taken by the stockholders of the Corporation at any annual or special meeting of stockholders may be effected by written
consent of stockholders in lieu of a meeting if such action and the taking of such action by written consent of stockholders in lieu of
a meeting have each been expressly approved in advance by the Board.

 

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ARTICLE VIII

 

Indemnification and Insurance

 

(1) Each person who was or is made a party or
is threatened to be made a party to or is involved (including, without limitation, as a witness) in any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter, a
 “proceeding”), by reason of the fact that he or she is or was a director or officer of the Corporation or, while serving
as a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or
agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to
employee benefit plans, whether the basis of such proceeding is an alleged action in an official capacity as a director or officer
or in another capacity for or at the request of the Corporation, shall be indemnified and held harmless by the Corporation to the
fullest extent authorized by the General Corporation Law, as the same exists or may hereafter be amended (but, in the case of any
such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than said
law permitted the Corporation to provide prior to such amendment), against all expense, liability and loss (including
attorneys’ fees, judgments, fines, excise taxes or penalties, including under the Employee Retirement Income Security Act of
1974, as amended, and amounts paid or to be paid in settlement) reasonably incurred or suffered by such person in connection
therewith, and such indemnification shall continue as to a person who has ceased to serve in the capacity that initially entitled
such person to indemnity hereunder and shall inure to the benefit of his or her heirs, executors and administrators; provided, however,
that, except as provided in paragraph (2) of this Article VIII with respect to proceedings seeking to enforce rights to
indemnification hereunder, the Corporation shall indemnify any such person seeking indemnification in connection with a proceeding
(or part thereof) initiated by such person only if such proceeding (or part thereof) was specifically authorized by the Board. The
right to indemnification conferred in this Article VIII shall be a contract right that vests upon a person becoming a director or
officer of the Corporation or upon a person serving at the request of the Corporation as a director, officer, employee or agent of
another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee
benefit plans, and shall include the right to be paid by the Corporation the expenses incurred in defending any such proceeding in
advance of its final disposition; provided, however, that, if the General Corporation Law requires, the payment of
such expenses incurred by a director or officer of the Corporation in his or her capacity as a director or officer of the
Corporation (and not in any other capacity in which service was or is rendered by such person while a director or officer,
including, without limitation, service to an employee benefit plan) in advance of the final disposition of a proceeding, shall be
made only upon delivery to the Corporation of an undertaking, by or on behalf of such director or officer, to repay all amounts so
advanced if it shall ultimately be determined that such director or officer is not entitled to be indemnified under this Article
VIII or otherwise. Notwithstanding the foregoing, subsequent to an indictment of, or the filing of a civil complaint by a U.S.
federal or state governmental enforcement agency against, a director or officer of the Corporation (in any capacity, including as an
employee or agent of another enterprise and service to an employee benefit plan) entitled to or receiving advancement of expenses,
the Corporation may, subject to applicable law (including to the extent indemnification is required under Section 145(c) of the
General Corporation Law), terminate, reduce or place conditions upon any future advancement of expenses (including with respect to
costs, charges, attorneys’ fees, experts’ fees and other fees) incurred by such director or officer relating to his or
her defense thereof if (i) such director or officer does not prevail at trial, enters into a plea arrangement, agrees to the entry
of a final administrative or judicial order imposing sanctions on such director or officer or otherwise admits, in a legal
proceeding, to the alleged violation resulting in the relevant indictment or complaint, or (ii) if the Corporation initiates an
internal investigation and a determination is made (x) by the disinterested directors, even though less than a quorum, or (y) if
there are no disinterested directors or the disinterested directors so direct, by independent legal counsel in a written opinion,
that the facts known to the decision-maker at the time such determination is made demonstrate that such director or officer acted in
a manner that is not indemnifiable by the Corporation. Any future indemnification or similar agreement entered into by the
Corporation with any director or officer of the Corporation and that addresses the advancement of expenses shall contain
restrictions substantially similar to the immediately preceding sentence.

 

    4 

     

    

 

(2) If a claim under paragraph (1) of this Article
VIII is not paid in full by the Corporation within ninety (90) days after a written claim has been received by the Corporation, the claimant
may, at any time thereafter, bring suit against the Corporation to recover the unpaid amount of the claim and, if successful in whole
or in part, the claimant shall also be entitled to be paid the expense of prosecuting such claim. It shall be a defense to any such action
that the claimant has not met the standards of conduct that make it permissible under the General Corporation Law for the Corporation
to indemnify the claimant for the amount claimed or, in the case of a claim regarding advancement of expenses, the Corporation has terminated,
reduced or placed conditions upon advancement of expenses in accordance with paragraph (1) of this Article VIII, but in each case, the
burden of proving such defense shall be on the Corporation. Neither the failure of the Corporation (including the Board, a committee thereof,
independent legal counsel or its stockholders) to have made a determination prior to the commencement of such action that indemnification
of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the General Corporation
Law, nor an actual determination by the Corporation (including the Board, a committee thereof, independent legal counsel or its stockholders)
that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant
has not met the applicable standard of conduct.

 

(3) The right to indemnification and the advancement
and payment of expenses conferred in this Article VIII shall not be exclusive of any other right that any person may have or hereafter
acquire under any law (common or statutory), provision of the Certificate of Incorporation of the Corporation, other bylaw, agreement,
vote of stockholders or disinterested directors or otherwise.

 

(4) If this Article VIII or any portion hereof shall
be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify and hold harmless
each director or officer of the Corporation as to costs, charges and expenses (including attorneys’ fees, experts’ fees and
other fees), judgments, fines and amounts paid in settlement with respect to any action, suit or proceeding, whether civil, criminal,
administrative or investigative, to the full extent permitted by any applicable portion of this Article VIII that shall not have been
invalidated and to the full extent permitted by applicable law.

 

(5) For the avoidance of all doubt, notwithstanding
any other provision in this Certificate of Incorporation, no amendment to, modification of or repeal of any provision of this Article
VIII shall apply to or have any effect on the liability or alleged liability, or any right to indemnification or to advancement of expenses,
of any director or officer of the Corporation for or with respect to any acts or omissions of such director or officer occurring prior
to such amendment, except as otherwise consented to in writing by such director or officer.

 

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(6) The Board may, or may authorize one or more
officers to, provide for the indemnification or advancement of expenses by the Corporation to any current or former employee or
agent of the Corporation or any of the Corporation’s subsidiaries who would not otherwise have a right to indemnification or
advancement of expenses pursuant to this Article VIII and was or is made a party to or is threatened to be made a party to or is
otherwise involved or threatened to be involved (including, without limitation, as a witness) in any proceeding, by reason of the
fact that he or she is or was such an employee or agent or, while serving as an employee or agent, he or she is or was serving at
the request of the Corporation as a director, officer, employee or agent of another corporation or a partnership, joint venture,
trust, nonprofit entity or other enterprise, including service with respect to an employee benefit plan, of such scope and effect
and subject to such terms as determined by the Board or such officer or officers, in each case, as and to the extent permitted by
applicable law.

 

(7) The Corporation may purchase and maintain insurance
on behalf of itself and any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the
request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such
person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under
Section 145 of the General Corporation Law.

 

ARTICLE IX

 

Bylaws

 

In furtherance and not in limitation of the powers
conferred by the General Corporation Law, the Board shall expressly have the power to adopt, amend or repeal the Bylaws of the Corporation.
Any adoption, amendment or repeal of the Bylaws of the Corporation by the Board shall require the approval of a majority of the entire
Board. The stockholders shall also have the power to adopt, amend or repeal the Bylaws of the Corporation, provided, however,
that, in addition to any vote of the holders of any class or series of stock of the Corporation required by law or by this Certificate
of Incorporation, the affirmative vote of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of the then-outstanding
voting stock of the Corporation, voting together as a single class, shall be required for the stockholders of the Corporation to amend,
repeal or adopt any provision of the Bylaws of the Corporation.

 

ARTICLE X

 

Amendment

 

(1) The Corporation reserves the right to amend,
alter, change or repeal any provisions contained in this Certificate of Incorporation in the manner now or hereafter prescribed by law,
and all the provisions of this Certificate of Incorporation and, except as expressly provided otherwise in this Certificate of Incorporation,
all rights conferred on stockholders, directors, officers, employees or agents of the Corporation in this Certificate of Incorporation
are subject to this reserved power.

 

(2) Notwithstanding anything contained in this
Certificate of Incorporation to the contrary, and in addition to any affirmative vote of the holders of any particular class of
stock of the Corporation required by applicable law or this Certificate of Incorporation, the affirmative vote of at least sixty-six
and two-thirds percent (66 2/3%) of the voting power of the then-outstanding voting stock of the Corporation, voting together as a
single class, shall be required for the stockholders of the Corporation to amend, repeal or adopt any provisions of this Certificate
of Incorporation inconsistent with Article V, paragraphs (2) and (4) of Article VII or this Article X of this Certificate of
Incorporation.

 

 

ARTICLE XI

 

Incorporator

 

The name and mailing address of the sole incorporator is as
follows:

 

	Name	Mailing Address
	 	 
	Ryan Tyler	10455 Riverside Drive, Palm Beach Gardens, FL 33410

 

[Remainder of page intentionally left blank]

 

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I, THE UNDERSIGNED, being the sole incorporator hereinbefore named, for the purpose of forming a corporation pursuant to the General Corporation
Law of the State of Delaware, do make this Certificate of Incorporation, hereby declaring and certifying that this is my act and deed
and the facts herein stated are true, and accordingly have hereunto set my hand this 23rd day of November, 2021.

 

	 	/s/ Ryan Tyler
	 	Ryan Tyler

 

[Signature Page – Certificate of Incorporation]

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