Document:

Exhibit 10.24

    

    

    	
            EXECUTION COPY

            

          
	
            FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

             

              

            dated as of

             

              

            September 27, 2018

             

              

            among

             

              

            PHOTRONICS, INC.

             

              

            The Foreign Subsidiary Borrowers Party Hereto

             

              

            The Lenders Party Hereto

             

            JPMORGAN CHASE BANK, N.A.

            as Administrative Agent and Collateral Agent

            and

             

            BANK OF AMERICA, N.A.

            as Syndication Agent

             

             

          
	 	 	 
	
            JPMORGAN CHASE BANK, N.A. and

            MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

            as Joint Bookrunners and Joint Lead Arrangers

             

             

          

    

    

    
      
        

    

    TABLE OF CONTENTS

    

     

    

    	 	
            Page

          
	 	 
	
            ARTICLE I Definitions

          	
            1

          
	 	 
	
            SECTION 1.01. Defined Terms

          	
            1

          
	
            SECTION 1.02. Classification of Loans and Borrowings

          	
            28

          
	
            SECTION 1.03. Terms Generally

          	
            29

          
	
            SECTION 1.04. Accounting Terms; GAAP

          	
            29

          
	
            SECTION 1.05. Status of Secured Obligations

          	
            29

          
	
            SECTION 1.06. Amendment and Restatement of the Existing Credit Agreement

          	
            30

          
	
            SECTION 1.07. Interest Rates

          	
            30

          
	 	 
	
            ARTICLE II The Credits

          	
            30

          
	 	 
	
            SECTION 2.01. Commitments

          	
            30

          
	
            SECTION 2.02. Loans and Borrowings

          	
            31

          
	
            SECTION 2.03. Requests for Revolving Borrowings

          	
            32

          
	
            SECTION 2.04. Determination of Dollar Amounts

          	
            32

          
	
            SECTION 2.05. Swingline Loans

          	
            33

          
	
            SECTION 2.06. Letters of Credit

          	
            34

          
	
            SECTION 2.07. Funding of Borrowings

          	
            39

          
	
            SECTION 2.08. Interest Elections

          	
            40

          
	
            SECTION 2.09. Termination and Reduction of Commitments

          	
            41

          
	
            SECTION 2.10. Repayment of Loans; Evidence of Debt

          	
            42

          
	
            SECTION 2.11. Prepayment of Loans

          	
            43

          
	
            SECTION 2.12. Fees

          	
            43

          
	
            SECTION 2.13. Interest

          	
            44

          
	
            SECTION 2.14. Alternate Rate of Interest

          	
            45

          
	
            SECTION 2.15. Increased Costs

          	
            47

          
	
            SECTION 2.16. Break Funding Payments

          	
            48

          
	
            SECTION 2.17. Taxes

          	
            48

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

          	
            52

          
	
            SECTION 2.19. Mitigation Obligations; Replacement of Lenders

          	
            53

          
	
            SECTION 2.20. Expansion Option

          	
            54

          
	
            SECTION 2.21. Market Disruption

          	
            55

          
	
            SECTION 2.22. Judgment Currency

          	
            55

          
	
            SECTION 2.23. Designation of Foreign Subsidiary Borrowers

          	
            55

          
	
            SECTION 2.24. Defaulting Lenders

          	
            56

          
	 	 
	
            ARTICLE III Representations and Warranties

          	
            57

          
	 	 
	
            SECTION 3.01. Organization; Powers; Subsidiaries

          	
            57

          
	
            SECTION 3.02. Authorization; Enforceability

          	
            58

          
	
            SECTION 3.03. Governmental Approvals; No Conflicts

          	
            58

          
	
            SECTION 3.04. Financial Condition; No Material Adverse Change

          	
            58

          
	
            SECTION 3.05. Properties

          	
            58

          
	
            SECTION 3.06. Litigation and Environmental Matters

          	
            58

          
	
            SECTION 3.07. Compliance with Laws and Agreements

          	 59

          
	
            SECTION 3.08. Investment Company Status

          	
            59

          
	
            SECTION 3.09. Taxes

          	 59

          

    
      
        

    

    
    Table of Contents

    

    (continued)

      

    

    	 	 Page
	 	 
	
            SECTION 3.10. ERISA

          	
            59

          
	
            SECTION 3.11. Disclosure

          	
            59

          
	
            SECTION 3.12. Federal Reserve Regulations

          	
            60

          
	
            SECTION 3.13. Liens

          	
            60

          
	
            SECTION 3.14. No Default

          	
            60

          
	
            SECTION 3.15. Security Interest in Collateral

          	
            60

          
	
            SECTION 3.16. Anti-Corruption Laws and Sanctions

          	
            60

          
	
            SECTION 3.17. EEA Financial Institutions

          	
            60

          
	 	 
	
            ARTICLE IV Conditions

          	
            60

          
	 	 
	
            SECTION 4.01. Effective Date

          	
            60

          
	
            SECTION 4.02. Each Credit Event

          	
            61

          
	
            SECTION 4.03. Designation of a Foreign Subsidiary Borrower

          	
            62

          
	 	 
	
            ARTICLE V Affirmative Covenants

          	
            63

          
	 	 
	
            SECTION 5.01. Financial Statements and Other Information

          	
            63

          
	
            SECTION 5.02. Notices of Material Events

          	
            64

          
	
            SECTION 5.03. Existence; Conduct of Business

          	
            64

          
	
            SECTION 5.04. Payment of Obligations

          	
            64

          
	
            SECTION 5.05. Maintenance of Properties; Insurance

          	
            65

          
	
            SECTION 5.06. Books and Records; Inspection Rights

          	
            65

          
	
            SECTION 5.07. Compliance with Laws and Material Contractual Obligations

          	
            65

          
	
            SECTION 5.08. Use of Proceeds

          	
            66

          
	
            SECTION 5.09. Subsidiary Guarantors; Pledges; Additional Collateral; Further
                  Assurances

          	
            66

          
	 SECTION 5.10. Post-Closing Matters

          	 67
	 	 
	
            ARTICLE VI Negative Covenants

          	
            67

          
	 	 
	
            SECTION 6.01. Indebtedness

          	
            67

          
	
            SECTION 6.02. Liens

          	
            69

          
	
            SECTION 6.03. Fundamental Changes and Asset Sales

          	
            70

          
	
            SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions

          	
            71

          
	
            SECTION 6.05. Swap Agreements

          	
            72

          
	
            SECTION 6.06. Restricted Payments

          	
            72

          
	
            SECTION 6.07. Transactions with Affiliates

          	
            73

          
	
            SECTION 6.08. Restrictive Agreements

          	
            73

          
	
            SECTION 6.09. Issuances of Equity Interests by Subsidiaries

          	
            73

          
	
            SECTION 6.10. Amendment of Material Documents

          	
            73

          
	
            SECTION 6.11. Financial Covenants

          	
            74

          
	
            SECTION 6.12. Anti-Corruption Laws and Sanctions

          	
            74

          
	 	 
	
            ARTICLE VII Events of Default

          	
            74

          
	 	 
	
            ARTICLE VIII The Administrative Agent and the Collateral Agent

          	
            78

          
	 	 
	
            SECTION 8.01. Authorization and Action

          	
            78

          
	
            SECTION 8.02. Agents’ Reliance, Indemnification, Etc

          	
            80

          

    
      ii

      
        

    

    
      Table of Contents

      

      (continued)

       

      

    

    	 	 Page

          
	 	 
	
            SECTION 8.03. Posting of Communications

          	
            82

          
	
            SECTION 8.04. The Agents Individually

          	
            83

          
	
            SECTION 8.05. Successor Agents.

          	
            84

          
	
            SECTION 8.06. Acknowledgments of Lenders and Issuing Banks

          	
            84

          
	
            SECTION 8.07. Collateral Matters

          	
            85

          
	
            SECTION 8.08. Credit Bidding

          	
            86

          
	
            SECTION 8.09. Certain ERISA Matters.

          	
            87

          
	 	 
	
            ARTICLE IX Miscellaneous

          	
            89

          
	 	 
	
            SECTION 9.01. Notices

          	
            89

          
	
            SECTION 9.02. Waivers; Amendments

          	
            90

          
	
            SECTION 9.03. Expenses; Indemnity; Damage Waiver

          	
            93

          
	
            SECTION 9.04. Successors and Assigns

          	
            94

          
	
            SECTION 9.05. Survival

          	
            97

          
	
            SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution

          	
            98

          
	
            SECTION 9.07. Severability

          	
            98

          
	
            SECTION 9.08. Right of Setoff

          	
            98

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

          	
            98

          
	
            SECTION 9.10. WAIVER OF JURY TRIAL

          	
            100

          
	
            SECTION 9.11. Headings

          	
            100

          
	
            SECTION 9.12. Confidentiality

          	
            100

          
	
            SECTION 9.13. USA PATRIOT Act

          	
            101

          
	
            SECTION 9.14. Appointment for Perfection

          	
            101

          
	
            SECTION 9.15. Interest Rate Limitation

          	
            101

          
	
            SECTION 9.16. No Advisory or Fiduciary Responsibility

          	
            101

          
	
            SECTION 9.17. Releases of Subsidiary Guarantors

          	
            102

          
	
            SECTION 9.18. Acknowledgement and Consent to Bail-In of EEA Financial Institutions

          	
            103

          
	 	 
	
            ARTICLE X Company Guarantee

          	
            103

          

    

    

    
      iii

      
        

    

    
      Table of Contents

      

      (continued)

    

    

    

    	 	 	 	
            Page

          
	
            SCHEDULES:

          	 	 
	 	 	 
	
            Schedule 2.01A

          	
            --

          	
            Commitments

          
	
            Schedule 2.01B

          	
            --

          	
            Letter of Credit Commitments

          
	
            Schedule 2.06

          	
            --

          	
            Existing Letters of Credit

          
	
            Schedule 3.01

          	
            --

          	
            Subsidiaries

          
	
            Schedule 5.10

          	
            --

          	
            Post-Closing Matters

          
	
            Schedule 6.01

          	
            --

          	
            Existing Indebtedness

          
	
            Schedule 6.02

          	
            --

          	
            Existing Liens

          
	
            Schedule 6.04

          	
            --

          	
            Existing Investments, Loans and Advances; Taiwan JV Transactions

          
	
            Schedule 6.07

          	
            --

          	
            Affiliate Transactions

          
	
            Schedule 6.08

          	
            --

          	
            Existing Restrictions

          
	 	 	 
	
            EXHIBITS:

          	 	 
	
            Exhibit A

          	
            --

          	
            Form of Assignment and Assumption

          
	
            Exhibit B

          	
            --

          	
            Form of Opinion of Loan Parties’ Counsel

          
	
            Exhibit C

          	
            --

          	
            Form of Increasing Lender Supplement

          
	
            Exhibit D

          	
            --

          	
            Form of Augmenting Lender Supplement

          
	
            Exhibit E

          	
            --

          	
            List of Closing Documents

          
	
            Exhibit F-1

          	
            --

          	
            Form of Borrowing Subsidiary Agreement

          
	
            Exhibit F-2

          	
            --

          	
            Form of Borrowing Subsidiary Termination

          
	
            Exhibit G

          	
            --

          	
            Form of Subsidiary Guaranty

          
	
            Exhibit H

          	
            --

          	
            Form of Pledge Agreement

          
	
            Exhibit I-1

          	
            --

          	
            Form of Borrowing Request

          
	
            Exhibit I-2

          	
            --

          	
            Form of Interest Election Request

          
	
            Exhibit J

          	
            --

          	
            Form of Promissory Note

          
	
            Exhibit K-1

          	
            --

          	
            Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)

          
	
            Exhibit K-2

          	
            --

          	
            Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)

          
	
            Exhibit K-3

          	
            --

          	
            Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)

          
	
            Exhibit K-4

          	
            --

          	
            Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)

          

    

    

    
      iv

      
        

    

    

    

    FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”)

        dated as of September 27, 2018 among PHOTRONICS, INC., the FOREIGN SUBSIDIARY BORROWERS from time to time party hereto, the LENDERS from time to time party hereto, BANK OF AMERICA, N.A., as Syndication Agent, and JPMORGAN CHASE BANK, N.A., as
        Administrative Agent and Collateral Agent.

    

    

    WHEREAS, the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent thereunder,
        are currently party to the Third Amended and Restated Credit Agreement, dated as of December 5, 2013 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing

            Credit Agreement”).

    

    

    WHEREAS, the Company, the Lenders, the Administrative Agent and the Collateral Agent have agreed to enter into this Agreement in order
        to (i) amend and restate the Existing Credit Agreement in its entirety; (ii) re-evidence the “Obligations” under, and as defined in, the Existing Credit Agreement, which shall be repayable in accordance with the terms of this Agreement; and (iii)
        set forth the terms and conditions under which the Lenders will, from time to time, make loans and extend other financial accommodations to or for the benefit of the Borrowers.

    

    

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

    

    

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

    

    

    NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto hereby agree that the
        Existing Credit Agreement is hereby amended and restated as follows:

    

    

    ARTICLE I

    

    

    Definitions

    

    

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

    

    

    “ABR”, when used in reference to any Loan or Borrowing,
        refers to such Loan, or the Loans comprising such Borrowing, bearing interest at a rate determined by reference to the Alternate Base Rate.

    

    

    “Adjusted LIBO Rate” means, with respect to any
        Eurocurrency Borrowing for any Interest Period, 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.

    

    

    
      
        

    

    
    

    

    “Administrative Agent” means JPMorgan Chase Bank, N.A.
        (including its branches and affiliates), in its capacity as administrative agent for the Lenders hereunder.

    

    

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

    

    

    “Affected Foreign Subsidiary” means any Foreign Subsidiary
        to the extent such Foreign Subsidiary acting as a Subsidiary Guarantor would cause a Deemed Dividend Problem.

    

    

    “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.

    

    

    “Agents” means the Administrative Agent and the Collateral
        Agent.

    

    

    “Aggregate Commitment” means the aggregate of the
        Commitments of all of the Lenders, as reduced or increased from time to time pursuant to the terms and conditions hereof.  As of the Effective Date, the Aggregate Commitment is $50,000,000.

    

    

    “Agreed Currencies” means (i) Dollars and (ii) any other
        currency (x) that is a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars, (y) for which a LIBOR Screen Rate is available in the Administrative Agent’s determination and (z) that is
        agreed to by the Administrative Agent and each of the Lenders.

    

    

    “Agreement” has the meaning assigned to such term in the
        introductory paragraph.

    

    

    “Alternate Base Rate” means, for any day, a rate per annum
        equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period in Dollars on such day (or if such day is not a Business Day,
        the immediately preceding Business Day) plus 1%, provided that for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Rate (or
        if the LIBO Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the
        Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively.  If the Alternate Base Rate is being used as an alternate rate of interest
        pursuant to Section 2.14 hereof, then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.  For the avoidance of doubt, if the Alternate Base Rate as so determined
        would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

    

    

    “Alternative Rate” has the meaning assigned to such term in
        Section 2.14(a).

    

    

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

    

    

    “Applicable Party” has the meaning assigned to such term in
        Section 8.03(c).

    

    

    “Applicable Percentage” means, with respect to any Lender,
        the percentage equal to a fraction the numerator of which is such Lender’s Commitment and the denominator of which is the Aggregate 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); provided that, in the case of Section 2.24 when a Defaulting Lender shall exist, any such
        Defaulting Lender’s Commitment shall be disregarded in the calculation.

    

    

    
      2

      
        

    

    

    

    “Applicable Pledge Percentage” means 100% but 65% in the
        case of a pledge by the Company or any Domestic Subsidiary of its Equity Interests in an Affected Foreign Subsidiary.

    

    

    “Applicable Rate” means, for any day, with respect to any
        Eurocurrency Loan, or any ABR Loan or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurocurrency Spread”, “ABR Spread” or “Commitment Fee Rate”, as the
        case may be, based upon the Total Leverage Ratio applicable on such date:

    

    

    	 	
            Total Leverage Ratio:

          	
            Commitment

                Fee Rate

          	
            Eurocurrency

                Spread

          	
            ABR

                Spread

          
	
            Category 1:

          	
            ≤ 1.00 to 1.00

          	
            0.15%

          	
            1.00%

          	
            0%

          
	
            Category 2:

          	
            > 1.00 to 1.00 but

                ≤ 2.00 to 1.00

          	
            0.20%

          	
            1.25%

          	
            0.25%

          
	
            Category 3:

          	
            > 2.00 to 1.00

          	
            0.25%

          	
            1.50%

          	
            0.50%

          

    

    

    For purposes of the foregoing,

    

    

    (i) if at any time the Company fails to deliver the Financials on or before the date the Financials are due pursuant to Section 5.01,
        Category 3 shall be deemed applicable for the period commencing five (5) Business Days after the required date of delivery and ending on the date which is five (5) Business Days after the Financials are actually delivered, after which the Category
        shall be determined in accordance with the table above as applicable;

    

    

    (ii) adjustments, if any, to the Category then in effect shall be effective five (5) Business Days after the Administrative Agent has
        received the applicable Financials (it being understood and agreed that each change in Category shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the
        next such change); and

    

    

    (iii) notwithstanding the foregoing, Category 1 shall be deemed to be applicable until the Administrative Agent’s receipt of the
        applicable Financials for the Company’s first fiscal quarter ending after the Effective Date (unless such Financials demonstrate that Category 2 or 3 should have been applicable during such period, in which case such other Category shall be deemed
        to be applicable during such period) and adjustments to the Category then in effect shall thereafter be effected in accordance with the preceding paragraphs.

    

    

    “Approved Electronic Platform” has the meaning assigned to
        such term in Section 8.03(a).

    

    

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

    

    

    
      3

      
        

    

    

    

    “Arrangers” means each of JPMorgan Chase Bank, N.A. and
        Merrill, Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment
        banking, commercial lending services or related businesses may be transferred following the date of this Agreement) in its capacity as a joint bookrunner and joint lead arranger hereunder.

    

    

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

    

    

    “Augmenting Lender” has the meaning assigned to such term
        in Section 2.20.

    

    

    “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 with
        respect to any Lender, the Commitment of such Lender then in effect minus the Revolving Credit Exposure of such Lender at such time (excluding, for
        the purpose of calculating the commitment fee under Section 2.12, any Lender’s Swingline Exposure).

    

    

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

    

    

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

    

    

    “Banking Services” means each and any of the following bank
        services provided to the Company or any Subsidiary by any Lender or any of its Affiliates:  (a) credit cards for commercial customers (including, without limitation, commercial credit cards and purchasing cards), (b) stored value cards, (c)
        merchant processing services and (d) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts and interstate
        depository network services).

    

    

    “Banking Services Agreement” means any agreement entered
        into by the Company or any Subsidiary in connection with Banking Services.

    

    

    “Banking Services Obligations” means any and all
        obligations of the Company or any Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in
        connection with Banking Services.

    

    

    “Bankruptcy Code” means Title 11 of the United States Code
        entitled “Bankruptcy”, as now and hereafter in effect, or any successor statute.

    

    

    
      4

      
        

    

    

    

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

    

    

    “Beneficial Ownership Certification” means a certification
        regarding beneficial ownership as required by the Beneficial Ownership Regulation.

    

    

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

    

    

    “Benefit Plan” means any of (a) an “employee benefit plan”
        (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset
        Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

    

    

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

    

    

    “Borrower” means the Company or any Foreign Subsidiary
        Borrower.

    

    

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

    

    

    “Borrowing Request” means a request by any Borrower for a
        Revolving Borrowing in accordance with Section 2.03 in the form attached hereto as Exhibit I-1.

    

    

    “Borrowing Subsidiary Agreement” means a Borrowing
        Subsidiary Agreement substantially in the form of Exhibit F-1.

    

    

    “Borrowing Subsidiary Termination” means a Borrowing
        Subsidiary Termination substantially in the form of Exhibit F-2.

    

    

    “Business Day” means any day that is not a Saturday, Sunday
        or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurocurrency
        Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in the relevant Agreed Currency in the London interbank market or the
        principal financial center of such Agreed Currency (and, if the Borrowings or LC Disbursements which are the subject of a borrowing, drawing, payment, reimbursement or rate selection are denominated in euro, the term “Business Day” shall also
        exclude any day on which the TARGET2 payment system is not open for the settlement of payments in euro).

    

    

    “Capital Expenditures” means, without duplication, any cash
        expenditures for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Company and its Subsidiaries prepared in accordance with GAAP.

    

    

    
      5

      
        

    

    

    

    “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 or financing 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.

    

    

    “Change in Control” means (a) the acquisition of ownership,
        directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests representing more than
        40% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Company; (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Company by Persons who were
        not (i) directors of the Company on the date of this Agreement or (ii) nominated or appointed by the board of directors of the Company; (c) the acquisition of direct or indirect Control of the Company by any Person or group; (d) the occurrence of a
        change in control, or other similar provision, as defined in any agreement or instrument evidencing any Material Indebtedness (triggering a default or mandatory prepayment, which default or mandatory prepayment has not been waived in writing); or
        (e) the Company ceases to own, directly or indirectly, and Control 100% (other than directors’ qualifying shares) of the ordinary voting and economic power of any Foreign Subsidiary Borrower, other than, to the extent such Subsidiaries are Foreign
        Subsidiary Borrowers, PKL, PKLT and the Taiwan JV, in respect of which the Company will continue to own and Control more than 50%.

    

    

    “Change in Law” means the occurrence, after the date of
        this Agreement (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), 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, rules, guideline, requirement or directive (whether or not having the
        force of law) by any Governmental Authority; provided however, that notwithstanding anything
        herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof, and (ii) all
        requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
        authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law” regardless of the date enacted, adopted, issued or implemented.

    

    

    “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
        from time to time.

    

    

    “Collateral” means all Pledged Equity, all “Collateral” as
        defined in the Security Agreement and all other property pledged in favor of the Collateral Agent, on behalf of itself and the Holders of Secured Obligations, pursuant to the Collateral Documents from time to time.  It is hereby understood and
        agreed that “Collateral” shall not include any real property (including any leasehold interests therein and improvements or fixtures relating thereto) and the Lenders hereby authorize the Collateral Agent to release its Liens on the real estate
        encumbered by the “Mortgages” pursuant to the Existing Credit Agreement.

    

    

    
      6

      
        

    

    

    

    “Collateral Agent” means JPMorgan Chase Bank, N.A. in its
        capacity as Collateral Agent for the Holders of Secured Obligations and any successor Collateral Agent appointed pursuant to the terms of this Agreement.

    

    

    “Collateral Documents” means, collectively, the Security
        Agreement, the Pledge Agreements and all other agreements, instruments and documents executed in connection with this Agreement that are intended to create, evidence or perfect Liens to secure the Secured Obligations.

    

    

    “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 terminated from time to time pursuant to Section 2.09, (b) increased from time to time pursuant to Section 2.20 and (c) 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 2.01A, or in the Assignment and Assumption or other
        documentation or record (as such term is defined in Section 9-102(a)(70) of the New York Uniform Commercial Code) contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable.

    

    

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

    

    

    “Communications” means, collectively, any notice, demand,
        communication, information, document or other material provided by or on behalf of any Borrower pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or the Issuing Bank
        by means of electronic communications pursuant to Section 8.03(c), including through an Approved Electronic Platform.

    

    

    “Company” means Photronics, Inc., a Connecticut
        corporation.

    

    

    “Computation Date” is defined in Section 2.04.

    

    

    “Consolidated EBITDA” means, for any period, Consolidated
        Net Income for such period, minus the aggregate amount of extraordinary, unusual or non-recurring income or gains for such period to the extent required to be separately stated in the Company’s financial statements in accordance with GAAP, minus
        any unrealized non-cash gains or income attributable to the application of “mark to market” accounting rules in accordance with GAAP for such period, plus, without duplication and to the extent deducted from revenues in determining Consolidated Net
        Income for such period, the sum of (a) the aggregate amount of Consolidated Interest Expense for such period, plus (b) the aggregate amount of income tax expense for such period, plus (c) the aggregate amount of depreciation and amortization for
        such period, plus (d) non-cash expenses related to stock-based compensation, plus (e) any extraordinary or non-recurring non-cash expenses, write-downs, write-offs, or losses including impairment or restructuring charges or any unrealized non-cash
        losses attributable to the application of “mark to market” accounting rules in accordance with GAAP for such period, plus (f) any write-downs, write-offs, or losses incurred in connection with the repayment of the Existing Convertible Notes
        described in clause (i) of the definition thereof, plus (g) the aggregate amount of fees, costs and expenses paid on the Effective Date to the Administrative Agent and the Lenders, including for reimbursement of costs, fees or expenses of the
        Administrative Agent or any Lender, in connection with the Loan Documents and/or the transactions contemplated thereby, all as determined on a consolidated basis with respect to the Company and its consolidated Subsidiaries in accordance with GAAP,
        minus, to the extent included in determining Consolidated Net Income for such period, any cash payments made during such period in respect of items described in clauses (d) and (e) above subsequent to the fiscal quarter in which the relevant
        non-cash expense or loss was reflected in a statement of Consolidated Net Income.  For the purposes of calculating Consolidated EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”), (i) if at any time during such Reference Period the Company or any Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such Reference Period shall be reduced by an amount
        equal to the Consolidated EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for
        such Reference Period, and (ii) if during such Reference Period the Company or any Subsidiary shall have made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after giving pro forma effect thereto as if such
        Material Acquisition occurred on the first day of such Reference Period.  As used in this definition, “Material Acquisition” means any acquisition of property or series of
        related acquisitions of property (excluding, for the avoidance of doubt, the acquisition of property pursuant to the Taiwan JV Transactions) that (a) constitutes (i) assets comprising all or substantially all or any significant portion of a
        business or operating unit of a business, or (ii) all or substantially all of the common stock or other Equity Interests of a Person, and (b) involves the payment of consideration by the Company and its Subsidiaries in excess of $10,000,000; and “Material Disposition” means any sale, transfer or disposition of property or series of related sales, transfers, or dispositions of property that yields gross proceeds to the
        Company or any of its Subsidiaries in excess of $10,000,000.

    

    

    
      7

      
        

    

    

    

    “Consolidated Interest Expense” means, with reference to
        any period, the interest expense (including without limitation interest expense under Capital Lease Obligations that is treated as interest in accordance with GAAP but excluding the amortization of deferred financing costs or fees) of the Company
        and its Subsidiaries calculated on a consolidated basis for such period with respect to (a) all outstanding Indebtedness of the Company and its Subsidiaries allocable to such period in accordance with GAAP and (b) Swap Agreements (including,
        without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers acceptance financing and net costs under interest rate Swap Agreements to the extent such net costs are allocable to such
        period in accordance with GAAP).

    

    

    “Consolidated Net Income” means, with reference to any
        period, the net income (or loss) of the Company and its Subsidiaries calculated in accordance with GAAP on a consolidated basis (without duplication) for such period; provided
        that there shall be excluded (a) the income (or deficit) of any Person (other than a Subsidiary of the Company) in which the Company or any of its Subsidiaries has an ownership interest, except to the extent that any such income is actually
        received by the Company or such Subsidiary in the form of dividends or similar distributions and (b) the undistributed earnings of any Subsidiary of the Company to the extent that the declaration or payment of dividends or similar distributions by
        such Subsidiary is not at the time permitted by the terms of any contractual obligation (other than under any Loan Document) or any organizational or governing documents, any law, treaty, rule or regulation or any determination of an arbitrator or
        other Governmental Authority, in each case applicable to such Subsidiary.

    

    

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

    

    

    “Consolidated Total Indebtedness” means at any time the
        sum, without duplication, of (a) the aggregate Indebtedness of the Company and its Subsidiaries calculated on a consolidated basis as of such time in accordance with GAAP, (b) the aggregate amount of Indebtedness of the Company and its Subsidiaries
        relating to the maximum drawing amount of all letters of credit outstanding and bankers acceptances and (c) Indebtedness of the type referred to in clauses (a) or (b) hereof of another Person guaranteed by the Company or any of its Subsidiaries.

    

    

    
      8

      
        

    

    

    

    “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.

    

    

    “Country Risk Event”  means:

    

    

    (i)          any law, action or failure to act by any Governmental
        Authority in any Borrower’s or Letter of Credit beneficiary’s country which has the effect of:

    

    

    (a)          changing the obligations under the
        relevant Letter of Credit, this Agreement or any of the other Loan Documents as originally agreed or otherwise creating any additional liability, cost or expense to the Issuing Banks, the Lenders or the Administrative Agent,

    

    

    (b)          changing the ownership or control
        by such Borrower or Letter of Credit beneficiary of its business, or

    

    

    (c)          preventing or restricting the
        conversion into or transfer of the applicable Agreed Currency;

    

    

    (ii)          force majeure; or

    

    

    (iii)          any similar event

    

    

    which, in relation to (i), (ii) and (iii), directly or indirectly, prevents or restricts the payment or transfer of any amounts owing under the relevant
        Letter of Credit or other Loan Documents in the applicable Agreed Currency into an account designated by the Administrative Agent or the relevant Issuing Bank and freely available to the Administrative Agent or the relevant Issuing Bank.

    

    

    “Credit Event” means a Borrowing, the issuance, amendment,
        renewal or extension of a Letter of Credit, an LC Disbursement or any of the foregoing.

    

    

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

    

    

    “Deemed Dividend Problem” means, with respect to any
        Foreign Subsidiary, such Foreign Subsidiary’s accumulated and undistributed earnings and profits being deemed to be repatriated to the Company or the applicable parent Domestic Subsidiary under Section 956 of the Code or any successor or similar
        law and the effect of such repatriation causing or expected to cause adverse tax consequences in excess of $1,000,000 in the aggregate to the Company or such parent Domestic Subsidiary, in each case as determined by the Company in its commercially
        reasonable judgment acting in good faith and in consultation with its legal and tax advisors.

    

    

    “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.

    

    

    
      9

      
        

    

    

    

    “Defaulting Lender” means any Lender that (a) has failed,
        within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount
        required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding
        (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Company 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 (3) Business Days after request by a Credit Party, acting
        in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under
        this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has
        become the subject of (i) a Bankruptcy Event or (ii) a Bail-In Action.

    

    

    “Dollar Amount” of any amount of any currency means, at the
        time of determination thereof, (a) if such amount is expressed in Dollars, such amount, (b) if such amount is expressed in a Foreign Currency, the equivalent of such amount in Dollars determined by using the rate of exchange for the purchase of
        Dollars with such Foreign Currency in the London foreign exchange market at or about 11:00 a.m. London time (or New York time, as applicable) on a particular day as displayed by ICE Data Services  as the “ask price”, or as displayed on such other
        information service which publishes that rate of exchange from time to time in place of ICE Data Services (or if such service ceases to be available, the equivalent of such amount in Dollars as determined by the Administrative Agent using any
        method of determination it deems appropriate in its sole discretion) and (c) if such amount is denominated in any other currency, the equivalent of such amount in Dollars as determined by the Administrative Agent using any method of determination
        it deems appropriate in its sole discretion.

    

    

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

    

    

    “Domestic Subsidiary” means a Subsidiary organized under
        the laws of a jurisdiction located in the United States of America.

    

    

    “ECP” means an “eligible contract participant” as defined
        in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.

    

    

    “EEA Financial Institution” means (a) any institution
        established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
        institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

    

    

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

    

    

    “EEA Resolution Authority” means any public administrative
        authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

    

    

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

    

    

    
      10

      
        

    

    

    

    “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.

    

    

    “Eligible Foreign Subsidiary” means any Foreign Subsidiary
        that is approved from time to time by the Administrative Agent and each of the Lenders.

    

    

    “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 the Company 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 of the foregoing.  Notwithstanding the foregoing, neither Permitted Convertible Notes nor Permitted Call Spread Swap Agreements shall constitute Equity Interests.

    

    

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

    

    

    “ERISA Affiliate” means any trade or business (whether or
        not incorporated) that, together with the Company, 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 the Company 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 the Company or any ERISA Affiliate from the PBGC or a plan administrator of
        any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Company or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial
        withdrawal of the Company or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate
        of any notice, concerning the imposition upon the Company or any of its ERISA Affiliates 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.

    

    

    
      11

      
        

    

    

    

    “EU” means the European Union.

    

    

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

    

    

    “euro” and/or “EUR” means the single currency of the Participating Member States.

    

    

    “Eurocurrency”, when used in reference to a currency means
        an Agreed Currency and when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate.

    

    

    “Eurocurrency Payment Office” of the Administrative Agent
        shall mean, for each Foreign Currency, the office, branch, affiliate or correspondent bank of the Administrative Agent for such currency as specified from time to time by the Administrative Agent to the Company and each Lender.

    

    

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

    

    

    “Excluded Swap Obligation” means, with respect to any Loan
        Party, any Specified Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified Swap Obligation (or any Guarantee thereof) is
        or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to
        constitute an ECP at the time the Guarantee of such Loan Party or the grant of such security interest becomes or would become effective with respect to such Specified Swap Obligation.  If a Specified Swap Obligation arises under a master agreement
        governing more than one swap, such exclusion shall apply only to the portion of such Specified Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.

    

    

    “Excluded Taxes” means, with respect to the Administrative
        Agent, any Lender, any Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of
        America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed
        by the United States of America or any similar tax imposed by any other jurisdiction in which the Company is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Company under Section 2.19(b)), any U.S.
        federal withholding tax that is imposed on amounts payable to such Foreign Lender pursuant to a law in effect on the date on which such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such
        Foreign Lender’s failure to comply with Section 2.17(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from
        the Company with respect to such withholding tax pursuant to Section 2.17(a), and (d) any withholding Taxes imposed under FATCA.

    

    

    “Existing Convertible Notes” means the 3.25% Convertible
        Senior Notes due 2019 issued pursuant to the Indenture dated January 22, 2015, by and between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, as amended, restated, replaced, refinanced, supplemented or otherwise
        modified from time to time.

    

    

    “Existing Credit Agreement” is defined in the recitals
        hereof.

    

    

    “Existing Letters of Credit” is defined in Section 2.06(a).

    

    

    
      12

      
        

    

    

    

    “Existing Loans” is defined in Section 2.01.

    

    

    “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, any agreement entered into
        pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the
        Code.

    

    

     “Federal Funds Effective Rate” means, for any day, the
        rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business
        Day by the NYFRB as the effective federal funds rate; provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be
        deemed to be zero for the purposes of this Agreement.

    

    

    “Financial Officer” means the chief financial officer, any
        vice president of finance, principal accounting officer, treasurer or controller of the Company.

    

    

    “Financials” means the annual or quarterly financial
        statements, and accompanying certificates and other documents, of the Company and its Subsidiaries required to be delivered pursuant to Section 5.01(a) or 5.01(b).

    

    

    “First Tier Foreign Subsidiary” means each Foreign
        Subsidiary and with respect to which any one or more of the Company and its Domestic Subsidiaries directly owns or Controls more than 50% of such Foreign Subsidiary’s Equity Interests.

    

    

    “Foreign Borrower Sublimit” means $25,000,000.

    

    

    “Foreign Currencies” means Agreed Currencies other than
        Dollars.

    

    

    “Foreign Currency LC Exposure” means, at any time, the sum
        of (a) the Dollar Amount of the aggregate undrawn and unexpired amount of all outstanding Foreign Currency Letters of Credit at such time plus (b) the aggregate principal Dollar Amount of all LC Disbursements in respect of Foreign Currency Letters
        of Credit that have not yet been reimbursed at such time.

    

    

    “Foreign Currency Letter of Credit” means a Letter of
        Credit denominated in a Foreign Currency.

    

    

    “Foreign Currency Sublimit” means $25,000,000.

    

    

    “Foreign Lender” means any Lender that is organized under
        the laws of a jurisdiction other than that in which the Company is located.  For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

    

    

    “Foreign Subsidiary” means any Subsidiary that is not a
        Domestic Subsidiary.

    

    

    “Foreign Subsidiary Borrower” means any Eligible Foreign
        Subsidiary that has been designated as a Foreign Subsidiary Borrower pursuant to Section 2.23 and that has not ceased to be a Foreign Subsidiary Borrower pursuant to such Section.

    

    

    
      13

      
        

    

    

    

    “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.

    

    

    “Guaranteed Obligations” has the meaning assigned to such
        term in Article X.

    

    

    “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.

    

    

    “Holders of Secured Obligations” means the Secured Parties.

    

    

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

    

    

    “Increasing Lender” has the meaning assigned to such term
        in Section 2.20.

    

    

    “Incremental Term Loan” has the meaning assigned to such
        term in Section 2.20.

    

    

    “Incremental Term Loan Amendment” has the meaning assigned
        to such term in Section 2.20.

    

    

    “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 and accrued expenses 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, (j) all obligations, contingent or otherwise, of such Person in respect of
        bankers’ acceptances, (k) all obligations of such Person under any Swap Agreement or under any similar type of agreement and (l) all obligations of such Person under Sale and Leaseback Transactions.  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.  Notwithstanding the foregoing and for avoidance of doubt, obligations arising under any Permitted Call Spread Swap Agreement shall not be considered
        Indebtedness.

    

    

    
      14

      
        

    

    

    

    “Indemnified Taxes” means Taxes, other than Excluded Taxes,
        and Other 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.

    

    

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

    

    

    “Interest Election Request” means a request by the
        applicable Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08 in the form attached hereto as Exhibit I-2.

    

    

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

    

    

    “Interest Period” means with respect to any Eurocurrency
        Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the applicable Borrower (or the Company on behalf of the
        applicable Borrower) may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
        succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurocurrency
        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 thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

    

    

    “Interpolated Rate” means, at any time, for any Interest
        Period, the rate per annum (rounded to the same number of decimal places as the LIBOR Screen Rate) determined by the Administrative Agent (which
        determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBOR Screen Rate for the longest period (for which the LIBOR Screen Rate is available
        for the applicable currency) that is shorter than the Impacted Interest Period and (b) the LIBOR Screen Rate for the shortest period (for which the LIBOR Screen Rate is available for the applicable currency) that exceeds the Impacted Interest
        Period, in each case, at such time.

    

    

    
      15

      
        

    

    

    

    “Issuing Bank” means each of JPMorgan Chase Bank, N.A.,
        Bank of America, N.A., Citizens Bank, N.A. and TD Bank, N.A., in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.06(i).  Any Issuing Bank may, in its discretion, arrange for
        one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.  Each reference herein to the “Issuing
        Bank” in connection with a Letter of Credit or other matter shall be deemed to be a reference to the relevant Issuing Bank with respect thereto, and, further, references  herein to “the Issuing Bank” shall be deemed to refer to each of the Issuing
        Banks or the relevant Issuing Bank, as the context requires.

    

    

    “Joint Venture” means any corporation, partnership, limited
        liability company or other legal entity or arrangement in which the Company or any Subsidiary has an equity investment and direct or indirect Control.

    

    

    “LC Collateral Account” has the meaning assigned to such
        term in Section 2.06(j).

    

    

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

    

    

    “LC Exposure” means, at any time, the sum of (a) the
        aggregate undrawn Dollar Amount of all outstanding Letters of Credit at such time plus (b) the aggregate Dollar Amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Company 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 2.01A and any other Person that shall have become a Lender hereunder pursuant to Section 2.20 or pursuant to an Assignment and Assumption or other documentation
        contemplated hereby, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or other documentation contemplated hereby.  Unless the context otherwise requires, the term “Lenders” includes the Swingline
        Lender and the Issuing Banks.

    

    

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

    

    

    “Letter of Credit Commitment” means, with respect to each
        Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit hereunder.  The initial amount of each Issuing Bank’s Letter of Credit Commitment is set forth on Schedule

            2.01B, or if an Issuing Bank has entered into an Assignment and Assumption, the amount set forth for such Issuing Bank as its Letter of Credit Commitment in the Register maintained by the Administrative Agent.

    

    

    “Letter of Credit Agreement” has the meaning assigned to
        such term in Section 2.06(b).

    

    

    “LIBO Rate” means, for any day and time, with respect to
        any Eurocurrency Borrowing denominated in any Agreed Currency and for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for
        such Agreed Currency for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate or, in the event such rate does not appear on a Reuters page or
        screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as shall be selected by the Administrative Agent in its
        reasonable discretion (in each case the “LIBOR Screen Rate”) at approximately 11:00 a.m., London time, on the Quotation Day for such Agreed Currency and Interest Period; provided that, if the LIBOR Screen Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided, further, that if a LIBOR Screen Rate shall not be available at such time for such
        Interest Period (the “Impacted Interest Period”), then the LIBO Rate for such Agreed Currency and such Interest Period shall be the Interpolated Rate; provided, that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.  It is understood and agreed that
        all of the terms and conditions of this definition of “LIBO Rate” shall be subject to Section 2.14.

    

    

    
      16

      
        

    

    

    

    “LIBOR 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.

    

    

    “Liquidity” has the meaning assigned to such term in
        6.11(c).

    

    

    “Loan Documents” means this Agreement, each Borrowing
        Subsidiary Agreement, each Borrowing Subsidiary Termination, the Subsidiary Guaranty, the Collateral Documents (including, without limitation, the Pledge Agreements), any promissory notes executed and delivered pursuant to Section 2.10(e), any
        Letter of Credit applications and any agreements between the Borrower and an Issuing Bank regarding such Issuing Bank’s Letter of Credit Commitment or the respective rights and obligations between the Borrower and such Issuing Bank in connection
        with the issuance of Letters of Credit and any and all other instruments and documents executed and delivered in connection with any of the foregoing.

    

    

    “Loan Parties” means, collectively, the Borrowers and the
        Subsidiary Guarantors.

    

    

    “Loans” means the loans made by the Lenders to the
        Borrowers, or otherwise incurred by the Borrowers, pursuant to this Agreement.

    

    

    “Local Time” means (i) New York City time in the case of a
        Loan, Borrowing or LC Disbursement denominated in Dollars and (ii) local time in the case of a Loan, Borrowing or LC Disbursement denominated in a Foreign Currency (it being understood that such local time shall mean London, England time unless
        otherwise notified by the Administrative Agent).

    

    

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

    

    

    “Material Indebtedness” means any Indebtedness (other than
        the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the Company and its Subsidiaries in an aggregate principal amount exceeding $15,000,000.  For purposes of determining Material
        Indebtedness, the “principal amount” of the obligations of the Company 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 the Company or such
        Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

    

    

    
      17

      
        

    

    

    

    “Material Subsidiary” means each Subsidiary (i) which, as
        of the most recent fiscal year of the Company, for the period of four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to Section 5.01, contributed greater than fifteen percent (15%)  of the
        Company’s Consolidated EBITDA for such period or (ii) which contributed greater than fifteen percent (15%)  of the Company’s Consolidated Total Assets as of such date; provided
        that, if at any time the aggregate amount of the Company’s Consolidated EBITDA or Company’s Consolidated Total Assets attributable to Subsidiaries (other than Affected Foreign Subsidiaries) that are not Subsidiary Guarantors exceeds twenty percent
        (20%) of the Company’s Consolidated EBITDA for any such period or twenty percent (20%) of the Company’s Consolidated Total Assets as of the end of any such fiscal year, the Company (or, in the event the Company has failed to do so within ten days,
        the Administrative Agent) shall designate sufficient Subsidiaries (other than Affected Foreign Subsidiaries) as “Material Subsidiaries” to eliminate such excess, and such designated Subsidiaries shall for all purposes of this Agreement constitute
        Material Subsidiaries; provided, that, in the case of a Person becoming a Subsidiary pursuant to an acquisition, the foregoing financial tests shall be applied on a Pro
        Forma Basis immediately upon consummation of such acquisition and, assuming such Subsidiary would constitute a Material Subsidiary on a Pro Forma Basis, the Company shall comply with Section 5.09.

    

    

    “Maturity Date” means September 27, 2023; provided, however, if such date is not a Business Day, the Maturity Date shall be the next
        preceding Business Day.

    

    

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

    

    

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

    

    

    “New Money Credit Event” means with respect to any Issuing
        Bank, any increase (directly or indirectly) in such Issuing Bank’s exposure (whether by way of additional credit or banking facilities or otherwise, including as part of a restructuring) to the Borrower or any Governmental Authority in the
        Borrower’s or any applicable Letter of Credit beneficiary’s country occurring by reason of (i) any law, action or requirement of any Governmental Authority in the Borrower’s or such Letter of Credit beneficiary’s country, or (ii) any request in
        respect of external indebtedness of borrowers in the Borrower’s or such Letter of Credit beneficiary’s country applicable to banks generally which conduct business with such borrowers, or (iii) any agreement in relation to clause (i) or (ii), in
        each case to the extent calculated by reference to the aggregate Revolving Credit Exposures outstanding prior to such increase.

    

    

    “NYFRB” means the Federal Reserve Bank of New York.

    

    

    “NYFRB Rate” means, for any day, the greater of (a) the
        Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m., New York City time, on such day
        received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

    

    

    
      18

      
        

    

    

    

    “Obligations” means all unpaid principal of and accrued and
        unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency,
        receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of any of the Company and its Subsidiaries to any of the Lenders, the Administrative Agent, any Issuing Bank or
        any indemnified party, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising
        by contract, operation of law or otherwise, arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or other
        instruments at any time evidencing any thereof.

    

    

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

    

    

    “Other Taxes” means any and all present or future stamp,
        court or documentary, intangible, recording, filing taxes or any other excise or property or similar taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with
        respect to, this Agreement or any other Loan Document.

    

    

    “Overnight Bank Funding Rate” means, for any day, the rate
        comprised of both overnight federal funds and overnight eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time,
        and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

    

    

    “Overnight Foreign Currency Rate” means, for any amount
        payable in a Foreign Currency, the rate of interest per annum as determined by the Administrative Agent at which overnight or weekend deposits in the relevant currency (or if such amount due remains unpaid for more than three Business Days, then
        for such other period of time as the Administrative Agent may elect) for delivery in immediately available and freely transferable funds would be offered by the Administrative Agent to major banks in the interbank market upon request of such major
        banks for the relevant currency as determined above and in an amount comparable to the unpaid principal amount of the related Credit Event, plus any taxes, levies, imposts, duties, deductions, charges or withholdings imposed upon, or charged to,
        the Administrative Agent by any relevant correspondent bank in respect of such amount in such relevant currency.

    

    

    “Participant” has the meaning set forth in Section 9.04.

    

    

    “Participant Register” has the meaning set forth in Section
        9.04.

    

    

    “Participating Member State” means any member state of the
        European Union that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union.

    

    

    “Patriot Act” means the USA PATRIOT Act (Title III of Pub.
        L. 107-56 (signed into law October 26, 2001)).

    

    

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

    

    

    
      19

      
        

    

    

    

    “Permitted Acquisition” means any acquisition (whether by
        purchase, merger, consolidation or otherwise) or series of related acquisitions by the Company or any Subsidiary of all or substantially all the assets of, or more than a majority of the Equity Interests in, a Person or division or line of business
        of a Person if, at the time of and immediately after giving effect thereto, (a) no Default has occurred and is continuing or would arise after giving effect thereto, (b) such Person or division or line of business is engaged in the same or a
        similar line of business as the Company and the Subsidiaries or business reasonably related or complimentary thereto, (c) all actions required to be taken with respect to such acquired or newly formed Subsidiary under Sections 5.09 and 5.10 shall
        have been taken, (d) the Company and the Subsidiaries are in compliance with the covenants contained in Section 6.11 on a Pro Forma Basis after giving effect to such acquisition and recomputed as of the last day of the most recently ended fiscal
        quarter of the Company for which financial statements are available, as if such acquisition (and any related incurrence or repayment of Indebtedness, with any new Indebtedness being deemed to be amortized over the applicable testing period in
        accordance with its terms) had occurred on the first day of each relevant period for testing such compliance and, if the aggregate consideration (including the concurrent repayment or assumption of any indebtedness and related investments) paid in
        respect of such acquisition exceeds $50,000,000, the Company shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Company to such effect, together with all relevant financial information, statements and
        projections requested by the Administrative Agent and (e) in the case of an acquisition or merger involving the Company or a Subsidiary, the Company or such Subsidiary is the surviving entity of such merger and/or consolidation.

    

    

    “Permitted Call Spread Swap Agreements” means (a) any Swap
        Agreement (including, but not limited to, any bond hedge transaction or capped call transaction) pursuant to which the Company acquires an option requiring the counterparty thereto to deliver to the Company shares of common stock of the Company,
        the cash value of such shares or a combination thereof from time to time upon exercise of such option and (b) any Swap Agreement pursuant to which the Company issues to the counterparty thereto warrants to acquire common stock of the Company
        (whether such warrant is settled in shares, cash or a combination thereof), in each case entered into by the Company in connection with the issuance of Convertible Debt Securities; provided
        that (i) the terms, conditions and covenants of each such Swap Agreement shall be such as are customary for Swap Agreements of such type (as determined by the Board of Directors of the Company in good faith) and (ii) in the case of clause (b)
        above, such Swap Agreement would be classified as an equity instrument in accordance with GAAP, and the settlement of such Swap Agreement does not require the Company to make any payment in cash or cash equivalents that would disqualify such Swap
        Agreement from so being classified as an equity instrument.

    

    

    “Permitted Convertible Notes” means (i) the Existing
        Convertible Notes and (ii) any unsecured notes issued by the Company or any Subsidiary that are convertible into common stock of the Company or any Subsidiary, cash or any combination thereof and (other than in the case of intercompany
        Indebtedness) are permitted to be issued pursuant to the definition of Permitted Unsecured Indebtedness.

    

    

    “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, or as to which the
        grace period, if any, related thereto has not expired;

    

    

    (b)  carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary
        course of business and securing obligations that are not overdue by more than thirty (30) days or are not in excess of $10,000,000, individually, or in the aggregate, or are being contested in compliance with Section 5.04;

    

    

    
      20

      
        

    

    

    

    (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 the Company or any Subsidiary;

    

    

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

    

    

    “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 one year from the date of acquisition thereof and having, at
        such date of acquisition, the credit rating of A1 from S&P or P1 from Moody’s;

    

    

    (c)  investments in certificates of deposit, banker’s acceptances and time deposits maturing within one 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)  investments in taxable or tax exempt obligations of any state of the United States of America or any
        municipality thereof maturing within three years of the date of acquisition thereof and which is rated “A1” or higher by Moody’s or “AA” or higher by S&P;

    

    

    (f)  investments in fixed income securities maturing within one year of the date of acquisition thereof and which are
        rated “A” or higher by Moody’s or S&P;

    

    

    (g)  to the extent the aggregate amount of such investments does not exceed 10% of Permitted Investments, investments
        in fixed income securities maturing within two years of the date of acquisition thereof and which are rated between “BBB-” and “BBB+” by S&P;

    

    

    (h)  investments in money market mutual funds having assets in excess of $1,000,000,000 whose sole investments are
        any securities described in clauses (a) through (g) above; and

    

    

    
      21

      
        

    

    

    

    (i) in the case of any Foreign Subsidiary, investments of comparable tenure and credit quality to those described in
        the foregoing clauses (a) through (h) or other high quality short term investments, in each case, customarily utilized in countries in which such Foreign Subsidiary operates for short term cash management purposes.

    

    

    “Permitted Unsecured Indebtedness” means any unsecured
        Indebtedness of the Company (including (x) any Permitted Convertible Notes and (y) unsecured Subordinated Indebtedness to the extent subordinated to the Secured Obligations on terms reasonably acceptable to the Administrative Agent) so long as (i)
        the Indebtedness thereunder does not mature, and is otherwise not subject to any mandatory prepayment, redemption, defeasance, scheduled amortization or other scheduled payments of principal, in each case prior to the date that is six (6) months
        after the Maturity Date (it being understood that neither (x) any provision requiring an offer to purchase such Indebtedness as a result of change of control or asset sale or other fundamental change nor (y) any early conversion of any Permitted
        Convertible Notes in accordance with the terms thereof shall violate the foregoing restriction), (ii) both immediately prior to and after giving effect (including giving effect on a Pro Forma Basis) thereto, (x) no Default or Event of Default shall
        exist or would result therefrom and (y) the Company shall be in compliance with the covenants contained in Section 6.11, (iii) such Indebtedness is not guaranteed by any Subsidiary of the Company other than the Subsidiary Guarantors (which
        guarantees, if such Indebtedness is subordinated, shall be expressly subordinated to the Secured Obligations on terms not less favorable to the Lenders than the subordination terms of such Subordinated Indebtedness) and (iv) the covenants
        applicable to such Indebtedness are not more onerous or more restrictive in any material respect (taken as a whole) than the applicable covenants set forth in this Agreement.

    

    

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

    

    

    “PKL” means PKL, Ltd., a Korean corporation.

    

    

    “PKLT” means PKLT Co., Ltd., a Taiwanese corporation.

    

    

    “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 the Company 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.

    

    

    “Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.

    

    

    “Platform” means Debt Domain, Intralinks, Syndtrak or a
        substantially similar electronic transmission system.

    

    

    “Pledge Agreements” means that certain Second Amended and
        Restated Pledge Agreement substantially in the form of Exhibit H (including any and all supplements thereto) dated as of the Effective Date and executed by the relevant Loan Parties, and, in the case of any pledge of Equity Interests of a Foreign
        Subsidiary, any other pledge agreements, share mortgages, charges and comparable instruments and documents from time to time executed pursuant to the terms of Section 5.09 in favor of the Collateral Agent for the benefit of the Holders of Secured Obligations as amended, restated, supplemented or otherwise modified from time to time.

    

    

    “Pledge Subsidiary” means (i) each Domestic Subsidiary and
        (ii) each First Tier Foreign Subsidiary that is a Material Subsidiary.

    

    

    
      22

      
        

    

    

    

    “Pledged Equity” means all pledged Equity Interests in or
        upon which a security interest or Lien is from time to time granted to the Collateral Agent, for the benefit of the Holders of Secured Obligations, under the Pledge Agreements.

    

    

    “Pounds Sterling” means the lawful currency of the United
        Kingdom.

    

    

    “PRC Subsidiary” means any Subsidiary that (i) is organized
        under the laws of the People’s Republic of China (“PRC”) or (ii) has its principal place of business in PRC.

    

    

    “PRC Transactions” means the sale of up to 49.99% of the
        shares of the PRC Subsidiary to a third party in connection with the formation and operation of a joint venture.

    

    

    “Prime Rate” means the rate of interest last quoted by The
        Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as
        the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Board (as determined by the Administrative Agent). Each change in the
        Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

    

    

    “Pro Forma Basis” means on a basis in accordance with GAAP
        and Regulation S-X and otherwise reasonably satisfactory to the Administrative Agent.

    

    

    “PTE” means a prohibited transaction class exemption issued
        by the U.S. Department of Labor, as any such exemption may be amended from time to time.

    

    

    “Quotation Day” means, with respect to any Eurocurrency
        Borrowing for any Interest Period, (i) if the currency is Pounds Sterling, the first day of such Interest Period, (ii) if the currency is euro, the day that is two (2) TARGET2 Days before the first day of such Interest Period, and (iii) for any
        other currency, two Business Days prior to the commencement of such Interest Period (unless, in each case, market practice differs in the relevant market where the LIBO Rate for such currency is to be determined, in which case the Quotation Day
        will be determined by the Administrative Agent in accordance with market practice in such market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days)).

    

    

    “Reference Bank Rate” means the arithmetic mean of the
        rates (rounded upwards to four decimal places) supplied to the Administrative Agent at its request by the Reference Banks (as the case may be) as of the applicable time on the Quotation Day for Loans in the applicable currency and the applicable
        Interest Period as the rate at which the relevant Reference Bank could borrow funds in the London (or other applicable) interbank market in the relevant currency and for the relevant period, were it to do so by asking for and then accepting
        interbank offers in reasonable market size in that currency and for that period.

    

    

    “Reference Banks” means such banks as may be appointed by
        the Administrative Agent in consultation with the Company.  No Lender shall be obligated to be a Reference Bank without its consent.

    

    

    “Register” has the meaning set forth in Section 9.04.

    

    

    “Regulation S-X” means Regulation S-X under the Securities
        Act of 1933, as amended.

    

    

    
      23

      
        

    

    

    

    “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.

    

    

    “Required Lenders” means, subject to Section 2.24, at any
        time, two (2) or more unaffiliated Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the Total Revolving Credit Exposure and unused Commitments at such time; provided that for purposes of declaring the Loans to be due and payable pursuant to Article VII, and for all purposes
        after the Loans become due and payable pursuant to Article VII or the Commitments expire or terminate, then, as to each Lender, clause (a) of the definition of Swingline
        Exposure shall only be applicable for purposes of determining its Revolving Credit Exposure to the extent such Lender shall have funded its participation in the outstanding Swingline Loans to the extent required under Section 2.05(c).

    

    

    “Restricted Payment” means any dividend or other
        distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Company or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on
        account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the Company or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Company or any
        Subsidiary.  Notwithstanding the foregoing, and for the avoidance of doubt, (i) the conversion of (including any cash payment upon conversion), or payment of any principal or premium on, or payment of any interest with respect to, any Permitted
        Convertible Notes shall not constitute a Restricted Payment and (ii) any payment with respect to, or early unwind or settlement of, any Permitted Call Spread Swap Agreement shall not constitute a Restricted Payment.  Notwithstanding the foregoing,
        any cash payment made to repurchase any Equity Interests of the Company issued in connection with the conversion of any Permitted Convertible Notes at the maturity thereof shall not be considered a “Restricted Payment” so long as (x) such
        repurchases are made at then prevailing market prices and (y) the aggregate amount of cash delivered by the Company with respect to such conversions, including the related repurchases, does not exceed the par value of such converted Permitted
        Convertible Notes plus any accrued and unpaid interest thereon through the date of such conversions plus the net cash proceeds, if any, received by the Company pursuant to the related exercise or early unwind or termination of the related Permitted
        Call Spread Swap Agreements.

    

    

    “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
        2.01.

    

    

     “S&P” means Standard & Poor’s Ratings Services, a
        Standard & Poor’s Financial Services LLC business.

    

    

     “Sale and Leaseback Transaction” means any sale or other
        transfer of property by any Person with the intent to lease such property as lessee.

    

    

    “Sanctioned Country” means, at any time, a country, region
        or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria).

    

    

    “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, the United Nations Security Council, the European Union, any EU member state, Her Majesty’s Treasury of the United Kingdom or other
        relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the
        subject of any Sanctions.

    

    

    
      24

      
        

    

    

    

    “Sanctions” means economic or financial sanctions or trade
        embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union, any EU member state, Her
        Majesty’s Treasury of the United Kingdom or other relevant sanctions authority.

    

    

    “SEC” means the United States Securities and Exchange
        Commission.

    

    

    “Secured Obligations” means all Obligations, together with
        all (i) Banking Services Obligations and (ii) Swap Obligations owing to one or more Secured Parties or their respective Affiliates ; provided that (i) obligations arising
        under Permitted Call Spread Swap Agreements shall not be considered Secured Obligations and (ii) the definition of “Secured Obligations” shall not create or include any guarantee by any Loan Party of (or grant of security interest by any Loan Party
        to support, as applicable) any Excluded Swap Obligations of such Loan Party for purposes of determining any obligations of any Loan Party.

    

    

    “Secured Parties” means the holders of the Secured
        Obligations from time to time and shall include (i) each Lender and each Issuing Bank in respect of its Loans and LC Exposure respectively, (ii) the Administrative Agent, the Issuing Banks and the Lenders in respect of all other present and future
        obligations and liabilities of the Company and each Subsidiary of every type and description arising under or in connection with this Agreement or any other Loan Document, (iii) each Lender and affiliate of such Lender in respect of Swap Agreements
        and Banking Services Agreements entered into with such Person by the Company or any Subsidiary, (iv) each indemnified party under Section 9.03 in respect of the obligations and liabilities of the Borrowers to such Person hereunder and under the
        other Loan Documents, and (v) their respective successors and (in the case of a Lender, permitted) transferees and assigns.

    

    

    “Security Agreement” means that certain Third Amended and
        Restated Security Agreement (including any and all supplements thereto), dated as of the Effective Date, between the Loan Parties and the Collateral Agent, for the benefit of the Collateral Agent and the other Holders of Secured Obligations, as the
        same may be amended, restated or otherwise modified from time to time.

    

    

    “Specified Ancillary Obligations” means all obligations and
        liabilities (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) of any of the Subsidiaries, existing on
        the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, to the Lenders or
        any of their Affiliates under any Swap Agreement or any Banking Services Agreement; provided that the definition of “Specified Ancillary Obligations” shall not create or
        include any guarantee by any Loan Party of (or grant of security interest by any Loan Party to support, as applicable) any Excluded Swap Obligations of such Loan Party for purposes of determining any obligations of any Loan Party.

    

    

    “Specified Capital Expenditures” means, solely for purposes
        of calculating the Interest Coverage Ratio for each period of four (4) consecutive fiscal quarters ending October 31, 2018, January 31, 2019 and April 30, 2019, Capital Expenditures made by or on behalf of the PRC Subsidiaries.

    

    

    
      25

      
        

    

    

    

    “Specified Swap Obligation” means, with respect to any Loan
        Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.

    

    

    “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, liquid asset, fees or similar requirements (including any marginal, special, emergency or supplemental
        reserves or other requirements) established by any central bank, monetary authority, the Board, the Financial Conduct Authority, the Prudential Regulation Authority, the European Central Bank or other Governmental Authority for any category of
        deposits or liabilities customarily used to fund loans in the applicable currency, expressed in the case of each such requirement as a decimal.  Such reserve, liquid asset, fees or similar requirements shall include those imposed pursuant to
        Regulation D of the Board.  Eurocurrency Loans shall be deemed to be subject to such reserve, liquid asset, fee or similar requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any
        Lender under any applicable law, rule or regulation, including Regulation D of the Board.  The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid asset or similar requirement.

    

    

    “Subordinated Indebtedness” of the Company or any
        Subsidiary means any Indebtedness of such Person the payment of which is subordinated to payment of the obligations under the Loan Documents to the written satisfaction of, and the terms and conditions of which are otherwise satisfactory to, the
        Administrative Agent.

    

    

    “Subordinated Indebtedness Documents” means any document,
        agreement or instrument evidencing any Subordinated Indebtedness or entered into in connection with any Subordinated Indebtedness.

    

    

    “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 the Company.

    

    

    “Subsidiary Guarantor” means each Subsidiary (other than
        Affected Foreign Subsidiaries) that is a party to the Subsidiary Guaranty.  The Subsidiary Guarantors on the Effective Date are identified as such in Schedule 3.01
        hereto.

    

    

    “Subsidiary Guaranty” means that certain Third Amended and
        Restated Guaranty, dated as of the Effective Date, in the form of Exhibit G (including any and all supplements thereto) and executed by each Subsidiary Guarantor party
        thereto, and, in the case of any guaranty by a Foreign Subsidiary, any other guaranty agreements as are requested by the Administrative Agent and its counsel, in each case as amended, restated, supplemented or otherwise modified from time to time.

    

    

    
      26

      
        

    

    

    

    “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; provided that no phantom stock or similar
        plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Company or the Subsidiaries shall be a Swap Agreement.

    

    

    “Swap Obligations” means any and all obligations of the
        Company or any Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap
        Agreements permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement transaction

    

    

    “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 the sum of (a) its Applicable Percentage of the total Swingline Exposure at such time  other than with respect to any
        Swingline Loans made by such Lender in its capacity as a Swingline Lender and (b) the aggregate principal amount of all Swingline Loans made by such Lender as a Swingline Lender outstanding at such time (less the amount of participations funded by
        the other Lenders in such Swingline Loans).

    

    

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

    

    

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

    

    

    “Swingline Sublimit” means $10,000,000.

    

    

    “Syndication Agent” means Bank of America, N.A., in its
        capacity as syndication agent for the credit facility evidenced by this Agreement.

    

    

    “Taiwan JV” means the Joint Venture between the Company and
        Dai Nippon Printing Co., Ltd.

    

    

    “Taiwan JV Transactions” means the transactions described
        in Schedule 6.04 hereto related to the creation and operation of the Taiwan JV.

    

    

    “TARGET2” means the Trans-European Automated Real-time
        Gross Settlement Express Transfer (TARGET2) payment system (or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) for the settlement of
        payments in euro.

    

    

    “TARGET2 Day” means a day that TARGET2 is open for the
        settlement of payments in euro.

    

    

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

    

    

    “Total Leverage Ratio” has the meaning assigned to such
        term in Section 6.11(b).

    

    

    
      27

      
        

    

    

    

    “Total Revolving Credit Exposure” means, at any time, the
        sum of the outstanding principal amount of all Lenders’ Revolving Loans, their LC Exposure and their Swingline Exposure at such time; provided, that clause (a) of the
        definition of Swingline Exposure shall only be applicable to the extent Lenders shall have funded their respective participations in the outstanding Swingline Loans.

    

    

    “Transactions” means the execution, delivery and
        performance by the Loan Parties of this Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.

    

    

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

    

    

    “UCC” means the Uniform Commercial Code as in effect from
        time to time in the State of New York or any other state the laws of which are required to be applied in connection with the issue of perfection of security interests.

    

    

    “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(e)(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.

    

    

    “Write-Down and Conversion Powers” means, with respect to
        any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the
        EU Bail-In Legislation Schedule.

    

    

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

    

    

    
      28

      
        

    

    

    

    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”.  The word “law” shall be construed as referring to all statutes, rules, regulations,
        codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities.  Unless the context
        requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or
        otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from
        time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions
        on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”, “hereof” and “hereunder”, and words of similar
        import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
        Exhibits and Schedules to, this Agreement, (f) any reference to any law, rule or regulation herein shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented from time to time and (g) the words
        “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

    

    

    SECTION 1.04.  Accounting Terms; GAAP.  Except as
        otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided
        that, if the Company notifies the Administrative Agent that the Company 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 the Administrative Agent notifies the Company 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 (i) without
        giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of
        the Company or any Subsidiary at “fair value”, as defined therein and (ii) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting
        Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated
        principal amount thereof.  Notwithstanding anything to the contrary contained in this Section 1.04 or in the definition of “Capital Lease Obligations,” in the event of an accounting change requiring all leases to be capitalized, only those leases
        (assuming for purposes hereof that such leases were in existence on the date hereof) that would constitute capital leases in conformity with GAAP on the date hereof shall be considered capital leases, and all calculations and deliverables under
        this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith.

     

      

    SECTION 1.05.  Status of Secured Obligations  In the event
        that the Company or any other Loan Party shall at any time issue or have outstanding any Subordinated Indebtedness, the Company shall take or cause such other Loan Party to take all such actions as shall be necessary to cause the Secured
        Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or
        potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.  Without limiting the foregoing, the Secured Obligations are hereby designated as “senior indebtedness” and as “designated senior
        indebtedness” and words of similar import under and in respect of any indenture or other agreement or instrument under which such other Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required
        under the terms of any such Subordinated Indebtedness in order that the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated
        Indebtedness.

    

    

    
      29

      
        

    

    

    

    SECTION 1.06.  Amendment and Restatement of the Existing Credit
            Agreement.  The parties to this Agreement agree that, upon (i) the execution and delivery by each of the parties hereto of this Agreement and (ii) satisfaction of the conditions set forth in Section 4.01, the terms and provisions of
        the Existing Credit Agreement shall be and hereby are amended, superseded and restated in their entirety by the terms and provisions of this Agreement.  This Agreement is not intended to and shall not constitute a novation.  All Loans made and
        Secured Obligations incurred under the Existing Credit Agreement which are outstanding on the Effective Date shall continue as Loans and Secured Obligations under (and shall be governed by the terms of) this Agreement and the other Loan Documents. 
        Without limiting the foregoing, upon the effectiveness hereof: (a) all references in the “Loan Documents” (as defined in the Existing Credit Agreement) to the “Administrative Agent”, the “Credit Agreement” and the “Loan Documents” shall be deemed
        to refer to the Administrative Agent, this Agreement and the Loan Documents, (b) the Existing Letters of Credit which remain outstanding on the Effective Date shall continue as Letters of Credit under (and shall be governed by the terms of) this
        Agreement, (c) all obligations constituting “Secured Obligations” with any Lender or any Affiliate of any Lender which are outstanding on the Effective Date shall continue as Secured Obligations under this Agreement and the other Loan Documents,
        (d) the Administrative Agent shall administer such reallocations, sales, assignments or other relevant actions in respect of each Lender’s credit and loan exposure under the Existing Credit Agreement as are necessary in order that each such
        Lender’s Revolving Credit Exposure and outstanding Revolving Loans hereunder reflect such Lender’s Applicable Percentage of the outstanding aggregate Revolving Credit Exposures on the Effective Date and (e) the Company hereby agrees to compensate
        each Lender for any and all losses, costs and expenses incurred by such Lender in connection with the sale and assignment of any Eurocurrency Loans (including the “Eurocurrency Loans” under the Existing Credit Agreement) and such reallocation
        described above, in each case on the terms and in the manner set forth in Section 2.16 hereof.

    

    

    SECTION 1.07.  Interest Rates.  The Administrative Agent
        does not warrant or accept responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the rates in the definition of “LIBO Rate” or with respect to any comparable or successor
        rate thereto, or replacement rate therefor.

    

    

    ARTICLE II

    

    

    The Credits

    

    

    SECTION 2.01.  Commitments.  Prior to the Effective Date,
        certain revolving loans were previously made to the Company under the Existing Credit Agreement which remain outstanding as of the date of this Agreement (such outstanding revolving loans being hereinafter referred to as the “Existing Loans”).  Subject to the terms and conditions set forth in this Agreement, the Borrowers and each of the Lenders agree that on the Effective Date but subject to the
        satisfaction of the conditions precedent set forth in Section 4.01 and the reallocation and other transactions described in Section 1.05, the Existing Loans shall be reevidenced as Revolving Loans under this Agreement and the terms of the Existing
        Loans shall be restated in their entirety and shall be evidenced by this Agreement.  Subject to the terms and conditions set forth herein, each Lender (severally and not jointly) agrees to make Revolving Loans to any Borrower in Agreed Currencies
        from time to time during the Availability Period in an aggregate principal amount that will not result (after giving effect to any application of proceeds of such Borrowing to any Swingline Loans outstanding pursuant to Section 2.10(a)) in (i)
        subject to Sections 2.04 and 2.11(b), the Dollar Amount of such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment, (ii) subject to Sections 2.04 and 2.11(b), the Dollar Amount of the Total Revolving Credit Exposure exceeding the
        Aggregate Commitment, (iii) subject to Sections 2.04 and 2.11(b), the Dollar Amount of the total outstanding Revolving Loans and LC Exposure, in each case denominated in Foreign Currencies, exceeding the Foreign Currency Sublimit or (iv) subject to
        Section 2.04, the Dollar Amount of the total outstanding Revolving Loans made to Foreign Subsidiary Borrowers exceeding the Foreign Borrower Sublimit.  Within the foregoing limits and subject to the terms and conditions set forth herein, the
        Borrowers may borrow, prepay and reborrow Revolving Loans.

    

    

    
      30

      
        

    

    

    

    SECTION 2.02.  Loans and Borrowings.  (a)  Each Revolving
        Loan (other than a Swingline 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; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other
        Lender’s failure to make Loans as required.  Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.

    

    

    (b)  Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans as the relevant
        Borrower may request in accordance herewith; provided that each ABR Loan shall only be made in Dollars.  Each Swingline Loan shall be an ABR Loan.  Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate
        of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the relevant Borrower to repay such Loan in accordance with the terms of this Agreement.

    

    

    (c)  At the commencement of each Interest Period for any Eurocurrency Revolving Borrowing, such Borrowing shall be in an aggregate
        amount that is an integral multiple of $500,000 (or, if such Borrowing is denominated in a Foreign Currency, 500,000 units of such currency) and not less than $3,000,000 (or, if such Borrowing is denominated in a Foreign Currency 3,000,000 units of
        such currency).  At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Commitment or that is required to finance the reimbursement of an LC Disbursement as
        contemplated by Section 2.06(e).  Each Swingline Loan shall be in an amount that is an integral multiple of $100,000 and not less than $1,000,000.  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 ten (10) Eurocurrency Revolving Borrowings outstanding.

    

    

    (d)  Notwithstanding any other provision of this Agreement, no Borrower shall 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.

    

    

    
      31

      
        

    

    

    

    SECTION 2.03.  Requests for Revolving Borrowings.  To
        request a Revolving Borrowing, the applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the Administrative Agent of such request (a) by irrevocable written notice (via a written Borrowing Request signed by the
        Company (on its own behalf or, as applicable, on behalf of a Foreign Subsidiary Borrower)) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m., Local Time, three (3) Business Days (in the case of a Eurocurrency Borrowing denominated
        in Dollars) or by irrevocable written notice (via a written Borrowing Request signed by the Company (on its own behalf or, as applicable, on behalf of a Foreign Subsidiary Borrower)) not later than 11:00 a.m., Local Time, four (4) Business Days (in
        the case of a Eurocurrency Borrowing denominated in a Foreign Currency), in each case before the date of the proposed Borrowing or (b) by irrevocable written notice (via a written Borrowing Request signed by the Company (on its own behalf or, as
        applicable, on behalf of a Foreign Subsidiary Borrower)) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing.  Each such Borrowing Request shall specify the following information in
        compliance with Section 2.02:

    

    

    (i)  the name of the applicable Borrower;

    

    

    (ii)  the aggregate principal amount of the requested Borrowing;

    

    

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

    

    

    (iv)  whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

    

    

    (v)  in the case of a Eurocurrency Borrowing, the Agreed Currency and initial Interest Period to be applicable
        thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and

    

    

    (vi)  the location and number of the applicable 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, in the case of a Borrowing denominated in Dollars, the requested Revolving
        Borrowing shall be an ABR Borrowing.  If no Interest Period is specified with respect to any requested Eurocurrency Revolving Borrowing, then the relevant 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, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

    

    

    SECTION 2.04.  Determination of Dollar Amounts.  The
        Administrative Agent will determine the Dollar Amount of:

    

    

    (a)  each Eurocurrency Borrowing as of the date three (3) Business Days prior to the date of such Borrowing or, if applicable, the date
        of conversion/continuation of any Borrowing as a Eurocurrency Borrowing,

    

    

    (b)  the LC Exposure as of the date of each request for the issuance, amendment, renewal or extension of any Letter of Credit, and

    

    

    (c)  all outstanding Credit Events on and as of the last Business Day of each calendar quarter and, during the continuation of an Event
        of Default, on any other Business Day elected by the Administrative Agent in its discretion or upon instruction by the Required Lenders.

    

    

    Each day upon or as of which the Administrative Agent determines Dollar Amounts as described in the preceding clauses (a), (b) and (c) is herein described
        as a “Computation Date” with respect to each Credit Event for which a Dollar Amount is determined on or as of such day.

    

    

    
      32

      
        

    

    

    

    SECTION 2.05.  Swingline Loans.  (a)  Subject to the terms
        and conditions set forth herein, the Swingline Lender may in its sole discretion make Swingline Loans in Dollars to the Company from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not
        result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding the Swingline Sublimit, (ii) the Swingline Lender’s Revolving Credit Exposure exceeding its Commitment or (iii) the Dollar Amount of the Total Revolving Credit
        Exposure exceeding the Aggregate Commitment; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline
        Loan.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Company may borrow, prepay and reborrow Swingline Loans.

    

    

    (b)  To request a Swingline Loan, the Company shall notify the Administrative Agent of such request by irrevocable written notice (via a
        written Borrowing Request in a form approved by the Administrative Agent and signed by the Company), 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.  The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Company.  The Swingline Lender shall make each
        Swingline Loan available to the Company by means of a credit to the general deposit account of the Company with the Administrative Agent designated for such purpose (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 such Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline Loan.

    

    

    (c)  The Swingline Lender may by written notice given to the Administrative Agent require the Lenders to acquire participations 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, the 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, promptly upon receipt of such notice from the Administrative Agent (and in any event,
        if such notice is received by 12:00 noon, New York City time, on a Business Day, no later than 5:00 p.m., New York City time, on such Business Day and if received after 12:00 noon, New York City time, on a Business Day, no later than 10:00 a.m.,
        New York City time, on the immediately succeeding Business Day), to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Lender hereby absolutely and
        unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Notwithstanding the foregoing, upon
        the occurrence of (i) the Maturity Date, (ii) any Event of Default described in clause (h), (i) or (j) of Article VII, (iii) the date on which the Loans are accelerated,
        or (iv) the termination of the Commitments, each Lender shall be deemed to absolutely and unconditionally acquire participations in all of the Swingline Loans outstanding at such time in an amount equal to its Applicable Percentage of such
        Swingline Loans in each case without notice or any further action from the Swingline Lender, any Lender or the Administrative Agent (such occurrence an “Automatic Participation Event”).

        Upon the occurrence of an Automatic Participation Event, the 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, promptly upon receipt of such notice from the Administrative Agent (and in any event, if such notice is received by 12:00 noon, New York City time, on a Business Day, no later than 5:00 p.m., New York City time, on such
        Business Day and if received after 12:00 noon, New York City time, on a Business Day, no later than 10:00 a.m., New York City time, on the immediately succeeding Business Day), to pay to the Administrative Agent, for the account of the Swingline
        Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall
        not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the 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 paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply,
        mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent
        shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders.  The Administrative Agent shall notify the Company of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments
        in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender.  Any amounts received by the Swingline Lender from the Company (or other party on behalf of the Company) in respect of a Swingline Loan
        after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative
        Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the
        Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Company for any reason.  The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Company of any
        default in the payment thereof.

    

    

    
      33

      
        

    

    

    

    (d)  The Swingline Lender may be replaced at any time by written agreement among the Company, the Administrative Agent, the replaced
        Swingline Lender and the successor Swingline Lender.  The Administrative Agent shall notify the Lenders of any such replacement of the Swingline Lender.  At the time any such replacement shall become effective, the Company shall pay all unpaid
        interest accrued for the account of the replaced Swingline Lender pursuant to Section 2.13(a).  From and after the effective date of any such replacement, (i) the successor Swingline Lender shall have all the rights and obligations of the replaced
        Swingline Lender under this Agreement with respect to Swingline Loans made thereafter and (ii) references herein to the term “Swingline Lender” shall be deemed to refer to such successor or to any previous Swingline Lender, or to such successor and
        all previous Swingline Lenders, as the context shall require.  After the replacement of a Swingline Lender hereunder, the replaced Swingline Lender shall remain a party hereto and shall continue to have all the rights and obligations of a Swingline
        Lender under this Agreement with respect to Swingline Loans made by it prior to its replacement, but shall not be required to make additional Swingline Loans.

    

    

    (e)  Subject to the appointment and acceptance of a successor Swingline Lender, the Swingline Lender may resign as a Swingline Lender at
        any time upon thirty (30) days’ prior written notice to the Administrative Agent, the Company and the Lenders, in which case, such Swingline Lender shall be replaced in accordance with Section 2.05(d) above.

    

    

    SECTION 2.06.  Letters of Credit.  (a) General.  Subject to the terms and conditions set forth herein, the Company may request the issuance of Letters of Credit denominated in Agreed Currencies for the support of
        its or its Subsidiaries’ obligations, in a form reasonably acceptable to the Administrative Agent and the relevant Issuing Bank, at any time and from time to time during the Availability Period, and such Issuing Bank may agree, but shall have no
        obligation, to issue such Letters of Credit.  In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any Letter of Credit Agreement, the terms and conditions of this Agreement shall
        control; provided, however, if such Issuing Bank is requested to issue Letters of Credit
        with respect to a jurisdiction the relevant Issuing Bank deems, in its reasonable judgment, may at any time subject it to a New Money Credit Event or a Country Risk Event, the Company shall, at the request of an Issuing Bank, guaranty and indemnify
        the requesting Issuing Bank against any and all costs, liabilities and losses resulting from such New Money Credit Event or Country Risk Event, in each case in a form and substance reasonably satisfactory to the relevant Issuing Bank.  The letters
        of credit identified on Schedule 2.06 (the “Existing Letters of Credit”) shall be deemed to be “Letters of Credit” issued on the Effective Date for all purposes of the
        Loan Documents.  Notwithstanding anything herein to the contrary, no Issuing Bank shall have any obligation hereunder to issue, and shall not issue, any Letter of Credit the proceeds of which would be made available to any Person (i) to fund any
        activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of any Sanctions, (ii) in any manner that would result in a violation of any Sanctions by any party to this
        Agreement or (iii) in any manner that would result in a violation of one or more policies of such Issuing Bank applicable to letters of credit generally.  The Company unconditionally and irrevocably agrees that, in connection with any Letter of
        Credit issued for the support of any Subsidiary’s obligations as provided in the first sentence of this paragraph, the Company will be fully responsible for the reimbursement of LC Disbursements in accordance with the terms hereof, the payment of
        interest thereon and the payment of fees due under Section 2.12(b) to the same extent as if it were the sole account party in respect of such Letter of Credit (the Company hereby irrevocably waiving any defenses that might otherwise be available to
        it as a guarantor or surety of the obligations of such a Subsidiary that is an account party in respect of any such Letter of Credit).

    

    

    
      34

      
        

    

    

    

    (b)  Notice of Issuance, Amendment, Renewal, Extension; Certain
            Conditions.  To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Company shall hand deliver or telecopy (or transmit by electronic communication, if
        arrangements for doing so have been approved by the relevant Issuing Bank) to an Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any event no less than
        three (3) Business Days) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business
        Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the Agreed Currency applicable thereto, 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.  In addition, as a condition to any such Letter of Credit issuance, the Company shall have entered into a continuing agreement (or other letter
        of credit agreement) for the issuance of letters of credit and/or shall submit a letter of credit application, in each case, as required by the relevant Issuing Bank and using such Issuing Bank’s standard form (each, a “Letter of Credit Agreement”).  A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Company
        shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, subject to Sections 2.04 and 2.11(b), (i) the Dollar Amount of the LC Exposure shall not exceed $15,000,000, (ii) the sum of (x)
        the aggregate undrawn amount of all outstanding Letters of Credit issued by any Issuing Bank at such time plus (y) the aggregate amount of all LC Disbursements made by
        such Issuing Bank that have not yet been reimbursed by or on behalf of the Company at such time shall not exceed such Issuing Bank’s Letter of Credit Commitment, (iii) the Dollar Amount of the Total Revolving Credit Exposure shall not exceed the
        Aggregate Commitment, (iv) the Dollar Amount of each Lender’s Revolving Credit Exposure shall not exceed such Lender’s Commitment and (v) the Dollar Amount of the total outstanding Revolving Loans and LC Exposure, in each case denominated in
        Foreign Currencies, shall not exceed the Foreign Currency Sublimit.  The Company may, at any time and from time to time, reduce the Letter of Credit Commitment of any Issuing Bank with the consent of such Issuing Bank; provided that the Company shall not reduce the Letter of Credit Commitment of any Issuing Bank if, after giving effect of such reduction, the conditions set forth in the immediately preceding
        clauses (i) through (v) shall not be satisfied.

    

    

    (c)  Expiration Date.  Each Letter of Credit shall expire
        (or be subject to termination by notice from the relevant 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) the date that is five (5) 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 any Issuing Bank or the Lenders, each Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from each
        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 the Administrative Agent, for the account of the relevant Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Company on the
        date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Company for any reason.  Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this
        paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default
        or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

    

    

    
      35

      
        

    

    

    

    (e)  Reimbursement.  If any Issuing Bank shall make any LC
        Disbursement in respect of a Letter of Credit, the Company shall reimburse such LC Disbursement by paying to the Administrative Agent in Dollars the Dollar Amount equal to such LC Disbursement, calculated as of the date such Issuing Bank made such
        LC Disbursement (or if an Issuing Bank shall so elect in its sole discretion by notice to the Company, in such other Agreed Currency which was paid by such Issuing Bank pursuant to such LC Disbursement in an amount equal to such LC Disbursement)
        not later than 12:00 noon, Local Time, on the date that such LC Disbursement is made, if the Company shall have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has not been received by the
        Company prior to such time on such date, then not later than 12:00 noon, Local Time, on (i) the Business Day that the Company receives such notice, if such notice is received prior to 10:00 a.m., Local Time, on the day of receipt, or (ii) the
        Business Day immediately following the day that the Company receives such notice, if such notice is not received prior to such time on the day of receipt; provided that
        the Company 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 (i) to the extent such LC Disbursement was made in Dollars, an ABR Revolving Borrowing,
        Eurocurrency Revolving Borrowing or Swingline Loan in Dollars in an amount equal to such LC Disbursement or (ii) to the extent that such LC Disbursement was made in a Foreign Currency, a Eurocurrency Revolving Borrowing in such Foreign Currency in
        an amount equal to such LC Disbursement and, in each case, to the extent so financed, the Company’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing, Eurocurrency Revolving Borrowing or
        Swingline Loan, as applicable.  If the Company fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Company in respect thereof and such Lender’s
        Applicable Percentage thereof.  Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Company, in the same manner as provided in Section 2.07 with
        respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the
        payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the relevant Issuing Bank the amounts so received by it from the Lenders.  Promptly following receipt by the Administrative Agent of any payment from the
        Company pursuant to this paragraph, the Administrative Agent shall distribute such payment to the relevant Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such
        Lenders and such Issuing Bank as their interests may appear.  Any payment made by a Lender pursuant to this paragraph to reimburse an Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as
        contemplated above) shall not constitute a Loan and shall not relieve the Company of its obligation to reimburse such LC Disbursement.  If the Company’s reimbursement of, or obligation to reimburse, any amounts in any Foreign Currency would subject
        the Administrative Agent, any Issuing Bank or any Lender to any stamp duty, ad valorem charge or similar tax that would not be payable if such reimbursement were made or required to be made in Dollars, the Company shall, at its option, either (x)
        pay the amount of any such tax requested by the Administrative Agent, the relevant Issuing Bank or the relevant Lender or (y) reimburse each LC Disbursement made in such Foreign Currency in Dollars, in an amount equal to the Dollar Amount thereof
        calculated on the date such LC Disbursement is made.

    

    

    
      36

      
        

    

    

    

    (f)  Obligations Absolute.  The Company’s obligation to
        reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and
        irrespective of (i) any lack of validity or enforceability of any Letter of Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein or herein, (ii) any draft or other document presented under a Letter of Credit
        proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) any payment by an Issuing Bank under a Letter of Credit against presentation of a draft or other document that does
        not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge
        of, or provide a right of setoff against, the Company’s obligations hereunder.  Neither the Administrative Agent, the Lenders nor any 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 the relevant Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing Bank from
        liability to the Company to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Company to the extent permitted by applicable law) suffered by the
        Company that are caused by such 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 any Issuing Bank (as finally determined by a court of competent jurisdiction), such 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, each Issuing Bank may, in its sole
        discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are
        not in strict compliance with the terms of such Letter of Credit.

    

    

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

    

    

    (h)  Interim Interest.  If any Issuing Bank shall make any
        LC Disbursement, then, unless the Company shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to
        but excluding the date that the Company reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans (or in the case such LC Disbursement is denominated in a Foreign Currency, at the Overnight Foreign Currency Rate
        for such Agreed Currency plus the then effective Applicable Rate with respect to Eurocurrency Loans); provided
        that, if the Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply.  Interest accrued pursuant to this paragraph shall be for the account of such Issuing Bank, except
        that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse such Issuing Bank shall be for the account of such Lender to the extent of such payment.

    

    

    
      37

      
        

    

    

    

    (i)  Replacement of an Issuing Bank.  (A) Any Issuing Bank
        may be replaced at any time by written agreement among the Company, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank.  The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. 
        At the time any such replacement shall become effective, the Company 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 an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to
        such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require.  After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall
        continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

    

    

    (B) Subject to the appointment and acceptance of a successor Issuing Bank, any Issuing Bank may resign as an Issuing Bank at any time
        upon thirty days’ prior written notice to the Administrative Agent, the Company and the Lenders, in which case, such Issuing Bank shall be replaced in accordance with Section 2.06(i)(A) above.

    

    

    (j)  Cash Collateralization.  If any Event of Default
        shall occur and be continuing, on the Business Day that the Company receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, from two (2) or more Lenders with LC Exposure
        representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Company shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the
        benefit of the Lenders (the “LC Collateral Account”), an amount in cash equal to the Dollar Amount of the LC Exposure as of such date plus any accrued and unpaid interest
        thereon; provided that (i) the portions of such amount attributable to undrawn Foreign Currency Letters of Credit or LC Disbursements in a Foreign Currency that the
        Company is not late in reimbursing shall be deposited in the applicable Foreign Currencies in the actual amounts of such undrawn Letters of Credit and LC Disbursements and (ii) 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 the Company described in clause (h) or (i) of Article VII.  For the purposes of this paragraph, the Dollar Amount of the Foreign Currency LC Exposure shall be calculated on the date notice demanding cash collateralization is delivered to
        the Company.  The Company also shall deposit cash collateral pursuant to this paragraph as and to the extent required by Section 2.11(b).  Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the
        Secured Obligations.  The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over 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 the Administrative Agent and at the Company’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 the Administrative Agent to reimburse the relevant Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement
        obligations of the Company 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 greater than 50% of the total LC Exposure), be applied to
        satisfy other Secured Obligations.  If the Company 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 the
        Company within three Business Days after all Events of Default have been cured or waived.

    

    

    
      38

      
        

    

    

    

    (k)  Conversion.  In the event that the Loans become
        immediately due and payable on any date pursuant to Article VII, all amounts (i) that the Company is at the time or thereafter becomes required to reimburse or otherwise pay to the Administrative Agent in respect of LC Disbursements made under any
        Foreign Currency Letter of Credit (other than amounts in respect of which the Company has deposited cash collateral pursuant to paragraph (j) above, if such cash collateral was deposited in the applicable Foreign Currency to the extent so deposited
        or applied), (ii) that the Lenders are at the time or thereafter become required to pay to the Administrative Agent and the Administrative Agent is at the time or thereafter becomes required to distribute to an Issuing Bank pursuant to paragraph
        (e) of this Section in respect of unreimbursed LC Disbursements made under any Foreign Currency Letter of Credit and (iii) of each Lender’s participation in any Foreign Currency Letter of Credit under which an LC Disbursement has been made shall,
        automatically and with no further action required, be converted into the Dollar Amount, calculated using the Administrative Agent’s currency exchange rates on such date (or in the case of any LC Disbursement made after such date, on the date such
        LC Disbursement is made), of such amounts.  On and after such conversion, all amounts accruing and owed to the Administrative Agent, any Issuing Bank or any Lender in respect of the obligations described in this paragraph shall accrue and be
        payable in Dollars at the rates otherwise applicable hereunder.

    

    

    (l)  Issuing Bank Agreements.  Each Issuing Bank agrees
        that, unless otherwise requested by the Administrative Agent, such Issuing Bank shall report in writing to the Administrative Agent (i) on the first Business Day of each week, the daily activity (set forth by day) in respect of its Letters of
        Credit during the immediately preceding week, including all issuances, extensions, amendments and renewals, all expirations and cancellations and all disbursements and reimbursements (it being understood and agreed that no such reports shall be
        required at any time during which such Issuing Bank does not have Letters of Credit outstanding hereunder), (ii) on or prior to each Business Day on which such Issuing Bank expects to issue, amend, renew or extend any Letter of Credit, the date of
        such issuance, amendment, renewal or extension, and the aggregate face amount of the Letters of Credit to be issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension occurred
        (and whether the amount thereof changed), (iii) on each Business Day on which such Issuing Bank makes any LC Disbursement, the date of such LC Disbursement and the amount of such LC Disbursement, (iv) on any Business Day on which the Borrower fails
        to reimburse an LC Disbursement required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount and currency of such LC Disbursement and (v) on any other Business Day, such other information as the Administrative
        Agent shall reasonably request.

    

    

    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 (i) in the case of Loans denominated in Dollars, by 12:00 noon, New York City time, to the account of the Administrative
        Agent most recently designated by it for such purpose by notice to the Lenders and (ii) in the case of each Loan denominated in a Foreign Currency, by 12:00 noon, Local Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for
        such currency and at such Eurocurrency Payment Office for such currency; provided that Swingline Loans shall be made as provided in Section 2.05.  Except in respect of
        the provisions of this Agreement covering the reimbursement of Letters of Credit, the Administrative Agent will make such Loans available to the relevant Borrower by promptly crediting the funds so received in the aforesaid account of the
        Administrative Agent to (x) an account of such Borrower maintained with the Administrative Agent in New York City and designated by the relevant Borrower in the applicable Borrowing Request, in the case of Loans denominated in Dollars and (y) an
        account of such Borrower maintained with the Administrative Agent in the relevant jurisdiction and designated by such Borrower in the applicable Borrowing Request, in the case of Loans denominated in a Foreign Currency; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the relevant Issuing
        Bank.

    

    

    
      39

      
        

    

    

    

    (b)  Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or in the
        case of an ABR Borrowing, prior to 12:00 noon, New York City time, on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that
        such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the relevant Borrower a corresponding amount.  In such event, if a Lender has not
        in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and such Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest
        thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the NYFRB Rate and a rate
        determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (including without limitation the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency) or (ii) in the case
        of such Borrower, the interest rate applicable to ABR Loans.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.

    

    

    SECTION 2.08.  Interest Elections.  (a)  Each Borrowing
        initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.  Thereafter, the relevant Borrower may elect to
        convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section.  A 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, a Borrower, or the Company on its behalf, shall notify the Administrative Agent of
        such election (by irrevocable written notice (via an Interest Election Request signed by such Borrower or the Company, as applicable)) by the time that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a
        Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election.  Notwithstanding any contrary provision herein, this Section shall not be construed to permit any Borrower to (i) change the currency of
        any Borrowing, (ii) elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.02(d) or (iii) convert any Borrowing to a Borrowing of a Type not available under such Borrowing.

    

    

    
      40

      
        

    

    

    

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

    

    

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

    

    

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

    

    

    (iii)  whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; and

    

    

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

    

    

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

    

    

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

    

    

    (e)  If the relevant Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency 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 (i) in the case of a Borrowing denominated in Dollars, such Borrowing shall be converted to an ABR Borrowing
        and (ii) in the case of a Borrowing denominated in a Foreign Currency, such Borrowing shall automatically continue as a Eurocurrency Borrowing in the same Agreed Currency with an Interest Period of one month unless (x) such Eurocurrency Borrowing
        is or was repaid in accordance with Section 2.11 or (y) such Borrower shall have given the Administrative Agent an Interest Election Request requesting that, at the end of such Interest Period, such Eurocurrency Borrowing continue as a Eurocurrency
        Borrowing for the same or another Interest Period.  Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Company,
        then, so long as an Event of Default is continuing (i) no outstanding Borrowing denominated in Dollars may be converted to or continued as a Eurocurrency Borrowing , (ii) unless repaid, each Eurocurrency Borrowing denominated in Dollars shall be
        converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (iii) unless repaid, each Eurocurrency Borrowing denominated in a Foreign Currency shall automatically be continued as a Eurocurrency Borrowing with an Interest
        Period of one month.

    

    

    SECTION 2.09.  Termination and Reduction of Commitments. 
        (a)  Unless previously terminated, the Commitments shall terminate on the Maturity Date.

    

    

    (b)  The Company may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000 and (ii) the Company shall not terminate or reduce the Commitments
        if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the Dollar Amount of the Total Revolving Credit Exposure would exceed the Aggregate Commitment.

    

    

    
      41

      
        

    

    

    

    (c)  The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (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, the Administrative Agent shall advise the
        Lenders of the contents thereof.  Each notice delivered by the Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the
        Commitments delivered by the Company may state that such notice is conditioned upon the effectiveness of other credit facilities or other transactions specified therein, in which case such notice may be revoked by the Company (by notice to the
        Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.  Any termination or reduction of the Commitments shall be permanent.  Each reduction of the Commitments shall be made ratably among the Lenders in
        accordance with their respective Commitments.

    

    

    SECTION 2.10.  Repayment of Loans; Evidence of Debt.  (a)
        Each Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan made to such Borrower on the Maturity Date in the currency of such Loan and
        (ii) in the case of the Company, to the Administrative Agent for the account of the 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, the Company shall repay all Swingline Loans then outstanding and the proceeds of any such Borrowing shall be applied by the Administrative Agent to
        repay any Swingline Loans outstanding.

    

    

    (b)  Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each
        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)  The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class,
        Agreed Currency 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 each Borrower to each Lender hereunder and (iii) the amount of any sum
        received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.

    

    

    (d)  The entries made in the accounts maintained pursuant to paragraph (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 the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the Obligations.

    

    

    (e)  Any Lender may request that Loans made by it to any Borrower be evidenced by a promissory note.  In such event, the relevant
        Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in the form attached hereto as Exhibit J.  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.

    

    

    
      42

      
        

    

    

    

    SECTION 2.11.  Prepayment of Loans.

    

    

    (a)  Any 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 the provisions of this Section 2.11(a).  The applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the
        Swingline Lender) by written notice (promptly followed by telephonic confirmation of such request) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Revolving Borrowing, not later than 11:00 a.m., Local Time, three (3)
        Business Days (in the case of a Eurocurrency Borrowing denominated in Dollars) or four (4) Business Days (in the case of a Eurocurrency Borrowing denominated in a Foreign Currency), in each case, before the date of prepayment, (ii) in the case of
        prepayment of an ABR Borrowing, not later than 11:00 a.m., 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, the 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 Revolving
        Borrowing.  Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16.

    

    

    (b)  If at any time, (i) other than as a result of fluctuations in currency exchange rates, (A) the aggregate principal Dollar Amount of
        the Total Revolving Credit Exposure (calculated, with respect to those Credit Events denominated in Foreign Currencies, as of the most recent Computation Date with respect to each such Credit Event) exceeds the Aggregate Commitment, (B) the
        aggregate principal Dollar Amount of the Total Revolving Credit Exposure denominated in Foreign Currencies (the “Foreign Currency Exposure”) (so calculated), as of the
        most recent Computation Date with respect to each such Credit Event, exceeds the Foreign Currency Sublimit or (C) the sum of the aggregate principal Dollar Amount of all Loans (so calculated) outstanding to the Foreign Subsidiary Borrowers exceeds
        the Foreign Borrower Sublimit or (ii) solely as a result of fluctuations in currency exchange rates, (A) the aggregate principal Dollar Amount of the Total Revolving Credit Exposure (so calculated) exceeds 105% of the Aggregate Commitment, (B) the
        Foreign Currency Exposure, as of the most recent Computation Date with respect to each such Credit Event, exceeds 105% of the Foreign Currency Sublimit or (C) the sum of the aggregate principal Dollar Amount of all Loans (so calculated) outstanding
        to the Foreign Subsidiary Borrowers exceeds 105% of the Foreign Borrower Sublimit, the Borrowers shall in each case immediately repay Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section
        2.06(j), as applicable, in an aggregate principal amount sufficient to eliminate any such excess.

    

    

    SECTION 2.12.  Fees.  (a)  The Company agrees to pay to
        the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at the Applicable Rate on the average 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 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 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.  Commitment fees accrued through and including the last day of March, June, September and December of each year shall be payable in arrears on the fifteenth (15th) day following such last day and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof; provided
        that any commitment 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).

    

    

    
      43

      
        

    

    

    

    (b)  The Company agrees to pay (i) to the 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 Eurocurrency Loans on the average daily Dollar 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 the relevant Issuing Bank for its own account a fronting fee, which shall accrue at a rate per annum separately agreed upon between the Company and the relevant Issuing Bank on the average daily Dollar Amount of the LC
        Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued by such Issuing Bank 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 such Issuing Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal
        or extension of any Letter of Credit or processing of drawings thereunder.  Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the fifteenth (15th) 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 any Issuing Bank pursuant to this
        paragraph shall be payable within ten (10) days after demand.  All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but
        excluding the last day).  Participation fees and fronting fees in respect of Letters of Credit denominated in Dollars shall be paid in Dollars, and participation fees and fronting fees in respect of Letters of Credit denominated in a Foreign
        Currency shall be paid in such Foreign Currency.

    

    

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

    

    

    (d)  All fees payable hereunder shall be paid on the dates due, in Dollars (except as otherwise expressly provided in this Section) and
        immediately available funds, to the Administrative Agent (or to the relevant 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
        ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.

    

    

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

    

    

    (c)  Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by any 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 ABR Loans as provided in paragraph (a) of this Section.

    

    

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

    

    

    
      44

      
        

    

    

    

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

    

    

    SECTION 2.14.  Alternate Rate of Interest.

    

    

    (a)  If at the time that the Administrative Agent shall seek to determine the LIBOR Screen Rate on the Quotation Day for any Interest
        Period for a Eurocurrency Borrowing, the LIBOR Screen Rate shall not be available for such Interest Period and/or for the applicable currency with respect to such Eurocurrency Borrowing for any reason, and the Administrative Agent shall reasonably
        determine that it is not possible to determine the Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error), then the Reference Bank Rate shall be the LIBO Rate for such Interest Period for such Eurocurrency
        Borrowing; provided that if the Reference Bank Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement;  provided, further,
        however, that if less than two (2) Reference Banks shall supply a rate to the Administrative Agent for purposes of determining the LIBO Rate for such Eurocurrency Borrowing, (i) if such Borrowing shall be requested in Dollars, then such Borrowing
        shall be made as an ABR Borrowing at the Alternate Base Rate and (ii) if such Borrowing shall be requested in any Foreign Currency, the LIBO Rate shall be equal to the rate determined by the Administrative Agent in its reasonable discretion after
        consultation with the Company and consented to in writing by the Required Lenders (the “Alternative Rate”); provided,
        however, that until such time as the Alternative Rate shall be determined and so consented to by the Required Lenders, Borrowings shall not be available in such Foreign
        Currency.  It is hereby understood and agreed that, notwithstanding anything to the foregoing set forth in this Section 2.14(a), if at any time the conditions set forth in Section 2.14(c)(i) or (ii) are in effect, the provisions of this Section
        2.14(a) shall no longer be applicable for any purpose of determining any alternative rate of interest under this Agreement and Section 2.14(c) shall instead be applicable for all purposes of determining any alternative rate of interest under this
        Agreement.

    

    

    (b)  If prior to the commencement of any Interest Period for a Eurocurrency Borrowing:

    

    

    (i)  the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error)
        that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including because the LIBOR Screen Rate is not available or published on a current basis), for the applicable currency and such
        Interest Period; or

    

    

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

    

    

    
      45

      
        

    

    

    

    then the Administrative Agent shall give notice thereof to the applicable Borrower and the Lenders by telephone or telecopy as promptly as practicable
        thereafter and, until the Administrative Agent notifies the applicable Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to,
        or continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective and, unless repaid (A) in the case of a Eurocurrency Borrowing denominated in Dollars, such Borrowing shall be made as an ABR Borrowing and (B) in the case of a
        Eurocurrency Borrowing denominated in a Foreign Currency, such Eurocurrency Borrowing shall be repaid on the last day of the then current Interest Period applicable thereto and (ii) if any Borrowing Request requests a Eurocurrency Borrowing in
        Dollars, such Borrowing shall be made as an ABR Borrowing (and if such Borrowing Request requests a Eurocurrency Revolving Borrowing denominated in a Foreign Currency, such Borrowing Request shall be ineffective); 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.

    

    

    (c)  Notwithstanding the foregoing, if at any time the Administrative Agent determines (which determination shall be conclusive absent
        manifest error) that (i) the circumstances set forth in Section 2.14(b)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 2.14(b)(i) have not arisen but (w) the supervisor for the
        administrator of the LIBOR Screen Rate has made a public statement that the administrator of the LIBOR Screen Rate is insolvent (and there is no successor administrator that will continue publication of the LIBOR Screen Rate), (x) the administrator
        of the LIBOR Screen Rate has made a public statement identifying a specific date after which the LIBOR Screen Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication
        of the LIBOR Screen Rate), (y) the supervisor for the administrator of the LIBOR Screen Rate has made a public statement identifying a specific date after which the LIBOR Screen Rate will permanently or indefinitely cease to be published or (z) the
        supervisor for the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBOR Screen Rate may no longer be used
        for determining interest rates for loans, then the Administrative Agent and the Company shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining
        a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for
        the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate); provided that, if such alternate rate of interest as so determined
        would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.  Notwithstanding anything to the contrary in Section 9.02, such amendment shall become effective without any further action or consent of any other
        party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating
        that such Required Lenders object to such amendment.  Until an alternate rate of interest shall be determined in accordance with this Section 2.14(c) (but, in the case of the circumstances described in clause (ii) of the first sentence of this
        Section 2.14(c), only to the extent the LIBOR Screen Rate for the applicable currency and such Interest Period is not available or published at such time on a current basis), (x) any Interest Election Request that requests the conversion of any
        Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing in the applicable currency or for the applicable Interest Period, as the case may be, shall be ineffective, (y) if any Borrowing Request requests a Eurocurrency Borrowing
        in Dollars, such Borrowing shall be made as an ABR Borrowing and (z) if any Borrowing Request requests a Eurocurrency Borrowing in a Foreign Currency, then such request shall be ineffective.

    

    

    
      46

      
        

    

    

    

    SECTION 2.15.  Increased Costs.  (a)  If any Change in Law
        shall:

    

    

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

    

    

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

    

    

    (iii)          subject the Administrative
        Agent, any Lender or any Issuing Bank to any Taxes (other than (A) Indemnified Taxes, (B) Excluded Taxes and (C) Other 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 the Administrative Agent or such Lender of making, continuing, converting into or
        maintaining any Loan or of maintaining its obligation to make any such Loan or to increase the cost to the Administrative Agent, such Lender or such Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the
        amount of any sum received or receivable by the Administrative Agent, such Lender or such Issuing Bank hereunder, whether of principal, interest or otherwise, then the applicable Borrower will pay to the Administrative Agent, such Lender or such
        Issuing Bank, as the case may be, such additional amount or amounts as will compensate the Administrative Agent, such Lender or such Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered.

    

    

    (b)  If any Lender or any 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 such Issuing Bank’s capital or on the capital of such Lender’s or such 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 such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such
        Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the applicable
        Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction
        suffered.

    

    

    (c)  A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or such
        Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Company and shall be conclusive absent manifest error.  The Company shall pay, or cause the other Borrowers to
        pay, such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

    

    

    (d)  Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section shall not constitute
        a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Company shall not be required to compensate a Lender or an 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 such Issuing Bank, as the case may be, notifies the Company of the Change in Law giving rise to such increased
        costs or reductions and of such Lender’s or such 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.

    

    

    
      47

      
        

    

    

    

    SECTION 2.16.  Break Funding Payments.  In the event of
        (a) the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the
        conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto
        (regardless of whether such notice may be revoked under Section 2.11(a) and is revoked in accordance therewith) or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a result of a
        request by the Company pursuant to Section 2.19 or 9.02(e), then, in any such event, the Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event.  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 deposits in the relevant currency of a
        comparable amount and period from other banks in the eurocurrency market.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the applicable
        Borrower and shall be conclusive absent manifest error.  The applicable Borrower shall pay such Lender the amount shown as due on any such certificate within thirty (30) days after receipt thereof.

    

    

    SECTION 2.17.  Taxes.  (a)  Any and all payments by or on
        account of any obligation of each Borrower hereunder or any other Loan Documents shall be made free and clear of and without deduction 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 (i) make such deductions and (ii) pay the full amount deducted
        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 Borrower shall be increased as necessary so that after making all required deductions (including
        deductions applicable to additional sums payable under this Section) the Administrative Agent, relevant Lender receives an amount equal to the sum it would have received had no such deductions been made.

    

    

    (b)  In addition, each Borrower shall pay any Other Taxes related to such Borrower and imposed on or incurred by the Administrative
        Agent or a Lender to the relevant Governmental Authority in accordance with applicable law.

    

    

    (c)  The relevant Borrower shall indemnify the Administrative Agent and each Lender, within ten (10) days after written demand therefor,
        for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender on or with respect to any payment by or on account of any obligation of such Borrower hereunder or any other Loan Documents (including
        Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or
        Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Company by a Lender or by the Administrative Agent on its own behalf or
        on behalf of a Lender, shall be conclusive absent manifest error.

    

    

    
      48

      
        

    

    

    

    (d)  As soon as practicable after any payment of Taxes by any Borrower to a Governmental Authority, such Borrower shall deliver to the
        Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the
        Administrative Agent.

    

    

    (e)  (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan
        Document shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrowers
        or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrowers or the Administrative Agent, shall deliver such other
        documentation prescribed by applicable law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
        information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(e)(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:

    

    

    (A)          any Lender that is a U.S. Person
        shall deliver to such Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative
        Agent), an executed copy 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 such Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
        Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), whichever of the following is applicable:

    

    

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

    

    

    
      49

      
        

    

    

    

    (2)  in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an executed
        copy 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 K-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 such Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S.

            Tax Compliance Certificate”) and (y) an executed copy of IRS Form W-8BEN or IRS Form W-8BEN-E; or

    

    

    (4) to the extent a Foreign Lender is not the beneficial owner, an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form
        W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit K-2 or Exhibit

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

    

    

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

    

    

    
      50

      
        

    

    

    

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

    

    

    (f)  If the Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other
        Taxes as to which it has been indemnified by the Borrowers or with respect to which a Borrower has paid additional amounts pursuant to this Section 2.17, it shall pay over such refund to such Borrower (but only to the extent of indemnity payments
        made, or additional amounts paid, by such Borrower under this Section 2.17 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of the Administrative Agent or such Lender and
        without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that such Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to
        such Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such
        Governmental Authority. Notwithstanding anything to the contrary in this paragraph (f), in no event will the Administrative Agent or a Lender be required to pay any amount to a Borrower pursuant to this paragraph (f) the payment of which would
        place the Administrative Agent or such Lender, as applicable, in a less favorable net after-Tax position than it 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 Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other
        information relating to its taxes which it deems confidential) to any Borrower or any other Person.

    

    

    (g)  Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified
        Taxes or Other Taxes attributable to such Lender (but only to the extent that the Borrowers have not already indemnified the Administrative Agent for such Indemnified Taxes or Other Taxes and without limiting the obligation of the Borrowers to do
        so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are
        payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant
        Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off
        and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (g).

    

    

    (h)  For purposes of determining withholding Taxes imposed under FATCA, the Loan Parties and the Administrative Agent shall treat (and
        the Lenders hereby authorize the Administrative Agent to treat) this Agreement and the Loans as not qualifying as “grandfathered obligations” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

    

    

    (i)  For purposes of this Section 2.17, the term “Lender” includes any Issuing Bank.

    

    

    
      51

      
        

    

    

    

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

    

    

    (a)  Each 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 (i) in the case of payments denominated in Dollars, 12:00 noon, New York City time and (ii) in the case of payments denominated in a Foreign Currency,
        12:00 noon, Local Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for such currency, in each case on the date when due, in immediately available funds, without set-off, recoupment or counterclaim.  Any amounts received
        after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be made (i) in the same
        currency in which the applicable Credit Event was made (or where such currency has been converted to euro, in euro) and (ii) to the Administrative Agent at its offices at 10 South Dearborn Street, Chicago, Illinois 60603 or, in the case of a Credit
        Event denominated in a Foreign Currency, the Administrative Agent’s Eurocurrency Payment Office for such currency, except payments to be made directly to an Issuing Bank or Swingline Lender as expressly provided herein and except that payments
        pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall distribute any such payments denominated in the same currency 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.  Notwithstanding the foregoing provisions of this Section, if, after the making of any Credit Event in any Foreign Currency, currency control or exchange
        regulations are imposed in the country which issues such currency with the result that the type of currency in which the Credit Event was made (the “Original Currency”) no
        longer exists or any Borrower is not able to make payment to the Administrative Agent for the account of the Lenders in such Original Currency, then all payments to be made by such Borrower hereunder in such currency shall instead be made when due
        in Dollars in an amount equal to the Dollar Amount (as of the date of repayment) of such payment due, it being the intention of the parties hereto that the Borrowers take all risks of the imposition of any such currency control or exchange
        regulations.

    

    

    (b)  Subject at all times to the terms and conditions of the final paragraph of Article VII, if at any time insufficient funds are received by and available to the 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 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 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 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 Loans and
        participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise
        thereto is recovered,  such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by any
        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 and
        Swingline Loans to any assignee or participant, other than to the Company or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).  Each Borrower consents to the foregoing and agrees, to the extent it may
        effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such participation as fully as if such
        Lender were a direct creditor of such Borrower in the amount of such participation.

    

    

    
      52

      
        

    

    

    

    (d)  Unless the Administrative Agent shall have received notice from the relevant Borrower prior to the date on which any payment is due
        to the Administrative Agent for the account of the Lenders or the Issuing Banks hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance
        herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Banks, as the case may be, the amount due.  In such event, if such Borrower has not in fact made such payment, then each of the Lenders or each of the
        Issuing Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such Issuing Bank with interest thereon, for each day from and including the date such amount
        is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (including
        without limitation the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency).

    

    

    (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 the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender and for the benefit of
        the Administrative Agent, the Swingline Lender or the Issuing Banks to satisfy such Lender’s obligations to it under such Section until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as
        cash collateral for, and application to, any future funding obligations of such Lender under any such Section; in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.

    

    

    SECTION 2.19.  Mitigation Obligations; Replacement of Lenders. 

        (a)  If any Lender requests compensation under Section 2.15, or if any Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 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 Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not
        otherwise be disadvantageous to such Lender.  The Company hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

    

    

    (b)  If (i) any Lender requests compensation under Section 2.15, (ii) any Borrower is required to pay any Indemnified Taxes or
        additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17 or (iii) any Lender becomes a Defaulting Lender, then the Company may, at its sole expense and effort, upon notice to such Lender
        and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in 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 the Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Company shall have received the prior written consent of the Administrative Agent (and if a Commitment is being assigned, the Issuing Banks and the Swingline Lender), which consent shall not
        unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other
        amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for
        compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments.  A Lender shall not be required to make any such assignment and delegation if,
        prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such  assignment and delegation cease to apply.  Each party hereto agrees that (a) an assignment required pursuant to this
        paragraph may be effected pursuant to an Assignment and Assumption executed by the Company, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an
        Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and (b) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed
        to have consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to
        execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.

    

    

    
      53

      
        

    

    

    

    SECTION 2.20.  Expansion Option.  The Company may from
        time to time elect to increase the Commitments or enter into one or more tranches of term loans (each an “Incremental Term Loan”), in each case, in minimum increments of
        $5,000,000 so long as, after giving effect thereto, the aggregate amount of such increases and all such Incremental Term Loans does not exceed $50,000,000.  The Company may arrange for any such increase or tranche to be provided by one or more
        Lenders (each Lender so agreeing to an increase in its Commitment or to participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks,
        financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”; provided that no Ineligible Institution may be an Augmenting Lender), to increase their existing Commitments, or to participate in such Incremental Term Loans, or extend Commitments, as the case may be; provided that (i) each Augmenting Lender, shall be subject to the approval of the Company and the Administrative Agent and (ii) (x) in the case of an Increasing Lender, the
        Company and such Increasing Lender execute an agreement substantially in the form of Exhibit C hereto, and (y) in the case of an Augmenting Lender, the Company and such
        Augmenting Lender execute an agreement substantially in the form of Exhibit D hereto.  No consent of any Lender (other than the Lenders participating in the increase or
        any Incremental Term Loan) shall be required for any increase in Commitments and/or Incremental Term Loan pursuant to this Section 2.20.  Increases and new Commitments and Incremental Term Loans created pursuant to this Section 2.20 shall become
        effective on the date agreed by the Company, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof.  Notwithstanding the foregoing, no increase in the
        Commitments (or in the Commitment of any Lender) or tranche of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such increase or Incremental Term Loans, (A) the conditions
        set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the
        Company and (B) the Company shall be in compliance (on a Pro Forma Basis reasonably acceptable to the Administrative Agent) with the covenants contained in Section 6.11 and (ii) the Administrative Agent shall have received documents and opinions
        consistent with those delivered on the Effective Date as to the organizational power and authority of the Borrowers to borrow hereunder after giving effect to such increase or Incremental Term Loan.  On the effective date of any increase in the
        Commitments or any Incremental Term Loans being made, (i) each relevant Increasing Lender and Augmenting Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall
        determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans
        of all the Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and (ii) except in the case of any Incremental Term Loans, the Borrowers shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of
        the date of any increase in the Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the applicable Borrower, or the Company on behalf of the
        applicable Borrower, in accordance with the requirements of Section 2.03).  The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in
        respect of each Eurocurrency Loan, shall be subject to indemnification by the Borrowers pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related Interest Periods.  The Incremental Term Loans
        (a) shall rank pari passu in right of payment with the Revolving Loans, (b) shall not mature earlier than the Maturity Date (but may have amortization prior to such date) and (c) shall be treated substantially the same as (and in any event no more
        favorably than) the Revolving Loans; provided that (i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Maturity Date may
        provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Maturity Date and (ii) the Incremental Term Loans may be priced differently than the Revolving Loans. 
        Incremental Term Loans may be made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the
        other Loan Documents, executed by the Borrowers, each Increasing Lender participating in such tranche, each Augmenting Lender participating in such tranche, if any, and the Administrative Agent.  The Incremental Term Loan Amendment may, without the
        consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.20.  Nothing
        contained in this Section 2.20 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment hereunder, or provide Incremental Term Loans, at any time.

    

    

    
      54

      
        

    

    

    

    SECTION 2.21.  Market Disruption.  Notwithstanding the
        satisfaction of all conditions referred to in Article II and Article IV with respect to any Credit Event to be effected in any Foreign Currency, if (i) there shall occur on or prior to the date of such Credit Event any change in national or
        international financial, political or economic conditions or currency exchange rates or exchange controls which would in the reasonable opinion of the Administrative Agent, the Issuing Banks (if such Credit Event is a Letter of Credit) or the
        Required Lenders make it impracticable for the Eurocurrency Borrowings or Letters of Credit comprising such Credit Event to be denominated in the Agreed Currency specified by the applicable Borrower or (ii) an Equivalent Amount of such currency is
        not readily calculable, then the Administrative Agent shall forthwith give notice thereof to such Borrower, the Lenders and, if such Credit Event is a Letter of Credit, the Issuing Banks, and such Credit Events shall not be denominated in such
        Agreed Currency but shall, except as otherwise set forth in Section 2.07, be made on the date of such Credit Event in Dollars, (a) if such Credit Event is a Borrowing, in an aggregate principal amount equal to the Dollar Amount of the aggregate
        principal amount specified in the related Credit Event Request or Interest Election Request, as the case may be, as ABR Loans, unless such Borrower notifies the Administrative Agent at least one Business Day before such date that (i) it elects not
        to borrow on such date or (ii) it elects to borrow on such date in a different Agreed Currency, as the case may be, in which the denomination of such Loans would in the reasonable opinion of the Administrative Agent and the Required Lenders be
        practicable and in an aggregate principal amount equal to the Dollar Amount of the aggregate principal amount specified in the related Credit Event Request or Interest Election Request, as the case may be or (b) if such Credit Event is a Letter of
        Credit, in a face amount equal to the Dollar Amount of the face amount specified in the related request or application for such Letter of Credit, unless such Borrower notifies the Administrative Agent at least one (1) Business Day before such date
        that (i) it elects not to request the issuance of such Letter of Credit on such date or (ii) it elects to have such Letter of Credit issued on such date in a different Agreed Currency, as the case may be, in which the denomination of such Letter of
        Credit would in the reasonable opinion of the Issuing Banks, the Administrative Agent and the Required Lenders be practicable and in face amount equal to the Dollar Amount of the face amount specified in the related request or application for such
        Letter of Credit, as the case may be.

    

    

    SECTION 2.22.  Judgment Currency.  If for the purposes of
        obtaining judgment in any court it is necessary to convert a sum due from any Borrower hereunder in the currency expressed to be payable herein (the “specified currency”)
        into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the
        specified currency with such other currency at the Administrative Agent’s main New York City office on the Business Day preceding that on which final, non‐appealable judgment is given.  The obligations of each Borrower in respect of any sum due to
        any Lender or the Administrative Agent hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Administrative
        Agent (as the case may be) of any sum adjudged to be so due in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance with normal, reasonable banking procedures purchase the specified currency with such
        other currency.  If the amount of the specified currency so purchased is less than the sum originally due to such Lender or the Administrative Agent, as the case may be, in the specified currency, each Borrower agrees, to the fullest extent that it
        may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Administrative Agent, as the case may be, against such loss, and if the amount of the specified currency so purchased exceeds (a)
        the sum originally due to any Lender or the Administrative Agent, as the case may be, in the specified currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment to such Lender
        under Section 2.18, such Lender or the Administrative Agent, as the case may be, agrees to remit such excess to such Borrower.

    

    

    SECTION 2.23.  Designation of Foreign Subsidiary Borrowers. 

        The Company may at any time and from time to time designate any Eligible Foreign Subsidiary as a Foreign Subsidiary Borrower by delivery to the Administrative Agent of a Borrowing Subsidiary Agreement executed by such Subsidiary and the Company and
        the satisfaction of the other conditions precedent set forth in Section 4.03, and upon such delivery and satisfaction such Subsidiary shall for all purposes of this Agreement be a Foreign Subsidiary Borrower and a party to this Agreement until the
        Company shall have executed and delivered to the Administrative Agent a Borrowing Subsidiary Termination with respect to such Subsidiary, whereupon such Subsidiary shall cease to be a Foreign Subsidiary Borrower and a party to this Agreement. 
        Notwithstanding the preceding sentence, no Borrowing Subsidiary Termination will become effective as to any Foreign Subsidiary Borrower at a time when any principal of or interest on any Loan to such Borrower shall be outstanding hereunder, provided that such Borrowing Subsidiary Termination shall be effective to terminate the right of such Foreign Subsidiary Borrower to make further Borrowings under this
        Agreement.  As soon as practicable upon receipt of a Borrowing Subsidiary Agreement, the Administrative Agent shall furnish a copy thereof to each Lender.

    

    

    
      55

      
        

    

    

    

    SECTION 2.24.  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, except as otherwise provided in Section 9.02, this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender directly affected
        thereby;

    

    

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

    

    

    (i)  all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender (other than the portion of
        such Swingline Exposure referred to in clause (b) of the definition of such term) shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent (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, (B) each non-Defaulting Lender’s Revolving Credit Exposure
        does not exceed such non-Defaulting Lender’s Commitment and (C) no Event of Default has occurred and is continuing;

    

    

    (ii)  if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Company shall
        within one (1) Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for the benefit of the Issuing Banks only the Company’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 the Company cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii)
        above, the Company 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 the Issuing Banks or any other Lender hereunder, all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure
        shall be payable to the Issuing Banks until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and

    

    

    (d)  so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and no Issuing
        Bank shall 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 the Company in accordance with Section 2.24(c), and participating interests in any such 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 2.24(c)(i) (and such Defaulting Lender shall not participate therein).

    

    

    
      56

      
        

    

    

    

    If (i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent shall occur following the date hereof and for so long as
        such event shall continue or (ii) the Swingline Lender or any Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the
        Swingline Lender shall not be required to fund any Swingline Loan and such Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or such Issuing Bank, as the case may be, shall have entered
        into arrangements with the Company or such Lender, satisfactory to the Swingline Lender or such Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.

    

    

    In the event that the Administrative Agent, the Company, the Swingline Lender and the Issuing Banks 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 the 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

    

    

    Each Borrower represents and warrants to the Lenders that:

    

    

    SECTION 3.01.  Organization; Powers; Subsidiaries.  Each
        of the Company and its Subsidiaries is duly organized, validly existing and in good standing (to the extent such concept is applicable in the relevant jurisdiction) 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 (to the extent such concept is applicable) in, every jurisdiction where such qualification is required.  Schedule 3.01 hereto (as supplemented from time to time) identifies each Subsidiary, if such Subsidiary is a Material Subsidiary, the
        jurisdiction of its incorporation or organization, as the case may be, the percentage of issued and outstanding shares of each class of its capital stock or other equity interests owned by the Company and the other Subsidiaries and, if such
        percentage is not 100% (excluding directors’ qualifying shares as required by law), a description of each class issued and outstanding.  All of the outstanding shares of capital stock and other equity interests of each Subsidiary are validly issued
        and outstanding and fully paid and nonassessable and all such shares and other equity interests indicated on Schedule 3.01 (as supplemented from time to time but, in the case of any Subsidiary, as permitted by Section 6.09) as owned by the Company
        or another Subsidiary are owned, beneficially and of record, by the Company or any Subsidiary free and clear of all Liens, other than Liens created under the Loan Documents.  Except as set forth in Schedule 3.01 (as supplemented from time to time
        but, in the case of any Subsidiary, as permitted by Section 6.09), there are no outstanding commitments or other obligations of the Company or any Subsidiary to issue, and no options, warrants or other rights of any Person to acquire, any shares of
        any class of capital stock or other equity interests of the Company or any Subsidiary.

    

    

    
      57

      
        

    

    

    

    SECTION 3.02.  Authorization; Enforceability.  The
        Transactions are within each Loan Party’s organizational powers and have been duly authorized by all necessary organizational actions and, if required, shareholder action.  The Loan Documents to which each Loan Party is a party have been duly
        executed and delivered by such Loan Party and constitute a legal, valid and binding obligation of such Loan Party, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
        affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

    

    

    SECTION 3.03.  Governmental Approvals; No Conflicts.  The
        Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, and except where the failure to
        do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Company or any
        of its Subsidiaries or any order of any Governmental Authority, except for violations, individually or in the aggregate, which could not reasonably be expected to result in a Material Adverse Effect, (c) will not violate or result in a default
        under any indenture, agreement or other instrument binding upon the Company or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Company or any of its Subsidiaries, except for
        violations or defaults, individually or in the aggregate, which could not reasonably be expected to result in a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any asset of the Company or any of its
        Subsidiaries, other than Liens created under the Loan Documents.

    

    

    SECTION 3.04.  Financial Condition; No Material Adverse Change. 

        (a)  The Company has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended October 29, 2017 reported on by Deloitte & Touche LLP,
        independent public accountants and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended January 28, 2018 and April 29, 2018, in each case 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 the Company 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 October 29, 2017, there has been no material adverse change in the business, assets, operations or condition, financial or
        otherwise, of the Company and its Subsidiaries, taken as a whole.

    

    

    SECTION 3.05.  Properties  (a)  Each of the Company and
        its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for 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.  There are no Liens on any of the real or personal properties of the Company or any Subsidiary except for Liens permitted by Section 6.02.

    

    

    (b)  Each of the Company 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 the Company 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, proceedings or investigations by or before any arbitrator or Governmental Authority pending against or, to the knowledge of any Borrower, threatened against or affecting the Company 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 or (ii) that involve this Agreement or the
        Transactions.  There are no labor controversies pending against or, to the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries (i) which could reasonably be expected, individually or in the aggregate, to
        result in a Material Adverse Effect, or (ii) that involve this Agreement or the Transactions.

    

    

    
      58

      
        

    

    

    

    (b)  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 the Company 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)  Neither the Company nor any Subsidiary is party or subject to any law, regulation, rule or order, or any obligation under any
        agreement or instrument, that has a Material Adverse Effect.

    

    

    SECTION 3.07.  Compliance with Laws and Agreements.  Each
        of the Company and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority 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.

    

    

    SECTION 3.08.  Investment Company Status.  Neither the
        Company 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 the Company 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 (a) Taxes that are being contested in good faith by
        appropriate proceedings and for which the Company or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse
        Effect.

    

    

    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.  The Company has disclosed to
        the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a
        Material Adverse Effect.  None of the reports, financial statements, certificates or other information furnished by or on behalf of the Company or any Subsidiary to the 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) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the
        circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrowers represent only that such
        information was prepared in good faith based upon assumptions believed to be reasonable at the time.  As of the Effective Date, to the knowledge of the Company, the information included in the Beneficial Ownership Certification provided on or prior
        to the Effective Date to any Lender in connection with this Agreement is true and correct in all material respects.

    

    

    
      59

      
        

    

    

    

    SECTION 3.12.  Federal Reserve Regulations.  No part of
        the proceeds of any Loan have been used or will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.

    

    

    SECTION 3.13.  Liens.  There are no Liens on any of the real or
          personal properties of the Company or any Subsidiary except for Liens permitted by Section 6.02.

    

    

    SECTION 3.14.  No Default  Each Borrower is in full
        compliance with this Agreement and no Default or Event of Default has occurred and is continuing.

    

    

    SECTION 3.15.  Security Interest in Collateral.  The
        provisions of this Agreement and the other Loan Documents create legal and valid Liens on all the Collateral covered thereby in favor of the Collateral Agent, for the benefit of the Holders of Secured Obligations, and (i) when all appropriate
        filings, recordings, registrations, stampings or notifications are made and (ii) upon the taking of possession or control by the Collateral Agent of such Collateral with respect to which a security interest may be perfected only by possession or
        control, such Liens shall constitute perfected and continuing Liens on the Collateral, securing the Secured Obligations, and having priority over all other Liens on the Collateral except in the case of (a) Permitted Encumbrances, to the extent any
        such Permitted Encumbrances would have priority over the Liens in favor of the Collateral Agent pursuant to any applicable law and (b) Liens perfected only by possession (including possession of any certificate of title) to the extent the
        Collateral Agent has not obtained or does not maintain possession of such Collateral.

    

    

    SECTION 3.16.  Anti-Corruption Laws and Sanctions.  The
        Company has implemented and maintains in effect policies and procedures designed to ensure compliance in all material respects by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws
        and applicable Sanctions, and the Company, its Subsidiaries and their respective officers and directors and to the knowledge of the Company its employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all
        material respects.  None of (a) the Company, any Subsidiary or to the knowledge of the Company or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of the Company, any agent of the Company 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 other Transactions will violate Anti-Corruption Laws
        or applicable Sanctions.

    

    

    SECTION 3.17.  EEA Financial Institutions.  No Loan Party
        is an EEA Financial Institution.

    

    

    ARTICLE IV

    

    

    Conditions

    

    

    SECTION 4.01.  Effective Date.  The obligations of the
        Lenders to make Loans and of the Issuing Banks 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)  The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of
        this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of this Agreement) that such party has signed a
        counterpart of this Agreement.

    

    

    
      60

      
        

    

    

    

    (b)  The Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent
        and the Lenders and dated the Effective Date) of (i) Richelle Burr, General Counsel of the Company, and (ii) Withers Bergman LLP, outside counsel for the initial Loan Parties, in each case substantially in the form of Exhibit B, and covering such other matters relating to the Loan Parties, the Loan Documents or the Transactions as the Administrative Agent shall reasonably request.  The Company hereby requests such
        counsel to deliver such opinion.

    

    

    (c)  The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its
        counsel may reasonably request relating to the organization, existence and good standing of the initial Loan Parties, the authorization of the Transactions and any other legal matters relating to such Loan Parties, the Loan Documents or the
        Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit E.

    

    

    (d)  The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the
        President, a Vice President or a Financial Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02.

    

    

    (e)  (i) The Administrative Agent shall have received, at least five (5) days prior to the Effective Date, all
        documentation and other information regarding the Borrower requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the Company at
        least ten (10) days prior to the Effective Date and (ii) to the extent the Company qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five (5) days prior to the Effective Date, any Lender that has requested,
        in a written notice to the Company at least ten (10) days prior to the Effective Date, a Beneficial Ownership Certification in relation to the Company shall have received such Beneficial Ownership Certification (provided that, upon the execution
        and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (e) shall be deemed to be satisfied).

    

    

    (f)  The 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 the Company hereunder.

    

    

    The Administrative Agent shall notify the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

    

    

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

    

    

    (a)  The representations and warranties of the Borrowers set forth in this Agreement shall be true and correct 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.

    

    

    (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.

    

    

    
      61

      
        

    

    

    

    (c)  No law or regulation shall prohibit, and no order, judgment or decree of any Governmental Authority shall
        enjoin, prohibit or restrain, any Lender from making the requested Loan or any Issuing Bank or any Lender from issuing, renewing, extending or increasing the face amount of or participating in the Letter of Credit requested to be issued, renewed,
        extended or increased.

    

    

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

    

    

    SECTION 4.03.  Designation of a Foreign Subsidiary Borrower. 

        The designation of a Foreign Subsidiary Borrower pursuant to Section 2.23 is subject to the condition precedent that the Company or such proposed Foreign Subsidiary Borrower shall have furnished or caused to be furnished to the Administrative
        Agent:

    

    

    (a)  Copies, certified by the Secretary or
        Assistant Secretary of such Subsidiary, of its Board of Directors’ resolutions (and resolutions of other bodies, if any are deemed necessary by counsel for the Administrative Agent) approving the Borrowing Subsidiary Agreement and any other Loan
        Documents to which such Subsidiary is becoming a party and such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and, if applicable, good standing of such
        Subsidiary;

    

    

    (b)  An incumbency certificate, executed by
        the Secretary or Assistant Secretary of such Subsidiary, which shall identify by name and title and bear the signature of the officers of such Subsidiary authorized to request Borrowings hereunder and sign the Borrowing Subsidiary Agreement and the
        other Loan Documents to which such Subsidiary is becoming a party, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Company or such Subsidiary;

    

    

    (c)  Opinions of counsel to such Subsidiary, in form and substance reasonably satisfactory to the Administrative
        Agent and its counsel, with respect to the laws of its jurisdiction of organization and such other matters as are reasonably requested by counsel to the Administrative Agent and addressed to the Administrative Agent and the Lenders;

    

    

    (d)  Any promissory notes requested by any Lender, and any other instruments and documents reasonably requested by
        the Administrative Agent;

    

    

    (e)  Any documentation and other information that is reasonably requested by the Administrative Agent or any of the
        Lenders and that is required by regulatory authorities under applicable “know-your-customer” and Anti-Money Laundering Laws, including the Patriot Act and the Beneficial Ownership Regulation.

    

    

    
      62

      
        

    

    

    

    ARTICLE V

    

    

    Affirmative Covenants

    

    

    Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder
        shall have been paid in full and all Letters of Credit shall have expired or terminated, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Company covenants and agrees with the Lenders that:

    

    

    SECTION 5.01.  Financial Statements and Other Information. 

        The Company will furnish to the Administrative Agent for distribution to each Lender:

    

    

    (a)  as soon as the same is available but in any event within ninety (90) days after the end of each fiscal year of
        the Company, 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 the Company and its consolidated Subsidiaries on a consolidated basis in accordance
        with GAAP consistently applied;

    

    

    (b)  as soon as the same is available but in any event within forty five (45) days after the end of each of the first
        three fiscal quarters of each fiscal year of the Company, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of 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 the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit
        adjustments and the absence of footnotes;

    

    

    (c)  concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a
        Financial Officer of the Company (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;

    

    

    (d)  within 75 days of the commencement of each fiscal year of the Company, projected consolidated balance sheets,
        income statements and cash flow statements of the Company and its consolidated Subsidiaries for such fiscal year;

    

    

    (e)  promptly after the same become publicly available, copies of all 10-Ks, 10-Qs and 8-Ks filed by the Company or
        any Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange, or distributed by the Company to its shareholders generally, as the case may be; and

    

    

    (f)  promptly following any request therefor, (x) such other information regarding the operations, business affairs
        and financial condition of the Company or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request and (y) information and documentation reasonably requested by the
        Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.

    

    

    
      63

      
        

    

    

    

    Documents required to be delivered pursuant to clauses (a), (b) or (e) of this Section 5.01 may be delivered electronically and if so delivered, shall be
        deemed to have been delivered on the date (i) on which the Company posts such documents, or provides a link thereto on the Company’s website on the Internet at the website address <www.photronics.com>; (ii) on which such documents are posted
        on the Company’s behalf on IntraLinksTM or a substantially similar electronic platform, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative
        Agent); or (iii) on which such documents are filed for public availability on the SEC’s Electronic Data Gathering and Retrieval System; provided that the Company shall
        notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. 
        Notwithstanding anything contained herein, in every instance the Company shall be required to provide paper or electronic copies of the compliance certificates required by clause (c) of this Section 5.01 to the Administrative Agent.

    

    

    SECTION 5.02.  Notices of Material Events.  The Company
        will furnish to the Administrative Agent 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 the Company 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 a Material Adverse Effect; 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 the Company setting forth
        the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

    

    

    SECTION 5.03.  Existence; Conduct of Business.  The
        Company 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.  The Company will,
        and will cause each of its Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount
        thereof is being contested in good faith by appropriate proceedings, (b) the Company or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such
        contest could not reasonably be expected to result in a Material Adverse Effect.

    

    

    
      64

      
        

    

    

    

    SECTION 5.05.  Maintenance of Properties; Insurance.

    

    

    (a)  The Company will, and will cause each of its Subsidiaries to, (i) keep and maintain all property material to the conduct of its
        business in good working order and condition, ordinary wear and tear excepted, and (ii) maintain with financially sound and reputable carriers (1) insurance in such amounts (with no greater risk retention) and against such risks (including loss or
        damage by fire and loss in transit; theft, burglary, pilferage, larceny, embezzlement, and other criminal activities; business interruption; and general liability) and such other hazards, as is customarily maintained by companies of established
        repute engaged in the same or similar businesses operating in the same or similar locations and (2) all insurance required pursuant to the Collateral Documents.  The Company will furnish to the Lenders, upon request of the Collateral Agent,
        information in reasonable detail as to the insurance so maintained.

    

    

    (b)  The Company shall deliver to the Collateral Agent endorsements (x) to all “All Risk” physical damage insurance policies on the Loan
        Parties’ tangible personal property and assets located in the United States of America and business interruption insurance policies naming the Collateral Agent as lender loss payee, and (y) to all general liability and other liability policies
        naming the Collateral Agent an additional insured.  Each policy for liability insurance shall provide for all losses to be paid on behalf of the Collateral Agent and the Company or its Subsidiaries as their interests may appear.  In the event the
        Company or any of its Subsidiaries at any time or times hereafter shall fail to obtain or maintain any of the policies or insurance required herein or to pay any premium in whole or in part relating thereto, then the Collateral Agent, without
        waiving or releasing any obligations or resulting Default hereunder, may at any time or times thereafter (but shall be under no obligation to do so) obtain and maintain such policies of insurance and pay such premiums and take any other action with
        respect thereto which the Collateral Agent deems advisable.  All sums so disbursed by the Collateral Agent shall constitute part of the Secured Obligations, payable as provided in this Agreement.  The Company will furnish to the Collateral Agent
        prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of
        eminent domain or by condemnation or similar proceeding.

    

    

    (c)  So long as no Event of Default shall have occurred and be continuing, all insurance payments received by the Collateral Agent in
        connection with any loss, damage or destruction of any property of the Company or any of its Subsidiaries will be released by the Collateral Agent to the applicable Company or such Subsidiary for the repair, replacement or restoration thereof.

    

    

    SECTION 5.06.  Books and Records; Inspection Rights.  The
        Company will, and will cause each of its Subsidiaries to, keep proper books of record and account in which entries that are full, true and correct in all material respects are made of all dealings and transactions in relation to its business and
        activities.  The Company will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make
        extracts from its relevant books and records, including environmental assessment reports and Phase I or Phase II studies, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times
        and as often as reasonably requested.  The Company acknowledges that the Administrative Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders certain reports pertaining to the Company and its Subsidiaries’
        assets for internal use by the Administrative Agent and the Lenders.

    

    

    SECTION 5.07.  Compliance with Laws and Material Contractual
            Obligations.  The Company will, and will cause each of its Subsidiaries to, (i) comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including without limitation
        Environmental Laws) and (ii) perform in all material respects its obligations under material agreements to which it is a party, in each case except where the failure to do so, individually or in the aggregate, could not reasonably be expected to
        result in a Material Adverse Effect.    The Company will maintain in effect and enforce policies and procedures designed to ensure compliance in all material respects by the Company, its Subsidiaries and their respective directors, officers,
        employees and agents with Anti-Corruption Laws and applicable Sanctions.

    

    

    
      65

      
        

    

    

    

    SECTION 5.08.  Use of Proceeds.  The proceeds of the Loans
        will be used only to repay certain existing Indebtedness, finance the working capital needs, and for general corporate purposes, of the Company and its Subsidiaries in the ordinary course of business.  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.

    

    

    SECTION 5.09.  Subsidiary Guarantors; Pledges; Additional Collateral;
            Further Assurances.

    

    

    (a)  As promptly as possible but in any event within forty-five (45) days (or such later date as may be agreed upon by the
        Administrative Agent) after any Person becomes a Subsidiary or any Subsidiary qualifies independently as, or is designated by the Company or the Administrative Agent as, a Material Subsidiary pursuant to the definition of “Material Subsidiary”, the
        Company shall provide the Administrative Agent with written notice thereof setting forth information in reasonable detail describing the earnings and material assets of such Person and shall cause each such Subsidiary which also qualifies as a
        Material Subsidiary to deliver to the Administrative Agent a joinder to the Subsidiary Guaranty and the Security Agreement (in each case in the form contemplated thereby) pursuant to which such Subsidiary agrees to be bound by the terms and
        provisions thereof, such joinders to the Subsidiary Guaranty and the Security Agreement to be accompanied by appropriate corporate resolutions, other corporate documentation and legal and joinder opinions in form and substance reasonably
        satisfactory to the Administrative Agent and its counsel.

    

    

    (b)  The Company will cause, and will cause each other Subsidiary qualifying as a Loan Party to cause all of its owned property (whether
        personal, tangible, intangible, or mixed, but excluding real property) to be subject at all times to first priority and perfected (subject in each case to the qualifications specified in Section 3.15 with respect to priority and perfection) Liens
        in favor of the Collateral Agent for the benefit of the Holders of Secured Obligations to secure the Secured Obligations in accordance with the terms and conditions of the Collateral Documents (including amendments, restatements, supplements or
        other modifications to the Collateral Documents in effect prior to the Effective Date, in each case to the extent, and within such time period, as is reasonably requested by the Collateral Agent), subject in any case to Liens permitted by Section
        6.02.  Without limiting the generality of the foregoing, the Company (i) will cause the Applicable Pledge Percentage of the issued and outstanding Equity Interests of each Pledge Subsidiary directly owned by the Company or any other Subsidiary
        qualifying as a Loan Party to be subject at all times to a first priority and perfected (subject in each case to the qualifications specified in Section 3.15 with respect to priority and perfection) Lien in favor of the Collateral Agent to secure
        the Secured Obligations in accordance with the terms and conditions of the Collateral Documents; provided that no such pledge of the Equity Interests of, or provision of
        Collateral by, a Foreign Subsidiary shall be required hereunder to the extent such pledge or Collateral would create a Deemed Dividend Problem, is prohibited by applicable law or the Collateral Agent and its counsel reasonably determine that, in
        light of the cost and expense associated therewith, such pledge or Collateral would be unduly burdensome or not provide material Pledged Equity or Collateral for the benefit of the Holders of Secured Obligations pursuant to legally binding, valid
        and enforceable Pledge Agreements, and (ii) will, and will cause each other Subsidiary qualifying as a Loan Party to, deliver amendments, restatements, supplements or other modifications to foreign law governed Pledge Agreements existing on the
        Effective Date, in each case to the extent, and within such time period as is, reasonably required by the Collateral Agent.  Notwithstanding the foregoing, no new foreign law governed Pledge Agreements and no amendments, restatements, supplements
        or other modifications to foreign law governed Pledge Agreements existing on the Effective Date, in each case are required to be delivered hereunder until the date that is sixty (60) days after the Effective Date or such later date as the
        Collateral Agent may agree in the exercise of its reasonable discretion with respect thereto.

    

    

    
      66

      
        

    

    

    

    (c)  Without limiting the foregoing, the Company will, and will cause each Subsidiary to, execute and deliver, or cause to be executed
        and delivered, to the Collateral Agent such documents, agreements and instruments, and will take or cause to be taken such further actions (including the filing and recording of financing statements and other documents and such other actions or
        deliveries of the type required by Section 4.01, as applicable), which may be required by law or which the Collateral Agent may, from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan
        Documents and to ensure perfection and priority of the Liens created or intended to be created by the Collateral Documents, all at the expense of the Company.

    

    

    (d)  Effective as of the Effective Date, all of the parties hereto acknowledge and agree that each of the “Mortgages” entered into prior
        to the Effective Date pursuant to (and as defined in) the Existing Credit Agreement, shall be terminated and of no further force or effect (other than any provisions thereof which expressly survive such termination in accordance with the terms
        thereof), and the Collateral Agent’s Liens under such Mortgages shall be released, in each case as of the Effective Date.  Each of the Lenders agree that the Agents may execute and deliver all such documents and take all such actions as may be
        reasonably necessary or appropriate in order to more effectively confirm or carry out such release of the Collateral Agent’s Liens under such Mortgages, and the Agents agree to so execute such documents, without recourse or warranty and to take
        such actions, all at the Company’s expense.

    

    

    SECTION 5.10.  Post-Closing Matters.  As promptly as
        practicable, and in any event by no later than the applicable date set forth in Schedule 5.10 (or such later date as the Administrative Agent may agree to in its
        reasonable discretion), deliver all documents and take all actions set forth on Schedule 5.10.

    

    

    ARTICLE VI

    

    

    Negative Covenants

    

    

    Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees  payable hereunder have
        been paid in full and all Letters of Credit have expired or terminated, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Company covenants and agrees with the Lenders that:

    

    

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

    

    

    (a)  the Secured Obligations and any other Indebtedness created under the Loan Documents;

    

    

    (b)  subject to the limitations applicable to Purchase Money Indebtedness set forth in clause (e) below, Indebtedness
        existing on the date hereof and set forth in Schedule 6.01 and extensions, renewals and replacements of any such Indebtedness with Indebtedness of a similar type that
        does not increase the outstanding principal amount thereof;

    

    

    (c)  intercompany Indebtedness permitted by Section 6.04(d) or Section 6.04(m);

    

    

    
      67

      
        

    

    

    

    (d)  Guarantees by the Company of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of the Company
        or any other Subsidiary;

    

    

    (e)  Indebtedness of the Company or any Subsidiary incurred to finance the acquisition, construction or improvement
        of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions,
        renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (collectively, “Purchase Money Indebtedness”); provided that (i) such Purchase Money Indebtedness is (or, in the case of any extension, renewal or replacement, originally was) incurred prior to or within 90 days after such
        acquisition or the completion of such construction or improvement and (ii) the aggregate outstanding principal amount of Purchase Money Indebtedness permitted by this clause (e), when aggregated with the aggregate outstanding principal amount of
        Purchase Money Indebtedness permitted under Section 6.01(b) and other Purchase Money Indebtedness outstanding on the Effective Date, shall not exceed $150,000,000 at any time outstanding;

    

    

    (f)  Subordinated Indebtedness so long as, after giving effect to the incurrence thereof, no Default shall have
        occurred and be continuing and the Borrowers shall be in compliance, on a pro forma basis after giving effect to such incurrence, with the covenants contained in Section 6.11 recomputed as if such incurrence had occurred on the first day of the
        period for testing such compliance;

    

    

    (g)  Indebtedness of the Company or any Subsidiary as an account party in respect of trade letters of credit;

    

    

    (h)  (i) Indebtedness of the Company or any Subsidiary under any Swap Agreement otherwise permitted under Section
        6.05, (ii) the Guarantee of any Loan Party of any such Indebtedness and (iii) the Guarantee of any Loan Party of the obligations of the Taiwan JV, PKL or any of their respective subsidiaries under any Swap Agreement entered into in the ordinary
        course of business;

    

    

    (i)  [intentionally omitted];

    

    

    (j)  obligations of the Company or any Subsidiary arising out of interest rate, foreign currency, and commodity
        hedging agreements entered into with financial institutions in connection with bona fide hedging activities in the ordinary course of business and not for speculative purposes;

    

    

    (k)  unsecured Indebtedness in an aggregate principal amount not exceeding $20,000,000 at any time outstanding;

    

    

    (l)  Permitted Unsecured Indebtedness of the Company;

    

    

    (m)  Indebtedness securing a Lien permitted under Section 6.02(c);

    

    

    (n)  unsecured or secured Indebtedness of PRC Subsidiaries in an aggregate principal amount not exceeding
        $125,000,000 at any time outstanding so long as any Liens securing such Indebtedness are only permitted by Section 6.02(g); and

    

    

    
      68

      
        

    

    

    

    (o)  Indebtedness of the Company or any Subsidiary incurred to finance the acquisition of minority interests in Joint
        Ventures in an aggregate principal amount not exceeding $25,000,000, so long as the Borrowers are in compliance, on a pro forma basis after giving effect to such incurrence, with the covenants contained in Section 6.11 recomputed as if such
        incurrence had occurred on the first day of the period for testing such compliance.

    

    

    SECTION 6.02.  Liens.  The Company 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)  (i) Permitted Encumbrances, (ii) Liens created under any Loan Document and (iii) Liens granted by any Foreign
        Subsidiary (including the Taiwan JV and any PRC Subsidiary) to the Company or any other Subsidiary;

    

    

    (b)  any Lien on any property or asset of the Company 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 the Company or any Subsidiary and (ii) such Lien shall secure only those
        obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;

    

    

    (c)  any Lien existing on any property or asset prior to the acquisition thereof by the Company or any Subsidiary or
        existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such
        acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Company or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the
        date of such acquisition or the date such Person becomes a Subsidiary, as the case may be and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;

    

    

    (d)  Liens on fixed or capital assets acquired, constructed or improved by the Company or any Subsidiary; provided that (i) such security interests secure Indebtedness permitted by clause (e) of Section 6.01, (ii) such security interests and the Indebtedness secured thereby are
        incurred prior to or within ninety (90) days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed 100% of the cost of acquiring, constructing, installing or improving
        such fixed or capital assets and (iv) such security interests shall not apply to any other property or assets of the Company or any Subsidiary; and

    

    

    (e)  customary bankers’ Liens and rights of setoff arising by operation of law and incurred on deposits made in the
        ordinary course of business;

    

    

    (f)  attachments, appeal bonds, judgments and other similar Liens, for sums not exceeding $1,000,000 in the aggregate
        arising in connection with court proceedings; provided, that the execution or other enforcement of such Liens is effectively stayed and the claims secured thereby are being contested in good faith and by appropriate proceedings and adequate
        reserves in respect thereof have been established on the books of the Company to the extent required by GAAP;

    

    

    (g)  Liens on assets of PRC Subsidiaries securing Indebtedness permitted by Section 6.01(n); and

    

    

    
      69

      
        

    

    

    

    (h)  Liens on assets (not constituting Collateral) of the Company and its Subsidiaries not otherwise permitted above
        so long as the aggregate principal amount of the Indebtedness and other obligations subject to such Liens does not at any time exceed $2,500,000.

    

    

    SECTION 6.03.  Fundamental Changes and Asset Sales.  (a) 
        The Company 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 sell, transfer, lease or otherwise dispose of (in one transaction or
        in a series of transactions) any of its assets, (including pursuant to a Sale and Leaseback Transaction), or all or any of the Equity Interests of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), 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 Person may merge into the Company in a transaction in which the Company is the surviving corporation,
        (ii) any Subsidiary may merge into a Loan Party in a transaction in which the surviving entity is such Loan Party (provided that any such merger involving the Company must result in the Company as the surviving entity), (iii) (A) any Loan Party
        (other than the Company) or any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to, or otherwise dissolve into, a Loan Party and (B) the Company may sell, transfer, lease or otherwise dispose of its assets to, a Subsidiary
        Guarantor, and (iv) the Company and its Subsidiaries may (A) sell inventory, used or surplus equipment and Permitted Investments in the ordinary course of business and real estate located in Dresden, Germany not currently used in the operation of
        the Company’s business, (B) effect sales, trade-ins or dispositions of used equipment for value in the ordinary course of business consistent with past practice, (C) enter into licenses of technology in the ordinary course of business and (D) make
        any other sales, transfers, leases or dispositions of assets with an aggregate book value that, together with the aggregate book value of all other assets of the Company and its Subsidiaries previously leased, sold or disposed of as permitted by
        this clause (D) (1) during any fiscal year of the Company, does not exceed 10% of Consolidated Total Assets and (2) during the term of this Agreement, does not exceed 25% of Consolidated Total Assets (in the case of each of the foregoing clauses
        (1) and (2), as reflected in the most recent consolidated balance sheet of the Company delivered to the Lenders) and (v) any Subsidiary (other than a Foreign Subsidiary Borrower or a Material Subsidiary) may liquidate or dissolve if the Company
        determines in good faith that such liquidation or dissolution is in the best interests of the Company and is not materially disadvantageous to the Lenders; provided that
        any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04.

    

    

    (b)  The Company 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 the Company and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto, including semi-conductor application processes.

    

    

    (c)  The Company will not change its fiscal year from the annual period which ends on October 31 or its first three fiscal quarters
        which, during the term of this Agreement, consist of equal 13 week periods.

    

    

    
      70

      
        

    

    

    

    SECTION 6.04.  Investments, Loans, Advances, Guarantees and
            Acquisitions.  The Company 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 Person or any assets of any other Person constituting a business unit, except:

    

    

    (a)  Permitted Investments;

    

    

    (b)  [intentionally omitted];

    

    

    (c)  loans, advances or investments existing on the date hereof by the Company and the Subsidiaries to or in their respective
        subsidiaries;

    

    

    (d)  investments, loans or advances made (i) by the Company in or to any Subsidiary Guarantor and made by any Subsidiary Guarantor in or
        to the Company or any other Subsidiary Guarantor, (ii) by any Subsidiary that is not a Subsidiary Guarantor in or to any other Subsidiary that is not a Subsidiary Guarantor and (iii) by any Subsidiary to the Company or any Subsidiary Guarantor;

    

    

    (e)  Guarantees constituting Indebtedness permitted by Section 6.01 and Guarantees by the Company of rental obligations or accounts
        payable of any Subsidiary;

    

    

    (f)  investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes
        with, customers and suppliers, in each case in the ordinary course of business;

    

    

    (g)  investments made in connection with a sale of assets permitted by Section 6.03 to the extent of the non-cash consideration received
        by the Company or a Subsidiary;

    

    

    (h)  Permitted Acquisitions;

    

    

    (i)  Investments, loans and advances existing on the date hereof and set forth in Schedule 6.04 and extensions, renewals and replacements of any such investments, loans or advances with investments, loans or advances of a similar type that do not increase the outstanding amount thereof;

    

    

    (j)  investments by the Company or any Subsidiary made solely in the form of Equity Interests of the Company or any Subsidiary
        (including the investment by the Company in the form of Equity Interests in the Taiwan JV);

    

    

    (k)  investments, loans and advances by the Company or any Subsidiary in the Taiwan JV or any other Joint Venture in an aggregate
        outstanding amount not to exceed $100,000,000 (provided that the outstanding amount of any investment, loan or advance made in reliance on this clause (k) shall be reduced
        by any amount paid, repaid, returned, distributed or otherwise received in cash by the Company or such Subsidiary in respect of such investment, loan or advance) so long as immediately prior to and after giving effect (including giving effect on a
        Pro Forma Basis) to any such investment, loan or advance, the Company shall be in compliance with the covenants contained in Section 6.11;

    

    

    (l)  the Taiwan JV Transactions; and

    

    

    (m)  any other investment (other than acquisitions), loan or advance (including intercompany investments, loans and advances and
        investments made to meet minimum capital requirements of foreign jurisdictions) so long as the aggregate amount of all such investments, loans and advances during any fiscal year of the Company does not exceed $50,000,000; provided that such Dollar limitation shall not be applicable if at the time of the making of such investment, loan or advance and immediately after giving effect (including giving effect on a
        Pro Forma Basis) thereto, the Total Leverage Ratio is less than 2.25 to 1.00.

    

    

    
      71

      
        

    

    

    

    SECTION 6.05.  Swap Agreements.  The Company 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 the Company or any Subsidiary has actual exposure (other than those in respect of Equity
        Interests of the Company or any of its Subsidiaries), (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 the Company or any Subsidiary and (c) the Company may enter into, and perform its obligations under, Permitted Call Spread Swap Agreements.

    

    

    SECTION 6.06.  Restricted Payments.  (a)  The Company 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 (i) the Company may declare and pay dividends with respect to its Equity Interests payable solely
        in additional shares of its common stock, (ii) Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests, (iii) the Company may make Restricted Payments pursuant to and in accordance with stock option plans or other
        benefit plans for management or employees of the Company and its Subsidiaries, (iv) the Company or any Subsidiary may repurchase Equity Interests in any PRC Subsidiary from the applicable joint venture partner with respect to such PRC Subsidiary so
        long as, at the time of making such repurchase and immediately after giving effect (including giving effect on a Pro Forma Basis) thereto, the Total Leverage Ratio is less than 2.25 to 1.00, (v) the Company or any other Subsidiary may make any
        other Restricted Payment (including, for the avoidance of doubt, dividends made in cash) so long as (1) no Default or Event of Default has occurred and is continuing prior to making such Restricted Payment or would arise after giving effect
        (including pro forma effect) thereto and (2) the aggregate amount of such Restricted Payments made by the Company or any Subsidiary does not exceed (A) $50,000,000 during the fiscal year of the Company ending October 31, 2018, (B) $100,000,000
        during the fiscal year of the Company ending October 31, 2019 and (C) $50,000,000 during any fiscal year of the Company ending on or after October 31, 2020 and (vi) the Company may enter into, exercise its rights and perform its obligations under
        Permitted Call Spread Swap Agreements.

    

    

    (b)  The Company will not, and will not permit any Subsidiary to, make or agree to pay or make, directly or indirectly, any payment or
        other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Indebtedness, or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or
        similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Indebtedness, except: (i) payment of Indebtedness created under the Loan Documents; (ii) payment of regularly scheduled interest
        and principal payments as and when due in respect of any Indebtedness (subject to any subordination provisions thereof); (iii) payment of secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets
        securing such Indebtedness; (iv) prepayment of any Permitted Unsecured Indebtedness from the proceeds of any other Permitted Unsecured Indebtedness (including premiums and fees associated therewith); (v) prepayment, purchase, redemption, retirement
        or other acquisition of any Permitted Unsecured Indebtedness by exchange for or out of the proceeds received from a substantially concurrent issue of (1) new shares of its non-mandatorily redeemable Equity Interests pursuant to the conversion terms
        (if any) described in the agreements related to such Permitted Unsecured Indebtedness or (2) Subordinated Indebtedness or other Permitted Unsecured Indebtedness; (vi) the Company may issue Equity Interests or make cash payments in connection with
        or as part of the conversion, redemption, retirement, prepayment or cancellation of any Permitted Convertible Notes; and (vii) prepayment, purchase, redemption, retirement or other acquisitions of the Existing Convertible Notes so long as, at the
        time thereof and after giving effect thereto (including on a Pro Forma Basis), Liquidity shall not be less than $50,000,000.

    

    

    
      72

      
        

    

    

    

    SECTION 6.07.  Transactions with Affiliates.  The Company
        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 the Company or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions
        between or among the Company and its wholly owned Subsidiaries not involving any other Affiliate, (c) Indebtedness permitted by Sections 6.01(b) and 6.01(c), investments permitted by Section 6.04 and fundamental changes permitted by Section 6.03 so
        long as each such transaction is at a price and on terms and conditions not less favorable to the Company or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (d) any Restricted Payment permitted by
        Section 6.06, (e) transactions existing on the date hereof and set forth in Schedule 6.07 and (f) any Affiliate who is an individual may serve as a director, officer or employee of the Company or such Subsidiary and receive compensation (including
        stock options) for his or her services in such capacity.

    

    

    SECTION 6.08.  Restrictive Agreements.  The Company 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 the Company or any
        Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to holders of its Equity Interests or to make or repay loans or
        advances to the Company or any other Subsidiary or to Guarantee Indebtedness of the Company 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) the foregoing shall not apply to restrictions and conditions contained in agreements relating to Permitted
        Unsecured Indebtedness, (v) 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, (vi) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof and (vii) clause (b) of the foregoing shall not apply to
        restrictions or conditions imposed by the organizational documents of the Taiwan JV or imposed by any formation agreement related to a Joint Venture, including but not limited to the operating agreement or shareholders agreement of any Joint
        Venture, to the extent that an investment in such Joint Venture is not prohibited by Section 6.04.

    

    

    SECTION 6.09.  Issuances of Equity Interests by Subsidiaries.  The

        Company will not permit any Subsidiary to issue any additional shares of its Equity Interests other than (a) to the Company or a wholly-owned Subsidiary, (b) any such issuance that does not change the Company’s direct or indirect percentage
        ownership interest in such Subsidiary, (c) any such issuance that is permitted pursuant to Section 6.03 or 6.04 and (d) any such issuance by PKL, PKLT, the Taiwan JV or any PRC Subsidiary, so long as the Company or any wholly-owned Subsidiary
        continues to own and control more than 50% of the voting and economic power of such Subsidiary.

    

    

    SECTION 6.10.  Amendment of Material Documents.  The
        Company will not, and will not permit any Subsidiary to, amend, modify or waive (a) any of its rights under its certificate of incorporation, by-laws or other organizational documents, in each case in any respect adverse to the Lenders or (b) any
        of the terms of any Subordinated Indebtedness, in each case in any respect adverse to the Lenders (for the purposes of this Section 6.10(b) and without limitation of the scope of the definition of “adverse”, any amendment to increase the principal
        amount, the interest rate or fees or other amounts payable, to advance the dates upon which payments are made or to alter any subordination provision (or any definition related thereto) shall be deemed to be “adverse”).

    

    

    
      73

      
        

    

    

    

    SECTION 6.11.  Financial Covenants.

    

    

    (a)  Minimum Interest Coverage Ratio.  The Company will
        not permit the ratio (the “Interest Coverage Ratio”), determined as of the end of each of its fiscal quarters, of (i) Consolidated EBITDA less (with respect to the fiscal quarters ending October 31, 2018, January 31, 2019 and April 30, 2019) that portion of Consolidated EBITDA that is attributable to the PRC Subsidiaries less Capital Expenditures (other than, if applicable, any Specified Capital Expenditures) to (ii) Consolidated Interest Expense, in each case for the period of 4 consecutive
        fiscal quarters ending with the end of such fiscal quarter, all calculated for the Company and its Subsidiaries on a consolidated basis, to be less than 2.50 to 1.00.

    

    

    (b)  Total Leverage Ratio.  The Company will not permit
        the ratio (the “Total Leverage Ratio”), determined as of the end of each of its fiscal quarters, of (i) Consolidated Total Indebtedness to (ii) Consolidated EBITDA, in
        each case for the period of 4 consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Company and its Subsidiaries on a consolidated basis, to be greater than 2.50 to 1.00.

    

    

    (c)  Minimum Unrestricted Cash Balances.  The Company will
        not permit the aggregate amount of unrestricted and unencumbered cash balances and Permitted Investments maintained by the Company and its Subsidiaries (collectively, “Liquidity”)

        to be less than $50,000,000.  Furthermore, and in addition to the foregoing, at all times during any six-month period immediately prior to (x) any date on which the holders of any Permitted Unsecured Indebtedness have the option to require the
        Company to repurchase such securities and (y) the maturity date of any Permitted Unsecured Indebtedness, in each case the Company will not permit Liquidity to be less than $50,000,000 on a Pro Forma Basis after giving effect to the repayment or
        conversion of such Permitted Unsecured Indebtedness.  For the avoidance of doubt, any cash deposited with the Collateral Agent pursuant to the terms of the Collateral Documents shall be deemed to be unrestricted or unencumbered cash.

    

    

    SECTION 6.12.  Anti-Corruption Laws and Sanctions.  No
        Borrower will request any Borrowing or Letter of Credit, and no Borrower shall use, and the Company 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 (i) 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, (ii) 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 (iii) in any manner that would result in the violation of  any Sanctions applicable to any party hereto.

    

    

    ARTICLE VII

    

    

    Events of Default

    

    

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

    

    

    (a)  any 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;

    

    

    
      74

      
        

    

    

    

    (b)  any 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 (3) Business Days;

    

    

    (c)  any representation or warranty made or deemed made by or on behalf of any Borrower or any Subsidiary in or in connection with this
        Agreement or any other Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan
        Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made;

    

    

    (d)  (i) the Company shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect
        to any Borrower’s existence), 5.08, 5.09 or 5.10, in Article VI or in Article X or (ii) any
        Loan Document shall for any reason not be or shall cease to be in full force and effect or is declared to be null and void, or the Company or any Subsidiary takes any action for the purpose of terminating, repudiating or rescinding any Loan
        Document or any of its obligations thereunder;

    

    

    (e)  any Borrower or any Subsidiary Guarantor, as applicable, 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) or any other Loan Document, and such failure shall continue unremedied for a period of thirty (30) days after notice thereof from the Administrative
        Agent to the Company (which notice will be given at the request of any Lender);

    

    

    (f)  the Company 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 (x) secured Indebtedness
        that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, (y) any redemption, repurchase, conversion or settlement with respect to any Permitted Convertible Notes pursuant to their terms
        unless such redemption, repurchase, conversion or settlement results from a default thereunder or an event of the type that constitutes an Event of Default or (z) any early payment requirement or unwinding or termination with respect to any
        Permitted Call Spread Swap Agreement;

    

    

    (h)  an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
        other relief in respect of the Company 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 the Company or any Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed
        for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;

    

    

    
      75

      
        

    

    

    

    (i)  the Company 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 the Company 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)  the Company 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 for the payment of money in an aggregate amount in excess of $15,000,000 shall be rendered against the
        Company, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment
        creditor to attach or levy upon any assets of the Company or any Subsidiary to enforce any such judgment;

    

    

    (l)  an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events
        that have occurred, could reasonably be expected to result in a Material Adverse Effect;

    

    

    (m)  a Change in Control shall occur; or

    

    

    (n)  any Collateral Document shall for any reason fail to create a valid and perfected first priority security interest in any material
        portion of the Collateral purported to be covered thereby, except as permitted by the terms of any Loan Document;

    

    

    then, and in every such event (other than an event with respect to the Company described in clause (h) or (i) of this Article), and at any time thereafter
        during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Company, take any or all of the following actions, at the same or different times:  (i) terminate the
        Commitments, and thereupon the Commitments shall terminate immediately, (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 Secured Obligations of the Borrowers accrued hereunder and under the other Loan
        Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers, (iii) require cash collateral for the LC Exposure in accordance with Section
        2.06(j), and (iv) exercise on behalf of itself, the Lenders and the Issuing Banks all rights and remedies available to it, the Lenders and the Issuing Banks under the Loan Documents and applicable law; and in case of any event with respect to any
        Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding and cash collateral for the LC Exposure, together with accrued interest thereon and all fees and
        other Secured Obligations accrued hereunder and under the other Loan Documents, shall automatically become due and payable, and the obligation of the Borrower to cash collateralize the LC Exposure as provided in clause (iii) above shall
        automatically become effective, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers.  Upon the occurrence and during the continuance of an Event of Default, any Agent may
        exercise any rights and remedies provided to such Agent under the Loan Documents or at law or equity, including all remedies provided under the UCC.

    

    

    
      76

      
        

    

    

    

    In addition to any other rights and remedies granted to the Administrative Agent and the Lenders in the Loan Documents, the Administrative Agent on behalf
        of the Lenders may exercise all rights and remedies of a secured party under the New York Uniform Commercial Code or any other applicable law.  Without limiting the generality of the foregoing, the Administrative Agent, without demand of
        performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Loan Party or any other Person (all and each of which demands, defenses, advertisements and
        notices are hereby waived by the Company on behalf of itself and its Subsidiaries), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, or consent to the use by any Loan Party of
        any cash collateral arising in respect of the Collateral on such terms as the Administrative Agent deems reasonable, and/or may forthwith sell, lease, assign give an option or options to purchase or otherwise dispose of and deliver, or acquire by
        credit bid on behalf of the Secured Parties, the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Administrative
        Agent or any Lender or elsewhere, upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery, all without assumption of any credit risk. The Administrative Agent or
        any Lender shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in
        any Loan Party, which right or equity is hereby waived and released by the Company on behalf of itself and its Subsidiaries.  The Company further agrees on behalf of itself and its Subsidiaries, at the Administrative Agent’s request, to assemble
        the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at the premises of the Company, another Loan Party or elsewhere.  The Administrative Agent shall apply the
        net proceeds of any action taken by it pursuant to this Article VII, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or
        incidental to the care or safekeeping of any of the Collateral or in any other way relating to the Collateral or the rights of the Administrative Agent and the Lenders hereunder, including reasonable attorneys’ fees and disbursements, to the
        payment in whole or in part of the Secured Obligations, in such order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law,
        including Section 9-615(a)(3) of the New York Uniform Commercial Code, need the Administrative Agent account for the surplus, if any, to any Loan Party.  To the extent permitted by applicable law, the Company on behalf of itself and its
        Subsidiaries waives all claims, damages and demands it may acquire against the Administrative Agent or any Lender arising out of the exercise by them of any rights hereunder.  If any notice of a proposed sale or other disposition of Collateral
        shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition.

    

    

    Notwithstanding anything herein to the contrary, following the occurrence and during the continuance of an Event of Default, and notice
        thereof to the Administrative Agent by the Company or the Required Lenders, all payments received on account of the Secured Obligations shall, subject to Section 2.24, be applied by the Administrative Agent ratably first, to pay any reasonable out-of-pocket fees, indemnities, or expense reimbursements including amounts then due to the Administrative Agent and the Issuing Banks from the Loan Parties, second, to pay any fees or expense reimbursements then due to the Lenders from the Loan Parties, third,
        to pay interest then due and payable on the Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC Disbursements, to pay an amount to the Administrative Agent equal to one hundred five percent (105%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the aggregate amount of any unpaid
        LC Disbursements to be held as cash collateral for such Secured Obligations, to payment of any amounts owing with respect to Banking Services Obligations and Swap Obligations, and fifth,
        to the payment of any other Secured Obligations due to the Administrative Agent or any Lender by the Loan Parties.  Notwithstanding the foregoing, amounts received from any Loan Party shall not be applied to any Excluded Swap Obligation of such
        Loan Party.  The Administrative Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Secured Obligations.

    

    

    
      77

      
        

    

    

    

    ARTICLE VIII

    

    

    The Administrative Agent and the Collateral Agent

    

    

    SECTION 8.01.  Authorization and Action.

    

    

    (a)          Each Lender and Issuing Bank hereby irrevocably
        appoints the entity named as Administrative Agent and Collateral Agent in the heading of this Agreement and its successors and assigns to serve as the administrative agent and collateral agent under the Loan Documents and each Lender and Issuing
        Bank authorizes each Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to such Agent under such agreements and to exercise such powers as are reasonably
        incidental thereto.  In addition, to the extent required under the laws of any jurisdiction other than within the United States, each Lender and Issuing Bank hereby grants to each Agent any required powers of attorney to execute and enforce any
        Collateral Document governed by the laws of such jurisdiction on such Lender’s or such Issuing Bank’s behalf.  Without limiting the foregoing, each Lender and Issuing Bank hereby authorizes each Agent to execute and deliver, and to perform its
        obligations under, each of the Loan Documents to which such Agent is a party, to exercise all rights, powers and remedies that such Agent may have under such Loan Documents.

    

    

    (b)          As to any matters not expressly provided for herein
        and in the other Loan Documents (including enforcement or collection), no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or
        refraining from acting) upon the written instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such
        instructions shall be binding upon each Lender and Issuing Bank; provided, however, that no Agent shall be required to take any action that (i) such Agent in good faith
        believes exposes it to liability unless such Agent receives an indemnification satisfactory to it from the Lenders and the Issuing Banks with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable law,
        including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a
        Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided, further, that such Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification
        or direction has been provided. Except as expressly set forth in the Loan Documents, no Agent shall have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company, any Subsidiary or any
        Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as an Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require any Agent to expend or risk its own funds or otherwise incur
        any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
        liability is not reasonably assured to it.

    

    

    
      78

      
        

    

    

    

    (c)          In performing its functions and duties hereunder and
        under the other Loan Documents, each Agent is acting solely on behalf of the Lenders and the Issuing Banks (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely
        mechanical and administrative in nature. Without limiting the generality of the foregoing:

    

    

    (i)          no Agent assumes and shall not be
        deemed to have assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender, any Issuing Bank or any Secured Party other than as expressly set forth herein and in the other Loan Documents,
        regardless of whether a Default or an Event of Default has occurred and is continuing (and it is understood and agreed that the use of the term “agent” (or any similar term) herein or in any other Loan Document with reference to any Agent is not
        intended to connote any fiduciary duty or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an
        administrative relationship between contracting parties); additionally, each Lender agrees that it will not assert any claim against any Agent based on an alleged breach of fiduciary duty by such Agent in connection with this Agreement and the
        transactions contemplated hereby;

    

    

    (ii)          where any Agent is required or
        deemed to act as a trustee in respect of any Collateral over which a security interest has been created pursuant to a Loan Document expressed to be governed by the laws of any jurisdiction other than the United States of America, the obligations
        and liabilities of such Agent to the Secured Parties in its capacity as trustee shall be excluded to the fullest extent permitted by applicable law; and

    

    

    (iii)          nothing in this Agreement or any
        Loan Document shall require any Agent to account to any Lender for any sum or the profit element of any sum received by such Agent for its own account.

    

    

    (d)          Each Agent may perform any of its duties and exercise
        its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any of their respective duties and exercise their respective rights and
        powers through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of such Agent and any such sub-agent, and shall apply to their respective activities pursuant
        to this Agreement. No Agent shall be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that such Agent acted with gross
        negligence or willful misconduct in the selection of such sub-agent.

    

    

    (e)          None of any Syndication Agent, any Documentation
        Agent or any Arranger  shall have obligations or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit
        of the indemnities provided for hereunder.

    

    

    (f)          In case of the pendency of any proceeding with
        respect to any Loan Party under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, each Agent (irrespective of whether the principal of any Loan or any reimbursement obligation in respect
        of any LC Disbursement shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether such Agent shall have made any demand on any Loan Party) shall be entitled and empowered (but not obligated) by
        intervention in such proceeding or otherwise:

    

    

    (i)          to file and prove a claim for the
        whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Disbursements and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
        of the Lenders, the Issuing Banks and such Agent (including any claim under Sections 2.12, 2.13, 2.15, 2.17 and 9.03) allowed in such judicial proceeding; and

    

    

    (ii)          to collect and receive any monies
        or other property payable or deliverable on any such claims and to distribute the same;

    

    

    
      79

      
        

    

    

    

    and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each
        Lender, each Issuing Bank and each other Secured Party to make such payments to such Agent and, in the event that such Agent shall consent to the making of such payments directly to the Lenders, the Issuing Banks or the other Secured Parties, to
        pay to such Agent any amount due to it, in its capacity as such Agent, under the Loan Documents (including under Section 9.03). Nothing contained herein shall be deemed to authorize such Agent to authorize or consent to or accept or adopt on behalf
        of any Lender or Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or Issuing Bank or to authorize such Agent to vote in respect of the claim of any Lender or
        Issuing Bank in any such proceeding.

    

    

    (g)  The provisions of this Article VIII are solely for
        the benefit of the Agents, the Lenders and the Issuing Banks, and, except solely to the extent of the Company’s rights to consent pursuant to and subject to the conditions set forth in this Article VIII, none of the Company or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions. Each Secured Party, whether or not a party hereto,
        will be deemed, by its acceptance of the benefits of the Collateral and of the Guarantees of the Obligations provided under the Loan Documents, to have agreed to the provisions of this Article

            VIII.

    

    

    SECTION 8.02.  Agents’ Reliance, Indemnification, Etc.

    

    

    (a)          No Agent nor any of its Related Parties shall be (i)
        liable for any action taken or omitted to be taken by it under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as
        shall be necessary, or as such Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless
        otherwise determined by a court of competent jurisdiction by a final and nonappealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any
        officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by such Agent under or in connection with, this Agreement or any other
        Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party to perform its obligations hereunder or thereunder.

    

    

    (b)          No Agent shall be deemed to have knowledge of any
        Default unless and until written notice thereof (stating that it is a “notice of default”) is given to such Agent by the Company, a Lender or an Issuing Bank, and such Agent shall not be responsible for or have any duty to ascertain or inquire into
        (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of
        any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement,
        instrument or document, (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly
        required to be delivered to such Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to such Agent or (vi) the creation, perfection or priority of Liens on the Collateral.
        Notwithstanding anything herein to the contrary, such Agent shall not be liable for, or be responsible for any loss, cost or expense suffered by the Company, any Subsidiary, any Lender or Issuing Bank as a result of, any determination of the Credit
        Exposure, any of the component amounts thereof or any portion thereof attributable to each Lender or Issuing Bank or any Dollar Amount thereof.

    

    

    
      80

      
        

    

    

    

    (c)          Without limiting the foregoing, each Agent (i) may
        treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult with legal counsel
        (including counsel to the Company), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants
        or experts, (iv) makes no warranty or representation to any Lender or Issuing Bank and shall not be responsible to any Lender or Issuing Bank for any statements, warranties or representations made by or on behalf of any Loan Party in connection
        with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an
        Issuing Bank, may presume that such condition is satisfactory to such Lender or such Issuing Bank unless such Agent shall have received notice to the contrary from such Lender or such Issuing Bank sufficiently in advance of the making of such Loan
        or the issuance of such Letter of Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or
        writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise
        authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

    

    

    SECTION 8.03.  Posting of Communications.

    

    

    (a)          The Company agrees that the Administrative Agent may,
        but shall not be obligated to, make any Communications available to the Lenders and the Issuing Banks by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent
        to be its electronic transmission system (the “Approved Electronic Platform”).

    

    

    (b)          Although the Approved Electronic Platform and its
        primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the
        Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, the Issuing Banks and the Company acknowledges and
        agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved
        Electronic Platform, and that there are confidentiality and other risks associated with such distribution. Each of the Lenders, the Issuing Banks and the Company hereby approves distribution of the Communications through the Approved Electronic
        Platform and understands and assumes the risks of such distribution.

    

    

    
      81

      
        

    

    

    

    (c)          THE APPROVED ELECTRONIC PLATFORM AND THE
        COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM
        LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF
        THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY SYNDICATION
        AGENT, ANY DOCUMENTATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY
        ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE
        ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.

    

    

    (d)          Each Lender and each Issuing Bank agrees that notice
        to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender
        and each Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender’s or such Issuing Bank’s (as applicable) email address to which the foregoing
        notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.

    

    

    (e)          Each of the Lenders, each of the Issuing Banks and
        the Company agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally
        applicable document retention procedures and policies.

    

    

    (f)          Nothing herein shall prejudice the right of the
        Administrative Agent, any Lender or any Issuing Bank to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.

    

    

    SECTION 8.04.  The Agents Individually  With respect to
        its Commitment, Loans and Letters of Credit, the Person serving as the Administrative Agent or the Collateral Agent, as applicable, shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and
        liabilities as and to the extent set forth herein for any other Lender or Issuing Bank, as the case may be. The terms “Issuing Bank”, “Lenders”, “Required Lenders” and any similar terms shall, unless the context clearly otherwise indicates, include
        the Administrative Agent or the Collateral Agent, as applicable, in its individual capacity as a Lender, an Issuing Bank or as one of the Required Lenders, as applicable. The Person serving as the Administrative Agent or the Collateral Agent, as
        applicable, and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, the Company,
        any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent or the Collateral Agent, as applicable, and without any duty to account therefor to the Lenders or the Issuing Banks.

    

    

    
      82

      
        

    

    

    

    SECTION 8.05.  Successor Agents.

    

    

    (a)          Either Agent may resign at any time by giving 30
        days’ prior written notice thereof to the Lenders, the Issuing Banks and the Company, whether or not a successor Agent has been appointed. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Agent. If no
        successor Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Agent’s giving of notice of resignation, then the retiring Agent may, on behalf of the Lenders and the
        Issuing Banks, appoint a successor Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank. In either case, such appointment shall be subject to the prior written approval of the Company (which approval
        may not be unreasonably withheld and shall not be required while an Event of Default has occurred and is continuing). Upon the acceptance of any appointment as Administrative Agent or as Collateral Agent, as applicable, by a successor Agent, such
        successor Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Agent. Upon the acceptance of appointment as Administrative Agent or Collateral Agent, as applicable, by a successor Agent, the
        retiring Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents. Prior to any retiring Agent’s resignation hereunder as Agent, the retiring Agent shall take such action as may be reasonably
        necessary to assign to the successor Agent its rights as Agent under the Loan Documents.

    

    

    (b)          Notwithstanding paragraph (a) of this Section, in the
        event no successor Agent shall have been so appointed and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its intent to resign, the retiring Agent may give notice of the effectiveness of its resignation
        to the Lenders, the Issuing Banks and the Company, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan
        Documents; provided that, solely for purposes of maintaining any security interest granted to the Agent under any Collateral Document for the benefit of the Secured
        Parties, the retiring Agent shall continue to be vested with such security interest as collateral agent for the benefit of the Secured Parties, and continue to be entitled to the rights set forth in such Collateral Document and Loan Document, and,
        in the case of any Collateral in the possession of the Agent, shall continue to hold such Collateral, in each case until such time as a successor Agent is appointed and accepts such appointment in accordance with this Section (it being understood
        and agreed that the retiring Agent shall have no duty or obligation to take any further action under any Collateral Document, including any action required to maintain the perfection of any such security interest) and (ii) the Required Lenders
        shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent; provided that (A) all payments required to be made hereunder
        or under any other Loan Document to the Agent for the account of any Person other than the Agent shall be made directly to such Person and (B) all notices and other communications required or contemplated to be given or made to the applicable Agent
        shall directly be given or made to each Lender and each Issuing Bank. Following the effectiveness of such Agent’s resignation from its capacity as such, the provisions of this Article

            VIII and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Agent, its sub-agents and their
        respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Administrative Agent or Collateral Agent, as applicable, and in respect of the matters referred to in the
        proviso under clause (i) above.

    

    

    
      83

      
        

    

    

    

    SECTION 8.06.  Acknowledgments of Lenders and Issuing Banks.

    

    

    (a)  Each Lender represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business
        and that it has, independently and without reliance upon any Agent, any Arranger or any other Lender, or any of the Related Parties of any of the foregoing, 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 also acknowledges that it will, independently and without reliance upon any Agent, any Arranger or any other Lender, or
        any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Company 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 other Loan Document or any related agreement or any document furnished hereunder or
        thereunder.

    

    

    (b)  Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an
        Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be
        delivered to, or be approved by or satisfactory to, the Agents or the Lenders on the Effective Date.

    

    

    SECTION 8.07.  Collateral Matters.

    

    

    (a)          Except with respect to the exercise of setoff rights
        in accordance with Section 9.08 or with respect to a Secured Party’s right to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee of
        the Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Collateral Agent on behalf of the Secured Parties in accordance with the terms thereof.  In its capacity,
        the Collateral Agent is a “representative” of the Secured Parties within the meaning of the term “secured party” as defined in the UCC.  In the event that any Collateral is hereafter pledged by any Person as collateral security for the Secured
        Obligations, the Collateral Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and perfect a Lien on such Collateral in
        favor of the Collateral Agent on behalf of the Secured Parties.

    

    

    (b)          In furtherance of the foregoing and not in limitation
        thereof, no Banking Services Agreement or Swap Agreement will create (or be deemed to create) in favor of any Secured Party that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of
        any Loan Party under any Loan Document. By accepting the benefits of the Collateral, each Secured Party that is a party to any such Banking Services Agreement or Swap Agreement, as applicable, shall be deemed to have appointed the Agents to serve
        as administrative agent and collateral agent, as applicable, under the Loan Documents and agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set forth in this paragraph.

    

    

    (c)          The Secured Parties irrevocably authorize the
        Collateral Agent, at its option and in its discretion, to subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(b)(i).
        The Collateral Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Collateral
        Agent’s Lien thereon or any certificate prepared by any Loan Party in connection therewith, nor shall the Collateral Agent be responsible or liable to the Lenders or any other Secured Party for any failure to monitor or maintain any portion of the
        Collateral.

    

    

    (d)          Each Borrower, on its behalf and on behalf of its
        Subsidiaries, and each Lender, on its behalf and on the behalf of its affiliated Holders of Secured Obligations, hereby irrevocably constitute the Collateral Agent as the holder of an irrevocable power of attorney (fondé de pouvoir within the meaning of Article 2692 of the Civil Code of Québec) in order to hold hypothecs and security granted by each Borrower or any Subsidiary on property pursuant
        to the laws of the Province of Quebec to secure obligations of any Borrower or any Subsidiary under any bond, debenture or similar title of indebtedness issued by any Borrower or any Subsidiary in connection with this Agreement, and agree that the
        Collateral Agent may act as the bondholder and mandatary with respect to any bond, debenture or similar title of indebtedness that may be issued by any Borrower or any Subsidiary and pledged in favor of the Holder of Secured Obligations in
        connection with this Agreement.  Notwithstanding the provisions of Section 32 of the An Act respecting the special powers of legal persons (Quebec), JPMorgan Chase Bank, N.A. as Collateral Agent may acquire and be the holder of any bond issued by
        any Borrower or any Subsidiary in connection with this Agreement (i.e., the fondé de pouvoir may acquire and hold the first bond issued under any deed of
        hypothec by any Borrower or any Subsidiary).

    

    

    
      84

      
        

    

    

    

    (e)          The Collateral Agent is hereby authorized to execute
        and deliver any documents necessary or appropriate to create and perfect the rights of pledge for the benefit of the Holders of Secured Obligations including a right of pledge with respect to the entitlements to profits, the balance left after
        winding up and the voting rights of the Company as ultimate parent of any subsidiary of the Company which is organized under the laws of the Netherlands and the Equity Interests of which are pledged in connection herewith (a “Dutch Pledge”).  Without prejudice to the provisions of this Agreement and the other Loan Documents, the parties hereto acknowledge and agree with the creation of parallel
        debt obligations of the Company or any relevant Subsidiary as will be described in any Dutch Pledge (the “Parallel Debt”), including that any payment received by the
        Collateral Agent in respect of the Parallel Debt will - conditionally upon such payment not subsequently being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency, preference, liquidation or similar laws
        of general application - be deemed a satisfaction of a pro rata portion of the corresponding amounts of the Secured Obligations, and any payment to the Holders of Secured Obligations in satisfaction of the Secured Obligations shall - conditionally
        upon such payment not subsequently being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency, preference, liquidation or similar laws of general application - be deemed as satisfaction of the
        corresponding amount of the Parallel Debt.  The parties hereto acknowledge and agree that, for purposes of a Dutch Pledge, any resignation by the Collateral Agent is not effective until its rights under the Parallel Debt are assigned to the
        successor Collateral Agent.

    

    

    (f)          The parties hereto acknowledge and agree for the
        purposes of taking and ensuring the continuing validity of German law governed pledges (Pfandrechte) with the creation of parallel debt obligations of the
        Borrowers as will be further described in a separate German law governed parallel debt undertaking.  The Collateral Agent shall (i) hold such parallel debt undertaking as fiduciary agent (Treuhaender) and (ii) administer and hold as fiduciary agent (Treuhaender) any pledge created under a German law
        governed Collateral Document which is created in favor of any Holder of the Secured Obligations or transferred to any Holder of the Secured Obligations due to its accessory nature (Akzessorietaet), in each case in its own name and for the account of the Holders of the Secured Obligations.  Each Lender, on its own behalf and on behalf of its affiliated Holders of Secured Obligations, hereby
        authorizes the Collateral Agent to enter as its agent in its name and on its behalf into any German law governed Collateral Document, to accept as its agent in its name and on its behalf any pledge under such Collateral Document and to agree to and
        execute as agent in its name and on its behalf any amendments, supplements and other alterations to any such Collateral Document and to release any such Collateral Document and any pledge created under any such Collateral Document in accordance
        with the provisions herein and/or the provisions in any such Collateral Document.

    

    

    
      85

      
        

    

    

    

    SECTION 8.08.  Credit Bidding.  The Secured Parties hereby
        irrevocably authorize the Collateral Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Secured
        Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the
        provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is subject, or (b) at any other sale, foreclosure or acceptance of collateral
        in lieu of debt conducted by (or with the consent or at the direction of) the Collateral Agent (whether by judicial action or otherwise) in accordance with any applicable law.  In connection with any such credit bid and purchase, the Secured
        Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Collateral Agent at the direction of the Required Lenders on a ratable basis (with Secured Obligations with respect to contingent or unliquidated
        claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent
        interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase).  In connection with any such bid (i) the Collateral Agent
        shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured Parties’ ratable interests in the Secured Obligations which were credit bid shall
        be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Collateral Agent shall be authorized to adopt documents providing for the governance of the
        acquisition vehicle or vehicles (provided that any actions by the Collateral Agent with respect to such acquisition vehicle or vehicles, including any disposition of the
        assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the
        governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02
        of this Agreement), (iv) the Collateral Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Secured Obligations which were credit bid, interests,
        whether as equity, partnership, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to
        take any further action, and (v) to the extent that Secured Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Secured
        Obligations assigned to the acquisition vehicle exceeds the amount of Secured Obligations credit bid by the acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned to the Secured Parties pro rata with their
        original interest in such Secured Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Secured Obligations shall automatically be cancelled, without the need for any Secured Party or any
        acquisition vehicle to take any further action.  Notwithstanding that the ratable portion of the Secured Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured
        Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Collateral Agent
        may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.

    

    

    
      86

      
        

    

    

    

    SECTION 8.09.  Certain ERISA Matters.

    

    

    (a)          Each Lender (x) represents and warrants, as of the
        date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agents, and each Arranger and their
        respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Company or any other Loan Party, that at least one of the following is and will be true:

    

    

    (i)          such Lender is not using “plan
        assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,

    

    

    (ii)          the transaction exemption set
        forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general
        accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
        for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
        and the conditions for exemptive relief thereunder are and will continue to be satisfied in connection therewith,

    

    

    (iii)          (A) such Lender is an investment
        fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and
        perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the
        requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in,
        administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

    

    

    (iv)          such other representation,
        warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

    

    

    (b)          In addition, unless sub-clause (i) in the immediately
        preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and
        warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agents, and each
        Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Company or any other Loan Party, that:

    

    

    (i)          none of the Agents, or any
        Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by any Agent under this Agreement, any Loan Document or any documents
        related hereto or thereto).

    

    

    (ii)          the Person making the investment
        decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR §
        2510.3-21, as amended from time to time) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50,000,000, in each case as described in
        29 CFR § 2510.3-21(c)(1)(i)(A)-(E),

    

    

    (iii)          the Person making the investment
        decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment risks
        independently, both in general and with regard to particular transactions and investment strategies (including in respect of the Obligations),

    

    

    
      87

      
        

    

    

    

    (iv)          the Person making the investment
        decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with
        respect to the Loans, the Letters of Credit, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and

    

    

    (v)          no fee or other compensation is
        being paid directly to any Agent, or any Arranger or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or this Agreement.

    

    

    The Agents and each Arranger hereby informs the Lenders that each such Person is not undertaking to provide impartial investment advice,
        or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive
        interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being
        paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring
        fees, commitment fees, arrangement fees, facility fees, commitment fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent fees or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees,
        fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

    

    

    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 paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
        service, mailed by certified or registered mail or sent by telecopy, as follows:

    

    

    (i)  if to any Borrower, to it c/o Photronics, Inc., 15 Secor Road, Brookfield, Connecticut 06804, Attention of John
        P. Jordan (Telecopy No. (203) 775-5601; Telephone No. (203) 740-5671), with a copy (in the case of notices of Default) to Attention of Richelle Burr, Esq. (Telecopy No. (203) 775-5601; Telephone No. (203) 740-5285);

    

    

    (ii)  if to the Administrative Agent or Collateral Agent, (A) in the case of Borrowings denominated in Dollars, to
        JPMorgan Chase Bank, N.A., 10 South Dearborn Street, 7th Floor, Chicago, Illinois 60603, Attention of Darren Cunningham (Telecopy No. (888) 292-9533) and (B) in the
        case of Borrowings denominated in Foreign Currencies, to J.P. Morgan Europe Limited, 25 Bank Street, Canary Wharf, London E14 5JP, Attention of The Manager, Loan & Agency Services (Telecopy No. 44 207 777 2360), and in each case with a copy to
        JPMorgan Chase Bank, N.A., 270 Park Avenue, 43rd Floor, New York, New York 10017, Attention of Daglas Panchal (Telecopy No. (917) 464-8969);

    

    

    (iii)  if to JPMorgan in its capacity as an Issuing Bank, to it at JPMorgan Chase Bank N.A., Sarjapur Outer Ring Rd,
        Vathur Hobli, Floor 04, Bangalore, 560 087, India, Attention Ajay Prabhu (Telecopy No. (+91-80) 66762387), or in the case of any other Issuing Bank, to it at the address and telecopy number specified from time to time by such Issuing Bank to the
        Company and the Administrative Agent;

    

    

    
      88

      
        

    

    

    

    (iv)  if to the Swingline Lender, to it at JPMorgan Chase Bank, N.A., 10 South Dearborn Street, 7th Floor, Chicago,
        Illinois 60603, Attention of Darren Cunningham (Telecopy No. (888) 292-9533)); and

    

    

    (v)  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 Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

    

    

    (b)  Notices and other communications to the Lenders and the Issuing Banks hereunder may be delivered or furnished by using Approved
        Electronic Platforms pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender.  The
        Administrative Agent or the Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be
        limited to particular notices or communications.

    

    

    (c)  Unless any 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.

    

    

    (d)  Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other
        parties hereto.

    

    

    SECTION 9.02.  Waivers; Amendments.  (a)  No failure or
        delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or
        any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Administrative Agent, the Issuing Banks and the
        Lenders hereunder and under the other Loan Documents 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 any Borrower therefrom
        shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the
        generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge
        of such Default at the time.

    

    

    
      89

      
        

    

    

    

    (b)  Except as provided in Section 2.20 with respect to an Incremental Term Loan Amendment or as provided in Section 2.14(c), 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 the Borrowers and the Required Lenders or by the Borrowers and the 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 directly affected thereby (except that neither (A) any amendment or
        modification of the financial covenants in this Agreement (or defined terms used in the financial covenants in this Agreement) or (B) any amendment entered into pursuant to the terms of Section 2.14(c) shall constitute a reduction in the rate of
        interest or fees for purposes of this clause (ii)), (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 directly affected thereby, (iv) change Section 2.09(c) or 2.18(b) or (c) in a manner that would alter the ratable
        reduction of Commitments or the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change the payment waterfall provisions of the last paragraph of Article VII without the written consent of each Lender, (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 (it being understood that, solely with the consent of the parties prescribed by Section
        2.20 to be parties to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination of Required Lenders on substantially the same basis as the Commitments and the Revolving Loans are included on the Effective
        Date), or (vii) release the Company or all or substantially all of the Subsidiary Guarantors from their obligations under Article X or the Subsidiary Guaranty or release all or substantially all of the Collateral, as applicable, without the written
        consent of each Lender; provided further that no such agreement shall amend, modify or
        otherwise affect the rights or duties of the Administrative Agent, the Collateral Agent, any Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the Collateral Agent, such Issuing Bank or
        the Swingline Lender, as the case may be (it being understood that any change to Section 2.24 shall require the consent of the Administrative Agent, the Issuing Banks and the Swingline Lender).  Notwithstanding the foregoing, no consent with
        respect to any amendment, waiver or other modification of this Agreement shall be required of any Defaulting Lender, except with respect to any amendment, waiver or other modification referred to in clause (i), (ii) or (iii) of the first proviso of
        this paragraph and then only in the event such Defaulting Lender shall be directly affected by such amendment, waiver or other modification.

    

    

    (c)  Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended (or amended and restated) with the written
        consent of the Required Lenders, the Administrative Agent and the Borrowers (x) to add one or more credit facilities (in addition to the Incremental Term Loans pursuant to an Incremental Term Loan Amendment) to this Agreement and to permit
        extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Revolving Loans, Incremental Term Loans and
        the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and Lenders.

    

    

    
      90

      
        

    

    

    

    (d)  The Lenders hereby irrevocably authorize the Collateral Agent, at its option and in its sole discretion, to release any Liens
        granted to the Collateral Agent by the Loan Parties on any Collateral (i) upon the termination of all the Commitments, payment and satisfaction in full in cash of all Secured Obligations (other than Banking Services Obligations not yet due and
        payable, Swap Obligations not yet due and payable, and other Obligations expressly stated to survive such payment and termination), and the cash collateralization of all LC Exposure in a manner satisfactory to the Administrative Agent, (ii)
        constituting property being sold or disposed of if the Company certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such
        certificate, without further inquiry), (iii) constituting property leased to the Company or any Subsidiary under a lease which has expired or been terminated in a transaction permitted under this Agreement, or (iv) as required to effect any sale or
        other disposition of such Collateral in connection with any exercise of remedies of the Agents and the Lenders pursuant to Article VII.  Any such release shall not in any manner discharge, affect, or impair the Secured Obligations or any Liens
        (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral.

    

    

    (e)  If, in connection with any proposed amendment, waiver or consent  requiring the consent of “each Lender” or “each Lender directly
        affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the Company may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or
        other entity which is reasonably satisfactory to the Company and the Administrative Agent shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption
        and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, (ii) the Company shall pay
        to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Company hereunder to and including the date of termination,
        including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 2.16 had the
        Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender and (iii) such Non-Consenting Lender shall have received the outstanding principal amount of its Loans and participations in LC Disbursements. 
        Each party hereto agrees that (a) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Company, the Administrative Agent and the assignee (or, to the extent applicable, an
        agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and (b) the Lender required to make such assignment need not be a
        party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the
        effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be
        without recourse to or warranty by the parties thereto.

    

    

    (f)  Notwithstanding anything to the contrary herein the Administrative Agent may, with the consent of the Company only, amend, modify
        or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency.

    

    

    
      91

      
        

    

    

    

    SECTION 9.03.  Expenses; Indemnity; Damage Waiver.  (a) 
        The Company shall pay (i) all reasonable out-of-pocket expenses incurred by the Agents and their Affiliates, including the reasonable fees, charges and disbursements of counsel for each Agent, in connection with the syndication of the credit
        facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby
        or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by any 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
        reasonable out-of-pocket expenses incurred by the Agents, any Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for either Agent, any Issuing Bank or any Lender, in connection with the enforcement or
        protection of its rights in connection with the Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during  any
        workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

    

    

    (b)  The Company shall indemnify the Agents, each 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 the Loan Documents or any
        agreement or instrument contemplated hereby or thereby, 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 any 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 the Company or any of its Subsidiaries, or any Environmental Liability related in any way to the Company or any
        of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not such claim, litigation, investigation or proceeding is brought by the Company or any other Loan
        Party or its or their respective equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, 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 or from the material breach of such Indemnitee’s obligations under the Loan Documents pursuant to a claim initiated
        by the Company.

    

    

    (c)  To the extent that the Company fails to pay any amount required to be paid by it to the Agents, any Issuing Bank or the Swingline
        Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the relevant Agent, any Issuing Bank or the 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 (it being understood that the Company’s failure to pay any such amount shall not relieve the Company of any default in the payment thereof); 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 the relevant
        Agent, any Issuing Bank or the Swingline Lender in its capacity as such.

    

    

    (d)  To the extent permitted by applicable law, no Borrower shall assert, and each Borrower hereby waives, any claim against any
        Indemnitee (i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet), or (ii) on any theory of liability,
        for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or
        thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.

    

    

    
      92

      
        

    

    

    

    (e)  All amounts due under this Section shall be payable not later than fifteen (15) days after written demand therefor.

    

    

    SECTION 9.04.  Successors and Assigns.  (a)  The
        provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the relevant Issuing Bank that issues any Letter of Credit),
        except that (i) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by any Borrower without such consent shall be null
        and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
        parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the relevant Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the
        extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Banks 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 paragraph (b)(ii) below, any Lender may assign to one or more
        Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not
        to be unreasonably withheld, conditioned or delayed) of:

    

    

    (A) the Company (provided that the Company shall be deemed to have consented to any such assignment unless it shall
        object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof), provided that no consent of the Company
        shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default under clause (a), (b), (h), (i) or (j) of Article VII
        has occurred and is continuing, any other assignee;

    

    

    (B) the Administrative Agent;

    

    

    (C) the Issuing Banks; and

    

    

    (D) the 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 Approved Fund or an assignment
        of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with
        respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Company and the Administrative Agent otherwise consent, provided
        that no such consent of the Company shall be required if an Event of Default under clause (a), (b), (h), (i) or (j) of Article VII has occurred and is continuing;

    

    

    
      93

      
        

    

    

    

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

    

    

    (C) the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and
        Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are
        participants, together with a processing and recordation fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such Lenders; and

    

    

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

    

    

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

    

    

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

    

    

    “Ineligible Institution” means (a) a natural person, (b) a
        Defaulting Lender or its Lender Parent, (c) the Company, any of its Subsidiaries or any of its Affiliates, or (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof.

    

    

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

    

    

    
      94

      
        

    

    

    

    (iv)  The Administrative Agent, acting for this purpose as a non-fiduciary agent of each 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 the Borrowers, the Administrative Agent,
        the Issuing Banks and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be
        available for inspection by the Company, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

    

    

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

    

    

    (c)          (i)  Any Lender may, without the consent of the
        Company, the Administrative Agent, the Issuing Banks or the 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/or obligations under this Agreement (including all or a portion of its Commitment and/or 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) the Borrowers, the Administrative Agent, the Issuing Banks 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.  Subject to
        paragraph (c)(ii) of this Section, each 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(e)
        (it being understood that the documentation required under Section 2.17(e) 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 paragraph (b) of this
        Section.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(c) as though it were a Lender.

    

    

    
      95

      
        

    

    

    

    (ii)          A Participant (x) agrees to be subject to the
        provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of this Section and (y) shall not be entitled to receive any greater payment under Section 2.15 or 2.17 than the applicable Lender would have been entitled to
        receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Company’s prior written consent.  A Participant that would be a Foreign Lender if it were a Lender shall
        not be entitled to the benefits of Section 2.17 unless the Company is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 2.17(e) as though it were a Lender (it
        being understood that the documentation required under Section 2.17(e) shall be delivered to the participating Lender).

    

    

    Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of each 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 Treasury Regulations Section 5f.103-1(c) and Proposed Treasury Regulations Section 1.163-5(b) (or any amended or successor
        version).  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
        Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

    

    

    (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.

    

    

    SECTION 9.05.  Survival.  All covenants, agreements,
        representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied
        upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and
        notwithstanding that the Administrative Agent, any 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 or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the
        Commitments have not expired or terminated.  The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the
        repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.

    

    

    
      96

      
        

    

    

    

    SECTION 9.06.  Counterparts; Integration; Effectiveness; Electronic
            Execution.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
        contract.  This Agreement, the other Loan Documents and any separate letter agreements with respect to (i) fees payable to the Administrative Agent and (ii) the reduction of the Letter of Credit Commitment of any Issuing Bank constitute the entire
        contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall
        become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and
        thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed .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 and in whatever currency denominated) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Borrower or any Subsidiary Guarantor against any of
        and all of the Secured Obligations held by such Lender, irrespective of whether or not such Lender shall have made any demand under the Loan Documents and although such obligations may be unmatured.  The 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.  Each Lender and each Issuing Bank agrees to notify the Company and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

    

    

    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 New York.

    

    

    (b)  Each Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the
        United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the  Borough of Manhattan), and any
        appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, 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 (and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related
        Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
        other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to
        bring any action or proceeding relating to this Agreement or any other Loan Document against any Borrower or its properties in the courts of any jurisdiction.

    

    

    
      97

      
        

    

    

    

    (c)  Each 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 or any other Loan Document in any court referred to in paragraph (b) of this Section.  Each of the
        parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

    

    

    (d)  Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.  Each
        Foreign Subsidiary Borrower irrevocably designates and appoints the Company, as its authorized agent, to accept and acknowledge on its behalf, service of any and all process which may be served in any suit, action or proceeding of the nature
        referred to in Section 9.09(b) in any federal or New York State court sitting in New York City.  The Company hereby represents, warrants and confirms that the Company has agreed to accept such appointment (and any similar appointment by a
        Subsidiary Guarantor which is a Foreign Subsidiary).  Said designation and appointment shall be irrevocable by each such Foreign Subsidiary Borrower until all Loans, all reimbursement obligations, interest thereon and all other amounts payable by
        such Foreign Subsidiary Borrower hereunder and under the other Loan Documents shall have been paid in full in accordance with the provisions hereof and thereof and such Foreign Subsidiary Borrower shall have been terminated as a Borrower hereunder
        pursuant to Section 2.23.  Each Foreign Subsidiary Borrower hereby consents to process being served in any suit, action or proceeding of the nature referred to in Section 9.09(b) in any federal or New York State court sitting in New York City by
        service of process upon the Company as provided in this Section 9.09(d); provided that, to the extent lawful and possible, notice of said service upon such agent shall be
        mailed by registered or certified air mail, postage prepaid, return receipt requested, to the Company and (if applicable to) such Foreign Subsidiary Borrower at its address set forth in the Borrowing Subsidiary Agreement to which it is a party or
        to any other address of which such Foreign Subsidiary Borrower shall have given written notice to the Administrative Agent (with a copy thereof to the Company).  Each Foreign Subsidiary Borrower irrevocably waives, to the fullest extent permitted
        by law, all claim of error by reason of any such service in such manner and agrees that such service shall be deemed in every respect effective service of process upon such Foreign Subsidiary Borrower in any such suit, action or proceeding and
        shall, to the fullest extent permitted by law, be taken and held to be valid and personal service upon and personal delivery to such Foreign Subsidiary Borrower.  To the extent any Foreign Subsidiary Borrower has or hereafter may acquire any
        immunity from jurisdiction of any court or from any legal process (whether from service or notice, attachment prior to judgment, attachment in aid of execution of a judgment, execution or otherwise), each Foreign Subsidiary Borrower hereby
        irrevocably waives such immunity in respect of its obligations under the Loan Documents.  Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by
        law.

    

    

    SECTION 9.10.  WAIVER OF JURY TRIAL.  EACH PARTY HERETO
        HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
        CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, 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.

    

    

    
      98

      
        

    

    

    

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

    

    

    SECTION 9.12.  Confidentiality.  Each of the
        Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents,
        including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b)
        to the extent requested by any Governmental Authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations 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 under this Agreement or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or
        the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (1) any assignee of or Participant in, or any prospective assignee of or Participant in, any of
        its rights or obligations under this Agreement or (2) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Borrower and its obligations, (g) on a confidential basis to (1) any rating agency
        in connection with rating the Company or its Subsidiaries or the credit facilities provided for herein or (2) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of identification numbers with respect to
        the credit facilities provided for herein, (h) with the consent of the Company or (i) to the extent such Information (1) becomes publicly available other than as a result of a breach of this Section or (2) becomes available to the Administrative
        Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Company or any of its Subsidiaries.  For the purposes of this Section, “Information”
        means all information received from the Company relating to the Company or its business, other than any such information that is available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by
        the Company and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry; provided that, in the case of information received from the Company after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality
        of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its
        own confidential information.

    

    

    EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT
        TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE COMPANY 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.

    

    

    
      99

      
        

    

    

    

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

    

    

    SECTION 9.13.  USA PATRIOT Act.  Each Lender that is
        subject to the requirements of the Patriot Act hereby notifies each Loan Party that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies such Loan Party, which information includes
        the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the Patriot Act.

    

    

    SECTION 9.14.  Appointment for Perfection.  Each Lender
        hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit of the Collateral Agent and the Holders of Secured Obligations, in assets which, in accordance with Article 9 of the UCC or any other applicable law
        can be perfected only by possession.  Should any Lender (other than the Collateral Agent) obtain possession of any such Collateral, such Lender shall notify the Collateral Agent thereof, and, promptly upon the Collateral Agent’s request therefor
        shall deliver such Collateral to the Collateral Agent or otherwise deal with such Collateral in accordance with the Collateral Agent’s instructions.

    

    

    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.  No Advisory or Fiduciary Responsibility. 
        Each Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is
        acting solely in the capacity of an arm’s length contractual counterparty to such Borrower with respect to the Loan Documents and the transaction contemplated therein and not as a financial advisor or a fiduciary to, or an agent of, such Borrower
        or any other person.  Each Borrower agrees that it will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby. 
        Additionally, each Borrower acknowledges and agrees that no Credit Party is advising such Borrower as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction.  Each Borrower shall consult with its own advisors
        concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and the Credit Parties shall have no responsibility or liability to any Borrower with respect
        thereto.

    

    

    
      100

      
        

    

    

    

    Each Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party, together with
        its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services.  In the ordinary course of business, any Credit Party may
        provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations)
        of, such Borrower, its Subsidiaries and other companies with which such Borrower or any of its Subsidiaries may have commercial or other relationships.  With respect to any securities and/or financial instruments so held by any Credit Party or any
        of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

    

    

    In addition, each Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party and its
        Affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which such Borrower or any of its Subsidiaries may have conflicting interests regarding the
        transactions described herein and otherwise.  No Credit Party will use confidential information obtained from the Borrower by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Borrower in connection
        with the performance by such Credit Party of services for other companies, and no Credit Party will furnish any such information to other companies.  Each Borrower also acknowledges that no Credit Party has any obligation to use in connection with
        the transactions contemplated by the Loan Documents, or to furnish to such Borrower or any of its Subsidiaries, confidential information obtained from other companies.

    

    

    SECTION 9.17.  Releases of Subsidiary Guarantors.

    

    

    (a)  A Subsidiary Guarantor shall automatically be released from its obligations under the Subsidiary Guaranty upon the consummation of
        any transaction permitted by this Agreement as a result of which such Subsidiary Guarantor ceases to be a Subsidiary; provided that, if so required by this Agreement, the
        Required Lenders shall have consented to such transaction and the terms of such consent shall not have provided otherwise.  In connection with any termination or release pursuant to this Section, the Administrative Agent shall (and is hereby
        irrevocably authorized by each Lender to) execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence such termination or release.  Upon any sale or other disposition
        (other than any lease or license) by any Loan Party (other than to any other Loan Party) of any Collateral in a transaction permitted under this Agreement, or upon the effectiveness of any written consent to the release of the security interest
        created under any Collateral Document in any Collateral pursuant to Section 9.02, the security interests in such Collateral created by the Collateral Documents shall be automatically released and terminated.  Any execution and delivery of documents
        pursuant to this Section shall be without recourse to or warranty by the Administrative Agent.

    

    

    (b)  At such time as the principal and interest on the Loans, all LC Disbursements, the fees, expenses and other amounts payable under
        the Loan Documents and the other Secured Obligations (other than Banking Services Obligations not yet due and payable, Swap Obligations not yet due and payable, and other Obligations expressly stated to survive such payment and termination) shall
        have been paid in full in cash, the Commitments shall have been terminated and no Letters of Credit shall be outstanding, the Subsidiary Guaranty and all obligations (other than those expressly stated to survive such termination) of each Subsidiary
        Guarantor thereunder shall automatically terminate, all without delivery of any instrument or performance of any act by any Person.

    

    

    
      101

      
        

    

    

    

    SECTION 9.18.  Acknowledgement and Consent to Bail-In of EEA
            Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA
        Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

    

    

    (a)  the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder
        which may be payable to it by any party hereto that is an EEA Financial Institution; and

    

    

    (b)  the effects of any Bail-In Action on any such liability, including, if applicable:

    

    

    (i)  a reduction in full or in part or cancellation of any such liability;

    

    

    (ii)  a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA
        Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
        liability under this Agreement or any other Loan Document; or

    

    

    (iii)  the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion
        Powers of any EEA Resolution Authority.

    

    

    ARTICLE X

    

    

    Company Guarantee

    

    

    In order to induce the Lenders to extend credit to the other Borrowers hereunder, the Company hereby irrevocably and unconditionally
        guarantees, as a primary obligor and not merely as a surety, the payment when and as due of the Secured Obligations of such other Borrowers and the Specified Ancillary Obligations (collectively, the “Guaranteed Obligations”).  The Company further agrees that the due and punctual payment of such Guaranteed Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it,
        and that it will remain bound upon its guarantee hereunder notwithstanding any such extension or renewal of any such Guaranteed Obligation.

    

    

    
      102

      
        

    

    

    

    The Company waives presentment to, demand of payment from and protest to any Subsidiary of any of the Guaranteed Obligations, and also
        waives notice of acceptance of its obligations and notice of protest for nonpayment.  The obligations of the Company hereunder shall not be affected by (a) the failure of either Agent, any Issuing Bank or any Lender (or any of its Affiliates) to
        assert any claim or demand or to enforce any right or remedy against any Subsidiary under the provisions of this Agreement, any Swap Agreement, any Banking Services Agreement, any other Loan Document or otherwise; (b) any extension or renewal of
        any of the Guaranteed Obligations; (c) any rescission, waiver, amendment or modification of, or release from, any of the terms or provisions of this Agreement, any Swap Agreement, any Banking Services Agreement or any other Loan Document or
        agreement; (d) any default, failure or delay, willful or otherwise, in the performance of any of the Guaranteed Obligations; (e) the failure of either Agent (or any applicable Lender (or any of its Affiliates)) to take any steps to perfect and
        maintain any security interest in, or to preserve any rights to, any security or collateral for the Guaranteed Obligations, if any; (f) any change in the corporate, partnership or other existence, structure or ownership of any Subsidiary or any
        other guarantor of any of the Guaranteed Obligations; (g) the enforceability or validity of the Guaranteed Obligations or any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to any
        collateral securing the Guaranteed Obligations or any part thereof, or any other invalidity or unenforceability relating to or against any Subsidiary or any other guarantor of any of the Guaranteed Obligations, for any reason related to this
        Agreement, any Swap Agreement, any Banking Services Agreement, any other Loan Document, or any provision of applicable law, decree, order or regulation of any jurisdiction purporting to prohibit the payment by such Subsidiary or any other guarantor
        of the Guaranteed Obligations, of any of the Guaranteed Obligations or otherwise affecting any term of any of the Guaranteed Obligations; or (h) any other act, omission or delay to do any other act which may or might in any manner or to any extent
        vary the risk of the Company or otherwise operate as a discharge of a guarantor as a matter of law or equity or which would impair or eliminate any right of the Company to subrogation.

    

    

    The Company further agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or
        similar proceeding shall have stayed the accrual or collection of any of the Guaranteed Obligations or operated as a discharge thereof) and not merely of collection, and waives any right to require that any resort be had by either Agent, any
        Issuing Bank or any Lender (or any of its Affiliates) to any balance of any deposit account or credit on the books of either Agent, any Issuing Bank or any Lender in favor of any Subsidiary or any other Person.

    

    

    The obligations of the Company hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason,
        and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality or unenforceability of any of the Guaranteed Obligations, any impossibility in the performance of any of
        the Guaranteed Obligations or otherwise, except for the prior indefeasible payment in full in cash of all the Guaranteed Obligations.  Nothing contained in this Article X is intended to, or shall limit, restrict or preclude the Company from
        pursuing and maintaining a separate legal action based on the acts or omissions of any Agent or any Lender in connection with any such Person’s gross negligence or willful misconduct.

    

    

    The Company further agrees that its obligations hereunder shall constitute a continuing and irrevocable guarantee of all Guaranteed
        Obligations now or hereafter existing and shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation (including a payment effected through exercise of a right of
        setoff) is rescinded, or is or must otherwise be restored or returned by either Agent, any Issuing Bank or any Lender (or any of its Affiliates) upon the insolvency, bankruptcy or reorganization of any Subsidiary or otherwise (including pursuant to
        any settlement entered into by a Secured Party in its discretion).

    

    

    
      103

      
        

    

    

    

    In furtherance of the foregoing and not in limitation of any other right which either Agent, any Issuing Bank or any Lender (or any of
        its Affiliates) may have at law or in equity against the Company by virtue hereof, upon the failure of any other Subsidiary to pay any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice
        of prepayment or otherwise, the Company hereby promises to and will, upon receipt of written demand by any Agent, any Issuing Bank or any Lender (or any of its Affiliates), forthwith pay, or cause to be paid, to the relevant Agent, the relevant
        Issuing Bank or any Lender (or any of such Lender’s Affiliates) in cash an amount equal to the unpaid principal amount of such Guaranteed Obligations then due, together with accrued and unpaid interest thereon.  The Company further agrees that if
        payment in respect of any Guaranteed Obligation shall be due in a currency other than Dollars and/or at a place of payment other than New York or any other Eurocurrency Payment Office and if, by reason of any Change in Law, disruption of currency
        or foreign exchange markets, war or civil disturbance or other event, payment of such Guaranteed Obligation in such currency or at such place of payment shall be impossible or, in the reasonable judgment of either Agent, any Issuing Bank or any
        Lender (or any of its Affiliates), disadvantageous to the relevant Agent, the relevant Issuing Bank or such Lender (or any of such Lender’s Affiliates) in any material respect, then, at the election of the relevant Agent or such Lender, the Company
        shall make payment of such Guaranteed Obligation in Dollars (based upon the applicable Equivalent Amount in effect on the date of payment) and/or in New York or such other Eurocurrency Payment Office as is designated by the Administrative Agent or
        such Lender and, as a separate and independent obligation, shall indemnify the Agents, any Issuing Bank and such Lender (and such Lender’s Affiliates), as applicable, against any losses or reasonable out-of-pocket expenses that it shall sustain as
        a result of such alternative payment.

    

    

    Upon payment by the Company of any sums as provided above, all rights of the Company against any Subsidiary arising as a result thereof
        by way of right of subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment in full in cash of all the Guaranteed Obligations owed by such Subsidiary.

    

    

    Nothing shall discharge or satisfy the liability of the Company hereunder except the full performance and payment in cash of the
        Guaranteed Obligations.

    

    

    The Company hereby absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from
        time to time by each Subsidiary Guarantor to honor all of its obligations under the Subsidiary Guaranty in respect of Specified Swap Obligations (provided, however, that
        the Company shall only be liable under this paragraph for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this paragraph or otherwise under this Article X voidable under applicable law
        relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The Company intends that this paragraph constitute, and this paragraph shall be deemed to constitute, a “keepwell, support, or other agreement” for the
        benefit of each Subsidiary Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

    

    

    For the avoidance of doubt, Section 2.17 of this Agreement shall be applicable, mutatis mutandis, to all payments required to be made by the Company under this Article X.

    

    

    [Signature Pages Follow]

    

    

    
      104

      
        

    

    

    

    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.

    

    

    	

          	
            PHOTRONICS, INC., as the Company

          
	 	 
	 	
            By

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    Signature Page to Fourth Amended and Restated Credit Agreement

    

    Photronics, Inc.

    

    
      
        

    

    

    

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

          
	 	 
	 	
            By

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    
      Signature Page to Fourth Amended and Restated Credit Agreement

      

      Photronics, Inc.

    

    
      
        

    

    

    

    	 	
            BANK OF AMERICA, N.A., individually as a Lender, as an Issuing Bank and as Syndication Agent

          
	 	 
	 	
            By

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    
      
        

    

    

    

    	 	
            CITIZENS BANK, N.A., individually as a Lender and as an Issuing Bank

          
	 	 
	 	
            By

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    	 	
            TD BANK, N.A., individually as a Lender and as an Issuing Bank

          
	 	 
	 	
            By

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    
      Signature Page to Fourth Amended and Restated Credit Agreement

      

      Photronics, Inc.

    

    
      
        

    

    SCHEDULE 2.01A

    

    

    COMMITMENTS

     

      

    	
            LENDER

          	
            COMMITMENT

          
	 	 
	
            JPMORGAN CHASE BANK, N.A.

          	
            $14,000,000

          
	 	 
	
            BANK OF AMERICA, N.A.

          	
            $14,000,000

          
	 	 
	
            CITIZENS BANK, N.A.

          	
            $11,000,000

          
	 	 
	
            TD BANK, N.A.

          	
            $11,000,000

          
	 	 
	
            AGGREGATE COMMITMENT

          	
            $50,000,000

          

    

    

    
      
        

    

    SCHEDULE 2.01B

    

    

    LETTER OF CREDIT COMMITMENTS

     

      

    	
            LENDER

          	
            LETTER OF CREDIT COMMITMENT

          
	 	 
	
            JPMORGAN CHASE BANK, N.A.

          	
            $3,750,000

          
	 	 
	
            BANK OF AMERICA, N.A.

          	
            $3,750,000

          
	 	 
	
            CITIZENS BANK, N.A.

          	
            $3,750,000

          
	 	 
	
            TD BANK, N.A.

          	
            $3,750,000

          
	 	 
	
            TOTAL LETTER OF CREDIT COMMITMENTS

          	
            $15,000,000

          

    

    

    
      
        

    

    SCHEDULE 2.06

    

    

    EXISTING LETTERS OF CREDIT

    

    

    None.

    

    

    
      
        

    

    SCHEDULE 5.10

    

    

    POST-CLOSING MATTERS

    

    

    1.          Delivery to the Administrative Agent of certificates of insurance listing
        the Collateral Agent as (x) lender loss payee for the property casualty insurance policies of the Company and its Subsidiaries, together with separate lender loss payable endorsements in respect thereof and (y) additional insured with respect to
        the liability insurance policies of the Company and its Subsidiaries, together with separate additional insured endorsements in respect thereof, in form and substance reasonably acceptable to the Administrative Agent, on or prior to the date that
        is thirty (30) days after the Effective Date.Exhibit 10.25

    

  

   

  

  EXECUTION COPY

  

  

  THIRD AMENDED AND RESTATED SECURITY AGREEMENT

   

    

  THIS THIRD AMENDED AND RESTATED SECURITY AGREEMENT (as the same may be amended, restated, supplemented or otherwise modified
      from time to time, this “Security Agreement”) is entered into as of September 27, 2018 by and among PHOTRONICS, INC., a Connecticut corporation (the “Company”), the Subsidiaries of the Company listed on the signature pages hereto (together with the Company, the “Initial Grantors,” and together with any additional Subsidiaries, whether now existing or hereafter formed or acquired which become parties to this Security Agreement from time to time by executing a Supplement
      hereto in substantially the form of Annex I, the “Grantors”), and JPMORGAN
      CHASE BANK, N.A., a national banking association, in its capacity as contractual representative (the “Collateral Agent”) for itself and for the Holders of Secured
      Obligations (as defined in the Credit Agreement identified below).  Capitalized terms used herein (including, without limitation, Article I hereof) and not
      otherwise defined herein shall have the respective meanings ascribed to such terms in the Credit Agreement.

   

    

  PRELIMINARY STATEMENT

   

    

  WHEREAS, the Company, certain Subsidiaries of the Company from time to time parties thereto as borrowers (together with the
      Company, the “Borrowers”), the financial institutions from time to time party thereto as lenders (collectively, the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent thereunder (the “Administrative Agent”) have
      entered into that certain Fourth Amended and Restated Credit Agreement of even date herewith (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement” and the agreements, documents and instruments executed and/or delivered pursuant thereto or in connection therewith, including, without limitation, any guaranty delivered in connection therewith, the “Loan Documents”), which Credit Agreement amends and restates in its entirety the Existing Credit Agreement (as defined in the Credit Agreement), providing, subject to
      the terms and conditions thereof, for extensions of credit and other financial accommodations to be made by the Lenders to or for the benefit of the Borrowers;

  

  

  WHEREAS, the Credit Agreement, among other things, re-evidences the Borrowers’ outstanding obligations under the Existing Credit
      Agreement and provides, subject to the terms thereof, for future extensions from time to time of credit and other financial accommodations by the Lenders to the Borrowers;

  

  

  WHEREAS, as a condition precedent to the effectiveness of an amendment to the Existing Credit Agreement, the Initial Grantors
      entered into the Second Amended and Restated Security Agreement, dated as of December 5, 2013, with the Collateral Agent (the “Existing Security Agreement”);

  

  

  WHEREAS, each Initial Grantor party to the Existing Security Agreement wishes to affirm its obligations under the terms of the
      Existing Security Agreement and wishes to amend and restate the terms of the Existing Security Agreement;

  

  

  WHEREAS, the Grantors wish to secure their obligations to the Holders of Secured Obligations pursuant to the terms of this
      Security Agreement; and

  
    
      

  

  
  WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities
      of the parties under the Existing Security Agreement, but that this Agreement amend and restate in its entirety the Existing Security Agreement and re-evidence the obligations and liabilities of each Grantor outstanding thereunder, which shall be set
      forth in accordance with the terms hereof;

  

  

  ACCORDINGLY, the Grantors and the Collateral Agent, on behalf of the Holders of Secured Obligations, hereby agree as follows:

  

  

  ARTICLE I

      

      DEFINITIONS

   

    

  1.1.        Terms Defined in the Credit Agreement.  All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement.

   

    

  1.2.        Terms Defined in New York UCC.  Terms defined in the New York UCC which are not otherwise defined in this
      Security Agreement are used herein as defined in the New York UCC.

   

    

  1.3.        Definitions of Certain Terms Used Herein.  As used in this Security Agreement, in addition to the terms defined in the Preliminary Statement, the following terms shall have the following
      meanings:

   

    

  “Accounts” shall have the meaning set
      forth in Article 9 of the New York UCC.

   

    

  “Article” means a numbered article of
      this Security Agreement, unless another document is specifically referenced.

   

    

  “Chattel Paper” shall have the meaning
      set forth in Article 9 of the New York UCC.

   

    

  “Collateral” means all Accounts, Chattel
      Paper, Commercial Tort Claims, Deposit Accounts, Documents, Equipment, Farm Products, General Intangibles, Goods, Instruments, Intellectual Property Collateral, Inventory, Investment Property, letters of credit, Letter-of-Credit Rights, Pledged
      Deposits, Supporting Obligations and Other Collateral, wherever located, in which any Grantor now has or hereafter acquires any right or interest, and the proceeds (including Stock Rights), insurance proceeds and products thereof, together with all
      books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto; provided that in no event shall
        “Collateral” include or the security interest granted under Article II hereof attach to (a) any lease, license, permit, contract, property rights or agreement to which any Grantor is a party, any of its rights or interests thereunder or any
        Trademark or other Intellectual Property, if and for so long as the grant of such security interest shall (i) give any other Person party to such lease, license, permit, contract, property rights or agreement the right to terminate its obligations
        thereunder, (ii) constitute or result in the abandonment, cancellation, invalidation or unenforceability of any material right, title or interest of any Grantor therein or (iii) result in a breach or termination pursuant to the terms of, or a
        default under, any such lease, license, contract property rights or agreement (other than, in the case of each of the foregoing clauses (i), (ii) and (iii), to the extent that any such right or term would be rendered ineffective pursuant to
        Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code of any relevant jurisdiction or any other applicable law (including the U.S. Bankruptcy Code) or principles of equity), provided, however, that the Collateral shall include and
        such security interest shall attach immediately at such time as the condition causing such abandonment, cancellation, invalidation or unenforceability shall be remedied and to the extent severable, shall attach immediately to any portion of such
        lease, license, contract, property rights, agreement or Trademark that does not result in any of the consequences specified in (i), (ii) or (iii) above; (b) any license, permit or other governmental authorization that, under the terms and
        conditions of such governmental authorization or under applicable law, cannot be subjected to a Lien in favor of the Collateral Agent for the benefit of the Holders of Secured Obligations without the consent of the relevant governmental authority
        and such consent has not been obtained; (c) any of the capital stock of a Foreign Subsidiary; (d) those assets as to which the Collateral Agent reasonably determines (in consultation with, and with written notice to, the Company) that the cost of
        obtaining such a security interest or perfection thereof (including tax consequences) are excessive in relation to the benefit to the Holders of Secured Obligations of
        the security to be afforded thereby; (e) any item of personal property, tangible or intangible, to the extent the grant by any Grantor of a security interest pursuant to this Security Agreement in its right, title and interest in such item of
        property is prohibited by any law or governmental rule or regulation or by effective and enforceable contractual provisions (including license restrictions) in any agreement to which the Grantor is a party (so long as no such agreement shall be
        entered into for the purposes of circumventing the security interest granted herein and excluding any such provision to the extent such provision would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform
        Commercial Code of any relevant jurisdiction or any other applicable law (including the U.S. Bankruptcy Code) or principles of equity); (f) intellectual property in relation to which any law or governmental rule or regulation, or any agreement with
        a domain name registrar or any other Person entered into by the Grantor in the ordinary course of business and existing on the date hereof, prohibits the creation of a security interest therein or would otherwise invalidate such Grantor’s right,
        title or interest therein (other than to the extent any such agreement would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code of any relevant jurisdiction or any other applicable law
        (including the U.S. Bankruptcy Code) or principles of equity); (g) any Equipment owned by any Grantor that is subject to a purchase money Lien or a capital lease permitted by the Credit Agreement if the agreement in which such Lien is granted (or
        in the document providing for such capital lease) validly prohibits or requires the consent of any Person other than any Grantor as a condition to the creation of any other Lien on such equipment (other than to the extent any such agreement would
        be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code of any relevant jurisdiction or any other applicable law (including the U.S. Bankruptcy Code) or principles of equity), but only, in each case,
        to the extent, and for so long as, the Indebtedness secured by the applicable Lien or capital lease has not been repaid in full or the applicable prohibition (or consent required) has not been otherwise removed or terminated; (h) motor vehicles and
        other assets subject to certificates of title or ownership; or (i) any real property held by a Grantor as a lessee under a lease; provided that the
      parties hereby agree, for the avoidance of doubt (without limitation with respect to any assets not so listed), that the assets listed in Schedule 1 to this
      Agreement are prohibited by contractual restrictions with third parties from being included as “Collateral” hereunder except to the extent such restrictions would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code of any relevant jurisdiction.

  
    2

    
      

  

  “Commercial Tort Claims” means commercial
      tort claims, as defined in the New York UCC of any Grantor, including each commercial tort claim specifically described in Exhibit “E”.

   

    

  “Confirmatory Grant of Security Interest”
      means, with respect to any Grantor and its Patents, Trademarks, or Copyrights, an agreement with a list of such Patents, Trademarks or Copyrights attached as an exhibit thereto, in form and substance satisfactory to the Collateral Agent, duly
      executed by such Grantor, to be filed in the United States Patent and Trademark Office or the United States Copyright Office, as applicable, evidencing the Collateral Agent’s Lien on such Patents, Trademarks or Copyrights, as applicable.

   

    

  “Control” shall have the meaning set
      forth in Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the New York UCC.

   

    

  “Copyrights” means, with respect to any
      Person, all of such Person’s right, title, and interest in and to the following:  (a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all extensions of any
      of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the
      right to sue for past, present, and future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world.

   

    

  “Deposit Accounts” shall have the meaning
      set forth in Article 9 of the New York UCC.

   

    

  “Documents” shall have the meaning set
      forth in Article 9 of the New York UCC.

   

    

  “Equipment” shall have the meaning set
      forth in Article 9 of the New York UCC.

   

    

  “Event of Default” shall have the meaning
      set forth in the Credit Agreement.

   

    

  “Exhibit” refers to a specific exhibit to
      this Security Agreement, unless another document is specifically referenced.

   

    

  “Farm Products” shall have the meaning
      set forth in Article 9 of the New York UCC.

   

    

  “General Intangibles” shall have the
      meaning set forth in Article 9 of the New York UCC and, in any event, includes payment intangibles, contract rights, rights to payment, rights arising under common law, statutes, or regulations, choses or things in action, goodwill (including the
      goodwill associated with any Grantor owned Trademark), Intellectual Property, URLs and domain names, other industrial or intellectual property or rights therein or applications therefor, whether under license or otherwise, programs, programming
      materials, blueprints, drawings, purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, including Licenses, infringement claims,
      computer programs, information contained on computer disks or tapes, software, literature, reports, catalogs, pension plan refunds, pension plan refund claims, insurance premium rebates, tax refunds, and tax refund claims, interests in a partnership
      or limited liability company which do not constitute a security under Article 8 of the Code, and any other personal property other than Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit Accounts, Goods, Investment Property, negotiable
      Collateral, and oil, gas, or other minerals before extraction.

   

    

  “Goods” shall have the meaning set forth
      in Article 9 of the New York UCC.

   

    

  “Instruments” shall have the meaning set
      forth in Article 9 of the New York UCC.

   

    

  “Intellectual Property” means all
      Patents, Trademarks and Copyrights as defined herein.

   

    

  “Intellectual Property Collateral” means
      all domain names, Intellectual Property and Licenses.

  
    3

    
      

  

  “Inventory” shall have the meaning set
      forth in Article 9 of the New York UCC.

   

    

  “Investment Property” shall have the
      meaning set forth in Article 9 of the New York UCC.

   

    

  “Letter of Credit Rights” shall have the
      meaning set forth in Article 9 of the New York UCC.

   

    

  “Licenses” means, with respect to any
      Person, all of such Person’s right, title, and interest in and to (a) any and all licensing agreements or similar arrangements in and to its Patents, Copyrights, or Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter
      due or payable under and with respect thereto, including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof.

   

    

  “New York UCC” means the New York Uniform
      Commercial Code as in effect from time to time.

   

    

  “Other Collateral” means any property of
      the Grantors, not included within the defined terms Accounts, Chattel Paper, Commercial Tort Claims, Deposit Accounts, Documents, Equipment, Farm Products, General Intangibles, Goods, Instruments, Intellectual Property Collateral, Inventory,
      Investment Property, Letter-of-Credit Rights, Pledged Deposits and Supporting Obligations, including, without limitation, all cash on hand, letters of credit, Stock Rights or any other deposits (general or special, time or demand, provisional or
      final) with any bank or other financial institution, it being intended that the Collateral include all personal property of the Grantors.

   

    

  “Patents” means, with respect to any
      Person, all of such Person’s right, title, and interest in and to: (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, extensions, and
      continuations-in-part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (e)
      all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world.

   

    

  “Pledged Deposits” means all time
      deposits of money (other than Deposit Accounts and Instruments), whether or not evidenced by certificates, which a Grantor may from time to time designate as pledged to the Collateral Agent or to any Holder of Secured Obligations as security for any
      Secured Obligations, and all rights to receive interest on said deposits.

   

    

  “Receivables” means the Accounts, Chattel
      Paper, Documents, Investment Property, Instruments or Pledged Deposits, and any other rights or claims to receive money which are General Intangibles or which are otherwise included as Collateral.

   

    

  “Registered” means issued by, registered
      with, renewed by or the subject of a pending application before any governmental authority or internet domain name registrar.

   

    

  “Section” means a numbered section of
      this Security Agreement, unless another document is specifically referenced.

   

    

  “Security” shall have the meaning set
      forth in Article 8 of the New York UCC.

  
    4

    
      

  

  “Stock Rights” means any securities,
      dividends or other distributions and any other right or property which any Grantor shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any securities or other ownership
      interests in a corporation, partnership, joint venture or limited liability company constituting Collateral and any securities, any right to receive securities and any right to receive earnings, in which any Grantor now has or hereafter acquires any
      right, issued by an issuer of such securities.

   

    

  “Supporting Obligation” shall have the
      meaning set forth in Article 9 of the New York UCC.

   

    

  “Trademarks” means, with respect to any
      Person, all of such Person’s right, title, and interest in and to the following:  (a) all trademarks (including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof and the
      goodwill of the business symbolized by the foregoing; (b) all licenses of the foregoing, whether as licensee or licensor; (c) all renewals of the foregoing; (d) all income, royalties, damages, and payments now or hereafter due or payable with respect
      thereto, including, without limitation, damages, claims, and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims
      and demands for royalties owing; and (f) all rights corresponding to any of the foregoing throughout the world.

   

    

  The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.

   

    

  ARTICLE II

      

      REAFFIRMATION AND GRANT OF SECURITY INTEREST

   

    

  Each Initial Grantor party to the Existing Security Agreement reaffirms the security interest granted under the terms and
      conditions of the Existing Security Agreement and agrees that such security interest remains in full force and effect and is hereby ratified, reaffirmed and confirmed.  Each Initial Grantor party to the Existing Security Agreement acknowledges and
      agrees with the Collateral Agent that the Existing Security Agreement is amended, restated, and superseded in its entirety pursuant to the terms hereof.

   

    

  Each of the Grantors hereby pledges, assigns and grants to the Collateral Agent, on behalf of and for the benefit of the Holders
      of Secured Obligations, a security interest in all of such Grantor’s right, title and interest, whether now owned or hereafter acquired, in and to the Collateral to secure the prompt and complete payment and performance of the Secured Obligations. 
      For the avoidance of doubt, the grant of a security interest herein shall not be deemed to be an assignment of intellectual property rights owned by the Grantors.

   

    

  ARTICLE III

      

      REPRESENTATIONS AND WARRANTIES

   

    

  Each of the Initial Grantors represents and warrants to the Collateral Agent and the Holders of Secured Obligations, and each
      Grantor that becomes a party to this Security Agreement pursuant to the execution of a Security Agreement Supplement in substantially the form of Annex I
      represents and warrants (after giving effect to supplements to each of the Exhibits hereto with respect to such subsequent Grantor as attached to such Security Agreement Supplement), that, as of the date hereof or as of the date any additional
      Grantor becomes party to this Security Agreement pursuant to a Security Agreement Supplement:

   

    

  3.1.        Title, Authorization, Validity and Enforceability.  Such Grantor has (other than the Intellectual Property Collateral, with respect to which Section 3.11 shall apply) (a) good and valid rights in or the power to transfer the Collateral owned by it and (b) title to the Collateral with respect to which it has purported to grant a security
      interest hereunder, free and clear of all Liens except for Liens permitted under Section 4.1.6 hereof.  Such Grantor has full corporate, limited liability company
      or partnership, as applicable, power and authority to grant to the Collateral Agent the security interest in the Collateral pursuant hereto.  The execution and delivery by such Grantor of this Security Agreement have been duly authorized by proper
      corporate, limited liability company, limited partnership or partnership, as applicable, proceedings, and this Security Agreement constitutes a legal, valid and binding obligation of such Grantor and creates a security interest which is enforceable
      against such Grantor in all Collateral it now owns or hereafter acquires, except as enforceability may be limited by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization or similar laws relating to or affecting the enforcement of
      creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), and (iii) requirements of reasonableness, good faith and fair dealing.  When financing statements have been filed in the
      appropriate offices against such Grantor in the locations listed in Exhibit “D”, the Collateral Agent will have a perfected first priority security interest in
      the Collateral owned by such Grantor in which a security interest may be perfected by filing of a financing statement under the New York UCC, subject only to Liens permitted under Section 4.1.6 hereof.

  
    5

    
      

  

  3.2.        Conflicting Laws and Contracts.  Neither the execution and delivery by such Grantor of this Security Agreement, the creation and perfection of the security interest in the Collateral granted
      hereunder, nor compliance with the terms and provisions hereof will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on such Grantor, or (ii) such Grantor’s charter, articles or certificate of
      incorporation, partnership agreement or by-laws (or similar constitutive documents), or (iii) the provisions of any indenture, instrument or agreement to which such Grantor is a party or is subject, or by which it, or its property may be bound or
      affected, or conflict with or constitute a default thereunder, or result in or require the creation or imposition of any Lien in, of or on the property of such Grantor pursuant to the terms of any such indenture, instrument or agreement (other than
      any Lien of the Collateral Agent on behalf of the Holders of Secured Obligations) except, in each case, which could not reasonably be expected to result in a Material Adverse Effect.

   

    

  3.3.        Principal Location.  Such Grantor’s mailing address and the location of its place of business (if it has only one) or its chief executive office (if it has more than one place of business),
      is disclosed in Exhibit “A”.

   

    

  3.4.        Property Locations.  The Inventory and Equipment of each Grantor are located solely at the locations of such Grantor described in Exhibit “A”.  All of said locations are owned by such Grantor except for locations (i) which are leased by such Grantor as lessee and designated in Part B of Exhibit “A” and (ii) at which Inventory is held in a public warehouse or is otherwise held by a bailee or on consignment by such Grantor as designated in Part C of Exhibit “A”.

   

    

  3.5.        No Other Names; Etc..  Within the five-year period ending as of the date such Person becomes a Grantor hereunder, such Grantor has not conducted business under any name, changed its
      jurisdiction of formation, merged with or into or consolidated with any other Person, except as disclosed in Exhibit “A”.  The name in which such Grantor has
      executed this Security Agreement is the exact name as it appears in such Grantor’s organizational documents, as amended, as filed with such Grantor’s jurisdiction of organization as of the date such Person becomes a Grantor hereunder.

   

    

  3.6.        Accounts and Chattel Paper.  The names of the obligors, amounts owing, due dates and other information with respect to the Accounts and Chattel Paper owned by such Grantor are and will be
      correctly stated in all material respects in all material records of such Grantor relating thereto and in all material invoices and reports with respect thereto furnished to the Collateral Agent by such Grantor from time to time.

   

    

  3.7.        Filing Requirements.  None of the Equipment owned by such Grantor is covered by any certificate of title.  None of the Collateral owned by such Grantor is of a type for which security
      interests or liens may be perfected by filing under any federal statute except for Patents, Trademarks and Copyrights held by such Grantor and described in Exhibit “B”.

   

    

  3.8.        No Financing Statements.  No financing statement describing all or any portion of the Collateral which has not lapsed or been terminated naming such Grantor as debtor has been filed in any
      jurisdiction except financing statements (i) naming the Collateral Agent on behalf of the Holders of Secured Obligations as the secured party and (ii) in respect of Liens permitted by Section 6.02 of the Credit Agreement; provided, that nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the Collateral Agent under the Loan Documents to any Liens otherwise
      permitted under Section 6.02 of the Credit Agreement.

   

    

  3.9.        Federal Employer Identification Number; State Organization Number; Jurisdiction of Organization.  Such Grantor’s federal employer identification number is, and if such Grantor is a registered
      organization, such Grantor’s State of organization, type of organization and State of organization identification number are, listed in Exhibit “F”.

   

    

  3.10.      Pledged Securities and Other Investment Property.  Exhibit “C” sets forth a complete and accurate list
      of the Instruments, Securities and other Investment Property constituting Collateral and delivered to the Collateral Agent.  Each Grantor is the direct and beneficial owner of each Instrument, Security and other type of Investment Property listed in
      Exhibit “C” as being owned by it, free and clear of any Liens, except for the security interest granted to the Collateral Agent for the benefit of the Holders of
      Secured Obligations hereunder or as permitted by Section 6.02 of the Credit Agreement.

  
    6

    
      

  

  3.11.      Intellectual Property.

   

      

  3.11.1 Exhibit “B” contains a complete and accurate listing as of the date hereof of all Registered U.S. Intellectual Property Collateral (other than intellectual property
      excluded from the definition of Collateral), including: (i) U.S. trademark registrations and U.S. applications for trademark registration, (ii) U.S. patents and U.S. patents applications, together with all U.S. reissuances, continuations,
      continuations in part, revisions, extensions and reexaminations thereof, (iii) U.S. copyright registrations and applications for registration and (iv) U.S. domain names.  Grantor has all right, title and interest to the Intellectual Property
      Collateral listed in Exhibit “B”.  When Confirmatory Grants of Security Interest have been filed with the United States Patent and Trademark Office and the United
      States Copyright Office, as applicable, the Collateral Agent will have a perfected first priority security interest in the Registered U.S. Intellectual Property Collateral owned by such Grantor in which a security interest may be perfected by making
      such filings, subject only to Liens permitted under Section 4.1.6 hereof.

  
    
       

          

      3.11.2 Except as
          set forth on Exhibit “B”, no Person other than the respective Grantor has any right or interest of any kind or nature in or to the Intellectual Property
          Collateral, including any right to sell, license, lease, transfer, distribute, use or otherwise exploit the Intellectual Property or any portion thereof outside of the ordinary course of the respective Grantor’s business.

    

  

  
    
       

          

      3.11.3 No Grantor
          has received any written notice that remains outstanding challenging the validity, enforceability, or ownership of any Intellectual Property Collateral except where those challenges could not reasonably be expected to result in a Material Adverse
          Effect.

    

  

  
    
       

          

      3.11.4 Each
          Grantor has enforced and currently enforces reasonable quality control measures in connection with such Grantor’s licensing of the trademarks listed on Exhibit “B”
          to third parties, except (i) with respect to trademarks not currently in use and (ii) where the failure to use such reasonable quality control measures could not reasonably be expected to result in a Material Adverse Effect.

    

  

  
    
       

          

      3.11.5 The
          consummation of the transactions contemplated by the Loan Documents will not result in the termination or material impairment of any of the material Intellectual Property.

    

  

   

    

  ARTICLE IV

      

      COVENANTS

   

    

  From the date of this Security Agreement and thereafter until this Security Agreement is terminated, each of the Initial
      Grantors agrees, and from and after the effective date of any Security Agreement Supplement applicable to any Grantor (and after giving effect to supplements to each of the Exhibits hereto with respect to such subsequent Grantor as attached to such
      Security Agreement Supplement) and thereafter until this Security Agreement is terminated each such subsequent Grantor agrees:

   

    

  4.1.        General.

   

    

  
    
      4.1.1 Inspection.  Each Grantor will permit the Collateral Agent or any Holder of Secured Obligations, by its representatives and agents (upon reasonable prior notice so
          long as no Event of Default has occurred and is continuing) (i) to inspect the Collateral, (ii) to examine and make copies of the records of such Grantor relating to the Collateral and (iii) to discuss the Collateral and the related records of
          such Grantor with such Grantor’s officers and employees (so long as an Event of Default has occurred and is continuing, in the case of any Receivable, with any person or entity which is or may be obligated thereon), all at such reasonable times
          and intervals as the Collateral Agent or such Holder of Secured Obligations may determine, and all at such Grantor’s expense.

    

  

  
    
      
        7

        
          

      

      4.1.2 Taxes. 

          Such Grantor will timely file or cause to be filed all tax returns and reports required to be filed and will pay or cause to be paid all taxes required to be paid by it with respect to the Collateral, except (i) those that are being contested in
          good faith by appropriate proceedings and for which such Grantor has set aside on its books adequate reserves or (ii) to the extent that failure to do so could not reasonably be expected to result in a Material Adverse Effect.

    

  

  
    
       

        

      4.1.3 Records and Reports; Notification of Default.  Each Grantor shall keep and maintain complete, accurate and proper books and records with respect to the Collateral
          owned by such Grantor, and furnish to the Collateral Agent, with sufficient copies for each of the Holders of Secured Obligations, such reports relating to the Collateral as the Collateral Agent shall from time to time reasonably request.  Each
          Grantor will give prompt notice in writing to the Collateral Agent of the occurrence of any development which could reasonably be expected to materially and adversely affect the Collateral, taken as a whole.

    

  

  
    
       

        

      4.1.4 Financing Statements and Other Actions; Defense of Title.  Each Grantor hereby authorizes the Collateral Agent to file, and if requested will execute and deliver
          to the Collateral Agent, all financing statements describing the Collateral owned by such Grantor and other documents and take such other actions as may from time to time reasonably be requested by the Collateral Agent in order to maintain a
          first priority, perfected security interest in and, if applicable, Control of, the Collateral owned by such Grantor, subject to Liens permitted under Section 6.02 of the Credit Agreement, provided that nothing herein shall be deemed to constitute
          an agreement to subordinate any of the Liens of the Collateral Agent under the Loan Documents to any Liens otherwise permitted under Section 6.02 of the Credit Agreement.  Such financing statements may describe the Collateral in the same manner
          as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Collateral Agent may determine, in its reasonable discretion, is necessary, advisable or prudent to ensure that
          the perfection of the security interest in the Collateral granted to the Collateral Agent herein, including, without limitation, describing such property as “all assets” or “all personal property, whether now owned or hereafter acquired.”  Each
          Grantor will use commercially reasonable efforts to defend title to the Collateral owned by such Grantor against all persons in a manner materially consistent with past practices and to defend the security interest of the Collateral Agent in such
          Collateral and the priority thereof against any Lien not expressly permitted hereunder, unless (i) such Collateral has a book value of less than $500,000 or (ii) the Collateral Agent shall have provided its written consent with respect thereto.

    

  

  
    
       

        

      4.1.5 Disposition of Collateral.  No Grantor will sell, lease or otherwise dispose of the Collateral owned by such Grantor except (i) dispositions specifically permitted
          pursuant to Section 6.03 of the Credit Agreement and (ii) until such time as such Grantor receives a notice from the Collateral Agent pursuant to Article VII,
          proceeds of Inventory and Accounts collected in the ordinary course of business.

    

  

  
    
       

        

      4.1.6 Liens.  No Grantor will create, incur, or suffer to exist any Lien on the Collateral owned by such Grantor except Liens permitted pursuant to Section 6.02 of the
          Credit Agreement, provided, that nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the Collateral Agent under the
          Loan Documents to any Liens otherwise permitted under Section 6.02 of the Credit Agreement.

    

  

  
    
       

        

      4.1.7 Change in Corporate Existence, Type or Jurisdiction of Organization, Location, Name.  Each Grantor will:

    

  

  
    
       

        

      
        	
                

                

              	
                (i)

              	
                preserve its existence and corporate structure as in effect on the date hereof, except as otherwise permitted under Section 6.03 of
                    the Credit Agreement;

              

      

    

  

  
    
       

        

      
        	 	
                (ii)

              	
                not change its jurisdiction of organization;

              

      

    

  

  
    
       

        

      
        	 	
                (iii)

              	
                not maintain its place of business (if it has only one) or its chief executive office (if it has more than one place of business) at
                    a location other than a location specified in Exhibit “A”; and

              

      

    

  

  
    
       

        

      
        	 	(iv)	not (i) have any Inventory or Equipment or proceeds or products thereof (other than Inventory and
                  proceeds thereof disposed of as permitted by Section 4.1.5) at a location other than a location specified in Exhibit “A” or (ii) change its name or taxpayer identification number, unless, in each such case, such Grantor shall have given the Collateral Agent not less than thirty (30)
                  days’ prior written notice of such event or occurrence and the Collateral Agent shall have either (x) determined that such event or occurrence will not adversely affect the validity, perfection or priority of the Collateral Agent’s
                  security interest in the Collateral, or (y) taken such steps (with the cooperation of such Grantor to the extent necessary or advisable) as are necessary or advisable to properly maintain the validity, perfection and priority of the
                  Collateral Agent’s security interest in the Collateral owned by such Grantor.

      

    

  

  
    
      
        8

        
          

      

      4.1.8 Other Financing Statements.  No Grantor will suffer to exist or authorize the filing of any financing statement naming it as debtor covering all or any portion of
          the Collateral owned by such Grantor, except any financing statement authorized under Section 4.1.4 hereof.  Each Grantor acknowledges that it is not
          authorized to file any financing statement or amendment or termination statement with respect to any financing statement filed in connection herewith without the prior written consent of the Collateral Agent, subject to such Grantor’s rights
          under Section 9-509(d)(2) of the New York UCC.

    

  

   

    

  4.2.        Receivables.

  
    
       

          

      4.2.1 Certain Agreements on Receivables.  After written notice from the Collateral Agent during the occurrence and continuation of an Event of Default, no Grantor will
          make or agree to make any discount, credit, rebate or other reduction in the original amount owing on a Receivable or accept in satisfaction of a Receivable less than the original amount thereof (other than discounting of receivables owing from
          distressed customers in a manner consistent with prudent business practices).

    

  

  
    
       

          

      4.2.2 Collection of Receivables.  Except as otherwise provided in this Security Agreement, each Grantor will collect and enforce, at such Grantor’s sole expense, all
          amounts due or hereafter due to such Grantor under the Receivables owned by such Grantor; provided that each Grantor may adjust, settle, compromise or release the amount or payment of any Receivable or amount due on any contract relating thereto,
          or allow any credit or discount thereon, in the ordinary course of its business and consistent with its normal business practices.

    

  

  
    
       

          

      4.2.3 Delivery of Invoices.  Each Grantor will deliver to the Collateral Agent immediately upon its request after the occurrence of an Event of Default duplicate
          invoices with respect to each Account owned by such Grantor bearing such language of assignment as the Collateral Agent shall specify.

    

  

   

    

  4.3.        Maintenance of Goods.  Each Grantor will do all things necessary to maintain, preserve, protect and keep the Inventory and the Equipment owned by such Grantor in good repair, working order
      and saleable condition (ordinary wear and tear excepted) and make all necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith may be properly conducted at all times, except where the failure to
      do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

   

    

  4.4.        Instruments, Securities, Chattel Paper, Documents and Pledged Deposits.  Each Grantor will (i) deliver to the Collateral Agent immediately upon execution of this Security Agreement, or upon
      acquisition by the Grantor thereafter, the originals of all Chattel Paper, Securities (to the extent certificated) and Instruments constituting Collateral (if any then exist), (ii) hold in trust for the Collateral Agent upon receipt and immediately
      thereafter deliver to the Collateral Agent any Chattel Paper, Securities and Instruments constituting Collateral, (iii) upon the designation of any Pledged Deposits (as set forth in the definition thereof), deliver to the Collateral Agent such
      Pledged Deposits which are evidenced by certificates included in the Collateral endorsed in blank, marked with such legends and assigned as the Collateral Agent shall specify, and (iv) upon the Collateral Agent’s request, after the occurrence and
      during the continuance of an Event of Default, deliver to the Collateral Agent (and thereafter hold in trust for the Collateral Agent upon receipt and immediately deliver to the Collateral Agent) any Document evidencing or constituting Collateral.

   

    

  4.5.        Uncertificated Securities and Certain Other Investment Property.  Each Grantor will permit the Collateral Agent from time to time to cause the appropriate issuers (and, if held with a
      securities intermediary, such securities intermediary) of uncertificated securities or other types of Investment Property not represented by certificates which are Collateral owned by such Grantor to mark their books and records with the numbers and
      face amounts of all such uncertificated securities or other types of Investment Property not represented by certificates and all rollovers and replacements therefor to reflect the Lien of the Collateral Agent granted pursuant to this Security
      Agreement.  Each Grantor will use all commercially reasonable efforts, with respect to Investment Property constituting Collateral owned by such Grantor held with a financial intermediary, to cause such financial intermediary to enter into a control
      agreement with the Collateral Agent in form and substance reasonably satisfactory to the Collateral Agent.

   

    

  4.6.        Stock and Other Ownership Interests.

  
    
       

          

      4.6.1 Changes in Capital Structure of Issuers.  Except as permitted in the Credit Agreement, no Grantor will (i) permit or suffer any issuer of privately held corporate
          securities or other ownership interests in a corporation, partnership, joint venture or limited liability company constituting Collateral owned by such Grantor to dissolve, liquidate, retire any of its capital stock or other Instruments or
          Securities evidencing ownership, reduce its capital or merge or consolidate with any other entity, or (ii) vote any of the Instruments, Securities or other Investment Property in favor of any of the foregoing except to the extent permitted under
          Section 6.03 of the Credit Agreement.

    

  

  
    
      
        9

        
          

      

      4.6.2 Issuance of Additional Securities. No Grantor will permit or suffer any Domestic Subsidiary to issue any such securities or other ownership interests, any right to
          receive the same or any right to receive earnings, except to such Grantor or another Grantor.

    

  

  
    
       

          

      4.6.3 Registration of Pledged Securities and other Investment Property.  Each Grantor will permit any registrable Collateral owned by such Grantor to be registered in
          the name of the Collateral Agent or its nominee at any time at the option of the Required Lenders following the occurrence and during the continuance of an Event of Default and without any further consent of such Grantor.

    

  

  
    
       

          

      4.6.4 Exercise of Rights in Pledged Securities and other Investment Property.  Each Grantor will permit the Collateral Agent or its nominee at any time during the
          continuance of an Event of Default, without notice, to exercise or refrain from exercising any and all voting and other consensual rights pertaining to the Collateral owned by such Grantor or any part thereof, and to receive all dividends and
          interest in respect of such Collateral.

    

  

   

    

  4.7.        Deposit Accounts.  Each Grantor will (i) upon the Collateral Agent’s reasonable request, use commercially reasonable efforts to cause each bank or other financial institution in which it
      maintains (a) a Deposit Account to enter into a control agreement with the Collateral Agent, in form and substance reasonably satisfactory to the Collateral Agent in order to give the Collateral Agent Control of the Deposit Account or (b) other
      deposits (general or special, time or demand, provisional or final) to be notified of the security interest granted to the Collateral Agent hereunder and cause each such bank or other financial institution to acknowledge such notification in writing
      and (ii) upon the Collateral Agent’s request after the occurrence and during the continuance of an Event of Default, deliver to each such bank or other financial institution a letter, in form and substance reasonably acceptable to the Collateral
      Agent, transferring ownership of the Deposit Account to the Collateral Agent or transferring dominion and control over each such other deposit to the Collateral Agent until such time as no Event of Default exists.  In the case of deposits maintained
      with Lenders, the terms of such letter shall be subject to the provisions of the Credit Agreement regarding setoffs.

   

    

  4.8.        Letter-of-Credit Rights.  Each Grantor will, upon the Collateral Agent’s request, use commercially reasonable efforts to cause each issuer of a letter of credit, to consent to the assignment
      of proceeds of any letter of credit with respect to which such Grantor is the beneficiary in an amount in excess of $1,000,000 in order to give the Collateral Agent Control of the letter-of-credit rights to such letter of credit.

   

    

  4.9.        Federal, State or Municipal Claims.  Each Grantor will notify the Collateral Agent of any Collateral owned by such Grantor which constitutes a claim against the United States government or
      any state or local government or any instrumentality or agency thereof in excess of $1,000,000, the assignment of which claim is restricted by federal, state or municipal law.    Furthermore, each Grantor will execute and deliver to the Collateral
      Agent such documents, agreements and instruments, and will take such further actions (including, without limitation, the taking of necessary actions under the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727 et seq. and 41
      U.S.C. § 15 et seq.)), which the Collateral Agent may, from time to time, reasonably request, to ensure perfection and priority of the Liens hereunder in respect of Accounts and General Intangibles owing by any government or instrumentality or agency
      thereof, all at the expense of the Company.

   

    

  4.10.      Intellectual Property.

  
    
       

          

      4.10.1 If, after
          the date hereof, any Grantor obtains rights to, including, but not limited to filing and acceptance of a statement of use or an amendment to allege use with the United States Patent and Trademark Office, or applies for or seeks registration of,
          any new patentable invention, Trademark or Copyright in addition to the Intellectual Property described in Exhibit “B”, which are all of such Grantor’s Intellectual Property as of the date hereof, then such Grantor shall give the
          Collateral Agent notice thereof concurrently with any delivery of financial statements under Section 5.01(a) or 5.01(b) of the Credit Agreement.  Each Grantor agrees promptly upon request by the Collateral Agent to execute and deliver to the
          Collateral Agent any supplement to this Security Agreement, Confirmatory Grants of Security Interest or any other document reasonably requested by the Collateral Agent to evidence such security interest in a form appropriate for recording in the
          applicable federal office.  Each Grantor also hereby authorizes the Collateral Agent to modify this Security Agreement unilaterally (i) by amending Exhibit “B” to include any future Intellectual Property of which the Collateral Agent
          receives notification from such Grantor pursuant hereto and (ii) by recording with the United States Patent and Trademark Office and/or the United States Copyright Office, in addition to and not in substitution for this Security Agreement,
          Confirmatory Grants of Security Interest containing a schedule of such future Patents, Trademarks and/or Copyrights.

    

  

   

    

  4.11.       Commercial Tort Claims.  If, after the date hereof, any Grantor identifies the existence of a commercial tort claim in excess of $1,000,000 belonging to such Grantor that has arisen in the course of
        such Grantor’s business in addition to the commercial tort claims described in Exhibit “E”, which are all of such Grantor’s commercial tort claims in excess of $1,000,000 as of the date hereof, then such Grantor shall give the Collateral
        Agent prompt notice thereof, but in any event not less frequently than quarterly.  Each Grantor agrees promptly upon request by the Collateral Agent to execute and deliver to the Collateral Agent any supplement to this Security Agreement or any
        other document reasonably requested by the Collateral Agent to evidence the grant of a security interest therein in favor of the Collateral Agent.

   

    

  4.12.      Updating of Exhibits to Security Agreement.  The Company will provide to the Collateral Agent, concurrently with the delivery of the financial statements required by Section 5.01(a) of the
        Credit Agreement, updated versions of the Exhibits to this Security Agreement (provided that if there have been no changes to any such Exhibits since the previous updating thereof required hereby, the Company shall indicate that there has
        been “no change” to the applicable Exhibit(s)).

  
    10

    
      

  

  ARTICLE V

      

      REMEDIES

   

    

  5.1.        Remedies.  Upon the occurrence and continuance of an Event of Default, the Collateral Agent may, in accordance with the terms of the Loan Documents, exercise any or all of the following
      rights and remedies:

  
    
       

          

      5.1.1 Those
          rights and remedies provided in this Security Agreement, the Credit Agreement or any other Loan Document, provided that this Section 5.1.1 shall not be understood to limit any rights or remedies available to the Collateral Agent and the Holders of Secured Obligations prior to an Event of Default.

    

  

  
    
       

          

      5.1.2 Those
          rights and remedies available to a secured party under the New York UCC (whether or not the New York UCC applies to the affected Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a
          bank’s right of setoff or bankers’ lien).

    

  

  
    
       

          

      5.1.3 Without
          notice except as specifically provided in Section 8.1 hereof or elsewhere herein, sell, lease, assign, grant an option or options to purchase or otherwise
          dispose of the Collateral or any part thereof in one or more parcels at public or private sale, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem commercially reasonable.

       

        

    

  

  The Collateral Agent, on behalf of the Holders of Secured Obligations, may comply with any applicable state or federal law requirements in
      connection with a disposition of the Collateral, and such compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral.

   

    

  If, after the Credit Agreement has terminated by its terms and all of the Secured Obligations have been paid in full, there remain outstanding Swap
      Obligations or Banking Services Obligations, the Required Lenders may exercise the remedies provided in this Section 5.1 upon the occurrence of any event which
      would allow or require the termination or acceleration of any Swap Obligations or Banking Services Obligations.

   

    

  Notwithstanding the foregoing, neither the Collateral Agent nor any other Holder of Secured Obligations shall be required to (i) make any demand
      upon, or pursue or exhaust any of their rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Secured Obligations or to pursue or exhaust any of their rights or remedies
      with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or to resort to the Collateral or any such guarantee in any particular order, or (iii) effect
      a public sale of any Collateral.

   

    

  5.2.         Grantors’ Obligations Upon an Event of Default.  Upon the request of the Collateral Agent after the occurrence of an Event of Default, each Grantor will:

  
    
       

          

      5.2.1 Assembly of Collateral.  Assemble and make available to the Collateral Agent the Collateral and all records relating thereto at any place or places reasonably
          specified by the Collateral Agent.

    

  

  
    
       

          

      5.2.2 Secured Party Access.  Permit the Collateral Agent, by the Collateral Agent’s representatives and agents, to enter any premises where all or any part of the
          Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral and to remove all or any part of the Collateral.

    

  

   

    

  5.3.         License.  The Collateral Agent is hereby granted a license or other right to use, following the occurrence and during the continuance of an Event of Default, without charge, each Grantor’s
      labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks, customer lists and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of,
      advertising for sale, and selling any Collateral, and, following the occurrence and during the continuance of an Event of Default, such Grantor’s rights under all licenses and all franchise agreements shall inure to the Collateral Agent’s benefit for
      such purpose.  In addition, each Grantor hereby irrevocably agrees that the Collateral Agent may, following the occurrence and during the continuance of an Event of Default, sell any of such Grantor’s Inventory directly to any person, including
      without limitation persons who have previously purchased such Grantor’s Inventory from such Grantor and in connection with any such sale or other enforcement of the Collateral Agent’s rights under this Security Agreement, may sell Inventory which
      bears any trademark owned by or licensed to such Grantor and any Inventory that is covered by any copyright owned by or licensed to such Grantor and the Collateral Agent may finish any work in process and affix any trademark owned by or licensed to
      such Grantor and sell such Inventory as provided herein.

  
    11

    
      

  

  ARTICLE VI

      

      WAIVERS, AMENDMENTS AND REMEDIES

   

    

  No delay or omission of the Collateral Agent or any Holder of Secured Obligations to exercise any right or remedy granted under
      this Security Agreement shall impair such right or remedy or be construed to be a waiver of any Event of Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further
      exercise thereof or the exercise of any other right or remedy.  No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing signed by (a) the Collateral Agent
      and (b) each Grantor, and then only to the extent in such writing specifically set forth, provided that the addition of any Subsidiary as a Grantor hereunder by execution of a Security Agreement Supplement in the form of Annex I (with such modifications as shall be reasonably acceptable to the Collateral Agent) shall not require receipt of any consent from or execution of any documentation by any other
      Grantor party hereto.  All rights and remedies contained in this Security Agreement or by law afforded shall be cumulative and all shall be available to the Collateral Agent and the Holders of Secured Obligations until the Secured Obligations have
      been paid in full.

   

    

  ARTICLE VII

      

      PROCEEDS; COLLECTION OF RECEIVABLES

   

    

  7.1.        Lockboxes.  Upon request of the Collateral Agent after the occurrence of an Event of Default, each Grantor shall execute and deliver to the Collateral Agent irrevocable lockbox agreements in
      the form provided by or otherwise reasonably acceptable to the Collateral Agent, which agreements shall be accompanied by an acknowledgment by the bank where the lockbox is located of the Lien of the Collateral Agent granted hereunder and of
      irrevocable instructions to wire all amounts collected therein to a special collateral account at the Collateral Agent.

   

    

  7.2.        Collection of Receivables.  The Collateral Agent may at any time after the occurrence of an Event of Default, by giving each Grantor written notice, elect to require that the Receivables be
      paid directly to the Collateral Agent for the benefit of the Holders of Secured Obligations.  In such event, each Grantor shall, and shall permit the Collateral Agent to, promptly notify the account debtors or obligors under the Receivables owned by
      such Grantor of the Collateral Agent’s interest therein and direct such account debtors or obligors to make payment of all amounts then or thereafter due under such Receivables directly to the Collateral Agent.  Upon receipt of any such notice from
      the Collateral Agent, each Grantor shall thereafter hold in trust for the Collateral Agent, on behalf of the Holders of Secured Obligations, all amounts and proceeds received by it with respect to the Receivables and Other Collateral and immediately
      and at all times thereafter deliver to the Collateral Agent all such amounts and proceeds in the same form as so received, whether by cash, check, draft or otherwise, with any necessary endorsements.  The Collateral Agent shall hold and apply funds
      so received as provided by the terms of Section 7.3 hereof.

   

    

  7.3.        Application of Proceeds.  The proceeds of the Collateral received by the Collateral Agent hereunder shall be applied by the Collateral Agent to payment of the Secured Obligations pursuant to
      the terms of the Credit Agreement.

   

    

  ARTICLE VIII

      

      GENERAL PROVISIONS

   

    

  8.1.        Notice of Disposition of Collateral; Condition of Collateral.  Each Grantor hereby waives notice of the time and place of any public sale or the time after which any private sale or other
      disposition of all or any part of the Collateral may be made.  To the extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to the Company, addressed as set forth in Article IX, at least ten (10) days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made.  The Collateral
      Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale.  To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against the Collateral Agent or any other Holder of
      Secured Obligations arising out of the repossession, retention or sale of the Collateral, except such as arise solely out of the gross negligence or willful misconduct of the Collateral Agent or such other Holder of Secured Obligations as finally
      determined by a court of competent jurisdiction. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against the Collateral Agent or any other
      Holder of Secured Obligations, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable
      to the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Security Agreement, or otherwise.  Except as otherwise specifically provided herein, each Grantor hereby
      waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security Agreement or any Collateral.

  
    12

    
      

  

  8.2.        Compromises and Collection of Collateral.  Each Grantor and the Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to
      certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected
      to be recovered with respect to a Receivable.  In view of the foregoing, each Grantor agrees that the Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any
      Receivable, accept in full payment of any Receivable such amount as the Collateral Agent in its reasonable discretion shall determine or abandon any Receivable, and any such action by the Collateral Agent shall be commercially reasonable so long as
      the Collateral Agent acts in good faith based on information known to it at the time it takes any such action.

   

    

  8.3.        Secured Party Performance of Grantor’s Obligations.  Without having any obligation to do so, the Collateral Agent may perform or pay any obligation which any Grantor has agreed to perform or
      pay in this Security Agreement if any Grantor fails to perform or pay such obligation and such Grantor shall reimburse the Collateral Agent for any reasonable amounts paid by the Collateral Agent pursuant to this Section 8.3.  Each Grantor’s obligation to reimburse the Collateral Agent pursuant to the preceding sentence shall be a Secured Obligation payable on demand.

   

    

  8.4.        Authorization for Secured Party to Take Certain Action.  Each Grantor irrevocably authorizes the Collateral Agent at any time and from time to time in the reasonable discretion of the
      Collateral Agent and appoints the Collateral Agent as its attorney in fact (i) to execute on behalf of such Grantor as debtor and to file financing statements necessary or desirable in the Collateral Agent’s reasonable discretion to perfect and to
      maintain the perfection and priority of the Collateral Agent’s security interest in the Collateral, (ii) to indorse and collect any cash proceeds of the Collateral during the continuance of an Event of Default, (iii) to file a carbon, photographic or
      other reproduction of this Security Agreement or any financing statement with respect to the Collateral as a financing statement and to file any other financing statement or amendment of a financing statement (which does not add new collateral or add
      a debtor) in such offices as the Collateral Agent in its reasonable discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the Collateral Agent’s security interest in the Collateral, (iv) during the
      continuance of an Event of Default, to contact and enter into one or more agreements with the issuers of uncertificated securities which are Collateral owned by such Grantor and which are Securities or with financial intermediaries holding other
      Investment Property as may be necessary or advisable to give the Collateral Agent Control over such Securities or other Investment Property, (v) during the continuance of an Event of Default, to enforce payment of the Instruments, Accounts and
      Receivables in the name of the Collateral Agent or such Grantor, (vi) to apply the proceeds of any Collateral received by the Collateral Agent to the Secured Obligations as provided in Article VII and (vii) to discharge past due taxes, assessments, charges, fees or Liens on the Collateral (except for such Liens as are specifically permitted hereunder or under any other Loan Document), and each Grantor
      agrees to reimburse the Collateral Agent on demand for any reasonable payment made or any reasonable expense incurred by the Collateral Agent in connection therewith, provided that this authorization shall not relieve any Grantor of any of its
      obligations under this Security Agreement or under the Credit Agreement.

   

    

  8.5.        Specific Performance of Certain Covenants.  Each Grantor acknowledges and agrees that a breach of any of the covenants contained in Sections 4.1.5, 4.1.6, 4.4, 5.2, or 8.7 or in Article VII hereof will cause irreparable injury to the Collateral Agent and the Holders of Secured Obligations, that the Collateral Agent and Holders of Secured Obligations have no adequate remedy at law in respect of
      such breaches and therefore agrees, without limiting the right of the Collateral Agent or the Holders of Secured Obligations to seek and obtain specific performance of other obligations of the Grantors contained in this Security Agreement, that the
      covenants of the Grantors contained in the Sections referred to in this Section 8.5 shall be specifically enforceable against the Grantors.

   

    

  8.6.        Use and Possession of Certain Premises.  Upon the occurrence of an Event of Default, the Collateral Agent shall be entitled to occupy and use any premises owned or leased by the Grantors
      where any of the Collateral or any records relating to the Collateral are located until the Secured Obligations are paid or the Collateral is removed therefrom, whichever first occurs, without any obligation to pay any Grantor for such use and
      occupancy.

   

    

  8.7.        Dispositions Not Authorized.  No Grantor is authorized to sell or otherwise dispose of the Collateral except as set forth in Section 4.1.5 hereof and notwithstanding any course of dealing between any Grantor and the Collateral Agent or other conduct of the Collateral Agent, no authorization to sell or otherwise dispose of the Collateral
      (except as set forth in Section 4.1.5 hereof) shall be binding upon the Collateral Agent or the Holders of Secured Obligations unless such authorization is in
      writing signed by the Collateral Agent.

   

    

  8.8.        Benefit of Agreement.  The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of the Grantors, the Collateral Agent and the Holders of Secured
      Obligations and their respective successors and assigns (including all persons who become bound as a debtor to this Security Agreement), except that the Grantors shall not have the right to assign their rights or delegate their obligations under this
      Security Agreement or any interest herein, without the prior written consent of the Collateral Agent.  No sales of participations, assignments, transfers, or other dispositions of any agreement governing the Secured Obligations or any portion thereof
      or interest therein shall in any manner impair the Lien granted to the Collateral Agent, for the benefit of the Collateral Agent and the other Holders of Secured Obligations, hereunder.

  
    13

    
      

  

  8.9.        Survival of Representations.  All representations and warranties of the Grantors contained in this Security Agreement shall survive the execution and delivery of this Security Agreement.

   

    

  8.10.      Taxes and Expenses.  Any taxes (including income taxes) payable or ruled payable by a Federal or State authority in respect of this Security Agreement shall be paid by the Grantors, together
      with interest and penalties, if any.  The Grantors shall reimburse the Collateral Agent for any and all reasonable out-of-pocket expenses and internal charges (including reasonable attorneys’, auditors’ and accountants’ fees and reasonable time
      charges of attorneys, paralegals, auditors and accountants who may be employees of the Collateral Agent) paid or incurred by the Collateral Agent in connection with the preparation, execution, delivery, administration, collection and enforcement of
      this Security Agreement and in the audit, analysis, administration, collection, preservation or sale of the Collateral (including the expenses and charges associated with any periodic or special audit of the Collateral).  Any and all costs and
      expenses incurred by the Grantors in the performance of actions required pursuant to the terms hereof shall be borne solely by the Grantors.

   

    

  8.11.      Headings.  The title of and section headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of
      this Security Agreement.

   

    

  8.12.      Termination.  This Security Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no Secured Obligations outstanding) until (i) any and all
      commitments to extend credit under the Loan Documents have terminated and (ii) all of the Secured Obligations (other than contingent indemnity obligations) have been indefeasibly paid in cash and performed in full and no commitments of the Collateral
      Agent or the Holders of Secured Obligations which would give rise to any Secured Obligations are outstanding.

   

    

  8.13.      Entire Agreement.  This Security Agreement and the other Loan Documents embody the entire agreement and understanding between the Grantors and the Collateral Agent relating to the Collateral.

   

    

  8.14.      Governing Law; Jurisdiction; Waiver of Jury Trial.

  
    
       

          

      8.14.1 THIS SECURITY AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

    

  

  
    
       

          

      8.14.2 Each
          Grantor hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County, Borough of Manhattan and of the United States District
          Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Security Agreement or any other Loan Document, or for recognition or enforcement of any
          judgment, and each Grantor hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. 
          Each Grantor 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 Security Agreement or any
          other Loan Document shall affect any right that the Collateral Agent may otherwise have to bring any action or proceeding relating to this Security Agreement or any other Loan Document against any Grantor or its properties in the courts of any
          jurisdiction.

    

  

  
    
       

          

      8.14.3 Each
          Grantor 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 Security Agreement in any court referred to in Section 8.14.2.  Each Grantor 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.

    

  

  
    
       

          

      8.14.4 Each party
          to this Security Agreement irrevocably consents to service of process in the manner provided for notices in Article IX of this Security Agreement, and each of the Grantors hereby appoints the Company as its agent for service of process.  Nothing
          in this Security Agreement will affect the right of any party to this Security Agreement to serve process in any other manner permitted by law.

    

  

  
    
       

          

      8.14.5 WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
          BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER LOAN DOCUMENT (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
          HAVE BEEN INDUCED TO ENTER INTO THIS SECURITY AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

    

  

  
    14

    
      

  

   8.15.       Indemnity.  Each Grantor hereby agrees, jointly with the other Grantors and severally, to indemnify the Collateral Agent and the Holders of Secured Obligations (collectively, the “Indemnitees”), and their respective successors, assigns, agents and employees, from and against any and all liabilities, damages, penalties, suits, costs and related
      expenses (including, without limitation, all reasonable expenses of litigation or preparation therefor whether or not the Collateral Agent or any Holder of Secured Obligations is a party thereto) imposed on, incurred by or asserted against the
      Collateral Agent or the Holders of Secured Obligations, or their respective successors, assigns, agents and employees, in any way relating to or arising out of this Security Agreement or any other Loan Document, or the manufacture, purchase,
      acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition, sale, return or other disposition of any Collateral (including, without limitation, latent and other defects, whether or not discoverable by the Collateral
      Agent or the Holders of Secured Obligations or any Grantor, and any claim for patent, trademark or copyright infringement); provided that such indemnity shall not, as to any Indemnitee, and its successors, assigns, agents and employees, be available to the extent that such liabilities, damages, penalties, suits, costs, and 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 and its successors, assigns, agents and employees or from the material breach of such Indemnitee’s obligations under the Loan Documents.

   

    

  8.16.      Subordination of Intercompany Indebtedness.  Each Grantor agrees that any and all claims of such Grantor against any other Grantor (each an “Obligor”) with respect to any “Intercompany Indebtedness” (as hereinafter defined), any endorser, obligor or any other guarantor of all or any part of the Secured Obligations, or against any of its
      properties shall be subordinate and subject in right of payment to the prior payment, in full and in cash, of all Secured Obligations, provided that, and not in contravention of the foregoing, so long as no Event of Default has occurred and is
      continuing, such Grantor may make loans to and receive payments in the ordinary course of business with respect to such Intercompany Indebtedness from each such Obligor to the extent not prohibited by the terms of this Security Agreement and the
      other Loan Documents.  Notwithstanding any right of any Grantor to ask, demand, sue for, take or receive any payment from any Obligor, all rights, liens and security interests of such Grantor, whether now or hereafter arising and howsoever existing,
      in any assets of any other Obligor shall be and are subordinated to the rights of the Holders of Secured Obligations and the Collateral Agent in those assets.  No Grantor shall have any right to possession of any such asset or to foreclose upon any
      such asset, whether by judicial action or otherwise, unless and until this Security Agreement has terminated in accordance with Section 8.12 hereof.  If all or any part of the assets of any Obligor, or the proceeds thereof, are subject to any
      distribution, division or application to the creditors of such Obligor, whether partial or complete, voluntary or involuntary, and whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any
      other action or proceeding, or if the business of any such Obligor is dissolved or if substantially all of the assets of any such Obligor are sold, then, and in any such event (such events being herein referred to as an “Insolvency Event”), any payment or distribution of any kind or character, either in cash, securities or other property, which shall be payable or deliverable upon or with respect to any
      indebtedness of any Obligor to any Grantor (“Intercompany Indebtedness”) shall be paid or delivered directly to the Collateral Agent for application on any of the
      Secured Obligations, due or to become due, until such Secured Obligations (other than contingent indemnity obligations) shall have first been fully paid and satisfied (in cash).  Should any payment, distribution, security or instrument or proceeds
      thereof be received by the applicable Grantor upon or with respect to the Intercompany Indebtedness after any Insolvency Event and prior to the termination of this Security Agreement in accordance with Section 8.12 hereof, such Grantor shall receive
      and hold the same in trust, as trustee, for the benefit of the Holders of Secured Obligations and shall forthwith deliver the same to the Collateral Agent, for the benefit of the Holders of Secured Obligations, in precisely the form received (except
      for the endorsement or assignment of the Grantor where necessary), for application to any of the Secured Obligations, due or not due, and, until so delivered, the same shall be held in trust by the Grantor as the property of the Holders of Secured
      Obligations.  If any such Grantor fails to make any such endorsement or assignment to the Collateral Agent, the Collateral Agent or any of its officers or employees is irrevocably authorized to make the same.  Each Grantor agrees that until the
      termination of this Security Agreement in accordance with Section 8.12 hereof, no Grantor will assign or transfer to any Person (other than the Collateral Agent or the Company or another Grantor) any claim any such Grantor has or may have against any
      Obligor.

   

    

  8.17.      Severability.  Any provision in this Security Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative,
      unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Security Agreement are
      declared to be severable.

   

    

  8.18.      Counterparts.  This Security Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of
      which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Security Agreement by telecopy, e-mailed .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 Security 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 Security 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.

  
    15

    
      

  

  8.19.      Limitation on Collateral Agent’s and other Holders of Secured Obligations’ Duty with Respect to the Collateral.  The Collateral Agent shall have no obligation to clean-up or otherwise prepare
      the Collateral for sale. The Collateral Agent and each other Holder of Secured Obligations shall use reasonable care with respect to the Collateral in its possession or under its control.  Neither the Collateral Agent nor any other Holder of Secured
      Obligations shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of the Collateral Agent or such other Holder of Secured Obligations, or any income thereon or as to the
      preservation of rights against prior parties or any other rights pertaining thereto. To the extent that applicable law imposes duties on the Collateral Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and
      agrees that it is commercially reasonable for the Collateral Agent (i) to fail to incur expenses deemed significant by the Collateral Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into finished
      goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the
      collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against account debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral,
      (iv) to exercise collection remedies against account debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through
      publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any portion of
      such Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the
      auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition
      warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure the Collateral Agent against risks of loss, collection or disposition of Collateral or to provide to the Collateral Agent a
      guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the Collateral Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the
      Collateral Agent in the collection or disposition of any of the Collateral.  Each Grantor acknowledges that the purpose of this Section 8.19 is to provide non-exhaustive indications of what actions or omissions by the Collateral Agent would be
      commercially reasonable in the Collateral Agent’s exercise of remedies against the Collateral and that other actions or omissions by the Collateral Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this
      Section 8.19.  Without limitation upon the foregoing, nothing contained in this Section 8.19 shall be construed to grant any rights to any Grantor or to impose any duties on the Collateral Agent that would not have been granted or imposed by this
      Security Agreement or by applicable law in the absence of this Section 8.19.

   

    

  8.20.      Reinstatement.  This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Grantor for liquidation or
      reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of any Grantor’s assets, and shall continue to be
      effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any
      obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made.  In the event that any payment, or any part thereof, is rescinded, reduced,
      restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

   

    

  ARTICLE IX

      

      NOTICES

      

    

  9.1.        Sending Notices.  Any notice required or permitted to be given under this Security Agreement shall be sent (and deemed received) in the manner and to the addresses set forth in Section 9.01
      of the Credit Agreement.  Any notice delivered to the Company shall be deemed to have been delivered to all of the Grantors.

   

    

  9.2.        Change in Address for Notices.  Each of the Grantors, the Collateral Agent and the Lenders may change the address for service of notice upon it by a notice in writing to the other parties in
      accordance with Section 9.01 of the Credit Agreement.

   

    

  ARTICLE X

      

      THE COLLATERAL AGENT

   

    

  JPMorgan Chase Bank, N.A. has been appointed Collateral Agent for the Holders of Secured Obligations hereunder pursuant to
      Article VIII of the Credit Agreement.  It is expressly understood and agreed by the parties to this Security Agreement that any authority conferred upon the Collateral Agent hereunder is subject to the terms of the delegation of authority made by the
      Holders of Secured Obligations to the Collateral Agent pursuant to the Credit Agreement, and that the Collateral Agent has agreed to act (and any successor Collateral Agent shall act) as such hereunder only on the express conditions contained in such
      Article VIII.  Any successor Collateral Agent appointed pursuant to Article VIII of the Credit Agreement shall be entitled to all the rights, interests and benefits of the Collateral Agent hereunder.

  

  

   

    

  [Signature Pages Follow]

  
    16

    
      

  

  IN WITNESS WHEREOF, each of the Grantors and the Collateral Agent have executed this Third Amended and Restated Security
      Agreement as of the date first above written.

  

  

  	 	
          PHOTRONICS, INC.,

        
	 	
          as a Grantor

        
	 	 	 
	 	 	 
	 	
          By:

        	 
	 	
          Name:

        	 
	 	
          Title:

        	 
	 	 	 
	 	
          PHOTRONICS IDAHO, INC.,

        
	 	
          as a Grantor

            

        
	 	 	 
	 	 	 
	 	
          By:

        	 
	 	
          Name:

        	 
	 	
          Title:

        	 
	 	 	 
	 	
          PHOTRONICS TEXAS ALLEN, INC.,

        
	 	
          as a Grantor

        
	 	 	 
	 	 	 
	 	
          By:

        	 
	 	
          Name:

        	 
	 	
          Title:

        	 
	 	 	 
	 	
          PHOTRONICS CALIFORNIA, INC.,

        
	 	
          as a Grantor

        
	 	 	 
	 	 	 
	 	
          By:

        	 
	 	
          Name:

        	 
	 	
          Title:

        	 

   

  

  
     

    

    Signature Page to

    Third Amended and Restated Security Agreement

  

  
    
      

  

  Acknowledged and Agreed

  as of the date first written above:

  

  

  

  

  	
          JPMORGAN CHASE BANK, N.A., as Collateral Agent

        
	 	 	 
	
          By:

        	 	 
	
          Name:

        	 	 
	
          Title:

        	 	 

   

  

  
     

    

    Signature Page to

    Third Amended and Restated Security Agreement

  

  
    
      

  

  
  SCHEDULE 1

      (See defined term “Collateral” in the Security Agreement)

      

  

  All documents related to the Taiwan Joint Venture if inclusion would create a breach or default under such agreements.

   

    

  All documents related to the PRC subsidiary joint venture in Xiamen with DNP if inclusion would create a breach or default under such agreements.

   

    

  All documents related to the Photronics Hefei subsidiary including the Investment Agreement if inclusion would create a breach or default under
      such agreements.

  
    1

    
      

  

  
  EXHIBIT “A”

      (See Sections 3.3, 3.4, 3.5 and 4.1.7 of Security Agreement)

      

  

  	
          Prior names, jurisdiction of formation, place of business (if Grantor has only one place of business), chief executive office (if Grantor
              has more than one place of business), mergers and mailing address:

        

  

  

  	
          Photronics, Inc.

        	
          Fed ID: 06-0854886

        

  

  

  Formerly Known As:
      Photronic Labs Incorporated in February 28, 1969 until July 9, 1986; Photronic Labs, Inc. from July 9, 1986 until April 9, 1990, when name was changed to Photronics, Inc.

  

  

  Principal Place of Business & Chief Executive Office: 15 Secor Road, Brookfield, CT 06804

  

  

  Incorporated: Connecticut             
                     

  

  

  Date of Incorporation: February 28,
      1969

  

  

  CT Org No.:  0036597

  

  

  

  

  	
          Photronics California, Inc.

        	
          Fed ID: 77-0292539

        

  

  

  Principal Place of Business & Chief Executive Office:  15 Secor Road, Brookfield, CT 06804

  

  

  Incorporated: California               
                      

  

  

  Date of Incorporation: October 8, 1991

  

  

  CA ID:  C1802687

  

  

  

  

  	
          Photronics Texas Allen, Inc.

        	
          Fed ID: 75-2502950

        

  

  

  Formerly Known As:  Photronics-Toppan
      Texas, Inc. from September 3, 1993 until April 2,

  2009. Name change effective as of April 3, 2009.

  

  

  Principal Place of Business & Chief Executive Office:  601 Millennium Drive, Allen, TX 75013

  

  

  Incorporated: Texas                                       

  

  

  Date of Incorporation: September 3,
      1993

  

  

  TX Org No.:
      0128294000

  
    1

    
      

  

  	
          Photronics Idaho, Inc.

        	
          Fed ID: 61-1602099

        

  

  

  Principal Place of Business & Chief Executive Office:  15 Secor Road, Brookfield, CT 06804

  

  

  Incorporated: Idaho           
                     

  

  

  Date of Formation: July 17,
      2009

  

  

  Idaho ID Number: C183842

  

  

  	
          Locations of Inventory and Equipment:

        
	 
	
          A.

        	
          Owned Locations of Inventory and Equipment of the Grantors:

        
	 	 	 
	 	
          Connecticut

        
	 	
          Building # 1 and #2

        
	 	
          15 Secor Road

        
	 	
          Brookfield, CT 06804

        
	 	 
	 	
          Idaho

        
	 	
          10136 South Federal Way (Nanofab)

        
	 	
          Boise, ID 83716

        
	 	 	 
	 	
          Texas

        
	 	
          601 Millennium Drive

        
	 	
          Allen, TX 75013

        
	 	 	 
	
          B.

        	
          Leased Locations of Inventory, Equipment and Fixtures of the
                  Grantors (Include Landlord’s Name):

        
	 	 	 
	 	
          California

        
	 	 	 
	 	
          830 Hillview Court, Suite 280

        
	 	
          Milpitas, CA 95035

        
	 	 	 
	 	
          Florida

        
	 	 	 
	 	
          4630 Lipscomb Street, NE

        
	 	
          Suite #10 and #12

        
	 	
          Palm Bay, FL 32906

        

  
    2

    
      

  

  	
          C.

        	
          Public Warehouses or other Locations pursuant to Bailment or
                  Consignment Arrangements (include name of warehouse operator or other bailee or consignee of Inventory and Equipment of the Grantors):

        
	 	 	 
	 	
          Ulcoat/Inabata hold photomask blanks stock for Brookfield and Allen at their SFO warehouse:

        
	 	 	 
	 	 	 
	 	 	
          Kintetsu World Express, Inc. (U.S.A.)

        
	 	 	
          251 Lawrence Ave.

        
	 	 	
          South San Francisco, CA 94080

        
	 	 	 
	 	
          Hoya holds photomask blanks stock for the Nanofab at their SFO warehouse:

        
	 	 	 
	 	 	
          Nippon Express USA, Inc.

        
	 	 	
          Import Division

        
	 	 	
          250 Utah Avenue

        
	 	 	
          South San Francisco, CA 94080

        
	 	 	 
	 	
          A small quantity of chemistry (value ~ $6K) is held for Nanofab at:

        
	 	 	 
	 	 	
          Univar USA Inc.

        
	 	 	
          1804 North 20th Street

        
	 	 	
          Nampa, ID 83687

        
	 	 	 
	 	
          3rd party warehouse in Dallas:

        
	 	 	 
	 	 	
          Imlach & Collins Brothers, LLC - Atlas Van Lines

        
	 	 	
          4653 Leston St #706

        
	 	 	
          Dallas, TX 75247

        
	 	 	
          (800) 777-9835

        
	 	 	 
	 	
          3rd party warehouses in California:

        
	 	 	
          R.B. High Tech Transport, Inc.

        
	 	 	
          38503 Cherry St Unit A

        
	 	 	
          Newark, CA 94560

        
	 	 	 
	 	 	
          S&M Moving Systems North, Inc.

        
	 	 	
          48551 Warm Springs Blvd

        
	 	 	
          Fremont, CA 94539

        

  
    3

    
      

  

  EXHIBIT “B”

      (See Sections 3.8 and 3.12 of Security Agreement)

  

  

  Patents, copyrights and trademarks protected under federal law and industrial designs:

  

  

  
    
      
        I.          FEDERAL TRADEMARKS – U.S.

      

    

  

  
    
      
        

            A.    Registered Trademarks

      

       

      

      
        	
                Mark

              	
                Reg. Date

              	
                Reg. Number

              	
                Owner

              
	
                CYBERMASK

              	
                5/25/2004

              	
                2,845,577

              	
                Photronics, Inc.

              
	 	 	 	 
	
                MASKLINK

              	
                6/1/2004

              	
                2,848,038

              	
                Photronics, Inc.

              
	
                MASKPILOT

              	
                6/1/2004

              	
                2,847,311

              	
                Photronics, Inc.

              
	
                MASKTRAC

              	
                9/17/2002

              	
                2,621,660

              	
                Photronics, Inc.

              
	
                

                 

              	
                11/6/2007

              	
                3,331,421

              	
                Photronics, Inc.

              
	
                

                 

              	
                7/25/1995

              	
                1,907,169

              	
                Photronics, Inc.

              
	
                PHOTRONICS

              	
                6/20/1995

              	
                1,900,475

              	
                Photronics, Inc.

              
	
                PHOTRONICS

              	
                2/19/2008

              	
                3,386,407

              	
                Photronics, Inc.

              
	 	 	 	 
	
                

                 

              	
                6/20/1995

              	
                1,900,474

              	
                Photronics, Inc.

              

      

    

  

  
    4

    
      

  

  
    
      
        B.    Pending Trademarks

      

    

  

   

    

  NONE

  
    
      
         

          

        II.          U.S. Patents

      

    

  

   

    

  A.    Pending U.S. Patent Applications

  

  

  

  

  
    		
            Application Number

          	
            Filing Date

          	
            Title

          	
            Owner

          
	
            1

          	
            15/960,963

          	
            4/24/2018

          	
            PELLICLE REMOVAL TOOL

          	
             Photronics, Inc.

          

  

  

  

  
    
      
        B.    U.S. Issued Patents

      

    

  

  

  

  
    	
             

          	
            Patent Number

          	
            Application Number

          	
            Title

          	
            Filing Date/

            Issue Date

          	
            Owner

          
	
            1

          	
            6,933,084

          	
            10/391,001

          	
            ALTERNATING APERTURE PHASE SHIFT PHOTOMASK HAVING LIGHT ABSORPTION LAYER

          	
            3/18/2003

            8/23/2005

          	
            Photronics, Inc.

          
	
            2

          	
            7,344,824

          	
            11/024,268

          	
            ALTERNATING APERTURE PHASE SHIFT PHOTOMASK HAVING LIGHT ABSORPTION LAYER

          	
            12/28/2004

            3/18/2008

          	
            Photronics, Inc.

          
	
            3

          	
            6,760,640

          	
            10/099,622

          	
            AUTOMATED MANUFACTURING SYSTEM AND METHOD FOR PROCESSING PHOTOMASKS

          	
            3/14/2002

            7/6/2004

          	
            Photronics, Inc.

          
	
            4

          	
            6,996,450

          	
            10/852,532

          	
            AUTOMATED MANUFACTURING SYSTEM AND METHOD FOR PROCESSING PHOTOMASKS

          	
            5/24/2004

            2/7/2006

          	
            Photronics, Inc.

          
	
            5

          	
            7,480,539

          	
            11/177,459

          	
            AUTOMATED MANUFACTURING SYSTEM AND METHOD FOR PROCESSING PHOTOMASKS

          	
            7/8/2005

            1/20/2009

          	
            Photronics, Inc.

          
	
            6

          	
            6,828,068

          	
            10/349,629

          	
            BINARY HALF TONE PHOTOMASKS AND MICROSCOPIC THREE-DIMENSIONAL DEVICES AND METHOD OF FABRICATING THE SAME 

            

          	
            1/23/2003

            12/7/2004

          	
            Photronics, Inc.

          

    
      5

      
        

    

    	
             

          	
            Patent Number

          	
            Application Number

          	
            Title

          	
            Filing Date/

            Issue Date

          	
            Owner

          
	
            7

          	
            7,074,530

          	
            10/975,293

          	
            BINARY HALF TONE PHOTOMASKS AND MICROSCOPIC THREE-DIMENSIONAL DEVICES AND METHOD OF FABRICATING THE SAME

          	
            10/28/2004

            7/11/2006

          	
            Photronics, Inc

          
	
            8

          	
            7,473,500

          	
            11/439,757

          	
            BINARY HALF TONE PHOTOMASKS AND MICROSCOPIC THREE-DIMENSIONAL DEVICES AND METHOD OF FABRICATING THE SAME

          	
            5/24/2006

            1/6/2009

          	
            Photronics, Inc.

          
	
            9

          	
            7,356,374

          	
            11/140,004

          	
            COMPREHENSIVE FRONT END METHOD AND SYSTEM FOR AUTOMATICALLY GENERATING AND PROCESSING A PHOTOMASK ORDERS

          	
            5/27/2005

                4/8/2008

          	
            Photronics, Inc.

          
	
            10

          	
            6,682,861

          	
            10/370,408

          	
            DISPOSABLE HARD MASK FOR PHASE SHIFT PHOTOMASK PLASMA ETCHING

          	
            2/19/2003

            1/27/2004

          	
            Photronics, Inc.

          
	
            11

          	
            6,472,107

          	
            09/409,454

          	
            DISPOSABLE HARD MASK FOR PHOTOMASK PLASMA ETCHING

          	
            9/30/1999

            10/29/2002

          	
            Photronics, Inc.

          
	
            12

          	
            6,749,974

          	
            10/234,790

          	
            DISPOSABLE HARD MASK FOR PHOTOMASK PLASMA ETCHING

          	
            9/3/2002

            6/15/2004

          	
            Photronics, Inc.

          
	
            13

          	
            6,908,716

          	
            10/839,025

          	
            DISPOSABLE HARD MASK FOR PHOTOMASK PLASMA ETCHING

          	
            5/4/2004

            6/21/2005

          	
            Photronics, Inc.

          
	
            14

          	
            6,537,708

          	
            09/773,122

          	
            ELECTRICAL CRITICAL DIMENSION MEASUREMENTS ON PHOTOMASK

          	
            1/31/2001

            3/25/2003

          	
            Photronics, Inc.

          
	
            15

          	
            7,312,004

          	
            10/803,847

          	
            EMBEDDED ATTENUATED PHASE SHIFT MASK WITH TUNABLE TRANSMISSION

          	
            3/18/2004

            12/25/2007

          	
            Photronics, Inc.

          
	
            16

          	
            6,524,754

          	
            09/766,907

          	
            FUSED SILICA PELLICLE

          	
            1/22/2001

            2/25/2003

          	
            Photronics, Inc.

          
	
            17

          	
            6,686,103

          	
            10/322,858

          	
            FUSED SILICA PELLICLE

          	
            12/18/2002

            2/3/2004

          	
            Photronics, Inc.

          
	
            18

          	
            7,351,503

          	
            10/733,723

          	
            FUSED SILICA PELLICLE IN INTIMATE CONTACT WITH THE SURFACE OF A PHOTOMASK

          	
            12/11/2003

            4/1/2008 

            

          	
            Photronics, Inc. 

            

          

    
      6

      
        

    

    	
             

          	
            Patent Number

          	
            Application Number

          	
            Title

          	
            Filing Date/

            Issue Date

          	
            Owner

          
	
            19

          	
            6,567,588

          	
            09/940,947

          	
            METHOD FOR FABRICATING CHIRPED FIBER BRAGG GRATINGS

          	
            8/28/2001

            5/20/2003

          	
            Photronics, Inc.

          
	
            20

          	
            6,868,209

          	
            10/369,262

          	
            METHOD FOR FABRICATING CHIRPED FIBER BRAGG GRATINGS

          	
            2/19/2003

            3/15/2005

          	
            Photronics, Inc.

          
	
            21

          	
            6,534,221

          	
            09/277,497

          	
            METHOD FOR FABRICATING CONTINUOUS SPACE VARIANT ATTENUATING LITHOGRAPHY MASK FOR FABRICATION OF DEVICES WITH THREE-DIMENSIONAL STRUCTURES
                AND MICROELECTRONICS

          	
            3/26/1999

            3/18/2003

          	
            Photronics, Inc.

          
	
            22

          	
            7,435,533

          	
            10/920,475

          	
            METHOD OF FORMING A SEMICONDUCTOR LAYER USING A PHOTOMASK RETICLE HAVING MULTIPLE VERSIONS OF THE SAME MASK PATTERN WITH DIFFERENT BIASES

          	
            8/18/2004

            10/14/2008

          	
            Photronics, Inc.

          
	
            23

          	
            6,406,818

          	
            09/283,087

          	
            METHOD OF MANUFACTURING PHOTOMASKS BY PLASMA ETCHING WITH RESIST STRIPPED

          	
            3/31/1999

            6/18/2002

          	
            Photronics, Inc.

          
	
            24

          	
            6,562,549

          	
            10/136,251

          	
            METHOD OF MANUFACTURING PHOTOMASKS BY PLASMA ETCHING WITH RESIST STRIPPED

          	
            4/29/2002

            5/13/2003

          	
            Photronics, Inc.

          
	
            25

          	
            9,304,334

          	
            14/160,142

          	
            MICROFLUIDIC THERMOPTIC ENERGY PROCESSOR

          	
            1/21/2014

            4/5/2016

          	
            Photronics, Inc.

          
	
            26

          	
            9,933,611

          	
            15/085,828

          	
            MICROFLUIDIC THERMOPTIC ENERGY PROCESSOR

          	
            3/30/2016

            4/3/2018

          	
            Photronics, Inc.

          
	
            27

          	
            9,005,848

          	
            12/486,564

          	
            PHOTOMASK HAVING A REDUCED FIELD SIZE AND METHOD OF USING THE SAME

          	
            6/17/2009

            4/14/2015

          	
            Photronics, Inc.

          
	
            28

          	
            9,005,849

          	
            12/820,905

          	
            PHOTOMASK HAVING A REDUCED FIELD SIZE AND METHOD OF USING THE SAME

          	
            6/22/2010

            4/14/2015

          	
            Photronics, Inc.

          
	
            29

          	
            6,855,463

          	
            10/229,830

          	
            PHOTOMASK HAVING AN INTERMEDIATE INSPECTION FILM LAYER

          	
            8/27/2002

            2/15/2005

          	
            Photronics, Inc.

          
	
            30

          	
            7,049,034

          	
            10/658,039

          	
            PHOTOMASK HAVING AN INTERNAL SUBSTANTIALLY TRANSPARENT ETCH STOP LAYER 

            

          	
            9/9/2003

            5/23/2006 

            

          	
            Photronics, Inc.

          

    
      7

      
        

    

    	
             

          	
            Patent Number

          	
            Application Number

          	
            Title

          	
            Filing Date/

            Issue Date

          	
            Owner

          
	
            31

          	
            7,396,617

          	
            10/866,976

          	
            PHOTOMASK RETICLE HAVING MULTIPLE VERSIONS OF THE SAME MASK PATTERN WITH DIFFERENT BIASES

          	
            6/14/2004

            7/8/2008

          	
            Photronics, Inc.

          
	
            32

          	
            7,790,340

          	
            11/788,473

          	
            PHOTOMASK WITH DETECTOR FOR OPTIMIZING AN INTEGRATED CIRCUIT PRODUCTION PROCESS AND METHOD OF MANUFACTURING AN INTEGRATED CIRCUIT USING
                THE SAME

          	
            4/20/2007

            9/7/2010

          	
            Photronics, Inc.

          
	
            33

          	
            7,943,273

          	
            12/106,014

          	
            PHOTOMASK WITH DETECTOR FOR OPTIMIZING AN INTEGRATED CIRCUIT PRODUCTION PROCESS AND METHOD OF MANUFACTURING AN INTEGRATED CIRCUIT USING
                THE SAME

          	
            4/18/2008

            5/17/2011

          	
            Photronics, Inc.

          
	
            34

          	
            7,910,269

          	
            12/727,342

          	
            PHOTOMASK WITH DETECTOR FOR OPTIMIZING AN INTEGRATED CIRCUIT PRODUCTION PROCESS AND METHOD OF MANUFACTURING AN INTEGRATED CIRCUIT USING
                THE SAME

          	
            3/19/2010

            3/22/2011

          	
            Photronics, Inc.

          
	
            35

          	
            6,842,881

          	
            10/209,254

          	
            RULE BASED SYSTEM AND METHOD FOR AUTOMATICALLY GENERATING PHOTOMASK ORDERS IN A SPECIFIED ORDER FORMAT

          	
            7/30/2002

            1/11/2005

          	
            Photronics, Inc.

          
	
            36

          	
            7,669,167

          	
            10/877,001

          	
            RULE BASED SYSTEM AND METHOD FOR AUTOMATICALLY GENERATING PHOTOMASK ORDERS BY CONDITIONING INFORMATION FROM A CUSTOMER'S COMPUTER SYSTEM

          	
            6/25/2004

            2/23/2010

          	
            Photronics, Inc.

          
	
            37

          	
            7,851,110

          	
            12/105,992

          	
            SECURE PHOTOMASK WITH BLOCKING APERTURE

          	
            4/18/2008

            12/14/2010 

            

          	
            Photronics, Inc.

          

    
      8

      
        

    

    	
             

          	
            Patent Number

          	
            Application Number

          	
            Title

          	
            Filing Date/

            Issue Date

          	
            Owner

          
	
            38

          	
            8,102,031

          	
            12/106,033

          	
            SECURITY ELEMENT FOR AN INTEGRATED CIRCUIT, INTEGRATED CIRCUIT INCLUDING THE SAME, AND METHOD FOR SECURING AN INTEGRATED CIRCUIT

          	
            4/18/2008

            1/24/2012

          	
            Photronics, Inc.

          
	
            39

          	
            6,472,766

          	
            09/755,438

          	
            STEP MASK

          	
            1/5/2001

            10/29/2002

          	
            Photronics, Inc.

          
	
            40

          	
            6,139,994

          	
            09/344,251

          	
            USE OF INTERSECTING SUBRESOLUTION FEATURES FOR MICROLITHOGRAPHY

          	
            6/25/1999

            10/31/2000

          	
            Photronics, Inc.

          
	
            41

          	
            7,640,529

          	
            10/981,201

          	
            USER-FRIENDLY RULE-BASED SYSTEM AND METHOD FOR AUTOMATICALLY GENERATING PHOTOMASK ORDERS

          	
            11/3/2004

            12/29/2009

          	
            Photronics, Inc.

          

  

  1

      ● Does

    not include patents owned by Photronics jointly with a third party
  

  

  
    
      
        C.    Copyrights

      

    

  

  

  

  
    	
            Copyright

          	
            Reg. Date

          	
            Copyright Number

          	
            Owner

          
	
            Template

          	
            9/7/1993

          	
            TXu000597428

          	
            Photronics, Inc.

          

  

  

  

  

  

  
    9

    
      

  

  D.    Domain Names

  

  

  

  
    	
            Domain Name

          	
            Account No.

          	
            Expiration Date

          
	
            cybermask.com

          	
            23023992

          	
            6/18/2012

          
	
            cybermask.info

          	
            23023992

          	 
	
            cybermask.net

          	
            23023992

          	
            11/15/2009

          
	
            cybermask.org

          	
            23023992

          	 
	
            maskpilot.com

          	
            23023992

          	
            9/23/2009

          
	
            mymaskshop.com

          	
            23023992

          	
            1/21/2012

          
	
            phototronics.biz

          	
            23023992

          	
            11/18/2011

          
	
            photronics.com

          	
            23023992

          	
            11/18/2012

          
	
            photronics.info

          	
            23023992

          	
            12/20/2009

          
	
            photronics.us

          	
            23023992

          	
            4/18/2011

          
	
            yourvirtualmaskfab.com

          	
            23023992

          	
            4/5/2010

          
	
            photronics.net.cn

          	 	 
	
            pkl.co.kr

          	 	 

  

  

  
    10

    
      

  

  
  EXHIBIT “C”

      

      List of Pledged Securities

      (See Section 3.10 of Security Agreement)

   

    

  	
          A. STOCKS:

        
	 
	
          Issuer

        	
          Certificate Number

        	
          Number of Shares

        
	
          Photronics California, Inc.

        	
          1

        	
          1,000

        
	
          Photronics Texas Allen, Inc.

        	
          1

        	
          1,000

        
	
          Photronics Idaho, Inc.

        	
          3

        	
          1,000

        
	 	 	 
	 
	
          B. BONDS:

        
	 
	
          Issuer

        	
          Number

        	
          Face Amount

        	
          Coupon Rate

        	
          Maturity

        
	 
	 
	
          NONE.

        
	 
	 
	 
	
          C. GOVERNMENT SECURITIES:

        
	 
	
          Issuer

        	
          Number

        	
          Type

        	
          Face Amount

        	
          Coupon Rate

        	
          Maturity

        
	 
	 
	
          NONE.

        
	 
	 
	 
	
          D. OTHER SECURITIES OR OTHER INVESTMENT PROPERTY

        
	
          (CERTIFICATED AND UNCERTIFICATED):

        
	 
	
          Issuer

        	
          Description of Collateral

        	 	
          Percentage Ownership Interest

        
	 
	 
	
          NONE.

        

  

  

  
    1

    
      

  

  EXHIBIT “D”

      (See Section 3.1 of Security Agreement)

      

      OFFICES IN WHICH FINANCING STATEMENTS HAVE BEEN FILED

   

    

  	
          Photronics, Inc.

        	
          Connecticut

        
	
          Photronics California, Inc.

        	
          California

        
	
          Photronics Texas Allen, Inc.

        	
          Texas

        
	
          Photronics Idaho, Inc.

        	
          Idaho

        

  
    2

    
      

  

  EXHIBIT “E”

      (See Definition of “Commercial Tort Claims”)

  

  

  COMMERCIAL TORT CLAIMS

      

      [Describe parties, case number (if applicable), nature of dispute]

  

  

  NONE.

  
    3

    
      

  

  EXHIBIT “F”

  (See Section 3.9 of Security Agreement”)

  

  

  FEDERAL EMPLOYER IDENTIFICATION NUMBER;

  STATE ORGANIZATION NUMBER; JURISDICTION OF INCORPORATION

   

    

  
    	
            GRANTOR

          	
            Federal Employer 

            Identification 

            Number

             

                  

          	
            Type of 

            Organization

          	
            State of 

            Organization or 

            Incorporation

          	
            State 

            Organization 

            Number

          
	
            Photronics, Inc.

          	
            06-0854886

          	
            Corporation

          	
            Connecticut

          	
            0036597

          
	
            Photronics Texas Allen, Inc.

          	
            75-2502950

          	
            Corporation

          	
            Texas

          	
            0128294000

          
	
            Photronics California, Inc.

          	
            75-2502950

          	
            Corporation

          	
            California

          	
            C1802687

          
	
            Photronics Idaho, Inc.

          	
            75-2502950

          	
            Corporation

          	
            Idaho

          	
            C183842

          

  

  

  

  

  

  
    4

    
      

  

  
  ANNEX I

   

        

  to

   

    

  SECURITY AGREEMENT

   

    

  Reference is hereby made to the Third Amended and Restated Security Agreement (as amended, restated, supplemented or otherwise modified
      from time to time, the “Agreement”), dated as of September 27, 2018, made by each of PHOTRONICS, INC., a Connecticut corporation (the “Company”) and the other Subsidiaries of the Company listed on the signature pages thereto (together with the Company, the “Initial
          Grantors”, and together with any additional Subsidiaries, including the undersigned, which become parties thereto by executing a Supplement in substantially the form hereof, the “Grantors”), in favor of the Collateral Agent.  Capitalized terms used herein and not defined herein shall have the meanings given to them in the Agreement.

   

    

  By its execution below, the undersigned, [NAME OF NEW GRANTOR], a [__________] [corporation/limited liability company/limited partnership]
      (the “New Grantor”) agrees to become, and does hereby become, a Grantor under the Agreement and agrees to be bound by the Agreement as if originally a party thereto.  The
      New Grantor hereby collaterally assigns and pledges to the Collateral Agent for the benefit of the Holders of Secured Obligations, and grants to the Collateral Agent for the benefit of the Holders of Secured Obligations, a security interest in all of
      the New Grantor’s right, title and interest in and to the Collateral, whether now owned or hereafter acquired, to secure the prompt and complete payment and performance of the Secured Obligations.  For the avoidance of doubt, the grant of a security
      interest herein shall not be deemed to be an assignment of intellectual property rights owned by the New Grantor.

   

    

  By its execution below, the undersigned represents and warrants as to itself that all of the representations and warranties contained in
      the Agreement are true and correct in all respects as of the date hereof.  New Grantor represents and warrants that the supplements to the Exhibits to the Agreement attached hereto are true and correct in all respects and such supplements set forth
      all information required to be scheduled under the Agreement. New Grantor shall take all steps necessary and required under the Agreement to perfect, in favor of the Collateral Agent, a first-priority security interest in and lien against New
      Grantor’s Collateral.

   

    

  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

   

    

  IN WITNESS WHEREOF, the New Grantor has executed and delivered this Annex

          I counterpart to the Agreement as of this ___________ day of ____________, 20___.

  

  

  	 	
          [NAME OF NEW GRANTOR]

        
	 	 
	 	
          By:

        	 
	 	
          Title:

        	 

  

  

   

  

  1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]