Document:

THIRD SUPPLEMENTAL INDENTURE

 

Dated as of November 25, 2013

 

Supplementing that Certain

 

INDENTURE

 

Dated as of June 24, 2011

 

Among

 

MAIDEN HOLDINGS NORTH AMERICA, LTD., as
Issuer

 

MAIDEN HOLDINGS, LTD., as Guarantor

 

and

 

WILMINGTON TRUST COMPANY, as Trustee

 

7.75% NOTES DUE 2043

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I.
	 
	DEFINITIONS
	 	 	 
	SECTION 1.1.	Certain Terms Defined in the Indenture	2
	 	 	 
	SECTION 1.2.	Definitions	2
	 	 	 
	ARTICLE II.
	 
	FORM AND TERMS OF THE NOTES
	 	 	 
	SECTION 2.1.	Form and Dating	3
	 	 	 
	SECTION 2.2.	Certain Terms of the Notes	5
	 	 	 
	SECTION 2.3.	Optional Redemption	6
	 	 	 
	SECTION 2.4.	Payment of Additional Amounts	6
	 	 	 
	SECTION 2.5.	Redemption for Changes in Withholding Taxes	8
	 	 	 
	SECTION 2.6.	Limitation on Liens on Stock of Subsidiaries	8
	 	 	 
	SECTION 2.7.	Limitations on Disposition of Stock of Designated Subsidiaries	9
	 	 	 
	ARTICLE III.
	 
	GUARANTEE
	 	 	 
	SECTION 3.1.	Applicability of Guarantee	10
	 	 	 
	SECTION 3.2.	Limitation of Guarantor’s Liability	10
	 	 	 
	ARTICLE IV.
	 
	MISCELLANEOUS
	 	 	 
	SECTION 4.1.	Relationship with Indenture	10
	 	 	 
	SECTION 4.2.	Trust Indenture Act Controls	10
	 	 	 
	SECTION 4.3.	Governing Law	11
	 	 	 
	SECTION 4.4.	Multiple Counterparts	11

 

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	SECTION 4.5.	Severability	11
	 	 	 
	SECTION 4.6.	Ratification	11
	 	 	 
	SECTION 4.7.	Headings	11
	 	 	 
	SECTION 4.8.	Effectiveness	11
	 	 	 
	EXHIBIT A— Form of 7.75% Note due 2043	A-1

 

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THIRD SUPPLEMENTAL INDENTURE

 

This Third Supplemental Indenture, dated
as of November 25, 2013 (this “Third Supplemental Indenture”), among MAIDEN HOLDINGS NORTH AMERICA, LTD., a
corporation duly organized and existing under the laws of the State of Delaware (the “Company”), having its
principal executive office located at 6000 Midlantic Drive, Suite 200S, Mount Laurel, New Jersey 08054; MAIDEN HOLDINGS, LTD.,
a company duly organized and existing under the laws of Bermuda, as guarantor (the “Guarantor”), having its
principal executive office located at 131 Front Street, 2nd Floor, Hamilton HM12 Bermuda; and Wilmington Trust Company,
a Delaware chartered trust company, as trustee (the “Trustee”), supplements that certain Indenture, dated as
of June 24, 2011, among the Company, the Guarantor and the Trustee (the “Indenture”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company has duly authorized
the execution and delivery of the Indenture to provide for the issuance from time to time of its unsecured debentures, notes or
other evidences of indebtedness to be issued in one or more series as provided for in the Indenture;

 

WHEREAS, the Guarantor has duly authorized
the execution and delivery of the Indenture in order to fully and unconditionally guarantee the Company’s obligations under
the Indenture;

 

WHEREAS, the Indenture provides that the
Securities shall be in the form as may be established by or pursuant to a Board Resolution and set forth in an Officers’
Certificate or as may be established in one or more supplemental indentures thereto, in each case with such appropriate insertions,
omissions, substitutions, and other variations as are required or permitted by the Indenture; and

 

WHEREAS, the Company has determined to issue
and deliver, and the Trustee shall authenticate, a series of Securities designated as the Company’s “7.75% Notes due
2043” (hereinafter called the “Notes”) pursuant to the terms of this Third Supplemental Indenture and
substantially in the form as herein set forth, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by the Indenture and this Third Supplemental Indenture.

 

NOW, THEREFORE, THIS THIRD SUPPLEMENTAL
INDENTURE WITNESSETH:

 

For and in consideration of the premises
stated herein and the purchase of the Notes by the Holders thereof, the parties hereto hereby enter into this Third Supplemental
Indenture, for the equal and proportionate benefit of all Holders of the Notes, as follows:

 

    	 

    	 

    

 

 

ARTICLE I.

DEFINITIONS

 

SECTION
1.1.         Certain Terms Defined in the Indenture.

 

For purposes of this Third Supplemental
Indenture, all capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Indenture, as
amended and supplemented hereby.

 

SECTION
1.2.         Definitions.

 

For the benefit of the Holders of the Notes,
Section 101 of the Indenture shall be amended by adding or substituting, as applicable, the following new definitions:

 

“Consolidated Net Worth”
means, at any date, the sum of all amounts which would be included under stockholders’ equity on a consolidated balance sheet
of an applicable entity and its subsidiaries determined in accordance with United States generally accepted accounting principles
on such date or, in the event such date is not a fiscal quarter end, as of the immediately preceding fiscal quarter end.

 

“Designated Subsidiary”
means any present or future consolidated Subsidiary of the Guarantor, the Consolidated Net Worth of which constitutes at least
10% of the Guarantor’s Consolidated Net Worth.

 

“Global Notes” means,
individually and collectively, each of the Notes in the form of global Securities registered in the name of the Depositary or its
nominee, substantially in the form of Exhibit A attached hereto.

 

“Guarantor” means the
Person named as the “Guarantor” in the first paragraph of this Third Supplemental Indenture.

 

“Indebtedness” means,
without duplication and solely for the purposes of Section 2.6 herein, with respect to any Person, whether or not contingent:

 

(1)         the
principal of and any premium and interest on (a) indebtedness of such Person for money borrowed or (b) indebtedness evidenced
by notes, debentures, bonds or other similar instruments for the payment of which such person is responsible or liable;

 

(2)         all
capitalized lease obligations of such Person;

 

(3)         all
obligations of such Person issued or assumed as the deferred purchased price of property, all conditional sale obligations and
all obligations under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business);

 

(4)         all
obligations of such Person for the reimbursement of any obligor on any banker’s acceptance, bank guarantees, surety bonds
or similar credit transaction; and

 

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(5)         any
amendments, modifications, refundings, renewals or extensions of any indebtedness or obligation described as “Indebtedness”
in clauses (1) through (4) above;

 

if and to the extent any of the preceding items (other than
letters of credit) would appear as a liability upon a balance sheet of such person prepared in accordance with United States generally
accepted accounting principles; provided, however, the term ‘‘Indebtedness’’ includes all of the
following items, whether or not any such items would appear as a liability on a balance sheet of such Person prepared in accordance
with such generally accepted accounting principles:

 

		(i)	all Indebtedness of others secured by any mortgage, pledge, lien, security interest or other encumbrance on any property or
asset of such Person (whether or not such Indebtedness is assumed by such Person);

 

		(ii)	to the extent not otherwise included, any guarantee by such person of Indebtedness of any other Person; and

 

		(iii)	preferred stock or other equity interests providing for mandatory redemption or sinking fund or similar payments issued by
any subsidiary of such Person.

 

“Payor” means, in respect
of the Notes, each of the Company, the Guarantor and any of their respective successors.

 

“Relevant Tax Jurisdiction”
means the jurisdiction, other than the United States, where the Payor is organized or otherwise considered to be a resident for
tax purposes, any jurisdiction, other than the United States, from or through which the Payor makes a payment on the Notes, or,
in each case, any political organization or governmental authority thereof or therein having the power to tax.

 

ARTICLE II.

FORM AND TERMS OF THE NOTES

 

SECTION
2.1.         Form and Dating.

 

The Notes and the Trustee’s certificate
of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes shall be executed on behalf
of the Company by two of the officers of the Company specified in Section 303 of the Indenture. The Notes may have notations, legends
or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes
and any beneficial interest in the Notes shall be in minimum denominations of $25.00 and integral multiples of $25.00 in excess
thereof.

 

The terms and notations contained in the
Notes shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this Third Supplemental Indenture;
and the Company and the Trustee, by their execution and delivery of this Third Supplemental Indenture, expressly agree to such
terms and provisions and to be bound thereby; provided that, to the extent of any inconsistency between the terms and provisions
in the Indenture, as supplemented by this Third Supplemental Indenture, and those contained in the Notes, the Indenture, as supplemented
by this Third Supplemental Indenture, shall govern.

 

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(a)         Global
Notes. The Notes designated herein shall be issued initially in the form of one or more fully-registered permanent global Securities,
which shall be held by the Trustee as custodian for The Depository Trust Company, New York, New York (the “Depositary”),
and registered in the name of Cede & Co., the Depositary’s nominee, duly executed by the Company, authenticated by the
Trustee and with the Guarantee endorsed thereon as hereinafter provided. The aggregate principal amount of outstanding Notes may
from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee
as hereinafter provided.

 

Unless and until the Global Notes are exchanged
in whole or in part for the individual Notes represented thereby pursuant to Section 305 of the Indenture, such Global Notes may
not be transferred except as a whole by the Depositary to its nominee or by its nominee to the Depositary or another nominee of
the Depositary or by the Depositary or any of its nominees to a successor depositary or any nominee of such successor depositary.
Upon the occurrence of the events specified in Section 305 of the Indenture in relation thereto, the Company shall execute, and
the Trustee shall, upon receipt of a Company Order for authentication, authenticate and deliver, Notes in definitive form in an
aggregate principal amount equal to the principal amount of the Global Notes in exchange for such Global Note.

 

(b)         Book-Entry
Provisions. This Section 2.1(b) shall apply only to the Global Notes deposited with or on behalf of the Depositary.

 

The Company shall execute and the Trustee
shall, in accordance with this Section 2.1(b), authenticate and deliver the Global Notes that shall be registered in the name of
the Depositary or the nominee of the Depositary and shall be held by the Trustee as custodian for the Depositary.

 

Participants of the Depositary shall have
no rights either under the Indenture or with respect to any Global Notes. The Depositary shall be treated by the Company, the Trustee
and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes under the Indenture. Notwithstanding
the foregoing, nothing herein shall prevent the Company or the Trustee from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or impair, as between the Depositary and its participants, the operation of customary
practices of such Depositary governing the exercise of the rights of an owner of a beneficial interest in the Global Notes.

 

(c)         Definitive
Notes. Definitive Notes issued in physical, certificated form, registered in the name of the beneficial owner thereof, shall
be substantially in the form of Exhibit A attached hereto, but without including the text referred to therein as applying
only to Global Notes. Except as provided above in subsection (a), owners of beneficial interests in the Global Notes will not be
entitled to receive physical delivery of certificated Notes.

 

(d)         Transfer
and Exchange of the Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through
the Depositary, in accordance with the Indenture and the procedures of the Depositary therefor. Beneficial interests in the Global
Notes may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the Global Notes.

 

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(e)         Paying
Agent. The Company appoints the Trustee as the initial agent of the Company for the payment of the principal of (and premium,
if any) and interest on and any Additional Amounts with respect to the Notes, and the Corporate Trust Office of the Trustee in
Wilmington, Delaware, be and hereby is, designated as the office or agency where the Notes may be presented for payment and where
notices to or demands upon the Company in respect of the Notes and this Third Supplemental Indenture and the Indenture pursuant
to which the Notes are to be issued may be made.

 

SECTION
2.2.         Certain Terms of the Notes.

 

The following terms relating to the Notes
are hereby established:

 

(a)         Title.
The Notes shall constitute a series of Securities having the title “7.75% Notes due 2043.”

 

(b)         Principal
Amount. The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture
(except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes
pursuant to Sections 304, 305, 306, 905 or 1107 of the Indenture) shall be ONE HUNDRED FIFTY TWO MILLION AND FIVE HUNDRED THOUSAND
DOLLARS ($152,500,000). The Company may, from time to time, without notice to, or the consent of, the Holders of the Notes, issue
and sell additional Securities (“Additional Securities”) ranking equally and ratably with the Notes in all respects
(other than the issue date, and to the extent applicable, issue price, initial date of interest accrual and initial interest payment
date of such Additional Securities), provided that such Additional Securities are fungible with the previously issued Notes
for U.S. federal income tax purposes. Any such Additional Securities shall be consolidated and form a single series with
the Notes for all purposes under the Indenture, including voting.

 

(c)         Maturity
Date. The entire outstanding principal of the Notes shall be payable on December 1, 2043.

 

(d)         Interest
Rate.  The rate at which the Notes shall bear interest shall be 7.75% per annum, computed on the basis of a 360-day
year comprised of twelve 30-day months; the date from which interest shall accrue on the Notes shall be November 25, 2013, or the
most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates for the Notes
shall be the 1st day of March, June, September and December of each year, commencing on March 1, 2014; the interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds,
to the Persons in whose names the Notes (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the 15th day of February, May, August or November (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such interest not punctually paid or duly provided for
shall forthwith cease to be payable to the respective Holders on such Regular Record Date, and such defaulted interest may be paid
to the Persons in whose names the Notes (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Notes not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent
with requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. Payment of principal of, and premium, if any, and interest on, and any
Additional Amounts with respect to, the Notes will be made at the Corporate Trust Office of the Trustee or such other office or
agency of the Company as may be designated for such purpose, in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts; provided, however, that each installment
of interest, premium, if any, and principal on, and any Additional Amounts with respect to, the Notes may at the Company’s
option be paid in immediately available funds by wire transfer to an account maintained by the payee located in the United States.

 

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(e)         Currency.
The currency of denomination of the Notes is United States dollars. Payment of principal of and interest and premium, if any, on,
and any Additional Amounts with respect to, the Notes will be made in United States dollars.

 

SECTION
2.3.         Optional Redemption.

 

(a)         Applicability
of Article Eleven. The provisions of Article Eleven of the Indenture shall apply to the Notes, as supplemented by Sections
2.3(b) and (c) below.

 

(b)         Redemption
Price. The Notes shall be redeemable, for cash, in whole or in part, on or after December 1, 2018, at the option of the Company,
at any time and from time to time, until the Maturity Date at a Redemption Price equal to 100% of the principal amount of the Notes
to be redeemed, plus (i) accrued but unpaid interest on the principal amount of Notes being redeemed to, but not including, the
Redemption Date and (ii) Additional Amounts, if any (subject, in each case, to the rights of Holders of Notes on the applicable
Regular Record Date to receive interest due on the applicable Interest Payment Date).

 

(c)         Interest
Payable. On and after any Redemption Date for the Notes, interest will cease to accrue on the Notes or any portion thereof
called for redemption, unless the Company defaults in the payment of the Redemption Price. 

 

SECTION
2.4.         Payment of Additional Amounts.

 

(a)         Additional
Amounts. If any taxes, assessments or other governmental charges are imposed by the Relevant Tax Jurisdiction in respect of
any payments under the Notes, the Payor shall pay to each Holder of the Notes, to the extent it may lawfully do so, such Additional
Amounts as may be necessary in order that the net amounts paid to such Holder will be not less than the amount specified in the
Notes to which such Holder is otherwise entitled.

 

(b)         Exceptions
to Payments of Additional Amounts. Notwithstanding the foregoing clause (a), the Payor shall not be required to make any payment
of Additional Amounts for or on account of:

 

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(1)         any
tax, assessment or other governmental charge which would not have been imposed but for (i) the existence of any present or
former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of
a power over, such Holder, if such Holder is an estate, trust, partnership, limited liability company or corporation) and the Relevant
Tax Jurisdiction (other than by reason of the mere ownership of, or receipt of payment under, the Notes), including, without limitation,
such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident
thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment
therein or (ii) the presentation of a Note (where presentation is required) for payment on a date more than 30 days after
(x) the date on which such payment became due and payable or (y) the date on which payment thereof is duly provided for, whichever
occurs later;

 

(2)         any
estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or other governmental charge;

 

(3)         any
tax, assessment or other governmental charge which is payable otherwise than by withholding from payment of (or in respect of)
principal of, premium, if any, or any interest on, the Notes;

 

(4)         any
tax, assessment or other governmental charge that is imposed or withheld by reason of the failure by the Holder or the beneficial
owner of the Notes to comply with a request of the Payor addressed to such Holder to provide information, documents or other evidence
concerning the nationality, residence or identity of such Holder or such beneficial owner which is required by a statute, treaty,
regulation or administrative practice of the Relevant Tax Jurisdiction as a precondition to exemption from all or part of such
tax, assessment or other governmental charge; or

 

(5)         any
combination of the above;

 

nor shall Additional Amounts be paid with respect
to any payment of the principal of, or any premium or interest on, any Notes to any Holder who is a fiduciary or partnership or
limited liability company or other than the sole beneficial owner of such payment to the extent such payment would be required
by the laws of the Relevant Tax Jurisdiction to be included in the income for tax purposes of a beneficiary or settlor with respect
to such fiduciary or a member of such partnership or limited liability company or beneficial owner who would not have been entitled
to such Additional Amounts had it been the Holder of such Notes.

 

(c)         Delivery
of Documentation. The Payor shall provide the Trustee with the official acknowledgment of the relevant tax authority (or,
if such acknowledgment is not available, a certified copy thereof) evidencing the payment of any withholding taxes by the Payor.
Upon written request, the Payor shall make copies of such documentation available to the Holders of the Notes or the Paying Agent,
as applicable.

 

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SECTION
2.5.         Redemption for Changes in Withholding Taxes.

 

(a)         Redemption
for Changes in Withholding Taxes. The Company may redeem the Notes, at its option, at any time, in whole but not in part,
upon not less than 30 nor more than 60 days’ prior written notice to Holders (with a copy to the Trustee), at a Redemption
Price equal to 100% of the principal amount thereof, plus (i) any accrued but unpaid interest to, but excluding, the Redemption
Date and (ii) Additional Amounts, if any (subject, in each case, to the rights of Holders of Notes on the applicable Regular Record
Date to receive interest due on the applicable Interest Payment Date), in the event that the Payor has become or would become
obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts as a
result of:

 

(1)         a
change in or an amendment to the laws (including any regulations promulgated thereunder) of a Relevant Tax Jurisdiction, which
change or amendment is announced: (1) in the case of the Company, after November 18, 2013 and (2) in the case of any successor
to the Company or the Guarantor, after the date such successor becomes the successor to the Company or the Guarantor, as the case
may be; or

 

(2)         any
change in or amendment to any official position regarding the application or interpretation of such laws or regulations, which
change or amendment is announced: (1) in the case of the Company, after November 18, 2013 and (2) in the case of any successor
to the Company or the Guarantor, after the date such successor becomes the successor to the Company or the Guarantor, as the case
may be,

 

and, in each case, the Payor cannot avoid such obligation
by taking reasonable measures available to it.

 

(b)         Deliverables.
Before any notice of redemption of the Notes is delivered to a Holder as described in clause (a) above, the Company shall deliver
to the Trustee, at least 30 days before the Redemption Date, in each case, an Officers’ Certificate and an Opinion of Counsel,
which counsel shall be independent of the Company and the Guarantor, stating that the Payor has or will become obligated to pay
Additional Amounts as a result of a change in tax laws or regulations or the application or interpretation of such laws or regulations.

 

SECTION
2.6.         Limitation on Liens on Stock of Subsidiaries.

 

The Company and the Guarantor covenant
and agree for the benefit of the Holders of the Notes that, for so long as any of the Notes are Outstanding, neither the Company
nor Guarantor will, nor will the Company or the Guarantor permit any Subsidiary to, create, assume, incur, guarantee or otherwise
permit to exist any Indebtedness secured by any mortgage, pledge, lien, security interest or other encumbrance upon any shares
of Capital Stock of any Designated Subsidiary (whether such shares of Capital Stock are now owned or hereafter acquired) without
effectively providing concurrently that the Notes (and, if the Company and the Guarantor so elect, any other Indebtedness of Company
or the Guarantor that is not subordinate to the Notes and with respect to which the governing instruments of such Indebtedness
require, or pursuant to which Company or the Guarantor, as applicable, is otherwise obligated, to provide such security) will
be secured equally and ratably with, or prior to, such Indebtedness for at least the time period such other Indebtedness is so
secured.

 

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SECTION
2.7.         Limitations on Disposition of Stock of Designated Subsidiaries

 

(a)         Limitations
on Dispositions. So long as any of the Notes are Outstanding, and except in a transaction otherwise governed by the Indenture,
neither the Company nor the Guarantor shall:

 

(1)         issue,
sell, assign, transfer or otherwise dispose of any shares of, securities convertible into, or warrants, rights or options to subscribe
for or purchase shares of, Capital Stock (other than preferred stock having no voting rights of any kind) of any Designated Subsidiary
(other than to the Company, the Guarantor or another Designated Subsidiary); or

 

(2)         permit
any Designated Subsidiary to issue (other than to the Company, the Guarantor or another Designated Subsidiary) any shares (other
than director’s qualifying shares) of, or securities convertible into, or warrants rights or options to subscribe for or
purchase shares of, Capital Stock (other than preferred stock having no voting rights of any kind) of any Designated Subsidiary;

 

if, after giving effect to any transaction
described in clauses (1) or (2) above and the issuance of the maximum number of shares issuable upon the conversion or exercise
of all such convertible securities, warrants, rights or options, the Company or the Guarantor, as the case may be, would own,
directly or indirectly, less than 80% of the shares of Capital Stock of such Designated Subsidiary (other than non-voting preferred
stock); provided, however, that (i) any issuance, sale, assignment, transfer or other disposition permitted by the
Company or the Guarantor pursuant to this Section 2.7 shall only be made for at least a fair market value consideration as determined
by the Board of Directors of the Company or the Guarantor, as the case may be, pursuant to a resolution adopted in good faith
and (ii) this Section 2.7(a) shall not prohibit any such issuance or disposition of securities if required by any law or
any regulation or order of any applicable governmental or insurance regulatory authority.

 

(b)         Permitted
Dispositions. Notwithstanding the foregoing clause (a), the Company and the Guarantor, as the case may be, shall be permitted:

 

(1)         to
merge or consolidate any Designated Subsidiary into or with another direct or indirect subsidiary of the Company or the Guarantor,
the shares of Capital Stock of which the Guarantor owns at least 70%; and

 

(2)         subject
to Article Eight of the Indenture, sell, assign, transfer or otherwise dispose of the entire Capital Stock of any Designated Subsidiary
at one time for at least a fair market value consideration as determined by the Board of Directors of the Company or the Guarantor,
as the case may be, pursuant to a resolution adopted in good faith.

 

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ARTICLE III.

GUARANTEE

 

SECTION
3.1.         Applicability of Guarantee.

 

The provisions of Article Sixteen of
the Indenture shall be applicable to the Notes. The Guarantor shall guarantee the Notes on the terms set forth in Article Sixteen
of the Indenture, subject to the provisions of this Article III.

 

SECTION
3.2.         Limitation of Guarantor’s Liability.

 

For purposes of the Notes, Section 1612
of the Indenture is modified to add the following paragraph as the second paragraph of such Section:

 

“The
Guarantee is expressly limited so that in no event, including the acceleration of the maturity of the Securities, shall the amount
paid or agreed to be paid in respect of interest on the Securities (or fees or other amounts deemed payment for the use of funds)
exceed the maximum permissible amount under applicable law, as in effect on the date hereof and as subsequently amended or modified
to allow a greater amount of interest (or fees or other amounts deemed payment for the use of funds) to be paid under the Guarantee.
If for any reason the amount in respect of interest (or fees or other amounts deemed payment for the use of funds) required by
the Guarantee exceeds such maximum permissible amount, the obligation to pay interest under the Guarantee (or fees or other amounts
deemed payment for the use of funds) shall be automatically reduced to such maximum permissible amount and any amounts collected
by any Holder of any Security in excess of the permissible amount shall be automatically applied to reduce the outstanding principal
on such Security.”

 

ARTICLE IV.

MISCELLANEOUS

 

SECTION
4.1.         Relationship with Indenture.

 

The terms and provisions contained in the
Indenture will constitute, and are hereby expressly made, a part of this Third Supplemental Indenture. However, to the extent any
provision of the Indenture conflicts with the express provisions of this Third Supplemental Indenture, the provisions of this Third
Supplemental Indenture will govern and be controlling.

 

SECTION
4.2.         Trust Indenture Act Controls.

 

If any provision of this Third Supplemental
Indenture limits, qualifies or conflicts with another provision which is required to be included in this Third Supplemental Indenture
by the Trust Indenture Act, the required provision shall control. If any provision of this Third Supplemental Indenture modifies
or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed
to apply to this Third Supplemental Indenture as so modified or to be excluded, as the case may be.

 

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SECTION
4.3.         Governing Law.

 

This Third Supplemental Indenture, the Notes
and the Guarantee shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts
of law principles of such State other than New York General Obligations Law Section 5-1401.

 

SECTION
4.4.         Multiple Counterparts.

 

The parties may sign multiple counterparts
of this Third Supplemental Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one
and the same Third Supplemental Indenture.

 

SECTION
4.5.         Severability.

 

Each provision of this Third Supplemental
Indenture shall be considered separable and if for any reason any provision which is not essential to the effectuation of the basic
purpose of this Third Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby and a Holder shall have no claim
therefor against any party hereto.

 

SECTION
4.6.         Ratification.

 

The Indenture, as supplemented and amended
by this Third Supplemental Indenture, is in all respects ratified and confirmed. The Indenture and this Third Supplemental Indenture
shall be read, taken and construed as one and the same instrument. All provisions included in this Third Supplemental Indenture
supersede any conflicting provisions included in the Indenture unless not permitted by law. The Trustee accepts the trusts created
by the Indenture, as supplemented by this Third Supplemental Indenture, and agrees to perform the same upon the terms and conditions
of the Indenture, as supplemented by this Third Supplemental Indenture.

 

SECTION
4.7.         Headings.

 

The Section headings in this Third Supplemental
Indenture are for convenience only and shall not affect the construction thereof.

 

SECTION
4.8.         Effectiveness.

 

The provisions of this Third Supplemental
Indenture shall become effective as of the date hereof.

 

[Remainder of Page Intentionally Left
Blank]

 

    	11

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Third Supplemental Indenture to be duly executed as of the date first above written.

 

	 	MAIDEN HOLDINGS NORTH AMERICA, LTD.,
	 	as Issuer
	 	 
	 	By:	/s/ Lawrence
    Metz
	 	 	Name: Lawrence Metz
	 	 	Title: SVP, General Counsel & Secretary
	 	 	 
	 	MAIDEN HOLDINGS, LTD.,
	 	as Guarantor
	 	 	 
	 	By:	/s/ Lawrence Metz
	 	 	Name: Lawrence Metz
	 	 	Title: SVP, General Counsel & Secretary
	 	 	 
	 	Wilmington
    Trust Company,
	 	as Trustee
	 	 	 
	 	By:	 /s/
    Michael H. Wass
	 	 	Name: Michael H. Wass
	 	 	Title: Assistant Vice President

 

    	12

    	 

    

 

EXHIBIT A

 

Form of 7.75% Note due 2043

 

[Include the following legend on each Note that is a Global
Note:

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY.
THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY,
BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.]

 

MAIDEN HOLDINGS NORTH AMERICA, LTD.

 

7.75% Note due 2043

 

	REGISTERED	PRINCIPAL AMOUNT: $152,500,000
	No.  R-1	 
	 	 
	CUSIP:  56029Q 408	 

 

Maiden
Holdings North America, Ltd., a Delaware corporation (herein called the “Company,” which term includes
any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co.,
or registered assigns, the principal sum of ONE HUNDRED FIFTY TWO MILLION AND FIVE HUNDRED THOUSAND DOLLARS ($152,500,000) on December
1, 2043 (the “Maturity Date”) (except to the extent redeemed or repaid prior to the Maturity Date) and to pay
interest thereon from November 25, 2013 (the “Original Issue Date”) or from the most recent Interest Payment
Date to which interest has been paid or duly provided for at the rate of 7.75% per annum, on the 1st day of March, June,
September and December (of each year each such date, an “Interest Payment Date”), commencing on March 1, 2014,
until the principal hereof is paid or made available for payment.

 

Payment
of Interest. The interest so payable, and punctually paid or made available for payment, on any Interest Payment Date,
will, as provided in the Indenture, be paid, in immediately available funds, to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the 15th day of February, May, August or November
(whether or not a Business Day, as defined in the Indenture referred to herein), as the case may be, next preceding such Interest
Payment Date (the “Regular Record Date”). Any such interest not punctually paid or duly provided for (“Defaulted
Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest
may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business
on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or may
be paid at any time in any other lawful manner not inconsistent with requirements of any securities exchange on which the Notes
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

    	A-1

    	 

    

 

Place
of Payment. Payment of principal, premium, if any, and interest on, and any Additional Amounts with respect to, this
Note will be made at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may be designated
for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts; provided, however, that each installment of interest, premium, if any, and principal
on, and any Additional Amounts with respect to, this Note may at the Company’s option be paid in immediately available funds
by wire transfer to an account maintained by the payee located in the United States.

 

Time
of Payment. In any case where any Interest Payment Date, the Maturity Date or any date fixed for redemption of the Notes
shall not be a Business Day, then (notwithstanding any other provision of the Indenture or this Note), payment of principal, premium,
if any, or interest, if any, need not be made on such date, but may be made on the next succeeding Business Day with the same force
and effect as if made on such Interest Payment Date, the Maturity Date or the date so fixed for redemption or repayment, as the
case may be, and no interest shall accrue in respect of the delay.

 

General.
This Note is one of a duly authorized issue of Securities of the Company, issued and to be issued in one or more series under an
indenture (the “Base Indenture”), dated as of June 24, 2011, among the Company, Maiden Holdings, Ltd., as guarantor
(the “Guarantor”), and Wilmington Trust Company, as trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture with respect to the series of which this Note is a part), as supplemented
by a Third Supplemental Indenture thereto, dated as of November 25, 2013 (the “Third Supplemental Indenture”
and, together with the Base Indenture, the “Indenture”), among the Company, the Guarantor and the Trustee. Reference
is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated
and delivered; provided that to the extent of any inconsistency between the terms and provisions in the Indenture and those
contained in this Note, the Indenture shall govern. This Note is one of a duly authorized series of Securities designated as “7.75%
Notes due 2043” (collectively, the “Notes”), initially limited in aggregate principal amount to ONE HUNDRED
FIFTY TWO MILLION AND FIVE HUNDRED THOUSAND DOLLARS ($152,500,000).

 

Further
Issuance. The Company may, from time to time, without notice to, or the consent of, the Holders of the Notes, issue
and sell additional Securities (“Additional Securities”) ranking equally and ratably with the Notes in all respects
(other than the issue date, and to the extent applicable, issue price, initial date of interest accrual and initial interest payment
date of such Additional Securities), provided that such Additional Securities are fungible with the previously issued Notes
for U.S. federal income tax purposes. Any such Additional Securities shall be consolidated and form a single series with
the Notes for all purposes under the Indenture, including voting.

 

    	A-2

    	 

    

 

Events
of Default. If an Event of Default with respect to the Notes shall have occurred and be continuing, the principal of
the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.

 

Sinking
Fund. The Notes are not subject to any sinking fund.

 

Optional
Redemption. The Notes shall be redeemable, for cash, in whole or in part, on or after December 1, 2018, at the option
of the Company, at any time and from time to time, until the Maturity Date at a Redemption Price equal to 100% of the principal
amount of the Notes to be redeemed, plus (i) accrued but unpaid interest on the principal amount of Notes being redeemed to, but
not including, the Redemption Date and (ii) Additional Amounts, if any, (subject to the right of Holders on the applicable Regular
Record Date to receive interest due on the applicable Interest Payment Date). In the case of any partial redemption, selection
of the Notes for redemption will be made by the Trustee by such methods, as the Trustee shall deem fair and appropriate. If any
Note is to be redeemed in part only, the notice of redemption relating to such Note shall state the portion of the principal amount
thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the
Holder thereof upon cancellation of this Note.

 

Payment
of Additional Amounts. Subject to certain exceptions set forth in the Third Supplemental Indenture, if any taxes, assessments
or other governmental charges are imposed by the Relevant Tax Jurisdiction in respect of any payments on the Notes, the Payor shall
pay to the Holder, to the extent the Payor may lawfully do so, such Additional Amounts as may be necessary in order that the net
amounts paid to the Holder will be not less than the amount specified herein to which such Holder is entitled.

 

Redemption
for Changes in Withholding Taxes. The Company may redeem the Notes, at its option, at any time, in whole but not in
part, upon not less than 30 nor more than 60 days’ prior written notice to Holders (with a copy to the Trustee), at a Redemption
Price equal to 100% of the principal amount thereof, plus (i) any accrued but unpaid interest to, but excluding, the Redemption
Date and (ii) Additional Amounts, if any (subject, in each case, to the right of Holders on the applicable Regular Record Date
to receive interest due on the applicable Interest Payment Date), in the event that the Payor has become or would become obligated
to pay, on the next date on which any amount would be payable with respect to this Note, any Additional Amounts as a result of
certain changes or amendments to the laws or official positions of the Relevant Tax Jurisdiction, as set forth in the Third Supplemental
Indenture, and such Payor cannot avoid such obligation by taking reasonable measures available to it.

 

Defeasance
and Covenant Defeasance. The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness
of the Company on this Note and (b) certain restrictive covenants and the related Events of Default, in each case which provisions
shall apply to this Note.

 

    	A-3

    	 

    

 

Modification
and Waivers; Obligations of the Company Absolute. The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor and the rights of the
Holders of the Securities. Such amendment may be effected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes affected thereby. The
Indenture also contains provisions permitting the Holders of not less than a majority in aggregate principal amount of the Securities
at the time outstanding, on behalf of the Holders of all outstanding Securities, to waive compliance by the Company with certain
provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority in aggregate
principal amount of the outstanding Securities of individual series to waive on behalf of all of the Holders of Securities of such
individual series certain past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive
and binding upon the Holder of this Note and upon all future Holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Note.

 

No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on, and any Additional Amounts with respect to, this Note at the time, place, and rate, and
in the coin or currency, herein prescribed.

 

Limitation
on Suits. As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right
to institute any proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously
given to the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of not less than 25%
in principal amount of the outstanding Notes shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceedings as trustee, and the Trustee shall not have received from the Holders of a majority in principal amount
of the outstanding Notes a direction inconsistent with such request and shall have failed to institute such proceeding within 60
days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement
of payment of the principal of or interest on, and any Additional Amounts with respect to, this Note on or after the respective
due dates expressed herein.

 

Authorized
Denominations. The Notes are issuable only in registered form without coupons in minimum denominations of $25.00 and
integral multiples of $25.00 in excess thereof.

 

Registration
of Transfer or Exchange. As provided in the Indenture and subject to certain limitations herein and therein set forth,
the transfer of this Note is registrable in the register of the Notes maintained by the Registrar upon surrender of this Note for
registration of transfer, at the office or agency of the Company in any place where the principal of and interest on this Note
are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar,
duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

    	A-4

    	 

    

 

As provided in the Indenture and subject to
certain limitations herein and therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes of
different authorized denominations, as requested by the Holders surrendering the same.

 

No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

 

Guarantee.
Payment of this Note is fully and unconditionally guaranteed by the Guarantor pursuant to the Indenture. The Guarantor may be released
from its obligations under the Indenture and its Guarantee under the circumstances specified in the Indenture.

 

Defined
Terms. All terms used in this Note, which are defined in the Indenture and are not otherwise defined herein, shall have
the meanings assigned to them in the Indenture.

 

Governing
Law. The Indenture, the Notes and the Guarantee shall be governed by and construed in accordance with the laws
of the State of New York without regard to conflicts of law principles of such State other than New York General Obligations Law
Section 5-1401.

 

Unless the certificate of authentication hereon
has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be
valid or obligatory for any purpose.

 

[Remainder of Page Intentionally Left
Blank]

 

    	A-5

    	 

    

 

IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed.

 

	Dated:  November 25, 2013	 
	 	MAIDEN HOLDINGS NORTH AMERICA, LTD.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	Attest:	 	 
	 	 	 
	 	 	 
	By:	 	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	A-6

    	 

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture.

 

	 	WILMINGTON TRUST COMPANY,

as Trustee
	 	 
	 	By:	 
	 	 	 
	Dated:  November 25, 2013	 	 

 

    	A-7

    	 

    

 

	ASSIGNMENT	 
	 	 
	FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 	 
	 	 	 
	 	 
	 	 
	 	 
	PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE	 

 

	 	 

 

	 	 
	 	 
	 	 
	(Please print or typewrite name and address,	 
	including postal zip code, of assignee)	 
	 	 
	the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	to transfer said Note on the books of the Trustee, with full power of substitution in the premises.	 

 

	Dated:	 	 	 
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatsoever.

 

	 	 
	Signature Guarantee	 

 

    	A-8

    	 

    

 

NOTATION OF GUARANTEE

 

For value received, the Guarantor has fully
and unconditionally guaranteed, to the extent set forth in the Indenture, among the Company, the Guarantor and the Trustee and
subject to the provisions in the Indenture and the terms of the Notes, (a) the due and punctual payment in full when due of
the principal of, premium, if any, and interest on, the Notes and all other amounts due and payable under the Indenture and the
Notes by the Company and (b) in case of any extension of time of payment or renewal of any Obligations (with or without notice
to the Guarantor), that the same will be promptly paid in full when due or performed in accordance with the terms of the extension
or renewal, whether at Stated Maturity, by acceleration or otherwise. The obligations of the Guarantor to the Holders of Notes
and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article Sixteen of the Indenture
and Article III of the Third Supplemental Indenture thereto establishing the terms of the Notes and reference is hereby made to
the Indenture and Third Supplemental Indenture thereto for the precise terms of the Guarantee, including provisions for the release
thereof. Each Holder of a Note, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints
the Trustee attorney-in-fact of such Holder for the purpose of such provisions. The Guarantor hereby agrees that its Guarantee
of the Notes set forth in Article Sixteen of the Indenture and Article III of the Third Supplemental Indenture shall remain in
full force and effect notwithstanding any failure to endorse on any Note this notation of the Guarantee.

 

	 	MAIDEN HOLDINGS, LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	A-9CREDIT AGREEMENT

 

dated as of

 

November 19, 2013

 

among

 

ELECTRO RENT CORPORATION,

as Borrower

 

The Lenders Party Hereto

 

and

 

JPMORGAN CHASE BANK,

NATIONAL ASSOCIATION,

as Administrative Agent

 

___________________________

 

J.P. MORGAN SECURITIES LLC,

as Sole Bookrunner and Sole Lead Arranger

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	Page
	ARTICLE I	 
	 	 
	Definitions	 
	 	 
	SECTION 1.01.  Defined Terms	5
	SECTION 1.02.  Classification of Loans and Borrowings	21
	SECTION 1.03.  Terms Generally	21
	SECTION 1.04.  Accounting Terms; GAAP	22
	 	 
	ARTICLE II	 
	 	 
	The Credits	 
	 	 
	SECTION 2.01.  Commitments	22
	SECTION 2.02.  Loans and Borrowings	22
	SECTION 2.03.  Requests for Revolving Borrowings	23
	SECTION 2.04.  [Intentionally Omitted]	23
	SECTION 2.05.  Swingline Loans	23
	SECTION 2.06.  Letters of Credit	24
	SECTION 2.07.  Funding of Borrowings	28
	SECTION 2.08.  Interest Elections	28
	SECTION 2.09.  Termination and Reduction of Commitments; Increase in Commitments	29
	SECTION 2.10.  Repayment of Loans; Evidence of Debt	30
	SECTION 2.11.  Prepayment of Loans	31
	SECTION 2.12.  Fees	32
	SECTION 2.13.  Interest	32
	SECTION 2.14.  Alternate Rate of Interest	33
	SECTION 2.15.  Increased Costs	33
	SECTION 2.16.  Break Funding Payments	34
	SECTION 2.17.  Withholding of Taxes; Gross-Up	35
	SECTION 2.18.  Payments Generally; Pro Rata Treatment; Sharing of Set-offs	38
	SECTION 2.19.  Mitigation Obligations; Replacement of Lenders	40
	SECTION 2.20.  Defaulting Lenders	40
	 	 
	ARTICLE III	 
	 	 
	Representations and Warranties	 
	 	 
	SECTION 3.01.  Organization; Powers	42
	SECTION 3.02.  Authorization; Enforceability	42
	SECTION 3.03.  Governmental Approvals; No Conflicts	42
	SECTION 3.04.  Financial Condition; No Material Adverse Change	42
	SECTION 3.05.  Properties	43
	SECTION 3.06.  Litigation and Environmental Matters	43
	SECTION 3.07.  Compliance with Laws and Agreements	43
	SECTION 3.08.  Investment Company Status	43
	SECTION 3.09.  Taxes	43

 

    	 

    	 

    

 

	SECTION 3.10.  ERISA	44
	SECTION 3.11.  Disclosure	44
	SECTION 3.12.  Anti-Corruption Laws and Sanctions	44
	 	 
	ARTICLE IV	 
	 	 
	Conditions	 
	 	 
	SECTION 4.01.  Effective Date	44
	SECTION 4.02.  Each Credit Event	46
	 	 
	ARTICLE V	 
	 	 
	Affirmative Covenants	 
	 	 
	SECTION 5.01.  Financial Statements; Ratings Change and Other Information	46
	SECTION 5.02.  Notices of Material Events	47
	SECTION 5.03.  Existence; Conduct of Business	48
	SECTION 5.04.  Payment of Obligations	48
	SECTION 5.05.  Maintenance of Properties; Insurance	48
	SECTION 5.06.  Books and Records; Inspection Rights	48
	SECTION 5.07.  Compliance with Laws	48
	SECTION 5.08.  Use of Proceeds and Letters of Credit	48
	SECTION 5.09.  Accuracy of Information	48
	SECTION 5.10.  OFAC	49
	SECTION 5.11.  Depository Banks	49
	SECTION 5.12.  Formation of Subsidiaries	49
	SECTION 5.13.  Post-Closing Covenant	49
	 	 
	ARTICLE VI	 
	 	 
	Negative Covenants	 
	 	 
	SECTION 6.01.  Indebtedness	50
	SECTION 6.02.  Liens	50
	SECTION 6.03.  Fundamental Changes; Asset Dispositions	51
	SECTION 6.04.  Investments, Loans, Advances, Guarantees and Acquisitions	51
	SECTION 6.05.  Swap Agreements	52
	SECTION 6.06.  Restricted Payments	52
	SECTION 6.07.  Transactions with Affiliates	52
	SECTION 6.08.  Restrictive Agreements	52
	SECTION 6.09.  [Intentionally Omitted]	53
	SECTION 6.10.  Anti-Corruption Laws and Sanctions	53
	SECTION 6.11.  Financial Covenants	53

 

    	2

    	 

    

 

	ARTICLE VII	 
	 	 
	Events of Default	 
	 	 
	ARTICLE VIII	 
	 	 
	Administrative Agent	 
	 	 
	SECTION 8.01.  Appointment	55
	SECTION 8.02.  Rights as a Lender	55
	SECTION 8.03.  Duties and Obligations	56
	SECTION 8.04.  Reliance	56
	SECTION 8.05.  Actions Through Sub-Agents	56
	SECTION 8.06.  Resignation	56
	SECTION 8.07.  Non-Reliance	57
	 	 
	ARTICLE IX	 
	 	 
	Miscellaneous	 
	 	 
	SECTION 9.01.  Notices	57
	SECTION 9.02.  Waivers; Amendments	59
	SECTION 9.03.  Expenses; Indemnity; Damage Waiver	60
	SECTION 9.04.  Successors and Assigns	61
	SECTION 9.05.  Survival	65
	SECTION 9.06.  Counterparts; Integration; Effectiveness; Electronic Execution	65
	SECTION 9.07.  Severability	65
	SECTION 9.08.  Right of Setoff	65
	SECTION 9.09.  Governing Law; Jurisdiction; Consent to Service of Process	66
	SECTION 9.10.  WAIVER OF JURY TRIAL; JUDICIAL REFERENCE PROVISION	66
	SECTION 9.11.  Headings	68
	SECTION 9.12.  Confidentiality	68
	SECTION 9.13.  Material Non-Public Information	68
	SECTION 9.14.  Authorization to Distribute Certain Materials to Public-Siders	69
	SECTION 9.15.  Interest Rate Limitation	69
	SECTION 9.16.  USA PATRIOT Act	69

 

    	3

    	 

    

 

SCHEDULES:

 

Schedule 2.01 — Commitments

Schedule 3.06 — Disclosed Matters

Schedule 6.01 — Existing Indebtedness

Schedule 6.02 — Existing Liens

Schedule 6.08 — Existing Restrictions

Schedule I — Investment Policy

 

EXHIBITS:

 

Exhibit A — Form of Assignment and Assumption

Exhibit B – Form of Compliance Certificate

Exhibit C-1 — U.S. Tax Certificate (For Non-U.S. Lenders that
are not Partnerships for U.S. Federal Income Tax Purposes

Exhibit C-2 — U.S. Tax Certificate (For Non-U.S. Lenders that
are Partnerships for U.S. Federal Income Tax Purposes

Exhibit C-3 — U.S. Tax Certificate (For Non-U.S. Participants
that are not Partnerships for U.S. Federal Income Tax Purposes

Exhibit C-4 — U.S. Tax Certificate (For Non-U.S. Participants
that are Partnerships for U.S. Federal Income Tax Purposes

 

    	4

    	 

    

 

CREDIT AGREEMENT (this
“Agreement”) dated as of November 19, 2013, by and among ELECTRO RENT CORPORATION, a California corporation
(“Borrower”), the lenders identified on the signature pages hereof (each of such lenders, together with
its successors and assigns, is referred to hereinafter as a “Lender”, as that term is hereinafter further
defined), JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its
successors and assigns in such capacity, the “Administrative Agent”), and J.P. Morgan Securities LLC,
as sole bookrunner and sole lead arranger.

 

The parties hereto
agree as follows:

 

ARTICLE
I

 

Definitions

 

SECTION 1.01. Defined
Terms. As used in this Agreement, the following terms have the meanings specified below:

 

“Acquired
Indebtedness” means Indebtedness of a Person whose assets or Equity Interests are acquired by Borrower or any of
its Subsidiaries in a Permitted Acquisition; provided, that such Indebtedness (a) is either purchase money Indebtedness or Capital
Lease Obligations with respect to equipment or mortgage financing with respect to real property, (b) was in existence prior to
the date of such Permitted Acquisition, and (c) was not incurred in connection with, or in contemplation of, such Permitted Acquisition.

 

“Acquisition”
means (a) the purchase or other acquisition by a Person or its Subsidiaries of all or substantially all of the assets of (or
any division or business line of) any other Person, or (b) the purchase or other acquisition (whether
by means of a merger, consolidation, or otherwise) by a Person or its Subsidiaries of all or substantially all of the Equity Interests
of any other Person.

 

“Act”
has the meaning assigned to such term in Section 9.16.

 

“Adjusted
LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period or for any CBFR Borrowing, an
interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest
Period multiplied by (b) the Statutory Reserve Rate.

 

“Adjusted
One Month LIBOR Rate” means, for any day, an interest rate per annum equal to the sum of (a) 2.50% plus (b)
the Adjusted LIBO Rate for a one month interest period on such day (or if such day is not a Business Day, the immediately preceding
Business Day); provided, that for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate
appearing on pages LIBOR01 or LIBOR02 of the Reuters screen (or on any successor or substitute page) at approximately 11:00 a.m.
London time on such day (without any rounding).

 

“Administrative
Agent” means JPMorgan Chase Bank, National Association, in its capacity as administrative agent for the Lenders hereunder
and together with its successors and assigns in such capacity.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by Administrative Agent.

   

    	5

    	 

    

  

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

 

“Agent
Party” has the meaning assigned to such term in Section 9.01(d).

 

“Aggregate
Revolving Credit Exposure” means, at any time, the aggregate Revolving Credit Exposure of all the Lenders.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to Borrower
or its Affiliates from time to time concerning or relating to bribery or corruption.

 

“Applicable
Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s
Commitment; provided, that in the case of Section 2.20 when a Defaulting Lender shall exist, “Applicable
Percentage” shall mean the percentage of the total Commitments (disregarding any Defaulting Lender’s Commitment)
represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall
be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any Lender’s status
as a Defaulting Lender at the time of determination.

 

“Applicable
Commitment Fee Rate” means, for any day, a rate per annum equal to (a) if the Average Revolver Usage is less than
or equal to $8,000,000, 0.10 percentage points, (b) if the Average Revolver Usage is greater than $8,000,000, none; provided,
that at any time after the aggregate amount of the Lenders’ Commitments have been increased pursuant to Section 2.09(d),
“Applicable Commitment Fee Rate” shall mean, (i) if the Average Revolver Usage is less than or equal
to 30% of the aggregate Commitments, 0.25 percentage points, and (ii) if the Average Revolver Usage is greater than 30% of the
aggregate Commitments, none, in each case, taking into account the amount of any increase in the total Commitments made pursuant
to Section 2.09(d).

 

“Applicable
Rate” means, for any day, a rate per annum equal to (a) 2.00 percentage points with respect to CBFR Loans, and (b)
0.75 percentage points with respect to Eurodollar Loans.

 

“Approved
Fund” has the meaning assigned to such term in Section 9.04(b).

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 9.04), and accepted by Administrative Agent, in the form of Exhibit
A or any other form approved by Administrative Agent.

 

“Availability
Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date
and the date of termination of the Commitments.

 

“Available
Revolving Commitment” means, at any time, the aggregate Commitments then in effect minus the Aggregate
Revolving Credit Exposure (calculated, with respect to any Defaulting Lender, as if such Defaulting
Lender had funded its Applicable Percentage of all outstanding Borrowings).

 

“Average
Revolver Usage” means, with respect to any period, the sum of the aggregate amount of, as of any date of determination
(a) the amount of outstanding Revolving Loans (inclusive of Swingline Loans) plus (b) the aggregate undrawn amount of all
outstanding Letters of Credit, for each Business Day in such period (calculated as of the end of each respective Business Day)
divided by the number of Business Days in such period.

   

    	6

    	 

    

  

“Bankruptcy
Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy
or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors
or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination
of Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in,
any such proceeding or appointment; provided, that a Bankruptcy Event shall not result solely by virtue of any ownership interest,
or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof so long as
such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United
States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority
or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

 

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

 

“Borrower”
means Electro Rent Corporation, a California corporation.

 

“Borrower
Competitor” means any Person which is a direct competitor of Borrower or its Subsidiaries if, at the time of a proposed
assignment, Administrative Agent and the assigning Lender have actual knowledge that such Person is a direct competitor of Borrower
or its Subsidiaries; provided, that in connection with any assignment or participation, the assignee or Participant with
respect to such proposed assignment or participation that is an investment bank, a commercial bank, a finance company, a fund,
or other Person which merely has an economic interest in any such direct competitor, and is not itself such a direct competitor
of Borrower or its Subsidiaries, shall not be deemed to be a direct competitor for the purposes of this definition.

 

“Borrowing”
means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans,
as to which a single Interest Period is in effect, or (b) a Swingline Loan.

 

“Borrowing
Request” means a request by Borrower for a Revolving Borrowing in accordance with Section 2.03.

 

“Business
Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City or
Los Angeles, California are authorized or required by law to remain closed; provided, that when used in connection with
a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar
deposits in the London interbank market.

 

“Capital
Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are
required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such
obligations shall be the capitalized amount thereof determined in accordance with GAAP.

 

“CB Floating
Rate” means the Prime Rate; provided, that the CB Floating Rate shall never be
less than the Adjusted One Month LIBOR Rate on such day (or if such day is not a Business Day, the immediately preceding Business
Day). Any change in the CB Floating Rate due to a change in the Prime Rate or the Adjusted One Month LIBOR Rate shall be effective
from and including the effective date of such change in the Prime Rate or the Adjusted One Month LIBOR Rate, respectively.

   

    	7

    	 

    

  

“CBFR”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest
at a rate determined by reference to the CB Floating Rate.

 

“Change
in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any
Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission
thereunder as in effect on the date hereof), of Equity Interests representing more than 40% of the aggregate ordinary voting power
represented by the issued and outstanding Equity Interests of Borrower, or (b) the occupation of a majority of the seats (other
than vacant seats) on the Board of Borrower by Persons who were neither (i) nominated by the Board of Borrower nor (ii) appointed
by directors so nominated.

 

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

 

“Charges”
has the meaning assigned to such term in Section 9.15.

 

“Class”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving
Loans or Swingline Loans.

 

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

 

“Commitment”
means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters
of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s
Revolving Credit Exposure hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.09,
and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04.
The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption
pursuant to which such Lender shall have assumed its Commitment, as applicable. The initial aggregate amount of the Lenders’
Commitments is $25,000,000.

 

“Communications”
has the meaning assigned to such term in Section 9.01(d).

 

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

 

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

 

“Compliance
Certificate” means a certificate of a Financial Officer of Borrower substantially in the form of Exhibit B
hereto.

  

    	8

    	 

    

  

“Credit
Party” means Administrative Agent, Issuing Bank, Swingline Lender or any other Lender.

 

“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured
or waived, become an Event of Default.

 

“Defaulting
Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid,
to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans, or
(iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above,
such Lender notifies Administrative Agent in writing that such failure is the result of such Lender’s good faith determination
that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied,
(b) has notified Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend
or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates
that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified
and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other
agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party or
Borrower, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply
with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding
Letters of Credit and Swingline Loans under this Agreement; provided, that such Lender shall cease to be a Defaulting Lender pursuant
to this clause (c) upon such Credit Party’s or Borrower’s, as applicable, receipt of such certification in form and
substance satisfactory to it and Administrative Agent, or (d) has become the subject of a Bankruptcy Event.

 

“Disclosed
Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.

 

“dollars”
or “$” refers to lawful money of the United States of America.

 

“EBITDA”
means, for any period, Net Income for such period plus (a) without duplication and to the extent deducted in determining
Net Income for such period, the sum of (i) Interest Expense for such period, (ii) income tax expense for such period net of tax
refunds, (iii) all amounts attributable to depreciation and amortization expense for such period, (iv) any extraordinary charges
for such period, and (v) any other non-cash charges for such period (but excluding any non-cash charge in respect of an item that
was included in Net Income in a prior period), minus (b) without duplication and to the extent included in Net Income, (i)
any cash payments made during such period in respect of non-cash charges described in clause (a)(v) taken in a prior period, and
(ii) any extraordinary gains and any non-cash items of income for such period, all calculated for Borrower and its Subsidiaries
on a consolidated basis in accordance with GAAP.

 

“Effective
Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance
with Section 9.02).

 

“Electronic
Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record
and adopted by a person with the intent to sign, authenticate or accept such contract or record.

 

“Electronic
System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar® and any other
Internet or extranet-based site, whether such electronic system is owned, operated or hosted by Administrative Agent and Issuing
Bank and any of their respective Related Persons or any other Person, providing for access to data protected by passcodes or other
security system.

   

    	9

    	 

    

  

“Environmental
Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or
binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation
or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety
matters.

 

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

 

“Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling
the holder thereof to purchase or acquire any such equity interest.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) that, together with Borrower, is treated as
a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412
of the Code, is treated as a single employer under Section 414 of the Code.

 

“ERISA
Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations
issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived), (b) the existence
with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302
of ERISA), whether or not waived, (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA
of an application for a waiver of the minimum funding standard with respect to any Plan, (d) the incurrence by Borrower or
any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan, (e) the
receipt by Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate
any Plan or Plans or to appoint a trustee to administer any Plan, (f) the incurrence by Borrower or any of its ERISA Affiliates
of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan, or (g) the receipt
by Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from Borrower or any ERISA Affiliate
of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected
to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

 

“Eurodollar”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Adjusted LIBO Rate.

 

“Event
of Default” has the meaning assigned to such term in Article VII.

  

    	10

    	 

    

  

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment
(other than pursuant to an assignment request by Borrower under Section 2.19(b)), or
(ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with
respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable
interest in a Loan or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to
such Recipient’s failure to comply with Section 2.17(f), and (d) any U.S. Federal withholding
Taxes imposed under FATCA.

 

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

 

“Federal
Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100
of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds
brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for
such day for such transactions received by Administrative Agent from three Federal funds brokers of recognized standing selected
by it.

 

“Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or controller of Borrower.

 

“Financial
Statements” means the financial statements to be furnished pursuant to Sections 5.01(a) and (b).

 

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

 

“GAAP”
means generally accepted accounting principles in the United States of America.

 

“Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or
indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation
or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or
lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment
thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary
obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (d) as an account party in respect
of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term
Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.

  

    	11

    	 

    

 

“Guarantors”
means (a) each domestic Material Subsidiary of Borrower as of the Effective Date, and (b) each other domestic Material Subsidiary
that becomes a guarantor after the Effective Date pursuant to Section 5.12 of this Agreement.

 

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental
Law.

 

“Holdout
Lender” has the meaning assigned to such term in Section 9.02(c).

 

“Immaterial
Subsidiary” means any Subsidiary of Borrower other than a Material Subsidiary.

 

“Impacted
Interest Period” has the meaning assigned to such term in the definition of “LIBO Rate”.

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits
or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations
of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in
the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether
or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all
Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party
in respect of letters of credit and letters of guaranty, and (j) all obligations, contingent or otherwise, of such Person
in respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity (including
any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that
such Person is not liable therefor.

 

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

 

“Ineligible
Institution” has the meaning assigned to such term in Section 9.04(b).

 

“Intangible
Assets” means the aggregate amount of: (a) all assets classified as intangible assets
under GAAP, including, without limitation, goodwill, trademarks, patents, copyrights, organization expenses, franchises, licenses,
trade names, brand names, mailing lists, catalogs, excess of cost over book value of assets acquired, and bond discount and underwriting
expenses, and (b) loans or advances to, investments in, or receivables from any Affiliate of Borrower or any officer, shareholder,
or director of Borrower.

  

    	12

    	 

    

  

“Intercompany
Subordination Agreement” means the intercompany subordination agreement, dated as of even date herewith, executed
and delivered by Borrower, each of its Subsidiaries, and Administrative Agent, the form and substance of which is reasonably satisfactory
to Administrative Agent.

 

“Interest
Election Request” means a request by Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08.

 

“Interest
Expense” means, with reference to any period, total interest expense (including that attributable to Capital Lease
Obligations) of Borrower and its Subsidiaries for such period with respect to all outstanding Indebtedness of Borrower and its
Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’
acceptances and net costs under Swap Agreements in respect of interest rates, to the extent such net costs are allocable to such
period in accordance with GAAP), calculated for Borrower and its Subsidiaries on a consolidated basis for such period in accordance
with GAAP.

 

“Interest
Payment Date” means (a) with respect to any CBFR Loan (other than a Swingline Loan), the last day of each
calendar quarter, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing
of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’
duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after
the first day of such Interest Period, (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid,
and (d) the Maturity Date.

 

“Interest
Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending
on the numerically corresponding day in the calendar month that is 1, 2, or 3 months thereafter, as Borrower may elect; provided,
that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the
next succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in
the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (b) any Interest
Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day
of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on
which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing.

 

“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded upward to four decimal places) determined
by Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that
results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period (for which the LIBO Screen
Rate is available) that is shorter than the Impacted Interest Period, and (b) the LIBO Screen Rate for the shortest period (for
which the LIBO Screen Rate is available) that exceeds the Impacted Interest Period, in each case, at such time. When determining
the rate for a period which is less than the shortest period for which the LIBO Screen Rate is available, the LIBO Screen Rate
for purposes of clause (a) above shall be deemed to be the overnight screen rate where “overnight screen rate” means
the overnight rate determined by Administrative Agent from such service as Administrative Agent may select.

 

    	13

    	 

    

 

“IRS”
means the United States Internal Revenue Service.

 

“Issuing
Bank” means JPMorgan Chase Bank, National Association, in its capacity as the issuer of Letters of Credit hereunder,
and its successors in such capacity as provided in Section 2.06(i). Issuing Bank may, in its discretion, arrange for
one or more Letters of Credit to be issued by Affiliates of Issuing Bank, in which case the term “Issuing Bank” shall
include any such Affiliate with respect to Letters of Credit issued by such Affiliate.

 

“LC Disbursement”
means a payment made by Issuing Bank pursuant to a Letter of Credit.

 

“LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus
(b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of Borrower at such time.
The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.

 

“Lender
Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Lenders”
means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment
and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the
context otherwise requires, the term “Lenders” includes Swingline Lender and Issuing Bank.

 

“Letter
of Credit” means any letter of credit issued pursuant to this Agreement.

 

“LIBO Rate”
means, with respect to any Eurodollar Borrowing for any applicable Interest Period, the London interbank offered rate administered
by the British Bankers Association (or any other Person that takes over the administration of such rate for Dollars) for a period
equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate
does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on
the appropriate page of such other information service that publishes such rate as shall be selected by Administrative Agent from
time to time in its reasonable discretion (the “LIBO Screen Rate”) at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period; provided, that if the LIBO Screen Rate shall
not be available at such time for a period equal in length to such Interest Period (an “Impacted Interest Period”),
then the LIBO Rate shall be the Interpolated Rate at such time, subject to Section 2.14 in the event that Administrative
Agent shall conclude that it shall not be possible to determine such Interpolated Rate (which conclusion shall be conclusive and
binding absent manifest error). Notwithstanding the above, to the extent that “LIBO Rate” or “Adjusted LIBO Rate”
is used in connection with a CBFR Borrowing, such rate shall be determined as modified by the definition of Adjusted One Month
LIBOR Rate.

 

“LIBO Screen
Rate” has the meaning assigned to such term in the definition of “LIBO Rate”.

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset, and (c) in the case of securities, any purchase option, call or similar right of a third party with respect
to such securities.

   

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“Loan Documents”
means this Agreement, including without limitation, schedules and exhibits hereto) and any agreements entered into in connection
herewith, including, the Letters of Credit, the Subsidiary Guaranties, the Intercompany Subordination Agreement, any note or notes
executed by Borrower and payable to Administrative Agent or any Lender, any Letter of Credit application, and amendments, restatements,
modifications or supplements of any one or more of the foregoing or waivers in connection with any one or more of the foregoing.

 

“Loan Parties”
means Borrower and each Guarantor.

 

“Loans”
means the loans made by the Lenders to Borrower pursuant to this Agreement.

 

“Loan Sweep
Agreement” means that certain Treasury Services End of Day Investment and Loan Sweep Service Terms, entered into
on or after the Effective Date, by and between Borrower and JPMorgan Chase Bank, N.A.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, operations, or financial condition
of Borrower and its Subsidiaries taken as a whole, (b) the ability of Borrower to perform any of its material obligations
under this Agreement and the other Loan Documents, or (c) the rights of or remedies available to the Lenders under this Agreement
and the other Loan Documents

 

“Material
Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or
more Swap Agreements, of any one or more of Borrower and its Subsidiaries in an aggregate principal amount exceeding $5,000,000.
For purposes of determining Material Indebtedness, the “principal amount” of the obligations of Borrower or any Subsidiary
in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that
Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

 

“Material
Subsidiaries” means any Subsidiary of Borrower that: (a) has a Tangible Net Worth of not less than 10% of the consolidated
Tangible Net Worth of Borrower and its Subsidiaries, (b) has a consolidated Net Income of not less than 10% of the consolidated
Net Income of Borrower and its Subsidiaries (in each case, calculated without deduction of any Taxes owed on such amount), or
(c) the sale of all or substantially all of the assets of such Subsidiary (including the Equity Interests of such Subsidiary) by
Borrower could reasonably be expected to have a Material Adverse Effect.

 

“Maturity
Date” means November 18, 2016.

 

“Maximum
Rate” has the meaning assigned to such term in Section 9.15.

 

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

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

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

   

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

 

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

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).

 

“Participant”
has the meaning assigned to such term in Section 9.04.

 

“Participant
Register” has the meaning assigned to such term in Section 9.04(c).

 

“Parties”
means Borrower or any of its Affiliates.

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

“Permitted
Acquisition” means any Acquisition so long as: 

 

(a)          no
Event of Default shall have occurred and be continuing or would result from the consummation of the proposed Acquisition and the
proposed Acquisition is consensual;

 

(b)          no
Indebtedness will be incurred, assumed, or would exist with respect to Borrower or its Subsidiaries as a result of such Acquisition,
other than Indebtedness permitted pursuant to the terms of this Agreement and no Liens will be incurred, assumed, or would exist
with respect to the assets of Borrower or its Subsidiaries as a result of such Acquisition other than Liens permitted pursuant
to the terms of this Agreement;

 

(c)          except
with respect to Acquisitions for which the purchase consideration (including deferred payment obligations but excluding transaction
costs and expenses) (i) is $10,000,000 or less, or (ii) is funded with the proceeds of Loans made hereunder of no greater than
$5,000,000, or (iii) is funded solely with (or in combination with the proceeds referenced in clause (ii) of this subsection (c))
the proceeds of an issuance of Equity Interests of Borrower, or (iv) consists solely of Borrower’s Equity Interests, no later
than 10 Business Days prior to the consummation of such Acquisition, Borrower has provided Administrative Agent with written confirmation,
supported by reasonably detailed calculations, that on a pro forma basis (including pro forma adjustments arising
out of events which are directly attributable to such proposed Acquisition, are factually supportable, and are expected to have
a continuing impact, in each case, determined as if the combination had been accomplished at the beginning of the relevant period;
such eliminations and inclusions determined on a basis consistent with Article 11 of Regulation S-X promulgated under the Securities
Act and as interpreted by the staff of the SEC) created by adding the historical combined financial statements of Borrower and
its Subsidiaries (including the combined financial statements of any other Person or assets that were the subject of a prior Permitted
Acquisition during the relevant period) to the historical consolidated financial statements of the Person to be acquired (or the
historical financial statements related to the assets to be acquired) pursuant to the proposed Acquisition, Borrower and its Subsidiaries
(i) would have been in compliance with the financial covenants in Section 6.11 of this Agreement for the four fiscal
quarter period ended immediately prior to the proposed date of consummation of such proposed Acquisition, and (ii) are projected
to be in compliance with the financial covenants in Section 6.11 of the Agreement for the four fiscal quarter period ended
one year after the proposed date of consummation of such proposed Acquisition,

   

    	16

    	 

    

  

(d)          Borrower
has provided Administrative Agent with written notice of the proposed Acquisition at least five Business Days prior to the anticipated
closing date of the proposed Acquisition and, not later than five Business Days prior to the anticipated closing date of the proposed
Acquisition, copies of the acquisition agreement and other material documents relative to the proposed Acquisition;

 

(e)          the
assets being acquired (other than assets the value of which does not exceed $5,000,000), or the Person whose Equity Interests are
being acquired, are useful in or engaged in, as applicable, the business of Borrower and its Subsidiaries or a business reasonably
related thereto; Borrower or the applicable Loan Party shall have complied with Section 5.12 of this Agreement, as applicable,
and

 

(f)   the
purchase consideration payable in respect of all Permitted Acquisitions (including the proposed Acquisition and including deferred
payment obligations but excluding transaction costs and expenses) shall not exceed $25,000,000 in the aggregate.

 

“Permitted
Encumbrances” means:

 

(a)   Liens
imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.04;

 

(b)   carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in
the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance
with Section 5.04;

 

(c)   pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations;

 

(d)   deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and
other obligations of a like nature, in each case in the ordinary course of business;

 

(e)   judgment
liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; and

 

(f)   easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of
business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere
with the ordinary conduct of business of Borrower or any Subsidiary;

 

provided, that the term “Permitted
Encumbrances” shall not include any Lien securing Indebtedness.

   

    	17

    	 

    

  

“Permitted
Intercompany Advances” means loans made by (a) a Loan Party to another Loan Party, (b) a Subsidiary of Borrower that
is not a Loan Party to another Subsidiary of Borrower that is not a Loan Party, (c) a Subsidiary of Borrower that is not a Loan
Party to a Loan Party, so long as the parties thereto are party to the Intercompany Subordination Agreement, and (d) a Loan Party
to a Subsidiary of Borrower that is not a Loan Party so long as (i) the aggregate amount of all such loans (by type, not by the
borrower) at any one time outstanding, together with the amount of equity investments referenced in Section 6.04(d)(ii)
that are made during the term of this Agreement, does not exceed $25,000,000, and (ii) at the time of the making of such loan,
no Event of Default has occurred and is continuing or would result therefrom.

 

“Permitted
Investments” means:

 

(a)   direct
obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States
of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States
of America), in each case maturing within one year from the date of acquisition thereof;

 

(b)   investments
in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the
highest credit rating obtainable from S&P or from Moody’s;

 

(c)   investments
in certificates of deposit, banker’s acceptances and time deposits maturing within 1 year from the date of acquisition thereof
issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial
bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus
and undivided profits of not less than $500,000,000;

 

(d)   fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered
into with a financial institution satisfying the criteria described in clause (c) above;

 

(e)   money
market funds that (i) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment
Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s, and (iii) have portfolio assets of at least
$5,000,000,000; and

 

(f)   other
investments that are permitted under Borrower’s Investment Policy dated May 4, 2009 that is attached hereto as Schedule I
and any modifications to such policy made after the Closing Date that are approved by Administrative Agent.

 

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

 

“Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA, and in respect of which Borrower or any ERISA Affiliate is (or, if such
plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5)
of ERISA.

 

“Prime
Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, National
Association as its prime rate in effect at its office located at 270 Park Avenue, New York, New York; each change in the Prime
Rate shall be effective from and including the date such change is publicly announced as being effective.

 

“Public-Sider”
means any representative of a Lender that does not want to receive material non-public information with the meaning of the federal
and state securities laws.

   

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

 

“Register”
has the meaning assigned to such term in Section 9.04.

 

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

 

“Replacement
Lender” has the meaning assigned to such term in Section 9.02(c).

 

“Required
Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing at least
50.1% of the sum of the total Revolving Credit Exposures and unused Commitments at such time; provided, that (a) for the
purpose of determining the Required Lenders needed for any waiver, amendment, modification or consent, any Lender that is Borrower,
or any Affiliate of Borrower shall be disregarded, and (b) at any time there are two or more Lenders, “Required Lenders”
must include at least two Lenders (who are not Affiliates of one another).

 

“Requirement
of Law” means, with respect to any Person, (a) the charter, articles or certificate of organization or incorporation
and bylaws or other organizational or governing documents of such Person, and (b) any statute, law (including common law), treaty,
rule, regulation, code, ordinance, order, decree, writ, judgment, injunction or determination of any arbitrator or court or other
Governmental Authority (including Environmental Laws), in each case, applicable to or binding upon such Person or any of its property
or to which such Person or any of its property is subject.

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interests in Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of
any such Equity Interests in Borrower or any option, warrant or other right to acquire any such Equity Interests in Borrower.

 

“Revolving
Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such
Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time.

 

“Revolving
Loan” means a Loan made pursuant to Section 2.03.

 

“S&P”
means Standard & Poor’s.

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government,
including those administered by OFAC or the U.S. Department of State.

 

“Sanctioned
Country” means, at any time, a country or territory which is the subject or target of any Sanctions.

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained
by OFAC, the U.S. Department of State, (b) any Person operating, organized or resident in a Sanctioned
Country, or (c) any Person controlled by any such Person.

 

“SEC”
means the Securities and Exchange Commission of the United State of America.

   

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“Secured
Indebtedness” means Indebtedness secured by a Lien on assets of any one or more of the Loan Parties or their
Subsidiaries.

 

“Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency
or supplemental reserves) established by the Board to which Administrative Agent is subject with respect to the Adjusted LIBO
Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board).
Such reserve percentages shall include those imposed pursuant to such Regulation D of the Board. Eurodollar Loans shall be
deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under such Regulation D of the Board or any comparable
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve
percentage.

 

“subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company,
partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s
consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as
any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other
ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a
partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that
is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or
more subsidiaries of the parent.

 

“Subsidiary”
means any subsidiary of Borrower.

 

“Subsidiary
Guaranties” means those guarantees, executed and delivered by each Guarantor in favor of Administrative Agent, for
the benefit of itself and the Lenders, the form and substance of which is reasonably satisfactory to Administrative Agent.

 

“Swap Agreement”
means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving,
or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination
of these transactions.

 

“Swingline
Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The
Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time.

 

“Swingline
Lender” means JPMorgan Chase Bank, National Association, in its capacity as lender of Swingline Loans hereunder.

 

“Swingline
Loan” means a Loan made pursuant to Section 2.05.

 

“Tangible Net Worth”
means (a) total assets less (b) Intangible Assets, less (c) Total Indebtedness, plus (d) Indebtedness that
is subordinated in right of payment to the Indebtedness under the Loan Documents on terms satisfactory to Administrative Agent.

  

    	20

    	 

    

  

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

 

“Total
Indebtedness” means, at any date, the aggregate principal amount of all Indebtedness determined in accordance with
GAAP.

 

“Transactions”
means the execution, delivery and performance by Borrower of this Agreement, the borrowing of Loans, the use of the proceeds thereof
and the issuance of Letters of Credit hereunder.

 

“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising
such Borrowing, is determined by reference to the Adjusted LIBO Rate or the CB Floating Rate.

 

“Unsecured
Indebtedness” means Indebtedness that is not secured by a Lien on any assets of any one or more of the Loan
Parties or their Subsidiaries.

 

“U.S. Person”
means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S. Tax
Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

 

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

SECTION 1.02. Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g.,
a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or
by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified
and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g.,
a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving
Borrowing”).

 

SECTION 1.03. Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall
be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof”, and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in
its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules
shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, and (e) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

   

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SECTION 1.04. Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed
in accordance with GAAP, as in effect from time to time in the United States of America; provided, that if Borrower notifies
Administrative Agent that Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring
after the date hereof in GAAP or in the application thereof on the operation of such provision (or if Administrative Agent notifies
Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such
notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on
the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have
been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms
of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein
shall be made, without giving effect to any election under Financial Accounting Standards Board Accounting Standards Codification
825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities
of Holdings, Borrower or any Subsidiary at “fair value”, as defined therein.

 

ARTICLE
II

The Credits

 

SECTION 2.01. Commitments.
Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans to Borrower from time to time
during the Availability Period in an aggregate principal amount that will not result in such Lender’s Revolving Credit
Exposure exceeding such Lender’s Commitment. Within the foregoing limits and subject to the terms and conditions set forth
herein, Borrower may borrow, prepay and reborrow Revolving Loans.

 

SECTION 2.02. Loans
and Borrowings.

 

(a)   Each
Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with
their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other
Lender of its obligations hereunder.

 

(b)   Subject
to Section 2.14, each Revolving Borrowing shall be comprised entirely of CBFR Loans or Eurodollar Loans as Borrower
may request in accordance herewith. Each Swingline Loan shall be a CBFR Loan. Each Lender at its option may make any Eurodollar
Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided, that any exercise
of such option shall not affect the obligation of Borrower to repay such Loan in accordance with the terms of this Agreement.

 

(c)   At
the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of $100,000 and not less than $100,000. Each Swingline Loan shall be in an amount that is an integral
multiple of $100,000 and not less than $100,000. Borrowings of more than one Type and Class may be outstanding at the same time;
provided, that there shall not at any time be more than a total of 5 Eurodollar Revolving Borrowings outstanding.

 

(d)   Notwithstanding
any other provision of this Agreement, Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing
if the Interest Period requested with respect thereto would end after the Maturity Date.

  

    	22

    	 

    

  

SECTION 2.03. Requests
for Revolving Borrowings. To request a Revolving Borrowing, Borrower shall notify Administrative Agent of such request by telephone
(a) in the case of a Eurodollar Borrowing, not later than 12:00 noon, New York City time, three Business Days before
the date of the proposed Borrowing, or (b) in the case of a CBFR Borrowing, not later than 12:00 noon, New York City
time, one Business Day before the date of the proposed Borrowing; provided, that any such notice of a CBFR Revolving Borrowing
to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than 12:00
noon, New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable
and shall be confirmed promptly by hand delivery or telecopy to Administrative Agent of a written Borrowing Request in a form approved
by Administrative Agent and signed by Borrower. Each such telephonic and written Borrowing Request shall specify the following
information in compliance with Section 2.02:

 

(i)          the
aggregate amount of the requested Borrowing;

 

(ii)         the
date of such Borrowing, which shall be a Business Day;

 

(iii)        whether
such Borrowing is to be a CBFR Borrowing or a Eurodollar Borrowing;

 

(iv)        in
the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of “Interest Period”; and

 

(v)         the
location and number of Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of
Section 2.07.

 

If no election as to the Type of Revolving
Borrowing is specified, then the requested Revolving Borrowing shall be a CBFR Borrowing. If no Interest Period is specified with
respect to any requested Eurodollar Revolving Borrowing, then Borrower shall be deemed to have selected an Interest Period of one
month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, Administrative Agent
shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested
Borrowing.

 

Notwithstanding anything in this Agreement
or any other Loan Document to the contrary, Administrative Agent is hereby authorized by Borrower and the Lenders, from time to
time, in accordance with the terms of the Loan Sweep Agreement to make Revolving Loans to, or for the benefit of Borrower, on behalf
of the Lenders. Each such Revolving Loan shall be deemed a Revolving Loan hereunder and shall be repayable in accordance with the
terms of this Agreement to the same extent as all other Revolving Loans. No such Loans shall be eligible to be a Eurodollar Borrowing.
Rather, such Revolving Loans shall bear interest at the rate applicable from time to time to Revolving Loans that are CBFR Revolving
Loans. Prior to settlement among the Lenders therefor, all payments on such Revolving Loans shall be payable to Agent solely for
its own account. Each such Revolving Loan shall be a Swingline Loan and shall be subject to the settlement provisions in Section
2.05(c). Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice by Administrative Agent pursuant
to Section 2.05(c), to pay to Administrative Agent, for the account of Swingline Lender, such Lender’s Applicable
Percentage of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in
such Swingline Loans pursuant to this clause is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment
shall be made without any offset, abatement, withholding or reduction whatsoever.

 

SECTION 2.04. [Intentionally Omitted].

 

SECTION 2.05. Swingline Loans.

  

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(a)   Subject
to the terms and conditions set forth herein, Swingline Lender agrees to make Swingline Loans to Borrower from time to time during
the Availability Period, in an aggregate principal amount at any time outstanding that will not result in the aggregate principal
amount of outstanding Swingline Loans exceeding $5,000,000; provided, that Swingline Lender shall not be required to make
a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions
set forth herein, Borrower may borrow, prepay and reborrow Swingline Loans.

 

(b)   To
request a Swingline Loan, Borrower shall notify Administrative Agent of such request by telephone (confirmed by telecopy), not
later than 12:00 noon, New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable
and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. Administrative
Agent will promptly advise Swingline Lender of any such notice received from Borrower. Swingline Lender shall make each Swingline
Loan available to Borrower by means of a credit to the general deposit account of Borrower with Swingline Lender (or, in the case
of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance
to Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan.

 

(c)   Swingline
Lender may by written notice given to Administrative Agent not later than 10:00 a.m., New York City time, on any Business
Day require the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding.
Such notice shall specify the aggregate amount of Swingline Loans in which Lenders will participate. Promptly upon receipt of such
notice, Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender’s Applicable
Percentage of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as
provided above, to pay to Administrative Agent, for the account of Swingline Lender, such Lender’s Applicable Percentage
of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline
Loans pursuant to this clause is absolute and unconditional and shall not be affected by any circumstance whatsoever, including
the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be
made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this
clause by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect
to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations
of the Lenders), and Administrative Agent shall promptly pay to Swingline Lender the amounts so received by it from the Lenders.
Administrative Agent shall notify Borrower of any participation in any Swingline Loan acquired pursuant to this paragraph, and
thereafter payments in respect of such Swingline Loan shall be made to Administrative Agent and not to Swingline Lender. Any amounts
received by Swingline Lender from Borrower (or other party on behalf of Borrower) in respect of a Swingline Loan after receipt
by Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to Administrative Agent; any
such amounts received by Administrative Agent shall be promptly remitted by Administrative Agent to the Lenders that shall have
made their payments pursuant to this clause and to Swingline Lender, as their interests may appear; provided, that
any such payment so remitted shall be repaid to Swingline Lender or to Administrative Agent, as applicable, if and to the extent
such payment is required to be refunded to Borrower for any reason. The purchase of participations in a Swingline Loan pursuant
to this clause shall not relieve Borrower of any default in the payment thereof.

 

SECTION 2.06. Letters of Credit.

 

(a)   General.
Subject to the terms and conditions set forth herein, Borrower may request the issuance of Letters of Credit as the applicant thereof
for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable to Administrative Agent and Issuing
Bank, at any time and from time to time during the Availability Period. In the event of any inconsistency between the terms and
conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted
by Borrower to, or entered into by Borrower with, Issuing Bank relating to any Letter of Credit, the terms and conditions of this
Agreement shall control.

  

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(b)   Notice
of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment,
renewal or extension of an outstanding Letter of Credit), Borrower shall hand deliver or telecopy (or transmit by electronic communication,
if arrangements for doing so have been approved by Issuing Bank) to Issuing Bank and Administrative Agent (reasonably in advance
of the requested date of issuance, amendment, renewal or extension, but in any event no less than three Business Days) a notice
requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying
the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit
is to expire (which shall comply with clause (c) of this Section), the amount of such Letter of Credit, the name and address of
the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit.
If requested by Issuing Bank, Borrower also shall submit a letter of credit application on Issuing Bank’s standard form in
connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and
upon issuance, amendment, renewal or extension of each Letter of Credit Borrower shall be deemed to represent and warrant that),
after giving effect to such issuance, amendment, renewal or extension the LC Exposure shall not exceed $5,000,000.

 

(c)   Expiration
Date. Each Letter of Credit shall expire (or be subject to termination by notice from Issuing Bank to the beneficiary thereof)
at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter
of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension), and (ii) unless
such Letter of Credit is cash collateralized as provided in Section 2.06(j), the date that is five Business Days prior to
the Maturity Date.

 

(d)   Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further
action on the part of Issuing Bank or the Lenders, Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from
Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount
available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely
and unconditionally agrees to pay to Administrative Agent, for the account of Issuing Bank, such Lender’s Applicable Percentage
of each LC Disbursement made by Issuing Bank and not reimbursed by Borrower on the date due as provided in clause (e) of this Section,
or of any reimbursement payment required to be refunded to Borrower for any reason. Each Lender acknowledges and agrees that its
obligation to acquire participations pursuant to this clause  in respect of Letters of Credit is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit
or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall
be made without any offset, abatement, withholding or reduction whatsoever.

  

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(e)   Reimbursement.
If Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, Borrower shall reimburse such LC Disbursement
by paying to Administrative Agent an amount equal to such LC Disbursement not later than 2:00 p.m., New York City time, on
the date that such LC Disbursement is made, if Borrower shall have received notice of such LC Disbursement prior to 12:00 noon,
New York City time, on such date, or, if such notice has not been received by Borrower prior to such time on such date, then
not later than 2:00 p.m., New York City time, on (i) the Business Day that Borrower receives such notice, if such notice
is received prior to 12:00 noon, New York City time, on the day of receipt, or (ii) the Business Day immediately following
the day that Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided
that, if such LC Disbursement is not less than $500,000, Borrower may, subject to the conditions to borrowing set forth herein,
request in accordance with Section 2.03 or 2.05 that such payment be financed with a CBFR Revolving Borrowing or Swingline Loan
in an equivalent amount and, to the extent so financed, Borrower’s obligation to make such payment shall be discharged and
replaced by the resulting CBFR Revolving Borrowing or Swingline Loan. If Borrower fails to make such payment when due, Administrative
Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from Borrower in respect thereof and such
Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to Administrative
Agent its Applicable Percentage of the payment then due from Borrower, in the same manner as provided in Section 2.07
with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment
obligations of the Lenders), and Administrative Agent shall promptly pay to Issuing Bank the amounts so received by it from the
Lenders. Promptly following receipt by Administrative Agent of any payment from Borrower pursuant to this paragraph, Administrative
Agent shall distribute such payment to Issuing Bank or, to the extent that Lenders have made payments pursuant to this clause to
reimburse Issuing Bank, then to such Lenders and Issuing Bank as their interests may appear. Any payment made by a Lender pursuant
to this clause to reimburse Issuing Bank for any LC Disbursement (other than the funding of CBFR Revolving Loans or a
Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve Borrower of its obligation to reimburse
such LC Disbursement.

 

(f)   Obligations
Absolute. Borrower’s obligation to reimburse LC Disbursements as provided in clause (e) of this Section shall be
absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any
and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or
this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving
to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment
by Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms
of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing,
that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff
against, Borrower’s obligations hereunder. Neither Administrative Agent, the Lenders nor Issuing Bank, nor any of their Related
Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of
Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication
under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation
of technical terms or any consequence arising from causes beyond the control of Issuing Bank; provided, that the foregoing
shall not be construed to excuse Issuing Bank from liability to Borrower to the extent of any direct damages (as opposed to special,
indirect, consequential or punitive damages, claims in respect of which are hereby waived by Borrower to the extent permitted by
applicable law) suffered by Borrower that are caused by Issuing Bank’s failure to exercise care when determining whether
drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree
that, in the absence of gross negligence or willful misconduct on the part of Issuing Bank (as finally determined by a court of
competent jurisdiction), Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the
foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear
on their face to be in substantial compliance with the terms of a Letter of Credit, Issuing Bank may, in its sole discretion, either
accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information
to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the
terms of such Letter of Credit.

  

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(g)   Disbursement
Procedures. Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand
for payment under a Letter of Credit. Issuing Bank shall promptly notify Administrative Agent and Borrower by telephone (confirmed
by telecopy) of such demand for payment and whether Issuing Bank has made or will make an LC Disbursement thereunder; provided,
that any failure to give or delay in giving such notice shall not relieve Borrower of its obligation to reimburse Issuing Bank
and the Lenders with respect to any such LC Disbursement.

 

(h)   Interim
Interest. If Issuing Bank shall make any LC Disbursement, then, unless Borrower shall reimburse such LC Disbursement in full
on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date
such LC Disbursement is made to but excluding the date that Borrower reimburses such LC Disbursement, at the rate per annum
then applicable to CBFR Revolving Loans; provided, that if Borrower fails to reimburse such LC Disbursement when due
pursuant to clause (e) of this Section, then Section 2.13(d) shall apply. Interest accrued pursuant to this clause
shall be for the account of Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant
to clause (e) of this Section to reimburse Issuing Bank shall be for the account of such Lender to the extent of such payment.

 

(i)   Replacement
of Issuing Bank. Issuing Bank may be replaced at any time by written agreement among Borrower, Administrative Agent, the replaced
Issuing Bank and the successor Issuing Bank. Administrative Agent shall notify the Lenders of any such replacement of Issuing Bank.
At the time any such replacement shall become effective, Borrower shall pay all unpaid fees accrued for the account of the replaced
Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor
Issuing Bank shall have all the rights and obligations of Issuing Bank under this Agreement with respect to Letters of Credit to
be issued thereafter, and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor
or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement
of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and
obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but
shall not be required to issue additional Letters of Credit.

 

(j)   Cash
Collateralization. If (i) any Event of Default shall occur and be continuing, on the Business Day that Borrower receives notice
from Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure
representing 50.1% or more of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, or (ii)
Borrower shall request the issuance of a Letter of Credit with an expiry date subsequent to the fifth Business Day prior to the
Maturity Date, then, in the case of each of (i) and (ii), Borrower shall deposit in an account with Administrative Agent, in the
name of Administrative Agent and for the benefit of the Lenders, an amount in cash equal to (A) the LC Exposure as of such date
plus (B) any accrued and unpaid interest thereon, plus (C) 5% of the LC Exposure; provided, that the obligation
to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable,
without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to Borrower described in clause
(h) or (i) of Article VII. Such deposit shall be held by Administrative Agent as collateral for the payment and performance
of the obligations of Borrower under this Agreement. Administrative Agent shall have exclusive dominion and control, including
the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which
investments shall be made at the option and sole discretion of Administrative Agent and at Borrower’s risk and expense, such
deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in
such account shall be applied by Administrative Agent to reimburse Issuing Bank for LC Disbursements for which it has not been
reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of Borrower for
the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with
LC Exposure representing 50.1% or more of the total LC Exposure), be applied to satisfy other obligations of Borrower under this
Agreement. If Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event
of Default, such amount (to the extent not applied as aforesaid) shall be returned to Borrower within three Business Days after
all Events of Default have been cured or waived.

   

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SECTION 2.07. Funding of Borrowings.

 

(a)   Each
Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds
by 12:00 noon, New York City time, to the account of Administrative Agent most recently designated by it for such purpose
by notice to the Lenders; provided, that Swingline Loans shall be made as provided in Section 2.05. Administrative
Agent will make such Loans available to Borrower by promptly crediting the amounts so received, in like funds, to an account of
Borrower maintained with Administrative Agent in the United States of America and designated by Borrower in the applicable Borrowing
Request; provided, that (i) from the Effective Date until the date on which such account is opened, Administrative Agent
will make such Loans available to Borrower by promptly crediting the amounts so received, in like funds, to an account of Borrower
located in the United States of America with a depository bank and designated by Borrower in the applicable Borrowing Request,
(ii) CBFR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e)
shall be remitted by Administrative Agent to Issuing Bank.

 

(b)   Unless
Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will
not make available to Administrative Agent such Lender’s share of such Borrowing, Administrative Agent may assume that such
Lender has made such share available on such date in accordance with clause (a) of this Section and may, in reliance upon
such assumption, make available to Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of
the applicable Borrowing available to Administrative Agent, then the applicable Lender and Borrower severally agree to pay to Administrative
Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount
is made available to Borrower to but excluding the date of payment to Administrative Agent, at (i) in the case of such Lender,
the greater of the Federal Funds Effective Rate and a rate determined by Administrative Agent in accordance with banking industry
rules on interbank compensation, or (ii) in the case of Borrower, the interest rate applicable to CBFR Loans. If such
Lender pays such amount to Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.

 

SECTION 2.08. Interest Elections.

 

(a)   Each
Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar
Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, Borrower may elect
to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Revolving Borrowing,
may elect Interest Periods therefor, all as provided in this Section. Borrower may elect different options with respect to different
portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans
comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall
not apply to Swingline Borrowings, which may not be converted or continued.

 

(b)   To
make an election pursuant to this Section, Borrower shall notify Administrative Agent of such election by telephone by the time
that a Borrowing Request would be required under Section 2.03 if Borrower were requesting a Revolving Borrowing of
the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election
Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to Administrative Agent of a written
Interest Election Request in a form approved by Administrative Agent and signed by Borrower.

  

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(c)   Each
telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02:

 

(i)          the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 

(ii)         the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)        whether
the resulting Borrowing is to be a CBFR Borrowing or a Eurodollar Borrowing; and

 

(iv)        if
the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated by the definition of “Interest Period”.

 

If any such Interest Election Request requests
a Eurodollar Borrowing but does not specify an Interest Period, then Borrower shall be deemed to have selected an Interest Period
of one month’s duration.

 

(d)   Promptly
following receipt of an Interest Election Request, Administrative Agent shall advise each Lender of the details thereof and of
such Lender’s portion of each resulting Borrowing.

 

(e)   If
Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Revolving Borrowing prior to the end
of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest
Period such Borrowing shall be converted to a CBFR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default
has occurred and is continuing and Administrative Agent, at the request of the Required Lenders, so notifies Borrower, then, so
long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar
Borrowing, and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to a CBFR Borrowing at the end of
the Interest Period applicable thereto.

 

SECTION 2.09. Termination and Reduction
of Commitments; Increase in Commitments.

 

(a)   Unless
previously terminated, the Commitments shall terminate on the Maturity Date.

 

(b)   Borrower
may at any time terminate, or from time to time reduce, the Commitments; provided, that each reduction of the Commitments
shall be in an amount that is an integral multiple of $500,000 and not less than $500,000.

 

(c)   Borrower
shall notify Administrative Agent of any election to terminate or reduce the Commitments under clause (b) of this Section at
least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective
date thereof. Promptly following receipt of any notice, Administrative Agent shall advise the Lenders of the contents thereof.
Each notice delivered by Borrower pursuant to this Section shall be irrevocable; provided, that a notice of termination
of the Commitments delivered by Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities,
in which case such notice may be revoked by Borrower (by notice to Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of
the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.

  

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(d)   Borrower
shall have the right to increase the Commitments by obtaining additional Commitments, either from one or more of the Lenders or
another lending institution; provided, that (i) any such request for an increase shall be in a minimum amount of $5,000,000,
(ii) Borrower may make a maximum of three such requests, (iii) Administrative Agent has approved the identity of any such new Lender,
such approval not to be unreasonably withheld, (iv) any such new Lender assumes all of the rights and obligations of a “Lender”
hereunder, and (v) the procedures described in Section 2.09(e) below have been satisfied.

 

(e)   Any
amendment hereto for such an increase or addition shall be in form and substance satisfactory to Administrative Agent and shall
only require the written signatures of Administrative Agent, Borrower and each Lender being added or increasing their Commitment,
subject only to the approval of all Lenders if any such increase would cause the aggregate Commitments (including Commitments in
effect immediately prior to such increase) to exceed $50,000,000. As a condition precedent to such an increase, Borrower shall
deliver to Administrative Agent a certificate of each Loan Party (in sufficient copies for each Lender) signed by an authorized
officer of such Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such
increase, and (ii) in the case of Borrower, certifying that, before and after giving effect to such increase, (A) the representations
and warranties contained in Article III and the other Loan Documents are true and correct in all material respects (except that
such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof), except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they are true and correct as of such earlier date, and (B) no Default exists.

 

(f)   Within
a reasonable time after the effective date of any increase, Administrative Agent shall, and is hereby authorized and directed to,
revise Schedule 2.01 to reflect such increase and shall distribute such revised Schedule 2.01 to each of the Lenders
and Borrower, whereupon such revised Schedule 2.01 shall replace the old Schedule 2.01 and become part of this Agreement.
On the Business Day following any such increase, all outstanding CBFR Revolving Loans shall be reallocated among the Lenders (including
any newly added Lenders) in accordance with the Lenders’ respective revised Applicable Percentages and the Lenders shall
make adjustments among themselves with respect to the Loans then outstanding and amounts of principal, interest, commitment fees
and other amounts paid or payable with respect thereto as shall be necessary, in the opinion of Administrative Agent, in order
to effect such reallocation. Eurodollar Loans shall not be reallocated among the Lenders until the expiration of the applicable
Interest Period in effect at the time of any such increase, at which time any such Eurodollar Loans being continued shall be reallocated,
and any such Eurodollar Loans being converted to CBFR Revolving Loans shall be converted and allocated, among the Lenders (including
the newly added Lenders) at such time.

 

SECTION 2.10. Repayment of Loans; Evidence
of Debt.

 

(a)   Borrower
hereby unconditionally promises to pay (i) to Administrative Agent for the account of each Lender the principal amount of each
Revolving Loan as required by, and in accordance with the terms of, the Loan Sweep Agreement, (ii) to Administrative Agent
for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date, (iii) to Swingline
Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the first date after such
Swingline Loan is made that is the 15th or last day of a calendar month and is at least two Business Days after such Swingline
Loan is made; provided, that on each date that a Revolving Borrowing is made, Borrower shall repay all Swingline Loans then
outstanding.

  

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(b)   Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of Borrower to such
Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender
from time to time hereunder.

 

(c)   Administrative
Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof
and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due
and payable from Borrower to each Lender hereunder, and (iii) the amount of any sum received by Administrative Agent hereunder
for the account of the Lenders and each Lender’s share thereof.

 

(d)   The
entries made in the accounts maintained pursuant to clause (b) or (c) of this Section shall be prima facie
evidence of the existence and amounts of the obligations recorded therein; provided, that the failure of any Lender or Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of Borrower to repay the Loans
in accordance with the terms of this Agreement.

 

(e)   Any
Lender may request that Loans made by it be evidenced by a promissory note. In such event, Borrower shall prepare, execute and
deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and
its registered assigns) and in a form approved by Administrative Agent. Thereafter, the Loans evidenced by such promissory note
and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one
or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered
note, to such payee and its registered assigns).

 

SECTION 2.11. Prepayment of Loans.

 

(a)   Borrower
shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in
accordance with clause (b) of this Section.

  

(b)   Borrower
shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, Swingline Lender) by telephone (confirmed
by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later than
11:00 a.m., New York City time, three Business Days before the date of prepayment, (ii) in the case of prepayment of
a CBFR Revolving Borrowing, not later than 12:00 noon, New York City time, one Business Day before the date of prepayment,
or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of
prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing
or portion thereof to be prepaid; provided, that if a notice of prepayment is given in connection with a conditional notice
of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if
such notice of termination is revoked in accordance with Section 2.09. Promptly following receipt of any such notice
relating to a Revolving Borrowing, Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment
of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of
the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to the
Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13.

  

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SECTION 2.12. Fees.

 

(a)   Borrower
agrees to pay to Administrative Agent for the account of each Lender a commitment fee, which shall accrue at the Applicable Commitment
Fee Rate on the daily amount of the Available Revolving Commitment of such Lender during the period from and including the Effective
Date to but excluding the date on which such Lender’s Commitment terminates; provided, that if such Lender continues
to have any Revolving Credit Exposure after its Commitment terminates, then such commitment fee shall continue to accrue on the
daily amount of such Lender’s Revolving Credit Exposure from and including the date on which its Commitment terminates to
but excluding the date on which such Lender ceases to have any Revolving Credit Exposure. Accrued commitment fees shall be payable
in arrears on the last day of each calendar quarter of each year and on the date on which the Commitments terminate, commencing
on the first such date to occur after the date hereof; provided, that any facility fees accruing after the date on which
the Commitments terminate shall be payable on demand. All commitment fees shall be computed on the basis of a year of 360 days
and shall be payable for the actual number of days elapsed (including the first day but excluding the last day)

 

(b)   Borrower
agrees to pay (i) to Administrative Agent for the account of each Lender a participation fee with respect to its participations
in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar
Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed
LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such
Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to Issuing
Bank a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure (excluding
any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but
excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as
well as Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit
or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of each calendar
month of each year shall be payable on the third Business Day following such last day, commencing on the first such date to occur
after the Effective Date; provided, that all such fees shall be payable on the date on which the Commitments terminate and
any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to
Issuing Bank pursuant to this clause shall be payable within ten days after demand. All participation fees and fronting fees
shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the
first day but excluding the last day).

 

(c)   Borrower
agrees to pay to Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon
between Borrower and Administrative Agent.

 

(d)   All
fees payable hereunder shall be paid on the dates due, in immediately available funds, to Administrative Agent (or to Issuing Bank,
in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders. Fees
paid shall not be refundable under any circumstances.

 

SECTION 2.13. Interest.

 

(a)   The
Loans comprising each CBFR Borrowing (including each Swingline Loan) shall bear interest at the CBFR Floating Rate minus
the Applicable Rate.

 

(b)   The
Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for
such Borrowing plus the Applicable Rate.

 

(c)   [Intentionally
Omitted].

   

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(d)   Notwithstanding
the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by Borrower hereunder is not paid
when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as
before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the
rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section, or (ii) in the case of
any other amount, 2% plus the rate applicable to CBFR Loans as provided in clause (a) of this Section.

 

(e)   Accrued
interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans,
upon termination of the Commitments; provided, that (i) interest accrued pursuant to clause (d) of this Section shall
be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a CBFR Revolving
Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable
on the date of such repayment or prepayment, and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior
to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such
conversion.

 

(f)   All
interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the CB Floating
Rate at times when the CB Floating Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366
days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding
the last day). The applicable CB Floating Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by Administrative Agent, and
such determination shall be conclusive absent manifest error.

 

SECTION 2.14. Alternate
Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 

(a)   Administrative
Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist
for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or

 

(b)   Administrative
Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period
will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan)
included in such Borrowing for such Interest Period;

 

then Administrative Agent shall give notice
thereof to Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until Administrative Agent
notifies Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election
Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurodollar
Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing
shall be made as a CBFR Borrowing; provided, that if the circumstances giving rise to such notice affect only one Type
of Borrowings, then the other Type of Borrowings shall be permitted.

 

SECTION 2.15. Increased Costs.

 

(a)   If
any Change in Law shall:

 

(i)          impose,
modify or deem applicable any reserve, special deposit, liquidity, compulsory loan requirement, insurance charge, or similar requirement
or assessment against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve
requirement reflected in the Adjusted LIBO Rate) or Issuing Bank;

  

    	33

    	 

    

  

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

 

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

 

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

 

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

 

(c)   A
certificate of a Lender or Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or Issuing Bank
or its holding company, as the case may be, as specified in clause (a) or (b) of this Section shall be delivered
to Borrower and shall be conclusive absent manifest error. Borrower shall pay such Lender or Issuing Bank, as the case may be,
the amount shown as due on any such certificate within ten days after receipt thereof.

 

(d)   Failure
or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a
waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided, that Borrower shall not
be required to compensate a Lender or Issuing Bank pursuant to this Section for any increased costs or reductions incurred
more than 270 days prior to the date that such Lender or Issuing Bank, as the case may be, notifies Borrower of the Change in Law
giving rise to such increased costs or reductions and of such Lender’s or Issuing Bank’s intention to claim compensation
therefor; provided further, that if the Change in Law giving rise to such increased costs or reductions is retroactive,
then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof.

  

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SECTION 2.16. Break
Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of
an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar
Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or
prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may
be revoked under Section 2.11(b) and is revoked in accordance therewith), or (d) the assignment of any Eurodollar
Loan other than on the last day of the Interest Period applicable thereto as a result of a request by Borrower pursuant to Section 2.19,
then, in any such event, Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the
case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender
to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had
such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of
such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue,
for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue
on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of
such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of
any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered
to Borrower and shall be conclusive absent manifest error. Borrower shall pay such Lender the amount shown as due on any such certificate
within ten days after receipt thereof.

 

SECTION 2.17. Withholding
of Taxes; Gross-Up.

 

(a)   Payments
Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made
without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the
good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment
by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall
timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if
such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after
such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under
this Section 2.17) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction
or withholding been made.

 

(b)   Payment
of Other Taxes by Borrower. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable
law, or at the option of Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(c)   Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this
Section 2.17, such Loan Party shall deliver to Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to Administrative Agent.

 

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

  

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(e)   Indemnification
by the Lenders. Each Lender shall severally indemnify Administrative Agent, within ten days after demand therefor, for (i)
any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant
Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by Administrative Agent
in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to any Lender by Administrative Agent shall be conclusive absent manifest error. Each Lender hereby
authorizes Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document
or otherwise payable by Administrative Agent to the Lender from any other source against any amount due to Administrative Agent
under this clause (e).

 

(f)   Status
of Lenders.

 

(i)          Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to Borrower and Administrative Agent, at the time or times reasonably requested by Borrower or Administrative Agent,
such properly completed and executed documentation reasonably requested by Borrower or Administrative Agent as will permit such
payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by
Borrower or Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by
Borrower or Administrative Agent as will enable Borrower or Administrative Agent to determine whether or not such Lender is subject
to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences,
the completion, execution and submission of such documentation (other than such documentation set forth in Sections 2.17(f)(ii)(A),
(ii)(B), and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution
or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or
commercial position of such Lender.

 

(ii)         Without
limiting the generality of the foregoing, in the event that Borrower is a U.S. Person,

 

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

 

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

  

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

 

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

 

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

 

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

 

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

 

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

  

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

 

(g)   Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts
pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this clause (g) (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this clause (g), in no event will the indemnified party be required to pay
any amount to an indemnifying party pursuant to this clause (g) the payment of which would place the indemnified party in a less
favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving
rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts
with respect to such Tax had never been paid. This clause shall not be construed to require any indemnified party to make available
its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other
Person.

 

(h)   Survival.
Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

(i)   Defined
Terms. For purposes of this Section 2.17, the term “Lender” includes any Issuing Bank
and the term “applicable law” includes FATCA.

 

SECTION 2.18. Payments
Generally; Pro Rata Treatment; Sharing of Set-offs.

 

(a)   Borrower
shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements,
or of amounts payable under Section 2.15, 2.16, or 2.17, or otherwise) prior to 1:00 p.m., New York
City time, on the date when due, in immediately available funds, without set off or counterclaim. Any amounts received after such
time on any date may, in the discretion of Administrative Agent, be deemed to have been received on the next succeeding Business
Day for purposes of calculating interest thereon. All such payments shall be made to Administrative Agent at its offices at 270
Park Avenue, New York, New York, except payments to be made directly to Issuing Bank or Swingline Lender as expressly provided
herein and except that payments pursuant to Sections 2.15, 2.16, 2.17, and 9.03 shall be made
directly to the Persons entitled thereto. Administrative Agent shall distribute any such payments received by it for the account
of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a
day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of
any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall
be made in dollars.

  

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

 

(c)   If
any Lender shall, by exercising any right of set off or counterclaim or otherwise, obtain payment in respect of any principal of
or interest on any of its Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving
payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and Swingline
Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion
shall purchase (for cash at face value) participations in the Revolving Loans and participations in LC Disbursements and Swingline
Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably
in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and participations
in LC Disbursements and Swingline Loans; provided, that (i) if any such participations are purchased and all or any
portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored
to the extent of such recovery, without interest, and (ii) the provisions of this clause shall not be construed to apply
to any payment made by Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained
by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements
to any assignee or participant, other than to Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this
clause shall apply). Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable
law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against Borrower rights of set-off
and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of Borrower in the amount
of such participation.

 

(d)   Unless
Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to Administrative Agent
for the account of the Lenders or Issuing Bank hereunder that Borrower will not make such payment, Administrative Agent may assume
that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to
the Lenders or Issuing Bank, as the case may be, the amount due. In such event, if Borrower has not in fact made such payment,
then each of the Lenders or Issuing Bank, as the case may be, severally agrees to repay to Administrative Agent forthwith on demand
the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount
is distributed to it to but excluding the date of payment to Administrative Agent, at the greater of the Federal Funds Effective
Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation.

 

(e)   If
any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d), or (e),
2.07(b), 2.18(d), or 9.03(c), then Administrative Agent may, in its discretion and notwithstanding any contrary
provision hereof, apply any amounts thereafter received by Administrative Agent for the account of such Lender to satisfy such
Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold such amounts
in a segregated account over which Administrative Agent shall have exclusive control as cash collateral for, and application to,
any future funding obligations of such Lender under any such Section, in the case of each of clause (i) and (ii) above, in any
order as determined by Administrative Agent in its discretion.

  

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SECTION 2.19. Mitigation
Obligations; Replacement of Lenders.

 

(a)  If any Lender
requests compensation under Section 2.15, or if Borrower is required to pay any Indemnified Taxes or additional amounts
to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender
shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its
rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation
or assignment (i) would eliminate or reduce amounts payable pursuant to Sections 2.15 or 2.17, as the case
may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise
be disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection
with any such designation or assignment.

 

(b)  If any Lender
requests compensation under Section 2.15, or if Borrower is required to pay any Indemnified Taxes or additional amounts
to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender
becomes Defaulting Lender, then Borrower may, at its sole expense and effort, upon notice to such Lender and Administrative Agent,
require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04),
all its interests, rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations
under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment); provided, that (i) Borrower shall have received the prior written consent of Administrative Agent
(and if a Commitment is being assigned, Issuing Bank), which consent shall not unreasonably be withheld, (ii) such Lender
shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements
and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to
the extent of such outstanding principal and accrued interest and fees) or Borrower (in the case of all other amounts), and (iii) in
the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to
be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. A Lender
shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling Borrower to require such assignment and delegation cease to apply.

 

SECTION
2.20. Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender,
then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a)  fees
shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.12(a);

 

(b)  the Commitment
and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders or the Required
Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant
to Section 9.02); provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender
which affects such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender;

 

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(c)  if
any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

 

(i)  all
or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders
in accordance with their respective Applicable Percentages but only to the extent that (A) the sum of all non-Defaulting Lenders’
Revolving Credit Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total
of all non-Defaulting Lenders’ Commitments, and (B) the conditions set forth in Section 4.02 are satisfied at such time;

 

(ii)  if
the reallocation described in clause (i) above cannot, or can only partially, be effected, Borrower shall within one Business Day
following notice by Administrative Agent (A) first, prepay such Swingline Exposure, and (B) second, cash collateralize for the
benefit of Issuing Bank only Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving
effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j)
for so long as such LC Exposure is outstanding;

 

(iii)  if
Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, Borrower
shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s
LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

 

(iv)  if
the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders
pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance
with such non-Defaulting Lenders’ Applicable Percentages; and

 

(v)  if
all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause
(i) or (ii) above, then, without prejudice to any rights or remedies of Issuing Bank or any other Lender hereunder, all letter
of credit fees payable under Section 2.12(b) with respect to such Defaulting
Lender’s LC Exposure shall be payable to Issuing Bank until and to the extent that such LC Exposure is reallocated and/or
cash collateralized; and

 

(d)  so
long as such Lender is a Defaulting Lender, Swingline Lender shall not be required to fund any Swingline Loan and Issuing Bank
shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the
Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders
and/or cash collateral will be provided by Borrower in accordance with Section 2.20(c),
and participating interests in any newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated
among non-Defaulting Lenders in a manner consistent with Section 2.20(c)(i) (and such Defaulting Lender shall not participate therein).

 

(e)  If
a Bankruptcy Event with respect to a Lender Parent shall occur following the date hereof and for so long as such event shall continue,
Swingline Lender shall not be required to fund any Swingline Loan and Issuing Bank shall not be required to issue, amend or increase
any Letter of Credit, unless Swingline Lender or Issuing Bank, as the case may be, shall have entered into arrangements with Borrower
or such Lender, satisfactory to Swingline Lender or Issuing Bank, as the case may be, to defease any risk to it in respect of such
Lender hereunder.

 

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(f)  In
the event that Administrative Agent, Borrower, Swingline Lender and Issuing Bank each agrees that a Defaulting Lender has adequately
remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders
shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par
such of the Loans of the other Lenders (other than Swingline Loans) as Administrative Agent shall determine may be necessary in
order for such Lender to hold such Loans in accordance with its Applicable Percentage.

  

ARTICLE
III

 

Representations and Warranties

 

Borrower represents and warrants to the
Lenders that:

 

SECTION 3.01. Organization;
Powers. Each of Borrower and its Subsidiaries is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where
the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect,
is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

 

SECTION 3.02. Authorization;
Enforceability. The Transactions are within Borrower’s corporate powers and have been duly authorized by all necessary
corporate and, if required, stockholder action. This Agreement has been duly executed and delivered by Borrower and constitutes
a legal, valid and binding obligation of Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles
of equity, regardless of whether considered in a proceeding in equity or at law.

 

SECTION 3.03. Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with,
or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect,
(b) will not violate any Requirement of Law applicable to Borrower or any of its Subsidiaries or any order of any Governmental
Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon Borrower
or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by Borrower or any
of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of Borrower or any of
its Subsidiaries.

 

SECTION 3.04. Financial
Condition; No Material Adverse Change.

 

(a)  Borrower has
heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows
(i) as of and for the fiscal year ended May 31, 2013, reported on by Deloitte & Touche LLP, and (ii) as of and for
the fiscal quarter and the portion of the fiscal year ended August 31, 2013, certified by its chief financial officer. Such financial
statements present fairly, in all material respects, the financial position and results of operations and cash flows of Borrower
and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments
and the absence of footnotes in the case of the statements referred to in clause (ii) above.

 

(b)  Since May 31,
2013, there has been no material adverse change in the business, assets, operations, or financial condition of Borrower and its
Subsidiaries, taken as a whole.

 

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SECTION 3.05. Properties.

 

(a)  Each of Borrower
and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business,
except for (i) minor defects in title that do not interfere with its ability to conduct its business as currently conducted or
to utilize such properties for their intended purposes; and (ii) the interests of Borrower’s and its Subsidiaries’
customers in property that is sold, leased, or rented in the ordinary course of business.

 

(b)  Each of Borrower
and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property
material to its business, and the use thereof by Borrower and its Subsidiaries does not infringe upon the rights of any other Person,
except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect.

 

SECTION 3.06. Litigation
and Environmental Matters.

 

(a)  There are no
actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of Borrower,
threatened against or affecting Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an
adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result
in a Material Adverse Effect (other than the Disclosed Matters), or (ii) that involve this Agreement or the Transactions.

 

(b)  Except for the
Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, neither Borrower nor any of its Subsidiaries (i) has failed to comply with
any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental
Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any
Environmental Liability, or (iv) knows of any basis for any Environmental Liability.

 

(c)  Since the date
of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has
resulted in, or materially increased the likelihood of, a Material Adverse Effect.

 

SECTION 3.07. Compliance
with Laws and Agreements. Each of Borrower and its Subsidiaries is in compliance with all Requirement of Law applicable to
it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default
has occurred and is continuing.

 

SECTION 3.08. Investment
Company Status. Neither Borrower nor any of its Subsidiaries is an “investment company” as defined in, or subject
to regulation under, the Investment Company Act of 1940.

 

SECTION 3.09. Taxes.
Each of Borrower and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been
filed and has paid or caused to be paid all Taxes required to have been paid by it, except Taxes that are being contested in good
faith by appropriate proceedings and for which Borrower or such Subsidiary, as applicable, has set aside on its books adequate
reserves.

 

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SECTION 3.10. ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which
liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.

 

SECTION 3.11. Disclosure.
Except as set forth in the financial statements referred to in Section 3.04(a) and other matters disclosed in Borrower’s
periodic reports filed with the Securities and Exchange Commission, there are no agreements, restrictions or liabilities of Borrower
and its Subsidiaries of any kind which could reasonably be expected to result in a Material Adverse Effect. The reports, financial
statements, certificates or other information (other than projected financial information) furnished by or on behalf of Borrower
to Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified
or supplemented by other information so furnished), taken as a whole, do not contain any material misstatement of fact or omit
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not materially misleading as of the date such information was dated or certified; provided that, with respect to projected
financial information, Borrower represents only that such information was prepared in good faith based upon assumptions and estimates
believed to be reasonable at the time made (it being understood that any such projected financial information is subject to significant
uncertainties and contingencies, many of which are beyond Borrower's control, and that actual results may differ from any such
projected financial information and such differences may be material).

 

SECTION 3.12. 
Anti-Corruption Laws and Sanctions. Borrower has implemented and maintains in effect policies and procedures designed to
ensure compliance by Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption
Laws and applicable Sanctions, and Borrower, its Subsidiaries and their respective officers and employees and to the knowledge
of Borrower its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.
None of (a) Borrower, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of Borrower,
any agent of Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established
hereby, is a Sanctioned Person.  No Borrowing or Letter of Credit, use of proceeds or the Transactions will violate
Anti-Corruption Laws or applicable Sanctions.

  

ARTICLE
IV

Conditions

 

SECTION 4.01. Effective
Date. The obligations of the Lenders to make Loans and of Issuing Bank to issue Letters of Credit hereunder shall not become
effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

 

(a)  Credit Agreement
and Loan Documents. Administrative Agent (or its counsel) shall have received (i) from each party hereto either (A) a
counterpart of this Agreement signed on behalf of such party, or (B) written evidence satisfactory to Administrative Agent
(which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart
of this Agreement, and (ii) duly executed copies of the Loan Documents and such other certificates, documents, instruments and
agreements as the Administrative Agent shall reasonably request in connection with the transactions contemplated by this Agreement
and the other Loan Documents, including any promissory notes requested by a Lender pursuant to Section 2.10 payable to the
order of each such requesting Lender, in each case, in form and substance satisfactory to Administrative Agent.

 

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(b)  Legal Opinion.
Administrative Agent shall have received a favorable written opinion (addressed to Administrative Agent and the Lenders and dated
the Effective Date) of Sheppard Mullin Richter & Hampton LLP, counsel for Borrower and covering such other matters relating
to Borrower, this Agreement or the Transactions as the Administrative Agent shall reasonably request. Borrower hereby requests
such counsel to deliver such opinion.

 

(c)  Financial
Statements and Projections. The Lenders shall have received (i) audited consolidated financial statements of Borrower and its
Subsidiaries for the 2012 and 2013 fiscal years, and (ii) unaudited interim consolidated financial statements of Borrower and its
Subsidiaries for each fiscal quarter ended after the date of the latest applicable financial statements delivered pursuant to clause
(i) in this paragraph as to which such financial statements are available, and such financial statements shall not, in the reasonable
judgment of Administrative Agent, reflect any Material Adverse Effect in the consolidated financial condition of Borrower and its
Subsidiaries, as reflected in the financial statements or projections delivered to Administrative Agent.

 

(d)  Corporate
Certificates. Administrative Agent shall have received (i) a certificate of each Loan Party, dated the Effective Date and executed
by its Secretary or Assistant Secretary, which shall (A) certify the resolutions of its Board, members or other body authorizing
the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the
signatures of the Financial Officers and any other officers of such Loan Party authorized to sign the Loan Documents to which it
is a party, and (C) contain appropriate attachments, including the certificate or articles of incorporation or organization of
each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party within 35 days of the
Effective Date, and a true and correct copy of its by-laws or operating, management or partnership agreement, and (ii) a long form
good standing certificate for each Loan Party from its jurisdiction of organization certified by the relevant authority of the
jurisdiction of organization of such Loan Party within 30 days of the Effective Date.

 

(e)  Closing Certificate.
Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President
or a Financial Officer of Borrower, confirming compliance with the conditions set forth in clauses (a) and (b) of Section 4.02.

 

(f)  Solvency
Certificate. Administrative Agent shall have received a solvency certificate from a Financial Officer of Borrower certifying
as to the solvency of the Loan Parties, taken as a whole, on a consolidated basis immediately after giving effect to the Transactions
and the payment of all fees and expenses required to be paid by Borrower on the Effective Date under this Agreement or the other
Loan Documents.

 

(g)  Insurance.
Administrative Agent shall have received certificates of insurance, in each case, in form, scope, and substance reasonably satisfactory
to Administrative Agent.

 

(h)  Fees.
Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including,
to the extent invoiced, reimbursement or payment of all out of pocket expenses required to be reimbursed or paid by Borrower hereunder.

 

(i)  Payoff and
Termination Letter. Administrative Agent shall have received a payoff and termination letter executed by Union Bank and Borrower
that terminates Borrower’s line of credit with Union Bank, confirms that upon receipt by Union Bank of a sum certain all
obligations of the Loan Parties to Union Bank shall be paid in full, confirms that Union Bank has no further obligations to extend
credit to Borrower, in form and substance reasonably satisfactory to Administrative Agent.

 

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(j)  Other Documents.
Administrative Agent shall have received such other documents as the Administrative Agent or its counsel may have reasonably requested.

 

Administrative Agent shall notify Borrower
and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations
of the Lenders to make Loans and of Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of
the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 3:00 p.m., New York
City time, on November 19, 2013 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate
at such time).

 

SECTION 4.02. Each
Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of Issuing Bank to issue,
amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:

 

(a)  The representations
and warranties of Borrower set forth in this Agreement shall be true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in
the text thereof) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter
of Credit, as applicable (other than the representations and warranties that specifically refer to an earlier date).

 

(b)  At the time
of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit,
as applicable, no Default shall have occurred and be continuing.

 

Each Borrowing and each issuance, amendment,
renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by Borrower on the date
thereof as to the matters specified in clauses (a) and (b) of this Section.

  

ARTICLE
V

 

Affirmative Covenants

 

Until the Commitments
have expired or been terminated and the principal of and interest on each Loan and all fees and expenses payable hereunder shall
have been paid in full and all Letters of Credit shall have expired or terminated or been cash collateralized pursuant to Section
2.06(j), in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, Borrower covenants and
agrees with the Lenders that:

 

SECTION 5.01. Financial
Statements; Ratings Change and Other Information. Borrower will furnish to Administrative Agent and each Lender, including
their Public-Siders:

 

(a)  within 90 days
after the end of each fiscal year of Borrower, its audited consolidated balance sheet and related statements of operations, stockholders’
equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous
fiscal year, all reported on by Deloitte & Touche LLP or other independent public accountants of recognized national standing
(without a “going concern” or like qualification or exception and without any qualification or exception as to the
scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial
condition and results of operations of Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied;

 

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(b)  within 45 days
after the end of each of the first three fiscal quarters of each fiscal year of Borrower, its unaudited consolidated balance sheet
and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and
the then elapsed portion of 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, all certified by one of its Financial
Officers as presenting fairly in all material respects the financial condition and results of operations of Borrower and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments
and the absence of footnotes;

 

(c)  Subject to Section
9.12, the Company further agrees to clearly label the financial statements described in clauses (a) and (b) (collectively,
“Financial Statements”) with a notice stating: “Confidential Financial Statements to be Provided
to All Lenders, Including Public-Siders” before delivering them to Administrative Agent;

 

(d)  concurrently
with any delivery of financial statements under clause (a) or (b) above, a Compliance Certificate (i) certifying as to whether
a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken
with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.11,
and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial
statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on
the financial statements accompanying such certificate;

 

(e)  promptly after
the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by Borrower
or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions
of said Commission, or with any national securities exchange, or distributed by Borrower to its shareholders generally, as the
case may be; and

 

(f)  promptly following
any request therefor, such other information regarding the operations, business affairs and financial condition of Borrower or
any Subsidiary, or compliance with the terms of this Agreement, as Administrative Agent or any Lender may reasonably request.

 

SECTION 5.02. Notices
of Material Events. Borrower will furnish to Administrative Agent and each Lender prompt written notice of the following:

 

(a)  the occurrence
of any Default;

 

(b)  the filing or
commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting Borrower
or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect;

 

(c)  the occurrence
of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result
in liability of Borrower and its Subsidiaries in an aggregate amount exceeding $1,000,000; and

 

(d)  any other development
that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 

Each notice delivered under this Section shall
be accompanied by a statement of a Financial Officer or other executive officer of Borrower setting forth the details of the event
or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

    	47

    	 

    

 

 

SECTION 5.03. Existence;
Conduct of Business. Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary
to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises
material to the conduct of its business; provided, that the foregoing shall not prohibit any merger, consolidation, liquidation
or dissolution permitted under Section 6.03.

 

SECTION 5.04. Payment
of Obligations. Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including Tax liabilities before
the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good
faith by appropriate proceedings, and (b) Borrower or such Subsidiary has set aside on its books adequate reserves with respect
thereto in accordance with GAAP.

 

SECTION 5.05. Maintenance
of Properties; Insurance. Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property
material to the conduct of its business in good working order and condition, except for (i) ordinary wear and tear; and (ii) maintenance
that is deferred in the ordinary course of business, and (b) maintain, with financially sound and reputable insurance companies,
insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses
operating in the same or similar locations.

 

SECTION 5.06. Books
and Records; Inspection Rights. Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and
account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities.
Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by Administrative Agent, upon
reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss
its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as
reasonably requested; provided that unless a Default shall have occurred and be continuing, Administrative Agent may not exercise
its inspection rights more than one time during the year.

 

SECTION 5.07. Compliance
with Laws. Borrower will, and will cause each of its Subsidiaries to, comply with all Requirement of Law applicable to it or
its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect. Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by
Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions.

 

SECTION 5.08. Use
of Proceeds and Letters of Credit. The proceeds of the Loans will be used only(a) on the Effective Date, to repay existing
Indebtedness and to pay the fees, costs, and expenses incurred in connection with this Agreement, the other Loan Documents, and
the transactions contemplated hereby and thereby, and (b) consistent with the terms and conditions hereof, for its lawful and permitted
working capital, capital expenditure and general corporate purpose. No part of the proceeds of any Loan will be used, whether directly
or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and
X. Letters of Credit will be issued only to support, for its lawful and permitted working capital, capital expenditure and general
corporate purpose.

 

SECTION 5.09. Accuracy
Of Information. Borrower will ensure that any information, including financial statements or other documents, furnished to
Administrative Agent or the Lenders in connection with this Agreement or any amendment or modification hereof or waiver hereunder
contains no material misstatement of fact or omits to state any material fact necessary to make the statements therein, taken as
a whole, in the light of the circumstances under which they were made, not materially misleading as of the date such information
was dated or certified, and the furnishing of such information shall be deemed to be representation and warranty by Borrower on
the date thereof as to the matters specified in this Section 5.09.

 

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SECTION 5.10. OFAC.
Each Loan Party shall (a) ensure, and cause each of its Subsidiaries to ensure, that no Person who owns a controlling interest
in or otherwise controls any Loan Party or any of its Subsidiaries is a Sanctioned Person, (b) not use or permit the use of the
proceeds of the Loans to violate any of the foreign asset control regulations of OFAC or any enabling statute or executive order
relating thereto, and (c) comply, and cause each subsidiary to company, with all applicable Bank Secrecy Act regulations, as amended.

 

SECTION 5.11. Depository
Banks. Except as consented to by Administrative Agent and except for the period of time from the Effective Date through the
date that is 6 months after the Effective Date, each Loan Party will maintain any one or more Lenders as its principal depository
banks, including for the maintenance of operating, administrative, cash management, collection activity, and other deposit accounts
for the conduct of its business.

 

SECTION 5.12. Formation
of Subsidiaries.

 

(a)  Subject to applicable
Requirements of Law, Borrower and each Subsidiary that is a Loan Party will cause each of its Subsidiaries formed or acquired after
the date of this Agreement in accordance with the terms of this Agreement to become a Loan Party within 30 days after such formation
or acquisition, by executing a Subsidiary Guaranty; provided, that a Subsidiary Guaranty shall not be required to be provided
to Administrative Agent with respect to any Subsidiary of Borrower or any of its Subsidiaries that is an Immaterial Subsidiary
or a Subsidiary organized outside the United States of America. Upon execution and delivery thereof, each such Person shall automatically
become a Guarantor thereunder and thereupon shall have all of the rights, benefits, duties, and obligations in such capacity under
the Loan Documents; Any document, agreement, or instrument executed or issued pursuant to this Section 5.12 shall constitute
a Loan Document.

 

(b)  Without limiting
the foregoing, each Loan Party will, and will cause each Subsidiary to, execute and deliver, or cause to be executed and delivered,
to Administrative Agent such documents, agreements and instruments, and will take or cause to be taken such further actions, which
may be required by law or which Administrative Agent may, from time to time, reasonably request to carry out the terms and conditions
of this Agreement and the other Loan Documents, all at the expense of the Loan Parties.

 

SECTION 5.13. Post-Closing
Covenant. On or prior to the date that is 14 days after the Effective Date, (or such later date as may be agreed to by Administrative
Agent in writing in its sole discretion), Administrative Agent shall have received issued insurance endorsements with respect to
the Loan Parties’ insurance policies, in each case, in form, scope, and substance reasonably satisfactory to Administrative
Agent.

 

ARTICLE
VI

 

Negative Covenants

 

Until the Commitments have expired or terminated
and the principal of and interest on each Loan and all fees and expenses payable hereunder have been paid in full and all Letters
of Credit have expired or terminated or been cash collateralized pursuant to Section 2.06(j), in each case, without any
pending draw, and all LC Disbursements shall have been reimbursed, Borrower covenants and agrees with the Lenders that:

 

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SECTION 6.01. Indebtedness. Borrower
will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:

 

(a)  Indebtedness
created hereunder;

 

(b)  Indebtedness
existing on the date hereof and set forth in Schedule 6.01, and extensions, renewals and replacements of any such Indebtedness
that do not increase the outstanding principal amount thereof;

 

(c)  unsecured indebtedness
resulting from Permitted Intercompany Advances;

 

(d)  unsecured guarantees
with respect to Indebtedness of Borrower or one of its Subsidiaries, to the extent that the Person that is obligated under such
guaranty could have incurred such underlying Indebtedness pursuant to clauses (a), (b), (c), (e), (f) or (g) of this Section
6.01;

 

(e)  Acquired Indebtedness;

 

(f)  Secured Indebtedness
of Borrower or any Subsidiary in an aggregate principal amount not exceeding $5,000,000 at any time outstanding; and

 

(g)  Unsecured Indebtedness
of Borrower or any Subsidiary in an aggregate principal amount not exceeding $5,000,000 at any time outstanding.

 

SECTION 6.02. Liens.
Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or
asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights
in respect of any thereof, except:

 

(a)  Permitted Encumbrances;

 

(b)  any Lien on
any property or asset of Borrower or any Subsidiary existing on the date hereof and set forth in Schedule 6.02; provided,
that (i) such Lien shall not apply to any other property or asset of Borrower or any Subsidiary, and (ii) such Lien shall
secure only those obligations which it secures on the date hereof;

 

(c)  Liens assumed
by Borrower or its Subsidiaries in connection with a Permitted Acquisition that secure Acquired Indebtedness, and

 

(d) Liens that secure
Secured Indebtedness.

 

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SECTION 6.03. Fundamental
Changes; Asset Dispositions.

 

(a)  Borrower will
not, and will not permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge
into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately after giving
effect thereto no Default shall have occurred and be continuing (i) any Subsidiary may merge into Borrower in a transaction
in which Borrower is the surviving corporation, (ii) any Subsidiary may merge into any other Subsidiary in a transaction in
which the surviving entity is a Subsidiary; (iii) any Subsidiary of Borrower may merge with and into Borrower so long as Borrower
is the surviving entity of such merger; (iv) any Subsidiary of Borrower that is a Loan Party may merge with and into any other
Subsidiary of Borrower that is a Loan Party; and (v) any Subsidiary of Borrower that is not a Loan Party may merge with and into
any other Subsidiary of Borrower that is not a Loan Party; provided, that notwithstanding anything to the contrary in this
clause (a), any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not
be permitted unless also permitted by Section 6.04.

 

(b)  Borrower will
not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than businesses of the
type conducted by Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto.

 

(c)  Borrower will
not, and will not permit any Subsidiary to sell, transfer, lease or otherwise dispose of (in one transaction or in a series of
transactions) all or any portion of its assets, or the stock of any of its Subsidiaries (in each case, whether now owned or hereafter
acquired) except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be
continuing (i) any Subsidiary that is not a Loan Party may sell, transfer, or lease (in one transaction or in a series of
transactions) its assets to a Loan Party, (ii) any Loan Party may sell, transfer, or lease (in one transaction or in a series of
transactions) its assets to any Subsidiary in the ordinary course of business so long as (x) the sale, transfer, or lease of such
assets (in one transaction or in a series of transactions) does not result in the sale, transfer, or lease of a material portion
of such Loan Party’s assets, (y) the consideration received by the Subsidiary is at least equal to the fair market value
of such asset; and (z) such sale, transfer, or lease is no less favorable, taken as a whole to such Loan Party than would be obtained
in an arm’s length transaction with a non-Affiliate, (iii) sales, abandonment, or other dispositions of equipment that is
substantially worn, damaged, or obsolete or no longer used or useful in the ordinary course of business and leases or subleases
of real property not useful in the conduct of the business of Borrower and its Subsidiaries, (iv) the sale, lease, or rental of
assets of Borrower or its Subsidiaries to buyers, lessees, or renters in the ordinary course of business, (v) the sale or discount,
in each case without recourse, of accounts receivable arising in the ordinary course of business, but only in connection with the
compromise or collection thereof, and (vi) any involuntary loss, damage, destruction, condemnation, seizure or taking, by exercise
of the power of eminent domain or otherwise, or confiscation or requisition of use of property.

 

SECTION 6.04. Investments,
Loans, Advances, Guarantees and Acquisitions. Borrower will not, and will not permit any of its Subsidiaries to, purchase,
hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger)
any capital stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of
the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any
investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions)
any assets of any other Person constituting a business unit, except:

 

(a)  Permitted Investments;

 

(b)  Permitted Acquisitions;

 

(c)  equity investments by Borrower and
its Subsidiaries existing on the date hereof in the capital stock of their Subsidiaries;

 

(d)  (i) equity investments by Borrower
in any of its Subsidiaries that are Loan Parties; and (ii) equity investments by Borrower in any of its Subsidiaries that are not
Loan Parties so long as the aggregate amount of all such investments made during the term of this Agreement, together with the
amount of loans at any one time outstanding pursuant to clause (d) of the definition of Permitted Intercompany Advances, do not
exceed $25,000,000; and (iii) equity investments by a Subsidiary that is not a Loan Party in any other Subsidiary that is not a
Loan Party;

  

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(e)  Permitted Intercompany Advances;

 

(f)  Guarantees constituting
Indebtedness permitted by Section 6.01; and

 

(g)  other investments
in an aggregate amount not to exceed $2,000,000 during the term of this Agreement.

 

SECTION 6.05. Swap
Agreements. Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap
Agreements entered into to hedge or mitigate risks to which Borrower or any Subsidiary has actual exposure (other than those in
respect of Equity Interests of Borrower or any of its Subsidiaries) and not for speculative purposes, and (b) Swap Agreements
entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate
to another floating rate or otherwise) with respect to any interest-bearing liability or investment of Borrower or any Subsidiary.

 

SECTION 6.06. Restricted
Payments. Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly
or indirectly, any Restricted Payment, except (a) Borrower may declare and pay dividends with respect to its Equity Interests
payable solely in additional shares of its common stock, (b) Subsidiaries may declare and pay dividends ratably with respect
to their Equity Interests, (c) Borrower may make Restricted Payments pursuant to and in accordance with stock option plans
or other benefit plans for management or employees of Borrower and its Subsidiaries, and (d) Borrower may make other Restricted
Payments so long as no Default has occurred and is continuing or would result therefrom.

 

SECTION 6.07. Transactions
with Affiliates. Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property
or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions
with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less
favorable to Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions
between or among Borrower and its wholly owned Subsidiaries not involving any other Affiliate, and (c) any Restricted Payment
permitted by Section 6.06.

 

SECTION 6.08. Restrictive
Agreements. Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or
permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability
of Borrower or any Subsidiary to create, incur, assume, suffer to exist, or permit to exist any Lien upon any of its property or
assets whether now owned or hereafter acquired (or any income or profits therefrom) in favor of any of the Credit Parties, or (b) the
ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or
repay loans or advances to Borrower or any other Subsidiary or to Guarantee Indebtedness of Borrower or any other Subsidiary; provided,
that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing
shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.08 (but shall apply
to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the
foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary
pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted
hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating
to Secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing
such Indebtedness, and (v) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts
restricting the assignment thereof.

 

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SECTION 6.09. [Intentionally
Omitted].

 

SECTION 6.10. Anti-Corruption
Laws and Sanctions. Borrower will not request any Borrowing or Letter of Credit, and Borrower shall not use, and shall procure
that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any
Borrowing or Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving
of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing
or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (c)
in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 

SECTION 6.11. Financial
Covenants.

 

(a)  Minimum EBITDA.
Borrower and its Subsidiaries, on a consolidated basis, shall not have EBITDA, as of the last day of each fiscal quarter for the
trailing 12-month period then ended, of less than $65,000,000.

 

(b)  Tangible
Net Worth. Borrower and its Subsidiaries on a consolidated basis shall not have a Tangible Net Worth, as of the last day of
each fiscal quarter (each such day, the “Applicable Measurement Date”), of less than (i) $185,000,000 plus
(ii) 80% of the net cash equity proceeds arising from the sale or issuance of Equity Interests of Borrower or any of its Subsidiaries
made during the period from May 31, 2013 through the Applicable Measurement Date.

 

ARTICLE
VII

 

Events of Default

 

If any of the following
events (“Events of Default”) shall occur:

 

(a)  Borrower shall
fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall
become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

 

(b)  Borrower shall
fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article)
payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for
a period of three Business Days;

 

(c)  any representation
or warranty made or deemed made by or on behalf of Borrower or any Subsidiary in or in connection with this Agreement or any amendment
or modification hereof or waiver hereunder, or in any report, certificate, financial statement or other document furnished pursuant
to or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, shall prove to have been incorrect
in any material respect (except that such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof) when made or deemed made;

 

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(d)  Borrower shall
fail to observe or perform any covenant, condition or agreement contained in Sections 5.02, 5.03 (with respect
to Borrower’s existence), or 5.08 or in Article VI;

 

(e)  Borrower shall
fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause
(a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after written notice thereof
from Administrative Agent to Borrower (which notice will be given at the request of any Lender);

 

(f)  Borrower or
any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material
Indebtedness, when and as the same shall become due and payable;

 

(g)  any event or
condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits
(with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee
or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption
or defeasance thereof, prior to its scheduled maturity; provided, that this clause (g) shall not apply to Secured Indebtedness
that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness;

 

(h)  an involuntary
proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief
in respect of Borrower or any Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect, or (ii) the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for Borrower or any Subsidiary or for a substantial part of its assets,
and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering
any of the foregoing shall be entered;

 

(i)  Borrower or
any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other
relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent
to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h)
of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for Borrower or any Subsidiary or for a substantial part of its assets, (iv) file an answer admitting
the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit
of creditors, or (vi) take any action for the purpose of effecting any of the foregoing;

 

(j)  Borrower or
any Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

 

(k)  one or more
judgments, orders, or awards for the payment of money in an aggregate amount in excess of $5,000,000 (except to the extent fully
covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has not denied coverage)
shall be rendered against Borrower, any Subsidiary or any combination thereof and the same shall remain undischarged for a period
of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment
creditor to attach or levy upon any assets of Borrower or any Subsidiary to enforce any such judgment;

 

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(l)  an ERISA Event
shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred,
could reasonably be expected to result in liability of Borrower and its Subsidiaries in an aggregate amount exceeding $1,000,000;
or

 

(m)  a Change in
Control shall occur;

 

(n)  any Subsidiary
Guaranty shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert the invalidity or
unenforceability of such Subsidiary Guaranty, or any Guarantor shall fail to comply with any of the terms or provisions of the
Subsidiary Guaranty to which it is a party, or any Guarantor shall deny that it has any further liability under the Subsidiary
Guaranty to which it is a party, or shall give notice to such effect;

 

then, and in every such event (other than
an event with respect to Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance
of such event, Administrative Agent may, and at the request of the Required Lenders shall, by notice to Borrower, take either or
both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments
shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which
case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal
of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of Borrower
accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by Borrower; and in case of any event with respect to Borrower described in clause (h) or (i) of
this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued
interest thereon and all fees and other obligations of Borrower accrued hereunder, shall automatically become due and payable,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by Borrower.

  

ARTICLE
VIII

 

Administrative Agent

 

SECTION 8.01. Appointment.
Each of the Lenders and Issuing Bank hereby irrevocably appoints Administrative Agent as its agent and authorizes Administrative
Agent to take such actions on its behalf and to exercise such powers as are delegated to Administrative Agent by the terms hereof,
together with such actions and powers as are reasonably incidental thereto.

 

SECTION 8.02. Rights
as a Lender. The bank serving as Administrative Agent hereunder shall have the same rights and powers in its capacity as a
Lender as any other Lender and may exercise the same as though it were not Administrative Agent, and such bank and its Affiliates
may accept deposits from, lend money to and generally engage in any kind of business with Borrower or any Subsidiary or other Affiliate
thereof as if it were not Administrative Agent hereunder.

 

    	55

    	 

    

 

SECTION 8.03. Duties
and Obligations. Administrative Agent shall not have any duties or obligations except those expressly set forth herein. Without
limiting the generality of the foregoing, (a) Administrative Agent shall not be subject to any fiduciary or other implied
duties, regardless of whether a Default has occurred and is continuing, (b) Administrative Agent shall not have any duty to
take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated
hereby that Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except
as expressly set forth herein, Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure
to disclose, any information relating to Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving
as Administrative Agent or any of its Affiliates in any capacity. Administrative Agent shall not be liable for any action taken
or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders
as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence
or willful misconduct. Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice
thereof is given to Administrative Agent by Borrower or a Lender, and Administrative Agent shall not be responsible for or have
any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement,
(ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to Administrative Agent.

 

SECTION 8.04. Reliance.
Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper
Person. Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by
the proper Person, and shall not incur any liability for relying thereon. Administrative Agent may consult with legal counsel (who
may be counsel for Borrower), independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

SECTION 8.05. Actions
Through Sub-Agents. Administrative Agent may perform any and all its duties and exercise its rights and powers by or through
any one or more sub-agents appointed by Administrative Agent. Administrative Agent and any such sub-agent may perform any and all
its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding
paragraphs shall apply to any such sub-agent and to the Related Parties of Administrative Agent and any such sub-agent, and shall
apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as
activities as Administrative Agent.

 

SECTION 8.06. Resignation.
Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, Administrative Agent
may resign at any time by notifying the Lenders, Issuing Bank, and Borrower. Upon any such resignation, the Required Lenders shall
have the right, in consultation with Borrower, to appoint a successor. If no successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation,
then the retiring Administrative Agent may, on behalf of the Lenders and Issuing Bank, appoint a successor Administrative Agent
which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment
as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder. The fees payable by Borrower to a successor Administrative Agent shall be the same as those payable
to its predecessor unless otherwise agreed between Borrower and such successor. After Administrative Agent’s resignation
hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring
Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken
by any of them while it was acting as Administrative Agent.

 

    	56

    	 

    

 

SECTION 8.07. Non-Reliance.
Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and
not investments in a business enterprise or securities. Each Lender further represents that it is engaged in making, acquiring
or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon Administrative
Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each Lender shall, independently
and without reliance upon Administrative Agent or any other Lender and based on such documents and information (which may contain
material, non-public information within the meaning of the United States securities laws concerning Borrower and its Affiliates)
as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement, any related agreement or any document furnished hereunder or thereunder and in deciding whether or to the
extent to which it will continue as a lender or assign or otherwise transfer its rights, interests and obligations hereunder.

 

ARTICLE
IX

 

 Miscellaneous

 

SECTION 9.01. Notices.

 

(a)  Except in the
case of notices and other communications expressly permitted to be given by telephone (and subject to clause (b) below), all
notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by telecopy, as follows:

 

(i)           if
to Borrower, to it at:

 

ELECTRO RENT
CORPORATION

6060 Sepulveda
Boulevard

Van Nuys,
California 91411

Tel No.: 818-786-2525

Fax No.: 818-786-4354

Attn: Craig
Jones

 

with a copy
to:

 

SHEPPARD,
MULLIN, RICHTER & HAMPTON LLP

333 South
Hope Street, 43rd Floor

Los Angeles,
California 90071

Tel No.: 213-620-1780

Fax No.: 213-620-1398

Attn: Richard
C. Pugh Jr., Esq.

 

(ii)          if
to Administrative Agent, the Issuing Bank, or the Swingline Lender to:

  

JPMORGAN CHASE
BANK, N.A.

300 South
Grand Avenue, 3rd Floor

Los Angeles,
California 90071

Tel No: (213)
621-8640

Fax No: (213)
226-4410

Attn: Chris
M. Lee

 

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with a copy
to:

 

PAUL HASTINGS
LLP

515 South
Flower Street, 25th Floor

Los Angeles,
California 90071

Tel No.: 213-683-6008

Fax No.: 213-996-3008

Attn: Jennifer
St. John Yount, Esq.

 

(iii)         if
to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile
shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through Electronic
Systems, to the extent provided in clause (b) below, shall be effective as provided in said clause (b).

 

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

 

(c)  Any party hereto
may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.
All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed
to have been given on the date of receipt.

 

(d)  Electronic Systems.

  

(i)     Borrower
agrees that Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available to Issuing
Banks and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar
Electronic System.

 

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(ii)    Any
Electronic System used by Administrative Agent is provided “as is” and “as available.” The Agent Parties
(as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions
in the Communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability,
fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made
by any Agent Party in connection with the Communications or any Electronic System. In no event shall Administrative Agent or any
of its Related Parties (collectively, the “Agent Parties”) have any liability to Borrower or the other
Loan Parties, any Lender, Issuing Bank or any other Person or entity for damages of any kind, including, without limitation, direct
or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising
out of any Loan Party’s or Administrative Agent’s transmission of communications through an Electronic System. “Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any
Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by Administrative Agent,
any Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including through an Electronic
System.

 

SECTION 9.02. Waivers;
Amendments.

 

(a)  No failure or
delay by Administrative Agent, Issuing Bank or any Lender in exercising any right or power hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to
enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The
rights and remedies of Administrative Agent, Issuing Bank and the Lenders hereunder are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by
Borrower therefrom shall in any event be effective unless the same shall be permitted by clause (b) of this Section, and then
such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the
generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default,
regardless of whether Administrative Agent, any Lender or Issuing Bank may have had notice or knowledge of such Default at the
time.

 

(b)  Neither this
Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing
entered into by Borrower and the Required Lenders or by Borrower and Administrative Agent with the consent of the Required Lenders;
provided, that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such
Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce
any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date
of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce
the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written
consent of each Lender affected thereby, (iv) change Section 2.18(b) or (c) in a manner that would
alter the pro rata sharing of payments required thereby, without the written consent of each Lender (excluding any Defaulting Lender),
(v) change any provisions of Section 2.20, without the consent of Administrative Agent, Swingline Lender, Issuing Bank,
and the Required Lenders, or (vi) change any of the provisions of this Section or the definition of “Required Lenders”
or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder
or make any determination or grant any consent hereunder, without the written consent of each Lender (excluding any Defaulting
Lender); provided further, that no such agreement shall amend, modify or otherwise affect the rights or duties of
Administrative Agent, Issuing Bank, or Swingline Lender hereunder without the prior written consent of Administrative Agent, Issuing
Bank, or Swingline Lender, as the case may be.

 

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(c)  If any action
to be taken by the Lenders or Administrative Agent hereunder requires the unanimous consent, authorization, or agreement of all
Lenders and if such action has received the consent, authorization, or agreement of the Required Lenders but not all of the Lenders,
then Agent (after receipt of a request from Borrower), upon at least 5 Business Days prior irrevocable notice, may permanently
replace any Lender (a “Holdout Lender”) that failed to give its consent, authorization, or agreement with one
or more other Lenders willing to provide such consent, authorization or agreement (each, a “Replacement Lender”)
reasonably acceptable to Administrative Agent, and the Holdout Lender shall have no right to refuse to be replaced hereunder. Such
notice to replace the Holdout Lender shall specify an effective date for such replacement, which date shall not be later than 10
Business Days after the date such notice is given and no more than 30 days after the date such consent, authorization or agreement
was sought. Prior to the effective date of such replacement, the Holdout Lender and each Replacement Lender shall execute and deliver
an Assignment and Assumption, subject only to the Holdout Lender being repaid the outstanding principal of its Loans and participations
in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder without
any premium or penalty of any kind whatsoever. If the Holdout Lender shall refuse or fail to execute and deliver any such Assignment
and Assumption prior to the effective date of such replacement, the Holdout Lender shall be deemed to have executed and delivered
such Assignment and Assumption. The replacement of any Holdout Lender shall be made in accordance with the terms of Section
9.04.

 

SECTION 9.03. Expenses;
Indemnity; Damage Waiver.

 

(a)  Borrower shall
pay (i) all reasonable and documented out of pocket expenses incurred by Administrative Agent and its Affiliates, including
the reasonable fees, charges and disbursements of counsel for Administrative Agent, in connection with the syndication of the credit
facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications or waivers
of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated), provided, that
Borrower’s obligation to reimburse Administrative Agent for its legal fees and expenses in connection with the preparation
of this Agreement and the other Loan Documents (and deliverables related thereto) for the closing of the financing transaction
contemplated hereby on the Effective Date shall be limited to $55,000; (ii) all reasonable and documented out-of-pocket expenses
incurred by Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand
for payment thereunder, and (iii) all documented out-of-pocket expenses incurred by Administrative Agent, Issuing Bank or
any Lender, including the fees, charges and disbursements of any counsel for Administrative Agent, Issuing Bank or any Lender,
in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this
Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of pocket expenses
incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

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(b)  Borrower shall
indemnify Administrative Agent, Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such
Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee,
incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or
delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective
obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan
or Letter of Credit or the use of the proceeds therefrom (including any refusal by Issuing Bank to honor a demand for payment under
a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter
of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated
by Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to Borrower or any of its Subsidiaries,
or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether
based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided, that
such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee. This Section 9.03(b) shall not apply with respect to Taxes other
than any Taxes that represent losses, claims or damages arising from any non-Tax claim.

 

(c)  To the extent
that Borrower fails to pay any amount required to be paid by it to Administrative Agent, Issuing Bank, or Swingline Lender under
clause (a) or (b) of this Section, each Lender severally agrees to pay to Administrative Agent, Issuing Bank, or Swingline
Lender, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought) of such unpaid amount; provided, that the unreimbursed expense or indemnified loss,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted against Administrative Agent, Issuing
Bank or Swingline Lender in its capacity as such.

 

(d)  To the extent
permitted by applicable law, no party hereto shall assert, and each such party hereby waives, any claim against any other party,
on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions,
any Loan or Letter of Credit or the use of the proceeds thereof; provided, that nothing in this clause (d) shall relieve
Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages
asserted against such Indemnitee by a third party.

 

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

 

SECTION 9.04. Successors and Assigns.

 

(a)  The provisions
of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns
permitted hereby (including any Affiliate of Issuing Bank that issues any Letter of Credit), except that (i) Borrower may
not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and
any attempted assignment or transfer by Borrower without such consent shall be null and void), and (ii) no Lender may assign
or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby (including any Affiliate of Issuing Bank that issues any Letter of Credit), Participants (to the extent provided
in clause (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of Administrative
Agent, Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

  

(b)   (i) Subject
to the conditions set forth in clause (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible
Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of:

 

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(A)  Borrower;
provided, that Borrower shall be deemed to have consented to an assignment unless it shall have objected thereto by written
notice to Administrative Agent within five Business Days after having received notice thereof; provided further,
that no consent of Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if
an Event of Default has occurred and is continuing, any other assignee;

 

(B)  Administrative
Agent;

 

(C)  Issuing
Bank; and

 

(D)  Swingline
Lender.

 

(ii) Assignments
shall be subject to the following additional conditions:

 

(A)  except
in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each
such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to Administrative
Agent) shall not be less than $5,000,000 unless each of Borrower and Administrative Agent otherwise consent; provided, that
no such consent of Borrower shall be required if an Event of Default has occurred and is continuing;

 

(B)  each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement; provided, that this clause shall not be construed to prohibit the assignment of a proportionate part
of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;

 

(C)  the
parties to each assignment shall execute and deliver to Administrative Agent an Assignment and Assumption, together with a processing
and recordation fee of $3,500; and

 

(D)  the
assignee, if it shall not be a Lender, shall deliver to Administrative Agent an Administrative Questionnaire in which the assignee
designates one or more Credit Contacts to whom all syndicate-level information (which may contain material non-public information
about Borrower, the Loan Parties, and their Related Parties or their respective securities) will be made available and who may
receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and
state securities laws.

  

For the purposes of this
Section 9.04(b), the term “Approved Fund” and “Ineligible Institution”
have the following meanings:

 

“Approved
Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing
in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

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“Ineligible
Institution” means (a) a natural person, (b) a Defaulting Lender, (c) Borrower or any of its Affiliates, (d) a Borrower
Competitor, or (e) a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural
person or relative(s) thereof; provided, that such holding company, investment vehicle or trust shall not constitute an
Ineligible Institution if it (i) has not been established for the primary purpose of acquiring any Loans or Commitments, (ii) is
managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business
of making or purchasing commercial loans, and (iii) has assets greater than $25,000,000 and a significant part of its activities
consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business; provided,
that upon the occurrence of an Event of Default, any Person (other than a Lender) shall be an Ineligible Institution if after giving
effect to any proposed assignment to such Person, such Person would hold more than 25% of the then outstanding Revolving Credit
Exposure or Commitments, as the case may be.

  

(iii) Subject
to acceptance and recording thereof pursuant to clause (b)(iv) of this Section, from and after the effective date specified
in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15,
2.16, 2.17, and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender
of a participation in such rights and obligations in accordance with clause (c) of this Section.

 

(iv) Administrative
Agent, acting for this purpose as an agent of Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption
delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal
amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to
time (the “Register”). The entries in the Register shall be conclusive, and Borrower, Administrative
Agent, Issuing Bank and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof
as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available
for inspection by Borrower, Issuing Bank, and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(v) Upon
its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in clause (b) of this Section and any written consent to such assignment required by clause (b) of this Section,
Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register;
provided, that if either the assigning Lender or the assignee shall have failed to make any payment required to be made
by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c),
Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the
Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment
shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

 

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

 

(d)  Any Lender may
at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations
of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this
Section shall not apply to any such pledge or assignment of a security interest; provided, that no such pledge or assignment
of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee
for such Lender as a party hereto.

 

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SECTION 9.05. Survival.
All covenants, agreements, representations and warranties made by Borrower herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that Administrative Agent, Issuing
Bank, or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit
is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan
or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and
so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17,
and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the Transactions,
the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this
Agreement or any provision hereof.

 

SECTION 9.06. Counterparts;
Integration; Effectiveness; Electronic Execution.

 

(a)  This Agreement
may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements
with respect to fees payable to Administrative Agent constitute the entire contract among the parties relating to the subject matter
hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by Administrative
Agent and when Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of
each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.

 

(b)  Delivery of
an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any other electronic means that reproduces
an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.
The words “execution”, “signed”, “signature”,
“delivery”, and words of like import in or relating to any document to be signed in connection with this Agreement
and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for
in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

SECTION 9.07. Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

 

SECTION 9.08. Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized
at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate
to or for the credit or the account of Borrower against any of and all the obligations of Borrower now or hereafter existing under
this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement
and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights
and remedies (including other rights of setoff) which such Lender may have.

 

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SECTION 9.09. Governing
Law; Jurisdiction; Consent to Service of Process.

 

(a)  This Agreement
shall be construed in accordance with and governed by the law of the State of California.

 

(b)  Borrower hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the
State of California sitting in Los Angeles County, and of the United States District Court for the Central District of California,
and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition
or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such California State or, to the extent permitted by law,
in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement
shall affect any right that Administrative Agent, Issuing Bank, or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement against Borrower or its properties in the courts of any jurisdiction.

 

(c)  Borrower hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may
now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in
any court referred to in clause (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)  Each party to
this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing
in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

SECTION 9.10. WAIVER
OF JURY TRIAL; JUDICIAL REFERENCE PROVISION.

 

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

 

(b) IN THE EVENT ANY
LEGAL PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE "COURT") BY OR AGAINST THE BORROWER OR THE ADMINISTRATIVE
AGENT IN CONNECTION WITH ANY CONTROVERSY, DISPUTE OR CLAIM DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) (EACH, A “CLAIM”) AND
THE WAIVER SET FORTH IN THE PRECEDING PARAGRAPH IS NOT ENFORCEABLE IN SUCH ACTION OR PROCEEDING, THE BORROWER AND THE ADMINISTRATIVE
AGENT (BY ITS ACCEPTANCE HEREOF) AGREE AS FOLLOWS:

 

    	66

    	 

    

 

(i) WITH THE EXCEPTION
OF THE MATTERS SPECIFIED IN CLAUSE (ii) BELOW, ANY CLAIM WILL BE DETERMINED BY A GENERAL REFERENCE PROCEEDING IN ACCORDANCE WITH
THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.2, including
any revision or replacement of such statutes or rules hereafter enacted. THE BORROWER AND THE BANK INTEND THIS GENERAL REFERENCE
AGREEMENT TO BE SPECIFICALLY ENFORCEABLE IN ACCORDANCE WITH CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 638,
including any revision or replacement of such statute or rule hereafter enacted. EXCEPT AS OTHERWISE PROVIDED IN THIS AND
THE OTHER RELATED DOCUMENTS, VENUE FOR THE REFERENCE PROCEEDING WILL BE IN THE STATE OR FEDERAL COURT IN THE COUNTY OR DISTRICT
WHERE VENUE IS OTHERWISE APPROPRIATE UNDER APPLICABLE LAW.

 

(ii) THE FOLLOWING
MATTERS SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING: (A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS IN REAL
OR PERSONAL PROPERTY; (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING, WITHOUT LIMITATION, SET-OFF); (C) APPOINTMENT OF A RECEIVER;
AND (D) TEMPORARY, PROVISIONAL OR ANCILLARY REMEDIES (INCLUDING, WITHOUT LIMITATION, WRITS OF ATTACHMENT, WRITS OF POSSESSION,
TEMPORARY RESTRAINING ORDERS OR PRELIMINARY INJUNCTIONS). THIS AGREEMENT DOES NOT LIMIT THE RIGHT OF THE BORROWER OR THE ADMINISTRATIVE
AGENT TO EXERCISE OR OPPOSE ANY OF THE RIGHTS AND REMEDIES DESCRIBED IN CLAUSES (A) - (D) AND ANY SUCH EXERCISE OR OPPOSITION DOES
NOT WAIVE THE RIGHT OF THE BORROWER OR THE BANK TO A REFERENCE PROCEEDING PURSUANT TO THIS AGREEMENT.

 

(iii) UPON THE WRITTEN
REQUEST OF THE BORROWER OR THE ADMINISTRATIVE AGENT, THE BORROWER AND THE ADMINISTRATIVE AGENT SHALL SELECT A SINGLE REFEREE, WHO
SHALL BE A RETIRED JUDGE OR JUSTICE. IF THE BORROWER AND THE ADMINISTRATIVE AGENT DO NOT AGREE UPON A REFEREE WITHIN TEN (10) DAYS
OF SUCH WRITTEN REQUEST THEN THE BORROWER OR THE ADMINISTRATIVE AGENT MAY REQUEST THE COURT TO APPOINT A REFEREE PURSUANT TO CALIFORNIA
CODE OF CIVIL PROCEDURE SECTION 640(B), including any revision or replacement of such statute
or rule hereafter enacted.

 

(iv) ALL PROCEEDINGS
AND HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL, SHALL BE CONDUCTED WITHOUT A COURT REPORTER, EXCEPT WHEN THE BORROWER
OR THE ADMINISTRATIVE AGENT SO REQUESTS, A COURT REPORTER WILL BE USED AND THE REFEREE WILL BE PROVIDED A COURTESY COPY OF THE
TRANSCRIPT. THE PARTY MAKING SUCH REQUEST SHALL HAVE THE OBLIGATION TO ARRANGE FOR AND PAY COSTS OF THE COURT REPORTER, PROVIDED
THAT SUCH COSTS, ALONG WITH THE REFEREE’S FEES, SHALL ULTIMATELY BE BORNE BY THE PARTY WHO DOES NOT PREVAIL, AS DETERMINED
BY THE REFEREE.

 

(v) THE REFEREE MAY
REQUIRE ONE OR MORE PREHEARING CONFERENCES. THE BORROWER AND THE ADMINISTRATIVE AGENT SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE
SHALL OVERSEE DISCOVERY IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND MAY ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY
TRIAL COURT JUDGE IN PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA. THE REFEREE SHALL APPLY THE RULES OF EVIDENCE APPLICABLE TO
PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL ISSUES IN ACCORDANCE WITH APPLICABLE STATE AND FEDERAL LAW.
THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A
TRIAL, INCLUDING, WITHOUT LIMITATION, MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT. THE REFEREE SHALL REPORT THE REFEREE’S
DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW.

 

    	67

    	 

    

  

(vi) THE BORROWER AND
THE ADMINISTRATIVE AGENT RECOGNIZE AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL BE
DECIDED BY A REFEREE AND NOT BY A JURY.

 

SECTION 9.11. Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part
of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

SECTION 9.12. Confidentiality.
Each of Administrative Agent, Issuing Bank, and the Lenders agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents,
including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will
be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the
extent requested by any regulatory authority, (c) to the extent required by any Requirement of Law or by any subpoena or similar
legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder
or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement or (ii)  any actual or prospective counterparty
(or its advisors) to any swap or derivative transaction relating to Borrower and its obligations, (g) with the consent of
Borrower, or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of
this Section or (ii) becomes available to Administrative Agent, Issuing Bank, or any Lender on a non-confidential basis
from a source other than Borrower. For the purposes of this Section, “Information” means all information
received from Borrower relating to Borrower or its business, other than any such information that is available to Administrative
Agent, Issuing Bank, or any Lender on a non-confidential basis prior to disclosure by Borrower; provided, that in the case
of information received from Borrower after the date hereof, such information is clearly identified at the time of delivery as
confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered
to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality
of such Information as such Person would accord to its own confidential information.

 

SECTION 9.13. Material
Non-Public Information.

 

(a)  EACH LENDER
ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE
MATERIAL NON-PUBLIC INFORMATION CONCERNING BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT
HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

    	68

    	 

    

 

(b)  ALL INFORMATION,
INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY BORROWER OR ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING,
THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT BORROWER, LOAN PARTIES
AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO BORROWER AND ADMINISTRATIVE AGENT
THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 

SECTION 9.14. Authorization
to Distribute Certain Materials to Public-Siders.

 

(a)  If Borrower
does not file this Agreement with the SEC, then Borrower hereby authorizes Administrative Agent to distribute the execution version
of this Agreement and the Loan Documents to all Lenders, including their Public-Siders. Borrower acknowledges its understanding
that Public-Siders and their firms may be trading in any of the Parties’ respective securities while in possession of the
Loan Documents.

 

(b)  Borrower represents
and warrants that none of the information in the Loan Documents constitutes or contains material non-public information within
the meaning of the federal and state securities laws. To the extent that any of the executed Loan Documents constitutes at any
time a material non-public information within the meaning of the federal and state securities laws after the date hereof, the Company
agrees that it will promptly make such information publicly available by press release or public filing with the SEC.

 

SECTION 9.15. Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively
the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which
may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law,
the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be
limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such
Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable
to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated
amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by
such Lender.

 

SECTION 9.16. USA
PATRIOT Act. Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (the “Act”) hereby notifies Borrower that pursuant to the requirements of
the Act, it is required to obtain, verify and record information that identifies Borrower, which information includes the name
and address of Borrower and other information that will allow such Lender to identify Borrower in accordance with the Act.

 

[signature pages follow]

 

    	69

    	 

    

  

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

 

	 	BORROWER:
	 	 
	 	ELECTRO RENT CORPORATION,
	 	a California corporation
	 	 	 
	 	By: 	/s/ Craig R. Jones
	 	Name: 	Craig R. Jones
	 	Title:	Vice President and Chief Financial Officer

 

[SIGNATURE
PAGE TO CREDIT AGREEMENT]

 

    	 

    	 

    

 

	 	ADMINISTRATIVE AGENT AND LENDER:
	 	 
	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	Michael A. Pogue
	 	Name: 	Michael A. Pogue
	 	Title:	Authorized Officer

 

[SIGNATURE
PAGE TO CREDIT AGREEMENT]

 

    	 

    	 

    

 

EXHIBIT A

  

ASSIGNMENT
AND ASSUMPTION

 

This Assignment and
Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of
Assignee] (the “Assignee”). All initially capitalized terms used herein without definition shall
have the meaning ascribed thereto in the Credit Agreement identified below (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the
Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein
by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective
Date inserted by Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its
capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor
under the respective facilities identified below (including any letters of credit, guarantees, and swingline loans included in
such facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action
and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or
in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions
governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice
claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant
to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred
to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the
Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

 

	1.	Assignor:	______________________________
	 	 	 
	2.	Assignee:	______________________________
	 	 	[and is an Affiliate/Approved Fund of [identify Lender]1 ]
	 	 	 
	3.	Borrower:	ELECTRO RENT CORPORATION, a California corporation
	 	 	 
	4.	Administrative Agent:	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as  administrative agent under the Credit Agreement
	 	 	 
	5.	Credit Agreement:	The Credit Agreement dated as of November 19, 2013, by and among Borrower, the lenders from time to time parties thereto, Administrative Agent, and J.P. Morgan Securities LLC, as sole  bookrunner and sole lead arranger.

 

 

		1	Select as applicable.

 

    	 

    	 

    

 

	6.	Assigned Interest:	 

 

	Aggregate Amount of
 Commitment/Loans for all
 Lenders	 	 	Amount of Commitment/Loans
 Assigned	 	 	Percentage Assigned of
 Commitment/Loans	 
	$	  	 	 	$	 	 	 	 	 	%
	$	 	 	 	$	 	 	 	 	 	%
	$	 	 	 	$	 	 	 	 		%

 

Effective Date: _____________ ___, 20___
[TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The Assignee agrees to deliver to Administrative
Agent a completed Administrative Questionnaire in which the Assignee designates one or more Credit Contacts to whom all syndicate-level
information (which may contain material non-public information about Borrower and its Related Parties or their respective securities)
will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable
laws, including Federal and state securities laws.

 

The terms set forth in this Assignment
and Assumption are hereby agreed to:

  

	
        ASSIGNOR

         

        [NAME OF ASSIGNOR]

	 
	By: 	 
	 	
        Name:

        Title:

 

	
        ASSIGNEE

         

        [NAME OF ASSIGNEE]

	 
	By: 	 
	 	
        Name:

        Title:

 

    	2

    	 

    

  

	Consented to and Accepted:	 
	 	 
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as	 
	Administrative Agent, as Swingline Lender, and Issuing Bank	 
	 	 	 
	By	 	 
	 	Name:	 
	 	Title:	 

  

	[Consented to and Accepted:	 
	 	 
	ELECTRO RENT CORPORATION, as Borrower	 
	 	 	 
	By	 	 
	 	Name:	 
	 	Title:]2	 

  

 

2 To be included to the extent required by Section
9.04(b) of the Credit Agreement

 

    	3

    	 

    

  

ANNEX 1

  

STANDARD TERMS
AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1. Representations
and Warranties.

 

1.1 Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby;
and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with
the Credit Agreement, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Agreement
or any collateral thereunder, (iii) the financial condition of Borrower, any of its Subsidiaries or Affiliates or any other Person
obligated in respect of the Agreement, or (iv) the performance or observance by Borrower, any of its Subsidiaries or Affiliates
or any other Person of any of their respective obligations under the Agreement.

 

1.2. Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under
the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied
by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound
by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations
of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it
has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on Administrative
Agent or any other Lender, and (v) attached to the Assignment and Assumption is any documentation required to be delivered by it
pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee, and (b) agrees that (i) it will, independently
and without reliance on Administrative Agent, the Assignor or any other Lender, and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement,
and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Agreement are required
to be performed by it as a Lender.

 

2. Payments.
From and after the Effective Date, Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

3. General Provisions.
This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Acceptance and adoption of the terms of this Assignment and Assumption
by the Assignee and the Assignor by Electronic Signature or delivery of an executed counterpart of a signature page
of this Assignment and Assumption by any Electronic System shall be effective as delivery of a manually executed counterpart of
this Assignment and Assumption.

 

    	 

    	 

    

 

THIS ASSIGNMENT AND
ASSUMPTION SHALL BE SUBJECT TO THE PROVISIONS REGARDING GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS AND WAIVER OF
JURY TRIAL; JUDICIAL REFERENCE PROVISION SET FORTH IN SECTIONS 9.09 AND 9.10 OF THE CREDIT AGREEMENT AND SUCH PROVISIONS
ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

    	2

    	 

    

  

EXHIBIT B

 

FORM OF COMPLIANCE CERTIFICATE

 

[on Borrower’s letterhead]

 

		To:	JPMorgan Chase Bank, National Association

Loan and Agency Services Group

1111 Fannin, 8th Floor

Houston, Texas 77002

Attn: Chris M. Lee

 

		Re:	Compliance Certificate dated ____________ __, 20__

 

Ladies and Gentlemen:

 

Reference is made to
that certain Credit Agreement November 19, 2013, by and among ELECTRO RENT CORPORATION, a California corporation (“Borrower”),
the lenders identified on the signature pages hereof (each of such lenders, together with its successors and assigns, is referred
to hereinafter as a “Lender”, as that term is hereinafter further defined), JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity,
the “Administrative Agent”), and J.P. MORGAN SECURITIES LLC, as sole bookrunner and sole lead
arranger. All initially capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings assigned
to them in the Credit Agreement.

 

Pursuant to Section
5.01 of the Credit Agreement, the Financial Officer of Borrower hereby certifies as of the date hereof that:

 

1.          The
financial information of Borrower and its consolidated Subsidiaries furnished in Schedule 1 attached hereto, has been prepared
in accordance with GAAP (except, in the case of unaudited financial statements, for year-end audit adjustments and the lack of
footnotes), and fairly presents in all material respects the financial condition of Borrower and its consolidated Subsidiaries
on a consolidated basis as of the date set forth therein.

 

2.           Such
officer has reviewed the terms of the Credit Agreement and has made, or caused to be made under his/her supervision, a review in
reasonable detail of the transactions and financial condition of Borrower and its consolidated Subsidiaries during the accounting
period covered by the financial statements delivered pursuant to Section 5.01 of the Credit Agreement.

 

3.           Such
review has not disclosed the existence on and as of the date hereof, and the undersigned does not have knowledge of the existence
as of the date hereof, of any event or condition that constitutes a Default or Event of Default, except for such conditions or
events listed on Schedule 2 attached hereto, in each case specifying the nature and period of existence thereof and what
action Borrower and/or its Subsidiaries have taken, are taking, or propose to take with respect thereto.

 

4.           Except
as set forth on Schedule 3 attached hereto, the representations and warranties of Borrower and its Subsidiaries set forth
in the Credit Agreement and the other Loan Documents are true and correct all material respects (except that such materiality qualifier
shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof) on and as of the date hereof (other than the representations and warranties that specifically refer to an earlier date).

 

    	 

    	 

    

 

5.           Borrower
and its Subsidiaries are in compliance with the applicable covenants contained in Section 6.11 of the Credit Agreement as
demonstrated on Schedule 4 hereof.

 

6.           No
changes in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04
of the Credit Agreement except as set forth on Schedule 5 attached hereto, specifying the effect of such change on the financial
statements attached hereto as Schedule 1.

 

[signature page follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
this Compliance Certificate is executed by the undersigned this ____ day of _______________, 20___.

 

	 	ELECTRO RENT CORPORATION
	 	a California corporation, as Borrower
	 	 	 
	 	By:	         
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

SCHEDULE 1

 

Financial Information

 

    	 

    	 

    

 

SCHEDULE 2

 

Default or Event of Default

 

    	 

    	 

    

 

SCHEDULE 3

 

Representations and Warranties

 

    	 

    	 

    

 

SCHEDULE 4

 

Financial Covenants

 

		1.	Minimum EBITDA.

 

Borrower’s and
its Subsidiaries’ EBITDA, measured on a quarter-end basis, for the ___ quarter period ending ____________ ___, 20___, is
$______________, which amount [is/is not] greater than or equal to the amount set forth in Section 6.11(a) of the
Credit Agreement.

 

		2.	Tangible Net Worth. 

 

Borrower’s and
its Subsidiaries’ Tangible Net Worth, as of the quarter ending ____________ ___, 20___, is $______________, which amount
[is/is not] greater than or equal to the amount set forth in Section 6.11(b) of the Credit Agreement.

 

    	 

    	 

    

 

SCHEDULE 5

 

GAAP

  

    	 

    	 

    

 

EXHIBIT C-1

 

[FORM OF]

 

U.S.
TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Credit Agreement dated as of November 19, 2013, by and among ELECTRO RENT CORPORATION, a California corporation (“Borrower”),
the lenders from time to time party thereto (each of such lenders, together with its successors and assigns, is referred to hereinafter
as a “Lender”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders
(in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”),
and J.P. Morgan Securities LLC, as sole bookrunner and sole lead arranger.

 

Pursuant to the provisions
of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii)
it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of Borrower
within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to Borrower
as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished Administrative Agent and Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this
certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly
so inform Borrower and Administrative Agent, and (2) the undersigned shall have at all times furnished Borrower and Administrative
Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments.

 

All initially capitalized
terms used herein without definition shall have the meaning ascribed thereto in the Credit Agreement.

  

	[NAME OF LENDER]
	 
	By: 	 
	 	Name:  
	 	Title:  

 

Date: ________ __, 20__

 

    	 

    	 

    

 

EXHIBIT C-2

  

[FORM OF]

 

U.S.
TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Credit Agreement dated as of November 19, 2013, by and among ELECTRO RENT CORPORATION, a California corporation (“Borrower”),
the lenders from time to time party thereto (each of such lenders, together with its successors and assigns, is referred to hereinafter
as a “Lender”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders
(in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”),
and J.P. Morgan Securities LLC, as sole bookrunner and sole lead arranger.

 

Pursuant to the provisions
of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section
881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the
Code, and (iv) it is not a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate,
the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform
such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.

 

All initially capitalized
terms used herein without definition shall have the meaning ascribed thereto in the Credit Agreement.

  

	[NAME OF PArticipant]
	 
	By: 	 
	 	Name:  
	 	Title:  

 

Date: ________ __, 20__

  

    	 

    	 

    

 

EXHIBIT C-3

 

[FORM OF]

 

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Credit Agreement dated as of November 19, 2013, by and among ELECTRO RENT CORPORATION, a California corporation (“Borrower”),
the lenders from time to time party thereto (each of such lenders, together with its successors and assigns, is referred to hereinafter
as a “Lender”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders
(in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”),
and J.P. Morgan Securities LLC, as sole bookrunner and sole lead arranger.

 

Pursuant to the provisions
of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation
in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners
of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members
is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct or indirect partners/members is
a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form
W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform such Lender, and (2) the undersigned shall have at all times furnished such Lender with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

 

All initially capitalized
terms used herein without definition shall have the meaning ascribed thereto in the Credit Agreement.

  

	[NAME OF Participant]
	 
	By:	 
	 	Name:  
	 	Title:  

 

Date: ________ __, 20__

 

    	 

    	 

    

 

EXHIBIT C-4

  

[FORM OF]

 

U.S.
TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Credit Agreement dated as of November 19, 2013, by and among ELECTRO RENT CORPORATION, a California corporation (“Borrower”),
the lenders from time to time party thereto (each of such lenders, together with its successors and assigns, is referred to hereinafter
as a “Lender”), JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in
such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”),
and J.P. Morgan Securities LLC, as sole bookrunner and sole lead arranger.

 

Pursuant to the provisions
of Section 2.17 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s)
(as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect
to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its
direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course
of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (v) none of its direct or
indirect partners/members is a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished Administrative Agent and Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN, or (ii) an IRS Form W-8IMY accompanied by an IRS Form
W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform Borrower and Administrative Agent, and (2) the undersigned shall have at all times furnished Borrower
and Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

All initially capitalized
terms used herein without definition shall have the meaning ascribed thereto in the Credit Agreement.

 

	[NAME OF LENDER]
	 
	By:	 
	 	Name:
	 	Title:  

 

Date: ________ __, 20__

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