Document:

caba-ex1031_59.htm

 

Exhibit 10.31

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

OXFORD BIOMEDICA (UK) LIMITED

and

CABALETTA BIO, INC.

 

LICENCE AND SUPPLY AGREEMENT

 

 

 

Contents

 

		
	
Clause No.
	
Page No.

 

 

 

	
1.
	
Definitions and Interpretation
	
1

	
2.
	
Governance
	
13

	
3.
	
Provision of Services
	
15

	
4.
	
Client Materials
	
20

	
5.
	
Forecasting and Ordering for Batches
	
21

	
6.
	
Delivery and Defective Batches
	
22

	
7.
	
Price and Payment
	
25

	
8.
	
Financial Records and Audit
	
28

	
9.
	
Access to OXB Information
	
29

	
10.
	
Quality Audits and Inspections
	
29

	
11.
	
Regulatory Approvals; Regulatory Matters
	
30

	
12.
	
Intellectual Property
	
31

	
13.
	
Technology Transfer
	
33

	
14.
	
Confidential Information
	
34

	
15.
	
Indemnities and Liability; Insurance
	
38

	
16.
	
Warranties and Representations
	
41

	
17.
	
Duration and Termination
	
42

	
18.
	
General
	
45

 

 

i

 

CONFIDENTIAL

 

THIS AGREEMENT (the “Agreement”) is made as of the 30th day of December 2021 (“Effective Date”)

BETWEEN:

	
(1)
	
OXFORD BIOMEDICA (UK) LIMITED, a company incorporated in England and Wales with company registration number 03028927, whose registered office is at Windrush Court, Transport Way, Oxford, OX4 6LT, UK (“OXB”); and

	
(2)
	
CABALETTA BIO, INC., a company incorporated in Delaware whose principal place of business is at 2929 Arch Street, Suite 600, Philadelphia, PA 19104, USA (“Client”).

BACKGROUND:

	
(A)
	
OXB has extensive experience in the development and manufacture of therapeutic lentiviral vectors, including manufacturing, process development, product release and analytical technology.

	
(B)
	
Client wishes to develop and commercialise certain gene therapy products transduced using lentiviral vectors.

	
(C)
	
OXB and Client entered into the CDA (as defined herein) pursuant to which the Parties evaluated and expanded opportunities to work together.

	
(D)
	
OXB and Client entered into the FSA (as defined herein) pursuant to which OXB commenced early phase activities for the eventual supply by OXB to Client of cGMP lentiviral vectors targeting Client’s gene(s) of interest.

	
(E)
	
Client now wishes to appoint OXB to manufacture and supply to Client such vectors for clinical purposes.

	
(F)
	
OXB wishes to grant and Client wishes to accept a licence under OXB’s intellectual property rights to develop and commercialise Client’s products which incorporate vectors manufactured using OXB’s manufacturing process.

	
(G)
	
Under certain circumstances, OXB wishes to grant and Client wishes to accept the right to have the manufacturing process transferred to Client.

	
(H)
	
The Parties intend for this Agreement to terminate the CDA and the FSA.

OPERATIVE PROVISIONS

	
1.
	
Definitions and Interpretation

	
1.1
	
Definitions.  In this Agreement, the following words and expressions shall have the following meanings:

	
 
	
(a)
	
“Actual Delivery Date” means the date upon which a Batch is Delivered by OXB;

	
 
	
(b)
	
“Additional Target Fee” shall have the meaning given to it in clause 7.2;

	
 
	
(c)
	
“Additional Target” means [***] that is agreed by OXB and Client in accordance with clause 2.4;

1

 

 

	
 
	
(d)
	
“Affiliate” means any person, firm, trust partnership, corporation, company or other entity or combination thereof which directly or indirectly (i) controls a Party, (ii) is controlled by a Party, or (iii) is under common control with a Party.  As used in this definition, the terms “control” and “controlled” will mean ownership of fifty per cent (50%) or more the voting rights of such entity or the power to direct the management of such entity through contract or otherwise;

	
 
	
(e)
	
“Agreed Delivery Date” means the date specified in the applicable Scope of Work or Work Order or Change Order by which a Batch will be Delivered by OXB in accordance with clause 6.1;

	
 
	
(f)
	
“Applicable Law” means all rules, regulations, laws, statutes, guidelines, judgments and court orders of any kind whatsoever of any Regulatory Authority applicable to a Party’s activities hereunder, as amended from time to time, including cGMP of the FDA, the EMA, the European Commission, the ICH guidelines and regulations, and any other regulatory jurisdictions as agreed to in writing by both Parties;

	
 
	
(g)
	
“Approved Subcontractor” has the meaning given in clause 3.6;

	
 
	
(h)
	
“Arising IPR” means any Intellectual Property Rights prepared, developed, conceived, reduced to practice, generated or derived by or on behalf of either Party in the course of the performance of its obligations under this Agreement;

	
 
	
(i)
	
“Background IPR” means information, techniques, Know-How, software, Intellectual Property Rights and materials (regardless of the form or medium in which they are disclosed or stored) that are:  (i) owned or Controlled by one Party or its Affiliates prior to the Effective Date or (ii) generated or obtained by a Party independently of the activities conducted in connection with this Agreement and without use of, reliance upon, or reference to the other Party’s Confidential Information; and which are provided by such Party to the other for performing this Agreement;

	
 
	
(j)
	
“Batch” means a specific quantity of Vector Manufactured by OXB that is intended to have uniform character and quality within specified limits and is produced according to a single cycle of Manufacture, and that is required to be Manufactured in compliance with cGMP as specified in the applicable Scope of Work;

	
 
	
(k)
	
“Batch Documentation” means, with respect to a Batch Manufactured by OXB, (1) a copy of the Batch record, (2) the Certificate of Compliance in accordance with the format and subject matter as set out in the Quality Agreement, (3) the Certificate of Analysis, and (4) such other quality related documentation as is required under the Quality Agreement, duly signed by the designated person, corresponding to the Batch;

	
 
	
(l)
	
“Batch Fee” means the price payable by Client for a Batch, as set out in Schedule 1 or as otherwise agreed in writing by the Parties under the applicable Scope of Work or Work Order;

	
 
	
(m)
	
“BLA” means a biologics license application filed with the FDA to obtain permission to introduce, or deliver for introduction, a biologic product into interstate commerce as provided for under 21 CFR 601.2 or any comparable application filed with the Regulatory Authority of any other country;

2

 

 

	
 
	
(n)
	
“Business Days” means any day other than a Saturday or a Sunday on which banks are open for business in both London and Philadelphia;

	
 
	
(o)
	
“CAAR” means a chimeric auto antigen receptor;

	
 
	
(p)
	
“Cancellation Charges” means the cancellation charges as set out in Schedule 1.

	
 
	
(q)
	
“CDA” means the confidentiality agreement between the Parties dated 12 April 2019;

	
 
	
(r)
	
“cGMP” mean the then applicable principles and guidelines of current good manufacturing practice and general biologics products standards as contained:  (i) in US Federal Food Drug and Cosmetic Act and 21 CFR Chapters 210, 211, 600 and 610; (ii) in EC Directive 2003/94/EC laying down the principles and guidelines of Good Manufacturing Practice in respect of Medicinal Products for Human Use and Investigation Medicinal Products for Human Use; (iii) in EC Directive 2001/20/EC covering the requirements of GMP manufacture for clinical trial usage; (iv) in the European Commission’s guidelines “The rules governing medicinal products in the European Union”, EudraLex Volume 4, “EU Guidelines to Good Manufacturing Practice - Medicinal Products for Human and Veterinary Use”; (v) in ICH Guidance for Industry Q7 Good Manufacturing Practice Guidance for Active Pharmaceutical Ingredients; and (vi) in any comparable laws, rules, or regulations of any foreign jurisdiction which may be agreed from time to time between the Parties in writing pursuant to a Scope of Work, Change Order or Work Order, in each case (i) to (vi) as may be amended from time to time;

	
 
	
(s)
	
“Change Order” means a document signed by both Parties setting out agreed amendments to Work Packages or termination of Work Packages, and shall include a description of work and detail any changes to the costs of such amended Work Packages and the overall Scope of Work;

	
 
	
(t)
	
“Claim” means losses, liabilities, damages, amounts paid in settlement, reasonable legal costs and other reasonable expenses of any nature whatsoever suffered or incurred in connection with any Third-Party demands, claims, actions, or proceedings (whether criminal or civil, in contract, tort or otherwise).  For clarity, in connection with any claim for which OXB has an indemnification obligation under clause 15.4(c), “Claim” shall include any reasonable royalties payable to the relevant Third Party;

	
 
	
(u)
	
“Client Arising IPR” shall have the meaning set out in clause 12.5;

	
 
	
(v)
	
“Client Materials” means the materials identified in the applicable Scope of Work and provided by Client for use in the performance of Services under this Agreement or otherwise deemed to be “Client Materials” herein;

	
 
	
(w)
	
“Commercial Milestones” shall have the meaning given to it in Schedule 2;

	
 
	
(x)
	
“Commercial Milestone Payments” shall have the meaning given to it in Schedule 2;

	
 
	
(y)
	
“Commercialise” or “Commercialisation” means any and all activities directed toward marketing, promoting, detailing, distributing, importing, exporting, selling or offering to sell the Licensed Products;

3

 

 

	
 
	
(z)
	
“Components” means all raw materials, media, excipients and materials, excluding Client Materials, required for the Manufacture, storage, supply and shipping of Vector in accordance with the Specifications;

	
 
	
(aa)
	
“Confidential Information” means all information of a confidential or proprietary nature which is obtained directly or indirectly by one Party (the “Receiving Party”) or its Affiliates, from the other Party (the “Disclosing Party”) or its Affiliates at any time during the Term, without regard to the form or manner in which such information is disclosed or obtained (including information disclosed orally or in documentary or electronic form or by way of model, or obtained by observation), and without limiting the foregoing, in addition shall include:

	
 
	
(i)
	
the existence and terms of this Agreement and the FSA, for which both Parties shall be deemed to be a Receiving Party;

	
 
	
(ii)
	
Confidential Information, as such term is defined in the CDA, which information, with effect from the Effective Date, shall be deemed to be Confidential Information of the relevant Party under this Agreement and subject to the terms of this Agreement in place of the terms of the CDA with this Agreement;

	
 
	
(iii)
	
Confidential Information, as such term is defined in the FSA, which information, with effect from the Effective Date, shall be deemed to be Confidential Information of the relevant Party under this Agreement and subject to the terms of this Agreement in place of the terms of the FSA with this Agreement;

	
 
	
(iv)
	
any Know-How within each of OXB’s Background IPR or the OXB Arising IPR, for which OXB shall be deemed to be the Disclosing Party and Client the Receiving Party; and

	
 
	
(v)
	
any Know-How within each of Client’s Background IPR or the Client Arising IPR for which, in each case, Client shall be deemed to be the Disclosing Party and OXB the Receiving Party;

	
 
	
(bb)
	
“Control” or “Controlled” means, with respect to any Intellectual Property Right or other intangible property, the possession by a Party (whether by ownership or license, other than a license granted pursuant to this Agreement), of the ability to grant access to, or a license or sublicense of, such rights or property as contemplated under this Agreement;

	
 
	
(cc)
	
“Cover”, “Covered” or “Covering” shall mean, with respect to a Patent Right, that, in the absence of a license granted to a person under a Valid Claim included in such Patent Right, the manufacture or use of Vectors or the manufacture, use, research, Development or Commercialisation of Licensed Products would infringe such Valid Claim (or, in the case of a Patent Right that is a patent application, would infringe a Valid Claim in such patent application if it were to issue as a patent);

	
 
	
(dd)
	
“Defective Batch” means any Batch that (i) is terminated after the IM Date and before completion, (ii) does not conform to the Specifications, and / or (iii) was not Manufactured in accordance with cGMP, the Quality Agreement or Applicable Law;

4

 

 

	
 
	
(ee)
	
“Delivery” of a Batch shall mean the Batch being made available to Client by OXB in accordance with clause 6.1 and Delivered shall be construed accordingly;

	
 
	
(ff)
	
“Develop” or “Development” means all activities that relate to obtaining, maintaining or expanding Regulatory Approval of a Licensed Product and to supporting appropriate usage for such Licensed Product.  This includes:  (i) preclinical/nonclinical research and testing, toxicology, and clinical trials; and (ii) preparation, submission, review, and development of data or information for the purpose of submission to a Regulatory Authority to obtain, maintain and/or expand Regulatory Approval of a Licensed Product (including contacts with Regulatory Authorities) and excludes in all cases Commercialisation of Licensed Product;

	
 
	
(gg)
	
“Development Milestones” shall have the meaning given to it in Schedule 2;

	
 
	
(hh)
	
“Development Milestone Payments” shall have the meaning given to it in Schedule 2;

	
 
	
(ii)
	
“Development Partner” means any Affiliate of Client or any Third Party, in each case to whom Client has granted a right or license to research, Develop, or Commercialise the Licensed Products;

	
 
	
(jj)
	
“EMA” means the European Medicines Agency and any successor agency thereto;

	
 
	
(kk)
	
“Facility” means the facility identified in the Quality Agreement or respective Work Order or approved by Client in writing, which can be:

	
 
	
(i)
	
a OXB manufacturing, laboratory and warehouse facility; and

	
 
	
(ii)
	
the facilities of an Approved Subcontractor;

	
 
	
(ll)
	
“FDA” means the United States Food and Drug Administration and any successor agency thereto;

	
 
	
(mm)
	
“First Commercial Sale” means, with respect to a given Licensed Product, the first sale to a Third Party (other than an Affiliate or sublicensee) on an arms’ length commercial basis of such Licensed Product by a Related Party in a country:

	
 
	
(i)
	
following Regulatory Approval of such Licensed Product in that country, if a Regulatory Approval or similar marketing approval is required in such country; or

	
 
	
(ii)
	
at any time, if no such Regulatory Approval or similar marketing approval is required in such country;

	
 
	
(nn)
	
“FSA” means the feasibility study agreement dated 18 October 2019 pursuant to which the Client and OXB commenced preliminary activities for the eventual supply by OXB of cGMP lentiviral vectors targeting the Client’s gene(s) of interest;

	
 
	
(oo)
	
“FTE” means a full-time equivalent person year (consisting of 1568 hours per year);

5

 

 

	
 
	
(pp)
	
“GAAP” means generally accepted accounting principles in the U.S. consistently applied;

	
 
	
(qq)
	
“GBP” and “£” mean the lawful currency of the United Kingdom;

	
 
	
(rr)
	
“GOI” means [***];

	
 
	
(ss)
	
“ICH” means International Conference on Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use;

	
 
	
(tt)
	
“IM Date” means the date upon which Manufacture of a Batch is initiated;

	
 
	
(uu)
	
“Initial Fee” means the upfront fee pursuant to clause 7.1 and set out in Schedule 2;

	
 
	
(vv)
	
“Initial Target” means [***];

	
 
	
(ww)
	
“Insolvency Event” in relation to a Party or entity shall mean any of the following events:  (i) that Party ceasing or threatening to cease to carry on business; (ii) that Party being deemed by a competent authority to be unable or admitting inability to pay its debts; (iii) a moratorium is declared by a competent authority in respect of any indebtedness of that Party; (iv) that Party giving notice to any of its creditors that it has suspended or is about to suspend payment of any of its debts; (v) that Party commencing negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness by reason of financial difficulties; (vi) an arrangement, composition, or assignment with or for the benefit of its creditors is entered into or proposed by or in relation to that Party; (vii) a receiver, administrative receiver, liquidator, or compulsory manager taking possession of or being appointed over the whole or any material part of the assets of that Party; (viii) any expropriation, attachment, sequestration, distress, execution or other analogous process is levied or enforced on or affects the whole or any material part of the assets of that Party (and is not discharged within [***]); (ix) enforcement of any mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect over any assets of that Party; (x) that Party or its directors or the holder of a qualifying floating charge giving notice of his, their or its intention to appoint an administrator; (xi) that Party or its directors or any of its creditors or the holder of a qualifying floating charge making an application to the court for the appointment of an administrator; (xii) an administrator being appointed of that Party; (xiii) the winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) with respect to that Party; provided that this does not apply to any winding-up petition that is frivolous or vexatious and is discharged, stayed or dismissed within [***] of commencement; (xiv) that Party being struck off the register of companies; or (xv) the happening in relation to that Party of an event analogous to any of the above in any jurisdiction in which it is incorporated or resident or in which it carries on business or has assets;

	
 
	
(xx)
	
“Intellectual Property Rights” means all rights in Patent Rights; rights to inventions, copyright and related rights; rights in trade marks, trade names and domain names; rights in designs; rights in computer software; database rights; rights in confidential information (including know-how) and any other intellectual property rights; in each case whether registered or unregistered and including all applications (or rights to apply) for, and renewals or extensions (for 

6

 

 

	
 
		
their full term) of, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world;

	
 
	
(yy)
	
“Know-How” means unpatented information that is not in the public domain (including, without limitation, information comprising or relating to inventions, discoveries, concepts, methodologies, models, research, development and testing procedures, the results of experiments, tests and trials, manufacturing processes, techniques and specifications, quality control data, analyses, reports and submissions);

	
 
	
(zz)
	
An individual shall be deemed to have “Knowledge” of a particular fact or other matter if (i) such individual is actually aware of such fact or other matter, or (ii) a prudent individual could reasonably be expected to have discovered or otherwise become aware of such fact or other matter under the circumstances by virtue of conducting a reasonable investigation or otherwise;

	
 
	
(aaa)
	
“Licensed Product” means [***];

	
 
	
(bbb)
	
“Manufacture”, “Manufactured” and “Manufacturing” means the steps, Processes and activities to produce any Vector for clinical supply, including the manufacturing, processing, handling, storage, packaging, labelling, validation, testing, release and preparation for Delivery of Vector;

	
 
	
(ccc)
	
“Manufacturing Slot” means a scheduled period during which OXB will Manufacture a Batch at a Facility as specified in the applicable Scope of Work or Work Order or Change Order;

	
 
	
(ddd)
	
“Manufacturing Slot Deposit” shall have the meaning set out in Schedule 1;

	
 
	
(eee)
	
“Manufacturing Slot Deposit Payment Date” means, in respect of each Manufacturing Slot, the date that is [***] before the applicable scheduled IM Date for the Manufacturing Slot;

	
 
	
(fff)
	
“Master Production Batch Record” means the technical documents that define the Manufacturing procedures and associated materials for a specific part of the Manufacturing process, as approved by both Parties and as amended by the Parties in writing from time to time;

	
 
	
(ggg)
	
“Milestone Payment” means one of the milestone payments set out in Schedule 2;

	
 
	
(hhh)
	
“Net Sales” means the gross amount invoiced by a Related Party(ies) in arms-length transactions for or on account of the sale to a non-Related Party of Licensed Products, less the sum of the following:

	
 
	
(i)
	
[***];

	
 
	
(ii)
	
[***];

	
 
	
(iii)
	
[***];

	
 
	
(iv)
	
[***]; and

	
 
	
(v)
	
[***].

7

 

 

	
 
		

[***].

[***].

[***]:

	
 
	
(i)
	
[***]; or

	
 
	
(ii)
	
[***],

[***].

It is understood that any accruals for individual items reflected in Net Sales are periodically (at least once each calendar quarter) trued up and adjusted by each Related Party consistent with its customary practices and in accordance with GAAP.

Sale or transfer of Licensed Products between any of the Related Parties shall not result in any Net Sales, with Net Sales to be based only on any subsequent sales or dispositions to a non-Related Party;

	
 
	
(iii)
	
“OXB Arising IPR” shall have the meaning attributed to it in clause 12.5;

	
 
	
(jjj)
	
“OXB IP” means:

	
 
	
(i)
	
the Patent Rights that Cover the manufacture or use of Vectors, or the manufacture, use, research, Development or Commercialisation of the Licensed Products, including those Patents identified in Schedule 5 (the “Licensed Patents”); and

	
 
	
(ii)
	
the Know-How that is necessary or reasonably useful for the manufacture or use of Vectors, or the manufacture, use, research, Development or Commercialisation of Licensed Products (the “Licensed Know-How”);

in each case, to the extent Controlled by OXB as of the Effective Date or during the Term, including Intellectual Property Rights subsisting in its Background IPR and the OXB Arising IPRs;

	
 
	
(kkk)
	
“OXB Manufacturing Process” means the Manufacturing process used by OXB to manufacture a Vector or which is made available by OXB to Client or Client’s Affiliate or a Third Party pursuant to any Technology Transfer;

	
 
	
(lll)
	
“OXB Patent Rights” means Patent Rights Controlled by OXB;

	
 
	
(mmm)
	
“Parties” means OXB and Client and “Party” shall mean either of them;

	
 
	
(nnn)
	
“Pass-Through Costs” means any documented external costs that are (a) agreed in a Work Order or otherwise in writing by Client and incurred by OXB in carrying out the Manufacturing and Services, including Technology Transfer, under this Agreement or (b) identified in the relevant Work Orders (including where the Work Order contains an estimate for such costs, the final costs incurred by OXB) and will include without limitation the costs of Plasmids for both research and the Manufacture of cGMP grade Vector, and in each case shall not include those costs included in the Batch Fee;

8

 

 

	
 
	
(ooo)
	
“Patent Rights” shall mean all patents (including all reissues, extensions, substitutions, confirmations, re-registrations, re-examinations, invalidations, supplementary protection certificates and patents of addition) and patent applications (including all provisional applications, continuations, continuations-in-part and divisionals), and foreign equivalents of any of the foregoing;

	
 
	
(ppp)
	
“Phase I Clinical Trial” means a human clinical trial normally conducted in healthy volunteers or diseased patients with the aim of determining the pharmacokinetics, pharmacodynamics, early safety profile and some preliminary evidence of efficacy if conducted in patients;

	
 
	
(qqq)
	
“Phase 2/3 Clinical Trial” means a human clinical trial involving a sufficient number of subjects that, prior to commencement of the trial or at any other defined point in the trial, satisfies both of the following ((i) and (ii)):

	
 
	
(i)
	
such trial is designed to (1) establish that the Licensed Product is safe and efficacious for its intended use, and (2) define and determine warnings, precautions, and adverse reactions that are associated with the Licensed Product in the dosage range to be prescribed, which trial is intended to support Regulatory Approval in any country; and

	
 
	
(ii)
	
such trial is or becomes a registration trial sufficient for filing an application for Regulatory Approval in any country, as evidenced by (1) an agreement with or statement from the relevant Regulatory Approval on a special protocol assessment or equivalent, or (2) other guidance or minutes issued by the relevant Regulatory Approval, for such registration trial;

	
 
	
(rrr)
	
“Pivotal Clinical Trial” means a pivotal human clinical trial conducted in a sufficient number of patients to establish safety or efficacy in the particular indication tested, the data and results of which are intended to be used as part of a basis for seeking Regulatory Approval in any country;

	
 
	
(sss)
	
“Plasmids” means the plasmids required to Manufacture Vector, including genome and packaging components, as specified in the applicable Scope of Work or Work Order or Change Order;

	
 
	
(ttt)
	
“Process” means the processes and procedures used to Manufacture Vector in accordance with the Master Production Batch Record, including all protocols and SOPs referenced therein.  Process will not include Facility design and SOPs generated or used in the course of performing services that are generally applicable to OXB’s business, such as in connection with the operation of any of its Facility and/or equipment, and that a reasonable contract manufacturing organisation skilled in the art would be expected to have in place for the operation of its own facility;

	
 
	
(uuu)
	
“Project Manager” shall have the meaning set out in clause 2.1;

	
 
	
(vvv)
	
“Quality Agreement” shall have the meaning set out in clause 3.3(a);

	
 
	
(www)
	
“Regulatory Approval” means all technical, medical, and scientific licenses, registrations, authorisations, consents, and approvals of any Regulatory Authority, necessary for the use, development, manufacture, and 

9

 

 

	
 
		
commercialisation of a Vector or Licensed Product in a given regulatory jurisdiction;

	
 
	
(xxx)
	
“Regulatory Authority” means any national, regional, state or local regulatory agency, department, bureau, commission, council or other governmental entity with authority over the manufacture, production, use or storage or transport, of any Vector or Licensed Product, including the FDA, the EMA, and the European Commission (and any successor agencies), in (i) the United States of America, (ii) the United Kingdom, (iii) the European Union, and (iv) such other territories as may be mutually agreed to by the Parties in writing;

	
 
	
(yyy)
	
“Regulatory Milestones” shall have the meaning given to it in Schedule 2;

	
 
	
(zzz)
	
“Regulatory Milestone Payments” shall have the meaning given to it in Schedule 2;

	
 
	
(aaaa)
	
“Related Party” shall mean Client and its sublicensees of one or more Licensed Products.  For clarity, Related Party shall not include any distributors, wholesalers or the like unless such entity is an Affiliate of Client;

	
 
	
(bbbb)
	
“Representatives” shall have the meaning set out in clause 14.2;

	
 
	
(cccc)
	
“Royalties” shall have the meaning set out in clause 7.12;

	
 
	
(dddd)
	
“Royalty Term” means, on a Licensed Product-by-Licensed Product and country-by-country basis, the period commencing on the First Commercial Sale of such Licensed Product in such country and ending the later of (i) the [***] of the First Commercial Sale of the given Licensed Product in such country and (ii) to the extent there is a Valid Claim within the OXB IP that Covers (A) the manufacture of the Vector used to generate such Licensed Product or the manufacture of the Licensed Product or (B) the sale of the Licensed Product, in each case (A) or (B) in such country, the expiration of the last such Valid Claim.  A true and complete list of Patent Rights within the foregoing sub-clause (ii) is provided in Schedule 5, which Schedule 5 may be updated by OXB, on a Vector-by-Vector basis, in the event of any change to the status of the relevant Patent Rights;

	
 
	
(eeee)
	
“Sample” means any sample of Vector for analytics, retention, stability studies or other non-clinical purpose;

	
 
	
(ffff)
	
“Scope of Work” means a document signed by both Parties setting out the agreed Services for each Target to be provided by OXB to Client under this Agreement which shall include a description, the duration, and the cost of the Services and individual Work Package(s).  Agreed Scopes of Work shall be incorporated into and form part of this Agreement and may be modified from time to time by a Change Order or a Work Order;

	
 
	
(gggg)
	
“Senior Officers” means (i) for OXB, the CEO or duly authorized designee and (ii) for Client, the CEO, CFO or duly authorized designee;

	
 
	
(hhhh)
	
“Service Fee” shall mean the fees and other payments and costs for the Services other than Batch Manufacturing Services (which shall be charged in accordance with the Batch Fee);

10

 

 

	
 
	
(iiii)
	
“Services” shall mean any Manufacturing services and/or other services to be performed by OXB under this Agreement, as described in any Scope of Work, Work Package or Work Order or Change Order;

	
 
	
(jjjj)
	
“SOPs” means the written standard operating procedures and methods of OXB, as the same may be amended, in OXB’s sole discretion, from time to time; provided that any change to the SOPs that could impact Client’s ability to Develop or Commercialise the Licensed Product shall be subject to clause 3.4;

	
 
	
(kkkk)
	
“Specification” means with respect to each Vector, the tests, references to analytical methods and appropriate acceptance criteria (including yield) and attributes to which such Vector must conform, as set forth in the Quality Agreement or agreed from time to time in writing by Client and OXB pursuant to clause 3.4;

	
 
	
(llll)
	
“Specification Changes” shall have the meaning attributed to it in clause 3.4;

	
 
	
(mmmm)
	
“Storage Guidelines” means those procedures, methods and conditions for preserving, monitoring and storing all Client Materials, Components, and Batches of Vector, as set forth in the Quality Agreement or as otherwise mutually agreed to in writing by the Parties;

	
 
	
(nnnn)
	
“Supply Term” shall have the meaning set out in clause 17.1(a);

	
 
	
(oooo)
	
“Target” or “Targets” means the Initial Target and any Additional Targets deemed to be a “Target” herein or any of them individually, as applicable;

	
 
	
(pppp)
	
“Technology Transfer” means the technology transfer process described in Article 13 occurring after a Technology Transfer Event, under which process OXB provides documentation, technical assistance, materials and cooperation by appropriate employees (including technical training at an OXB site pertaining to the Process) as set forth in the Technology Transfer Plan and as is reasonably necessary for properly skilled personnel of Client or its Affiliate or its Third-Party designee (as applicable) to Manufacture a Vector in accordance with the applicable Process;

	
 
	
(qqqq)
	
“Technology Transfer Event” has the meaning set out in Schedule 3;

	
 
	
(rrrr)
	
“Technology Transfer Milestone” shall have the meaning set out in Schedule 2;

	
 
	
(ssss)
	
“Technology Transfer Milestone Payments” shall have the meaning set out in Schedule 2;

	
 
	
(tttt)
	
“Term” shall have the meaning set out in clause 17.1;

	
 
	
(uuuu)
	
“Testing Laboratory” means a qualified independent Third-Party testing laboratory reasonably acceptable to both Parties by written agreement to evaluate certain technical issues and/or detect their root causes;

	
 
	
(vvvv)
	
“Third Party Cell Line” shall have the meaning set out in clause 3.10;

	
 
	
(wwww)
	
“Third Party” means any person or entity other than Client, OXB and their respective Affiliates;

11

 

 

	
 
	
(xxxx)
	
“USD” or “US$” means the lawful currency of the United States;

	
 
	
(yyyy)
	
“Valid Claim” means a claim of (i) an unexpired and issued patent that has not been disclaimed, revoked, or held invalid, un-patentable or unenforceable by an administrative agency, court or other government agency of competent jurisdiction in a final and non-appealable decision (or a decision un-appealed within the time limit allowed for appeal), and which has not been admitted to be invalid or unenforceable through reissue, re-examination or disclaimer or otherwise; or (ii) a pending patent application that has not been finally rejected by a patent office or other governmental agency of competent jurisdiction in an un-appealable decision or a decision that is un-appealed within the time allowed for appeal and that has been prosecuted in good faith and has not been pending for more than [***] from the date of its earliest priority date;

	
 
	
(zzzz)
	
“Vector” means a lentiviral vector delivering the applicable GOI that is (i) Manufactured and supplied under this Agreement by OXB or an Approved Subcontractor of OXB; (ii) Manufactured by Client following a Technology Transfer to Client pursuant to Article 13 with respect to such vector delivering the applicable GOI; or (iii) Manufactured by Client’s Affiliate or a Third Party on behalf of Client or its sublicensee following a Technology Transfer to such Affiliate or Third Party pursuant to Article 13 with respect to such vector delivering the applicable GOI;

	
 
	
(aaaaa)
	
“Work Order” means a document signed by both Parties setting out new Work Packages to be added to a Scope of Work;

	
 
	
(bbbbb)
	
“Work Package” means the work identified as a discrete work package in a Scope of Work, Change Order or Work Order thereto; and

	
 
	
(ccccc)
	
“Year” means a calendar year starting on 1 January and ending on 31 December.

	
1.2
	
Interpretation.  In this Agreement:

	
 
	
(a)
	
unless otherwise specified, references to clauses and schedules are to the clauses and schedules of this Agreement;

	
 
	
(b)
	
the words “include”, “including” and “in particular” are to be construed as being by way of illustration or emphasis only and are not to be construed so as to limit the generality of any words preceding them;

	
 
	
(c)
	
the words “other” and “otherwise” are not to be construed as being limited by any words preceding them;

	
 
	
(d)
	
headings are used for convenience only and do not affect its interpretation; and

	
 
	
(e)
	
a reference to the singular includes a reference to the plural and vice versa and a reference to any gender includes a reference to all other genders.

	
1.3
	
Termination of CDA and FSA.

	
 
	
(a)
	
The Parties agree that the CDA is hereby terminated in all respects and with effect from the date of this Agreement the CDA shall have no further effect except to the extent that certain provisions of the CDA survive any expiration or termination pursuant to the terms of the CDA.

12

 

 

	
 
	
(b)
	
The Parties agree that the FSA is hereby terminated in all respects and with effect from the date of this Agreement the FSA shall have no further effect except to the extent that (i) certain provisions of the FSA survive any expiration or termination pursuant to the terms of the FSA or (ii) activities due to be carried out under the FSA are incomplete in which case such activities shall continue under this Agreement.

	
 
	
(c)
	
In the event of any conflict between the terms and provisions of the CDA or FSA and the terms and provisions of this Agreement, including with respect to the use and treatment of Confidential Information, this Agreement will prevail.

	
2.
	
Governance

	
2.1
	
Representatives.  Within [***] of the Effective Date, each of OXB and Client shall appoint an employee as a project manager to oversee their respective obligations under this Agreement (each a “Project Manager”).  Unless agreed otherwise between the Parties in writing, all communications between OXB and Client regarding the conduct of OXB’s day-to-day performance will be with the respective Party’s Project Manager.  A Party may change its Project Manager at any time by providing at least [***] prior written notice to the other Party.  Client shall incur no cost for any change in OXB’s Project Manager, including, without limitation, costs associated with any knowledge transfer to a new OXB Project Manager.

	
2.2
	
Steering Committee

	
 
	
(a)
	
Steering Committee.  Within [***] after the Effective Date, the Parties shall establish a steering committee (the “Steering Committee”) by each Party designating and notifying the other Party of its initial members to serve on the Steering Committee.  The Steering Committee will remain in place until the termination or expiry of the Term and, unless otherwise agreed in writing between the Parties, will be disbanded at the end of such period.

	
 
	
(b)
	
Role of Steering Committee.  The Steering Committee shall lead and oversee the performance of OXB under this Agreement and, subject to clause 2.2(g), shall be responsible for and have authority for:

	
 
	
(i)
	
providing a forum for strategic decision-making;

	
 
	
(ii)
	
reviewing performance under this Agreement;

	
 
	
(iii)
	
resolving any disputes referred to it by the Project Team; and

	
 
	
(iv)
	
making such other determinations as are expressly delegated to it under the terms of this Agreement.

	
 
	
(c)
	
Membership.  The Steering Committee shall consist of two senior personnel of OXB and two senior personnel of Client, in each case with authority to make decisions for the appointing Party on issues within the mandate of the Steering Committee and shall additionally include each Party’s Project Manager.  Each member shall have the appropriate background and expertise to contribute to the Steering Committee.  Each Party may change its members on the Steering Committee from time to time by providing notice in writing to the other Party.  Either Party may, from time to time, invite additional representatives or consultants, who are not Steering Committee members but who have knowledge and/or experience in relation to the performance of the collaboration 

13

 

 

	
 
		
between the Parties, to attend Steering Committee meetings.  Prior to attendance of any Steering Committee meeting, all of the Steering Committee members and all other permitted attendees must be bound by confidentiality obligations at least as protective to the other Party’s Confidential Information as the terms set out in Article 14.

	
 
	
(d)
	
Co-Chairpersons.  Each Party shall appoint one of its members to co-chair Steering Committee meetings (each a “Co-Chairperson”).  The Co-Chairpersons shall attend meetings, ensure the orderly conduct of meetings, and ensure that written minutes of each meeting are taken and issued to each of the Parties.

	
 
	
(e)
	
Meetings.  The Steering Committee shall meet as often as agreed by the Co-Chairpersons, but in no event less than [***].  Such meetings may be conducted by telephone, videoconference or in person as determined by the Co-Chairpersons, acting reasonably.  Each Party may also call for special meetings of the Steering Committee with reasonable prior notice (it being agreed that at least [***] shall constitute reasonable notice), to resolve particular matters within the decision-making responsibility of the Steering Committee.  Meetings of the Steering Committee shall be effective only if at least one (1) representative of each Party is present and participating as a Co-Chairperson.

	
 
	
(f)
	
Decision-Making.  The Steering Committee will endeavour to make decisions by consensus of the Co-Chairpersons with each Party having one (1) vote.  If a dispute or failure to agree arises which cannot be resolved within the Steering Committee, the Steering Committee shall cause such dispute or failure to agree to be referred to the Senior Officers (or their respective delegates) for resolution.  The Senior Officers (or their respective delegates) shall attempt in good faith to resolve such dispute or failure to agree.  In the event that the Senior Officers (or their respective delegates) have been unable to resolve such dispute within [***] of the dispute being referred to them, either Party may seek resolution of the dispute in accordance with clause 18.14.

	
 
	
(g)
	
Limits.  Each of the Steering Committee, the Project Team and the Project Managers shall only have the powers assigned expressly to each of them in this Agreement.  Notwithstanding any provision to the contrary, neither the Steering Committee nor the Project Team nor the Project Managers shall have any power to amend or modify the provisions of, or to waive compliance with, this Agreement (including any Scopes of Work, Work Packages or Work Orders), and each Party shall retain the rights, powers and discretion granted to it under this Agreement and no such rights, powers or discretion shall be delegated to or vested in the Steering Committee, the Project Team or the Project Managers.  For clarity and without limiting the foregoing, neither the Steering Committee nor the Project Team nor the Project Managers shall have any power to agree to any Specification Changes, which are subject to the process set forth in clause 3.4.

	
2.3
	
Project Team

	
 
	
(a)
	
Within [***] after the Effective Date, the Parties will establish a project team (“Project Team”) which shall consist of each Party’s Project Manager and such other employees, or, subject to the approval of the other Party, which shall not be unreasonably withheld or delayed, representatives or consultants of a Party as considered necessary to attend by such Party’s Project Manager.  Prior to attendance of any Project Team meeting all such employees, representatives 

14

 

 

	
 
		
and consultants of a Party must be bound by confidentiality obligations at least as protective to the other Party’s Confidential Information as the terms set out in Article 14.  The Project Team shall:

	
 
	
(i)
	
provide a forum for, and facilitate, communications between the Parties with respect to the provision of Services by OXB;

	
 
	
(ii)
	
have operational responsibility for co-ordinating the performance of the Scopes of Work and Work Packages;

	
 
	
(iii)
	
have responsibility for proposing an amendment or termination of existing Scopes of Work or Work Packages, and establishing new Scopes of Work or Work Packages; provided however that any new or amended Scopes of Work or Work Packages or any termination of a Scopes of Work or Work Package must be mutually agreed to in a written document executed by an authorised representative of each Party in order to become effective; and

	
 
	
(iv)
	
subject to clause 2.3(c), shall be responsible for promptly referring any dispute not resolved within [***] to the Steering Committee for resolution.

	
 
	
(b)
	
The Project Team shall hold meetings as often as the Project Managers agree is necessary during the Term.  Project Team meetings may be held face to face, or by tele- or video-conference, at such times and places as are agreed to by the Parties acting reasonably.  All decisions of the Project Team will be made by consensus of the Project Managers, and any failure to agree will be referred to the Steering Committee for resolution.

	
 
	
(c)
	
At Client’s reasonable request, time sensitive disputes will be eligible for an accelerated dispute review process under which (i) any dispute not resolved by the Project Team within [***] will be referred to the Steering Committee and (ii) any dispute not resolved by the Steering Committee within [***] after referral to the Steering Committee will be escalated in accordance with clause 2.2(f).

	
2.4
	
Additional Targets.  At any time during the Term, Client may request by written notice to OXB that one or more Additional Targets be included within the scope of this Agreement.  Each Additional Target requested by Client and consented to in writing by OXB shall, subject to payment by Client to OXB of the Additional Target Fee in accordance with clause 7.2, be deemed a Target under this Agreement.  The Parties shall agree and sign a Scope of Work setting out the Services in relation to each Additional Target, which once signed by both Parties shall be incorporated into and be part of this Agreement.

	
3.
	
Provision of Services

	
3.1
	
Provision of Services.  The Services will be provided by OXB in accordance with the applicable Scope of Work.  In the event the Client wishes to amend the Scope of Work, Client will request the work it wishes OXB to perform identifying the Work Packages to be amended, added or terminated.  OXB will promptly provide Client with a draft Change Order or Work Order as applicable for review by Client, and once the Parties have agreed the draft Change Order or Work Order, OXB will issue a final version for signature by both Parties.  Once a Change Order or Work Order has been signed by both Parties the Scope of Work shall be deemed amended in accordance with such Change Order or Work Order.  All signed Change Orders and Work Orders shall be 

15

 

 

		
subject to the terms and conditions of this Agreement.  In the event of any conflict between the terms and provisions of any Scope of Work, Change Order or Work Order and the terms and provisions of this Agreement, this Agreement will prevail unless the relevant term of this Agreement is expressly varied by the written agreement of the Parties set forth in the applicable Scope of Work, Change Order or Work Order.

	
3.2
	
General Standards

	
 
	
(a)
	
OXB shall perform the Services in accordance with the terms and conditions of this Agreement and Applicable Law, and in a professional and workmanlike manner, and in accordance with the activities, timeline and budget set forth in the applicable Scope of Work, Work Order or Change Order.

	
 
	
(b)
	
Upon Delivery, OXB shall ensure Batches have been Manufactured in accordance with Applicable Law, including cGMP, the Process, the Specifications and the Quality Agreement.

	
 
	
(c)
	
In the course of performing its obligations under this Agreement, OXB and its Affiliates shall not employ or use the services of any person that has been debarred, for example as under Subsection (a) or (b) of Section 306 of the Federal Food, Drug and Cosmetic Act (21 U.S.C. 335a) or any comparable provision of any other Applicable Laws.  OXB shall notify Client immediately in the event that OXB becomes aware of such debarment or threatened debarment of any of its employees (or any other person) engaged in the provision of Services under this Agreement.

	
 
	
(d)
	
Without limiting OXB’s obligation to comply with Applicable Law, OXB will comply with the UK Anti-Bribery Law and the OECD Anti-Bribery Convention with regard to Services and Manufacturing, including not offering or giving anything of value to a foreign public official in connection with the performance of the official’s duties or inducing an official to use their position to influence any acts or decisions of any foreign, state or public international organization, and other similar laws and regulations, as well as all applicable export control and economic sanctions laws and regulations.

	
 
	
(e)
	
OXB will ensure that documents provided to Client in connection with this Agreement are provided in English.

	
3.3
	
Quality Agreement; [***].

	
 
	
(a)
	
Prior to Manufacture of the first Batch, the Parties will negotiate and enter into a detailed document allocating the technical quality responsibilities of the Parties with respect to the Manufacture and Delivery of Batches (such executed document, a “Quality Agreement”), which will be attached hereto as Schedule 7 upon completion.  In the event of any conflict between the terms and provisions of this Agreement and the terms and provisions of the Quality Agreement, with respect to quality-related activities, including compliance with cGMP, the provisions of the Quality Agreement will prevail, and with respect to all other activities or issues this Agreement will prevail.

	
 
	
(b)
	
[***].

	
3.4
	
Changes to Specifications.  In each case subject to clause 3.11:

16

 

 

		

	
 
	
(a)
	
Amendments, modifications and additions to the Specifications (“Specification Changes”), the Manufacturing Process of a Batch (“Process Changes”), or the quality of Components (“Component Changes”) may only be made upon mutual written agreement between the Parties in each case, in accordance with the applicable provisions of the applicable Quality Agreement.  If Specification Changes, Process Changes or Component Changes are so agreed to by the Parties, OXB shall promptly implement the same.  The cost allocation between the Parties for any other Specification Changes, Process Changes and Component Changes will be as agreed to by the Parties in writing.

	
 
	
(b)
	
Notwithstanding clause 3.4(a), OXB shall use commercially reasonable efforts to implement any reasonable Specification Changes, Process Changes or Component Changes which are requested by Client (each, a “Requested Change”), provided that:

	
 
	
(i)
	
such Requested Change does not affect the cost to OXB of performing the relevant Services (unless Client agrees in writing to cover such costs), or require Client to perform Services materially different from those described in the applicable Scope of Work, Work Order or Change Order, or require OXB to breach any contractual obligations owed to, or to incur any additional expense in relation to (unless Client agrees in writing to cover such costs) in relation to any other customer; and

	
 
	
(ii)
	
if OXB notifies Client of a reasoned technical concern regarding such Requested Change and if Client nevertheless wishes to evaluate the potential implementation of the Requested Change, then:  (1) the Parties will enter into a Scope of Work or Work Order for one or more pilot batch(es) implementing the Requested Change; (2) if Client deems the pilot batch(es) successful, the Parties will work together in good faith to align on implementation of the Requested Changes, taking into account the results of the pilot batch(es); and (3) if the Parties are able to come to such agreement, the Parties shall execute a Change Order in accordance with clause 3.1 and OXB will promptly implement the applicable changes, in accordance with the Change Order.

	
 
	
(c)
	
To the extent necessary, the Parties shall amend the Quality Agreement and Scope of Work or Work Order to reflect any such Specifications Changes, Process Changes and Component Changes agreed in writing by the Parties.  Without limiting the foregoing, for clarity, no Specification Changes, Process Changes or Component Changes will be implemented by OXB without the prior written consent of Client in each instance.

	
3.5
	
Facility.  OXB shall Manufacture the Batches exclusively at the Facilities.  OXB shall not change the location of the Facility, or use any additional facility, for the performance of cGMP Manufacture under this Agreement without at least [***] prior written notice to, and prior written consent from, Client, which consent will not be unreasonably withheld or delayed (it being understood and agreed that Client may withhold consent pending satisfactory completion of a quality assurance audit and/or regulatory impact assessment of the new location or additional facility, as the case may be).  OXB shall bear OXB’s costs of, as well as any actual and reasonable out- of-pocket costs incurred by Client in connection with, any change in Facility that is not requested by Client.  OXB will maintain, at its own expense, OXB’s Facility and all equipment required for the Manufacture of Vector by OXB in a state of repair and operating efficiency consistent with the requirements of all Applicable Law, including cGMP if applicable.

17

 

 

	
3.6
	
Subcontracting.  OXB shall be entitled to subcontract its obligations under this Agreement, in whole or in part, to the subcontractors approved by Client in advance as specified in the Quality Agreement (or, with respect to non-cGMP Services, to the approved subcontractors as set out in the applicable Scope of Work) (such subcontractors collectively, the “Approved Subcontractors”).  OXB shall ensure that all Approved Subcontractors are bound by obligations to perform which are consistent with the terms of this Agreement, including, as applicable, confidentiality, quality assurance and regulatory obligations.  OXB shall remain responsible for the performance of any subcontracted responsibilities and shall be liable for the acts and omissions of all of its subcontractor(s) in connection with performance under this Agreement as if such acts or omissions were performed by OXB; provided always that, for the avoidance of doubt, OXB shall not have any greater liability to Client than it would have under this Agreement than if OXB had carried out such work and/or committed such breach causing the liability itself.

	
3.7
	
Procurement.  OXB shall, at its cost, purchase, qualify, test, inspect and approve all Components and shall ensure that the Components are of suitable quality as required under the Specifications.

	
3.8
	
Plasmids.

Unless otherwise agreed in writing by the Parties, Client will notify OXB in writing which of the following will apply to the Manufacture of a Vector:

	
 
	
(a)
	
Plasmids incorporating a GOI (genome/transfer Plasmid) suitable for Manufacturing Vector shall be procured and provided to OXB by Client at Client’s sole cost;

	
 
	
(b)
	
Plasmids incorporating a GOI (genome/transfer Plasmid) shall be procured by OXB on behalf of Client from an Approved Subcontractor and will be deemed Client Materials after Client’s payment therefor.  [***]Pass-Through Costs relating to the manufacture of such Plasmids shall be charged by OXB to Client, such costs to include the direct cost of Plasmids, their transport and storage, and any import duties.  In addition to such Pass-Through Costs, Client shall pay OXB a handling fee for procuring such Plasmids, which shall be [***] of such external costs and shall cover all OXB’s internal and other external costs associated with procuring such Plasmids (including stability testing performed by OXB).  In such circumstances, OXB will notify Client in writing of the total costs for such Plasmids in advance of them being incurred.  OXB will invoice Client following receipt by OXB of an applicable invoice from the Plasmid manufacturer.  Title to such Plasmids shall pass to Client upon Client’s payment to OXB of the Pass-Through Costs (including the handling fee) for such Plasmids, and OXB shall inspect, store and handle such Plasmids in accordance with the provisions of this Agreement governing Client Materials.  Notwithstanding any other provision of this Agreement, OXB accepts no liability for the performance of the Plasmid manufacturer under this sub-clause 3.8(b) however the Plasmids are sourced and in particular, in the event the Plasmid manufacturer fails to perform or delivers defective Plasmids to OXB, other than to the extent resulting from OXB’s gross negligence or wilful misconduct; or

	
 
	
(c)
	
Helper Plasmids, i.e. env, rev and gag-pol Plasmids, shall be procured by OXB from an Approved Subcontractor at OXB’s sole cost and will be deemed Components.

18

 

 

	
3.9
	
Sequences.  If applicable to the Services being performed, Client will inform OXB of the sequence of any nucleic acid construct it supplies to OXB (such as the GOI, plasmids, vectors, etc.) and will allow OXB to perform sequencing of such construct (either in-house or using an Approved Subcontractor) to enable OXB to comply with safety requirements and to ensure nucleic acid constructs are sufficiently characterised to support project progression.  For clarity, all such information, shall be deemed Confidential Information of Client; provided however that Client acknowledges and agrees that it may be necessary for OXB to share certain Confidential Information of Client, including the sequence of any nucleic acid in the Plasmids, with the manufacturer of such Plasmids including for export clearance purposes.  In each case provided that the extent of Client’s Confidential Information shared by OXB with a Plasmid manufacturer is limited to the Confidential Information that such Plasmid manufacturer reasonably needs to know for the purposes of manufacturing and providing such Plasmids to OXB for use in performing the Services under this Agreement:  (a) Client accepts all risk relating to the provision of such Confidential Information by OXB to the correct Plasmid manufacturers, (b) such Plasmid manufacturers shall not be deemed to be Representatives of OXB for the purposes of clauses 14.2 and 14.3 and (c) OXB shall have no liability for any acts or omissions of such Plasmid manufacturers to the extent that Confidential Information of Client is disclosed pursuant to this clause.

	
3.10
	
Cell Lines.  In the event Client requests or a Scope of Work or Work Order requires that OXB use a cell line for which OXB does not have a use right or licence (each, a “Third Party Cell Line”), OXB shall request the proposed licence terms from the relevant Third Party, and upon receipt of such licence terms shall provide them to Client for consideration.  If Client provides written approval of the licence terms, OXB shall seek in good faith to procure the licence to use such Third Party Cell Line in the provision of Services on such licence terms, and Client shall reimburse the consideration paid by OXB to the Third Party for such licence (in accordance with the licence terms as approved by Client) and OXB’s actual, reasonable and documented costs in relation to obtaining such a licence.  For the avoidance of doubt, OXB shall not and shall not be required to use any such Third Party Cell Line in the provision of Services unless and until Client has given its written approval for OXB to obtain, and OXB has obtained, a licence to use such Third Party Cell Line in the provision of Services in accordance with this clause 3.10.

	
3.11
	
Good Manufacturing Practice.  Each Party shall promptly notify the other Party upon becoming aware of any material amendments of, or additions to, cGMP that could affect the Services to be performed by OXB under this Agreement and applicable Scope of Work or Work Order.  The Parties shall confer with each other about the best means of complying with such amendments or additions.  Changes to the Scope of Work or Work Order resulting from changes to cGMP may be proposed by either Party in writing to the other Party, but shall take effect only subject to the signature by both Parties of an appropriate Change Order; provided that OXB shall use commercially reasonable efforts to implement any reasonable change to the Services required as a result of any amendment or addition to cGMP (“Required cGMP Change”).  OXB shall bear the cost of any Required cGMP Change if such change applies to the services OXB provides to other clients or otherwise applies to OXB’s business as a contract manufacturing organization generally.  Any other Required cGMP Changes shall be for the sole cost of Client, unless otherwise agreed under the applicable Change Order.  Notwithstanding the foregoing, OXB shall not be required to act in any way in contravention of any newly implemented legal or other regulatory requirements.

	
3.12
	
Permits and Approvals.  OXB shall obtain and maintain all government permits and government licences, including health, safety and environmental permits, necessary 

19

 

 

		
for the conduct of the Services as required by Applicable Law.  Without prejudice to any of Client’s other rights under this Agreement or the Quality Agreement, OXB shall inform Client promptly (within [***]) in writing in the event any license, permit, or approval required by any Regulatory Authority for the Manufacture and supply of Vector by OXB is not obtained in a timely manner or is withdrawn or is otherwise under investigation.

	
4.
	
Client Materials

	
4.1
	
Client Materials.  Client will provide OXB with sufficient quantities of Client Materials to enable OXB to perform the Services as set out in the Scope of Work and applicable Work Orders.  Client will ensure that all related documents provided to OXB are in English.

	
4.2
	
Delivery and Title.

	
 
	
(a)
	
Client Materials provided by Client shall be delivered free of charge DDP (INCOTERMS 2020) OXB’s Facility.

	
 
	
(b)
	
Client will retain title to and ownership of Client Materials at all times.  OXB shall not impose or cause to be imposed any claims, encumbrances and liens on Client Materials.  OXB will at all times label or otherwise designate the Client Materials as property of Client.  Client Materials will remain in the possession, control and care of OXB following delivery of such Client Materials to OXB.  OXB will not transfer the Client Materials to any Third Party except to Approved Subcontractors without Client’s consent, and will use, store and handle the Client Materials in accordance with the Storage Guidelines and (a) solely on behalf of Client, (b) with due care and, where applicable, in compliance with cGMP, any specifications provided by Client and in accordance with the Scope of Work or Work Order or Change Order, and (c) solely for the purposes of providing Services pursuant to this Agreement.  OXB shall not (or allow any Third Party to) use the Client Materials for any other purpose, and without limiting the generality of the foregoing, will not analyse, characterize, modify or reverse engineer any Client Materials or take any action to determine the structure or composition of any Client Materials unless required to perform the Services pursuant to a signed Work Order.  OXB shall destroy or return to Client all unused quantities of Client Materials according to Client’s written directions and at Client’s sole cost and expense.  Title to the Client Materials will at all times remain with Client.  While in the possession, control or care of OXB, OXB will have the risk of destruction, theft or loss of Client Material, except that OXB will only bear the risk of destruction or loss occurring during the manufacturing, processing, validation, testing or release of Vector to the extent caused by OXB’s failure to comply with Applicable Law or the negligence or the wilful misconduct of OXB.

	
4.3
	
Material Safety Data Sheets.  Client will provide OXB with accurate and complete material safety data sheets for all Client Materials and other relevant and necessary information concerning the safety, handling, use, disposal and environmental effects of such Client Materials.

	
4.4
	
Import and Export.  Client will be responsible at its sole cost and expense for satisfying all import, export and customs requirements in relation to Client Materials, including U.S. export control regulations.  Client or its Third-Party designee will be the importer and exporter of record for any materials being imported and shipped to OXB and for all materials exported from the United Kingdom.

20

 

 

	
5.
	
Forecasting and Ordering for Batches

	
5.1
	
Upon execution of this Agreement by the Parties and subject to the payment schedule in Scope of Work for #CP0188 entered into by the Parties on or about the Effective Date (the “Initial Scope of Work”), Client shall pay to OXB the Manufacturing Slot Deposit for all Manufacturing Slots identified in the Initial Scope of Work.  Thereafter, following execution by the Parties of any new Scope of Work or Work Order, OXB will invoice Client for the Manufacturing Slot Deposits for each Manufacturing Slot set out in such new Scope of Work or Work Order, and Client will pay each Manufacturing Slot Deposit on or before the applicable Manufacturing Slot Deposit Payment Date.

	
5.2
	
In the event Client wishes to procure additional Manufacturing Slots it will inform OXB and, pursuant to clause 3.1, OXB will provide a draft Scope of Work or Work Order setting out the anticipated IM Date and the applicable Batch Fee.  Upon signature of an agreed Scope of Work or Work Order, OXB shall invoice Client for the applicable deposit for each Manufacturing Slot set out in the Scope of Work or Work Order, and Client will pay such Manufacturing Slot Deposit on or before the Manufacturing Slot Deposit Payment Date.

	
5.3
	
If there is a change to project timelines requested by Client which affects any binding Manufacturing Slots, Client and OXB will discuss in good faith re-scheduling of such Manufacturing Slots and if the Parties agree to reschedule a Manufacturing Slot, OXB will issue a Change Order setting out the rescheduled Manufacturing Slots, and if such Change Order is agreed, the Change Order shall be signed by both Parties.  Upon signature of a Change Order, if Client has not already paid the Manufacturing Slot Deposit for the original Manufacturing Slot, OXB shall re-invoice Client for the applicable deposit for the rescheduled Manufacturing Slot, and Client will pay such Manufacturing Slot Deposit on or before the new Manufacturing Slot Deposit Payment Date.

	
5.4
	
Any Manufacturing Slots identified in any executed Scope of Work or Work Order or Change Order shall be binding on both Parties upon signature by both Parties of the Scope of Work or Work Order or Change Order.

	
5.5
	
Cancellation of Reserved Manufacturing Slots.

	
 
	
(a)
	
Client may cancel any Manufacturing Slot [***] by written notice to OXB at any time prior to the applicable Manufacturing Slot Deposit Payment Date.  In the event of cancellation of a Manufacturing Slot by Client pursuant to this clause 5.5(a), Cancellation Charges shall not be payable with respect to the cancelled Manufacturing Slot.  For the avoidance of doubt, notwithstanding cancellation of a Manufacturing Slot pursuant to this clause 5.5(a), the applicable Manufacturing Slot Deposit shall be payable by Client by the Manufacturing Slot Deposit Payment Date.

	
 
	
(b)
	
OXB may cancel any Manufacturing Slot [***] by written notice to Client at any time after the applicable Manufacturing Slot Deposit Payment Date in the event that Client has not paid the applicable Manufacturing Slot Deposit by the Manufacturing Slot Deposit Payment Date.  In the event of cancellation of a Manufacturing Slot by OXB pursuant to this clause 5.5(b), Client may, at OXB’s sole discretion, be charged the Cancellation Charges in accordance with clause 7.5 in addition to the Manufacturing Slot Deposit.

	
 
	
(c)
	
If:

21

 

 

	
 
		

	
 
	
(i)
	
Client terminates the Agreement for any reason other than pursuant to clauses 17.3 (for OXB’s breach or insolvency) or 18.1 (for force majeure); or

	
 
	
(ii)
	
Client cancels any Manufacturing Slot other than pursuant to clause 5.5(a) or 5.6 or where OXB expressly agrees that Client is permitted to cancel the Manufacturing Slot without liability for Cancellation Charges under the applicable Scope of Work or Work Order;

then Client will notify OXB in writing [***] and Client may, at OXB’s sole discretion, be charged the Cancellation Charges in accordance with clause 7.5 in addition to the Manufacturing Slot Deposit.

	
5.6
	
Supply Failure.

	
 
	
(a)
	
[***].

	
 
	
(b)
	
[***].

	
 
	
(c)
	
[***]:

	
 
	
(i)
	
[***]; and

	
 
	
(ii)
	
[***];

[***].

	
 
	
(d)
	
[***].

	
6.
	
Delivery and Defective Batches

	
6.1
	
Terms of Delivery.  OXB shall deliver the Batches Ex Works (INCOTERMS 2020) the Facility.  OXB shall notify Client confirming the Actual Delivery Date and place of Delivery at least [***] prior to Delivery.  Client shall retain, or shall require its carrier to retain, all temperature records in relation to all Batches Delivered from the point of Delivery.

	
6.2
	
Failure to take Delivery:  If Client fails to take actual delivery of any Batch on the Actual Delivery Date and prior arrangements to store such Batch have not been agreed to between the Parties in writing, OXB shall store such Batch on behalf of Client in accordance with the Storage Guidelines, and Client shall be invoiced on the [***] following the Actual Delivery Date for reasonable administration and storage costs.  Client agrees that:  (i) Client has made a fixed commitment to purchase such Batch; and (ii) except for loss due to negligence, wilful misconduct or breach of this Agreement by OXB, risk of loss for such Batch passes to Client with effect from Delivery.

	
6.3
	
Title.  Title to the Vector shall pass to Client on Delivery.

	
6.4
	
Risk.  Subject to clause 6.2, risk in the Batches shall pass to Client on Delivery.

	
6.5
	
Delivery of Samples.  If Client requires Samples to be shipped separately from any Batch, OXB will ship such Samples as directed by Client Ex Works (INCOTERMS 2020) the Facility.  OXB shall notify Client of the date on which the Samples will be ready for collection and the place of Delivery at least [***] prior to making them available for collection.  Within [***] following completion of any study or assay, unless 

22

 

 

		
OXB has previously agreed in writing to transfer any remaining unused materials to Client at Client’s cost, OXB will discard or destroy any remaining unused material, provided such unused material is not required by cGMP to be retained, at Client’s request and expense.

	
6.6
	
Quality Assurance.  OXB’s quality assurance team (“Quality Assurance”) shall monitor OXB’s activities under this Agreement and in accordance with Applicable Law and the Quality Agreement.  All relevant test results and copies thereof shall be provided to Client with the Batch Documentation in accordance with the Quality Agreement.  In-process testing results however may be provided to Client before the Batch is completed.  Client (or a Third Party designated by Client) shall be solely responsible for releasing any Batch for Development or Commercialisation.  Client (in its sole discretion) shall determine the form and substance of any release testing information that is in the Specifications for submission to a regulatory authority.  OXB shall provide to Client or to a designated Third Party a Quality Assurance-reviewed and signed OXB Certification within [***] after review and release of the Batch by OXB to Client.  OXB shall provide Client via a file share or such other method mutually agreed by the Parties with copies of Master Batch Records for each Batch within [***] after review and release of such Batch by OXB to Client, unless otherwise set forth in the Quality Agreement.

	
6.7
	
Inspection; Release.  OXB will inspect and release or reject (a) Client Materials and Components for use in the Services and (b) the Batches Manufactured pursuant to this Agreement; provided that Client shall be solely responsible for releasing Licensed Product for Development and Commercialisation.  OXB shall not use any Client Materials or Components in its performance of the Services that do not conform to the Specifications or are otherwise noticeably damaged, visibly defective, or known to be adulterated.  Client may, in conjunction with OXB, inspect and release or reject all Batches Manufactured pursuant to this Agreement.  Such inspection and release or rejection by Client may take place on-site at the Facility or at another location agreed upon by the Parties (for example, if Master Batch Records are made available to Client at a location other than the Facility).

	
6.8
	
Acceptance/Rejection; Defective Batches.

	
 
	
(a)
	
Client shall inform OXB promptly upon discovery of any Defective Batch, but no later than:

	
 
	
(i)
	
[***] after the Actual Delivery Date of such Batch in the event of defects reasonably apparent on visual inspection, without unpacking the Batch; and

	
 
	
(ii)
	
[***] after the date of discovery in the case of defects present at the time of Delivery but not reasonably apparent on visual inspection.

	
 
	
(b)
	
If Client believes that a Batch Delivered by OXB is a Defective Batch and provides notification in accordance with clause 6.8(a), OXB shall promptly conduct an investigation with the aim of determining:  (x) whether the Batch is a Defective Batch, (y) the cause of the defect and (z) corrective measures to be taken in the Manufacture of future Batches to minimize changes of or prevent the same cause from happening again.  OXB shall promptly advise the Steering Committee of the findings and outcome of such investigation.

	
 
	
(c)
	
If the Parties disagree as to whether a Batch Delivered by OXB is a Defective Batch, they shall submit samples of the Batch and the associated Batch records 

23

 

 

	
 
		
(insofar as such Batch records are necessary to enable the Testing Laboratory to perform its analysis), to the Testing Laboratory, which shall carry out tests to determine whether the Batch is a Defective Batch.  The Parties shall act in good faith and co-operate with the Testing Laboratory in its investigation.  Except in the case of manifest error on the face of its report, the findings of the Testing Laboratory shall be binding on the Parties.  The fees of the Testing Laboratory shall be paid by Client unless Batch is a Defective Batch which is not caused by a defect in Client Materials or Client Confidential Information or otherwise by Client, in which case the fees shall be paid by OXB.

	
 
	
(d)
	
If OXB agrees, or the Testing Laboratory (pursuant to clause 6.8(c)) determines that the Batch is a Defective Batch, OXB and Client shall work together to devise appropriate measures to avoid future Batches suffering from such defect.  If the Parties agree that a Batch is a Defective Batch, or the Testing Laboratory pursuant to clause 6.8(c) determines that the Batch is a Defective Batch, OXB will replace such Defective Batch in accordance with the following:

	
 
	
(i)
	
to the extent the Defective Batch has resulted from:

	
 
	
(A)
	
failure to Manufacture in accordance with cGMP, the Quality Agreement or Applicable Law; or

	
 
	
(B)
	
failure to conform to the Specifications as a result of negligence or wilful misconduct on the part of OXB or its Affiliates, an act or omission of OXB or its Affiliates which does not meet the standard of skill and care that would reasonably be expected of a reasonable contract manufacturing organization skilled in the art, or failure of equipment, fixtures, facilities and supplies within OXB’s reasonable control;

then OXB shall be responsible for the cost of replacing the Defective Batch with a non-Defective Batch, including the costs for transportation, testing and disposal (as applicable), but, except to the extent the Defective Batch resulted from negligence or wilful misconduct on the part of OXB or its Affiliates, excluding costs in relation to Client Materials required for the replacement Batch which shall be provided at Client’s cost and expense; and

	
 
	
(ii)
	
in all other circumstances Client shall be responsible for the costs of replacing a Defective Batch, including the costs of transportation, testing and disposal (as applicable) and Client Materials required for the replacement Batch.

	
 
	
(e)
	
OXB shall complete such replacement as soon as reasonably practicable after receipt of the necessary Client Material, and where appropriate following investigation of the cause of the defect and the implementation of appropriate measures to remove such cause, and the Parties shall agree on a revised delivery date for such replacement of the Defective Batch based on the next available Manufacturing Slot.  OXB will make reasonable commercial efforts to facilitate timely Delivery of replacement Batches.

	
 
	
(f)
	
Each Party shall destroy the Defective Batch in its possession or control upon the request of the other Party.  Such destruction shall be at OXB’s cost.

24

 

 

	
6.9
	
Remedies.  Except with respect to OXB obligations of confidentiality and indemnification obligations or OXB’s gross negligence or wilful misconduct, Client agrees that its sole remedy with respect to a Defective Batch is as set forth in clause 6.8 and Client hereby waives all other remedies at law or in equity regarding such Defective Batch.

	
7.
	
Price and Payment

	
7.1
	
Initial Fee.  In partial consideration for the rights and licences granted to Client under this Agreement in relation to the Initial Target, Client shall pay to OXB a one-time, non-refundable, non-creditable upfront payment as set out in Schedule 2 within [***] of the execution of this Agreement.

	
7.2
	
Additional Target Fee.  In partial consideration for the rights and licences granted to Client under this Agreement in relation to any Additional Target included as a Target pursuant to clause 2.4, Client shall pay to OXB a non-refundable, non-creditable payment identified in Schedule 2 (each, an “Additional Target Fee”) in respect of each such Additional Target within [***] of receipt of OXB’s consent pursuant to clause 2.4 in relation to such Additional Target.

	
7.3
	
Service Fee.  Client shall pay the Service Fees set out in the Scope of Work.  Unless agreed otherwise by the Parties, [***] of the Service Fee allocated to any Scope of Work, Change Order or Work Order thereto shall be payable upon the start date for the applicable Work Package specified in such Scope of Work, Change Order or Work Order and the remaining [***] payable upon completion of the Work Package.

	
7.4
	
Batch Fee.  Client shall pay to OXB the applicable Batch Fee for each Batch in accordance with the payment schedule set out in Schedule 1.  To the extent specified in an applicable Scope of Work or Work Order or Change Order, additional charges may be applied, for example for performance of Manufacturing processes or analytics which are not usually performed by OXB and costs of media validation studies where a filling process or container are required that are not encompassed under existing OXB media validations.  A list of the items included in, and a nonexclusive list of items excluded from, the Batch Fee for each Batch is also shown in Schedule 1.

	
7.5
	
Batch Cancellation Charges.

	
 
	
(a)
	
Where requested by OXB in accordance with clause 5.5(b) or clause 5.5(c), Client shall pay to OXB, in addition to the Manufacturing Slot Deposit, the Cancellation Charges in accordance with Schedule 1.

	
 
	
(b)
	
Except in cases in which Client cancelled pursuant to clause 5.5(a), 5.6, 17.3 or 18.1, if OXB has purchased Components or incurred non-cancellable Pass-Through Costs for any cancelled Manufacturing Slot(s), which Components (and/or items/services the subject of the Pass-Through Costs) cannot be used for other Manufacturing Slots taking into account any applicable shelf-life, the cost of such Components and/or Pass-Through Costs shall be paid by Client to OXB.

	
 
	
(c)
	
Notwithstanding anything in this clause 7.5 to the contrary, in no circumstances shall Client be obliged to pay more in Cancellation Charges and forfeited deposit than it would have paid for the cancelled Batch if the same had not been cancelled.

25

 

 

	
 
	
(d)
	
Notwithstanding the foregoing, if OXB is able to fill the cancelled Manufacturing Slot with a new reservation for another project or customer which was not reserved or contemplated at the time of Client’s cancellation, OXB shall reduce the applicable Manufacturing Slot Deposit and Cancellation Charges by deducting the amount received by OXB in respect of such new reservation (but excluding from the deduction (i) any part-payment of such amount received as a deposit in respect of such new reservation and (ii) any out-of-pocket costs incurred by OXB in accomplishing such new reservation).  For the avoidance of doubt, this shall not reduce Client’s liability for the cost of Components or incurred non-cancellable Pass-Through Costs.

	
7.6
	
Annual Price Adjustments.  OXB may increase the Batch Fee and/or Service Fees and its FTE rate annually with effect from [***], provided that any increase shall be not more than the lesser of (i) [***]during the previous [***] and (ii) [***].  OXB shall inform Client of any price adjustment in writing with [***] prior notice and any such increases shall not apply to any Work Order(s) executed prior to the date of such increase.  If publication of the [***]ceases, or if the [***]otherwise becomes unavailable or is altered in such a way as to be unusable, the Parties shall agree on the use of an appropriate substitute [***].

	
7.7
	
Component Costs.  Commencing [***] and no more than once in any [***] period, if the cost to OXB of any Components increases as a result of market conditions including currency fluctuations, so that the cost of any Component increases by [***] or more, then OXB may, by [***] written notice to Client (such notice to include a summary of details of such change) adjust the then-current Batch Fee for future Batches to the extent necessary to cover the increase in cost.  OXB shall provide Client with reasonable documentation supporting such increases in costs.  For clarity, any such increase in the Batch Fee shall apply solely to Batches the subject of Work Orders placed after the date of such written notice.

	
7.8
	
Development Milestones per Target.  Client shall pay the Development Milestone Payments [***] as set out in Schedule 2 upon the achievement of the Development Milestones.

	
7.9
	
Regulatory Milestones.  Client shall pay the Regulatory Milestone Payments [***] as set out in Schedule 2 upon the occurrence of the Regulatory Milestones.

	
7.10
	
Technology Transfer Milestones.  Client shall pay the Technology Transfer Milestone Payments per Vector as set out in Schedule 2 upon the occurrence of the Technology Transfer Milestones with respect to the relevant Vector.

	
7.11
	
Commercial Milestones.  Client shall pay the Commercial Milestone Payments [***] as set out in Schedule 2 upon the occurrence of the Commercial Milestones.

	
7.12
	
Royalty Payments.  In further consideration of the rights and licences granted to Client hereunder (and if applicable, to Client’s Affiliate or a Third-Party manufacturer following Technology Transfer), Client shall pay to OXB during the Royalty Term a royalty on Net Sales at the applicable percentage set out in the table as set out in Schedule 2 (the “Royalties”).  Client shall, subject to the other terms and conditions of this Agreement, pay OXB the Royalties on annual worldwide Net Sales at the applicable percentage as set out above on a Licensed Product-by-Licensed Product and country-by-country basis during the applicable Royalty Term.

	
7.13
	
Royalty Statements.  Within [***] after the end of each calendar quarter, in respect of Net Sales recorded by any Related Party during that calendar quarter, and within [***] 

26

 

 

		
after the termination of this Agreement, Client shall send to OXB a royalty statement setting out in respect of each Related Party:

	
 
	
(a)
	
in respect of each country in which Licensed Products are sold:

	
 
	
(i)
	
the types of Licensed Products sold in that country;

	
 
	
(ii)
	
the quantity of each Licensed Product sold in each country; and

	
 
	
(iii)
	
the total Net Sales of the Related Party (as applicable) in both USD and the currency in which the Net Sales were recorded showing the conversion rates used broken down by Licensed Product; and

	
 
	
(b)
	
the resulting amount payable by Client, in USD, in respect of Royalties.

	
7.14
	
Payment Terms.

	
 
	
(a)
	
For all payments due under this Agreement, OXB shall provide Client with an invoice for the amount due.  Such invoices shall be sent to the following address:

[***]

or such other address as may be requested by Client from time to time by notice in writing.  All invoices must contain:

	
 
	
(i)
	
OXB’s name and address;

	
 
	
(ii)
	
the relevant purchase order number, if applicable;

	
 
	
(iii)
	
OXB’s VAT number, if applicable; and

	
 
	
(iv)
	
OXB’s bank account information.

	
 
	
(b)
	
Client shall pay all amounts in such invoices within [***] of the receipt of such invoice, unless otherwise agreed upon in writing by the Parties (or as expressly set forth in this Agreement with respect to payment of Manufacturing Slot Deposits); provided that if Client reasonably disputes any portion of an invoice, then Client shall pay the undisputed amounts and provide written notice of the disputed amounts and details of the dispute to OXB within [***] of the receipt of such invoice.  The Parties shall promptly negotiate in good faith with a view to resolving such dispute and the disputed amount shall not become due until resolution of the dispute.

	
 
	
(c)
	
All sums due to OXB under this Agreement:

	
 
	
(i)
	
are exclusive of Value Added Tax, which where applicable will be paid by Client in addition.  OXB shall provide to Client all customary receipts for payment of such taxes and cooperate with Client in making applications for and securing any available exemptions or reductions of VAT reasonably available;

	
 
	
(ii)
	
unless an alternative currency is specified on any invoice, shall be paid in USD in relation to Royalties, the Initial Fee, Additional Target Fees, and Milestone Payments and paid in GBP in relation to all other 

27

 

 

	
 
		
payments, in each case by transferring an amount in aggregate to the account identified on the applicable invoice;

	
 
	
(iii)
	
if Licensed Products are sold or supplied by Client or its sublicensees in a currency other than USD (or its successor), the Royalties payable in respect of such sales under this Agreement shall be first determined in the currency of the country in which such sales took place and then converted into USD (or its successor) at the mid rate applicable the invoice date using the OANDA Forex currency converter or other reputable currency converter agreed between the Parties from time to time;

	
 
	
(iv)
	
if laws or regulations require withholding by Client of any taxes imposed upon OXB on account of any royalties and payments paid under this Agreement, such taxes shall be deducted by Client as required by law from such remittable royalty and payment and shall be paid by Client to the proper tax authorities.  Official receipts of payment of any withholding tax shall be secured and, upon request, a copy sent to OXB as evidence of such payment.  The Parties shall cooperate to ensure that any withholding taxes imposed are reduced as far as possible under the provisions of any relevant tax treaty which shall include providing assistance with the completion of any required forms; and

	
 
	
(v)
	
shall be made by the due date in accordance with clause 7.14(b); provided that any payment which falls due on a date which is not a Business Day in the location from which the payment will be made may be made on the next succeeding Business Day in such location.

	
 
	
(d)
	
If any undisputed payment is not made within [***] after the due date, OXB may charge interest on any outstanding amount of such payment on a daily basis at a rate equivalent to [***] above the base rate of the Bank of England then in force in London, or the maximum rate allowed by Applicable Law if lower.

	
8.
	
Financial Records and Audit

	
8.1
	
Client Payment Records.  Client shall and shall procure that its Affiliates and sublicensees shall, keep at its or their normal place of business detailed and up-to- date records and accounts in accordance with generally accepted accounting standards as consistently applied in relation to Net Sales, Royalties and Milestone Payments due under this Agreement (as applicable) (the “Payment Records”), in each case for at least [***] following the calendar quarter to which they pertain.  Such records shall be in sufficient detail to enable OXB to verify the matters to which they pertain.

	
8.2
	
OXB Audit Rights.

	
 
	
(a)
	
OXB may, upon [***] prior written notice to Client, appoint an internationally-recognised independent accounting firm (which is reasonably acceptable to Client) (the “Auditor”) for the purpose of verifying the accuracy of any financial statement or report given OXB under this Agreement.  OXB shall ensure that any such Auditor be subject to obligations of confidentiality as least as stringent as those provided in this Agreement and that such Auditor keep confidential all information reviewed during such audit.  The Auditor shall disclose to OXB and Client its conclusions regarding any payments owed under this Agreement, but not the underlying financial records.

28

 

 

	
 
	
(b)
	
Client and its Affiliates and sublicensee shall make their Payment Records available for inspection by such Auditor during regular Business Day hours at such place or places where such records are customarily kept, upon receipt of [***] prior written notice from OXB.  Such records shall be reviewed solely to verify the accuracy of any statement or report given to OXB under this Agreement for any period within the preceding [***].  Such inspection right shall not be exercised [***], unless otherwise agreed in writing.  OXB agrees to hold in strict confidence all information received and all information learned in the course of any audit or inspection, except to the extent necessary to enforce its rights under this Agreement, or if disclosure is required by law, regulation or judicial order as set forth in Article 14 (Confidentiality).

	
 
	
(c)
	
In the event that the inspection reveals an underpayment or overpayment by Client, the underpaid or overpaid amount shall be settled promptly and in any event within [***] of the issue of the final report.

	
 
	
(d)
	
OXB shall be responsible for the Auditor’s charges and expenses unless the Auditor certifies that there is an under-reporting and underpayment by Client of more than [***] in aggregate amounts payable for any Year, in which case Client shall pay the Auditor’s charges and expenses in respect of that inspection.

	
9.
	
Access to OXB Information

	
9.1
	
OXB Service Records.  OXB will keep appropriate and accurate records (including Batch manufacturing records, testing, cleaning and sterilization records and stability data) of all work done by it under this Agreement, in form and substance as specified in the applicable Scope of Work, Work Package, Work Order, the applicable Quality Agreement, and this Agreement (collectively, the “Records”).  Records will be available at reasonable times for inspection, examination and copying by or on behalf of Client.  All original Records of the Services and Manufacture of Vector under this Agreement will be retained and archived by OXB in accordance with cGMP (if applicable) and Applicable Law, but in no case for less than a period of [***] following completion of the applicable Scope of Work or Work Order.

	
9.2
	
OXB shall provide Client, at Client’s reasonable request, with copies of such documents, and access to such data and information, including source data and information, in OXB’s possession or control as may be necessary for Client to obtain or maintain Regulatory Approval(s) for Licensed Products or respond to Regulatory Authority requests.  The actual and reasonable cost of providing such copies and access shall be borne by Client, unless such request results from a finding that OXB’s performance of its obligations under this Agreement has been materially deficient, in which case it shall be borne by OXB.

	
10.
	
Quality Audits and Inspections

	
10.1
	
Facility Audits.

	
 
	
(a)
	
Subject to OXB’s safety procedures, access control SOPs, and confidentiality obligations to other clients, OXB will permit Client’s representatives, to conduct a routine audit of any OXB Facility as more specifically set forth in the applicable Quality Agreement, such audits to be carried out in a manner that minimises any interference with OXB’s normal operations.

	
 
	
(b)
	
Client may conduct additional for-cause audits of any OXB Facility, as more specifically set forth in the Quality Agreement.

29

 

 

	
 
	
(c)
	
During any audit of an OXB Facility, Client will comply with all reasonable instructions from OXB in relation to health and safety, compliance with cGMP procedures and confidentiality.

	
 
	
(d)
	
The cost of all OXB Facility audits by Client of OXB shall be borne by Client, provided that, in the event that the audit identifies a material deficiency in OXB’s performance of its obligations under this Agreement, OXB shall bear its costs of the audit and Client’s reasonable out-of-pocket costs.

	
10.2
	
Regulatory Inspections.

	
 
	
(a)
	
OXB shall permit inspections by Regulatory Authorities relating to the Vector or the Process and shall co-operate with Client for any such inspections in accordance with the provisions of the Quality Agreement.

	
 
	
(b)
	
Except to the extent the inspection identifies a material deficiency in OXB’s performance of its obligations under this Agreement (in which case OXB shall bear its costs of the inspection and Client’s reasonable out-of-pocket costs), the cost of regulatory inspections of the Facilities that relate solely to the Vectors or Licensed Product shall be borne by Client and will include, without limitation, OXB or its subcontractors’ preparation time, costs of external consultants engaged by OXB or its subcontractors to advise on inspection preparation, the costs associated with mock audits, and costs associated with Manufacturing Slots that cannot be used by OXB or its subcontractors due to an inspection, mock inspection or inspection preparation.

	
11.
	
Regulatory Approvals; Regulatory Matters

	
11.1
	
OXB represents and warrants that it holds, and/or will require that its Approved Subcontractors hold, all necessary registrations, permits and licences for any and all Manufacture of Vector by OXB or such Approved Subcontractors under this Agreement from the Regulatory Authorities of the country or countries where such Manufacture takes place.  OXB shall comply with all requirements of such registrations, permits and licences.  For the avoidance of doubt, Client shall be responsible for all necessary licences and permits required for export/import of Vector.

	
11.2
	
Client shall be responsible for obtaining all such registrations, permits and licences as any Regulatory Authority may require it to hold in order to allow Client to Develop or Commercialise the Batches as anticipated under this Agreement.

	
11.3
	
Each Party shall make all necessary filings, and respond to any requests for information from Regulatory Authorities, relating to any Regulatory Approvals relating to the Vectors or their Manufacture for which such Party is responsible; provided however, that Client shall control all applications, filings and responses with respect to Regulatory Approval of the use of any Vector or any Licensed Product and that OXB shall provide information in relation to such applications, filings and responses as reasonably required by Client to the extent that OXB is able to do so whilst respecting the confidential information of OXB clients and the Confidential Information of OXB.  To the extent OXB is required to make any such filings or responses, prior to making any filing or submitting any response, as applicable, OXB shall provide to Client a copy of the applicable filing or response for review, where possible, respecting the confidential information of OXB clients and the Confidential Information of OXB and take into good faith consideration Client’s comments to same.  Where a Regulatory Authority has reasonably requested information which cannot be provided by OXB 

30

 

 

		
under this clause 11.3 due to the confidential nature of the information then OXB shall provide that information directly to the relevant Regulatory Authority.

	
11.4
	
It shall be Client’s responsibility to submit, and Client shall control the submission of, details of any changes to the Manufacturing process to the appropriate Regulatory Authorities and to obtain any necessary approval of such changes, provided that OXB will reasonably cooperate with Client, at Client’s cost, with respect to these changes and will provide Client with all information reasonably necessary so that Client can respond to inquiries from Regulatory Authorities and meet its regulatory obligations.

	
11.5
	
Client may communicate with any Regulatory Authority about the Vectors or any Services directly, whether or not such communication is necessary to comply with the provisions of this Agreement or any Applicable Laws.  OXB shall not communicate with any Regulatory Authority about the Vectors or any Services unless required by Applicable Law or requested to do so by Client, provided that nothing in this Agreement shall prevent OXB from communicating with any Regulatory Authority in relation to any matters which do not specifically relate to a Vector or the Services, including communication relating to OXB’s platform.  Each Party shall, to the extent permitted by Applicable Law, promptly notify the other Party of any such communication received from any such Regulatory Authority relating to any Vectors or Services.  OXB shall fully cooperate with Client in relation to Client’s communication with any Regulatory Authority relating to Vectors or the Services, allow any inspection required by any Regulatory Authority relating to Vectors or the Services, allow Client to be present at and participate in any such inspection to the extent permitted by Applicable Law, and fully cooperate with any such inspection to the extent required by Applicable Law.

	
12.
	
Intellectual Property

	
12.1
	
Ownership of Background IPR.  Nothing in this Agreement will affect either Party’s ownership of its Background IPR or any Intellectual Property Rights therein.  No licence to use any such Background IPR or Intellectual Property Rights is granted or implied except as expressly set out in this Agreement.

	
12.2
	
Licence to Client.

	
 
	
(a)
	
OXB hereby grants to Client as of the Effective Date a non-exclusive, worldwide, sublicensable (in accordance with clause 12.6), royalty-bearing (in accordance with clause 7.12) licence under the OXB IP solely to research, Develop and Commercialise the Licensed Products targeting the Initial Targets.  For the avoidance of doubt, the foregoing licence shall not include any right to use the OXB IP to manufacture or have manufactured the Vectors and, except with respect to any Licensed Know-How that Client (as the Receiving Party thereof) can prove by means of reasonable written evidence falls within the exceptions described in clause 14.4, Client shall not (other than pursuant to clause 12.3) use the OXB IP to manufacture or have manufactured the Vectors.

	
 
	
(b)
	
OXB shall, and hereby does, grant to Client a non-exclusive, worldwide, sublicensable (in accordance with clause 12.6), royalty-bearing (in accordance with clause 7.12) licence under the OXB IP, in each case solely to research, Develop and Commercialise the Licensed Products targeting any Additional Target, provided that such licence shall only become effective on the date such Additional Target is deemed to be a Target pursuant to clause 2.4 and is subject to payment of the Additional Target Fee with respect to such Additional Target.  For the avoidance of doubt, the foregoing licence shall not include any right to use the OXB IP to manufacture or have manufactured the Vectors and, 

31

 

 

	
 
		
except with respect to any Licensed Know-How that Client (as the Receiving Party thereof) can prove by means of reasonable written evidence falls within clause 14.4, Client shall not (other than pursuant to clause 12.3) use the OXB IP to manufacture or have manufactured the Vectors.

	
 
	
(c)
	
For clarity, the license grants in clause 12.2(a), clause 12.2(b) and clause 12.3 do not include any rights with respect to any Manufacturing processes other than the Processes.  Client shall notify OXB in writing in the event it wishes to licence the TRiP system.  The Parties shall negotiate and agree the applicable percentage of royalty on Net Sales for such licence and the table of royalties as set out in Schedule 2 shall be updated accordingly, following which OXB shall grant to Client an additional non-exclusive, worldwide, sublicensable (in accordance with clause 12.6), royalty-bearing (in accordance with clause 7.12) licence under the OXB IP covering the TRiP system solely to research, Develop and Commercialise the Licensed Products.

	
12.3
	
Licence to Client following Technology Transfer.  Effective following Technology Transfer with respect to any Vector pursuant to Article 13, OXB hereby grants to Client a non-exclusive, worldwide, non-sub-licensable, royalty-bearing (in accordance with clause 7.12) licence under the OXB IP, solely for the purpose of manufacturing the applicable Vector using the Process (as such Process may subsequently be modified by Client or, if applicable pursuant to clause 13.2, Client’s Affiliate or Third- Party designee after the Technology Transfer; but for clarity, the foregoing shall not be deemed to grant to Client, Client’s Affiliate or Third-Party designee a licence with respect to such modified Process under any OXB IP that was not used or incorporated in the original Process that was provided through Technology Transfer pursuant to Article 13) at a facility owned or controlled by Client for use in Licensed Products and researching, Developing and subsequently Commercialising the respective Licensed Products.  In no event shall this licence include the right for Client to provide manufacturing services to a Third Party, or to use OXB IP in connection with products or vectors other than the Vectors with respect to which Technology Transfer has occurred pursuant to Article 13.

	
12.4
	
Licence to OXB.  Client hereby grants to OXB a non-exclusive, worldwide, royalty- free licence under the Intellectual Property Rights subsisting in Client’s Background IPR and the Client Arising IPR during the Supply Term for the sole purpose of performing OXB’s obligations under this Agreement.  Such licence shall expire upon the completion of such obligations or the termination or expiration of this Agreement, whichever is the first to occur.

	
12.5
	
Arising IPR.  Any Arising IPR generated by or on behalf of OXB in the performance of this Agreement which:  (a) relate solely and exclusively to the GOI or to Client Background IPR provided to OXB for the purposes of this Agreement; or (b) consist solely and exclusively of an improvement to or modification of Client Materials which are proprietary to Client, or (c) require the use of Client Materials which are proprietary to Client or Client’s Confidential Information, shall be owned by Client (collectively “Client Arising IPR”).  Any other arising Intellectual Property Rights generated by or on behalf of OXB in the performance of this Agreement shall remain owned by OXB (“OXB Arising IPR”).  OXB hereby assigns all right, title and interest in and to Client Arising IPR to Client.  OXB agrees to execute such documents and perform such other acts as Client may reasonably request to obtain, perfect and enforce such rights to the Client Arising IPR and the assignment thereof.  OXB shall ensure that any persons who are not employees of OXB and who are involved in performing the Services that may reasonably be expected to result in the generation of Client Arising IPR or any 

32

 

 

		
other material Arising IPR hereunder are obligated to assign to OXB all Intellectual Property Rights arising from the performance of such Services.

	
12.6
	
Sublicence Rights.  Client may sublicense its rights under clause 12.2 solely to (a) purchasers of the Licensed Product and (b) Development Partners, in each case on terms consistent with the terms of this Agreement.

	
12.7
	
Non-Exclusivity.  Client acknowledges that OXB is in the business of providing services for a variety of organizations other than Client.  Accordingly, subject to OXB’s obligations of confidentiality and non-use under clause 14 and provided OXB does not infringe any Client Intellectual Property Rights, nothing in this Agreement will preclude or limit OXB from utilising the general knowledge gained during the course of its performance hereunder to perform similar services for other clients.  Client further acknowledges and understands that the services provided under this Agreement are not exclusive to Client.

	
13.
	
Technology Transfer

	
13.1
	
Technology Transfer Events.  Subject to compliance with the terms and conditions of this Agreement, Client may request to OXB in writing, and OXB shall provide, a [***] Technology Transfer on a Vector-by-Vector basis and in accordance with the remainder of this Article 13 as follows:

	
 
	
(a)
	
a Technology Transfer to Client or Client’s Affiliate for no cause on satisfaction of the condition set out in paragraph (a) of Schedule 3;

	
 
	
(b)
	
a Technology Transfer to Client, Client’s Affiliate or a Third-Party manufacturer for no cause on satisfaction of the condition set out in paragraph (b) of Schedule 3; or

	
 
	
(c)
	
a Technology Transfer to Client, Client’s Affiliate or a Third-Party manufacturer on occurrence of one or more events identified in paragraphs (c) and (d) of Schedule 3;

(each a “Technology Transfer Event”).

	
13.2
	
Technology Transfers to a Client Affiliate or Third Party.  Prior to Technology Transfer to Client’s Affiliate or to a Third Party manufacturer in accordance with clause 13.1(a), 13.1(b) or 13.1(c), OXB shall enter into the licence set out in clause 12.3 above directly with such Affiliate or Third Party which shall also include confidentiality obligations no less protective of OXB than those set out in this Agreement.  OXB may reasonably reject any of Client’s Affiliates or any Third Party proposed by Client in relation to a Technology Transfer if OXB has reasonable concerns that such Affiliate or Third Party (i) will be unable to maintain the confidentiality of, or will make an unauthorized use or disclosure of, OXB’s Confidential Information or (ii) will infringe, violate or otherwise misappropriate OXB’s Intellectual Property Rights or OXB’s technology.  In such case, Client shall be obliged to propose a replacement Client Affiliate or Third Party before proceeding with any Technology Transfer to a Client Affiliate or Third Party and the conditions set out in this clause 13.2 shall apply with respect to the proposed replacement.

	
13.3
	
Technology Transfer Support.  OXB shall provide commercially reasonable support through the Technology Transfer to enable Client (or, if applicable pursuant to clause 13.2, Client’s Affiliate or Third-Party designee) to replicate the manufacturing Process developed by OXB as part of the Services, and to Manufacture the Vector conforming 

33

 

 

		
to the applicable Specifications.  The Technology Transfer shall include SOPs identified in the Batch records and Specifications that are necessary to establish manufacturing of the Vector in accordance with the applicable Process, including proprietary OXB Intellectual Property Rights only to the extent incorporated into any Process developed for the Manufacture of the Vector pursuant to this Agreement.  For clarity, OXB will not provide designs, specifications, and SOPs that are not specifically applicable to the Process or the Vector or that otherwise relate generally to the operation of any of its facilities and/or equipment unless and to the extent reasonably necessary to effect the provisions of this Article 13.

	
13.4
	
Technology Transfer Plan.  Prior to initiating Technology Transfer, the Parties shall agree a Technology Transfer plan without undue delay (and in any case within [***]) following Client’s request, which will set out the respective responsibilities of the Parties relating to all aspects of Technology Transfer, including the budget agreed by the Parties.  The Technology Transfer costs will include all costs pre-approved by Client as set out in the Technology Transfer plan or otherwise agreed in writing (or included in such budget) and incurred by OXB in connection with Technology Transfer, including Pass-Through Costs and FTE costs.  The Technology Transfer plan will also set out the criteria for completion of the Technology Transfer, which criteria shall be agreed by both Parties.

	
13.5
	
Consideration for Technology Transfer.  As consideration for the Technology Transfer described in this Article 13, Client will pay OXB the costs agreed between the Parties and identified in the Technology Transfer plan along with the Technology Transfer Milestone Payments set out in Schedule 2 and, during the applicable Royalty Term, Royalties on annual worldwide Net Sales after the Technology Transfer at the applicable percentage set out in the table as set out in Schedule 2 in accordance with clause 7.12.

	
13.6
	
Cell Lines.  If OXB, as part of Technology Transfer, makes available to Client (or, if applicable pursuant to clause 13.2, Client’s Affiliate or Third-Party designee) any Third-Party Cell Lines or other physical materials relating to the Process, Client acknowledges and agrees that Client (or such Affiliate or Third-Party designee) may need to obtain a licence to use such cell lines or physical materials from a Third Party to use such cell lines or other physical materials to manufacture the Vector in accordance with the applicable Process after the Technology Transfer; provided that, except with respect to Third-Party Cell Lines that Client requests in writing OXB to use with respect to the Process, OXB shall have identified in Schedule 6 or the applicable Scope of Work or Work Order all such Third-Party Cell Lines and other physical materials.

	
14.
	
Confidential Information

	
14.1
	
Duty of Confidence.  Each Receiving Party shall:

	
 
	
(a)
	
keep the Confidential Information of the Disclosing Party secret and confidential at all times;

	
 
	
(b)
	
not disclose or permit the disclosure of any Confidential Information of the Disclosing Party, in whole, in part, or in summary, to any person or entity, except as expressly permitted by this Agreement or the Quality Agreement;

	
 
	
(c)
	
not use the Confidential Information of the Disclosing Party or permit it to be used, in whole or in part, for any purpose other than performance of the 

34

 

 

	
 
		
obligations and enjoyment of the rights granted under this Agreement or the Quality Agreement; and

	
 
	
(d)
	
inform the Disclosing Party immediately if it becomes aware of the possession, use or knowledge of any of the Confidential Information of the Disclosing Party by an unauthorised person, and to provide any assistance in relation to such unauthorised possession, use or knowledge that the Disclosing Party may reasonably require.

	
14.2
	
Representatives.  The Receiving Party shall permit access to the Confidential Information of the Disclosing Party only to those of its directors, officers, employees, consultants and contractors, advisors (“Representatives”) and in the case of OXB, Approved Subcontractors, who:

	
 
	
(a)
	
reasonably require such access for the performance of the obligations and/or enjoyment of the rights granted under this Agreement;

	
 
	
(b)
	
have been informed of the confidential nature of such Confidential Information and the Disclosing Party’s interest in such Confidential Information; and

	
 
	
(c)
	
have entered into legally binding confidentiality obligations to the Receiving Party on terms that are no less onerous than those set out in this Agreement, and which extend to such Confidential Information.

save that all information in respect of OXB’s manufacturing processes and its business plans disclosed by OXB to Client shall only be disclosed to the directors, officers or employees of Client and not to any other Representatives without the prior written agreement of OXB or such Representative separately executing a confidentiality undertaking directly with OXB consistent with the terms set out in this Agreement.

	
14.3
	
The Receiving Party shall ensure that all those persons and entities to whom the Receiving Party has provided access to the Confidential Information of the Disclosing Party comply with the provisions of this Agreement.  Notwithstanding any other provision of this Agreement, the Receiving Party shall be liable to the Disclosing Party for any acts or omissions of any such person or entity, that would, if effected by the Receiving Party, constitute a breach of this Article 14.

	
14.4
	
Exceptions.  The Receiving Party’s obligations under clause 14.1 shall not apply to any Confidential Information of the Disclosing Party that the Receiving Party can prove by means of reasonable written evidence:

	
 
	
(a)
	
was known to the Receiving Party prior to disclosure by or on behalf of the Disclosing Party and without breach of any confidentiality obligation owed to the Disclosing Party;

	
 
	
(b)
	
is or becomes publicly known other than as a result of breach of this Agreement by the Receiving Party or by anyone to whom the Receiving Party disclosed the Confidential Information of the Disclosing Party;

	
 
	
(c)
	
is received by the Receiving Party from a Third Party lawfully entitled to make the disclosure without restrictions on such Third Party’s rights to disclose or use; or

35

 

 

	
 
	
(d)
	
is developed by or on behalf of the Receiving Party without any direct or indirect access to, or use or knowledge of, the Confidential Information of the Disclosing Party, as established by contemporaneous documentary evidence;

except that Confidential Information that is specific and would not by itself fall within the above exceptions does not become included in the above exceptions merely as a result of being embraced by more general information that does fall within the above exceptions.

	
14.5
	
Required Disclosures.  The Receiving Party will not be in breach of its obligations under this Agreement to the extent that it is required to disclose Confidential Information of the Disclosing Party by Applicable Law, including to meet the financial and accounting audit and reporting obligations of a publicly traded company, (provided, in the case of a disclosure under any freedom of information legislation, that the exemptions under that legislation do not apply) or order of a court or other public body or Regulatory Authority or other authority that has jurisdiction over it or pursuant to the rules of any recognized stock exchange, provided that, before making such a disclosure, the Receiving Party shall, to the extent it is legally permitted to do so:

	
 
	
(a)
	
inform the Disclosing Party of the proposed disclosure as soon as possible, and if possible before the court or other public body orders the disclosure;

	
 
	
(b)
	
take into account reasonable requests of the Disclosing Party in relation to such disclosure;

	
 
	
(c)
	
except with respect to public company audit and reporting disclosures, ask the court or other public body to treat such Confidential Information as confidential; and

	
 
	
(d)
	
except with respect to public company audit and reporting disclosures, permit and assist the Disclosing Party to make representations to the court or other public body in respect of the disclosure and/or confidential treatment of such Confidential Information.

	
14.6
	
Additional Disclosures.  In addition to disclosures allowed under clause 14.5:

	
 
	
(a)
	
subject to and in accordance with clause 11.3, OXB shall provide OXB’s Confidential Information to Regulatory Authorities as reasonably required by Client in relation to Client’s applications, filings and responses with respect to Regulatory Approval(s) for Vectors and Licensed Products;

	
 
	
(b)
	
Client may disclose Confidential Information of OXB to the extent such disclosure is necessary in connection with sublicensing (or potential sublicensing) of the rights granted under this Agreement, provided that such disclosure is made only under obligations of confidence and non-use at least as stringent as set out in this Agreement and that, in relation to the Manufacturing process, only a pre-agreed high level overview may be disclosed.  The Parties shall use reasonable efforts to promptly agree on such high-level overview once the Process has been finalised;

	
 
	
(c)
	
OXB may disclose, to its licensor or assignor of Intellectual Property Rights related to this Agreement, financial Confidential Information of Client provided to OXB under this Agreement to the extent required for the specific purpose of enabling OXB to comply with its contractual royalty reporting obligations to any such licensor or assignor of Intellectual Property Rights to OXB; provided that 

36

 

 

	
 
		
any such disclosure is made only under obligations of confidence and non-use at least as stringent as set out in this Agreement;

	
 
	
(d)
	
Each Party and its Affiliates may disclose:

	
 
	
(i)
	
the existence of this Agreement, and a redacted version of this Agreement (provided that the other Party is given the opportunity to require a redaction from the Agreement of commercially sensitive terms that are not reasonably necessary for such financial or institutional investors or potential purchasers to conduct a reasonable and customary due diligence of the Agreement, and further provided that any such disclosure is made only under obligations of confidence and non-use at least as stringent as set out in this Agreement) to financial or institutional investors or potential purchasers of the business of such Party or its Affiliates in connection with:

	
 
	
(A)
	
the raising of finance,

	
 
	
(B)
	
the sale of any equity interest in such Party or its Affiliates, or

	
 
	
(C)
	
the sale of the business or relevant part of the business of the Party or its Affiliates, and

	
 
	
(ii)
	
the existence of this Agreement in written materials or oral presentations, provided however, that such materials or presentations accurately describe the nature of this Agreement in a manner consistent with information that has already been publicly disclosed and such information is accurate at the time of disclosure.

	
14.7
	
Return and Destruction of Confidential Information.  At the sooner of:  (i) or termination of this Disclosing Party’s written request and (ii) on expiration Agreement, the Receiving Party shall:

	
 
	
(a)
	
other than as provided below, immediately destroy or erase all Confidential Information of the Disclosing Party that the Receiving Party has received under this Agreement including any copies made and permanently delete all electronic copies of any such Confidential Information from the Receiving Party’s computer systems; and

	
 
	
(b)
	
make no further use of any such Confidential Information,

The Receiving Party may, however, keep one copy of the Confidential Information of the Disclosing Party in its legal files solely for the purpose of enabling it to comply with the provisions of this Agreement, and the Receiving Party shall not be required to remove such Confidential Information of the Disclosing Party from its back-up or archive electronic records including its electronic laboratory notebook and laboratory information management systems.  In addition, Client may retain Confidential Information of OXB during any other period in which the licences to Client under clause 12.2 or 12.3 are in effect, solely to the extent that such Confidential Information is necessary or reasonably required for Client to exercise such licence rights.

	
14.8
	
Press Releases and Publicity.  Neither Party shall make, nor permit any person to make, any public announcement, whether oral or written, concerning this Agreement or make any use of the name, symbol, trade mark, trade name or logo of the other Party or its Affiliates without the prior written consent of the other Party (such consent 

37

 

 

		
not to be unreasonably withheld or delayed); provided, however, that (a) notwithstanding any other provision of this Agreement, each Party shall be permitted to make an announcement in the agreed form appended to this Agreement at Schedule 4 and otherwise repeat the information contained therein (or contained in any previous announcement consented to in writing by the other Party) and (b) each Party shall be permitted to make required disclosures pursuant to clause 14.5 (Required Disclosures), and in each case such activities shall not constitute a breach of this Agreement.

	
15.
	
Indemnities and Liability; Insurance

	
15.1
	
No Exclusion.  Nothing in this Agreement shall exclude or limit, or purport to exclude or limit, a Party’s liability in the case of:

	
 
	
(a)
	
wilful misconduct, fraud or fraudulent misrepresentation;

	
 
	
(b)
	
any breach of Article 14 (Confidentiality);

	
 
	
(c)
	
death or personal injury resulting from its negligence;

	
 
	
(d)
	
[***]; or

	
 
	
(e)
	
any other matter in respect of which it would be unlawful to exclude or restrict liability.

	
15.2
	
Limitation of Damages.  Subject to clause 15.1 above, neither Party nor any of its Affiliates shall be liable in contract, tort, negligence, breach of statutory duty or otherwise to the other Party for any consequential, incidental, special, punitive, exemplary or indirect loss or damage, loss of profits, loss of business or loss of goodwill arising out of this Agreement, except to the extent any such damages are required to be paid to a Third Party as part of a claim for which a Party provides indemnification under this Article 15.  Subject to clause 15.1 above, the aggregate liability of OXB to Client whether directly or by indemnification shall be limited to an amount equivalent to [***] the amount paid or payable by Client to OXB under the relevant Scope of Work, Change Order or Work Order pursuant to which the cause of action has arisen.

	
15.3
	
Client Indemnity.  Client shall defend, indemnify and hold harmless OXB, its Affiliates and each of their respective officers, directors, employees, contractors and agents (the “OXB Indemnitees”) from and against any and all Claims against an OXB Indemnitee arising out of:

	
 
	
(a)
	
any claim that Client’s supply to OXB of Client’s Confidential Information or the Client Materials, or that OXB’s use of the same (or OXB’s use of a Third Party Cell Line at Client’s request) in the performance of the Services during the Supply Term in accordance with the terms of this Agreement infringes or misappropriates the Intellectual Property Rights or other proprietary rights of a Third Party;

	
 
	
(b)
	
the negligence or wilful misconduct of Client or any of its Affiliates;

	
 
	
(c)
	
any breach by Client of any representation, warranty or covenant made by Client in this Agreement or the Quality Agreement; or

	
 
	
(d)
	
the research, development, use, manufacture, distribution, sale or import of any Vector or Licensed Product by Client or its Affiliates, sublicensees or 

38

 

 

	
 
		
collaborators, including, but not limited to, any actual or alleged injury or death, claimed to result directly or indirectly from the possession, use or consumption of, or treatment with, any such Vector or Licensed Product;

in each case, except to the extent that such Claim is attributable to:

	
 
	
(i)
	
Delivery by OXB of a Defective Batch which defect was not attributable to (A) a defect in Client Materials that was present at the time of delivery to OXB hereunder but was not reasonably apparent upon inspection by OXB, or (B) Client Confidential Information, and provided that Client did not knowingly use a Defective Batch;

	
 
	
(ii)
	
any breach by OXB of any representation, warranty or covenant made by OXB under this Agreement or the Quality Agreement;

	
 
	
(iii)
	
negligence or wilful misconduct of an OXB Indemnitee; or

	
 
	
(iv)
	
any claims for which OXB has an obligation to indemnify the Client Indemnitees pursuant to clause 15.4.

	
15.4
	
OXB Indemnity.  OXB shall defend, indemnify and hold harmless Client, its Affiliates and each of their respective officers, directors, employees, contractors and agents (the “Client Indemnitees”) from and against any and all Claims against a Client Indemnitee arising out of:

	
 
	
(a)
	
the negligence or wilful misconduct of OXB or any of its Affiliates; and

	
 
	
(b)
	
any breach by OXB of any representation, warranty or covenant made by OXB under this Agreement or the Quality Agreement;

	
 
	
(c)
	
[***]; and

in each case, except to the extent that such Claim is attributable to:

	
 
	
(i)
	
any breach by Client of any representation, warranty or covenant made by Client under this Agreement or the Quality Agreement; or

	
 
	
(ii)
	
negligence of or wilful misconduct of a Client Indemnitee; or

	
 
	
(iii)
	
any claims for which Client has an obligation to indemnify the OXB Indemnitees pursuant to clause 15.3.

and further provided that, if any IPR Claim is made or is reasonably likely to be made against a Client Indemnitee, OXB may at, its sole option and expense, and Client shall permit OXB to procure for the Client Indemnitee the right to, continue practicing the OXB Manufacturing Process (or any part thereof).

	
15.5
	
Indemnification Procedure.  Where a Party (the “Indemnified Party”) seeks indemnification from the other Party (the “Indemnifying Party”) under clause 15.3 or 15.4:

	
 
	
(a)
	
the Indemnified Party shall provide prompt written notice to the Indemnifying Party of the assertion or commencement of any Claim for which it is seeking indemnification; provided, however, that failure to provide such notice shall not 

39

 

 

	
 
		
relieve the Indemnifying Party of any of its obligations hereunder except to the extent the Indemnifying Party is prejudiced by such failure;

	
 
	
(b)
	
the Indemnifying Party shall have the right to assume (with its own counsel and at its own costs) the defence and/or settlement of the same; provided that the Indemnifying Party shall not agree to any settlement of such Claim under terms that would require the Indemnified Party to pay any money or admit wrongdoing without the Indemnified Party’s prior written approval (such consent not to be unreasonably withheld, conditioned or delayed);

	
 
	
(c)
	
the Indemnifying Party shall not be liable for any settlement made by the Indemnified Party without the Indemnifying Party’s prior written consent; and

	
 
	
(d)
	
the Indemnified Party shall:

	
 
	
(i)
	
promptly provide all assistance and information reasonably required by the Indemnifying Party;

	
 
	
(ii)
	
not make any admission of liability, conclude any agreement or make any compromise with any person in relation to such claim, demand, action or suit without the prior written consent of the Indemnifying Party (which consent shall not be withheld unreasonably); and

	
 
	
(iii)
	
have the right to participate in (but not control) the defence of the claim, demand, action or suit and to retain its own counsel in connection with such claim, demand, action or suit at its own expense.

	
15.6
	
Mitigation of Loss.  Each Indemnified Party will take and will ensure that its Affiliates take all such commercially reasonable steps and actions that are necessary or as the Indemnifying Party may reasonably require, in its reasonable discretion, to mitigate any Claims (or potential losses or damages) under this Article 15; it being understood that Client would not be required to cease Development or Commercialisation of the Licensed Product as part of such mitigation efforts.  Nothing in this Agreement shall or shall be deemed to relieve any Party of any common law or other duty to mitigate any losses incurred by it.

	
15.7
	
Insurance.

	
 
	
(a)
	
OXB Insurance.  OXB will secure and maintain in full force and effect throughout the term of this Agreement (and for at least [***] thereafter for claims made coverage), the following minimum insurance coverage with financially sound and internationally reputable insurers with a minimum A. M. Best Rating of A-/VII:

	
 
	
(i)
	
Employers’ Liability of at least [***];

	
 
	
(ii)
	
Public and Products Liability, including personal/advertising injury, coverage for completed operations, and contractual liability assumed by OXB, with at least [***] combined single limit for bodily injury and property damage per occurrence, and a general aggregate limit of at least [***];

	
 
	
(iii)
	
“All Risk” Property, valued at replacement cost, covering loss or damage to Client’s property and materials in the care, custody, and control of OXB whether at the Facility, in transit to the delivery location, 

40

 

 

	
 
		
or otherwise with Client named as loss payee for Client’s property and materials provided that (A) Client has provided sufficient detail of the relevant property and materials and costs thereof to enable OXB to procure such coverage under its insurance policy and (B) OXB shall be entitled to recharge to Client any cost of procuring such coverage in excess of [***], or Client shall be entitled to insure Client’s property and materials under its own insurance coverage.

Liability policies written on a claims-made basis will have a retroactive date no later than the Effective Date of this Agreement.  Coverage territory will include claims brought in the United States and worldwide, if applicable.

	
 
	
(b)
	
Client Insurance.  Client shall obtain and maintain in full force and effect at all times during the Term and for at least [***] thereafter such types and amounts of insurance with financially sound and internationally reputable insurers with a minimum A. M. Best Rating of A-/VII as is normal and customary for it to cover its indemnification obligations under this Agreement.

	
 
	
(c)
	
Proof of Insurance.  Upon request by the other Party, each Party shall procure from its insurance broker a letter confirming the coverage required of such Party under this clause 15.7.

	
16.
	
Warranties and Representations

	
16.1
	
Mutual Representations and Warranties.  Each Party hereby represents and warrants to the other as of the Effective Date that:

	
 
	
(a)
	
it is a corporation duly organised, validly existing and in good standing under the laws of its jurisdiction of formation;

	
 
	
(b)
	
it has full corporate power and authority to execute, deliver, and perform this Agreement, and has taken all corporate action required by law and its organisational documents to authorise the execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement;

	
 
	
(c)
	
all consents, approvals and authorisations from all governmental authorities required to be obtained by such Party in connection with this Agreement have been obtained;

	
 
	
(d)
	
the execution and delivery of this Agreement and all other instruments and documents required to be executed pursuant to this Agreement, and the consummation of the transactions contemplated hereby do not and shall not (i) conflict with or result in a breach of any provision of its organizational documents; or (ii) result in a breach of any agreement to which it is a party; and

	
 
	
(e)
	
(i) neither such Party nor, to the Knowledge of such Party any of its employees or contractors used to perform any Services or other activities in connection with this Agreement, has been debarred under Subsection (a) or (b) of Section 306 of the Federal Food, Drug and Cosmetic Act (21 U.S.C. 335a); and (ii) to the Knowledge of such Party, no person on any of the FDA clinical investigator enforcement lists (including, but not limited to, the (1) Disqualified/Totally Restricted List, (2) Restricted List and (3) Adequate Assurances List) will participate in the performance of any activities hereunder, and each Party will promptly notify the other in the event that such Party becomes aware that it or 

41

 

 

	
 
		
any of its employees or contractors used to perform any Services or other activities in connection with this Agreement becomes debarred or is added to such lists.

	
16.2
	
Additional Representations and Warranties of OXB

	
 
	
(a)
	
[***];

	
 
	
(b)
	
[***];

	
 
	
(c)
	
[***];

	
 
	
(d)
	
[***];

	
 
	
(e)
	
[***];

	
 
	
(f)
	
[***];

	
 
	
(g)
	
[***];

	
 
	
(h)
	
[***];

	
 
	
(i)
	
[***]; and

	
 
	
(j)
	
[***].

	
16.3
	
No Other Warranties.  Each of the Parties acknowledges that, in entering into this Agreement, it does not do so in reliance on any representation, warranty, or other provision except as expressly provided in this Agreement, and any conditions, warranties or other terms implied by statute or common law are excluded from this Agreement to the fullest extent permitted by Applicable Law.  In particular, other than as expressly provided herein, OXB expressly disclaims all warranties relating to the Vector and the Services including any warranty of satisfactory quality, merchantability, or fitness for any particular purpose.

	
17.
	
Duration and Termination

	
17.1
	
Term and Duration of Agreement.  This Agreement shall come into effect on the Effective Date and, subject to earlier termination in accordance with this Agreement, and subject to clause 17.7:

	
 
	
(a)
	
with respect to clauses 1.3, 3, 4, 5, 6 and 10 with respect to the performance of Services and the Manufacture and supply of Batches of Vector by OXB to Client, shall continue in effect until the later of (i) [***] from the Effective Date and (ii) the completion of Services under the last Scope of Work, Work Package, Work Order or Change Order, in each case, that was executed by the Parties prior to [***] (the “Supply Term”); and

	
 
	
(b)
	
with respect to the remainder of the Agreement, shall continue in force until no further payments are due to OXB under this Agreement (the “Term”).

Upon expiry of this Agreement pursuant to clause 17.1(b), all licenses granted to Client hereunder shall become perpetual and fully paid-up.

	
17.2
	
Client Termination of Agreement Without Cause.  Client may terminate this Agreement without cause, by giving at least [***] written notice to OXB.  In such 

42

 

 

		
circumstances the Cancellation Charges shall apply with respect to all cancelled Manufacturing Slots in accordance with clause 7.5.

	
17.3
	
Termination for Cause.

	
 
	
(a)
	
If either Client or OXB is in material breach of any material obligation hereunder or under the Quality Agreement, the other Party may give written notice to the breaching Party specifying the claimed particulars of such breach, and in the event such material breach is not cured within [***] where the breach is a failure to make a payment due) after such notice, the notifying Party shall have the right thereafter to terminate this Agreement immediately by giving written notice to the breaching Party to such effect.

	
 
	
(b)
	
Either Party may terminate this Agreement upon written notice to the other Party if an Insolvency Event occurs in relation to the other Party and such Insolvency Event is not dismissed or remedied within [***] after its occurrence.  Unless otherwise prohibited by Applicable Laws, in any event when a Party first becomes aware of the likely occurrence of any Insolvency Event in regard to that Party, it shall promptly so notify the other Party in sufficient time to give the other Party sufficient notice to protect its interests under this Agreement.

	
17.4
	
Termination of Work Orders.  Client may terminate any Scope of Work, Work Package or Work Order with or without cause by giving [***] written notice to OXB, and other than with respect to the orderly winddown of any work under such a terminated Scope of Work, Work Package or Work Order within the notice period, OXB shall have no further obligations with respect to such Scope of Work, Work Package or Work Order and shall, upon receipt of such notice, cease all work in respect thereof.  If applicable to the cancelled Scope of Work, Work Package or Work Order, Cancellation Charges will apply with respect to all cancelled Manufacturing Slots in accordance with clause 7.5.  OXB may invoice Client for:  (i) all costs actually and reasonably incurred and non-cancellable costs reasonably committed prior to the effective date of termination in connection with the cancelled Scope of Work, Work Package or Work Order (to the extent such costs are not covered under the costs described in (iii)); (ii) all reasonable and documented costs associated with the wind-down activities in accordance with this clause 17.4; and (iii) Client’s liability for all fees and other payments and costs for the Services listed in any relevant Work Package up to the effective date of termination; provided that (A) the amount due from Client under this clause 17.4 shall not exceed the costs set forth in the applicable Scope of Work, Work Order or Work Package and shall exclude any amounts paid or payable by Client pursuant to clause 7.5(b); and (B) OXB shall take reasonable efforts to mitigate and minimize the amount due from Client pursuant to this sentence.

	
17.5
	
Consequences of termination.

	
 
	
(a)
	
In the event of termination of this Agreement, such termination shall be deemed to be a termination of all outstanding Scopes of Work, Work Packages and Work Orders, subject to clause 17.5(b).

	
 
	
(b)
	
Upon termination of this Agreement:

	
 
	
(i)
	
by either Party for any reason, OXB will complete Delivery of, and Client shall take delivery of, and pay OXB for, all Batches that were completed as of the date of the relevant notice of termination;

43

 

 

	
 
	
(ii)
	
by OXB for Client’s uncured breach or insolvency pursuant to clause 17.3, OXB may elect to either cease or continue with the Manufacture of any Batches for which a Work Order had been executed before the effective date of termination or expiry; provided that, (1) to the extent that OXB elects to continue Manufacture and make Delivery of such Batches, Client shall take delivery of and pay OXB for, all such Batches; and (2) to the extent that OXB elects not to continue Manufacture and make Delivery of such Batches, Client shall pay OXB the applicable Cancellation Charges for all Manufacturing Slots which are cancelled as a result; or

	
 
	
(iii)
	
by Client without cause pursuant to clause 17.2 or by Client for OXB’s uncured breach or insolvency pursuant to clause 17.3, Client shall instruct OXB in writing at the time of giving notice of termination whether or not OXB should continue with the Manufacture of any Batches for which a Work Order had been executed before the effective date of termination.

	
 
	
(c)
	
Upon termination of this Agreement by either Party for any reason:

	
 
	
(i)
	
Client will pay the Batch Fee for any Batches which have undergone OXB’s certification and been delivered in accordance with clause 17.5(b), provided however that clause 6.8 shall continue to apply with respect to any such Batch which is a Defective Batch;

	
 
	
(ii)
	
except with respect to Batches for which a Cancellation Charge has been paid or is payable, where Client instructs OXB to cease Manufacture of Batches pursuant to clause 17.5(b)(iii), or where OXB elects to cease Manufacture pursuant to clause 17.5(b)(ii):  (A) Client shall pay OXB all reasonable actually incurred or committed costs up to the date of instruction to cease Manufacture; provided that these costs shall not exceed the costs set forth in the applicable Work Order(s) and shall exclude any amounts paid or payable by Client pursuant to clause 7.5(b) or clause 17.4; and (B) OXB shall take reasonable efforts to mitigate and minimize any such costs; and

	
 
	
(iii)
	
where Client instructs OXB to continue Manufacture of a Batch pursuant to clause 17.5(b)(iii), or where OXB elects to continue Manufacture of a Batch pursuant to clause 17.5(b)(ii), such Manufacture shall be subject to the terms and conditions of this Agreement, including clause 5.6.

	
 
	
(d)
	
Upon termination of this Agreement:

	
 
	
(i)
	
by OXB for Client’s uncured breach or insolvency pursuant to clause 17.3 or by Client for convenience pursuant to clause 17.2 or by OXB for force majeure pursuant to clause 18.1, the licences granted to Client under clause 12.2 shall terminate immediately (subject to Client’s sell-off rights under this clause) and any licence granted to Client pursuant to clause 12.3 shall terminate immediately; provided however that Client shall be entitled to sell or otherwise dispose of any unsold or unused stocks of Licensed Product for up to [***] after the effective date of termination subject to payment of applicable Royalties for the remainder of the Royalty Term; or

44

 

 

	
 
	
(ii)
	
by Client for OXB’s uncured breach or insolvency pursuant to clause 17.3 or by Client for force majeure pursuant to clause 18.1, (1) the licences granted to Client under clause 12.2 shall survive such termination in accordance with their terms until the Term would otherwise expire under Section 17.1; provided that Client continues to pay all Royalties due to OXB pursuant to clause 7.12 during the remainder of the applicable Royalty Term; and thereafter, such license shall become perpetual, irrevocable and fully paid-up for the applicable country; (2) any licence granted pursuant to clause 12.3 or 13.2 shall survive in accordance with its terms provided that Client continues to pay all Royalties due to OXB pursuant to clause 7.12 during the remainder of the applicable Royalty Term, and applicable Technology Transfer Milestone Payments and costs in accordance with clause 13.5; and (3) Client shall have no obligation to pay to OXB any Development Milestone Payments, Regulatory Milestone Payments or Commercial Milestone Payments that were not already due to OXB as of the effective date of termination.

	
17.6
	
Termination Not Sole Remedy.  A Party’s right of termination under this Agreement, and the exercise of any such right, shall be without prejudice to any other right or remedy (including any right to claim damages) that such Party may have in the event of a breach of contract or other default by the other Party.

	
17.7
	
Survival.  Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior to such expiration or termination.  In addition, the provisions of clauses:  1 (Definitions and Interpretation); 4.2(b) (Delivery and Title to Client Materials) and 4.4 (Import and Export); 5.5 (Cancellation of Reserved Manufacturing Slots); 6 (Delivery and Defective Batches) with respect to Batches delivered prior to termination or expiration of the Agreement or in accordance with clause 17.5(b); 7 (Price and Payment), with respect to those payments that accrued prior to termination or expiration of the Agreement or pursuant to clause 17.5; 8 (Financial Records and Audit); 9 (Access to OXB Information); 11 (Regulatory Approvals; Regulatory Matters); 12.1, 12.5 and 12.7 (Intellectual Property); 13.5 (Consideration for Technology Transfer) with respect to those payments that accrued prior to the effective date of termination or expiration or pursuant to clause 17.5; 14 (Confidential Information); 15 (Indemnities and Liability); 16 (Warranties and Representations); 17.4, 17.5, 17.6 and 17.7 (Termination); and 18 (General); shall survive expiration or termination of this Agreement each for the period specified therein, or, if no period is specified therein, then perpetually.

	
18.
	
General

	
18.1
	
Force Majeure.  Neither Party shall have any liability or be deemed to be in breach of this Agreement for any delays or failures in performance of this Agreement that result from circumstances beyond the reasonable control of that Party and which circumstances are not reasonably foreseeable, including, by way of example and not of limitation, fire, flood, explosion, storm, hurricane, strike, lockout or other labour dispute, riot, war, rebellion, accidents, equipment failure, acts of God, or acts of governmental agencies or instrumentalities.  For clarity, COVID-19 conditions as they exist on the Effective Date will not constitute a force majeure condition under this Agreement.  The Party affected by such circumstances shall promptly notify the other Party in writing when such circumstances cause a delay or failure in performance and use its reasonable endeavours to avoid or remove the causes of nonperformance and shall continue performance as expeditiously as possible as soon as such causes have been removed.  If any circumstances described in this clause 18.1 prevent a Party 

45

 

 

		
from performing its material obligations under this Agreement for [***], the other Party may terminate this Agreement by giving [***] written notice to the affected Party.

	
18.2
	
Compliance with Law.  Each Party shall perform its obligations under this Agreement in accordance with all Applicable Laws.  No Party shall, or shall be required to, undertake any activity under or in connection with this Agreement which violates, or which it believes, in good faith, may violate, any Applicable Law.

	
18.3
	
Further Action.  Each Party agrees, without the necessity of further consideration, to execute, acknowledge, and deliver such further instruments, and do all further similar acts, as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

	
18.4
	
Notices and Other Communications:  Any notice to be given under this Agreement must be in writing, and be delivered to the other Party by courier or other recorded delivery post (with an advance copy by email) and will be deemed to be received on the date of delivery.  Until changed by notice given in accordance with this clause 18.4, all notices should be addressed as follows:

		
	
For OXB:
	
For Client:

	
[***]
	
[***]

	
 
	
 

 

	
18.5
	
Amendment.  This Agreement may only be amended in writing signed by duly authorised representatives of the Parties.

	
18.6
	
Assignment.  Neither Party may assign, mortgage, charge or otherwise transfer any of its rights nor obligations under this Agreement without the other Party’s prior written consent (which consent shall not be unreasonably withheld or delayed), except that either Party may assign its rights and obligations under this Agreement, without the consent of the other Party to any Third Party acquiring all or substantially all of the assigning Party’s assets or business to which this Agreement relates, provided that, in all cases:

	
 
	
(a)
	
the assigning Party shall provide the other Party with prompt written notice of any such assignment; and

	
 
	
(b)
	
the permitted assignee shall assume the obligations of the assigning Party hereunder in writing.

	
18.7
	
Third Party Rights.  The provisions of this Agreement are for the sole benefit of the Parties and their successors and permitted assigns, and they shall not be construed as conferring any rights to any Third Party except as otherwise expressly provided in Article 15 above.  Except as expressly provided in Article 15 above, no person who is not a Party to this Agreement (including any employee, officer, agent, representative or subcontractor of either Party) shall have the right to enforce any term of this Agreement which expressly or by implication confers a benefit on that person without the express prior agreement in writing of the Parties.

	
18.8
	
Entire Agreement.  This Agreement, including any Scopes of Work, Work Packages, Work Orders and Change Orders hereunder, together with the Quality Agreement and Schedules and Appendices to this Agreement, constitute the entire agreement 

46

 

 

		
between the Parties relating to their subject matter and in relation to such subject matter supersedes all earlier understandings and agreements between the Parties, except with respect to the CDA and FSA (which have been terminated pursuant to this Agreement).

	
18.9
	
Relationship.  Nothing in this Agreement creates, implies or evidences any contract of employment or any partnership or joint venture between the Parties, or authorises either Party to act as agent for the other.  Moreover, each Party agrees not to construe this Agreement, or any of the transactions contemplated hereby, as a partnership for any tax purposes.  Each Party shall act solely as an independent contractor, and nothing in this Agreement shall be construed to give any Party the power or authority to act for, bind, or commit the other.  OXB is acting under this Agreement as an independent contractor.  OXB will be responsible for and will withhold and/or pay any and all applicable federal, state or local taxes, payroll taxes, workers’ compensation contributions, unemployment insurance contributions, or other payroll deductions from the compensation of OXB’s employees and other OXB personnel.  OXB understands and agrees that it is solely responsible for such matters and that it will indemnify Client and hold Client harmless from all claims and demands in connection with such matters.

	
18.10
	
Waiver of Rights.  No failure or delay by a Party to exercise any right or remedy provided under this Agreement or by law or to insist upon compliance with any term or condition of this Agreement will constitute a waiver of that (or any other) right or remedy or excuse a similar subsequent failure to perform any such term or condition by the other Party.  No waiver shall be effective unless it has been given in writing and signed by the Party giving such waiver.  No single or partial exercise of such right or remedy will preclude or restrict the further exercise of that (or any other) right or remedy.

	
18.11
	
Unenforceable Provisions.  If the whole or any part of any provision of this Agreement is unenforceable in any jurisdiction, then this Agreement shall be construed as if such provision were not contained herein and the remainder of this Agreement shall continue in full force and effect.  The Parties will use their commercially reasonable efforts to substitute for the invalid or unenforceable provision a valid and enforceable provision which conforms as nearly as possible to the original intent of the Parties.  The validity and enforceability of that provision in any other jurisdiction will not be affected.

	
18.12
	
Counterparts.  This Agreement may be executed in any number of counterparts, each of which is an original but all of which together will constitute one document.  Electronic or PDF signatures of authorized signatories of any Party will be deemed to be original signatures and will be valid and binding, and delivery of an electronic or PDF signature by any Party will constitute due execution and delivery of this Agreement.

	
18.13
	
Governing Law.  This Agreement and all matters relating to it shall be governed by and construed in accordance with the laws of England and Wales.

	
18.14
	
Dispute Resolution.  Any dispute arising out of or relating to this Agreement shall be subject to the dispute resolution set out in clause 2 and in the event that the Senior Officers are not able to agree either Party may submit to the exclusive jurisdiction of the courts located in London, England.  Notwithstanding the foregoing, either Party may seek an interim injunction in any court of competent jurisdiction.

	
18.15
	
Cumulative Remedies.  The rights and remedies in this Agreement are cumulative and not exclusive of any other right or remedy that might be available at law or in equity.

47

 

 

	
18.16
	
Expenses.  Except as otherwise expressly provided in this Agreement, each Party shall pay the fees and expenses of its respective lawyers and other experts and all other expenses and costs incurred by such Party incidental to the negotiation, preparation, execution and delivery of this Agreement.

48

 

 

 

AGREED by the Parties to this Agreement through their authorised signatories:

 

		
	
For and on behalf of
	
For and on behalf of

	
OXFORD BIOMEDICA (UK) LIMITED:
	
CABALETTA BIO, INC.

	
 
	
 

	
 
	
 

	
Signature /s/ Jason Slingsby
	
Signature /s/ Steven Nichtberger

	
 
	
 

	
 
	
 

	
Print name Jason Slingsby
	
Print name Steven Nichtberger, M.D.

	
 
	
 

	
 
	
 

	
Job title Chief Business and Corporate Development Officer 
	
Job title Chairman and CEO

	
 
	
 

	
 
	
 

	
Date 30 December 2021 
	
Date 30 December 2021

 

 

 

49

 

 

 

SCHEDULE 1

Batch Fee and Cancellation Fees

[***]

 

50

 

 

 

SCHEDULE 2

Milestones and Royalties

Fees

Initial Fee (clause 7.1):  [***]

Additional Target Fee (clause 7.2):  [***]

Development Milestones ([***])

		
	
Development Milestone
	
Payment (USD) upon achievement of Development Milestone*

	
[***]
	
[***]

 

Regulatory Milestones ([***])

		
	
Regulatory Milestone
	
Payment (USD) upon achievement of Regulatory Milestone*

	
[***]
	
[***]

 

Commercial Milestones ([***])

		
	
Commercial Milestone
	
Payment (USD) upon achievement of Commercial Milestone *

	
[***]
	
[***]

	
[***]
	
[***]

 

* Client shall notify OXB as soon as reasonably practicable following the occurrence of each milestone in the milestone tables above.  Client shall pay the corresponding amounts set out  Biomedical above in respect of that milestone within [***] after receipt of an invoice from OXB for the same.  The amount stipulated as payable for each milestone in the milestone tables above shall be payable by Client to OXB the [***]time the applicable milestone is achieved 

51

 

with respect to each Licensed Product (for the Development Milestones, Regulatory Milestones and Commercial Milestones), whether by Client alone or in combination with or by one or more Affiliates or sublicensees.  Where the regulatory process for a Licensed Product is accelerated such that a particular milestone is not required by the relevant Regulatory Authority, the payment in respect of that milestone shall become due and payable upon the occurrence of the next milestone in the table above.  All such payments shall be non-refundable.

Technology Transfer Milestones (single, one-time payments on a per Vector basis)

		
	
Technology Transfer Milestone
	
Payment (USD) upon achievement of Technology Transfer Milestone

	
[***]
	
[***]

	
[***]
	
[***]

	
[***]
	
[***]

	
[***]
	
[***]

 

** OXB shall notify Client as soon as reasonably practicable following the occurrence of each Technology Transfer Milestone in the milestone table above.  Client shall pay the corresponding amounts set out above in respect of that milestone net [***] after receipt of an invoice from OXB for the same.  Subject to clause 17.5(d)(ii), Development Milestone Payments, Regulatory Milestone Payments and Commercial Milestone Payments will continue to be owed by Client if and when they are achieved after a Technology Transfer.

Royalties

			
	
Royalty rate if Vectors manufactured by OXB
	
Royalty rate if Vectors manufactured by Client following Technology Transfer
	
Royalty rate if Vectors manufactured by a Third-Party manufacturer following Technology Transfer

	
[***]
	
[***]
	
[***]

 

 

 

52

 

 

SCHEDULE 3

Technology Transfer Events

[***]

 

 

53

 

 

 

SCHEDULE 4

Press Release

Oxford Biomedica Signs Licence and Supply Agreement with Cabaletta Bio for LentiVector® Platform

Oxford, UK - [XX] January 2022:  Oxford Biomedica plc (LSE:OXB) (“Oxford Biomedica” or “the Group”), a leading gene and cell therapy group, today announces that it has signed a new Licence and Supply Agreement (LSA) with Cabaletta Bio, Inc. (Nasdaq:  CABA) (“Cabaletta Bio”), a Philadelphia, USA-based clinical-stage biotechnology company focused on the discovery and development of engineered T cell therapies for patients with B cell- mediated autoimmune diseases.  The LSA grants Cabaletta Bio a non-exclusive license to Oxford Biomedica’s LentiVector® platform for its application in Cabaletta Bio’s leading Chimeric AutoAntibody Receptor (CAAR) T programme, DSG3-CAART (targeting DSG3), and puts in place a seven-year Supply Agreement.  The financial arrangements of this LSA are in line with comparable deals the Group has previously secured.

Cabaletta Bio’s DSG3-CAART product candidate utilises Cabaletta’s CAAR T approach, in which the patient’s own T cells are genetically engineered to express the target autoantigen and direct them to recognise and eliminate the pathogenic B cells.  DSG3-CAART is being evaluated in the DesCAARTesTM Phase 1 clinical trial as a potential treatment for patients with mucosal pemphigus vulgaris (mPV), a prototypical B cell-mediated autoimmune disease.  The LSA also allows for the parties to initiate additional projects in the future.

John Dawson, Chief Executive Officer of Oxford Biomedica, said:  “Cabaletta Bio is one of the leading companies developing engineered T cells designed to treat patients with autoimmune diseases.  We are delighted to announce this new collaboration which strengthens our portfolio of relationships with leaders in the gene-modified cell therapy field.”

Gwendolyn Binder, Ph.D., EVP of Science and Technology, Cabaletta Bio, said:  “Oxford Biomedica’s LentiVector® platform technology is well established with regulators, and we are impressed by their continuous process improvements, GMP manufacturing and validation expertise.  We are very pleased to be working with them to support the clinical and commercial development of our DSG3-CAART program.”

-Ends-

Enquiries:

Oxford Biomedica plc:  T:  +44 (0)1865 783 000 / E:  ir@oxb.com

John Dawson, Chief Executive Officer
Stuart Paynter, Chief Financial Officer
Sophia Bolhassan, Head of Investor Relations

Consilium Strategic Communications:  T:  +44 (0)20 3709 5700

Mary-Jane Elliott / Matthew Neal

About Oxford Biomedica

Oxford Biomedica (LSE:OXB) is a leading, fully integrated, gene and cell therapy group focused on developing life changing treatments for serious diseases.  Oxford Biomedica and its subsidiaries (the “Group”) have built a sector leading lentiviral vector delivery platform (LentiVector®), which the Group leverages to develop in vivo and ex vivo products both inhouse and with partners.  The Group has created a valuable proprietary portfolio of gene and cell therapy product candidates in the areas of oncology, CNS disorders and liver diseases.  The Group has also entered into a number of partnerships, including with Novartis, Bristol Myers Squibb, Sio Gene Therapies, Orchard Therapeutics, Santen, Beam Therapeutics, Boehringer Ingelheim and Arcellx, through which it has long-term economic interests in other potential gene and cell therapy products.  Additionally, the Group has signed a 3-year master supply and development agreement with AstraZeneca for large-scale manufacturing of the adenoviral based COVID-19 vaccine candidate, AZD1222.  Oxford Biomedica is based across several locations in Oxfordshire, UK and employs more than 740 people.  Further information is available at www.oxb.com

54

 

 

 

55

 

 

 

SCHEDULE 5

OXB Patent Rights [***]

 

56

 

 

 

SCHEDULE 6

Third Party Cell Lines and Other Physical Materials

[***]

 

 

57

 

 

 

SCHEDULE 7

Quality Agreement

[***]

 

 

58

 

 

 

SCHEDULE 8

[***]

[***]

 

 

Oxford Biomedica (UK) Ltd

Windrush Court, Transport Way, Oxford 0X4 6LT, United Kingdom

Telephone: +44 (0) 1865 783 000, www.oxb.com

Registered in England and Wales with registration number 3028927

ACTIVE/115444426.3Exhibit 10.1

 

 

 

 

 

 

 

CREDIT AGREEMENT

 

dated as of

 

March 15, 2022

 

among

 

GRID DYNAMICS HOLDINGS, INC.

 

The Lenders Party Hereto

 

and

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

 

 

 

     

     

    

  

Table
of Contents

  

	 	 	Page
	 	 	 
	Article I Definitions	 	1
	 	 	 
	SECTION 1.01 Defined Terms	 	1
	SECTION 1.02 Classification of Loans and Borrowings.	 	37
	SECTION 1.03 Terms Generally.	 	38
	SECTION 1.04 Accounting Terms; GAAP.	 	38
	SECTION 1.05 Interest Rates; Benchmark Notifications.	 	39
	SECTION 1.06 Pro Forma Adjustments for Acquisitions and Dispositions.	 	39
	SECTION 1.07 Status of Obligations.	 	39
	SECTION 1.08 Letters of Credit.	 	40
	SECTION 1.09 Divisions.	 	40
	 	 	 
	Article II The Credits	 	41
	 	 	 
	SECTION 2.01 Commitments.	 	41
	SECTION 2.02 Loans and Borrowings.	 	41
	SECTION 2.03 Requests for Borrowings.	 	41
	SECTION 2.04 [Section Intentionally Omitted]	 	42
	SECTION 2.05 [Section Intentionally Omitted]	 	42
	SECTION 2.06 Letters of Credit.	 	42
	SECTION 2.07 Funding of Borrowings.	 	47
	SECTION 2.08 Interest Elections.	 	48
	SECTION 2.09 Termination and Reduction of Commitments; Increase in Revolving Commitments.	 	49
	SECTION 2.10 Repayment and Amortization of Loans; Evidence of Debt.	 	51
	SECTION 2.11 Prepayment of Loans.	 	51
	SECTION 2.12 Fees.	 	52
	SECTION 2.13 Interest.	 	53
	SECTION 2.14 Alternate Rate of Interest; Illegality.	 	54
	SECTION 2.15 Increased Costs.	 	57
	SECTION 2.16 Break Funding Payments.	 	58
	SECTION 2.17 Withholding of Taxes; Gross-Up.	 	58
	SECTION 2.18 Payments Generally; Allocation of Proceeds; Sharing of Setoffs.	 	61
	SECTION 2.19 Mitigation Obligations; Replacement of Lenders.	 	62
	SECTION 2.20 Defaulting Lenders.	 	63
	SECTION 2.21 Returned Payments.	 	65
	SECTION 2.22 Banking Services and Swap Agreements.	 	65
	 	 	 
	Article III Representations and Warranties	 	65
	 	 	 
	SECTION 3.01 Organization; Powers.	 	65
	SECTION 3.02 Authorization; Enforceability.	 	65
	SECTION 3.03 Governmental Approvals; No Conflicts.	 	65
	SECTION 3.04 Financial Condition; No Material Adverse Change.	 	66
	SECTION 3.05 Properties.	 	66
	SECTION 3.06 Litigation and Environmental Matters.	 	66
	SECTION 3.07 Compliance with Laws and Agreements; No Default.	 	66
	SECTION 3.08 Investment Company Status.	 	66
	SECTION 3.09 Taxes.	 	66

 

    i

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	SECTION 3.10 ERISA.	 	66
	SECTION 3.11 Disclosure.	 	67
	SECTION 3.12 Material Agreements.	 	67
	SECTION 3.13 Solvency.	 	67
	SECTION 3.14 Insurance.	 	67
	SECTION 3.15 Capitalization and Subsidiaries.	 	67
	SECTION 3.16 Security Interest in Collateral.	 	67
	SECTION 3.17 Employment Matters.	 	68
	SECTION 3.18 Margin Regulations.	 	68
	SECTION 3.19 Use of Proceeds.	 	68
	SECTION 3.20 No Burdensome Restrictions.	 	68
	SECTION 3.21 Anti-Corruption Laws and Sanctions.	 	68
	SECTION 3.22 Affected Financial Institutions.	 	68
	SECTION 3.23 Plan Assets; Prohibited Transactions.	 	68
	 	 	 
	Article IV Conditions	 	68
	 	 	 
	SECTION 4.01 Effective Date.	 	68
	SECTION 4.02 Each Credit Event.	 	70
	 	 	 
	Article V Affirmative Covenants	 	70
	 	 	 
	SECTION 5.01 Financial Statements; and Other Information.	 	70
	SECTION 5.02 Notices of Material Events.	 	71
	SECTION 5.03 Existence; Conduct of Business.	 	72
	SECTION 5.04 Payment of Obligations.	 	72
	SECTION 5.05 Maintenance of Properties.	 	72
	SECTION 5.06 Books and Records; Inspection Rights.	 	72
	SECTION 5.07 Compliance with Laws and Material Contractual Obligations.	 	73
	SECTION 5.08 Use of Proceeds.	 	73
	SECTION 5.09 Accuracy of Information.	 	73
	SECTION 5.10 Insurance.	 	73
	SECTION 5.11 [Reserved].	 	73
	SECTION 5.12 Casualty and Condemnation.	 	73
	SECTION 5.13 Depository Banks.	 	73
	SECTION 5.14 Additional Collateral; Further Assurances.	 	74
	 	 	 
	Article VI Negative Covenants	 	74
	 	 	 
	SECTION 6.01 Indebtedness.	 	74
	SECTION 6.02 Liens.	 	76
	SECTION 6.03 Fundamental Changes.	 	78
	SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions.	 	79
	SECTION 6.05 Asset Sales.	 	80
	SECTION 6.06 Sale and Leaseback Transactions.	 	80
	SECTION 6.07 Swap Agreements.	 	80
	SECTION 6.08 Restricted Payments; Certain Payments of Indebtedness.	 	81
	SECTION 6.09 Transactions with Affiliates.	 	81
	SECTION 6.10 Restrictive Agreements.	 	82
	SECTION 6.11 Amendment of Material Documents.	 	82
	SECTION 6.12 Financial Covenants.	 	82

 

    ii

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Article VII Events of Default	 	82
	 	 	 
	Article VIII The Administrative Agent	 	84
	 	 	 
	SECTION 8.01 Authorization and Action.	 	84
	SECTION 8.02 Administrative Agent’s Reliance, Limitation of Liability, Etc.	 	86
	SECTION 8.03 Posting of Communications.	 	87
	SECTION 8.04 The Administrative Agent Individually.	 	87
	SECTION 8.05 Successor Administrative Agent.	 	88
	SECTION 8.06 Acknowledgements of Lenders and Issuing Banks.	 	88
	SECTION 8.07 Collateral Matters.	 	90
	SECTION 8.08 Credit Bidding.	 	90
	SECTION 8.09 Certain ERISA Matters.	 	91
	SECTION 8.10 Flood Laws.	 	91
	 	 	 
	Article IX Miscellaneous	 	92
	 	 	 
	SECTION 9.01 Notices.	 	92
	SECTION 9.02 Waivers; Amendments.	 	93
	SECTION 9.03 Expenses; Limitation of Liability; Indemnity; Etc.	 	94
	SECTION 9.04 Successors and Assigns.	 	96
	SECTION 9.05 Survival.	 	98
	SECTION 9.06 Counterparts; Integration; Effectiveness; Electronic Execution.	 	98
	SECTION 9.07 Severability.	 	99
	SECTION 9.08 Right of Setoff.	 	99
	SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process.	 	99
	SECTION 9.10 WAIVER OF JURY TRIAL.	 	100
	SECTION 9.11 Headings.	 	100
	SECTION 9.12 Confidentiality.	 	100
	SECTION 9.13 Several Obligations; Nonreliance; Violation of Law.	 	101
	SECTION 9.14 USA PATRIOT Act.	 	101
	SECTION 9.15 Disclosure.	 	101
	SECTION 9.16 Appointment for Perfection.	 	101
	SECTION 9.17 Interest Rate Limitation.	 	101
	SECTION 9.18 No Fiduciary Duty, etc.	 	101
	SECTION 9.19 Marketing Consent.	 	102
	SECTION 9.20 Acknowledgement and Consent to Bail-In of Affected Financial Institutions.	 	102
	SECTION 9.21 Acknowledgement Regarding Any Supported QFCs.	 	102
	 	 	 
	Article X Loan Guaranty	 	103
	 	 	 
	SECTION 10.01 Guaranty.	 	103
	SECTION 10.02 Guaranty of Payment.	 	103
	SECTION 10.03 No Discharge or Diminishment of Loan Guaranty.	 	103
	SECTION 10.04 Defenses Waived.	 	104
	SECTION 10.05 Rights of Subrogation.	 	104
	SECTION 10.06 Reinstatement; Stay of Acceleration.	 	104
	SECTION 10.07 Information.	 	104
	SECTION 10.08 Termination.	 	104
	SECTION 10.09 Taxes.	 	104
	SECTION 10.10 Maximum Liability.	 	104
	SECTION 10.11 Contribution.	 	105
	SECTION 10.12 Liability Cumulative.	 	105
	SECTION 10.13 Keepwell.	 	105

 

    iv

     

    

 

SCHEDULES:

 

Commitment Schedule

 

EXHIBITS:

 

	Exhibit A	 	Assignment and Assumption
	Exhibit B-1	 	Borrowing Request
	Exhibit B-2	 	Interest Election Request
	Exhibit C-1	 	U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit C-2	 	U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit C-3	 	U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit C-4	 	U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit E	 	Compliance Certificate
	Exhibit F	 	Joinder Agreement

 

    v

     

    

 

CREDIT AGREEMENT dated as
of March 15, 2022 (as it may be amended or modified from time to time, this “Agreement”), among Grid Dynamics Holdings,
Inc., a Delaware corporation, as Borrower, the other Loan Parties party hereto, the Lenders party hereto, and JPMORGAN CHASE BANK, N.A.,
as Administrative Agent.

 

The parties hereto agree as
follows:

 

Article I

Definitions

 

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

 

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

 

“Account”
has the meaning assigned to such term in the Security Agreement.

 

“Account Debtor”
means any Person obligated on an Account.

 

“Acquisition”
means any transaction, or any series of related transactions by which any Loan Party or Subsidiary (a) acquires all or substantially all
of the assets of any Person (or all or substantially all of the assets constituting a business unit, division or line of business), whether
through purchase of assets, merger or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction
in a series of transactions) at least a majority (in number of votes) of the Equity Interests of a Person which has ordinary voting power
for the election of directors or other similar management personnel of a Person (other than Equity Interests having such power only by
reason of the happening of a contingency) or a majority of the outstanding Equity Interests of a Person.

 

“Adjusted Daily Simple
RFR” means, (a) with respect to any RFR Borrowing denominated in Sterling, an interest rate per annum equal to (i) the Daily
Simple RFR for Sterling, plus (b) 0.1193%, (b) with respect to any RFR Borrowing denominated in Swiss Francs, an interest rate per annum
equal to (a) the Daily Simple RFR for Swiss Francs, plus (b) 0.0031% and (c) with respect to any RFR Borrowing denominated in Dollars,
an interest rate per annum equal to (a) the Daily Simple RFR for Dollars, plus (b) 0.10%; provided that if the Adjusted Daily Simple RFR
Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

 

“Adjusted EURIBOR
Rate” means, with respect to any Term Benchmark Borrowing denominated in Euros for any Interest Period, an interest rate per
annum equal to (a) the EURIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if the Adjusted
EURIBOR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this
Agreement.

 

“Adjusted Term SOFR
Rate” means, with respect to any Term Benchmark Borrowing denominated in Dollars for any Interest Period, an interest rate per
annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate
as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

 

“Administrative Agent”
means JPMorgan Chase Bank, N.A. (or any of its designated branch offices or affiliates), in its capacity as administrative agent for the
Lenders hereunder.

 

    1

     

    

 

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

 

“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

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

 

“Agent-Related Person”
has the meaning assigned to it in Section 9.03(d).

 

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

 

“Agreed Currencies”
means Dollars and each Alternative Currency.

 

“Agreement”
has the meaning specified in introductory paragraph hereof.

 

“Agreement Currency”
has the meaning assigned to it in Section 9.21.

 

“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 Term SOFR Rate for a one-month Interest Period as published two (2)
U.S. Government Securities Business Days prior to 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 Term SOFR Rate for any day shall be based on the Term
SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference
Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology). Any change in the Alternate Base Rate
due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate shall be effective from and including the effective date
of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate, respectively. If the Alternate Base Rate is being used
as an alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt, only until the Benchmark Replacement
has been determined pursuant to Section 2.14(b)), then the Alternate Base Rate shall be the greater of clause (a) and (b) above and
shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant
to the foregoing would be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

 

“Alternative Currency”
means Sterling, Euros, Swiss Francs and any additional currencies determined after the Effective Date by mutual agreement of the Borrower,
Lenders and Administrative Agent; provided that each such currency is a lawful currency that is readily available, freely transferable
and not restricted and able to be converted into Dollars.

 

“Ancillary Document”
has the meaning assigned to it in Section 9.06(b).

 

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

 

“Applicable Parties”
has the meaning assigned to it in Section 8.03(c).

 

    2

     

    

 

“Applicable Percentage”
means, at any time with respect to any Lender, a percentage equal to a fraction the numerator of which is such Lender’s Revolving
Commitment at such time and the denominator of which is the aggregate Revolving Commitments at such time (provided that, if the
Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon such Lender’s share
of the Aggregate Revolving Exposure at such time); provided that, in accordance with Section 2.20, so long as any Lender
shall be a Defaulting Lender, such Defaulting Lender’s Commitment shall be disregarded in the calculations above.

 

“Applicable Rate”
means, for any day, with respect to any Loan, or with respect to the commitment fees payable hereunder, as the case may be, the applicable
rate per annum set forth below under the caption “Revolving Commitment ABR Spread”, “Revolving Commitment Term Benchmark/RFR
Spread” or “Commitment Fee Rate”, as the case may be, based upon the Borrower’s Total Leverage Ratio as of the
most recent determination date, provided that until the delivery to the Administrative Agent, pursuant to Section 5.01, of
the Borrower’s consolidated financial information for the Borrower’s first full fiscal quarter ending after the Effective
Date, the “Applicable Rate” shall be the applicable rates per annum set forth below in Category 3:

 

	Total Leverage 
 Ratio	 	Revolving
  Commitment ABR 
 Spread	 	 	Revolving 
 Commitment Term 
 Benchmark/RFR 
 Spread	 	 	Commitment Fee
  Rate	 
	Category 1
 3
    2.25 to 1.0	 	 	1.50	%	 	 	2.50	%	 	 	0.35	%
	Category 2
 <
    2.25 to 1.0 but 
 3
    1.50 to 1.0	 	 	1.25	%	 	 	2.25	%	 	 	0.30	%
	Category 3 
 <
    1.50 to 1.0	 	 	1.00	%	 	 	2.00	%	 	 	0.25	%

 

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

 

If at any time the Administrative Agent determines
that the financial statements upon which the Applicable Rate was determined were incorrect (whether based on a restatement, fraud or otherwise),
or any ratio or compliance information in a Compliance Certificate or other certification was incorrectly calculated, relied on incorrect
information or was otherwise not accurate, true or correct, the Borrower shall be required to retroactively pay any additional amount
that the Borrower would have been required to pay if such financial statements, Compliance Certificate or other information had been accurate
and/or computed correctly at the time they were delivered.

 

“Applicable Time”
means, with respect to any Borrowings and payments in any Alternative Currency, the local time in the place of settlement for such Alternative
Currency as may be determined by the Administrative Agent or the Issuing Bank, as the case may be, to be necessary for timely settlement
on the relevant date in accordance with normal banking procedures in the place of payment.

 

    3

     

    

 

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

 

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

 

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

 

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

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark for any Agreed Currency, as applicable, any tenor
for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof),
as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining
any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance
of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (e)
of Section 2.14.

 

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

 

“Bail-In Legislation”
means (a) 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, regulation, rule or requirement for such EEA Member Country from time
to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom
Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the
resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation,
administration or other insolvency proceedings).

 

“Banking Services”
means each and any of the following bank services provided to any Loan Party or any Subsidiary by JPMorgan 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 overdrafts and interstate depository network services and cash pooling
services).

 

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

 

    4

     

    

 

“Bankruptcy Event”
means, with respect to any Person, when 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, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts
within the U.S. or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental
Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

 

“Benchmark”
means, initially, with respect to any (i) RFR Loan in any Agreed Currency, the applicable Relevant Rate for such Agreed Currency or (ii)
Term Benchmark Loan, the Relevant Rate for such Agreed Currency; provided that if a Benchmark Transition Event, and the related Benchmark
Replacement Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark for such Agreed Currency, then
“Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior
benchmark rate pursuant to clause (b) of ‎Section 2.14.

 

“Benchmark Replacement”
means, for any Available Tenor:

 

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

 

If the Benchmark Replacement
as determined pursuant to the above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes
of this Agreement and the other Loan Documents.

 

“Benchmark Replacement
Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for
any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or
method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected
by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the
applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii)
any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities
denominated in the applicable Agreed Currency at such time.

 

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

 

    5

     

    

 

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

 

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

 

(2) in the case of clause
(3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component
used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark
(or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference
to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such component
thereof) continues to be provided on such date.

 

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

 

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

 

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

 

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

 

    6

     

    

 

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

 

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

 

“Benchmark Unavailability
Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date
pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14 and (y) ending at the time that a Benchmark
Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section
2.14.

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership or control 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”.

 

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

 

“Borrower”
means Grid Dynamics Holdings, Inc., a Delaware corporation.

 

“Borrowing”
means Revolving Loans of the same Type made, converted or continued on the same date and, in the case of Term Benchmark Loans, as to which
a single Interest Period is in effect.

 

“Borrowing Request”
means a request by the Borrower for a Borrowing in accordance with Section 2.03, which shall be substantially in the form
of Exhibit B-1 hereto or any other form approved by the Administrative Agent.

 

“Burdensome Restrictions”
means any consensual encumbrance or restriction of the type described in clause (a) or (b) of Section 6.10.

 

“Business Day”
means any day (other than a Saturday or a Sunday) on which banks are open for business in New York City or Chicago; provided that,
(a) in relation to Loans denominated in Sterling, any day (other than a Saturday or a Sunday) on which banks are open for business in
London, in relation to Loans denominated in Euros and in relation to the calculation or computation of EURIBOR, any day which is a TARGET
Day and (c) in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR
Loan, or any other dealings in the applicable Agreed Currency of such RFR Loan, any such day that is only an RFR Business Day.

 

    7

     

    

 

“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.

 

“CBR Loan”
means a Loan that bears interest at a rate determined by reference to the Central Bank Rate.

 

“CBR Spread”
means the Applicable Rate, applicable to such Loan that is replaced by a CBR Loan.

 

“Central Bank Rate”
means, (A) the greater of (i) for any Loan denominated in (a) Sterling, the Bank of England (or any successor thereto)’s “Bank
Rate” as published by the Bank of England (or any successor thereto) from time to time, (b) Euro, one of the following three rates
as may be selected by the Administrative Agent in its reasonable discretion: (1) the fixed rate for the main refinancing operations of
the European Central Bank (or any successor thereto), or, if that rate is not published, the minimum bid rate for the main refinancing
operations of the European Central Bank (or any successor thereto), each as published by the European Central Bank (or any successor thereto)
from time to time, (2) the rate for the marginal lending facility of the European Central Bank (or any successor thereto), as published
by the European Central Bank (or any successor thereto) from time to time or (3) the rate for the deposit facility of the central banking
system of the Participating Member States, as published by the European Central Bank (or any successor thereto) from time to time, (c)
Swiss Francs, the policy rate of the Swiss National Bank (or any successor thereto) as published by the Swiss National Bank (or any successor
thereto) from time to time and (d) any other Alternative Currency determined after the Effective Date, a central bank rate as determined
by the Administrative Agent in its reasonable discretion and (ii) the Floor; plus (B) the applicable Central Bank Rate Adjustment.

 

“Central Bank Rate
Adjustment” means, for any day, for any Loan denominated in (a) Euro, a rate equal to the difference (which may be a positive
or negative value or zero) of (i) the average of the Adjusted EURIBOR Rate for the five most recent Business Days preceding such day for
which the EURIBOR Screen Rate was available (excluding, from such averaging, the highest and the lowest Adjusted EURIBOR Rate applicable
during such period of five Business Days) minus (ii) the Central Bank Rate in respect of Euro in effect on the last Business Day in such
period, (b) Sterling, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of Adjusted
Daily Simple RFR for Sterling Borrowings for the five most recent RFR Business Days preceding such day for which SONIA was available (excluding,
from such averaging, the highest and the lowest such Adjusted Daily Simple RFR applicable during such period of five RFR Business Days)
minus (ii) the Central Bank Rate in respect of Sterling in effect on the last RFR Business Day in such period, (c) Swiss Francs, a rate
equal to the difference (which may be a positive or negative value or zero) of (i) the average of Adjusted Daily Simple RFR for Swiss
Franc Borrowings for the five most recent RFR Business Days preceding such day for which SARON was available (excluding, from such averaging,
the highest and the lowest such Adjusted Daily Simple RFR applicable during such period of five RFR Business Days) minus (ii) the Central
Bank Rate in respect of Swiss Francs in effect on the last RFR Business Day in such period, and (d) any other Alternative Currency determined
after the Effective Date, a Central Bank Rate Adjustment as determined by the Administrative Agent in its reasonable discretion. For purposes
of this definition, (x) the term Central Bank Rate shall be determined disregarding clause (B) of the definition of such term and (y)
the EURIBOR Rate on any day shall be based on the EURIBOR Screen Rate on such day at approximately the time referred to in the definition
of such term for deposits in the applicable Agreed Currency for a maturity of one month.

 

    8

     

    

 

“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 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower; (b) occupation
at any time of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were not (i) directors
of the Borrower on the date of this Agreement or nominated, appointed or approved by the board of directors of the Borrower (either by
specific vote or approval of a proxy statement issued by the Borrower on behalf of its board of directors) or (ii) appointed by directors
so nominated, appointed or approved, or (c) except as permitted by this Agreement, the Borrower shall cease to own, free and clear
of all Liens or other encumbrances (other than Liens permitted by Section 6.02, at least 100% of the outstanding voting Equity
Interests of each Subsidiary (other than directors’ qualifying Equity Interests or other similar Equity Interests required by applicable
law) on a fully diluted basis.

 

“Change in Law”
means the occurrence after the date of this Agreement of any of the following: (a) the adoption of or taking effect of any law, rule,
regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.15(b),
by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request,
guideline, requirement or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date
of this Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or
in the implementation thereof, and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,
adopted, issued or implemented.

 

“Charges”
has the meaning assigned to such term in Section 9.17.

 

“Class”,
when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving
Loans, (b) any Commitment, refers to whether such Commitment is a Revolving Commitment, and (c) any Lender, refers to whether
such Lender has a Loan or Commitment of a particular Class.

 

“CME Term SOFR Administrator”
means CME Group Benchmark Administration Limited as administrator of the forward-looking term SOFR (or a successor administrator).

 

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

 

“Collateral”
means any and all property owned, leased or operated by a Person on which Liens are granted pursuant to the Collateral Documents and any
and all other property of any Loan Party, now existing or hereafter acquired, that may at any time be, become subject to a security interest
or Lien in favor of the Administrative Agent, on behalf of itself and the Lenders and other Secured Parties, to secure the Secured Obligations.

 

“Collateral Access
Agreement” has the meaning assigned to such term in the Security Agreement.

 

    9

     

    

 

“Collateral Documents”
means, collectively, the Security Agreement, the Mortgages (if any) and any other agreements, instruments and documents executed in connection
with this Agreement that create, perfect or evidence Liens to secure the Secured Obligations.

 

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

 

“Commitment”
means, with respect to each Lender, such Lender’s Revolving Commitment. The initial amount of each Lender’s Commitment is
set forth on the Commitment Schedule, 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) as provided in Section 9.04(b)(ii)(C), pursuant to which such
Lender shall have assumed its Commitment, as applicable.

 

“Commitment Schedule”
means the Schedule attached hereto identified as such.

 

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

 

“Common Stock”
means the common stock, par value $0.0001 per share, of Borrower.

 

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

 

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

 

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

 

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

 

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

 

“Covered Entity”
means any of the following:

 

(i) a
“covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(ii) a
“covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(iii) a
“covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Covered Party”
has the meaning assigned to it in Section 9.22.

 

    10

     

    

 

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

 

“Daily Simple RFR”
means, for any day (an “RFR Interest Day”), an interest rate per annum equal to, for any RFR Loan denominated in (i)
Sterling, SONIA for the day that is 5 RFR Business Days prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest
Day or (B) if such RFR Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day, (ii)
Swiss Francs, SARON for the day that is 5 RFR Business Days prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest
Day or (B) if such RFR Interest Day is not an RFR Business Day, the Business Day immediately preceding such RFR Interest Day and (iii)
Dollars, Daily Simple SOFR.

 

“Daily Simple SOFR”
means, for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day (such day “SOFR Determination
Date”) that is five (5) RFR Business Days prior to (i) if such SOFR Rate Day is a RFR Business Day, such SOFR Rate Day or (ii)
if such SOFR Rate Day is not a RFR Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day,
in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website. Any change in Daily Simple
SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

 

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

 

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

 

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

 

“Deficiency Funding
Date” has the meaning assigned to such term in Section 2.05(a).

 

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

 

“Disclosure Letter”
means the disclosure letter, dated as of the Effective Date, delivered by Borrower to the Administrative Agent for the benefit of the
Lenders.

 

    11

     

    

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (in one transaction or in a series of transactions
and whether effected pursuant to a Division or otherwise) of any property (including any Equity Interests of a Subsidiary of such Person)
by any Person (including any sale and leaseback transaction), including any sale, assignment, transfer or other disposal, with or without
recourse, of any notes or accounts receivable or any rights and claims associated therewith.

 

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

 

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

 

“Division Successor”
means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or
obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains
any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.

 

“Document”
has the meaning assigned to such term in the Security Agreement.

 

“Dollars”,
“dollars” or “$” refers to lawful money of the U.S.

 

“Dollar Equivalent”
means, for any amount, at the time of determination thereof, (a) if such amount is expressed in dollars, such amount, (b) if such amount
is expressed in an Alternative Currency, the equivalent of such amount in dollars determined by using the rate of exchange for the purchase
of dollars with the Alternative Currency last provided (either by publication or otherwise provided to the Administrative Agent) by Reuters
on the Business Day (New York City time) immediately preceding the date of determination or if such service ceases to be available or
ceases to provide a rate of exchange for the purchase of dollars with the Alternative Currency, as provided by such other publicly available
information service which provides that rate of exchange at such time in place of Reuters chosen by the Administrative Agent in its sole
discretion (or if such service ceases to be available or ceases to provide such rate of exchange, 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.

 

“Domestic Subsidiary”
means a Subsidiary organized under the laws of the United States or any state thereof or territory thereof or the District of Columbia
(excluding any FSHCO and any Subsidiary that is not directly owned by the Borrower or a Domestic Subsidiary).

 

    12

     

    

 

“EBITDA”
means, for any period, Net Income for such period plus (a) without duplication and to the extent deducted in determining Net Income for
such period, the sum of (i) Interest Expense for such period, (ii) income tax expense for such period, including provisions for Taxes
based on income, profits or capital, including federal, foreign, state, franchise, excise and similar Taxes for such period, and employer
related taxes on stock based compensation, in each case, net of tax refunds, (iii) all amounts attributable to depreciation and amortization
expense for such period (including, but not limited to amortization of intangibles, including goodwill), (iv) any extraordinary unusual
or non-recurring charges, losses and expenses for such period, (v) non-cash stock based compensation expenses, (vi) exchange, translation
or performance losses relating to any Swap Agreement or foreign currency fluctuations, (vii) any other non-cash charges, losses and expenses
for such period (but excluding any non-cash charge, loss or expense in respect of an item that was included in Net Income in a prior period),
(viii) costs, fees and expenses in connection with the Transactions, (ix) costs, fees and expenses incurred in connection with any proposed
or actual issuance or repayment or prepayment of Indebtedness (including Permitted Convertible Indebtedness and any Permitted Call Spread
Transactions), issuance of Equity Interests, or offering or repurchase thereof, or any proposed or actual Permitted Acquisition (including,
without limitation, any fees and expenses resulting from earn-out payments and the amount of any earn-out payments paid in respect of
continued employment or consultancy) or other Investment, Restricted Payment or Disposition permitted hereunder (or for which Borrower
is seeking consent) (in each case, including any such transaction (including an Acquisition) consummated prior to the Effective Date;
provided, that with respect to any unconsummated Permitted Acquisition or other Investment, Restricted Payment or Disposition only to
the extent such costs, fees and expenses do not exceed $2,500,000 in the aggregate for any period); (x) plus or minus any change in deferred
revenue for such period, (xi) (A) cash restructuring and integration charges and expenses, including, without limitation, any costs and
expenses relating to cost saving initiatives, operating expense reductions, and severance costs, and (B) costs and expenses incurred in
connection with new business ventures, strategic initiatives, business optimization and similar activities, provided that the aggregate
amount added back under this clause (xi), when taken together with adjustments consisting of expected cost savings, synergies and operating
expense reductions described in the definition of “Pro Forma Basis”, shall not exceed 15% of EBITDA for such period (after
giving effect to any such add-backs), (xii) (A) charges, losses, costs, expenses or write-offs to the extent indemnified by a third party,
including expenses covered by indemnification or purchase price adjustment provisions in any agreement entered into in connection with
a Permitted Acquisition or other Investment permitted hereunder or pursuant to an insurance policy with an unaffiliated third party (whether
or not yet received so long as the Borrower or any Subsidiary in good faith expects to receive the same within the four fiscal quarters
immediately following any claim for reimbursement or indemnity (it being understood that to the extent not actually received within such
four fiscal quarters, such amount shall be deducted in calculating EBITDA for such fiscal quarters)) and (B) the net cash proceeds actually
received from any business interruption insurance, (xiii) the cumulative effect of a change in accounting principles, and (xiv) other
charges, losses and expenses approved by the Administrative Agent in writing in its reasonable business discretion, minus (b) without
duplication and to the extent included in Net Income, (i) any cash payments made during such period in respect of non-cash charges described
in clause (a)(vii) taken in a prior period and (ii) any extraordinary gains and any non-cash items of income for such period, all calculated
for the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP.

 

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

 

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

 

    13

     

    

 

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

 

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

 

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

 

“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 (i) the environment, (ii) preservation or
reclamation of natural resources, (iii) the management, Release or threatened Release of any Hazardous Material or (iv) 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 Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) any violation of any Environmental
Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) any exposure
to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials into the environment or (e) any
contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

“Equipment”
has the meaning assigned to such term in the Security Agreement.

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust
or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or
acquire any of the foregoing, but excluding (a) any debt securities convertible into any combination of the foregoing and/or cash and
(b) Permitted Call Spread Transactions.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b)
or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of the
Code, is treated as a single employer under Section 414 of the Code.

 

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

 

    14

     

    

 

“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 “€” mean the single currency of the Participating Member States.

 

“EURIBOR Rate”
means, with respect to any Term Benchmark Borrowing denominated in Euros and for any Interest Period, the EURIBOR Screen Rate, two TARGET
Days prior to the commencement of such Interest Period.

 

“EURIBOR Screen Rate”
means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration
of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page EURIBOR01
of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other
information service which publishes that rate from time to time in place of Thomson Reuters as published at approximately 11:00 a.m. Brussels
time two TARGET Days prior to the commencement of such Interest Period. If such page or service ceases to be available, the Administrative
Agent may specify another page or service displaying the relevant rate after consultation with the Borrower.

 

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

 

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

 

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

 

    15

     

    

 

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

 

“FCA” has
the meaning assigned to such term in Section 1.05.

 

“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 shall be set forth on the NYFRB’s 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 1.00%, such rate shall be deemed to be 1.00% for the purposes of this Agreement.

 

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

 

“Fee Letter”
means that certain Fee Letter dated as of the Effective Date between the Borrower and JPMorgan.

 

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

 

“Fixtures”
has the meaning assigned to such term in the Security Agreement.

 

“Flood Laws”
has the meaning assigned to such term in Section 8.10.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate, Adjusted EURIBOR Rate, each Adjusted
Daily Simple RFR or the Central Bank Rate, as applicable. For the avoidance of doubt the initial Floor for each of Adjusted Term SOFR
Rate, Adjusted EURIBOR Rate, each Adjusted Daily Simple RFR or the Central Bank Rate shall be 0.0%.

 

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

 

“FSHCO”
means any Subsidiary organized under the laws of any political subdivision of the United States (including any disregarded entity for
U.S. federal income tax purposes), substantially all of the assets of which consist of, directly or indirectly, equity securities of one
or more Subsidiaries other than Domestic Subsidiaries or Indebtedness of such Subsidiaries.

 

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

 

“Funding Account”
has the meaning assigned to such term in Section 4.01(h).

 

    16

     

    

 

“GAAP”
means generally accepted accounting principles in the U.S.

 

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

 

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

 

“Guaranteed Obligations”
has the meaning assigned to such term in Section 10.01.

 

“Guarantors”
means all Loan Guarantors, and the term “Guarantor” means each or any one of them individually.

 

“Hazardous Materials”
means: (a) any substance, material, or waste that is included within the definitions of “hazardous substances,” “hazardous
materials,” “hazardous waste,” “toxic substances,” “toxic materials,” “toxic waste,”
or words of similar import in any Environmental Law; (b) those substances listed as hazardous substances by the United States Department
of Transportation (or any successor agency) (49 C.F.R. 172.101 and amendments thereto) or by the Environmental Protection Agency
(or any successor agency) (40 C.F.R. Part 302 and amendments thereto); and (c) any substance, material, or waste that is
petroleum, petroleum-related, or a petroleum by-product, asbestos or asbestos-containing material, polychlorinated biphenyls, flammable,
explosive, radioactive, freon gas, radon, or a pesticide, herbicide, or any other agricultural chemical.

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments, (c) [reserved], (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 (i) current accounts payable, intercompany charges of expenses
and other accrued obligations, in each case incurred in the ordinary course of business, (ii) deferred or equity compensation arrangements
payable to directors, officers, employees, advisors, consultants or other providers of services and (iii) obligations which are being
contested in good faith by appropriate proceedings and for which adequate reserves have been set aside in accordance with GAAP), (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) obligations under any earn-out (which for all
purposes of this Agreement shall be valued at the maximum potential amount payable with respect to each such earn-out, provided that with
respect to the definition of Total Indebtedness, such obligations shall be valued in accordance with GAAP), (l) [reserved] and (m) net
obligations, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals,
extensions and modifications thereof and substitutions therefor), under (i) any and all Swap Agreements, and (ii) any and all
cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction. The Indebtedness of any Person shall
include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such
Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the
extent the terms of such Indebtedness provide that such Person is not liable therefor. The amount of Indebtedness of any Person for purposes
of clause (f) above shall (unless such Indebtedness has been assumed by such Person) lesser of (i) the aggregate unpaid amount of such
Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by such Person in good faith.

 

    17

     

    

 

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

 

“Indemnitee”
has the meaning assigned to such term in Section 9.03(c).

 

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

 

“Information”
has the meaning assigned to such term in Section 9.12.

 

“Interest Election
Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.08, which
shall be substantially in the form of Exhibit B-2 hereto or any other form approved by the Administrative Agent.

 

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

 

“Interest Payment
Date” means (a) with respect to any ABR Loan, the first day of each calendar month and the Revolving Credit Maturity Date,
as applicable, (b) with respect to any RFR Loan, (1) each date that is on the numerically corresponding day in each calendar month
that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last
day of such month) and (2) the Maturity Date, and (c) with respect to any Term Benchmark 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 Term Benchmark Borrowing with an Interest Period of more than three
months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration
after the first day of such Interest Period and the Revolving Credit Maturity Date, as applicable.

 

    18

     

    

 

“Interest Period”
means with respect to any Term Benchmark Borrowing, the period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, three or six months thereafter (in each case, subject to the availability for the
Benchmark applicable to the relevant Loan or (Commitment for any Agreed Currency), as the Borrower may elect; provided that (i) if
any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business
Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day
of the last calendar month of such Interest Period, and (iii) no tenor that has been removed from this definition pursuant to Section
2.14(e) shall be available for specification in such Borrowing Request or Interest Election Request. 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.

 

“Inventory”
has the meaning assigned to such term in the Security Agreement.

 

“Investment”
has the meaning assigned to such term in Section 6.04.

 

“Investment Policy”
means that certain Grid Dynamics Investment Policy, as may be adopted by the Borrower’s board of directors (or authorized committee
thereof), as such policy may subsequently be amended, restated, supplemented or otherwise modified from time to time; provided that the
Investment Policy and any such amendment, restatement, supplement or modification shall be approved by the Borrower’s board of directors
(or authorized committee thereof). Upon the initial adoption of the Investment Policy by the Borrower, the Borrower shall provide a copy
to the Administrative Agent.

 

“IRS” means
the United States Internal Revenue Service.

 

“Issuing Bank”
means, individually and collectively, each of JPMorgan, in its capacity as the issuer of Letters of Credit hereunder, and any other Revolving
Lender from time to time designated by the Borrower as an Issuing Bank (in each case, through itself or through one of its designated
affiliates or branch offices), with the consent of such Revolving Lender and the Administrative Agent, and their respective 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 its Affiliates, in which case the term “Issuing Bank” shall include any such Affiliate with respect
to Letters of Credit issued by such Affiliate (it being agreed that such Issuing Bank shall, or shall cause such Affiliate to, comply
with the requirements of Section 2.06 with respect to such Letters of Credit). At any time there is more than one Issuing
Bank, all singular references to the Issuing Bank shall mean any Issuing Bank, either Issuing Bank, each Issuing Bank, the Issuing Bank
that has issued the applicable Letter of Credit, or both (or all) Issuing Banks, as the context may require.

 

“Issuing Bank Sublimits”
means, as of the Effective Date, $10,000,000, in the case of JPMorgan and such amount as shall be designated to the Administrative
Agent and the Borrower in writing by an Issuing Bank; provided that any Issuing Bank shall be permitted at any time to increase
or reduce its Issuing Bank Sublimit upon providing five (5) days’ prior written notice thereof to the Administrative Agent and the
Borrower.

 

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

 

“JPMorgan”
means JPMorgan Chase Bank, N.A., a national banking association, in its individual capacity, and its successors.

 

“Judgment Currency”
has the meaning assigned to it in Section 9.21.

 

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

 

    19

     

    

 

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

 

“LC Exposure”
means, at any time, the sum of the Commercial LC Exposure and the Standby LC Exposure at such time. The LC Exposure of any Revolving Lender
at any time shall be its Applicable Percentage of the aggregate LC Exposure at such time.

 

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

 

“Lender-Related Person”
has the meaning assigned to such term in Section 9.03(b).

 

“Lenders”
means the Persons listed on the Commitment Schedule and any other Person that shall have become a Lender hereunder pursuant to
Section 2.09 or an Assignment and Assumption or otherwise, other than any such Person that ceases to be a Lender hereunder
pursuant to an Assignment and Assumption or otherwise. Unless the context otherwise requires, the term “Lenders” includes
the Issuing Bank.

 

“Letters of Credit”
means the letters of credit issued pursuant to this Agreement and the term “Letter of Credit” means any one of them or each
of them singularly, as the context may require. A Letter of Credit may be issued in Dollars or in any Alternative Currency.

 

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

 

“Leverage Ratio Increase”
has the meaning assigned to it in Section 6.12.

 

“Liabilities”
means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

 

“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, and (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.

 

“Liquidity”
means, at any date of determination, the aggregate Unrestricted cash and Permitted Investments of the Loan Parties maintained in deposit
accounts and/or securities accounts in the United States.

 

“Loan Documents”
means, collectively, this Agreement, each promissory note issued pursuant to this Agreement, the Fee Letter, each Letter of Credit Agreement,
each Collateral Document, each Compliance Certificate, the Loan Guaranty and each other agreement, instrument, document and certificate
executed and delivered to, or in favor of, the Administrative Agent or any Lender and including each other pledge, power of attorney,
consent, assignment, contract, notice, letter of credit agreement, letter of credit applications and any agreements between the Borrower
and the Issuing Bank regarding the Issuing Bank’s Issuing Bank Sublimit or the respective rights and obligations between the Borrower
and the Issuing Bank in connection with the issuance of Letters of Credit, and each other written matter whether heretofore, now or hereafter
executed by or on behalf of any Loan Party, or any employee of any Loan Party, and delivered to the Administrative Agent or any Lender
in connection with this Agreement or the transactions contemplated hereby. Any reference in this Agreement or any other Loan Document
to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other
modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such
reference becomes operative.

 

    20

     

    

 

“Loan Guarantor”
means each Subsidiary that is required to be a Loan Party pursuant to Section 5.14.

 

“Loan Guaranty”
means Article X of this Agreement.

 

“Loan Parties”
means, collectively, the Borrower, the Loan Guarantors and any other Person who becomes a party to this Agreement pursuant to a Joinder
Agreement and their respective successors and assigns, and the term “Loan Party” shall mean any one of them or all of them
individually, as the context may require.

 

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

 

“Margin Stock”
means margin stock within the meaning of Regulations T, U and X, as applicable.

 

“Material Acquisition”
means any Permitted Acquisition the aggregate consideration for which exceeds $10,000,000.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, assets, operations, prospects or financial condition of the
Borrower and its Subsidiaries taken as a whole, (b) the ability of the Loan Parties, taken as a whole, to perform the Obligations,
(c) the Collateral, taken as a whole, or the Administrative Agent’s Liens (on behalf of itself and the other Secured Parties)
on the Collateral, taken as a whole, or the priority of such Liens, taken as a whole, or (d) the rights of or benefits available
to the Administrative Agent, the Issuing Bank or the Lenders under the Loan Documents, taken as a whole.

 

“Material Indebtedness”
means Indebtedness (other than the Loans, Loan Guaranty and Letters of Credit), or obligations in respect of one or more Swap Agreements,
of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding the greater of (a) $3,000,000 and (b)
10% of the aggregate Revolving Commitments. For purposes of determining Material Indebtedness, the “principal amount” of the
obligations of the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving
effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated
at such time.

 

“Material Subsidiary”
means, at any time of determination, each Subsidiary of the Borrower (a) whose consolidated total assets as of the last day of the most
recent Test Period were greater than 5% of the consolidated total assets of the Borrower and its Subsidiaries at such date or (b) whose
consolidated gross revenues for the most recent Test Period were greater than 5% of the consolidated gross revenues of the Borrower and
its Subsidiaries for such period, in each case determined in accordance with GAAP; provided, that, if at any time the aggregate
amount of consolidated total assets or consolidated gross revenues attributable to all Subsidiaries that are not Material Subsidiaries
exceeds 10% of consolidated total assets or 10% of consolidated gross revenues as of such date, the Borrower shall designate additional
Subsidiaries, if any, as Material Subsidiaries to eliminate such excess, and such designated Subsidiaries shall for all purposes of this
Agreement constitute Material Subsidiaries.

 

“Maximum Rate”
has the meaning assigned to such term in Section 9.17.

 

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

 

“Mortgage”
means any mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of the Administrative Agent, for the benefit
of the Administrative Agent and the other Secured Parties, on real property of a Loan Party, including any amendment, restatement, modification
or supplement thereto.

 

    21

     

    

 

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

 

“Net Income”
means, for any period, the consolidated net income (or loss) determined for the Borrower and its Subsidiaries, on a consolidated basis
in accordance with GAAP; provided that there shall be excluded therefrom (a) the income (or deficit) of any Person accrued prior to the
date it becomes a Subsidiary or is merged into or consolidated with the Borrower or any Subsidiary (except as otherwise provided in the
definition of Pro Forma Basis, (b) the income (or deficit) of any Person (other than a Subsidiary) in which the Borrower or any Subsidiary
has an ownership interest, except to the extent that any such income is actually received by the Borrower or such Subsidiary in the form
of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary, to the extent that the declaration or payment
of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any contractual obligation (other
than under any Loan Document) or Requirement of Law applicable to such Subsidiary. There also shall be excluded from Net Income for any
period (without duplication of the foregoing) the purchase accounting effects of adjustments to property and equipment, other intangible
assets, deferred revenue, lease contracts and debt line items required or permitted by GAAP and related authoritative pronouncements (including
the effects of such adjustments pushed down to the Borrower and its Subsidiaries), as a result of the Transactions, any acquisition consummated
prior to the Effective Date, any Permitted Acquisitions or any other Investments permitted hereunder or the amortization or write-off
of any amounts thereof.

 

“Non-Consenting Lender”
has the meaning assigned to such term in Section 9.02(d).

 

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

 

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

 

“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. 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 0%, such
rate shall be deemed to be 0% for purposes of this Agreement.

 

“Obligated Party”
has the meaning assigned to such term in Section 10.02.

 

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

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

    22

     

    

 

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

 

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

 

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

 

“Overnight Rate”
means, for any day, (a) with respect to any amount denominated in Dollars, the NYFRB Rate and (b) with respect to any amount denominated
in an Alternative Currency, an overnight rate determined by the Administrative Agent or the Issuing Bank, as the case may be, in accordance
with banking industry rules on interbank compensation.

 

“Paid in Full”
or “Payment in Full” means, (i) the payment in full in cash of all outstanding Loans and LC Disbursements, together
with accrued and unpaid interest thereon, (ii) the termination, expiration, or cancellation and return of all outstanding Letters
of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Administrative Agent of a cash deposit,
or at the discretion of the Administrative Agent a back-up standby letter of credit satisfactory to the Administrative Agent and the Issuing
Bank, in an amount equal to 105% of the LC Exposure as of the date of such payment), (iii) the payment in full in cash of the accrued
and unpaid fees owed pursuant to any Loan Document, (iv) the payment in full in cash of all reimbursable expenses and other Secured
Obligations (other than Unliquidated Obligations for which no claim has been made and other obligations expressly stated to survive such
payment and termination of this Agreement), together with accrued and unpaid interest thereon, (v) the termination of all Commitments,
and (vi) the termination of the Swap Agreement Obligations and the Banking Services Obligations or entering into other arrangements
satisfactory to the Secured Parties counterparties thereto.

 

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

 

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

 

“Participating Member
State” means any member state of the European Union that has the euro as its lawful currency in accordance with legislation
of the European Union relating to Economic and Monetary Union.

 

“Payment”
has the meaning assigned to it in Section 8.06(c).

 

“Payment Notice”
has the meaning assigned to it in Section 8.06(c).

 

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

 

    23

     

    

 

“Permitted Acquisition”
means any Acquisition by any Loan Party or any Subsidiary in a transaction that satisfies each of the following requirements:

 

(a) such
Acquisition is not a hostile or contested Acquisition;

 

(b) the
business acquired in connection with such Acquisition is not engaged, directly or indirectly, in any line of business other than the businesses
in which the Loan Parties are engaged on the Effective Date and any business activities that are substantially similar, complementary,
related, or incidental thereto or constituting a reasonable extension thereof;

 

(c) both
before and after giving effect to such Acquisition and the Loans (if any) requested to be made in connection therewith, no Event of Default
exists, will exist, or would result therefrom;

 

(d) with
respect to any Acquisition involving cash consideration in excess of $15,000,000, as soon as available, but not less than five (5) days
prior to such Acquisition, the Borrower has provided the Administrative Agent (i) notice of such Acquisition and (ii) a copy
of all business and financial information reasonably requested by the Administrative Agent including pro forma financial statements and
statements of cash flow;

 

(e) if
such Acquisition is an acquisition of the Equity Interests of a Person, such Acquisition is structured so that the acquired Person shall
become a wholly-owned (other than directors’ qualifying shares as required by law or shares held by nominees on behalf of Borrower
or any Subsidiary as required by law) Subsidiary of the Borrower;

 

(f) if
such Acquisition is an acquisition of assets, such Acquisition is structured so that the Borrower or a wholly-owned Subsidiary (other
than directors’ qualifying shares as required by law or shares held by nominees on behalf of Borrower or any Subsidiary as required
by law) shall acquire such assets;

 

(g) if
such Acquisition is an acquisition of Equity Interests, such Acquisition will not result in any violation of Regulation U;

 

(h) if
such Acquisition involves a merger or a consolidation involving the Borrower or any other Loan Party, the Borrower or such Loan Party,
as applicable, shall be the surviving entity, or the surviving entity shall become a Loan Party within the time period specified in Section
5.14;

 

(i) no
Loan Party shall, as a result of or in connection with any such Acquisition, assume or incur any direct or contingent liabilities (whether
relating to environmental, tax, litigation, or other matters) that could reasonably be expected to have a Material Adverse Effect;

 

(j) in
connection with an Acquisition of the Equity Interests of any Person, all Liens (other than Liens permitted by Section 6.02) on
property of such Person shall be terminated unless the Administrative Agent and the Lenders in their sole discretion consent otherwise,
and in connection with an Acquisition of the assets of any Person, all Liens (other than Liens permitted by Section 6.02) on such
assets shall be terminated;

 

    24

     

    

 

(k) the
Loan Parties shall be in compliance with Section 6.12 for the most recently completed Test Period ending prior to such Acquisition
and on a Pro Forma Basis after giving effect to such Acquisition (as determined in accordance with Section 6.12 hereof and giving
effect to any Leverage Ratio Increase then in effect pursuant to Section 6.12 hereof);

 

(l) all
actions required to be taken with respect to any newly acquired or formed wholly-owned Subsidiary of the Borrower or a Loan Party, as
applicable, required under Section 5.14 shall have been taken, subject to the required time periods for satisfaction set forth
therein (or arrangements for the taking of such actions reasonably satisfactory to the Administrative Agent shall have been made); and

 

(m) within
five (5) Business Days after consummating any such Acquisition involving cash consideration in excess of $15,000,000, the Borrower shall
have delivered to the Administrative Agent the final executed material documentation relating to such Acquisition.

 

“Permitted Call Spread
Transaction” means (a) any call or capped call option (or substantively equivalent derivative transaction) relating to the Common
Stock (or other securities or property following a merger event, reclassification or other change of the Common Stock) purchased by Borrower
in connection with the issuance of any Permitted Convertible Indebtedness and settled in Common Stock (or such other securities or property),
cash or a combination thereof (such amount of cash determined by reference to the price of the Common Stock or such other securities or
property), and cash in lieu of fractional shares of Common Stock, or (b) any call option, warrant or right to purchase (or substantively
equivalent derivative transaction) relating to the Common Stock (or other securities or property following a merger event, reclassification
or other change of the Common Stock) sold by Borrower substantially concurrently with any purchase by Borrower of a Permitted Call Spread
Transaction described in clause (a) and settled in Common Stock (or such other securities or property), cash or a combination thereof
(such amount of cash determined by reference to the price of the Common Stock or such other securities or property), and cash in lieu
of fractional shares of Common Stock; provided that the terms, conditions and covenants of each such transaction described in clause (a)
or clause (b) shall be such as are customary for transactions of such type (as determined by the board of directors of Borrower, or a
committee thereof, in good faith).

 

“Permitted Convertible
Indebtedness” means unsecured Indebtedness of Borrower that is convertible into shares of Common Stock (or other securities
or property following a merger event, reclassification or other change of the Common Stock), cash or a combination thereof (such amount
of cash determined by reference to the price of the Common Stock or such other securities or property), and cash in lieu of fractional
shares of Common Stock; provided that the terms satisfy the requirements 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;

 

(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 sixty (60) days or are being contested in compliance with
Section 5.04;

 

(c) pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other
social security laws or regulations (including pledges or deposits securing liability for reimbursement or indemnity arrangements and
letter of credit or bank guaranty reimbursement arrangements with respect thereto);`

 

    25

     

    

 

(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 (including pledges or deposits securing liability for reimbursement
or indemnity arrangements and letter of credit or bank guaranty reimbursement arrangements with respect thereto);

 

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

 

(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 Borrower or any Subsidiary;

 

(g) Liens
arising from Permitted Investments described in clause (d) of the definition of the term “Permitted Investments”;

 

(h) rights
of setoff, banker’s liens, netting agreements and other Liens arising by operation of law or by of the terms of documents of banks
or other financial institutions in relation to the maintenance of administration of deposit accounts, securities accounts, cash management
arrangements or in connection with the issuance of letters of credit, bank guarantees or other similar instruments;

 

(i) Liens
of a collection bank arising under Section 4-208 or Section 4-210 of the UCC on items in the course of collection;

 

(j) Liens
representing any interest or title of a licensor, lessor or sublicensor or sublessor, or a licensee, lessee or sublicensee or sublessee,
in the property (including any Intellectual Property or real property) subject to any lease, sublease, license or sublicense or concession
agreement permitted by this Agreement;

 

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

 

(l) Liens
that are contractual rights of set-off; and

 

(m) Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by Borrower or
any Subsidiary in the ordinary course of business;

 

provided that the term “Permitted
Encumbrances” shall not include any Lien securing Indebtedness, except with respect to clauses (c) and (d) above.

 

“Permitted Investments”
means:

 

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

 

    26

     

    

 

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

 

(c) investments
in certificates of deposit, bankers’ acceptances and time deposits maturing within 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 U.S. or any state thereof which has a combined capital and surplus and undivided profits of not less
than $500,000,000;

 

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

 

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

 

(f) any
other investments permitted by Borrower’s Investment Policy.

 

“Permitted Unsecured
Indebtedness” means Indebtedness of the Borrower or any of its Subsidiaries that is a Loan Party that (i) is unsecured, (ii)
does not mature earlier than 91 days after the Revolving Credit Maturity Date, (iii) does not provide for any amortization, mandatory
prepayment, redemption or repurchase (other than upon a change of control, fundamental change, customary asset sale or similar event or
event of loss, mandatory offers to purchase and customary acceleration rights after an event of default) prior to the date that is 91
days after the Revolving Credit Maturity Date, (iv) contains covenants, events of default, guarantees and other terms that are customary
for similar Indebtedness in light of then-prevailing market conditions (it being understood that such Indebtedness shall not include any
financial maintenance covenants and that applicable negative covenants shall be incurrence-based to the extent customary for similar Indebtedness)
and, when taken as a whole (other than interest rate premiums and redemption premiums), are not more restrictive to the Borrower and its
subsidiaries than those set forth in the Loan Documents (as determined by the Borrower in good faith); (v) is not guaranteed by any Subsidiary
that is not a Loan Party and (vi) to the extent subordinated, contains subordination provisions that are reasonably satisfactory to the
Administrative Agent and the Required Lenders.

 

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

 

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

 

“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.

 

“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 Federal Reserve 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 Federal Reserve 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.

 

    27

     

    

 

“Proceeding”
means any claim, litigation, investigation, action, suit, arbitration or administrative, judicial or regulatory action or proceeding in
any jurisdiction.

 

“Pro Forma Basis”
means, with respect to the calculation of the financial covenant contained in Section 6.12 or otherwise for purposes of calculating any
test of compliance with any covenant determined by reference to the Total Leverage Ratio or EBITDA as of any date, that such calculation
shall give pro forma effect to (i) all Permitted Acquisitions and other Investments, all issuances, incurrences or assumptions of Indebtedness
(with any such Indebtedness being deemed to be amortized over the applicable testing period in accordance with its terms) and all sales,
transfers or other permitted dispositions (and any related prepayments or repayments of Indebtedness), in each case, that have occurred
(x) during the most recently ended Test Period or (y) other than with respect to the determination of the Applicable Rate, subject to
such Test Period and prior to or simultaneously with the event for which the calculation of any such ratio or test, or any calculation
of EBITDA, as if they occurred on the first day of such Test Period and (ii) the amount of any expected “run-rate” cost savings,
synergies or operating expense reductions resulting from or related to such Permitted Acquisition, Investment, issuance, incurrence, assumption,
sale, transfer, other disposition, prepayment or repayment, in an aggregate amount not to exceed, when taken together with adjustments
described in clause (a)(xi) of the definition of the term “ EBITDA”, 15.0% of EBITDA (after to giving effect to any such add-backs)
for such period (without duplication of actual cost savings during such period) to the extent such cost savings, synergies or operating
expense reductions (A)(1) are reasonably anticipated to result from actions taken or with respect to which substantial steps have been
taken or are expected to be taken within 12 months following the date of such Permitted Acquisition, Investment, issuance, incurrence,
assumption, sale, transfer, other disposition, prepayment or repayment, and (2) are reasonably identifiable and factually supportable,
as determined by Borrower in its reasonable discretion or (B) would be permitted to be reflected in pro forma financial information complying
with the requirements of GAAP and Article 11 of Regulation S-X under the Securities Act as interpreted by the Staff of the SEC and as
certified by a Financial Officer. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest
on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire
period (taking into account any Swap Agreement applicable to such Indebtedness if such Swap Agreement has a remaining term in excess of
12 months).

 

“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.

 

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

 

“QFC Credit Support”
has the meaning assigned to it in Section 9.22.

 

    28

     

    

 

“Qualified ECP Guarantor”
means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Loan Guaranty
or grant of the relevant security interest becomes or would become effective with respect to such Swap Obligation or such other person
as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder
and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Recipient”
means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, or any combination thereof
(as the context requires).

 

“Reference Time”
with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time)
on the day that is two Business Days preceding the date of such setting, (2) if such Benchmark is EURIBOR Rate, 11:00 a.m. Brussels time
two TARGET Days preceding the date of such setting, (3) if the RFR for such Benchmark is SONIA, then four Business Days prior to such
setting, (4) if the RFR for such Benchmark is SARON, then five Business Days prior to such setting, (5) if the RFR for such Benchmark
is Daily Simple SOFR, then four Business Days prior to such setting or (6) if such Benchmark is none of the Term SOFR Rate, the EURIBOR
Rate, SONIA or SARON, the time determined by the Administrative Agent in its reasonable discretion.

 

“Refinance Indebtedness”
has the meaning assigned to such term in Section 6.01(f).

 

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

 

“Regulation D”
means Regulation D of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

“Regulation T”
means Regulation T of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

“Regulation U”
means Regulation U of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

“Regulation X”
means Regulation X of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.

 

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

 

“Release”
means any releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, migrating, disposing,
or dumping of any substance into the environment.

 

“Relevant Governmental
Body” means (a) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal Reserve Board
and/or the NYFRB, the CME Term SOFR Administrator, as applicable, or a committee officially endorsed or convened by the Federal Reserve
Board and/or the NYFRB or, in each case, any successor thereto, (b) with respect to a Benchmark Replacement in respect of Loans denominated
in Sterling, the Bank of England, or a committee officially endorsed or convened by the Bank of England or, in each case, any successor
thereto, (c) with respect to a Benchmark Replacement in respect of Loans denominated in Euros, the European Central Bank, or a committee
officially endorsed or convened by the European Central Bank or, in each case, any successor thereto, (d) with respect to a Benchmark
Replacement in respect of Loans denominated in Swiss Francs, the Swiss National Bank, or a committee officially endorsed or convened by
the Swiss National Bank or, in each case, any successor thereto, and (v) with respect to a Benchmark Replacement in respect of Loans denominated
in any other currency, (a) the central bank for the currency in which such Benchmark Replacement is denominated or any central bank or
other supervisor which is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark
Replacement or (b) any working group or committee officially endorsed or convened by (1) the central bank for the currency in which such
Benchmark Replacement is denominated, (2) any central bank or other supervisor that is responsible for supervising either (A) such Benchmark
Replacement or (B) the administrator of such Benchmark Replacement, (3) a group of those central banks or other supervisors or (4) the
Financial Stability Board or any part thereof.

 

    29

     

    

 

“Relevant Rate”
means (i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Adjusted Term SOFR Rate, (ii) with respect to any Term
Benchmark Borrowing denominated in Euros, the Adjusted EURIBOR Rate, or (iii) with respect to any Borrowing denominated in Sterling or
Swiss Francs or Dollars, the applicable Adjusted Daily Simple RFR, as applicable.

 

“Relevant Screen
Rate” means (i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Term SOFR Reference Rate, or (ii) with
respect to any Term Benchmark Borrowing denominated in Euros, the EURIBOR Screen Rate.

 

“Report”
means reports prepared by the Administrative Agent or another Person showing the results of appraisals, field examinations or audits pertaining
to the Borrower’s assets from information furnished by or on behalf of the Borrower, after the Administrative Agent has exercised
its rights of inspection pursuant to this Agreement, which Reports may be distributed to the Lenders by the Administrative Agent.

 

“Required Lenders”
means, subject to Section 2.20, at any time, Lenders having Revolving Exposure and Unfunded Commitments representing more
than 50% of the sum of the Aggregate Revolving Exposure and Unfunded 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, the Unfunded Commitment of each Lender
shall be deemed to be zero.

 

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

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible Officer”
means the president, any Financial Officer, the Chief Operating Officer or other executive officer of the Borrower.

 

“Restricted”
means, when referring to cash or Permitted Investments of Borrower and its Subsidiaries, that such cash or Permitted Investments (a) appear
(or would be required to appear) as “restricted” on the consolidated balance sheet of the Borrower, (b) are not subject to
any Lien in favor of any Person (other than a Lien permitted under clause (a) or clause (h) of Section 6.02) or (c) are not otherwise
generally available for use by the Borrower or any Subsidiary so long as such Subsidiary of the Borrower is prohibited by applicable law,
contractual obligation or otherwise from transferring such cash or Permitted Investment to the Borrower or another Subsidiary.

 

    30

     

    

 

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

 

“Reuters”
means, as applicable, Thomson Reuters Corp, Refinitiv, or any successor thereto.

 

“Revaluation Date”
shall mean (a) with respect to any Loan denominated in any Alternative Currency, each of the following: (i) the date of the Borrowing
of such Loan and (ii) (A) with respect to any Term Benchmark Loan, each date of a conversion into or continuation of such Loan pursuant
to the terms of this Agreement and (B) with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar
month that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the
last day of such month); (b) with respect to any Letter of Credit denominated in an Alternative Currency, each of the following: (i) the
date on which such Letter of Credit is issued, (ii) the first Business Day of each calendar month and (iii) the date of any amendment
of such Letter of Credit that has the effect of increasing the face amount thereof; and (c) any additional date as the Administrative
Agent may determine at any time when an Event of Default exists.

 

“Revolving Borrowing”
means Revolving Loans of the same Type and Agreed Currency, made, converted or continued on the same date and, in the case of Term Benchmark
Loans, as to which a single Interest Period is in effect.

 

“Revolving Commitment”
means, with respect to each Lender, the amount set forth on the Commitment Schedule opposite such Lender’s name, 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) as provided in Section 9.04(b)(ii)(C), pursuant to which such Lender shall have assumed its Revolving Commitment,
as applicable, as such Revolving Commitment may be reduced or increased from time to time pursuant to (a) Section 2.09
and (b) assignments by or to such Lender pursuant to Section 9.04; provided, that at no time shall the Revolving Exposure
of any Lender exceed its Revolving Commitment. The initial aggregate amount of the Lenders’ Revolving Commitments is $30,000,000.

 

“Revolving Credit
Maturity Date” means March 15, 2025, (if the same is a Business Day, or if not then the immediately next succeeding Business
Day), or any earlier date on which the Revolving Commitments are reduced to zero or otherwise terminated pursuant to the terms hereof.

 

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

 

“Revolving Lender”
means, as of any date of determination, a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or expired,
a Lender with Revolving Exposure.

 

“Revolving Loan”
means a Loan made pursuant to Section 2.01(a).

 

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“RFR” means,
for any RFR Loan denominated in (a) Sterling, SONIA, (b) Swiss Francs, SARON and (c) Dollars, Daily Simple SOFR.

 

“RFR Administrator”
means the SONIA Administrator, the SARON Administrator or the SOFR Administrator.

 

“RFR Borrowing”
means, as to any Borrowing, the RFR Loans comprising such Borrowing.

 

“RFR Business Day”
means, for any Loan denominated in (a) Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed
for general business in London, (b) Swiss Francs, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed
for the settlement of payments and foreign exchange transactions in Zurich and (c) Dollars, a U.S. Government Securities Business Day.

 

“RFR Interest Day”
has the meaning specified in the definition of “Daily Simple RFR”.

 

“RFR Loan”
means a Loan that bears interest at a rate based on the Adjusted Daily Simple RFR.

 

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

 

“Sale and Leaseback
Transaction” has the meaning assigned to such term in Section 6.06.

 

“Sanctioned Country”
means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement,
the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea Region of Ukraine, 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 the Office of Foreign
Assets Control of the U.S. Department of the Treasury, the U.S. Department of State or by the United Nations Security Council, the European
Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority, (b) any
Person operating, organized or resident in a Sanctioned Country, (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.

 

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

 

“SARON”
means, with respect to any Business Day, a rate per annum equal to the Swiss Average Rate Overnight for such Business Day published by
the SARON Administrator on the SARON Administrator’s Website.

 

“SARON Administrator”
means the SIX Swiss Exchange AG (or any successor administrator of the Swiss Average Rate Overnight).

 

“SARON Administrator’s
Website” means SIX Swiss Exchange AG’s website, currently at https://www.six-group.com, or any successor source for the
Swiss Average Rate Overnight identified as such by the SARON Administrator from time to time.

 

    32

     

    

 

“SEC” means
the Securities and Exchange Commission of the U.S.

 

“Secured Obligations”
means all Obligations, together with all (i) Banking Services Obligations and (ii) Swap Agreement Obligations owing to one or
more Lenders or their respective Affiliates; provided, however, that the definition of “Secured Obligations”
shall not create any guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded
Swap Obligations of such Guarantor for purposes of determining any obligations of any Guarantor.

 

“Secured Parties”
means (a) the Lenders, (b) the Administrative Agent, (c) each Issuing Bank, (d) each provider of Banking Services,
to the extent the Banking Services Obligations in respect thereof constitute Secured Obligations, (e) each counterparty to any Swap
Agreement, to the extent the obligations thereunder constitute Secured Obligations, (f) the beneficiaries of each indemnification
obligation undertaken by any Loan Party under any Loan Document, and (g) the successors and assigns of each of the foregoing.

 

“Security Agreement”
means that certain Pledge and Security Agreement (including any and all supplements thereto), dated as of the date hereof, among the Loan
Parties and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, and any other pledge
or security agreement entered into, after the date of this Agreement by any other Loan Party (as required by this Agreement or any other
Loan Document) or any other Person for the benefit of the Administrative Agent and the other Secured Parties, as the same may be amended,
restated, supplemented or otherwise modified from time to time.

 

“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

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

 

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

 

“SOFR Determination
Date” has the meaning specified in the definition of “Daily Simple SOFR”.

 

“SOFR Rate Day”
has the meaning specified in the definition of “Daily Simple SOFR”.

 

“SONIA”
means, with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published
by the SONIA Administrator on the SONIA Administrator’s Website on the immediately succeeding Business Day.

 

“SONIA Administrator”
means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

 

“SONIA Administrator’s
Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for
the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

 

“Specified Default”
means a Default or Event of Default under Section 7.01(a), (b), (h) or (i).

 

    33

     

    

 

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

 

“Statements”
has the meaning assigned to such term in Section 2.18(f).

 

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

 

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

 

“Subordinated Indebtedness”
of a Person means any Indebtedness of such Person, the payment of which is subordinated to payment of the Secured Obligations to the written
satisfaction of the Administrative Agent.

 

“subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity, the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited
liability company, partnership, association or other entity (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 and/or
one or more subsidiaries of the parent.

 

“Subsidiary”
means any direct or indirect subsidiary of the Borrower or a Loan Party, as applicable.

 

“Supported QFC”
has the meaning assigned to it in Section 9.22.

 

“Swap Agreement”
means any agreement with respect to any swap, forward, spot, future, credit default or derivative transaction or option or similar agreement
involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination
of these transactions; provided that, the following shall not be deemed a Swap Agreement: (i) any phantom stock or similar plan
(including any stock option plan) providing for payments only on account of services provided by current or former directors, officers,
employees or consultants of the Borrower or the Subsidiaries, (ii) any stock option or warrant agreement for the purchase of Equity Interest
of the Borrower, and (iii) the purchase of Equity Interests or Indebtedness (including securities convertible into Equity Interests) of
the Borrower pursuant to delayed delivery contracts or (iv) any of the foregoing to the extent that is constitutes a derivative embedded
in a convertible security issued by the Borrower.

 

    34

     

    

 

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

 

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

 

“Swiss Franc”
or “CHF” mean the lawful currency of Switzerland.

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform
and which was launched on November 19, 2007.

 

“TARGET Day”
means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the
Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

 

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

 

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

 

“Term SOFR Determination
Day” has the meaning assigned to it under the definition of Term SOFR Reference Rate.

 

“Term SOFR Rate”
means, with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period,
the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two (2) U.S. Government Securities Business Days prior to the commencement
of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.

 

“Term SOFR Reference
Rate” means, for any day and time (such day, the “Term SOFR Determination Day”), with respect to any Term
Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum determined
by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination
Day, the “Term SOFR Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and
a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR
Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business
Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding Business
Day is not more than five (5) Business Days prior to such Term SOFR Determination Day.

 

    35

     

    

 

“Test Period”
means, in respect of any date, the most recently ended four fiscal quarter period of Borrower for which financial statements were delivered
(or were required to be delivered) pursuant to Section 5.01(a) or (b) of this Agreement; provided that, prior to the first
date that financial statements have been or are required to be delivered pursuant to Section 5.01(a) or (b), the Test Period
shall be the period of four fiscal quarters of Borrower ended December 31, 2021.

 

“Total Indebtedness”
means, at any date, the aggregate principal amount of all Indebtedness determined for the Borrower and its Subsidiaries on a consolidated
basis at such date; provided that the term “Indebtedness” shall not include obligations under any derivative transaction
or other Swap Agreement (unless such obligations are payment obligations that relate to a derivative transaction or other Swap Agreement
that has been terminated).

 

“Total Leverage Ratio”
means, on any date, the ratio of (a) Total Indebtedness on such date to (b) EBITDA for the most recent Test Period, calculated on a Pro
Forma Basis.

 

“Transactions”
means the execution, delivery and performance by the Borrower 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 Term SOFR Rate, the Adjusted EURIBOR Rate, the Alternate Base Rate or the Adjusted
Daily Simple RFR.

 

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

 

“UK Financial Institutions”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated
by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.

 

“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Unfunded Commitment”
means, with respect to each Lender, the Revolving Commitment of such Lender less its Revolving Exposure.

 

“Unliquidated Obligations”
means, at any time, any Secured Obligations (or portion thereof) that are contingent in nature or unliquidated at such time, including
any Secured Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by
it; (ii) any other obligation (including any guarantee) that is contingent in nature at such time; or (iii) an obligation to
provide collateral to secure any of the foregoing types of obligations.

 

“Unrestricted”
means, when referring to cash or Permitted Investments, that such cash or Permitted Investments are not Restricted.

 

    36

     

    

 

“U.S.”
means the United States of America.

 

“U.S. Government
Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry
and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes
of trading in United States government securities.

 

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

 

“U.S. Special Resolution
Regime” has the meaning assigned to it in Section 9.22.

 

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

 

“USA PATRIOT Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.

 

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

 

“Write-Down and Conversion
Powers” means, (a) 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, and (b) with respect to the United Kingdom, any powers of the applicable Resolution
Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or
any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations
of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised
under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related
to or ancillary to any of those powers.

 

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 “Term
Benchmark Loan” or an “RFR Loan”) or by Class and Type (e.g., a “Term Benchmark Revolving Loan” or
an “RFR Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”)
or by Type (e.g., a “Term Benchmark Borrowing” or an “RFR Borrowing”) or by Class and Type (e.g.,
a “Term Benchmark Revolving Borrowing” or an “RFR Revolving Borrowing”).

 

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SECTION 1.03 Terms
Generally.

 

The definitions of terms herein
shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include
the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”. The word “law” shall be construed as referring
to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force
of law or with which affected Persons customarily comply) and all judgments, orders and decrees of all Governmental Authorities. The word
“will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires
otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring
to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to
any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference
to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified
(including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such
Person’s successors and assigns (subject to any restrictions on assignments set forth herein) and, in the case of any Governmental
Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety
and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed
to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (f) any reference in any definition to the phrase
“at any time” or “for any period” shall refer to the same time or period for all calculations or determinations
within such definition, and (g) the words “asset” and “property” shall be construed to have the same meaning
and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract
rights.

 

SECTION 1.04 Accounting
Terms; GAAP.

 

(a)   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 after the date hereof there occurs any change in GAAP or in the application thereof
on the operation of any provision hereof and the Borrower notifies the Administrative Agent that the Borrower requests an amendment to
any provision hereof to eliminate the effect of such change in GAAP or in the application thereof (or if the Administrative Agent notifies
the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such
notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis
of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn
or such provision amended in accordance herewith. 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 Financial Accounting Standards Board 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 any Loan Party, the Borrower or any Subsidiary at “fair value”, as defined therein and (ii) without giving
effect to any treatment of Indebtedness under Financial Accounting Standards Board Accounting Standards Codification 470-20 or 2015-03
(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. 

 

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(b)   Notwithstanding
anything to the contrary contained in Section 1.04(a) or in the definition of “Capital Lease Obligations,” any change in accounting
for leases pursuant to GAAP resulting from the adoption of Financial Accounting Standards Board Accounting Standards Update No. 2016-02,
Leases (Topic 842) (“FAS 842”), to the extent such adoption would require treating any lease (or similar arrangement conveying
the right to use) as a capital lease or financing lease or capitalizing the amount of any obligations in respect of such lease where such
lease (or similar arrangement) would not have been required to be so treated under GAAP as in effect on December 31, 2015, such lease
shall not be considered a capital lease or finance lease, and all calculations and deliverables under this Agreement or any other Loan
Document (other than the delivery of financial statements prepared in accordance with GAAP) shall be made or delivered, as applicable,
in accordance therewith.

 

SECTION 1.05 Interest
Rates; Benchmark Notifications.

 

The interest rate on a Loan
denominated in dollars or an Alternative Currency may be derived from an interest rate benchmark that may be discontinued or is, or may
in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 2.14(b) provides
a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for,
and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest
rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without
limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar
to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity
as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other
related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative,
successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner
adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain
any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant
to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any
kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort,
contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided
by any such information source or service.

 

SECTION 1.06 Pro Forma
Adjustments.

 

To the extent the Borrower
or any Subsidiary makes any acquisition or other Investment permitted pursuant to Section 6.04, Disposition outside the ordinary
course of business permitted by Section 6.05 or issuance, incurrence, assumption or repayment or prepayment of Indebtedness
permitted by this Agreement during any Test Period, at the Borrower’s election, the Total Leverage Ratio and EBITDA (except for
purposes of the definition of “Applicable Rate”) shall be calculated on a Pro Forma Basis.

 

SECTION 1.07 Status
of Obligations.

 

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

 

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SECTION 1.08 Letters
of Credit.

 

Unless otherwise specified
herein, the amount of a Letter of Credit at any time shall be deemed to be Dollar Equivalent of the stated amount of such Letter of Credit
available to be drawn at such time; provided that with respect to any Letter of Credit that, by its terms or the terms of any Letter of
Credit Agreement related thereto, provides for one or more automatic increases in the available amount thereof, the amount of such Letter
of Credit shall be deemed to be the Dollar Equivalent of the maximum amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum amount is available to be drawn at such time. For all purposes of this Agreement, if on any date of determination
a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of
the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version
thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14 of the International Standby Practices, International Chamber
of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time) or similar terms of the Letter
of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding”
and “undrawn” in the amount so remaining available to be paid, and the obligations of the Borrower and each Lender shall remain
in full force and effect until the Issuing Bank and the Lenders shall have no further obligations to make any payments or disbursements
under any circumstances with respect to any Letter of Credit.

 

SECTION 1.09 Divisions.

 

For all purposes under the
Loan Documents, in connection with any Division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s
laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person
comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders
of its Equity Interests at such time.

 

SECTION 1.10 Exchange Rates;
Currency Equivalents. (a) The Administrative Agent or the Issuing Bank, as applicable, shall determine the Dollar Equivalent amounts
of Term Benchmark Borrowings or Letter of Credit extensions denominated in Alternative Currencies. Such Dollar Equivalent shall become
effective as of such Revaluation Date and shall be the Dollar Equivalent of such amounts until the next Revaluation Date to occur. Except
for purposes of financial statements delivered by the Borrower hereunder or calculating financial covenants hereunder or except as otherwise
provided herein, the applicable amount of any Agreed Currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar
Equivalent amount as so determined by the Administrative Agent or the Issuing Bank, as applicable.

 

(b)   Wherever
in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Term Benchmark Loan or an RFR Loan or the
issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars,
but such Borrowing, Loan or Letter of Credit is denominated in an Alternative Currency, such amount shall be the Dollar Equivalent of
such amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the
Administrative Agent or the Issuing Bank, as the case may be.

 

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Article II

The Credits

 

SECTION 2.01 Commitments.

 

(a)   Subject
to the terms and conditions set forth herein, each Lender severally (and not jointly) agrees to make Revolving Loans in Dollars or in
one or more Alternative Currencies to the Borrower from time to time during the Availability Period in an aggregate principal amount that
will not result in (i) such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment or (ii) the
Aggregate Revolving Exposure exceeding the aggregate Revolving Commitments. Within the foregoing limits and subject to the terms and conditions
set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.

 

SECTION 2.02 Loans
and Borrowings.

 

(a)   Each
Loan shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with
their respective Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve
any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be
responsible for any other Lender’s failure to make Loans as required. 

 

(b)   Subject
to Section 2.14, each Revolving Borrowing shall be comprised (A) in the case of Borrowings in Dollars, entirely of ABR Loans,
RFR Loans or Term Benchmark Loans and (B) in the case of Borrowings in any other Agreed Currency, entirely of Term Benchmark Loans or
RFR Loans, as applicable, in each case of the same Agreed Currency, as the Borrower may request in accordance herewith, provided
that all Revolving Borrowings made on the Effective Date must be made as ABR Borrowings but may be converted into Term Benchmark Borrowings
in accordance with Section 2.08. 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 Borrower to repay such Loan in accordance with the terms of this Agreement.

 

(c)   At
the commencement of each Interest Period for any Term Benchmark Borrowing, such Borrowing shall be in an aggregate amount that is an integral
multiple of the Dollar Equivalent of $500,000 and not less than the Dollar Equivalent of $500,000. At the time that each ABR Revolving
Borrowing or RFR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the Dollar Equivalent
of $500,000 and not less than the Dollar Equivalent of $500,000. ABR Borrowings may be in any amount. 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 five (5) Term
Benchmark Borrowings or RFR Borrowings outstanding.

 

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

 

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SECTION 2.03 Requests
for Borrowings.

 

To request a Borrowing, the
Borrower shall notify the Administrative Agent of such request either in writing (delivered by hand or fax) by delivering a Borrowing
Request signed by a Responsible Officer of the Borrower or through Electronic System, if arrangements for doing so have been approved
by the Administrative Agent, (a)(i)(x) in the case of a Term Benchmark Borrowing denominated in Dollars, not later than 11:00 a.m.,
New York City time, three Business Days before the date of the proposed Borrowing or (y) in the case of an RFR Borrowing denominated in
Dollars, not later than 11:00 a.m., New York City time, five Business Days before the date of the proposed Borrowing, (ii) in the case
of a Term Benchmark Borrowing denominated in Euros, not later than 12:00 p.m., New York City time, three Business Days before the date
of the proposed Borrowing, (iii) in the case of an RFR Borrowing denominated in Sterling, not later than 11:00 a.m., New York City time,
five RFR Business Days before the date of the proposed Borrowing and (iv) in the case of an RFR Borrowing denominated in Swiss Francs,
not later than 11:00 a.m., New York City time, five RFR Business Days before the date of the proposed Borrowing or (b) in the case
of an ABR Borrowing, not later than noon, Eastern time, on the date of the proposed Borrowing; provided that any such notice of
an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given
not later than 11:00 a.m., Eastern time, on the date of the proposed Borrowing. Each such Borrowing Request shall be irrevocable. Each
such Borrowing Request shall specify the following information in compliance with Section 2.01:

 

(i)   the
Class of Borrowing, the Agreed Currency, the aggregate amount of the requested Borrowing, and a breakdown of the separate wires comprising
such Borrowing;

 

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

 

(iii)   whether
such Borrowing is to be an ABR Borrowing or a Term Benchmark Borrowing or an RFR Borrowing; and

 

(iv)   in
the case of a Term Benchmark Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by
the definition of the term “Interest Period.”

 

If no election as to the currency of a Borrowing
is specified, then the requested Revolving Borrowing shall be made in Dollars. If no election as to the Type of Revolving Borrowing is
specified, then the requested Revolving Borrowing shall be an ABR Borrowing made in Dollars. If no Interest Period is specified with respect
to any requested Term Benchmark Borrowing, then the 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 [Section
Intentionally Omitted]

 

SECTION 2.05 [Section
Intentionally Omitted]

 

SECTION 2.06 Letters
of Credit.

 

(a)   General.
Subject to the terms and conditions set forth herein, the Borrower may request any Issuing Bank to issue Letters of Credit denominated
in any Agreed Currency as the applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable
to such Issuing Bank, at any time and from time to time during the Availability Period, and such Issuing Bank may, but shall have no obligation,
to issue such requested Letters of Credit pursuant to this Agreement. 

 

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(b)   Notice
of Issuance, Amendment, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment or extension
of an outstanding Letter of Credit), the Borrower shall hand deliver or fax (or transmit through Electronic System, if arrangements for
doing so have been approved by the respective Issuing Bank) to an Issuing Bank selected by it and to the Administrative Agent (reasonably
in advance of the requested date of issuance, amendment or extension, but in any event no less than three Business Days) a notice requesting
the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended or extended, and specifying the date of issuance,
amendment 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 and currency of such Letter of Credit, the name and address of the beneficiary thereof,
and such other information as shall be necessary to prepare, amend or extend such Letter of Credit. In addition, as a condition to any
such Letter of Credit issuance, the Borrower 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 respective Issuing
Bank and using such Issuing Bank’s standard form (each, a “Letter of Credit Agreement”). 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. A Letter of Credit shall be issued, amended or extended only if (and upon issuance, amendment
or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance,
amendment or extension (i) the aggregate LC Exposure shall not exceed $10,000,000, (ii) no Revolving Lender’s Revolving
Exposure shall exceed its Revolving Commitment and (iii) the Aggregate Revolving Exposure shall not exceed the aggregate Revolving
Commitments. Notwithstanding the foregoing or anything to the contrary contained herein, no Issuing Bank shall be obligated to issue or
modify any Letter of Credit if, immediately after giving effect thereto, the outstanding LC Exposure in respect of all Letters of Credit
issued by such Person and its Affiliates would exceed such Issuing Bank’s Issuing Bank Sublimit. Without limiting the foregoing
and without affecting the limitations contained herein, it is understood and agreed that the Borrower may from time to time request that
an Issuing Bank issue Letters of Credit in excess of its individual Issuing Bank Sublimit in effect at the time of such request, and each
Issuing Bank agrees to consider any such request in good faith. Any Letter of Credit so issued by an Issuing Bank in excess of its individual
Issuing Bank Sublimit then in effect shall nonetheless constitute a Letter of Credit for all purposes of the Credit Agreement, and shall
not affect the Issuing Bank Sublimit of any other Issuing Bank, subject to the limitations on the aggregate LC Exposure set forth in clause (i)
of this Section 2.06(b).

 

An Issuing Bank shall
not be under any obligation to issue any Letter of Credit if:

 

(i)   any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank
from issuing such Letter of Credit, or any Requirement of Law relating to such Issuing Bank or any request or directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such
Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such
Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not
otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost
or expense which was not applicable on the Effective Date and which such Issuing Bank in good faith deems material to it, or 

 

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(ii)   the
issuance of such Letter of Credit would violate one or more policies of such Issuing Bank applicable to letters of credit generally. 

 

(c)   Expiration
Date. Each Letter of Credit shall expire (or be subject to termination or non-renewal by notice from the applicable 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 of the expiration thereof, including, without limitation, any automatic
renewal provision, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the Revolving
Credit Maturity Date.

 

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

 

(e)   Reimbursement.
If an Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement
by paying to the Administrative Agent an amount in the currency of such LC Disbursement equal to such LC Disbursement not later than noon,
Eastern time, on (i) the Business Day that the Borrower receives notice of such LC Disbursement, if such notice is received prior
to 9:00 a.m., Eastern time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower
receives such notice, if such notice is received after 9:00 a.m., Eastern time, on the day of receipt; provided that (x) if
such LC Disbursement is denominated in Dollars, the Borrower may, subject to the conditions to borrowing set forth herein, request in
accordance with Section 2.03 that such payment be financed with an ABR Revolving Borrowing in an equivalent amount or (y)
if such LC Disbursement is denominated in an Alternative Currency, the Borrower may, subject to the conditions to borrowing set forth
herein, request in accordance with ‎Section 2.03 that such payment be converted into an equivalent amount of an ABR Revolving Borrowing
denominated in Dollars in an amount equal to the Dollar Equivalent of such Alternative Currency, and, in each case, to the extent so financed,
the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing. If the
Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement,
the payment then due from the Borrower in respect thereof, and such Lender’s Applicable Percentage thereof. Promptly following receipt
of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the
Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07
shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly
pay to the respective Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative
Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the respective
Issuing Bank or, to the extent that Revolving 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 Revolving Lender pursuant to this paragraph
to reimburse an Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute
a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

 

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(f)   Obligations
Absolute. The Borrower’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 the respective 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, (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 Borrower’s obligations hereunder or (v) any adverse change in the relevant exchange rates or in the
availability of the relevant Alternative Currency to the Borrower or any Subsidiary or in the relevant currency markets generally. Neither
the Administrative Agent, the Revolving Lenders nor any Issuing Bank, or any of their respective 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, any error in translation or any consequence
arising from causes beyond the control of the respective Issuing Bank; provided that the foregoing shall not be construed to excuse
an Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or
punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by
the Borrower 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 an 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, an Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility
for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents
if such documents are not in strict compliance with the terms of such Letter of Credit.

 

(g)   Disbursement
Procedures. The Issuing Bank for any Letter of Credit shall, within the time allowed by applicable law or the specific terms of the
Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment under such Letter of
Credit. Such Issuing Bank shall promptly after such examination notify the Administrative Agent and the Borrower by telephone (confirmed
by fax or through Electronic Systems) of such demand for payment if 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 Borrower of its obligation to reimburse
such Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.

 

(h)   Interim
Interest. If the Issuing Bank for any Letter of Credit shall make any LC Disbursement, then, unless the Borrower shall reimburse such
LC Disbursement in full in the applicable currency 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 Borrower reimburses such LC Disbursement,
at the rate per annum then applicable to ABR Revolving Loans and such interest shall be due and payable on the date when such reimbursement
is due; provided that, if the Borrower 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 Revolving Lender pursuant to paragraph (e) of this Section
to reimburse such Issuing Bank for such LC Disbursement shall be for the account of such Lender to the extent of such payment.

 

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(i)   Replacement
and Resignation of an Issuing Bank. 

 

(i)   An
Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank
and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of an Issuing Bank.
At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced
Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor
Issuing Bank shall have all the rights and obligations of 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 or extend or otherwise amend any existing Letter of Credit.

 

(ii)   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 Borrower and the Lenders, in which case, such resigning Issuing Bank
shall be replaced in accordance with Section 2.06(i)(i) above.

 

(j)   Cash
Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from
the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC Exposure
representing greater than 50% of the aggregate LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower
shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving
Lenders (the “LC Collateral Account”), an amount in cash equal to 105% of the amount of the LC Exposure as of such
date plus accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective
immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence
of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII. The Borrower also
shall deposit cash collateral in accordance with this paragraph as and to the extent required by Sections 2.11(b) or 2.20.
Each such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Secured Obligations.
In addition, and without limiting the foregoing or paragraph (c) of this Section, if any LC Exposure remains outstanding after the expiration
date specified in said paragraph (c), the Borrower shall immediately deposit in the LC Collateral Account an amount in cash equal to 105%
of such LC Exposure as of such date plus any accrued and unpaid interest thereon. The Administrative Agent shall have exclusive dominion
and control, including the exclusive right of withdrawal, over the LC Collateral Account and the Borrower hereby grants the Administrative
Agent a security interest in the LC Collateral Account and all moneys or other assets on deposit therein or credited thereto. Other than
any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative
Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments
shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse each Issuing Bank for
LC Disbursements for which it has not been reimbursed, together with related fees, costs, and customary processing charges, and, to the
extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such
time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing
greater than 50% of the aggregate LC Exposure), be applied to satisfy other Secured Obligations. If the Borrower is required to provide
an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as
aforesaid) shall be returned to the Borrower within three (3) Business Days after all such Events of Defaults have been cured or waived
as confirmed in writing by the Administrative Agent.

 

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(k)   Issuing
Bank Reports to the Administrative Agent. Unless otherwise agreed by the Administrative Agent, each Issuing Bank shall, in addition
to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative Agent (i) periodic activity
(for such period or recurrent periods as shall be requested by the Administrative Agent) in respect of Letters of Credit issued by such
Issuing Bank, including all issuances, extensions and amendments, all expirations and cancelations and all disbursements and reimbursements,
(ii) reasonably prior to the time that such Issuing Bank issues, amends or extends any Letter of Credit, the date of such issuance,
amendment or extension, and the stated amount of the Letters of Credit issued, amended or extended by it and outstanding after giving
effect to such issuance, amendment or extension (and whether the amounts thereof shall have changed), (iii) on each Business Day
on which such Issuing Bank makes any LC Disbursement, the date and 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 of such LC Disbursement, and (v) on any other Business Day, such other information as the Administrative Agent shall
reasonably request as to the Letters of Credit issued by such Issuing Bank.

 

(l)   Letters
of Credit Issued for Account of Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder supports any
obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,” “applicant,”
“customer,” “instructing party,” or the like of or for such Letter of Credit, and without derogating from any
rights of the applicable Issuing Bank (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect
of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate the applicable Issuing Bank hereunder for such
Letter of Credit (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been issued solely for the account
of the Borrower and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety
of any or all of the obligations of such Subsidiary in respect of such Letter of Credit. The Borrower hereby acknowledges that the issuance
of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial
benefits from the businesses of such Subsidiaries.

 

SECTION 2.07 Funding
of Borrowings.

 

(a)   Each
Lender shall make each Loan to be made by such Lender hereunder on the proposed date thereof solely by wire transfer of immediately available
funds by 2:00 p.m., Eastern time, to the account of the Administrative Agent most recently designated by it for such purpose by notice
to the Lenders in an amount equal to such Lender’s Applicable Percentage. The Administrative Agent will make such Loans available
to the Borrower by promptly crediting the funds so received in the aforesaid account of the Administrative Agent to the Funding Account(s);
provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e)
shall be remitted by the Administrative Agent to the Issuing Bank.

 

(b)   Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such
Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such
assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable
Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower each severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made
available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the
greater of the applicable Overnight Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Revolving Loans or in the case of
Alternative Currencies, in accordance with such market practice, in each case, as applicable. If such Lender pays such amount to the Administrative
Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing; provided, that any interest received
from the Borrower by the Administrative Agent during the period beginning when Administrative Agent funded the Borrowing until such Lender
pays such amount shall be solely for the account of the Administrative Agent.

 

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SECTION 2.08 Interest
Elections.

 

(a)   Each
Borrowing initially shall be of the Type and Agreed Currency specified in the applicable Borrowing Request and, in the case of a Term
Benchmark Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect
to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Term Benchmark Borrowing, may elect
Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions
of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such
Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

 

(b)   To
make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election either in writing (delivered
by hand or fax) by delivering an Interest Election Request signed by a Responsible Officer of the Borrower or through Electronic System,
if arrangements for doing so have been approved by the Administrative Agent, by the time that a Borrowing Request would be required under
Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective
date of such election. Each such Interest Election Request shall be irrevocable.

 

(c)   Each
Interest Election Request (including requests submitted through Electronic System) shall specify the following information in compliance
with Section 2.02:

 

(i)   the
Agreed Currency and principal amount of 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 (in the case of Borrowings denominated in Dollars) or a Term Benchmark Borrowing or
an RFR Borrowing; and

 

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

 

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

 

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

 

(e)   If
the Borrower fails to deliver a timely Interest Election Request with respect to a Term Benchmark Borrowing in Dollars prior to the end
of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period
such Borrowing shall be converted to an ABR Borrowing. If the Borrower fails to deliver a timely and complete Interest Election Request
with respect to a Term Benchmark Borrowing in an Alternative Currency prior to the end of the Interest Period therefor, then, unless such
Term Benchmark Borrowing is repaid as provided herein, the Borrower shall be deemed to have selected that such Term Benchmark Borrowing
shall automatically be continued as a Term Benchmark Borrowing in its original Agreed Currency with an Interest Period of one month at
the end of such 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 Borrower, then, so long as an Event of Default is
continuing (i) no outstanding Borrowing may be converted to or continued as a Term Benchmark Borrowing and (ii) unless repaid,
(A) each Term Benchmark Borrowing and each RFR Borrowing, in each case, denominated in Dollars shall be converted to an ABR Borrowing
at the end of the Interest Period applicable thereto and (B) each Term Benchmark Borrowing and each RFR Borrowing, in each case denominated
in an Alternative Currency shall bear interest at the Central Bank Rate for the applicable Agreed Currency plus the CBR Spread; provided
that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central
Bank Rate for the applicable Agreed Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Agreed
Currency other than Dollars shall either be (A) converted to an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar
Equivalent of such Alternative Currency) at the end of the Interest Period, as applicable, therefor or (B) prepaid at the end of the applicable
Interest Period, as applicable, in full; provided that if no election is made by the Borrower by the earlier of (x) the date that is three
Business Days after receipt by the Borrower of such notice and (y) the last day of the current Interest Period for the applicable Term
Benchmark Loan, the Borrower shall be deemed to have elected clause (A) above.

 

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

 

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

 

(b)   The
Borrower may at any time terminate the Revolving Commitments upon the Payment in Full of the Secured Obligations.

 

(c)   The
Borrower may from time to time reduce the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments
shall be in an amount that is an integral multiple of the Dollar Equivalent of $500,000 and not less than the Dollar Equivalent of $500,000
and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment
of the Revolving Loans in accordance with Section 2.11, (A) any Lender’s Revolving Exposure would exceed such Lender’s
Revolving Commitment or (B) the Aggregate Revolving Exposure would exceed the aggregate Revolving Commitments.

 

(d)   The
Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b)
or (c) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such
election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of
the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice
of termination of the Revolving Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness
of other credit facilities or the consummation of other events, in which case such notice may be revoked by the Borrower (by notice to
the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction
of the Revolving Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance
with their respective Revolving Commitments.

 

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(e)   The
Borrower shall have the right to increase the Revolving Commitments by obtaining additional Revolving Commitments, either from one or
more of the Lenders or another lending institution, provided that (i) any such request for an increase shall be in a minimum
amount of $10,000,000, (ii) the Borrower may make a maximum of five (5) such requests, (iii) after giving effect thereto, the
sum of the total of the additional Commitments does not exceed $50,000,000, (iv) the Administrative Agent and the Issuing Bank have
approved the identity of any such new Lender, such approvals not to be unreasonably withheld or delayed, (v) any such new Lender
assumes all of the rights and obligations of a “Lender” hereunder, and (vi) the procedures described in Sections 2.09(f)
and (g) below have been satisfied. Nothing contained in this Section 2.09 shall constitute, or otherwise be deemed
to be, a commitment on the part of any Lender to increase its Commitment hereunder at any time.

 

(f)   Any
amendment hereto for such an increase or addition shall be in form and substance satisfactory to the Administrative Agent and shall only
require the written signatures of the Administrative Agent, the Borrower and each Lender being added or increasing its Commitment, subject
only to the approval of all Lenders if any such increase or addition would cause the Revolving Commitments to exceed $80,000,000. As a
condition precedent to such an increase or addition, the Borrower shall deliver to the Administrative Agent (i) a certificate of
each Loan Party signed by an authorized officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Loan
Party approving or consenting to such increase, and (B) in the case of the Borrower, certifying that, before and after giving effect
to such increase or addition, (1) the representations and warranties contained in Article III and the other Loan Documents
are true and correct in all material respects, except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct as of such earlier date, (2) no Default exists and (3) the Borrower is
in compliance (on a pro forma basis) with the covenants contained in Section 6.12; and (ii) legal opinions and documents
consistent with those delivered on the Effective Date, to the extent requested by the Administrative Agent.

 

(g)   On
the effective date of any such increase or addition, (i) any Lender increasing (or, in the case of any newly added Lender, extending)
its Revolving Commitment 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
or addition 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 revised Applicable Percentage of such outstanding Revolving Loans, and the Administrative Agent
shall make such other adjustments among the Lenders with respect to the Revolving Loans then outstanding and amounts of principal, interest,
commitment fees and other amounts paid or payable with respect thereto as shall be necessary, in the opinion of the Administrative Agent,
in order to effect such reallocation and (ii) the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving
Loans as of the date of any increase (or addition) in the Revolving 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 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 Term Benchmark Loan, shall be subject to indemnification
by the Borrower pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the
related Interest Periods. Within a reasonable time after the effective date of any increase or addition, the Administrative Agent shall,
and is hereby authorized and directed to, revise the Commitment Schedule to reflect such increase or addition and shall distribute such
revised Commitment Schedule to each of the Lenders and the Borrower, whereupon such revised Commitment Schedule shall replace the old
Commitment Schedule and become part of this Agreement.

 

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SECTION 2.10 Repayment
of Loans; Evidence of Debt.

 

(a)   The
Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Revolving Lender the then unpaid principal
amount of each Revolving Loan on the Revolving Credit Maturity Date. 

 

(b)   Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the 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 and Type
thereof and the Interest Period applicable thereto, if any, (ii) the amount of any principal or interest due and payable or to become
due and payable from the 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 obligation of the Borrower to repay the Loans in accordance with
the terms of this Agreement.

 

(e)   Any
Lender may request that Loans made by it be evidenced by a promissory note. In such event, the 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 a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at
all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form.

 

SECTION 2.11 Prepayment
of Loans.

 

(a)   The
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 paragraph (e) of this Section and, if applicable, payment of any break funding expenses under Section 2.16.

 

(b)   In
the event and on such occasion that the Aggregate Revolving Exposure exceeds the aggregate Revolving Commitments, the Borrower shall
prepay, on demand, the Revolving Loans, and/or LC Exposure (or, if no such Borrowings are outstanding, deposit cash collateral in the
LC Collateral Account in an aggregate amount equal to such excess, in accordance with Section 2.06(j)).

 

(c)   [reserved].

 

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(d)   All
prepayments made pursuant to Section 2.11(a) shall be applied to prepay such Loans in accordance with the Lenders’ respective Applicable
Percentages without a corresponding reduction in the Revolving Commitments and to cash collateralize outstanding LC Exposure.

 

(e)   The
Borrower shall notify the Administrative Agent by telephone (confirmed by fax) or through Electronic System, if arrangements for doing
so have been approved by the Administrative Agent, of any prepayment under this Section: (i)(w) in the case of prepayment of (1) a Term
Benchmark Revolving Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time, three Business Days before the date
of prepayment or (2) an RFR Revolving Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time, five RFR Business
Days before the date of prepayment, (x) in the case of prepayment of a Term Benchmark Revolving Borrowing denominated in Euros, not later
than 12:00 p.m., New York City time, three Business Days before the date of prepayment (y) in the case of prepayment of an RFR Revolving
Borrowing denominated in Sterling, not later than 11:00 a.m., New York City time, five RFR Business Days before the date of prepayment
and (z) in the case of prepayment of an RFR Revolving Borrowing denominated in Swiss Francs, not later than 11:00 a.m., New York City
time, five RFR Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Revolving Borrowing, not later
than 11:00 a.m., New York City time, one Business Day before the date of prepayment in the case of prepayment of a Term Benchmark Borrowing,
not later than noon, Eastern time, three (3) Business Days before the date of prepayment, (ii) in the case of prepayment of an RFR Revolving
Borrowing, not later than 11:00 a.m. Chicago time, three (3) Business Days before the date of prepayment, or (iii) in the case of
prepayment of an ABR Borrowing, not later than noon, Eastern time, one (1) Business Day before the date of prepayment. Each such notice
shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid;
provided that if a notice of prepayment is given in connection with a conditional notice of termination of the Revolving Commitments
as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in
accordance with Section 2.09. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders
of the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case
of an advance of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply fully the required
amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.
Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding
payments pursuant to Section 2.16.

 

SECTION 2.12 Fees.

 

(a)   The
Borrower agrees to pay to the Administrative Agent a commitment fee for the account of each Revolving Lender, which shall accrue at the
Applicable Rate on the daily amount of the undrawn portion of the Revolving Commitment of such Lender during the period from and including
the Effective Date to but excluding the date on which the Lenders’ Revolving Commitments terminate; it being understood that the
LC Exposure of a Lender shall be included in the drawn portion of the Revolving Commitment of such Lender for purposes of calculating
the commitment fee. 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 Revolving 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
Revolving 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 and the last day of each period but excluding the date
on which the Revolving Commitments terminate).

 

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(b)   The
Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect
to its participations in each outstanding Letter of Credit, which shall accrue on the Dollar Equivalent of the daily maximum stated amount
then available to be drawn under such Letter of Credit at the same Applicable Rate used to determine the interest rate applicable to Term
Benchmark Revolving Loans, during the period from and including the Effective Date to but excluding the later of the date on which such
Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to each
Issuing Bank for its own account a fronting fee with respect to each Letter of Credit issued by such Issuing Bank, which shall accrue
at the rate or rates per annum separately agreed upon between the Borrower and such Issuing Bank on the Dollar Equivalent of the daily
maximum stated amount then available to be drawn under such Letter of Credit, 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 with
respect to Letters of Credit issued by such Issuing Bank, as well as such Issuing Bank’s standard fees and commissions with respect
to the issuance, amendment or extension of any Letter of Credit and other processing fees, and other standard costs and charges, of such
Issuing Bank relating to Letters of Credit as from time to time in effect. 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 Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate
shall be payable on demand. Any other fees payable to an 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).

 

(c)   The
Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times set forth in the
Fee Letter and otherwise as separately agreed upon between the Borrower and the Administrative Agent. 

 

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

 

SECTION 2.13 Interest.

 

(a)   The
Loans comprising each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Rate.

 

(b)   The
Loans comprising each Term Benchmark Borrowing shall bear interest at a rate per annum equal to the Adjusted Term SOFR Rate or the Adjusted
EURIBOR Rate, as applicable, for the Interest Period in effect for such Borrowing plus the Applicable Rate. Each RFR Loan shall bear interest
at a rate per annum equal to the applicable Adjusted Daily Simple RFR plus the Applicable Rate.

 

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(c)   Notwithstanding
the foregoing, during the occurrence and continuance of an Event of Default, the Administrative Agent or the Required Lenders may, at
their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision
of Section 9.02 requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare
that (i) all Loans shall bear interest at 2% plus the rate otherwise applicable to such Loans as provided in the preceding paragraphs
of this Section or (ii) in the case of any other amount outstanding hereunder, such amount shall accrue at 2% plus the rate applicable
to such fee or other obligation as provided hereunder.

 

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

 

(e)   Interest
computed by reference to the Term SOFR Rate, the EURIBOR Rate or Daily Simple RFR with respect to Swiss Francs and Dollars hereunder shall
be computed on the basis of a year of 360 days hereunder shall be computed on the basis of a year of 360 days. Interest computed by reference
to the Daily Simple RFR with respect to Sterling or 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). In each case, interest shall be payable for the
actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed
on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. The applicable Alternate
Base Rate, Adjusted Term SOFR Rate, Adjusted EURIBOR Rate, EURIBOR Rate, Adjusted Daily Simple RFR or Daily Simple RFR shall be determined
by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 

SECTION 2.14 Alternate
Rate of Interest; Illegality.

 

(a)   Subject
to clauses (b), (c), (d), (e) and (f) of this Section 2.14, if :

 

(i)   the
Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) (A) prior to commencement
of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining the Adjusted Term
SOFR Rate, the Term SOFR Rate, the Adjusted EURIBOR Rate or the EURIBOR Rate (including, because the Relevant Screen Rate is not available
or published on a current basis), for the Agreed Currency and such Interest Period or (B) at any time, that adequate and reasonable means
do not exist for ascertaining the applicable Adjusted Daily RFR, Daily Simple RFR or RFR for the applicable Agreed Currency; or

 

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(ii)   the
Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period for a Term Benchmark
Borrowing, the Adjusted Term SOFR Rate or the Adjusted EURIBOR Rate for the applicable Agreed Currency and for such Interest Period will
not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in
such Borrowing for the applicable Agreed Currency and such Interest Period or (B) at any time, the applicable Adjusted Daily Simple RFR
for the applicable Agreed Currency will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining
their Loans (or its Loan) included in such Borrowing for the applicable Agreed Currency;

 

then the Administrative Agent shall give notice
thereof to the Borrower and the Lenders through Electronic System as provided in Section 9.01 as promptly as practicable thereafter
and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer
exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms
of Section 2.08 or a new Borrowing Request in accordance with the terms of Section 2.03, (A) for Loans denominated in Dollars, (1) any
Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Term Benchmark Borrowing
and any Borrowing Request that requests a Term Benchmark Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing
Request, as applicable, for (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings
is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings
also is the subject of Section 2.14(a)(i) or (ii) above and (2) any Borrowing Request that requests an RFR Borrowing shall instead be
deemed to be a Borrowing Request for an ABR Borrowing and (B) for Loans denominated in an Alternative Currency, any Interest Election
Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Term Benchmark Borrowing
and any Borrowing Request that requests a Term Benchmark Borrowing or an RFR Borrowing, in each case, for the relevant Benchmark, shall
be ineffective; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then all other Types
of Borrowings shall be permitted. Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Currency is outstanding on the date
of the Borrower’s receipt of the notice from the Administrative Agent referred to in this ‎Section 2.14(a) with respect to a
Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until (x) the Administrative Agent notifies the Borrower and the
Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower
delivers a new Interest Election Request in accordance with the terms of Section 2.08 or a new Borrowing Request in accordance with the
terms of Section 2.03, (A) for Loans denominated in Dollars, (1) any Term Benchmark Loan shall on the last day of the Interest Period
applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent
to, and shall constitute, (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is
not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Simple RFR for Dollar Borrowings also
is the subject of Section 2.14(a)(i) or (ii) above, on such day, and (2) any RFR Loan shall on and from such day be converted by the Administrative
Agent to, and shall constitute an ABR Loan and (B) for Loans denominated in an Alternative Currency, (1) any Term Benchmark Loan shall,
on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day)
bear interest at the Central Bank Rate for the applicable Alternative Currency plus the CBR Spread; provided that, if the Administrative
Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable
Alternative Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Alternative Currency shall,
at the Borrower’s election prior to such day: (A) be prepaid by the Borrower on such day or (B) solely for the purpose of calculating
the interest rate applicable to such Term Benchmark Loan, such Term Benchmark Loan denominated in any Alternative Currency shall be deemed
to be a Term Benchmark Loan denominated in Dollars and shall accrue interest at the same interest rate applicable to Term Benchmark Loans
denominated in Dollars at such time and (2) any RFR Loan shall bear interest at the Central Bank Rate for the applicable Alternative Currency
plus the CBR Spread; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent
manifest error) that the Central Bank Rate for the applicable Alternative Currency cannot be determined, any outstanding affected RFR
Loans denominated in any Alternative Currency, at the Borrower’s election, shall either (A) be converted into ABR Loans denominated
in Dollars (in an amount equal to the Dollar Equivalent of such Alternative Currency) immediately or (B) be prepaid in full immediately.

 

(b)   Notwithstanding
anything to the contrary herein or in any other Loan Document (and any Swap Agreement shall be deemed not to be a “Loan Document”
for purposes of this ‎Section 2.14), if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior
to the Reference Time in respect of any setting of the then-current Benchmark, then such Benchmark Replacement will replace such Benchmark
for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time)
on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to,
or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has
not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders of
each affected Class.

 

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

 

(d)   The
Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event and its related
Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement
Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement
or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent
or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14, including any determination with respect to a tenor,
rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking
any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and
without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant
to this Section 2.14.

 

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

 

(f)   Upon
the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for
a Term Benchmark Borrowing or RFR Borrowing of, conversion to or continuation of Term Benchmark Loans or RFR Loans, as applicable, to
be made, converted or continued during any Benchmark Unavailability Period and, failing that, either (x) the Borrower will be deemed to
have converted (1) any request for a Term Benchmark Borrowing denominated in Dollars into a request for a Borrowing of or conversion to
(A) an RFR Borrowing so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark Transition Event
or (B) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition Event or (y) any
Term Benchmark Borrowing or RFR Borrowing denominated in an Alternative Currency shall be ineffective. During any Benchmark Unavailability
Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current
Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any Term Benchmark
Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Borrower’s receipt of notice of the commencement of a
Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such time
as a Benchmark Replacement for such Agreed Currency is implemented pursuant to this ‎Section 2.14, (A) for Loans denominated in Dollars
(1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day
if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing denominated
in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark Transition Event or (y) an
ABR Loan if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition Event, on such day and (2) any
RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan and (B) for Loans denominated
in an Alternative Currency, (1) any Term Benchmark Loan shall, on the last day of the Interest Period applicable to such Loan (or the
next succeeding Business Day if such day is not a Business Day) bear interest at the Central Bank Rate for the applicable Alternative
Currency plus the CBR Spread; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding
absent manifest error) that the Central Bank Rate for the applicable Alternative Currency cannot be determined, any outstanding affected
Term Benchmark Loans denominated in any Alternative Currency shall, at the Borrower’s election prior to such day: (A) be prepaid
by the Borrower on such day or (B) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan, such
Term Benchmark Loan denominated in any Alternative Currency shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall
accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in Dollars at such time and (2) any RFR Loan
shall bear interest at the Central Bank Rate for the applicable Alternative Currency plus the CBR Spread; provided that, if the Administrative
Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable
Alternative Currency cannot be determined, any outstanding affected RFR Loans denominated in any Alternative Currency, at the Borrower’s
election, shall either (A) be converted into ABR Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternative
Currency) immediately or (B) be prepaid in full immediately.

 

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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 Term SOFR Rate or the Adjusted EURIBOR Rate) or the Issuing Bank; or

 

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

 

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

 

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

 

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

 

(c)   A
certificate of a Lender or the Issuing Bank setting forth in reasonable detail the calculation of the amount or amounts necessary to compensate
such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section
shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank,
as the case may be, the amount shown as due on any such certificate within thirty (30) days after receipt thereof.

 

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

 

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SECTION 2.16 Break
Funding Payments.

 

(a) With respect to Loans
that are not RFR Loans, in the event of (a) the payment of any principal of any Term Benchmark 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 Term Benchmark Loan other than on the last day of the Interest Period applicable thereto, (c) the
failure to borrow, convert, continue or prepay any Term Benchmark Loan on the date specified in any notice delivered pursuant hereto (regardless
of whether such notice may be revoked under Section 2.09 and is revoked in accordance therewith), (d) the assignment
of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower
pursuant to Section 2.19 or 9.02(d) or (e) the failure by the Borrower to make any payment of any Loan or drawing under
any Letter of Credit (or interest due thereof) denominated in an Alternative Currency on its scheduled due date or any payment thereof
in a different currency, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable
to such event. A certificate of any Lender setting forth in reasonable detail the calculation of any amount or amounts that such Lender
is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender the amount shown as due on any such certificate within thirty (30) days after receipt thereof.

 

(b)   With
respect to RFR Loans, in the event of (i) the payment of any principal of any RFR Loan other than on the Interest Payment Date applicable
thereto (including as a result of an Event of Default or an optional or mandatory prepayment of Loans), (ii) the failure to borrow or
prepay any RFR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under
‎Section 2.11 and is revoked in accordance therewith), (iii) the assignment of any RFR Loan other than on the Interest Payment Date
applicable thereto as a result of a request by the Borrower pursuant to Section 2.18 or (iv) the failure by the Borrower to make any payment
of any Loan or drawing under any Letter of Credit (or interest due thereof) denominated in an Alternative Currency on its scheduled due
date or any payment thereof in a different currency, then, in any such event, the Borrower shall compensate each Lender for the loss,
cost and expense attributable to such event. A certificate of any Lender setting forth in reasonable detail the calculation of any amount
or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive
absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within thirty (30) days after
receipt thereof.

 

SECTION 2.17 Withholding
of Taxes; Gross-Up.

 

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

 

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

 

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

 

(d)   Indemnification
by the Loan Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within ten (10) days after demand therefor,
for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under
this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Loan Party by a Lender
(with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive
absent manifest error.

 

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

 

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(f) Status
of Lenders.

 

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

 

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

 

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

 

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

 

(2) in
the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an executed 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 C-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of
the Code (a “U.S. Tax Compliance Certificate”) and (y) an executed copy of IRS Form W 8BEN or IRS Form W-8BEN-E,
as applicable; or

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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SECTION 2.18 Payments
Generally; Allocation of Proceeds; Sharing of Setoffs.

 

(a) (i)
Except with respect to principal of and interest on Loans denominated in an Alternative Currency, the Borrower shall make each payment
or prepayment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts
payable under Sections 2.15, 2.16 or 2.17, or otherwise) in Dollars prior to 2:00 p.m., Eastern time, on
the date when due or the date fixed for any prepayment hereunder and (ii) all payments with respect to principal and interest on Loans
denominated in an Alternative Currency shall be made in such Alternative Currency not later than the Applicable Time specified by the
Administrative Agent on the dates specified herein, in each case, in immediately available funds, without setoff, 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 to the Administrative Agent
at its offices at 10 South Dearborn, Floor L2, Suite 1L1-0480, Chicago, IL 60603-2300, except payments to be made directly to the Issuing
Bank as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03
shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for
the account of any other Person to the appropriate recipient promptly following receipt thereof. Unless otherwise provided for herein,
if any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding
Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. Without
limiting the generality of the foregoing, the Administrative Agent may require that any payments due under this Agreement be made in the
United States. If, for any reason, the Borrower is prohibited by any Law from making any required payment hereunder in an Alternative
Currency, such Borrower shall make such payment in Dollars in the Dollar Equivalent of the Alternative Currency payment amount.

 

(b) All
payments and any proceeds of Collateral received by the Administrative Agent (i) not constituting either (A) a specific payment
of principal, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrower), or (B) a
mandatory prepayment (which shall be applied in accordance with Section 2.11) or (ii) after an Event of Default has occurred
and is continuing and the Administrative Agent so elects or the Required Lenders so direct, shall be applied ratably first, to
pay any fees, indemnities, or expense reimbursements then due to the Administrative Agent and the Issuing Bank from the Borrower (other
than in connection with Banking Services Obligations or Swap Agreement Obligations), second, to pay any fees, indemnities, or expense
reimbursements then due to the Lenders from the Borrower (other than in connection with Banking Services Obligations or Swap Agreement
Obligations), third, to pay interest then due and payable on the Loans ratably, fourth, to prepay principal on the Loans
and unreimbursed LC Disbursements, to pay an amount to the Administrative Agent equal to one hundred five percent (105%) of the aggregate
LC Exposure, to be held as cash collateral for such Obligations, and to pay any amounts owing in respect of Swap Agreement Obligations
and Banking Services Obligations up to and including the amount most recently provided to the Administrative Agent pursuant to Section 2.22,
ratably, and fifth, to the payment of any other Secured Obligation due to the Administrative Agent or any Lender from the Borrower
or any other Loan Party. Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the Borrower, or
unless a Default is in existence, neither the Administrative Agent nor any Lender shall apply any payment which it receives to any Term
Benchmark Loan of a Class, except (i) on the expiration date of the Interest Period applicable thereto, or (ii) in the event,
and only to the extent, that there are no outstanding ABR Loans of the same Class and, in any such event, the Borrower shall pay the break
funding payment required in accordance with Section 2.16. The Administrative Agent and the Lenders shall have the continuing
and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Secured Obligations.
Notwithstanding the foregoing, Secured Obligations arising under Banking Services Obligations or Swap Agreement Obligations shall be excluded
from the application described above and paid in clause fifth if the Administrative Agent has not received written notice thereof,
together with such supporting documentation as the Administrative Agent may have reasonably requested from the applicable provider of
such Banking Services or Swap Agreements.

 

(c) At
the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses
(including, without limitation, all reimbursement for fees, costs and expenses pursuant to Section 9.03), and other sums payable
under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder, whether made following a request by the Borrower
pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account of the
Borrower maintained with the Administrative Agent. The Borrower hereby irrevocably authorizes (i) the Administrative Agent to make
a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due
under the Loan Documents and agrees that all such amounts charged shall constitute Loans, and that all such Borrowings shall be deemed
to have been requested pursuant to Sections 2.03 and (ii) the Administrative Agent to charge any deposit account of the
Borrower maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or any
other amount due under the Loan Documents.

 

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(d) If,
except as otherwise expressly provided herein, any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements resulting in such Lender
receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and accrued interest
thereon than the proportion received by any other similarly situated Lender, then the Lender receiving such greater proportion shall purchase
(for cash at face value) participations in the Loans and participations in LC Disbursements of other Lenders to the extent necessary so
that the benefit of all such payments shall be shared by all such Lenders ratably in accordance with the aggregate amount of principal
of and accrued interest on their respective Loans and participations in LC Disbursements; provided that (i) if any such participations
are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase
price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed
to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained
by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements
to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this
paragraph shall apply). The 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 the Borrower rights of setoff and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such
participation.

 

(e) Unless
the Administrative Agent shall have received, prior to any date on which any payment is due to the Administrative Agent for the account
of the Lenders or the Issuing Bank pursuant to the terms hereof or any other Loan Document (including any date that is fixed for prepayment
by notice from the Borrower to the Administrative Agent pursuant to Section 2.11(e)), notice from the Borrower that the Borrower
will not make such payment or prepayment, the Administrative Agent may assume that the Borrower has made such payment on such date in
accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the
amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case
may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing
Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment
to the Administrative Agent, at the NYFRB Rate.

 

(f) The
Administrative Agent may from time to time provide the Borrower with account statements or invoices with respect to any of the Secured
Obligations (the “Statements”). The Administrative Agent is under no duty or obligation to provide Statements, which,
if provided, will be solely for the Borrower’s convenience. Statements may contain estimates of the amounts owed during the relevant
billing period, whether of principal, interest, fees or other Secured Obligations. If the Borrower pays the full amount indicated on a
Statement on or before the due date indicated on such Statement, the Borrower shall not be in default of payment with respect to the billing
period indicated on such Statement; provided that acceptance by the Administrative Agent, on behalf of the Lenders, of any payment
that is less than the total amount actually due at that time (including but not limited to any past due amounts) shall not constitute
a waiver of the Administrative Agent’s or the Lenders’ right to receive payment in full at another time.

 

SECTION 2.19 Mitigation
Obligations; Replacement of Lenders.

 

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

 

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(b) If
any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional
amounts to any Lender or any Governmental Authority for the account of any Lender) pursuant to Section 2.17, or if any Lender
becomes a Defaulting Lender, then the Borrower 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 this Agreement and other 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 Borrower shall have received the prior written consent of the
Administrative Agent (and in circumstances where its consent would be required under Section 9.04, the Issuing Bank), which
consent shall not unreasonably be withheld or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and funded participations in LC Disbursements, 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 Borrower (in the
case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15
or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation
or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such
Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Each party hereto
agrees that (i) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed
by the Borrower, 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 (ii) 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.

 

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

 

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

 

(b) any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether
voluntary or mandatory, at maturity, pursuant to Section 2.18(b) or otherwise) or received by the Administrative Agent from
a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second,
to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank hereunder; third, to cash
collateralize LC Exposure with respect to such Defaulting Lender in accordance with this Section; fourth, as the Borrower may request
(so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to
fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the
Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting
Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) cash collateralize future
LC Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance
with this Section; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks as a result of any judgment of
a court of competent jurisdiction obtained by any Lender, the Issuing Banks or against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement or under any other Loan Document; seventh, so long as no Default
or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under
this Agreement or under any other Loan Document; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect
of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of
Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be
applied solely to pay the Loans of, and LC Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied
to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded
participations in the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure is held by the Lenders
pro rata in accordance with the Commitments without giving effect to clause (d) below. Any payments, prepayments or other amounts
paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral
pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;

 

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(c) such
Defaulting Lender shall not have the right to vote on any issue on which voting is required (other than to the extent expressly provided
in Section 9.02(b)) and the Commitment and Revolving Exposure of such Defaulting Lender shall not be included in determining
whether the Required Lenders have taken or may take any action hereunder or under any other Loan Document; provided that, except
as otherwise provided in Section 9.02, this clause (b) shall not apply to the vote of a Defaulting Lender in the case
of an amendment, waiver or other modification requiring the consent of such Lender or each Lender directly affected thereby;

 

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

 

(i) all
or any part of the LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their
respective Applicable Percentages but only (x) to the extent that such reallocation does not, as to any non-Defaulting Lender, cause
such non-Defaulting Lender’s Revolving Exposure to exceed its Revolving Commitment;

 

(ii) if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one (1) Business
Day following notice by the Administrative Agent cash collateralize, for the benefit of the Issuing Bank, the Borrower’s obligations
corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i)
above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;

 

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

 

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

 

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

 

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

 

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 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 Issuing Bank shall not be required to issue, amend or increase any Letter
of Credit, unless the Issuing Bank shall have entered into arrangements with the Borrower or such Lender, satisfactory to the Issuing
Bank to defease any risk to it in respect of such Lender hereunder.

 

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

 

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SECTION 2.21 Returned
Payments. If, after receipt of any payment which is applied to the payment of all or any part of
the Obligations (including a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for
any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is
invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion
of trust funds, or for any other reason (including pursuant to any settlement entered into by the Administrative Agent or such
Lender in its discretion), then the Obligations or part thereof intended to be satisfied shall be revived and continued and this
Agreement shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such
Lender. The provisions of this Section 2.21 shall be and remain effective notwithstanding any contrary action which may
have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. The provisions
of this Section 2.21 shall survive the termination of this Agreement.

 

SECTION 2.22 Banking
Services and Swap Agreements. Each Lender or Affiliate thereof providing Banking Services for, or
having Swap Agreements with, any Loan Party or any Subsidiary or Affiliate of a Loan Party shall deliver to the Administrative
Agent, promptly after entering into such Banking Services or Swap Agreements, written notice setting forth the aggregate amount of
all Banking Services Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary or Affiliate thereof to such Lender
or Affiliate (whether matured or unmatured, absolute or contingent). In furtherance of that requirement, each such Lender or
Affiliate thereof shall furnish the Administrative Agent, following the end of each calendar month, a summary of the amounts due or
to become due in respect of such Banking Services Obligations and Swap Agreement Obligations. The most recent information provided
to the Administrative Agent shall be used in determining which tier of the waterfall, contained in Section 2.18(b), such
Banking Services Obligations and/or Swap Agreement Obligations will be placed. For the avoidance of doubt, so long as JPMorgan or
its Affiliate is the Administrative Agent, neither JPMorgan nor any of its Affiliates providing Banking Services for, or having Swap
Agreements with, any Loan Party or any Subsidiary or Affiliate of a Loan Party shall be required to provide any notice described in
this Section 2.22 in respect of such Banking Services or Swap Agreements.

 

Article III

Representations and Warranties

 

Each Loan Party represents
and warrants to the Lenders that (and where applicable, agrees):

 

SECTION 3.01 Organization;
Powers. Each Loan Party and each Subsidiary is duly organized or formed, 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 is qualified to do business in,
and is in good standing (to the extent that such concept is applicable in the relevant jurisdiction) in, every jurisdiction where
such qualification is required, 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 3.02 Authorization;
Enforceability. The Transactions are within each Loan Party’s corporate or other
organizational powers and have been duly authorized by all necessary corporate or other organizational actions and, if required,
actions by equity holders. Each Loan Document to which each Loan Party is a party has been duly executed and delivered by such Loan
Party and constitutes a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject
to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

SECTION 3.03 Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and
are in full force and effect, (ii) for filings necessary to perfect Liens created pursuant to the Loan Documents and (iii) those
approvals, consents, registrations, filings or other actions, the failure of which to obtain or make has not had and would not
reasonably be expected to have a Material Adverse Effect, (b) except as has not had and would not reasonably be expected to
have a Material Adverse Effect, will not violate any Requirement of Law applicable to any Loan Party or any Subsidiary,
(c) except as has not had and would not reasonably be expected to have a Material Adverse Effect, will not violate or result in
a default under any indenture, agreement or other instrument binding upon any Loan Party or any Subsidiary or the assets of any Loan
Party or any Subsidiary, or give rise to a right thereunder to require any payment to be made by any Loan Party or any Subsidiary,
and (d) will not result in the creation or imposition of, or other requirement to create, any Lien on any asset of any Loan
Party or any Subsidiary, except Liens created pursuant to the Loan Documents.

 

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SECTION 3.04 Financial
Condition; No Material Adverse Change.

 

(a) The
Borrower has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash
flows (i) as of and for the fiscal year ended December 31, 2020, reported on by Grant Thornton LLP, independent public accountants,
and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended September 30, 2021, certified by its Financial
Officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash
flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to normal
year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above.

 

(b) No
event, change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect, since December
31, 2020.

 

SECTION 3.05 Properties.

 

(a) As
of the date of this Agreement, Schedule 3.05 to the Disclosure Letter sets forth the address of each parcel of real property
that is owned or leased by any Loan Party. Each of such leases and subleases is valid and enforceable in accordance with its terms and
is in full force and effect, and to Borrower’s knowledge, no default by any party to any such lease or sublease exists. Each of
the Loan Parties and each Subsidiary has good and indefeasible title to, or valid leasehold interests in or rights to use, all of 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, free of all Liens other than those permitted
by Section 6.02.

 

(b) Each
Loan Party and each Subsidiary owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property
necessary to its business as currently conducted, and the use thereof by each Loan Party and each Subsidiary does not infringe in any
material respect upon the rights of any other Person. 

 

SECTION 3.06 Litigation
and Environmental Matters.

 

(a) There
are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of any
Loan Party, threatened in writing against or affecting any Loan Party or any Subsidiary (i) that could reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters set forth on Schedule 3.06 to
the Disclosure Letter) or (ii) that involve any Loan Document or the Transactions.

 

(b) Except
for the Disclosed Matters, and except with respect to any other matters that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, no Loan Party or any Subsidiary (A) has failed to comply with any Environmental
Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law (B) has become
subject to any Environmental Liability, (C) has received notice of any claim with respect to any Environmental Liability or (D) knows
of any basis for any Environmental Liability.

 

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

 

SECTION 3.07 Compliance
with Laws and Agreements; No Default. Except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect, each Loan Party and each Subsidiary is in
compliance with (i) all Requirements of Law applicable to it or its property and (ii) all indentures, agreements and other
instruments binding upon it or its property. No Event of Default has occurred and is continuing.

 

SECTION 3.08 Investment
Company Status. No Loan Party or any Subsidiary is required to be registered as an
“investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.

 

SECTION 3.09 Taxes. Each
Loan Party and each Subsidiary has timely filed or caused to be filed all income and other material Tax returns and reports required
to have been filed and has paid or caused to be paid all income and other material Taxes required to have been paid by it, and no
liens have been filed in respect of Taxes and no claims are being asserted with respect to any Taxes, except Taxes that are being
contested in good faith by appropriate proceedings and for which such Loan Party or such Subsidiary, as applicable, has set aside on
its books adequate reserves. 

 

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. Except as would not
reasonably be expected to result in a Material Adverse Effect, the present value of all accumulated benefit obligations under each
Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date
of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan.

 

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SECTION 3.11 Disclosure.

 

(a) The
Loan Parties have disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which any Loan Party or
any Subsidiary is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to
result in a Material Adverse Effect. None of the written reports, financial statements, certificates or other written information (other
than general market or economic data) furnished by or on behalf of any Loan Party or any Subsidiary to the Administrative Agent or any
Lender in connection with the negotiation of this Agreement or any other Loan Document (as modified or supplemented by other information
so furnished), when taken together with the Borrower’s filings with the SEC, contains any material misstatement of fact or omits
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading; provided that, with respect to projected financial information, the Loan Parties represent only that such information
was prepared in good faith based upon assumptions believed to be reasonable at the time delivered and, if such projected financial information
was delivered prior to the Effective Date, as of the Effective Date (it being understood that forecasts and projections are subject to
significant uncertainties and contingencies and no assurance can be given that any forecast or projection will be realized and that actual
results during the period or periods covered by any such projected financial information may differ significantly from the projected results
and such differences may be material).

 

(b) As
of the Effective Date, to the best knowledge of the Borrower, 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 respects.

 

SECTION 3.12 [Reserved].

 

SECTION 3.13 Solvency.

 

(a) Immediately
after the consummation of the Transactions to occur on the Effective Date, (i) the fair value of the assets of the Loan Parties and
their Subsidiaries, taken as a whole, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or otherwise,
of the Loan Parties and their Subsidiaries, taken as a whole; (ii) the present fair saleable value of the property of the Loan Parties
and their Subsidiaries, taken as a whole, will be greater than the amount that will be required to pay the probable liability of the debts
and other liabilities, subordinated, contingent or otherwise, of the Loan Parties and their Subsidiaries, taken as a whole, as such debts
and other liabilities become absolute and matured; (iii) the Loan Parties and their Subsidiaries, taken as a whole, will be able
to pay the debts and liabilities, subordinated, contingent or otherwise, of the Loan Parties and their Subsidiaries, taken as a whole,
as such debts and liabilities become absolute and matured; and (iv) the Loan Parties and their Subsidiaries, taken as a whole, will
not have unreasonably small capital with which to conduct the business in which they are engaged as such business is now conducted and
is proposed to be conducted after the Effective Date.

 

(b) The
Loan Parties and their Subsidiaries, taken a whole, do not intend to, do not believe that they will, incur debts beyond their ability
to pay such debts as they mature in the ordinary course of business.

 

SECTION 3.14 Insurance. Schedule 3.14
to the Disclosure Letter sets forth a description of all insurance maintained by or on behalf of the Loan Parties and their
Subsidiaries as of the Effective Date. As of the Effective Date, all premiums in respect of such insurance have been paid. The Loan
Parties believe that the insurance maintained by or on behalf of the Loan Parties and their Subsidiaries is adequate and is
customary for companies engaged in the same or similar businesses operating in the same or similar locations.

SECTION 3.15 Capitalization
and Subsidiaries. Schedule 3.15 to the Disclosure Letter sets forth a correct and
complete list of the name and relationship to the Borrower of each of Borrower’s Subsidiary. All of the issued and outstanding
Equity Interests owned by any Loan Party have been (to the extent such concepts are relevant with respect to such ownership
interests) duly authorized and issued and are fully paid and non-assessable.

 

SECTION 3.16 Security
Interest in Collateral. The provisions of this Agreement and the other Loan Documents create legal
and valid Liens on all the Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, and (i) when
financing statements or other filings in appropriate form with respect to the applicable Loan Parties are filed in the appropriate
offices in the appropriate jurisdictions and (ii) upon Administrative Agent taking such other actions to perfect its security
interest in the Collateral as contemplated by the Security Agreement, such Liens constitute perfected and continuing Liens on the
Collateral to the extent such Liens may be perfected by taking the actions contemplated by the foregoing clauses (i) and (ii),,
securing the Secured Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all
other Liens on the Collateral except in the case of (a) Liens permitted by Section 6.02, to the extent any such Liens
permitted by Section 6.02 would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable
law or agreement and (b) Liens perfected only by possession (including possession of any certificate of title), to the extent
the Administrative Agent has not obtained or does not maintain possession of such Collateral.

 

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SECTION 3.17 Employment
Matters. As of the Effective Date, there are no strikes, lockouts or slowdowns against any Loan
Party or any Subsidiary pending or, to the knowledge of any Loan Party, threatened in writing. Except as would not reasonably be
expected to result in a Material Adverse Effect, the hours worked by and payments made to employees of the Loan Parties and their
Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable federal, state, local or foreign law
dealing with such matters, except for any violations that, individually or in the aggregate, would not reasonably be expected to
result in a Material Adverse Effect. Except as would not reasonably be expected to result in a Material Adverse Effect, all payments
due from any Loan Party or any Subsidiary, or for which any claim may be made against any Loan Party or any Subsidiary, on account
of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of such
Loan Party or such Subsidiary.

 

SECTION 3.18 Margin
Regulations. No Loan Party is engaged and will not engage, principally or as one of its important
activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying
Margin Stock, and no part of the proceeds of any Borrowing or Letter of Credit hereunder will be used to buy or carry any Margin
Stock. Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the
value of the assets (either of any Loan Party only or of the Loan Parties and their Subsidiaries on a consolidated basis) will be
Margin Stock.

 

SECTION 3.19 Use
of Proceeds. The proceeds of the Loans have been used and will be used, whether directly or
indirectly as set forth in Section 5.08.

 

SECTION 3.20 No Burdensome
Restrictions. No Loan Party is subject to any Burdensome Restrictions except Burdensome Restrictions permitted under Section 6.10.

 

SECTION 3.21 Anti-Corruption
Laws and Sanctions. Each Loan Party has implemented and maintains in effect policies and
procedures designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers, employees
and agents with Anti-Corruption Laws and applicable Sanctions, and such Loan Party, its Subsidiaries and their respective officers
and directors and, to the knowledge of such Loan Party, its employees and agents, are in compliance with Anti-Corruption Laws and
applicable Sanctions in all material respects. None of (a) any Loan Party, any Subsidiary, any of their respective directors or
officers or, to the knowledge of any such Loan Party or Subsidiary, employees, or (b) to the knowledge of any such Loan Party
or Subsidiary, any agent of such Loan Party or any Subsidiary that will act in any capacity in connection with or benefit from the
credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds, Transaction or other
transaction contemplated by this Agreement or the other Loan Documents will violate Anti-Corruption Laws or applicable
Sanctions.

 

SECTION 3.22 
Affected Financial Institutions. No Loan Party is an Affected Financial Institution.

 

SECTION 3.23 Plan
Assets; Prohibited Transactions. None of the Loan Parties or any of their Subsidiaries is an
entity deemed to hold “plan assets” (within the meaning of the Plan Asset Regulations), and neither the execution,
delivery nor performance of the transactions contemplated under this Agreement, including the making of any Loan and the issuance of
any Letter of Credit hereunder, will give rise to a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code. 

 

Article IV

Conditions

 

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

(a) Credit
Agreement and Loan Documents. The Administrative Agent (or its counsel) shall have received (i) from each party hereto a counterpart
of this Agreement signed on behalf of such party (which, subject to Section 9.06(b), may include any Electronic Signatures transmitted
by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page) and (ii) duly
executed copies of the Loan Documents and such other certificates, documents, instruments and agreements as the Administrative Agent shall
reasonably request in connection with the transactions contemplated by this Agreement and the other Loan Documents, including any promissory
notes requested by a Lender pursuant to Section 2.10 payable to the order of each such requesting Lender and a written opinion
of the Loan Parties’ counsel, addressed to the Administrative Agent, the Issuing Bank and the Lenders, all in form and substance
satisfactory to the Administrative Agent.

 

(b) Financial
Statements. The Lenders shall have received (i) audited consolidated financial statements of the Borrower and its Subsidiaries
for the 2019 and 2020 fiscal years, and (ii) unaudited interim consolidated financial statements of the Borrower and its Subsidiaries
for each fiscal quarter ended after the date of the latest applicable financial statements delivered pursuant to clause (i) of this
paragraph as to which such financial statements are available, and such financial statements shall not, in the reasonable judgment of
the Administrative Agent, reflect any material adverse change in the consolidated financial condition of the Borrower and its Subsidiaries,
as reflected in the audited, consolidated financial statements described in clause (i) of this paragraph.

 

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(c) Closing
Certificates; Certified Certificate of Incorporation; Good Standing Certificates. The Administrative Agent shall have received (i) a
certificate of each Loan Party, dated the Effective Date and executed by its Secretary or Assistant Secretary, which shall (A) certify
the resolutions of its Board of Directors, members or other body authorizing the execution, delivery and performance of the Loan Documents
to which it is a party, (B) identify by name and title and bear the signatures of the officers of such Loan Party authorized to sign
the Loan Documents to which it is a party and, in the case of the Borrower, its Financial Officers, and (C) contain appropriate attachments,
including the charter, articles or certificate of organization or incorporation of each Loan Party certified by the relevant authority
of the jurisdiction of organization of such Loan Party and a true and correct copy of its bylaws or operating, management or partnership
agreement, or other organizational or governing documents, and (ii) a long form good standing certificate for each Loan Party from
its jurisdiction of organization.

 

(d) No
Default Certificate. The Administrative Agent shall have received a certificate, signed by the a Financial Officer of the Borrower,
dated as of the Effective Date (i) stating that no Default has occurred and is continuing, (ii) stating that the representations
and warranties contained in the Loan Documents are true and correct as of such date, and (iii) certifying as to any other factual
matters as may be reasonably requested by the Administrative Agent.

 

(e) Fees.
The Lenders and the Administrative Agent shall have received all fees required to be paid, and all expenses required to be reimbursed
for which invoices have been presented (including the reasonable fees and expenses of legal counsel), at least one (1) Business Day before
the Effective Date. All such amounts will be paid with proceeds of Loans made on the Effective Date and will be reflected in the funding
instructions given by the Borrower to the Administrative Agent on or before the Effective Date.

 

(f) Lien
Searches. The Administrative Agent shall have received the results of a recent lien search in the jurisdiction of organization of
each Loan Party and each jurisdiction where assets of the Loan Parties are located, and such search shall reveal no Liens on any of the
assets of the Loan Parties except for liens permitted by Section 6.02 or discharged on or prior to the Effective Date pursuant
to a pay-off letter or other documentation satisfactory to the Administrative Agent.

 

(g) Reserved.

 

(h) Funding
Account. The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding
Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested
or authorized pursuant to this Agreement.

 

(i) Solvency.
The Administrative Agent shall have received a solvency certificate signed by a Financial Officer dated the Effective Date in form and
substance reasonably satisfactory to the Administrative Agent.

 

(j) Reserved.

 

(k) Filings,
Registrations and Recordings. Each document (including any Uniform Commercial Code financing statement) required by the Collateral
Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor
of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described therein, prior and superior
in right to any other Person (other than with respect to Liens expressly permitted by Section 6.02), shall be in proper form
for filing, registration or recordation.

 

(l) Reserved.

 

(m) Letter
of Credit Application. The Administrative Agent shall have received a properly completed letter of credit application (whether standalone
or pursuant to a master agreement, as applicable) if the issuance of a Letter of Credit will be required on the Effective Date. The Borrower
shall have executed the Issuing Bank’s master agreement for the issuance of commercial Letters of Credit. 

 

(n) Legal
Due Diligence. The Administrative Agent and its counsel shall have completed all legal due diligence, the results of which shall be
satisfactory to Administrative Agent in its sole discretion.

 

(o) USA
PATRIOT Act, Etc. (i) The Administrative Agent shall have received, (x) at least five (5) days prior to the Effective Date,
all documentation and other information regarding the Borrowers requested in connection with applicable “know your customer”
and anti-money laundering rules and regulations, including the USA PATRIOT Act, to the extent requested in writing of the Borrowers at
least ten (10) days prior to the Effective Date, and (y) a properly completed and signed IRS Form W-8 or W-9, as applicable,
for each Loan Party, and (ii) to the extent the Borrower qualify 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 Borrower at
least ten (10) days prior to the Effective Date, a Beneficial Ownership Certification in relation to the Borrower 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 (ii) shall be deemed to be satisfied).

 

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(p) Other
Documents. The Administrative Agent shall have received such other documents as the Administrative Agent, the Issuing Bank, any Lender
or their respective counsel may have reasonably requested.

 

The Administrative Agent shall notify the Borrower,
the Lenders and the Issuing Bank 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 Bank to issue, amend or extend any Letter of Credit, is subject to the satisfaction of the following
conditions:

 

(a) The
representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in all material respects
with the same effect as though made on and as of the date of such Borrowing or the date of issuance, amendment or extension of such Letter
of Credit, as applicable (it being understood and agreed that any representation or warranty which by its terms is made as of a specified
date shall be required to be true and correct in all material respects only as of such specified date, and that any representation or
warranty which is subject to any materiality qualifier shall be required to be true and correct in all respects).

 

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

 

(c) No
event shall have occurred and no condition shall exist which has or could be reasonably expected to have a Material Adverse Effect.

 

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

 

Notwithstanding the failure to satisfy the conditions
precedent set forth in paragraphs (a) or (b) or (c) of this Section, unless otherwise directed by the Required Lenders, the Administrative
Agent may, but shall have no obligation to, continue to make Loans and an Issuing Bank may, but shall have no obligation to, issue, amend
or extend, or cause to be issued, amended or extended, any Letter of Credit for the ratable account and risk of Lenders from time to time
if the Administrative Agent believes that making such Loans or issuing, amending or extending, or causing the issuance, amendment or extension
of, any such Letter of Credit is in the best interests of the Lenders.

 

Article V

Affirmative Covenants

 

Until all of the Secured Obligations
shall have been Paid in Full, each Loan Party executing this Agreement covenants and agrees, jointly and severally with all of the other
Loan Parties, with the Lenders that:

 

SECTION 5.01 
Financial Statements; and Other Information. The Borrower will furnish to the Administrative Agent
and each Lender:

(a) within
ninety (90) days after the end of each fiscal year of the Borrower, its audited consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows as of the end of and for such fiscal year, setting forth in each case in comparative form the
figures for the previous fiscal year, all reported on by independent public accountants of recognized national standing (without a “going
concern” or like qualification, commentary or exception, and without any qualification or exception as to the scope of such audit;
provided that such financial statements may contain a “going concern” or like qualification or statement to the extent
(and only to the extent) that such a “going concern” or like qualification or statement relates to the report and opinion
delivered within one year of the stated final maturity date of any Indebtedness permitted under this Agreement and which qualification
or statement is solely a consequence of such impending stated final maturity date) to the effect that such consolidated financial statements
present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries
on a consolidated basis in accordance with GAAP consistently applied;

 

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

 

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(c) concurrently
with any delivery of financial statements under clause (a) or (b) above, a Compliance Certificate (i) certifying, in the case
of the financial statements delivered under clause (b) above, as presenting fairly in all material respects the financial condition
and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments and the absence of footnotes, (ii) certifying as to whether a Default has occurred
and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (iii) setting
forth reasonably detailed calculations demonstrating compliance with Section 6.12 and (iv) stating whether any change
in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04
that has had a material impact on such financial statements and, if any such change has occurred, specifying the effect of such change
on the financial statements accompanying such certificate;

 

(d) [reserved];

 

(e) [reserved];

 

(f) concurrently
with each Compliance Certificate, a detailed listing of all intercompany loans made by the Borrower to any Affiliate during the prior
fiscal quarter; 

 

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

 

(h) promptly
after receipt thereof by the Borrower or any Subsidiary, copies of each notice or other correspondence received from the SEC (or comparable
agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by the SEC or
such other agency regarding financial or other operational results of the Borrower or any Subsidiary thereof; 

 

(i) [reserved];

 

(j) promptly
following any request therefor, (x) such other information regarding the operations, business affairs and financial condition of
any Loan Party or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender (through Administrative
Agent) 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 USA PATRIOT Act and the Beneficial Ownership Regulation; and

 

(k) promptly
after any request therefor by the Administrative Agent or any Lender, copies of (i) any documents described in Section 101(k)(1)
of ERISA that the Borrower or any ERISA Affiliate may request with respect to any Multiemployer Plan and (ii) any notices described
in Section 101(l)(1) of ERISA that the Borrower or any ERISA Affiliate may request with respect to any Multiemployer Plan; provided
that if the Borrower or any ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable
Multiemployer Plan, the Borrower or the applicable ERISA Affiliate shall promptly make a request for such documents and notices from such
administrator or sponsor and shall provide copies of such documents and notices promptly after receipt thereof.

 

Documents required to be delivered
pursuant to Section 5.01(a), (b), (g), or (j) (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date
(i) on which such materials are publicly available as posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR);
or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each
Lender and the Administrative Agent have access (whether a commercial, third-party website or whether made available by the Administrative
Agent). The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred
to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery,
and each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such document
to it and maintaining its copies of such documents.

 

SECTION 5.02 Notices
of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt
(but in any event within any time period that may be specified below) written notice of the following:

(a) the
occurrence of any Default;

 

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(b) receipt
of any notice of any investigation by a Governmental Authority or any litigation or proceeding commenced or threatened in writing against
any Loan Party or any Subsidiary that could reasonably be expected to result in a Material Adverse Effect;

 

(c) [reserved];

 

(d) any
Responsible Officer of Borrower obtaining knowledge of 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; 

 

(e) [reserved];

 

(f) [reserved];

 

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

 

(h) any
change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change to
the list of beneficial owners identified in such certification.

 

Each notice delivered under this Section (i) shall
be in writing, (ii) shall contain a heading or a reference line that reads “Notice under Section 5.02 of Grid Dynamics Credit Agreement
dated March 15, 2022 and (iii) shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting
forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

SECTION 5.03 Existence;
Conduct of Business. Each Loan Party will, and will cause each Subsidiary to, do or cause to be
done all things necessary to preserve, renew and keep in full force and effect (i) its legal existence and (ii) the rights,
qualifications, licenses, franchises, governmental authorizations, intellectual property rights, licenses and permits material to
the conduct of its business, and maintain all requisite authority to conduct its business in each jurisdiction in which its business
is conducted where the failure to maintain would not reasonably be expected to result in a Material Adverse Effect; provided
that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03.

 

SECTION 5.04 Payment of Obligations.
Each Loan Party will, and will cause each Subsidiary to, pay or discharge all liabilities and obligations,
including income and other material Taxes, before the same shall become delinquent or in default, except where (a) the validity or
amount thereof is being contested in good faith by appropriate proceedings, (b) such Loan Party or 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.

 

SECTION 5.05 Maintenance
of Properties. Each Loan Party will, and will cause each Subsidiary to, keep and maintain all
property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, except where
the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect.

 

SECTION 5.06 Books
and Records; Inspection Rights. Each Loan Party will, and will cause each Subsidiary to,
(a) keep proper books of record and account in which entries that are full, true and correct in all material respects and are
sufficient to prepare financial statements in accordance with GAAP and (b) permit any representatives designated by the
Administrative Agent or any Lender (including employees of the Administrative Agent, any Lender or any consultants, accountants,
lawyers, agents and appraisers retained by the Administrative Agent), upon reasonable prior notice and during normal business hours,
to visit and inspect its properties, conduct at the Loan Party’s premises field examinations of the Loan Party’s assets,
liabilities, books and records, including examining and making extracts from its books and records, and to discuss its affairs,
finances and condition with its officers and independent accountants (provided that the Borrower or such Subsidiary shall be
afforded the opportunity to participate in any discussions with such independent accountants) and to provide contact information for
each bank where each Loan Party has a depository and/or securities account and each such Loan Party hereby authorizes the
Administrative Agent and each Lender to contact the bank(s) in order to request bank statements and/or balances, all at such
reasonable times and as often as reasonably requested. The Loan Parties acknowledge that the Administrative Agent, after exercising
its rights of inspection, may prepare and distribute to the Lenders certain Reports pertaining to the Loan Parties’ assets for
internal use by the Administrative Agent and the Lenders. Notwithstanding anything to the contrary in this Section 5.06, none
of the Borrower or any of its Subsidiaries will be required to disclose, permit the inspection, examination or making of extracts,
or discussion of, any documents, information or other matter that (i) in respect of which disclosure to the Administrative Agent (or
any designated representative or agent or employee) or any Lender is then prohibited by law or any agreement binding on the Borrower
or any of their respective Subsidiaries, (ii) constitutes non-financial trade secrets or non-financial proprietary information, or
(iii) is subject to attorney-client or similar privilege or constitutes or includes attorney work product.

 

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

 

SECTION 5.08 Use of
Proceeds.

 

(a) The
proceeds of the Loans and the Letters of Credit will be used only for working capital and general corporate purposes. No part of the proceeds
of any Loan and no Letter of Credit will be used, whether directly or indirectly, (i) for any purpose that entails a violation of
any of the regulations of the Federal Reserve Board, including Regulations T, U and X or (ii) to make any Acquisition (other
than Permitted Acquisitions). 

 

(b) The
Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall procure that its Subsidiaries and
its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (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, except to the extent permitted for a Person required to
comply with Sanctions, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 

SECTION 5.09 [Reserved].

 

SECTION 5.10 Insurance. Each
Loan Party will, and will cause each Subsidiary to, maintain with financially sound and reputable carriers (a) insurance in
such amounts (with no greater risk retention) and against such risks and such other hazards, as is customarily maintained by
companies of established repute engaged in the same or similar businesses operating in the same or similar locations and
(b) all insurance required pursuant to the Collateral Documents. The Borrower will furnish to the Lenders, upon request of the
Administrative Agent, information in reasonable detail as to the insurance so maintained.

 

SECTION 5.11
[Reserved].

 

SECTION 5.12 Casualty
and Condemnation. The Borrower will furnish to the Administrative Agent and the Lenders prompt
written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action
or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by
condemnation or similar proceeding.

 

SECTION 5.13 Depository
Banks. Within twelve (12) months after the Closing Date, each Loan Party and each Subsidiary will
maintain the Administrative Agent as its principal depository bank, including for the maintenance of operating, administrative, cash
management, collection activity, and other deposit accounts for the conduct of its business (except for any accounts maintained with
other financial institutions for which the aggregate balance does not exceed $15,000,000 at any time). Additionally, within twelve
(12) months after the Closing Date, the Administrative Agent shall be the principal provider of other bank products to the Borrower
and its Subsidiaries.

 

SECTION 5.14 Additional
Collateral; Further Assurances.

 

(a) Subject
to applicable Requirements of Law, each Loan Party will cause each of its Domestic Subsidiaries that is a Material Subsidiary formed or
acquired after the date of this Agreement, within sixty (60) days (or such longer period as may be agreed upon by the Administrative Agent)
after such formation or acquisition, to become a Loan Party by executing a Joinder Agreement. In connection therewith, the Administrative
Agent shall have received all documentation and other information regarding such newly formed or acquired Domestic Subsidiaries that is
a Material Subsidiary as may be required to comply with the applicable “know your customer” rules and regulations, including
the USA Patriot Act. Upon execution and delivery thereof, each such Domestic Subsidiary that is a Material Subsidiary (i) shall automatically
become a Loan Guarantor hereunder and thereupon shall have all of the rights, benefits, duties, and obligations in such capacity under
the Loan Documents and (ii) will grant Liens to the Administrative Agent, for the benefit of the Administrative Agent and the other
Secured Parties, in any property of such Loan Party which constitutes Collateral, including any parcel of real property located in the
U.S. owned by such Loan Party.

 

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(b) Each
Loan Party will cause (i) 100% of the issued and outstanding Equity Interests of each of its Domestic Subsidiaries that is a Material
Subsidiary and (ii) 65% (or such greater percentage that, due to a change in applicable law after the date hereof, (1) could
not reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary that is a Material Subsidiary as determined
for U.S. federal income tax purposes to be treated as a deemed dividend to such Foreign Subsidiary’s U.S. parent and (2) could not
reasonably be expected to cause any adverse tax consequences) of the issued and outstanding Equity Interests entitled to vote (within
the meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding Equity Interests not entitled to vote (within
the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each Foreign Subsidiary that is a Material Subsidiary directly owned by the
Borrower or any Domestic Subsidiary that is a Material Subsidiary to be subject at all times to a first priority, perfected Lien (subject
to Liens permitted by Section 6.02) in favor of the Administrative Agent for the benefit of the Administrative Agent and the other
Secured Parties, pursuant to the terms and conditions of the Loan Documents or other security documents as the Administrative Agent shall
reasonably request. 

 

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

 

SECTION 5.15 Post-Closing
Obligations.

 

(a) Within
thirty (30) days of the Effective Date (or such longer period as may be agreed by the Administrative Agent), the Administrative Agent
shall have received evidence of insurance coverage in form, scope, and substance reasonably satisfactory to the Administrative Agent and
otherwise in compliance with the terms of Section 5.10 of this Agreement and the Security Agreement.

 

(b) Within
thirty (30) days of the Effective Date (or such longer period as may be agreed by the Administrative Agent), the Loan Parties shall deliver
UCC terminations for (i) the financing statement filing number 12- 7340670020 filed with the Secretary of State of the State of California
against Grid Dynamics International Inc., by Western Alliance Bank and (ii) the financing statement filing number 19-7744669093 filed
with the Secretary of State of the State of California against Tacit Knowledge, Inc., by JPMorgan Chase Bank, N.A. 

 

(c) Within
sixty (60) days of the Effective Date (or such longer period as may be agreed by the Administrative Agent), the Borrower shall deliver
each (i) Collateral Access Agreement required to be provided pursuant to the Security Agreement and (ii) deposit account control agreement
required to be provided pursuant to the Security Agreement.

 

(d) Within
sixty (60) days of the Effective Date (or such longer period as may be agreed by the Administrative Agent), the Borrower shall cause all
insurance endorsements in form, scope, and substance reasonably satisfactory to the Administrative Agent and otherwise in compliance with
the terms of Section 5.10 of this Agreement and the Security Agreement.

 

(e) Within
sixty (60) days of the Effective Date (or such longer period as may be agreed by the Administrative Agent), the Loan Parties shall deliver
any Certificated Securities (as defined in the Security Agreement) required to be provided pursuant to the Security Agreement, together
with accompanying stock powers executed in blank.

 

Article VI

Negative Covenants

 

Until all of the Secured Obligations
shall have been Paid in Full, each Loan Party executing this Agreement covenants and agrees, jointly and severally with all of the other
Loan Parties, with the Lenders that:

 

SECTION 6.01 Indebtedness. No
Loan Party will, nor will it permit any Subsidiary to, create, incur, assume or suffer to exist any Indebtedness, except:

 

(a) the
Secured Obligations;

 

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(b) Indebtedness
existing on the date hereof and set forth in Schedule 6.01 to the Disclosure Letter and any extensions, renewals, refinancings
and replacements of any such Indebtedness in accordance with clause (f) hereof;

 

(c) Indebtedness
of the Borrower to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary, provided that (i) Indebtedness
of any Subsidiary that is not a Loan Party to the Borrower or any other Loan Party shall be subject to Section 6.04 and (ii) Indebtedness
of any Loan Party to any Subsidiary that is not a Loan Party shall be subordinated to the Secured Obligations on terms reasonably satisfactory
to the Administrative Agent;

 

(d) Guarantees
by the Borrower of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of the Borrower or any other Subsidiary, provided
that (i) the Indebtedness so Guaranteed is permitted by this Section 6.01, (ii) Guarantees by the Borrower or any
other Loan Party of Indebtedness of any Subsidiary that is not a Loan Party shall be subject to Section 6.04 and (iii) Guarantees
permitted under this clause (d) shall be subordinated to the Secured Obligations on the same terms as the Indebtedness so Guaranteed
is subordinated to the Secured Obligations;

 

(e) Indebtedness
of the Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets (whether
or not constituting purchase money Indebtedness), including Capital Lease Obligations and any Indebtedness assumed in connection with
the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals
and replacements of any such Indebtedness in accordance with clause (f) below; provided that (i) such Indebtedness is
incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement and (ii) the aggregate
outstanding principal amount of Indebtedness permitted by this clause (e) together with any Refinance Indebtedness in respect thereof
permitted by clause (f) below, shall not exceed, at the time of incurrence thereof, the greater of (x) $5,000,000 and (y) 15% of
EBITDA for the most recently ended Test Period as of such time;

 

(f) Indebtedness
which represents extensions, renewals, refinancing or replacements (such Indebtedness being so extended, renewed, refinanced or replaced
being referred to herein as the “Refinance Indebtedness”) of any of the Indebtedness described in this clause (f) and/or
clauses (b), (e), (i), (j), (p) and (q) hereof (such Indebtedness being referred to herein as the “Original Indebtedness”);
provided that (i) such Refinance Indebtedness does not increase the principal amount (inclusive of any unused commitments
thereunder) or interest rate of the Original Indebtedness, other than by the amount of any accrued and unpaid interest and premium payable
by the terms of such obligations thereon and other reasonable amounts paid, and fees and expenses reasonably incurred, in connection with
such extensions, renewals, refinancings or replacements, (ii) any Liens securing such Refinance Indebtedness are not extended to
any additional property (other than any additions, accessions, parts, improvements and attachments thereto and the proceeds thereof) of
any Loan Party or any Subsidiary, (iii) no Loan Party or any Subsidiary that is not originally obligated with respect to repayment
of such Original Indebtedness is required to become obligated with respect to such Refinance Indebtedness, (iv) such Refinance Indebtedness
does not result in a shortening of the average weighted maturity of such Original Indebtedness, (v) the terms of such Refinance Indebtedness,
taken as a whole, are not less favorable to the obligor thereunder than the original terms of such Original Indebtedness, taken as a whole,
and (vi) if such Original Indebtedness was subordinated in right of payment to the Obligations, then the terms and conditions of
such Refinance Indebtedness must include subordination terms and conditions that are at least as favorable to the Administrative Agent
and the Lenders as those that were applicable to such Original Indebtedness;

 

(g) Indebtedness
owed to any Person providing workers’ compensation, health, disability or other employee benefits, compensation, or property, casualty
or liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary
course of business;

 

(h) Indebtedness
of any Loan Party in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each case provided
in the ordinary course of business;

 

(i) Subordinated
Indebtedness in an aggregate principal amount not exceeding $1,000,000 at any time outstanding; 

 

(j) Indebtedness
of any Person that becomes a Subsidiary (or of any Person not previously a Subsidiary that is merged or consolidated with or into a Subsidiary
in a transaction permitted hereunder) after the date hereof, or Indebtedness of any Person that is assumed by any Subsidiary in connection
with an acquisition of assets by such Subsidiary in a Permitted Acquisition or other Investment permitted hereunder; provided that
(i) such Indebtedness exists at the time such Person becomes a Subsidiary (or is so merged or consolidated) or such assets are acquired
and is not created in contemplation of or in connection with such Person becoming a Subsidiary (or such merger or consolidation) or such
assets being acquired and (ii) the aggregate outstanding principal amount of Indebtedness permitted by this clause (j) together
with any Refinance Indebtedness in respect thereof permitted by clause (f) above, shall not exceed, at the time of incurrence thereof,
the greater of (x) $5,000,000 and (y) 15% of EBITDA for the most recently ended Test Period as of such time; 

 

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(k) Indebtedness
in respect of Swap Agreements permitted by Section 6.07, including Permitted Call Spread Transactions;

 

(l) Indebtedness
incurred by Borrower or any of its Subsidiaries in connection with Permitted Acquisitions or any other Investment permitted hereunder
or any disposition (including, in each case, earnout obligations and seller debt) in an aggregate amount not to exceed, at the time of
incurrence thereof, the greater of (x) $10,000,000 and (y) 25% of EBITDA for the most recently ended Test Period as of such time;

 

(m) Indebtedness
in connection with cash management or custodial agreements, netting services, overdraft protections and otherwise similarly in connection
with deposit accounts and Indebtedness in connection with credit card, debit card or other similar cards or payment processing services;

 

(n) Indebtedness
arising from the honoring of a check, draft or similar instrument against insufficient funds or from the endorsement of instruments for
collection in the ordinary course of business;

 

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

 

(p) other
unsecured Indebtedness in an aggregate outstanding principal amount not exceeding, at the time of incurrence thereof, the greater of (i)
$5,000,000 and (ii) 15% of EBITDA for the most recently ended Test Period as of such time;

 

(q) Permitted
Unsecured Indebtedness; provided that (i) no Event of Default has occurred and is continuing or would result therefrom, (ii) immediately
after giving effect to the incurrence thereof and any application of the proceeds thereof, the Total Leverage Ratio, calculated on a Pro
Forma Basis as of the most recently ended Test Period, is not in excess of 3.00 to 1.00 and (iii) Borrower is in compliance on a Pro Forma
Basis after giving effect to the incurrence of such Permitted Unsecured Indebtedness with the covenant contained in Section 6.12 recomputed
as of the last day of the most recently ended Test Period and has delivered to the Administrative Agent a certificate of a Financial Officer
to such effect, together with reasonably detailed calculations demonstrating compliance with subclauses (ii) and (iii) above;

 

(r) Indebtedness
consisting of reimbursement obligations in respect of letters of credit or bankers’ acceptances issued for the account of Borrower
or any Subsidiary and have an aggregate outstanding face amount not in excess, as of the time of incurrence thereof, of the greater of
(x) $5,000,000 and (y) 15% of EBITDA for the most recently ended Test Period as of such time.

 

SECTION 6.02 Liens. No
Loan Party will, nor will it permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset
now owned or hereafter acquired by it, or assign or sell any income or revenues (including Accounts) or rights in respect of any
thereof, except:

 

(a) Liens
created pursuant to any Loan Document;

 

(b) Permitted
Encumbrances and dispositions permitted by Section 6.05;

 

(c) any
Lien on any property or asset (and any additions, accessions, parts, improvements and attachments thereto and the proceeds thereof) of
the Borrower or any Subsidiary existing on the date hereof and set forth in Schedule 6.02 to the Disclosure Letter; provided
that (i) such Lien shall not apply to any other property or asset (other than any additions, accessions, parts, improvements and
attachments thereto and the proceeds thereof) of the Borrower or any Subsidiary and (ii) such Lien shall secure only those obligations
which it secures on the date hereof and extensions, renewals, refinancings and replacements thereof that do not increase the outstanding
principal amount thereof, other than by the amount of any accrued and unpaid interest and premium payable by the terms of such obligations
thereon and other reasonable amounts paid, and fees and expenses reasonably incurred, in connection with such extensions, renewals, refinancings
or replacements;

 

(d) Liens
on fixed or capital assets acquired, constructed or improved by the Borrower or any Subsidiary; provided that (i) such Liens
secure Indebtedness permitted by clause (e) of Section 6.01, (ii) such Liens and the Indebtedness secured thereby
are incurred prior to or within 180 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 or improving such fixed or capital assets and
(iv) such Liens shall not apply to any other property or assets (other than any additions, accessions, parts, improvements and attachments
thereto and the proceeds thereof) of the Borrower or any Subsidiary;

 

(e) any
Lien existing on any property or asset (other than Accounts and Inventory) prior to the acquisition thereof by the Borrower or any Subsidiary
or existing on any property or asset (other than Accounts and Inventory) of any Person that becomes a Subsidiary (or of any Person not
previously a Subsidiary that is merged or consolidated with or into a Subsidiary in a transaction permitted hereunder) after the date
hereof prior to the time such Person becomes a Subsidiary (or is so merged or consolidated); provided that (i) such Lien is
not created in contemplation of or in connection with such acquisition or such Person becoming a Loan Party (or such merger or consolidation),
as the case may be, (ii) such Lien shall not apply to any other property or assets (other than any additions, accessions, parts,
improvements and attachments thereto and the proceeds thereof) of the Loan Parties or their Subsidiaries and (iii) such Lien shall
secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Loan Party (or is so
merged or consolidated), as the case may be, and extensions, renewals, refinancings and replacements thereof that do not increase the
outstanding principal amount thereof, other than by the amount of any accrued and unpaid interest and premium payable by the terms of
such obligations thereon;

 

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(f) Liens
of a collecting bank arising in the ordinary course of business under Section 4-210 of the UCC in effect in the relevant jurisdiction
covering only the items being collected upon;

 

(g) Liens
arising out of Sale and Leaseback Transactions permitted by Section 6.06; 

 

(h) Liens
granted by a Subsidiary that is not a Loan Party in favor of the Borrower or another Loan Party in respect of Indebtedness or other obligations
owed by such Subsidiary;

 

(i) Liens
on insurance policies and the proceeds thereof granted in the ordinary course of business to secure the financing of insurance premiums
with respect thereto;

 

(j) non-exclusive
licenses, sublicenses, leases or subleases granted to others not interfering in any material respect with the business of Borrower and
its Subsidiaries, taken as a whole;

 

(k) in
connection with the sale or transfer of any assets in a transaction permitted by this Agreement, customary rights and restrictions contained
in agreements relating to such sale or transfer pending the completion thereof;

 

(l) Liens
(i) on advances of cash or cash equivalents in favor of the seller of any property to be acquired in a Permitted Acquisition or other
acquisition permitted hereunder to be applied against the purchase price and (ii) solely on any cash earnest money deposits, escrow arrangements
or similar arrangements made by Borrower or any Subsidiary in connection with any letter of intent or purchase agreement for a Permitted
Acquisition or other transaction permitted hereunder;

 

(m) customary
Liens granted in favor of a trustee to secure fees and other amounts owing to such trustee under an indenture or other agreement pursuant
to Indebtedness permitted under this Agreement;

 

(n) Liens
on property of any Subsidiary that is not a Loan Party, which Liens secure Indebtedness of such Subsidiary permitted under Section 6.01;

 

(o) Liens
on cash collateral securing reimbursement obligations in respect of letters of credit or bankers’ acceptances permitted under Section
6.01(r) and obligations permitted under Section 6.01(m); and

 

(p) other
Liens securing Indebtedness or other obligations in an aggregate outstanding principal amount not to exceed, as of the time of incurrence
thereof, the greater of (i) $5,000,000 and (ii) 15% of EBITDA for the most recently ended Test Period as of such time.

 

SECTION 6.03 Fundamental
Changes.

 

(a) No
Loan Party will, nor will it permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to
merge into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto
no Event of Default shall have occurred and be continuing, (i) any Person may merge into or consolidate with the Borrower in a transaction
permitted hereunder in which the Borrower is the surviving entity, (ii) any Person (other than the Borrower) may merge into or consolidate
with any Subsidiary in a transaction permitted hereunder in which the surviving entity is a Subsidiary and, if any party to such merger
or consolidation is a Loan Party, is a Loan Party, (iii) any Subsidiary that is not a Loan Party may merge into or consolidate with
any Person (other than the Borrower) in a transaction permitted by Section 6.05 in which, after giving effect to such transaction,
the surviving entity is not a Subsidiary, (iv) any Subsidiary may liquidate or dissolve if (x) the Borrower determines in good faith that
such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders or (y) substantially
all the assets of such Subsidiary are transferred to a Loan Party (to the extent such Subsidiary being liquidated or dissolved is a Loan
Party); provided that any such merger or consolidation involving a Person that is not a wholly owned (other than directors’
qualifying shares as required by law or shares held by nominees on behalf of Borrower or any Subsidiary as required by law) Subsidiary
immediately prior to such merger shall not be permitted unless also permitted by Section 6.04 and (v) the Loan Parties and
their Subsidiaries may consummate Permitted Acquisitions.

 

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(b) No
Loan Party will, nor will it permit any Subsidiary to, consummate a Division as the Dividing Person, without the prior written consent
of Administrative Agent. Without limiting the foregoing, if any Loan Party that is a limited liability company consummates a Division
(with or without the prior consent of Administrative Agent as required above), each Division Successor shall be required to comply with
the obligations set forth in Section 5.14 and the other further assurances obligations set forth in the Loan Documents and
become a Loan Party under this Agreement and the other Loan Documents to the extent required thereby.

 

(c) No
Loan Party will, nor will it permit any Subsidiary to, engage to any material extent in any business other than businesses of the type
conducted by the Borrower and its Subsidiaries on the date hereof and businesses reasonably related, ancillary or incidental thereto.

 

(d) No
Loan Party will, nor will it permit any Subsidiary to change its fiscal year or any fiscal quarter from the basis in effect on the Effective
Date; provided that any Subsidiary acquired after the Effective Date may change its fiscal year for GAAP purposes to correspond
with the Borrower’s fiscal year.

 

(e) No
Loan Party will change the accounting basis upon which its financial statements are prepared, except as permitted or required by GAAP.

 

SECTION 6.04 Investments,
Loans, Advances, Guarantees and Acquisitions. No Loan Party will, nor will it permit any
Subsidiary to, form any subsidiary after the Effective Date, or purchase, hold or acquire (including pursuant to any merger with any
Person that was not a Loan Party and a wholly owned (other than directors’ qualifying shares as required by law or shares held
by nominees on behalf of Borrower or any Subsidiary as required by law) Subsidiary prior to such merger) any Equity Interests,
evidences of Indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of,
make or permit to exist any loans or advances to, or Guarantee any Indebtedness of any other Person, or purchase or otherwise
acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit (whether
through purchase of assets, merger or otherwise) (all of the foregoing, collectively, “Investments”),
except:

 

(a) Permitted
Investments, subject to control agreements in favor of the Administrative Agent for the benefit of the Secured Parties or otherwise subject
to a perfected security interest in favor of the Administrative Agent for the benefit of the Secured Parties, in each case to extent required
by the Loan Documents;

 

(b) Investments
(i) in existence on the date hereof in Borrower’s Subsidiaries and (ii) in existence on, or contractually committed on, the date
hereof and described in Schedule 6.04 to the Disclosure Letter;

 

(c) Investments
by the Borrower and the Subsidiaries in Equity Interests in their respective Subsidiaries, provided that (i) any such Equity
Interests held by a Loan Party shall be pledged pursuant to the Security Agreement (subject to the limitations therein and/or in Section 5.14),
and (ii) if Liquidity as of the time such Investment is made, determined on a pro forma basis after giving effect to the making of
such Investment, shall not exceed $60,000,000, then any such Investment by a Loan Party in Subsidiaries that are not Loan Parties shall
only be permitted to the extent that the aggregate amount of outstanding Investments by Loan Parties in Subsidiaries that are not Loan
Parties (together with outstanding intercompany loans permitted under clause (ii) of the proviso to Section 6.04(d) and outstanding
Guarantees permitted under clause (i) of the proviso to Section 6.04(e)(y)) shall not exceed, at the time any such Investment
is made, the greater of (A) $5,000,000 and (B) 15% of EBITDA for the most recently ended Test Period as of such time (in each case determined
without regard to any write-downs or write-offs);

 

(d) loans
or advances made by any Loan Party to any Subsidiary and made by any Subsidiary to a Loan Party or any other Subsidiary, provided
that (i) any such loans and advances made by a Loan Party shall be evidenced by a promissory note pledged pursuant to the Security
Agreement to the extent required thereby and (ii) if Liquidity as of the time such Investment is made, determined on a pro forma
basis after giving effect to the making of such Investment, shall not exceed $60,000,000, then any such Investment by a Loan Party to
Subsidiaries that are not Loan Parties shall only be permitted to the extent that the outstanding amount of such loans and advances made
by Loan Parties to Subsidiaries that are not Loan Parties (together with outstanding Investments permitted under clause (ii) to the proviso
to Section 6.04(c) and outstanding Guarantees permitted under clause (i) of the proviso to Section 6.04(e)(y))
shall not exceed, at the time any such Investment is made, the greater of (A) $5,000,000 and (B) 15% of EBITDA for the most recently ended
Test Period as of such time (in each case determined without regard to any write-downs or write-offs);

 

(e) (x)
Guarantees of obligations not constituting Indebtedness, in each case, of Borrower or any Subsidiary, and (y) Guarantees of Indebtedness
permitted by Section 6.01, provided that if Liquidity as of the time such Guarantee is made, determined on a pro forma
basis after giving effect to the making of such Guarantee, shall not exceed $60,000,000, then any such Guarantee by a Loan Party of Indebtedness
of Subsidiaries that are not Loan Parties shall only be permitted to the extent that the aggregate outstanding principal amount of Indebtedness
of Subsidiaries that are not Loan Parties that is Guaranteed by any Loan Party (together with outstanding Investments permitted under
clause (ii) to the proviso to Section 6.04(c) and outstanding intercompany loans permitted under clause (ii) to
the proviso to Section 6.04(d)) shall not exceed, at the time any such Guarantee is made, the greater of (A) $5,000,000 and
(B) 15% of EBITDA for the most recently ended Test Period as of such time (in each case determined without regard to any write-downs or
write-offs);

 

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(f) loans
or advances made by a Loan Party or Subsidiary to its employees, directors, officers or consultants in an aggregate outstanding principal
amount not exceeding, as of the time such Investment is made, the greater of (i) $2,500,000 and (ii) 7.5% of EBITDA for the most recently
ended Test Period as of such time;

 

(g) notes
payable, or stock or other securities issued by Account Debtors to a Loan Party pursuant to negotiated agreements with respect to bankruptcy
or reorganization of such Account Debtor or settlement of such Account Debtor’s Accounts in the ordinary course of business, consistent
with past practices;

 

(h) Investments
in the form of Swap Agreements permitted by Section 6.07;

 

(i) Investments
of any Person existing at the time such Person becomes a Subsidiary of the Borrower or consolidates or merges with the Borrower or any
Subsidiary (including in connection with a Permitted Acquisition), so long as such investments were not made in contemplation of such
Person becoming a Subsidiary or of such merger or consolidation;

 

(j) Investments
received in connection with Dispositions permitted by Section 6.05; 

 

(k) Investments
constituting deposits described in Sections 6.02(b), (l) and (o); 

 

(l) the
purchase of any Permitted Call Spread Transaction by Borrower and the performance of its obligations thereunder;

 

(m) Permitted
Acquisitions, including the formation of any Subsidiary in connection with such Permitted Acquisition and the capitalization of such Subsidiary
whether by capital contribution or intercompany loans;

 

(n) advances
to officers, directors and employees of Borrower and Subsidiaries for travel, entertainment, relocation, commission advances and analogous
business purposes up to a maximum of $10,000,000;

 

(o) Investments
consisting of (x) the endorsement of negotiable instruments held for collection or deposit in the ordinary course of business or (y) prepayments
of expenses in the ordinary course of business;

 

(p) Investments
that result solely from the receipt by Borrower or any Subsidiary from any of its Subsidiaries of a dividend or other Restricted Payment
in the form of Equity Interests, evidences of Indebtedness or other securities (but not any additions thereto made after the date of the
receipt thereof, other than accrued interest or accreted value in respect thereof);

 

(q) Investments
consisting of extensions of trade credit in the ordinary course of business;

 

(r) Investments
that consist of or result from any merger or consolidation permitted under Section 6.03;

 

(s) other
Investments; provided that at the time any such Investment is made, the aggregate outstanding amount of Investments made in reliance on
this clause (s) shall not exceed the greater of (A) $5,000,000 and (B) 15% of EBITDA for the most recently ended Test Period as of such
time;

 

provided that the amount
of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution, interest
payment, return of capital, repayment, or other amount received by Borrower or a Subsidiary in respect of such Investment (provided that,
with respect to amounts received other than in the form of cash or Permitted Investments, such amount shall be equal to the fair market
value of such consideration).

 

SECTION 6.05 Asset
Sales. No Loan Party will, nor will it permit any Subsidiary to, Dispose of any asset, including
any Equity Interest owned by it, nor will the Borrower permit any Subsidiary to issue any additional Equity Interest in such
Subsidiary (other than (x) issuing directors’ qualifying shares as required by law or shares held by nominees on behalf of
Borrower or any Subsidiary as required by law and (y) issuing Equity Interests to the Borrower or another Subsidiary in compliance
with Section 6.04), except:

 

(a) Dispositions
of (i) Inventory in the ordinary course of business, (ii) used, obsolete, worn out or surplus Equipment or property in the ordinary
course of business and (iii) the abandonment, expiration or non-renewal of Intellectual Property that is not material to the business
of the Borrower and its Subsidiaries; 

 

(b) Dispositions
of assets to the Borrower or any Subsidiary, provided that any such Dispositions involving a Subsidiary that is not a Loan Party
shall be made in compliance with Section 6.09;

 

(c) Dispositions
of Accounts (excluding sales or dispositions in a factoring arrangement) in connection with the compromise, settlement or collection thereof;

 

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(d) Dispositions
of cash and Permitted Investments and other investments permitted by clauses (g), (i), (j), (k), (p), (r) and (s) of Section 6.04;

 

(e) Sale
and Leaseback Transactions permitted by Section 6.06;

 

(f) Dispositions
resulting from any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding
of, any property or asset of the Borrower or any Subsidiary; 

 

(g) Dispositions
permitted by Sections 6.02, 6.03, 6.08 and 6.09, 

 

(h) Dispositions
of assets (other than Equity Interests in a Subsidiary unless all Equity Interests in such Subsidiary (other than directors’ qualifying
shares or other ownership interests or other nominal number of shares or ownership interests issued to foreign nationals to the extent
required by applicable law) are sold) that are not permitted by any other clause of this Section, provided that the aggregate fair
market value of all assets Disposed of in any Disposition made in reliance upon this paragraph (h) shall not exceed, when taken together
with the aggregate fair market value of all assets Disposed of in reliance upon this paragraph (h) during the trailing twelve month period
most recently ended as of such time, the greater of (A) $5,000,000 and (B) 15% of the consolidated total assets of the Borrower and its
Subsidiaries (as determined in accordance with GAAP) as of the last day of the month most recently ended as of such time.

 

SECTION 6.06 Sale and
Leaseback Transactions. No Loan Party will, nor will it permit any Subsidiary to, enter into any
arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its
business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to
use for substantially the same purpose or purposes as the property sold or transferred (a “Sale and Leaseback
Transaction”), except for any such sale of any fixed or capital assets by the Borrower or any Subsidiary that is made for
cash consideration in an amount not less than the fair value of such fixed or capital asset and is consummated within 180 days after
the Borrower or such Subsidiary acquires or completes the construction of such fixed or capital asset.

 

SECTION 6.07 Swap
Agreements. No Loan Party will, nor will it permit any Subsidiary to, enter into any Swap
Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has
actual exposure (other than those in respect of Equity Interests of the Borrower or any Subsidiary), (b) Swap Agreements
entered into in order to effectively cap, collar or exchange interest rates (from floating to fixed rates, from one floating rate to
another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary,
and (c) Permitted Call Spread Transactions.

 

SECTION 6.08 Restricted
Payments; Certain Payments of Indebtedness.

 

(a) No
Loan Party will, nor will it permit any Subsidiary to, make, directly or indirectly, any Restricted Payment, except (i) the Borrower
may declare and pay dividends with respect to its common stock payable solely in additional shares of its common stock, and, with respect
to its preferred stock, payable solely in additional shares of such preferred stock or in shares of its common stock, (ii) Subsidiaries
may declare and pay dividends ratably with respect to their Equity Interests, (iii) the Borrower may make Restricted Payments, not
exceeding $2,500,000 during any fiscal year (with unused amounts in any fiscal year being carried over to the immediately succeeding fiscal
year), pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Borrower and its
Subsidiaries or in connection with the death, disability, retirement, severance or termination of employment or service of any director,
officer, employee or consultant (or any former director, officer, employee or consultant) of the Borrower and its Subsidiaries; (iv) the
Borrower may purchase, redeem or otherwise acquire Equity Interests issued by it with the proceeds received from the substantially concurrent
issuance of its Equity Interests; (v) the Borrower may distribute rights pursuant to a stockholder rights plan or redeem such rights,
provided that such redemption is in accordance with the terms of such stockholder rights plan; (vi) the Borrower may make Restricted Payments
to officers, directors, employees and consultants in connection with the early exercise of options, warrants or other securities convertible
into or exchangeable for Equity Interests which are held by such Persons; (vii) the Borrower may make Restricted Payments to repurchase
Equity Interests upon the exercise of stock options if such Equity Interests represent a portion of the exercise price of such stock options;
(viii) the Borrower may make Restricted Payments in connection with equity compensation that consist solely of the withholding of shares
to any employee (or other provider of services) in an amount equal to the employee’s (or other provider of services’) tax
obligation on such compensation and the payment in cash to the applicable Governmental Authority of an amount equal to such tax obligation;
(ix) the Borrower or any Subsidiary may receive or accept the return to the Borrower or any Subsidiary of Equity Interests of the Borrower
or any Subsidiary constituting a portion of the purchase price consideration in settlement of indemnification claims; (x) the Borrower
may make payments or distributions to dissenting stockholders of Loan Parties pursuant to applicable law, pursuant to or in connection
with a consolidation, amalgamation, merger or transfer of all or substantially all of the assets of any Loan Party that complies with
the terms of this Agreement or any other transaction that complies with the terms of this Agreement; (xi) the Borrower or any Subsidiary
may pay cash in lieu of issuing fractional shares of its Equity Interests in connection with stock dividends, splits or combinations,
business combinations, conversions or exercise of warrants, options or other convertible securities; (xii) Borrower may make any payments
of cash or deliveries of shares of Common Stock (or other securities or property following a merger vent, reclassification or other change
of the Common Stock) (and cash in lieu of fractional shares) pursuant to the terms of, and otherwise perform its obligations under, any
Permitted Convertible Indebtedness (including, without limitation, making payments of interest and principal thereon, making payments
due upon required repurchase thereof and/or making payments and deliveries upon conversion or settlement thereof); (xiii) Borrower may
pay the premium in respect of, make any payments (of cash or deliveries in shares of Common Stock (or other securities or property following
a merger event, reclassification or other change of the Common Stock and cash in lieu of fractional shares)) required by, and otherwise
perform its obligations under, any Permitted Call Spread Transaction, including in connection with any settlement, unwind or termination
thereof; (xiv) the Borrower may make other Restricted Payments in an aggregate amount not exceeding, at the time any such Restricted Payment
is made (or as of the date such Restricted Payment is declared, so long as such Restricted Payment is paid within sixty (60) days of such
declaration), the greater of (1) $5,000,000 and (2) 15% of EBITDA for the most recently ended Test Period as of such time; and (xv) the
Borrower may make other Restricted Payments so long as, on a pro forma basis, as of the date of such payment (or as of the date such Restricted
Payment is declared, so long as such Restricted Payment is paid within sixty (60) days of such declaration), Liquidity shall exceed $60,000,000.

 

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(b) No
Loan Party will, nor will it permit any Subsidiary to, 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 that is subordinated in right of payment
to the Obligations or any Permitted Unsecured Indebtedness (collectively, “Junior 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 such Indebtedness, except:

 

(i) payment
of regularly scheduled interest and principal payments as and when due in respect of any Junior Indebtedness permitted under Section 6.01,
other than payments in respect of the Junior Indebtedness prohibited by the subordination provisions, if any, thereof;

 

(ii) refinancings
of Junior Indebtedness to the extent permitted by Section 6.01; 

 

(iii) other
payments in respect of Junior Indebtedness to the extent expressly permitted by the subordination provisions applicable thereto;

 

(iv) the
conversion of Junior Indebtedness to Equity Interests of Borrower and cash in lieu of fractional shares;

 

(v) payments
of or in respect of Junior Indebtedness made solely with Equity Interests in Borrower and cash in lieu of fractional shares;

 

(vi) payments
of or in respect of Junior Indebtedness, (A) in the case of any Subsidiary that is not a Loan Party, owing by such Subsidiary to Borrower
or any other Subsidiary, and (B) in the case of any Subsidiary that is a Loan Party, any Indebtedness owing to any Loan Party;

 

(vii) Borrower
may make any payments of cash or deliveries of shares of Common Stock (or other securities or property following a merger event, reclassification
or other change of the Common Stock) (and cash in lieu of fractional shares) pursuant to the terms of, and otherwise perform its obligations
under, any Permitted Convertible Indebtedness (including, without limitation, making payments of interest and principal thereon, making
payments due upon required repurchase thereof and/or making payments and deliveries upon conversion or settlement thereof);

 

(viii) Borrower
may pay the premium in respect of, make any payments (of cash or deliveries in shares of Common Stock (or other securities or property
following a merger event, reclassification or other change of the Common Stock and cash in lieu of fractional shares)) required by, and
otherwise perform its obligations under, any Permitted Call Spread Transaction, including in connection with any settlement, unwind or
termination thereof.

 

SECTION 6.09 Transactions
with Affiliates. No Loan Party will, nor will it permit any Subsidiary to, sell, lease or
otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise
engage in any other transactions with, any of its Affiliates, with an aggregate value in excess of $2,500,000 in any fiscal year of
Borrower, except (a) transactions that are at prices and on terms and conditions not less favorable to such Loan Party or such
Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or
among the Loan Parties and their Subsidiaries to the extent not otherwise prohibited by this Agreement, (c) any Restricted
Payment permitted by Section 6.08, (d) loans or advances to employees, directors, officers or consultants permitted
under Section 6.04(f), (e) payroll, travel and similar advances to cover matters permitted under Section 6.04(n),
(g) the payment of reasonable fees to directors of the Borrower or any Subsidiary who are not employees of the Borrower or any
Subsidiary, and compensation and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors,
officers or employees of the Borrower or its Subsidiaries in the ordinary course of business, (h) any issuances of securities
or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock
options, equity incentive plans and stock ownership plans approved by the Borrower’s board of directors (or a duly authorized
committee thereof, as applicable), (i) employment and severance arrangements entered into in the ordinary course of business between
the Borrower or any Subsidiary and any employee thereof and approved by the Borrower’s board of directors, (j) the issuance of
Equity interests of the Borrower to any Person so long as such issuance is not otherwise prohibited by this Agreement, and (k) any
other agreement, arrangement or transaction as in effect on the Effective Date and listed on Schedule 6.09 of the Disclosure
Letter, and any amendment or modification with respect to such agreement, arrangement or transaction, and the performance of
obligations thereunder, so long as such amendment or modification is not materially adverse to the interests of the
Lenders.

 

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SECTION 6.10 Restrictive
Agreements. No Loan Party will, nor will it permit any Subsidiary to, directly or indirectly enter
into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon
(a) the ability of such Loan Party or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or
assets to secure the Obligations, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to
any Equity Interests or to make or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of
the Borrower or any other Subsidiary under the Loan Documents; provided that (i) the foregoing clauses (a) and (b) shall
not apply to (A) restrictions and conditions imposed by any Requirement of Law or by any Loan Document(B) restrictions and
conditions existing on the date hereof identified on Schedule 6.10 to the Disclosure Letter (but shall apply to any
extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (C) 
customary restrictions and conditions contained in agreements relating to the sale (including by way of merger, acquisition or
consolidation) of the Borrower or a Subsidiary or any assets of the Borrower or any Subsidiary, in each case pending such sale,
merge, acquisition or consolidation, provided such restrictions and conditions apply only to such Person or the assets that
are to be sold (or merged, acquired or consolidated) and such agreements are entered into solely to the extent pending the
consummation of such transaction, (C) in the case of any joint venture or Subsidiary that is not a wholly owned Subsidiary,
restrictions and conditions imposed by its organizational documents or any related joint venture or similar agreements; provided
that such restrictions and conditions apply only to such joint venture or Subsidiary and to the Equity Interests of such joint
venture or Subsidiary, (D) restrictions, prohibitions and conditions contained in any agreement of a Person at the time such Person
is acquired or merged or merged or consolidated with the Borrower or any Subsidiary or applicable to any assets acquired by the
Borrower or any Subsidiary and existing at the time of such acquisition, in each case, so long as such restrictions, prohibitions or
conditions were not created in contemplation of such merger, consolidation or acquisition; provided that any such restrictions,
prohibitions and conditions on the granting of a Lien shall only apply to such Person or assets, as applicable (any improvements,
accessions, proceeds or dividends or distributions in respect thereof and after-acquired property), (E) restrictions or conditions
set forth in any agreement governing any other Indebtedness permitted by Section 6.01, provided that such restrictions and
conditions are customary for such Indebtedness as determined in the good faith judgment of the Borrower, (F) restrictions on cash or
other deposits (including escrowed funds) imposed under contracts entered into in the ordinary course of business, (G) customary net
worth provisions or similar financial maintenance provisions contained in real property leases entered into by a Subsidiary, and
(ii) clause (a) of the foregoing shall not apply to (A) 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, (B) customary provisions in leases, licenses, sub-leases, sub-licenses and other contracts restricting the
assignment, subletting or encumbrance thereof, and (C) restrictions with respect to any assets not constituting
Collateral.

 

SECTION 6.11 Amendment
of Material Documents. No Loan Party will, nor will it permit any Subsidiary to, amend, modify or
waive any of its rights under (a) any agreement relating to any Subordinated Indebtedness, or (b) its charter, articles or
certificate of organization or incorporation and bylaws or operating, management or partnership agreement, or other organizational
or governing documents, in each case to the extent any such amendment, modification or waiver would be materially adverse to the
Lenders; provided that, for the avoidance of doubt, the Borrower may issue Equity Interests so long as such issuance is not
otherwise prohibited by this Agreement, and may amend or modify its organizational documents to authorize the issuance of any such
Equity Interest.

 

SECTION 6.12 Financial Covenants. The Borrower will not permit the Total Leverage Ratio, on the last day of
each Test Period, beginning with the fiscal quarter ending March 31, 2022, to be greater than 3.00:1.00. Notwithstanding the
foregoing, in connection with any Material Acquisition, the Borrower may, at its election, in connection with such Material
Acquisition and upon written notice to the Administrative Agent, increase the required Total Leverage Ratio pursuant to this Section
6.12 to 3.50:1.00, which such increase shall be applicable for the Test Period ended on the last day of the fiscal quarter in
which such Material Acquisition is consummated and for each subsequent Test Period ended on each of the following three consecutive
fiscal quarters (a “Leverage Ratio Increase”); provided that (x) such increase shall apply solely with respect to
compliance with this Section 6.12 and shall not apply to any other incurrence test set forth in this Agreement and (y) there
shall be at least two (2) full fiscal quarters following the cessation of each such Leverage Ratio Increase during which no Leverage
Ratio Increase shall then be in effect.

 

Article VII

Events of Default

 

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

 

(a) the
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 and in the Agreed Currency required hereunder, whether at the due date thereof or at a date fixed for
prepayment thereof or otherwise;

 

(b) the
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 or any other Loan Document, when and as the same shall become due and payable and in the
Agreed Currency required hereunder, and such failure shall continue unremedied for a period of five (5) Business Days;

 

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

 

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

 

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

 

(f) any
Loan Party or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of
any Material Indebtedness, when and as the same shall become due and payable and such failure shall continue beyond any period of grace
provided with respect thereto;

 

(g) any
event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits
(after giving effect to any applicable period of grace and notice requirements) 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 (i) secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness to the
extent such sale or transfer is permitted by the terms of Section 6.05, (ii) any Indebtedness that becomes due as a result
of a refinancing thereof permitted under Section 6.01, (iii) any prepayment, repurchase, redemption, defeasance, conversion or settlement
with respect to any Permitted Convertible Indebtedness pursuant to its terms unless such prepayment, repurchase, redemption, defeasance,
conversion or settlement results from a default thereunder or an event of the type that constitutes an Event of Default or (iv) any early
payment requirement or unwinding or termination with respect to any Swap Agreement (including any Permitted Call Spread Transaction);

 

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

 

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

 

(j) any
Loan Party shall become unable, admit in writing its inability, or publicly declare its intention not to, or fail generally, to pay its
debts as they become due;

 

(k) one
or more judgments for the payment of money in an aggregate amount in excess of the greater of (a) $3,000,000 and (b) 10% of the aggregate
Revolving Commitments (to the extent not covered by insurance as to which the applicable insurance company has not denied coverage) shall
be rendered against any Loan Party, any Subsidiary or any combination thereof and the same shall remain undischarged, unvacated or unbonded
for a period of thirty (30) consecutive days during which execution shall not be effectively stayed (or an action of similar effect in
any jurisdiction outside the U.S.), or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any
Loan Party or any Subsidiary to enforce any such judgment and such action shall not be stayed (or an action of similar effect in any jurisdiction
outside the U.S.);

 

(l) an
ERISA Event shall have occurred that, 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;

 

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(n) [reserved];

 

(o) the
Loan Guaranty shall fail to remain in full force or effect or any action shall be taken by any Loan Party to discontinue or to assert
the invalidity or unenforceability of the Loan Guaranty, or any Loan Guarantor shall deny that it has any further liability under the
Loan Guaranty to which it is a party, or shall give notice to such effect, including, but not limited to notice of termination delivered
pursuant to Section 10.08, in each case, except to the extent the applicable Guarantor’s liquidation, dissolution, transfer,
merger or consolidation is expressly permitted under this Agreement;

 

(p) except
as permitted by the terms of any Collateral Document (i) any Collateral Document shall for any reason fail to create a valid security
interest in any material portion of the Collateral purported to be covered thereby, or (ii) any Lien securing any Secured Obligation
shall cease to be a perfected, first priority Lien to the extent required by the Loan Document (subject to Liens permitted by Section
6.02;

 

(q) any
Collateral Document shall fail to remain in full force or effect (other than pursuant to the terms hereof or thereof) or any action shall
be taken by any Loan Party to discontinue or to assert the invalidity or unenforceability of any Collateral Document; or

 

(r) any
material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms (or any
Loan Party shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction that
evidences its assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable
in accordance with its terms); 

 

then, and in every such event (other than an event
with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of
such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or
both of the following actions, at the same or different times: (i) terminate the Commitments, whereupon the Commitments shall terminate
immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, but ratably as among the Classes
of Loans and the Loans of each Class at the time outstanding, in which case any principal not so declared to be due and payable may thereafter
be declared to be due and payable), whereupon the principal of the Loans so declared to be due and payable, together with accrued and
unpaid interest thereon and all fees (including, for the avoidance of doubt, any break funding payment) and other obligations of the Borrower
accrued hereunder and under any other Loan Document, shall become due and payable immediately, in each case without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrower, and (iii) require cash collateral for the LC
Exposure in accordance with Section 2.06(j) hereof; and in the case of any event with respect to the 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 (including, for the avoidance of doubt, any
break funding payments) and other obligations of the Borrower accrued hereunder and under any other Loan Documents, shall automatically
become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived
by the Borrower. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the request
of the Required Lenders shall, increase the rate of interest applicable to the Loans and other Obligations as set forth in this Agreement
and exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all
remedies provided under the UCC.

 

Article VIII

The Administrative Agent

 

SECTION 8.01 Authorization
and Action.

 

(a) Each
Lender, on behalf of itself and any of its Affiliates that are Secured Parties and each Issuing Bank hereby irrevocably appoints the entity
named as Administrative 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 each Issuing Bank authorizes the Administrative 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 the Administrative
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 each Issuing Bank hereby grants to the Administrative
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 each Issuing Bank hereby authorizes
the Administrative Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative
Agent is a party, and to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents.

 

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(b) As
to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative
Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and
shall be fully protected in so acting or refraining from acting) upon the 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 each Issuing Bank; provided, however, that the Administrative
Agent shall not be required to take any action that (i) the Administrative Agent in good faith believes exposes it to liability unless
the Administrative Agent receives an indemnification and is exculpated in a manner 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 the
Administrative 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,
the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating
to the Borrower, any other Loan Party, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by
the Person serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative
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.

 

(c) In
performing its functions and duties hereunder and under the other Loan Documents, the Administrative 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) the
Administrative Agent does not assume 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, Issuing Bank, any other Secured Party or holder of any other obligation 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 the Administrative 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
the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and/or
the transactions contemplated hereby; and

 

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

 

(d) The
Administrative 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 the Administrative Agent. The Administrative 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 the Administrative Agent and any such sub-agent,
and shall apply to their respective activities pursuant to this Agreement. The Administrative Agent shall not 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 non-appealable judgment
that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.

 

(e) 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, the Administrative 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 the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by
intervention in such proceeding or otherwise:

 

(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 the Administrative 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;

 

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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 the Administrative Agent and, in the event that the Administrative Agent shall consent to
the making of such payments directly to the Lenders, the Issuing Banks or the other Secured Parties, to pay to the Administrative Agent
any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 9.03).
Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf
of any Lender 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 the Administrative Agent to vote in respect of the claim of any Lender or Issuing Bank in
any such proceeding.

 

(f) The
provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Banks, and, except solely
to the extent of the Borrower’s rights to consent pursuant to and subject to the conditions set forth in this Article, none of the
Borrower 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 Secured Obligations provided under the Loan Documents, to have agreed to the provisions of this Article.

 

SECTION 8.02 Administrative
Agent’s Reliance, Limitation of Liability, Etc.

 

(a) Neither
the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by such party,
the Administrative Agent or any of its Related Parties 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 the Administrative 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 non-appealable 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 the
Administrative 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 (including, for the avoidance of doubt, in connection
with the Administrative Agent’s reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic
means that reproduces an image of an actual executed signature page) or for any failure of any Loan Party to perform its obligations hereunder
or thereunder.

 

(b) The
Administrative Agent shall be deemed not to have knowledge of any (i) notice of any of the events or circumstances set forth or described
in Section 5.02 unless and until written notice thereof stating that it is a “notice under Section 5.02” in respect
of this Agreement and identifying the specific clause under said Section is given to the Administrative Agent by the Borrower, or (ii)
notice of any Default or Event of Default unless and until written notice thereof (stating that it is a “notice of Default”
or a “notice of an Event of Default”) is given to the Administrative Agent by the Borrower, a Lender or an Issuing Bank. Further,
the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered
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 or Event of 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 (which on their face purport
to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers
to the matters described therein being acceptable or satisfactory to the Administrative Agent, or (vi) the creation, perfection or
priority of Liens on the Collateral.

 

(c) Without
limiting the foregoing, the Administrative 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 Borrower), 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 Issuing Bank unless the Administrative Agent shall have received notice to the contrary
from such Lender or 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).

 

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SECTION 8.03 Posting
of Communications.

 

(a) The
Borrower 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 system 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, each of the Issuing Banks and the Borrower 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
may be confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuing Banks and the Borrower
hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such
distribution.

 

(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 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.

 

“Communications” means, collectively,
any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any
Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Bank
by means of electronic communications pursuant to this Section, including through an 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 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 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 Borrower 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
Administrative Agent Individually. With respect to its Commitment, Loans and Letters of Credit,
the Person serving as the Administrative Agent 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 Banks”, “Lenders”, “Required Lenders” and any similar terms shall, unless the
context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a Lender, Issuing Bank or as one
of the Required Lenders, as applicable. The Person serving as the Administrative Agent 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, any Loan Party, any Subsidiary or any Affiliate of any of the foregoing as if such
Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders or the Issuing
Banks.

 

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SECTION 8.05 Successor
Administrative Agent.

 

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

 

(b) Notwithstanding
paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall have accepted
such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative
Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Banks and the Borrower, whereupon, on the date
of effectiveness of such resignation stated in such notice, (i) the retiring Administrative Agent shall be discharged from its duties
and obligations hereunder and under the other Loan Documents; provided that, solely for purposes of maintaining any security interest
granted to the Administrative Agent under any Collateral Document for the benefit of the Secured Parties, the retiring Administrative
Agent shall continue to be vested with such security interest as collateral agent for the benefit of the Secured Parties, and 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 Administrative Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative Agent
is appointed and accepts such appointment in accordance with this Section (it being understood and agreed that the retiring Administrative
Agent shall have no duty or obligation to take any further action under any Security 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 Administrative Agent; provided that (A) all payments required to be made hereunder
or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be
made directly to such Person and (B) all notices and other communications required or contemplated to be given or made to the Administrative
Agent shall directly be given or made to each Lender and each Issuing Bank. Following the effectiveness of the Administrative Agent’s
resignation from its capacity as such, the provisions of this Article, Section 2.17(d) and Section 9.03, as well
as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the
benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent and in respect of the matters
referred to in the proviso under clause (a) above.

 

SECTION 8.06 Acknowledgements
of Lenders and Issuing Banks.

 

(a) Each
Lender and each Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility,
(ii) it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable
to such Lender or Issuing Bank, in each case in the ordinary course of business, and not for the purpose of purchasing, acquiring or holding
any other type of financial instrument (and each Lender and each Issuing Bank agrees not to assert a claim in contravention of the foregoing),(iii)
it has, independently and without reliance upon the Administrative Agent or any other Lender or Issuing Bank, 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 and (iv) it is sophisticated with respect to decisions
to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or
such Issuing Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial
loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other
facilities.. Each Lender and each Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative
Agent or any other Lender or Issuing Bank, 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 Borrower and
its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under
or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

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(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 Administrative Agent or the Lenders on the Effective Date or the effective date of any such Assignment and Assumption or any other
Loan Document pursuant to which it shall have become a Lender hereunder.

 

(c) (i)
Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its
sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment
or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously
transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such
Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such
Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day
from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid 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 from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and
hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any
demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense
based on “discharge for value” or any similar doctrine. A notice of the Administrative Agent to any Lender under this Section
8.06(c) shall be conclusive, absent manifest error.

 

(ii) Each Lender hereby further
agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or
on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect
to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on
notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if
it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative
Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one (1) Business
Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made
in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof)
was received by such Lender to the date such amount is repaid 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 from time to time in effect.

 

(iii) The Borrower and each
other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that
has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such
Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations
owed by the Borrower or any other Loan Party.

 

(iv) Each party’s obligations
under this Section 8.06(c) shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations
by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations
under any Loan Document.

 

(d) Each
Lender hereby agrees that (i) it has requested a copy of each Report prepared by or on behalf of the Administrative Agent; (ii) the
Administrative Agent (A) makes no representation or warranty, express or implied, as to the completeness or accuracy of any Report
or any of the information contained therein or any inaccuracy or omission contained in or relating to a Report and (B) shall not
be liable for any information contained in any Report; (iii) the Reports are not comprehensive audits or examinations, and that any
Person performing any field examination will inspect only specific information regarding the Loan Parties and will rely significantly
upon the Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel and that the Administrative
Agent undertakes no obligation to update, correct or supplement the Reports; (iv) it will keep all Reports confidential and strictly
for its internal use, not share the Report with any Loan Party or any other Person except as otherwise permitted pursuant to this Agreement;
and (v) without limiting the generality of any other indemnification provision contained in this Agreement, (A) it will hold
the Administrative Agent and any such other Person preparing a Report harmless from any action the indemnifying Lender may take or conclusion
the indemnifying Lender may reach or draw from any Report in connection with any extension of credit that the indemnifying Lender has
made or may make to the Borrower, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of,
a Loan or Loans; and (B) it will pay and protect, and indemnify, defend, and hold the Administrative Agent and any such other Person
preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including
reasonable attorneys’ fees) incurred by the Administrative Agent or any such other Person as the direct or indirect result of any
third parties who might obtain all or part of any Report through the indemnifying Lender.

 

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SECTION 8.07 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 Secured Obligations, it being understood and agreed that all powers, rights and remedies under the
Loan Documents may be exercised solely by the Administrative Agent on behalf of the Secured Parties in accordance with the terms thereof.
In its capacity, the Administrative Agent is a “representative” of the Secured Parties within the meaning of the term “secured
party” as defined in the UCC. In the event that any Collateral is hereafter pledged by any Person as collateral security for the
Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on
behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and perfect a Lien on such Collateral in favor of the
Administrative Agent on behalf of the Secured Parties.

 

(b) In
furtherance of the foregoing and not in limitation thereof, no arrangements in respect of Banking Services the obligations under which
constitute Secured Obligations and no Swap Agreement the obligations under which constitute Secured Obligations, 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 arrangement in respect of Banking Services or Swap Agreement, as applicable, shall be deemed to have appointed
the Administrative Agent to serve as administrative agent and collateral agent 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 Administrative Agent, at its option and in its discretion, to subordinate any Lien on any property
granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by
Section 6.02(b). The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation
or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative
Agent’s Lien thereon or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be
responsible or liable to the Lenders or any other Secured Party for any failure to monitor or maintain any portion of the Collateral.

 

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

 

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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 Administrative
Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower 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, or

 

(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.

 

(b) In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender, such Lender further
(x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such
Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none
of the Administrative Agent or any of their respective Affiliates is a fiduciary with respect to the Collateral or the assets of such
Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan
Document or any documents related to hereto or thereto).

 

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

 

SECTION 8.10 Flood
Laws. JPMorgan has adopted internal policies and procedures that address requirements placed on
federally regulated lenders under the National Flood Insurance Reform Act of 1994 and related legislation (the “Flood
Laws”). JPMorgan, as administrative agent or collateral agent on a syndicated facility, will post on the applicable
electronic platform (or otherwise distribute to each Lender in the syndicate) documents that it receives in connection with the
Flood Laws. However, JPMorgan reminds each Lender and Participant in the facility that, pursuant to the Flood Laws, each federally
regulated Lender (whether acting as a Lender or Participant in the facility) is responsible for assuring its own compliance with the
flood insurance requirements.

 

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Article IX

Miscellaneous

 

SECTION 9.01 Notices.

 

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

 

(i) if
to any Loan Party, to it in care of the Borrower at:

 

Grid Dynamics Holdings, Inc.

5000 Executive Parkway, Suite 520

San Ramon, CA 94583

Attention: Chief Financial Officer; Global Controller

 

(ii) if
to the Administrative Agent or JPMorgan in its capacity as an Issuing Bank, to JPMorgan Chase Bank, N.A. at:

 

JPMorgan Chase Bank, N.A.

Middle Market Servicing

10 South Dearborn, Floor L2

Suite IL1-1145

Chicago, IL 60603-2300

Attention: Commercial Lending Services

 

With a copy to:

JPMorgan Chase Bank, N.A.

560 Mission St, Floor 04

San Francisco, CA 94105

Attention: Audrey Stys 

 

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

 

All such notices and other communications (i) sent
by hand or overnight courier service, or mailed by certified or registered mail shall be deemed to have been given when received, (ii) sent
by fax shall be deemed to have been given when sent, provided that if not given during normal business hours for the recipient,
such notice or communication shall be deemed to have been given at the opening of business on the next Business Day of the recipient,
or (iii) delivered through Electronic Systems or Approved Electronic Platforms, as applicable, to the extent provided in paragraph (b)
below shall be effective as provided in such paragraph.

 

(b) Notices
and other communications to the Borrower, any Loan Party, the Lenders, the Administrative Agent and the Issuing Banks hereunder may be
delivered or furnished by using Electronic Systems or Approved Electronic Platforms, as applicable, or pursuant to procedures approved
by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II or to compliance
and no Default certificates delivered pursuant to Section 5.01(c) unless otherwise agreed by the Administrative Agent and
the applicable Lender. Each of the Administrative Agent and the Borrower (on behalf of the Loan Parties) may, in its discretion, agree
to accept notices and other communications to it hereunder by using Electronic Systems or Approved Electronic Platforms, as applicable,
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.
Unless the Administrative Agent otherwise proscribes, all such notices and other communications (i) sent to an e-mail address shall
be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt
requested” function, as available, return e-mail or other written acknowledgement), provided that if not given during the
normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on
the next Business Day for the recipient, and (ii) posted to an Internet or intranet website shall be deemed received upon the deemed
receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice
or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above,
if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice or communication
shall be deemed to have been sent at the opening of business on the next Business Day of the recipient.

 

(c) Any
party hereto may change its address, facsimile number or e-mail address for notices and other communications hereunder by notice to the
other parties hereto.

 

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SECTION 9.02 Waivers;
Amendments.

 

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

 

(b) Subject
to Section 2.14(c), (d) and (e) and Section 9.02(e) below, neither this Agreement nor any other Loan Document
nor any provision hereof or thereof may be waived, amended or modified except (i) in the case of this Agreement, pursuant to an agreement
or agreements in writing entered into by the Borrower and the Required Lenders or (ii) in the case of any other Loan Document, pursuant
to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties
thereto, with the consent of the Required Lenders; provided that no such agreement shall (A) increase the Commitment of any
Lender without the written consent of such Lender (including any such Lender that is a Defaulting Lender), (B) reduce or forgive
the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce or forgive any interest or fees
payable hereunder, without the written consent of each Lender (including any such Lender that is a Defaulting Lender) directly affected
thereby (except that any amendment or modification of the financial covenants in this Agreement (or defined terms used in the financial
covenants in this Agreement) shall not constitute a reduction in the rate of interest or fees for purposes of this clause (B)), (C) postpone
any scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any date for the payment of any interest, fees
or other Obligations payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration
of any Commitment, without the written consent of each Lender (including any such Lender that is a Defaulting Lender) directly affected
thereby, (D) change Section 2.09(c) or Section 2.18(b) or (d) in a manner that would alter the ratable reduction
of Commitments or the manner in which payments are shared, without the written consent of each Lender (other than any Defaulting Lender),
(E) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision of any
Loan Document specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights thereunder
or make any determination or grant any consent thereunder, without the written consent of each Lender (other than any Defaulting Lender)
directly affected thereby, (F) change Section 2.20, without the consent of each Lender (other than any Defaulting Lender),
(G) release any Guarantor from its obligation under its Loan Guaranty (except as otherwise permitted herein or in the other Loan
Documents), without the written consent of each Lender (other than any Defaulting Lender), or (H) except as provided in clause (c)
of this Section or in any Collateral Document, release all or substantially all of the Collateral without the written consent of each
Lender (other than any Defaulting Lender); provided, further, that no such agreement shall amend, modify or otherwise affect
the rights or duties of the Administrative Agent or the Issuing Bank hereunder without the prior written consent of the Administrative
Agent or the Issuing Bank, as the case may be (it being understood that any amendment to Section 2.20 shall require the consent
of the Administrative Agent and the Issuing Bank); provided, further, that no such agreement shall amend or modify the provisions
of Section 2.06 without the prior written consent of the Administrative Agent and the Issuing Banks. The Administrative Agent
may also amend the Commitment Schedule to reflect assignments entered into pursuant to Section 9.04. Any amendment,
waiver or other modification of this Agreement or any other Loan Document that by its terms affects the rights or duties under this Agreement
of the Lenders of one or more Classes (but not the Lenders of any other Class), may be effected by an agreement or agreements in writing
entered into by the Borrower and the requisite number or percentage in interest of each affected Class of Lenders that would be required
to consent thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder at the time.

 

(c) The
Lenders and the Issuing Bank hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release
any Liens granted to the Administrative Agent by the Loan Parties on any Collateral (i) upon the Payment in Full of all Secured Obligations,
(ii) constituting property being sold or disposed of in compliance with the terms of this Agreement, and to the extent that the property
being sold or disposed of constitutes 100% of the Equity Interests of a Subsidiary, the Administrative Agent is authorized to release
any Loan Guaranty provided by such Subsidiary, (iii) constituting property leased to a Loan Party under a lease which has expired
or been terminated in a transaction permitted under this Agreement, or (iv) as required to effect any sale or other disposition of
such Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII.
Except as provided in the preceding sentence, the Administrative Agent will not release any Liens on Collateral without the prior written
authorization of the Required Lenders; provided that the Administrative Agent may, in its discretion, release its Liens on Collateral
valued in the aggregate not in excess of $1,000,000 during any calendar year without the prior written authorization of the Required Lenders
(it being agreed that the Administrative Agent may rely conclusively on one or more certificates of the Borrower as to the value of any
Collateral to be so released, without further inquiry). Any such release shall not in any manner discharge, affect, or impair the Obligations
or any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained
by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral. Any execution
and delivery by the Administrative Agent of documents in connection with any such release shall be without recourse to or warranty by
the Administrative Agent.

 

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(d) If,
in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each Lender
affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any
such Lender whose consent is necessary but has not been obtained being referred to herein as a “Non-Consenting Lender”),
then the Borrower 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 Borrower, the Administrative Agent
and the Issuing Bank shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender
pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of
the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04,
and (ii) the Borrower 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 Borrower 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. Each party hereto agrees
that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower,
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 an 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.

 

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

 

SECTION 9.03 Expenses;
Limitation of Liability; Indemnity; Etc.

 

(a) Expenses.
The Loan Parties, jointly and severally, shall pay all (i) reasonable out of pocket expenses incurred by the Administrative Agent
and its Affiliates, including the reasonable and documented fees, charges and disbursements of outside counsel for the Administrative
Agent, in connection with the syndication and distribution (including, without limitation, via the internet or through an Electronic System
or Approved Electronic Platform) of the credit facilities provided for herein, the preparation and administration of the Loan Documents
and any amendments, modifications or waivers of the provisions of the Loan Documents (whether or not the transactions contemplated hereby
or thereby shall be consummated), (ii) reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) out-of-pocket
expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of any outside
counsel for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement, collection or protection of
its rights in connection with the Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters
of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect
of such Loans or Letters of Credit. Expenses being reimbursed by the Loan Parties under this Section include, without limiting the generality
of the foregoing, fees, costs and expenses incurred in connection with:

 

(A) appraisals
and insurance reviews;

 

(B) field
examinations and the preparation of Reports based on the fees charged by a third party retained by the Administrative Agent or the internally
allocated fees for each Person employed by the Administrative Agent with respect to each field examination (subject to the limitations
set forth in Section 5.06);

 

(C) background
checks regarding senior management and/or key investors, as deemed necessary or appropriate in the sole discretion of the Administrative
Agent;

 

(D) Taxes,
fees and other charges for (i) lien and title searches and title insurance and (ii) recording the Mortgages, filing financing
statements and continuations, and other actions to perfect, protect, and continue the Administrative Agent’s Liens;

 

(E) sums
paid or incurred to take any action required of any Loan Party under the Loan Documents that such Loan Party fails to pay or take; and

 

(F) forwarding
loan proceeds, collecting checks and other items of payment, and establishing and maintaining the accounts and lock boxes, and costs and
expenses of preserving and protecting the Collateral.

 

All of the foregoing fees, costs and expenses
may be charged to the Borrower as Revolving Loans or to another deposit account, all as described in Section 2.18(c).

 

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(b) Limitation
of Liability. To the extent permitted by applicable law (i) neither the Borrower nor any Loan Party shall assert, and the Borrower
and each Loan Party hereby waives, any claim against the Administrative Agent, any Issuing Bank and any Lender, and any Related Party
of any of the foregoing Persons (each such Person being called a “Lender-Related Person”) for any Liabilities arising
from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications,
electronic or other information transmission systems (including the Internet), and (ii) no party hereto shall assert, and each such party
hereby waives, any Liabilities against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of
the proceeds thereof; provided that, nothing in this Section 9.03(b) shall relieve the Borrower or any Loan Party of any obligation it
may have to indemnify an Indemnitee, as provided in Section 9.03(c), against any special, indirect, consequential or punitive damages
asserted against such Indemnitee by a third party. 

 

(c) Indemnity.
The Loan Parties, jointly and severally, shall indemnify the Administrative Agent, 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 Liabilities and related expenses, including the fees, charges and disbursements of one firm counsel for all
such Indemnitees (plus one local counsel in each reasonably necessary jurisdiction and one specialty counsel in each reasonably necessary
specialty area) actual or perceived conflict of interest where the Indemnitee affected by such conflict informs Borrower of such conflict
and thereafter retains its own counsel, another firm of counsel for each such affected Indemnitee, in each case, incurred by or asserted
against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of the Loan Documents
or any agreement or instrument contemplated thereby, (ii) the performance by the parties hereto of their respective obligations thereunder
or the consummation of the Transactions or any other transactions contemplated hereby, (iii) any Loan or Letter of Credit or the use of
the proceeds therefrom (including any refusal by an 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), (iv) any actual or alleged
presence or Release of Hazardous Materials on or from any property owned or operated by a Loan Party or a Subsidiary, or any Environmental
Liability related in any way to a Loan Party or a Subsidiary, (v) the failure of a Loan Party to deliver to the Administrative Agent
the required receipts or other required documentary evidence with respect to a payment made by such Loan Party for Taxes pursuant to Section 2.17,
or (vi) any actual or prospective Proceeding relating to any of the foregoing, whether or not such Proceeding is brought by any Loan
Party or their respective equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other
theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee,
be available to the extent that such Liabilities or related expenses (x) are determined by a court of competent jurisdiction by final
and non-appealable judgment to have resulted primarily from the gross negligence or willful misconduct of such Indemnitee, (y) are determined
by a court of competent jurisdiction by final and non-appealable judgment to have resulted from a material breach in bad faith by such
Indemnitee of its express obligations under any Loan Document, or (z) result from any dispute solely among Indemnitees that do not involve
any act or omission by any Loan Party or Subsidiary. This Section 9.03(c) shall not apply with respect to Taxes other than
any Taxes that represent losses or damages arising from any non-Tax claim.

 

(d) Lender
Reimbursement. Each Lender severally agrees to pay any amount required to be paid by any Loan Party under paragraphs (a), (b)
or (c) of this Section 9.03 to the Administrative Agent and each Issuing Bank, and each Related Party of any of the foregoing
Persons (each, an “Agent-Related Person”) (to the extent not reimbursed by the Loan Parties and without limiting the
obligation of any Loan Party to do so), ratably according to their respective Applicable Percentage in effect on the date on which such
payment is sought under this Section (or, if such payment is sought after the date upon which the Commitments shall have terminated and
the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage immediately prior to such date), and agrees
to indemnify and hold each Agent-Related Person harmless from and against any and all Liabilities and related expenses, including the
fees, charges and disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed
on, incurred by or asserted against such Agent-Related Person in any way relating to or arising out of the Commitments, this Agreement,
any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby
or thereby or any action taken or omitted by such Agent-Related Person under or in connection with any of the foregoing; provided
that the unreimbursed expense or Liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related
Person in its capacity as such; provided, further, that no Lender shall be liable for the payment of any portion of such
Liabilities, costs, expenses or disbursements that are found by a final and non-appealable decision of a court of competent jurisdiction
to have resulted primarily from such Agent-Related Person’s gross negligence or willful misconduct. The agreements in this Section
shall survive the termination of this Agreement and Payment in Full of the Secured Obligations.

 

(e) Payments.
All amounts due under this Section 9.03 shall be payable promptly after written demand therefor.

 

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SECTION 9.04 Successors
and Assigns.

 

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

 

(b) (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, participations in Letters
of Credit and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of:

 

(A) the
Borrower, provided that, the Borrower shall be deemed to have consented to an assignment of all or a portion of the Revolving Loans
and Commitments unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having
received notice thereof, and provided, further, that no consent of the Borrower shall be required for an assignment to a
Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee (other
than, so long as not Specified Default has occurred and is continuing, any direct competitor of the Borrower);

 

(B) the
Administrative Agent; and

 

(C) the
Issuing Bank.

 

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

 

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

 

(B) each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under
this Agreement;

 

(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; 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 Borrower, the other Loan Parties and their Related Parties or their respective securities) will be made available and who may receive
such information in accordance with the assignee’s compliance procedures and applicable laws, including federal and state securities
laws.

 

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

 

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

 

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“Ineligible Institution”
means a (a) natural person, (b) a Defaulting Lender or its Lender Parent, (c) holding company, investment vehicle or trust
for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof; provided that, with respect to
clause (c), such holding company, investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has not been
established for the primary purpose of acquiring any Loans or Commitments, (y) is managed by a professional advisor, who is not such
natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (z) has
assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar
extensions of credit in the ordinary course of its business or (d) a Loan Party or a Subsidiary or other Affiliate of a Loan Party.

 

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

 

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

 

(v) Upon
its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the
extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to 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,
2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(d), 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) Any
Lender may, without the consent of, or notice to, the Borrower, the Administrative Agent or the Issuing Bank, sell participations to one
or more banks or other entities (a “Participant”) other than an Ineligible Institution in all or a portion of such
Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to
it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged; (ii) such Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations; and (iii) the Borrower, the
Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and/or obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells
such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender
will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b)
that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15,
2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Sections 2.17(f)
and (g) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating
Lender and the information and documentation required under Section 2.17(g) will be delivered to the Borrower and the Administrative
Agent)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section;
provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18 and 2.19 as
if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under
Sections 2.15 or 2.17 with respect to any participation than its participating Lender would have been entitled to receive,
except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired
the applicable participation.

 

Each Lender that sells a participation
agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions
of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(d)
as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the
Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest)
of each Participant’s interest in the Loans or other obligations under this Agreement or any other Loan Document (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register
(including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters
of Credit or its other obligations under this Agreement or any other Loan Document) to any Person except to the extent that such disclosure
is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such
Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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(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, the Issuing Bank or any Lender may have had notice or knowledge of any Default or
incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as
long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is
outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The
provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and
remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans,
the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan
Document or any provision hereof or thereof.

 

SECTION 9.06 Counterparts;
Integration; Effectiveness; Electronic Execution.

 

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

 

(b) Delivery
of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment,
approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 9.01), certificate,
request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated
hereby and/or thereby (each an “Ancillary Document”) that is an Electronic Signature transmitted by telecopy, emailed
pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually
executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement, any
other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records
in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual
executed signature page), 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; provided that nothing herein shall require
the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures
approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any
Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly
given by or on behalf of the Borrower or any other Loan Party without further verification thereof and without any obligation to review
the appearance or form of any such Electronic Signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic
Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Borrower
and each Loan Party hereby (A) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring,
enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Borrower and the Loan Parties,
Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same
legal effect, validity and enforceability as any paper original, (B) the Administrative Agent and each of the Lenders may, at its option,
create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic
record in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper
document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity
and enforceability as a paper record), (C) waives any argument, defense or right to contest the legal effect, validity or enforceability
of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement,
such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (D) waives
any claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent’s and/or any Lender’s
reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces
an image of an actual executed signature page, including any Liabilities arising as a result of the failure of the Borrower and/or any
Loan Party to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

 

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

 

SECTION  9.08 Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each Issuing
Bank, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent
permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time
held, and other obligations at any time owing, by such Lender, such Issuing Bank or any such Affiliate, to or for the credit or the
account of any Loan Party against any and all of the Secured Obligations owing to such Lender or such Issuing Bank or their
respective Affiliates, irrespective of whether or not such Lender, Issuing Bank or Affiliate shall have made any demand under this
Agreement or any other Loan Document and although such obligations of the Loan Parties may be contingent or unmatured or are owed to
a branch office or Affiliate of such Lender or such Issuing Bank different from the branch office or Affiliate holding such deposit
or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of
setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in
accordance with the provisions of Section 2.20 and, pending such payment, shall be segregated by such Defaulting Lender
from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Banks, and the Lenders, and
(y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the
Secured Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The applicable Lender, the
Issuing Bank or such Affiliate shall notify the Borrower and the Administrative Agent of such setoff or application; provided
that the failure to give such notice shall not affect the validity of such setoff or application under this Section. The rights of
each Lender, each Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender, such Issuing Bank or their respective Affiliates may have.

 

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

 

(a) The
Loan Documents (other than those containing a contrary express choice of law provision) shall be governed by and construed in accordance
with the internal laws of the State of New York, but giving effect to federal laws applicable to national banks.

 

(b) Each
of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing law provisions
of any applicable Loan Document, any claims brought against the Administrative Agent by any Secured Party relating to this Agreement,
any other Loan Document, the Collateral or the consummation or administration of the transactions contemplated hereby or thereby shall
be construed in accordance with and governed by the law of the State of New York.

 

(c) Each
of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any
U.S. federal or New York state court sitting in New York, New York, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to any Loan Documents, 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 state court or, to the extent permitted by law, in such federal court. Each of the parties
hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right
that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement
or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction.

 

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

 

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

 

SECTION  9.10 
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR
ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OR OTHER AGENT (INCLUDING ANY ATTORNEY) OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

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

 

SECTION  9.12 Confidentiality. Each
of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and
agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is
made will be informed of the confidential nature of such Information and instructed to keep such Information confidential),
(b) to the extent requested by any Governmental Authority (including any self-regulatory authority, such as the National
Association of Insurance Commissioners), (c) to the extent required by any Requirement of Law or by any subpoena or similar
legal process, in which case Administrative Agent shall use commercially reasonable efforts to notify the Borrower, to the extent
practicable to do so and as permitted by law or the terms of such subpoena or similar legal process, (d) to any other party to
this Agreement, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit,
action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(f) subject to an agreement containing provisions substantially the same as those of this Section, to (x) any assignee of
or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or
(y) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Loan Parties
and their obligations, (g) with the consent of the Borrower, (h) on a confidential basis to (1) any rating agency in
connection with rating the Borrower 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, or (i) to the extent such Information (x) becomes publicly available other than as a result of
a breach of this Section or (y) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a
non-confidential basis from a source other than the Borrower. For the purposes of this Section, “Information”
means all information received from the Borrower relating to the Borrower or its business, other than any such information that is
available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the
Borrower and other than information pertaining to this Agreement provided by arrangers to data service providers, including league
table providers, that serve the lending industry; provided that, in the case of information received from the Borrower after
the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its
own confidential information.

 

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

 

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

 

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SECTION  9.13 Several
Obligations; Nonreliance; Violation of Law. The respective obligations of the Lenders hereunder
are several and not joint and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not
relieve any other Lender from any of its obligations hereunder. Each Lender hereby represents that it is not relying on or looking
to any margin stock (as defined in Regulation U of the Federal Reserve Board) for the repayment of the Borrowings provided for
herein. Anything contained in this Agreement to the contrary notwithstanding, neither the Issuing Bank nor any Lender shall be
obligated to extend credit to the Borrower in violation of any Requirement of Law.

 

SECTION  9.14 USA
PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act hereby
notifies each Loan Party that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record
information that identifies such Loan Party, which information includes the name and address of such Loan Party and other
information that will allow such Lender to identify such Loan Party in accordance with the USA PATRIOT Act.

 

SECTION  9.15 Disclosure. Each
Loan Party, each Lender and the Issuing Bank hereby acknowledges and agrees that the Administrative Agent and/or its Affiliates from
time to time may hold investments in, make other loans to or have other relationships with, any of the Loan Parties and their
respective Affiliates.

 

SECTION  9.16 Appointment
for Perfection. Each Lender hereby appoints each other Lender as its agent for the purpose of
perfecting Liens, for the benefit of the Administrative Agent and the Secured Parties, in assets which, in accordance with
Article 9 of the UCC or any other applicable law can be perfected only by possession or control. Should any Lender (other than
the Administrative Agent) obtain possession or control of any such Collateral, such Lender shall notify the Administrative Agent
thereof, and, promptly upon the Administrative Agent’s request therefor shall deliver such Collateral to the Administrative
Agent or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions.

 

SECTION  9.17 Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under
applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance
with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect
thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in
respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and
Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor)
until such cumulated amount, together with interest thereon at the NYFRB Rate to the date of repayment, shall have been received by
such Lender.

 

SECTION 9.18 No Fiduciary
Duty, etc.

 

(a) The
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 the Borrower with respect to the Loan Documents and the transactions contemplated
herein and therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrower or any other person. The 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, the Borrower acknowledges and agrees that no Credit Party
is advising the Borrower as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction. The 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 herein or in the other Loan Documents, and the Credit Parties shall have no responsibility
or liability to the Borrower with respect thereto.

 

(b) The
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, the Borrower and other companies with which the
Borrower 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.

 

(c) In
addition, the 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 the Borrower 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. The 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 the Borrower, confidential information obtained
from other companies.

 

    101

     

    

 

SECTION  9.19 Marketing
Consent. The Borrower hereby authorizes JPMorgan and its affiliates (collectively, the
“JPMorgan Parties”), at their respective sole expense, and without any prior approval by the Borrower, to include
the Borrower’s name and logo in advertising, marketing, tombstones, case studies and training materials, and to give such
other publicity to this Agreement as JPMorgan Parties may from time to time determine in their sole discretion (subject in all
respects to the confidentiality provisions set forth herein). The foregoing authorization shall remain in effect unless the Borrower
notifies JPMorgan in writing that such authorization is revoked.

 

 SECTION
 9.20 Acknowledgement and Consent to Bail-In of Affected 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 Affected Financial Institution arising under any Loan Document may be subject to
the Write-Down and Conversion Powers of the applicable 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 the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an Affected 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 Affected 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 the applicable Resolution
Authority.

 

SECTION 9.21 Judgment
Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan
Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures
the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final
judgment is given. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder
or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other
than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”),
be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may
be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance
with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so
purchased is less than the sum originally due to the Administrative Agent or any Lender from the Borrower in the Agreement Currency, the
Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender,
as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to
the Administrative Agent or any Lender in such Currency, the Administrative Agent or such Lender, as the case may be, agrees to return
the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under Applicable law).

 

SECTION 9.22 Acknowledgement
Regarding Any Supported QFCs.

 

(a) To
the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument
that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge
and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance
Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder,
the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below
applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State
of New York and/or of the United States or any other state of the United States): 

 

    102

     

    

 

(b) In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under
a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and
obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such
QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply
to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood
and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.

 

Article X

Loan Guaranty

 

SECTION 10.01 Guaranty. Each
Loan Guarantor (other than those that have delivered a separate Guaranty) hereby agrees that it is jointly and severally liable for,
and, as a primary obligor and not merely as surety, absolutely and unconditionally guarantees to the Secured Parties, the prompt
payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured
Obligations and all reasonable and documented costs and expenses including, without limitation, all court costs and reasonable and
documented attorneys’ and paralegals’ fees and expenses paid or incurred by the Administrative Agent, the Issuing Bank
and the Lenders in endeavoring to collect all or any part of the Secured Obligations from, or in prosecuting any action against, the
Borrower, any Loan Guarantor or any other guarantor of all or any part of the Secured Obligations (such costs and expenses, together
with the Secured Obligations, collectively the “Guaranteed Obligations”); provided, however, that
the definition of “Guaranteed Obligations” shall not create any guarantee by any Loan Guarantor of (or grant of security
interest by any Loan Guarantor to support, as applicable) any Excluded Swap Obligations of such Loan Guarantor for purposes of
determining any obligations of any Loan Guarantor). Each Loan Guarantor further agrees that the Guaranteed Obligations may be
extended or renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its guarantee
notwithstanding any such extension or renewal. All terms of this Loan Guaranty apply to and may be enforced by or on behalf of any
domestic or foreign branch or Affiliate of any Lender that extended any portion of the Guaranteed Obligations.

 

SECTION 10.02 Guaranty
of Payment. This Loan Guaranty is a guaranty of payment and not of collection. Each Loan Guarantor
waives any right to require the Administrative Agent, the Issuing Bank or any Lender to sue the Borrower, any Loan Guarantor, any
other guarantor of, or any other Person obligated for all or any part of the Guaranteed Obligations (each, an “Obligated
Party”), or otherwise to enforce its payment against any collateral securing all or any part of the Guaranteed
Obligations.

 

SECTION 10.03 No Discharge
or Diminishment of Loan Guaranty.

 

(a) Except
as otherwise provided for herein, the obligations of each Loan Guarantor hereunder are unconditional and absolute and not subject to any
reduction, limitation, impairment or termination for any reason (other than the Payment in Full of the Guaranteed Obligations), including:
(i) any claim of waiver, release, extension, renewal, settlement, surrender, alteration, or compromise of any of the Guaranteed Obligations,
by operation of law or otherwise; (ii) any change in the corporate existence, structure or ownership of the Borrower or any other
Obligated Party liable for any of the Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding
affecting any Obligated Party, or their assets or any resulting release or discharge of any obligation of any Obligated Party; or (iv) the
existence of any claim, setoff or other rights which any Loan Guarantor may have at any time against any Obligated Party, the Administrative
Agent, the Issuing Bank, any Lender, or any other Person, whether in connection herewith or in any unrelated transactions.

 

(b) The
obligations of each Loan Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination whatsoever
by reason of the invalidity, illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable
law or regulation purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations or any part thereof.

 

(c) Further,
the obligations of any Loan Guarantor hereunder are not discharged or impaired or otherwise affected by: (i) the failure of the Administrative
Agent, the Issuing Bank or any Lender to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed
Obligations; (ii) any waiver or modification of or supplement to any provision of any agreement relating to the Guaranteed Obligations;
(iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations of the Borrower for all or
any part of the Guaranteed Obligations or any obligations of any other Obligated Party liable for any of the Guaranteed Obligations; (iv) any
action or failure to act by the Administrative Agent, the Issuing Bank or any Lender with respect to any collateral securing any part
of the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in the payment or performance of any of
the Guaranteed Obligations, or any other circumstance, act, omission or delay that might in any manner or to any extent vary the risk
of such Loan Guarantor or that would otherwise operate as a discharge of any Loan Guarantor as a matter of law or equity (other than the
Payment in Full of the Guaranteed Obligations).

 

    103

     

    

 

SECTION 10.04 Defenses
Waived. To the fullest extent permitted by applicable law, each Loan Guarantor hereby waives any
defense based on or arising out of any defense of the Borrower or any Loan Guarantor or the unenforceability of all or any part of
the Guaranteed Obligations from any cause, or the cessation from any cause of the liability of the Borrower, any Loan Guarantor or
any other Obligated Party, other than the Payment in Full of the Guaranteed Obligations. Without limiting the generality of the
foregoing, each Loan Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent
permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person
against any Obligated Party, or any other Person. Each Loan Guarantor confirms that it is not a surety under any state law and shall
not raise any such law as a defense to its obligations hereunder. The Administrative Agent may, at its election, foreclose on any
Collateral held by it by one or more judicial or nonjudicial sales, accept an assignment of any such Collateral in lieu of
foreclosure or otherwise act or fail to act with respect to any collateral securing all or a part of the Guaranteed Obligations,
compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any
other right or remedy available to it against any Obligated Party, without affecting or impairing in any way the liability of such
Loan Guarantor under this Loan Guaranty, except to the extent the Guaranteed Obligations have been Paid in Full. To the fullest
extent permitted by applicable law, each Loan Guarantor waives any defense arising out of any such election even though that
election may operate, pursuant to applicable law, to impair or extinguish any right of reimbursement or subrogation or other right
or remedy of any Loan Guarantor against any Obligated Party or any security.

 

SECTION 10.05 Rights
of Subrogation. No Loan Guarantor will assert any right, claim or cause of action, including,
without limitation, a claim of subrogation, contribution or indemnification that it has against any Obligated Party, or any
collateral, until the Loan Parties and the Loan Guarantors have fully performed all their obligations to the Administrative Agent,
the Issuing Bank and the Lenders.

 

SECTION 10.06 Reinstatement;
Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations
(including a payment effected through exercise of a right of setoff) is rescinded, or must otherwise be restored or returned upon
the insolvency, bankruptcy or reorganization of the Borrower or otherwise (including pursuant to any settlement entered into by a
Secured Party in its discretion), each Loan Guarantor’s obligations under this Loan Guaranty with respect to that payment
shall be reinstated at such time as though the payment had not been made and whether or not the Administrative Agent, the Issuing
Bank and the Lenders are in possession of this Loan Guaranty. If acceleration of the time for payment of any of the Guaranteed
Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Borrower, all such amounts otherwise subject to
acceleration under the terms of any agreement relating to the Guaranteed Obligations shall nonetheless be payable by the Loan
Guarantors forthwith on demand by the Administrative Agent.

 

SECTION 10.07 Information. Each
Loan Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and
assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and
extent of the risks that each Loan Guarantor assumes and incurs under this Loan Guaranty, and agrees that none of the Administrative
Agent, the Issuing Bank or any Lender shall have any duty to advise any Loan Guarantor of information known to it regarding those
circumstances or risks.

 

SECTION 10.08 Termination. Each
of the Lenders and the Issuing Bank may continue to make loans or extend credit to the Borrower based on this Loan Guaranty until
five (5) days after it receives written notice of termination from any Loan Guarantor. Notwithstanding receipt of any such notice,
each Loan Guarantor will continue to be liable to the Lenders for any Guaranteed Obligations created, assumed or committed to prior
to the fifth day after receipt of the notice, and all subsequent renewals, extensions, modifications and amendments with respect to,
or substitutions for, all or any part of such Guaranteed Obligations. Nothing in this Section 10.08 shall be deemed to
constitute a waiver of, or eliminate, limit, reduce or otherwise impair any rights or remedies the Administrative Agent or any
Lender may have in respect of, any Default or Event of Default that shall exist under Article VII hereof as a result of
any such notice of termination.

 

SECTION 10.09 [Reserved].

 

SECTION 10.10 Maximum
Liability. Notwithstanding any other provision of this Loan Guaranty, the amount guaranteed by
each Loan Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be
subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act,
Uniform Fraudulent Conveyance Act, Uniform Voidable Transactions Act or similar statute or common law. In determining the
limitations, if any, on the amount of any Loan Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the
intention of the parties hereto that any rights of subrogation, indemnification or contribution which such Loan Guarantor may have
under this Loan Guaranty, any other agreement or applicable law shall be taken into account.

 

    104

     

    

 

SECTION 10.11 Contribution.

 

(a) To
the extent that any Loan Guarantor shall make a payment under this Loan Guaranty (a “Guarantor Payment”) which, taking
into account all other Guarantor Payments then previously or concurrently made by any other Loan Guarantor, exceeds the amount which otherwise
would have been paid by or attributable to such Loan Guarantor if each Loan Guarantor had paid the aggregate Guaranteed Obligations satisfied
by such Guarantor Payment in the same proportion as such Loan Guarantor’s “Allocable Amount” (as defined below) (as
determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Loan Guarantors as determined
immediately prior to the making of such Guarantor Payment, then, following indefeasible payment in full in cash of the Guarantor Payment,
the Payment in Full of the Guaranteed Obligations and the termination of this Agreement, such Loan Guarantor shall be entitled to receive
contribution and indemnification payments from, and be reimbursed by, each other Loan Guarantor for the amount of such excess, pro rata
based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.

 

(b) As
of any date of determination, the “Allocable Amount” of any Loan Guarantor shall be equal to the excess of the fair saleable
value of the property of such Loan Guarantor over the total liabilities of such Loan Guarantor (including the maximum amount reasonably
expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other Loan Guarantor that
is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by other Loan Guarantors
as of such date in a manner to maximize the amount of such contributions.

 

(c) This
Section 10.11 is intended only to define the relative rights of the Loan Guarantors, and nothing set forth in this Section 10.11
is intended to or shall impair the obligations of the Loan Guarantors, jointly and severally, to pay any amounts as and when the same
shall become due and payable in accordance with the terms of this Loan Guaranty.

 

(d) The
parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Loan Guarantor
or Loan Guarantors to which such contribution and indemnification is owing.

 

(e) The
rights of the indemnifying Loan Guarantors against other Loan Guarantors under this Section 10.11 shall be exercisable upon
the Payment in Full of the Guaranteed Obligations and the termination of this Agreement.

 

SECTION 10.12 Liability
Cumulative. The liability of each Loan Party as a Loan Guarantor under this Article X
is in addition to and shall be cumulative with all liabilities of each Loan Party to the Administrative Agent, the Issuing Bank and
the Lenders under this Agreement and the other Loan Documents to which such Loan Party is a party or in respect of any obligations
or liabilities of the other Loan Parties, without any limitation as to amount, unless the instrument or agreement evidencing or
creating such other liability specifically provides to the contrary.

 

SECTION 10.13 Keepwell. Each
Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or
other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guarantee in
respect of a Swap Obligation (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.13
for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.13
or otherwise under this Loan Guaranty voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and
not for any greater amount). Except as otherwise provided herein, the obligations of each Qualified ECP Guarantor under this Section 10.13
shall remain in full force and effect until the termination of all Swap Obligations. Each Qualified ECP Guarantor intends that this Section 10.13
constitute, and this Section 10.13 shall be deemed to constitute, a “keepwell, support, or other agreement”
for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

[Signature Page Follows]

 

    105

     

    

 

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

 

	 	GRID DYNAMICS HOLDINGS, INC., as Borrower
	 	 	 
	 	By:	/s/ Anil Doradla
	 	Name:	Anil Doradla
	 	Title:	Chief Financial Officer
	 	 	 
	 	GRID DYNAMICS INTERNATIONAL LLC, as a Guarantor
	 	 	 
	 	By:	/s/ Yury Gryzlov
	 	Name:	Yury Gryzlov
	 	Title:	Chief Executive Officer
	 	 	 
	 	TACIT KNOWLEDGE, INC., as a Guarantor
	 	 	 
	 	By:	/s/ Anil Doradla
	 	Name:	Anil Doradla
	 	Title:	Chief Financial Officer
	 	 	 
	 	JPMORGAN CHASE BANK, N.A., individually,
    and as Administrative Agent and Issuing Bank
	 	 	 
	 	By:	/s/ Audrey Stys
	 	Name:	Audrey Stys

	 	Title:	Authorized Signer

 

[Signature Page to Credit Agreement]

 

     

     

    

 

COMMITMENT SCHEDULE

 

	 
Lender
	 	Revolving

 Commitment	 	 	Commitment	 
	JPMorgan Chase Bank, N.A.	 	$	30,000,000.00	 	 	$	30,000,000.00	 
	 	 	 	 	 	 	 	 	 
	Total	 	$	30,000,000.00	 	 	$	30,000,000.00	 

 

Commitment Schedule

 

     

     

    

 

EXHIBIT A

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption
(this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between
[Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex I attached hereto are hereby agreed to
and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

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

 

		1.	Assignor: ______________________________

 

		2.	Assignee: ______________________________

[and is an Affiliate/Approved Fund of [identify Lender]1]

 

		3.	Borrower: ______________________________

 

		4.	Administrative Agent: JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement

 

		5.	Credit Agreement: The Credit Agreement dated as of March 15, 2022 among Grid Dynamics Holdings, Inc.,
the Lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent

 

    Exhibit A - 1

     

    

 

		6.	Assigned Interest:

 

	 
Facility Assigned2
	 	Aggregate

 Amount of

 Commitment/Loans

 for all Lenders	 	 	Amount of

 Commitment/Loans

 Assigned	 	 	Percentage

 Assigned of

 Commitment/Loans3	 
		 	$		 	 	$		 	 	$	 	%
	 	 	$		 	 	$		 	 	$	 	%
	 	 	$	                 	 	 	$	                        	 	 	$	 	%

 

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

 

The Assignee agrees to deliver to the Administrative
Agent a completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level
information (which may contain material non-public information about the Borrower, the Loan Parties and their Related Parties or their
respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance
procedures and applicable laws, including federal and state securities laws. The terms set forth in this Assignment and Assumption are
hereby agreed to:

 

	 	ASSIGNOR
	 	 
	 	[NAME OF ASSIGNOR]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	ASSIGNEE
	 	 
	 	[NAME OF ASSIGNEE]
	 	 
	 	By:	                 
	 	Name:	 
	 	Title:	 

 

 

		2	Fill in the appropriate terminology for the types of facilities
under the Credit Agreement that are being assigned under this Assignment (e.g. “Revolving Commitment,” “Term Commitment,”
etc.)
		3	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans
of all Lenders thereunder.

 

    Exhibit A - 2

     

    

 

[Consented to and]4
Accepted:

 

	JPMORGAN CHASE BANK, N.A., 	 
	as Administrative Agent and Issuing Bank	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	[Consented to:]5	 
	 	 
	[NAME OF RELEVANT PARTY]	 
	 	 
	By:	                 	 
	Name:	 	 
	Title:	 	 

 

 

		4	To be added only if the consent of the Administrative Agent,
Issuing Bank and/or Swingline Lender, as applicable, is required by the terms of the Credit Agreement.
		5	To be added only if the consent of the Borrower and/or other
parties (e.g. Swingline Lender, Issuing Bank) is required by the terms of the Credit Agreement.

 

    Exhibit A - 3

     

    

 

ANNEX 1 to

ASSIGNMENT AND ASSUMPTION

 

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1. Representations
and Warranties.

 

1.1 Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and
has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection
with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any Subsidiary or Affiliate
or any other Person obligated in respect of any Loan Document, (iv) any requirements under applicable law for the Assignee to become
a lender under the Credit Agreement or any other Loan Document or to charge interest at the rate set forth therein from time to time or
(v) the performance or observance by the Borrower, any Subsidiary or Affiliate, or any other Person of any of their respective obligations
under any Loan Document.

 

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

 

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

 

3. General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute
one instrument. Acceptance and adoption of the terms of this Assignment and Assumption by the Assignee and the Assignor by Electronic
Signature (as defined in the Credit Agreement) or delivery of an executed counterpart of a signature page of this Assignment and Assumption
by any Approved Electronic Platform (as defined in the Credit Agreement) shall be effective as delivery of a manually executed counterpart
of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the
State of New York.

 

    Annex 1 - 1

     

    

 

EXHIBIT B-1

 

[FORM OF] BORROWING REQUEST

 

Grid
Dynamics Holdings, Inc.

 

JPMorgan Chase Bank, N.A.

10 South Dearborn, Floor L2

Suite IL1-1145

Chicago, IL, 60603-2300

Attention: Commercial Lending Services

 

Date:

 

Ladies and Gentlemen:

 

This Borrowing Request is furnished pursuant to
Section 2.03 of that certain Credit Agreement dated as of March 15, 2022 (as amended, restated, supplemented or otherwise
modified from time to time, the “Agreement”) among Grid Dynamics Holdings, Inc. (the “Borrower”),
the other Loan Parties, the lenders party thereto and JPMorgan Chase Bank, N.A. (“JPMorgan”), as Agent for the Lenders.
Unless otherwise defined herein, capitalized terms used in this Borrowing Request have the meanings ascribed thereto in the Agreement.
The Borrower represents that, as of this date, the conditions precedent set forth in Section 4.02 are satisfied.

 

The Borrower hereby notifies JPMorgan of its request
for the following Borrowing:

 

		1.	Revolving Borrowing

 

		2.	Aggregate Amount of the Revolving Borrowing6:

$[_________________]

 

		3.	Currency of Borrowing: ______________________

 

		4.	Borrowing Date of the Borrowing (must be a Business Day):

[___________________]

 

		5.	The Borrowing shall be a [___] ABR Borrowing, an RFR Borrowing or Term Benchmark Borrowing7

 

5. If a Term Benchmark
Borrowing, the duration of Interest Period8

:

 

	 	One Month	 	 	 
	 	Three Months	 	 	 
	 	Six Months	 	 	 

 

	 	GRID DYNAMICS HOLDINGS, INC.
	 	 	 
	 	By:	                   
	 	Name:	 
	 	Title:	 

 

 

		6	Must comply with Section 2.02(c) of the Agreement
		7	If no election is made, then the requested Borrowing shall be
an ABR Borrowing
		8	Shall be subject to the definition of “Interest Period.”
Cannot extend beyond the Maturity Date. If an Interest Period is not specified, then the Borrower shall be deemed to have selected an
Interest Period of one month’s duration.

 

    Exhibit B-1 - 1

     

    

 

EXHIBIT B-2

 

[FORM OF] INTEREST ELECTION REQUEST

 

GRID DYNAMICS HOLDINGS, INC.

 

JPMorgan Chase Bank, N.A.

10 South Dearborn, Floor L2

Suite IL1-1145

Chicago, IL, 60603-2300

Attention: Commercial Lending Services

 

Date:

 

Ladies and Gentlemen:

 

This Interest Election Request is furnished pursuant
to Section 2.08(c) of that certain Credit Agreement dated as of March 15, 2022 (as amended, restated, supplemented or otherwise
modified from time to time, the “Agreement”) among Grid Dynamics Holdings, Inc. (the “Borrower”),
the other Loan Parties, the lenders party thereto and JPMorgan Chase Bank, N.A. (“JPMorgan”), as Agent for the Lenders.
Unless otherwise defined herein, capitalized terms used in this Borrowing Request have the meanings ascribed thereto in the Agreement.

 

The Borrower is hereby requesting to convert or
continue certain Borrowings as follows:

 

		1.	Borrowing to which this Interest Election Request applies:

[________________________________]

 

		2.	Date of conversion/continuation (must be a Business Day): [__________________], 20[____]

 

		3.	Currency and amount of Borrowings being converted/continued: [_______] $[_______________]

 

		4.	Nature of conversion/continuation:

		☐	a. Conversion of ABR Borrowings to Term Benchmark Borrowings

		☐	b. Conversion of Term Benchmark Borrowings to ABR Borrowings

		☐	c. Continuation of Term Benchmark Borrowings as such

 

		5.	If Borrowings are being continued as or converted to Term Benchmark Borrowings, the duration of the new Interest Period that commences
on the conversion/continuation date9:

One Month __________ Three Months __________ Six Months __________

 

		6.	The undersigned officer of Borrower certifies that, both before and after giving effect to the request above, no Default or Event
of Default has occurred and is continuing under the Agreement.

 

	 	GRID DYNAMICS HOLDINGS, INC.
	 	 	 
	 	By:	                  
	 	Name:	 
	 	Title:	 

 

 

		9	Shall be subject to the definition of “Interest Period.”
Cannot extend beyond the Maturity Date. If an Interest Period is not specified, then the Borrower shall be deemed to have selected an
Interest Period of one month’s duration.

 

    Exhibit B-2 - 1

     

    

 

EXHIBIT C-1

 

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby made to
the Credit Agreement dated as of March 15, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Grid Dynamics Holdings, Inc., and each lender from time to time party thereto.

 

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

 

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

 

Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]	 
	 	 
	By: 	            	 
	Name: 	 	 
	Title: 	 	 
	 	 
	Date: ________ __, 20[  ]	 

 

    Exhibit C-1 - 1

     

    

 

EXHIBIT C-2

 

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby made to
the Credit Agreement dated as of March 15, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Grid Dynamics Holdings, Inc., and each lender from time to time party thereto.

 

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

 

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

 

Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

 

	[NAME OF PARTICIPANT]	 
	 	 
	By: 	            	 
	Name: 	 	 
	Title: 	 	 
	 	 
	Date: ________ __, 20[  ]	 

 

    Exhibit C-2 - 1

     

    

 

EXHIBIT C-3

 

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby made to
the Credit Agreement dated as of March 15, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Grid Dynamics Holdings, Inc., and each lender from time to time party thereto.

 

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

 

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

 

Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

 

	[NAME OF PARTICIPANT]	 
	 	 
	By: 	            	 
	Name: 	 	 
	Title: 	 	 
	 	 
	Date: ________ __, 20[  ]	 

 

    Exhibit C-3 - 1

     

    

 

EXHIBIT C-4

 

[FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby made to
the Credit Agreement dated as of March 15, 2022 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Grid Dynamics Holdings, Inc., and each lender from time to time party thereto.

 

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

 

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

 

Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]	 
	 	 
	By: 	            	 
	Name: 	 	 
	Title: 	 	 
	 	 
	Date: ________ __, 20[  ]	 

 

    Exhibit C-4 - 1

     

    

 

EXHIBIT E

 

COMPLIANCE CERTIFICATE

 

		To:	The Lenders party to the

Credit Agreement described below

 

This Compliance Certificate
(“Certificate”), for the period ended [_______ __], 20[__], is furnished pursuant to that certain Credit Agreement
dated as of March 15, 2022 (as amended, modified, renewed or extended from time to time, the “Agreement”) among Grid
Dynamics Holdings, Inc. (the “Borrower”), the other Loan Parties, the Lenders party thereto and JPMorgan Chase Bank,
N.A., as Administrative Agent for the Lenders and as the Issuing Bank. Unless otherwise defined herein, capitalized terms used in this
Certificate have the meanings ascribed thereto in the Agreement.

 

THE UNDERSIGNED HEREBY CERTIFIES
THAT:

 

		1.	I am the [_________________] of the Borrower and I am authorized to deliver this Certificate on behalf
of the Borrower and its Subsidiaries;

 

		2.	I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision,
a detailed review of the compliance of the Borrower and its Subsidiaries with the Agreement during the accounting period covered by the
attached financial statements (the “Relevant Period”);

 

		3.	The attached financial statements of the Borrower and, as applicable, its Subsidiaries and/or Affiliates
for the Relevant Period: (a) have been prepared on an accounting basis (the “Accounting Method”) consistent with
the requirements of the Agreement and, except as may have been otherwise expressly agreed to in the Agreement, in accordance with GAAP
consistently applied, and (b) to the extent that the attached are not the Borrower’s annual fiscal year end statements, are
subject to normal year-end audit adjustments and the absence of footnotes;

 

		4.	The examinations described in paragraph 2 did not disclose and I have no knowledge of, except as
set forth below, (a) the existence of any condition or event which constitutes a Default or an Event of Default under the Agreement
or any other Loan Document during or at the end of the Relevant Period or as of the date of this Certificate or (b) any change in
the Accounting Method or in the application thereof that has occurred since the date of the annual financial statements delivered to the
Administrative Agent in connection with the closing of the Agreement or subsequently delivered as required in the Agreement;

 

		5.	I hereby certify that, except as set forth below, no Loan Party has changed (i) its name, (ii) its
chief executive office, (iii) its principal place of business, (iv) the type of entity it is or (v) its state of incorporation
or organization without having given the Administrative Agent the notice required by the Security Agreement;

 

		6.	Schedule I attached hereto sets
forth financial data and computations10 evidencing the Borrower’s
compliance with certain covenants of the Agreement, all of which data and computations are true, complete and correct; and

 

		7.	Schedule II hereto sets forth the computations necessary to determine the Applicable Rate
commencing on the Business Day this Certificate is delivered.

 

Described below are the exceptions,
if any, referred to in paragraph 4 hereof by listing, in detail, the (i) nature of the condition or event, the period during
which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or
event or (ii) change in the Accounting Method or the application thereof and the effect of such change on the attached financial
statements:

 

The foregoing certifications,
together with the computations set forth in Schedule I and Schedule II hereto and the financial statements delivered
with this Certificate in support hereof, are made and delivered this [___] day of [__________, ____].

 

	 	GRID DYNAMICS HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

		10	Schedule I must include detailed calculation tables for
all components of the financial covenant calculations.

 

    Exhibit E - 1

     

    

 

Schedule I to Compliance Certificate

 

Compliance as of _________, ____ with

Provisions of and of the Agreement

 

[Schedule I must include detailed calculation
tables for all components of the financial covenant calculations. Sample calculation tables are set forth below.]

 

    Schedule I - 1

     

    

 

Schedule II to Compliance Certificate

 

Borrower’s Applicable Rate Calculation

 

    Schedule I - 2

     

    

 

EXHIBIT F

 

JOINDER AGREEMENT

 

THIS JOINDER AGREEMENT (this
“Agreement”), dated as of [___________], is entered into between [________________________________], a [_________________]
(the “New Subsidiary”) and JPMORGAN CHASE BANK, N.A., in its capacity as administrative agent (the “Administrative
Agent”) under that certain Credit Agreement dated as of March 15, 2022 (as the same may be amended, modified, extended or restated
from time to time, the “Credit Agreement”) among Grid Dynamics Holdings, Inc. (the “Borrower”),
the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent for the Lenders. All capitalized terms used
herein and not otherwise defined herein shall have the meanings set forth in the Credit Agreement.

 

The New Subsidiary and the
Administrative Agent, for the benefit of the Secured Parties, hereby agree as follows:

 

1. The
New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed to
be a Loan Party under the Credit Agreement and a “Loan Guarantor” for all purposes of the Credit Agreement and shall have
all of the obligations of a Loan Party and a Loan Guarantor thereunder as if it had executed the Credit Agreement. The New Subsidiary
hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Credit
Agreement, including without limitation (a) all of the representations and warranties of the Loan Parties set forth in Article III
of the Credit Agreement, (b) all of the covenants set forth in Articles V and VI of the Credit Agreement and (c) all
of the guaranty obligations set forth in Article X of the Credit Agreement. Without limiting the generality of the foregoing
terms of this paragraph 1, the New Subsidiary, subject to the limitations set forth in Section 10.10 and 10.13 of the
Credit Agreement, hereby guarantees, jointly and severally with the other Loan Guarantors, to the Administrative Agent and the Lenders,
as provided in Article X of the Credit Agreement, the prompt payment and performance of the Guaranteed Obligations in full
when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in accordance with the terms thereof
and agrees that if any of the Guaranteed Obligations are not paid or performed in full when due (whether at stated maturity, as a mandatory
prepayment, by acceleration or otherwise), the New Subsidiary will, jointly and severally together with the other Loan Guarantors, promptly
pay and perform the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal
of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment,
by acceleration or otherwise) in accordance with the terms of such extension or renewal.

 

2. If
required, the New Subsidiary is, simultaneously with the execution of this Agreement, executing and delivering such Collateral Documents
(and such other documents and instruments) as requested by the Administrative Agent in accordance with the Credit Agreement.

 

3. The
address of the New Subsidiary for purposes of Section 9.01 of the Credit Agreement is as follows:

 

4. The
New Subsidiary hereby waives acceptance by the Administrative Agent and the Lenders of the guaranty by the New Subsidiary upon the execution
of this Agreement by the New Subsidiary.

 

5. This
Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of
which together shall constitute one and the same instrument.

 

6. THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

 

IN WITNESS WHEREOF, the New
Subsidiary has caused this Agreement to be duly executed by its authorized officer, and the Administrative Agent, for the benefit of the
Secured Parties, has caused the same to be accepted by its authorized officer, as of the day and year first above written.

 

	 	[NEW SUBSIDIARY]
	 	 
	 	By:	                         
	 	Name:	 
	 	Title:	 
	 	Acknowledged and accepted:
	 	 
	 	JPMORGAN CHASE BANK, N.A.,
	 	as Administrative Agent
	 	 
	 	By:	    
	 	Name:	 
	 	Title:	 

 

 

Exhibit F - 1

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