Document:

Exhibit 10.1

 

Execution Version

 

AMENDMENT
No. 6, dated as of September 20, 2019 (this “Amendment”), among CONCENTRA INC., a Delaware corporation
(as successor by merger to MJ Acquisition Corporation) (the “Borrower”), the several banks and other financial
institutions or entities from time to time party to the Credit Agreement as Lenders (the “Lenders”), JPMORGAN
CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”) and Collateral Agent (the “Collateral
Agent”) and, solely with respect to the last sentence of Section 8, Concentra Holdings, Inc. and the Guarantors set forth
on Schedule I annexed hereto, to the First Lien Credit Agreement dated as of June 1, 2015 (as amended by Amendment No. 1, dated
as of September 26, 2016, Amendment No. 2, dated as of March 20, 2017, Amendment No. 3, dated as of February 1, 2018, Amendment
No. 4, dated as of October 26, 2018 and Amendment No. 5, dated as of April 8, 2019, and as further amended, modified and supplemented
from time to time prior to the date hereof, the “Credit Agreement”, and the Credit Agreement, as amended by
this Amendment, the “Amended Credit Agreement”); capitalized terms used and not otherwise defined herein shall
have the meanings assigned to such terms in the Amended Credit Agreement.

 

WHEREAS, subject to the terms and conditions
of the Credit Agreement, the Borrower may obtain a Term Loan Increase by entering into an Additional Credit Extension Amendment
with the Amendment No. 6 Additional Tranche B-1 Lender (as defined below);

 

WHEREAS, subject to the terms and conditions
of the Credit Agreement, the Borrower may extend the maturity date of the Revolving Commitments by entering into an Additional
Credit Extension Amendment with the Revolving Lenders providing such extension;

 

WHEREAS, the Amendment No. 6 Additional
Tranche B-1 Lender has agreed to make a Tranche B-1 Term Loan pursuant to the Additional 2019 Tranche B-1 Commitment (as defined
in Exhibit A) in a principal amount of $100,000,000;

 

WHEREAS, this Amendment is permitted with
the consent of the Borrower, the Administrative Agent, the Amendment No. 6 Additional Tranche B-1 Lender, the Issuing Bank, the
Swingline Lender and each other Revolving Lender;

 

WHEREAS, pursuant to Section 2.20 of the
Credit Agreement, the Credit Agreement may, without the consent of any other Loan Party, Agent or Lender, be amended as may be
necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of Section
2.20 of the Credit Agreement;

 

WHEREAS, pursuant to Section 9.02 of the
Credit Agreement, certain provisions of the Credit Agreement may, with the consent of Holdings, the Borrower and the Required Lenders,
may be amended;

 

NOW, THEREFORE, in consideration of the
premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, intending to be legally bound hereby, agree as follows:

 

Section 1.             Agreements of the Amendment
No. 6 Additional Tranche B-1 Lender. The Amendment No. 6 Additional Tranche B-1 Lender (i) confirms that it has received
a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein
and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Amendment; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender
or Agent 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 Credit Agreement; (iii) appoints and authorizes the Administrative Agent and
each other Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other
Loan Documents as are delegated to the Administrative Agent or such other Agent, as the case may be, by the terms thereof, together
with such powers as are reasonably incidental thereto; and (iv) agrees that it will be bound by the provisions of the Credit Agreement
as a Lender thereunder and perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement
are required to be performed by it as a Lender.

 

     

    -2-

    

 

The Amendment No. 6 Additional Tranche B-1
Lender hereby commits to provide the Additional 2019 Tranche B-1 Commitment in accordance with Section 2.01 of the Credit Agreement
and as set forth on Schedule II annexed hereto. The Additional 2019 Tranche B-1 Commitment shall be subject to the provisions of
the Amended Credit Agreement and the other Loan Documents shall constitute Commitments thereunder. The Amendment No. 6 Additional
Tranche B-1 Lender hereby irrevocably and unconditionally consents to this Amendment. Additionally, the Revolving Commitment of
each Revolving Lender on the Amendment No. 6 Effective Date shall be as set forth on Schedule II (and, for the avoidance of doubt,
the Revolving Commitment of any Person that was a Revolving Lender immediately prior to the Amendment No. 6 Effective Date and
that is not listed as having a Revolving Commitment on Schedule II shall terminate on the Amendment No. 6 Effective Date immediately
prior to the effectiveness of the other provisions of this Amendment).

 

Section
2.             Amendments to Credit Agreement.
The Credit Agreement is, effective as of the Amendment No. 6 Effective Date (as defined below), hereby amended to delete the stricken
text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined
text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages of the Amended Credit Agreement attached as Exhibit A hereto.

 

Section 3.             Representations and Warranties,
No Default. The Borrower hereby represents and warrants that as of the Amendment No. 6 Effective Date, both immediately
prior to and immediately after giving effect to the Amendment No. 6 transactions to occur on the Amendment No. 6 Effective Date,
(i) no Event of Default or Default has occurred under the Amended Credit Agreement and is continuing and (ii) the representations
and warranties of the Borrower and each Loan Party contained in the Amended Credit Agreement and each other Loan Document are true
and correct in all material respects as of the Amendment No. 6 Effective Date; provided that the solvency representation
will be deemed to have been made as of the Amendment No. 6 Effective Date immediately after giving effect to the effectiveness
of Amendment No. 6; provided, further, that to the extent that such representations and warranties specifically relate
to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided, further,
that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or
similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective
dates.

 

Section 4.             Effectiveness.
This Amendment shall become effective on the date (such date, if any, the “Amendment No. 6 Effective Date”)
that the following conditions have been satisfied:

 

(i)          Execution
of Amendment. The Administrative Agent shall have received executed signature pages hereto from each Loan Party, the Person
named as the “Amendment No. 6 Additional Tranche B-1 Lender” on the signature page hereto (the “Amendment
No. 6 Additional Tranche B-1 Lender”), each Revolving Lender listed on Schedule II, Lenders constituting the Required
Lenders and the Administrative Agent;

 

     

    -3-

    

 

(ii)         Fees
and Interest. The Administrative Agent shall have received payment of (i) all fees and expenses required to be paid or reimbursed
to JPMorgan Chase Bank, N.A., as separately agreed between the Borrower and JPMorgan Chase Bank, N.A. and (ii) all accrued and
unpaid commitment fees and Letter of Credit fees to but excluding the Amendment No. 6 Effective Date;

 

(iii)       Officer’s
Certificate. The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower dated the
Amendment No. 6 Effective Date certifying as to the matters set forth in Section 3;

 

(iv)        Legal
Opinion. The Administrative Agent shall have received a favorable legal opinion dated the Amendment No. 6 Effective Date of
Dechert LLP, as special New York counsel for the Loan Parties in form reasonably satisfactory to the Administrative Agent;

 

(v)        KYC
Information. To the extent not previously delivered, the Administrative Agent shall have received (x) at least three (3) Business
Days prior to the Amendment No. 6 Effective Date, all documentation and other information about the Borrower and the Subsidiary
Loan Parties required under applicable “know your customer” and anti-money laundering rules and regulations, including
the Patriot Act, that has been requested by the Administrative Agent in writing at least 10 Business Days prior to the Amendment
No. 6 Effective Date and (y) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation, at least three (3) Business Days prior to the Amendment No. 6 Effective Date, a Beneficial Ownership Certification
in relation to the Borrower;

 

(vi)       Borrowing
Request. The Administrative Agent shall have received a Borrowing Request in accordance with the requirements of the Amendment
Credit Agreement with respect to the Tranche B-1 Term Loans to be funded pursuant to the Additional 2019 Tranche B-1 Commitment;
and

 

(vii)       Closing
Certificates. The Administrative Agent shall have received
a certificate of the Responsible Officer of each Loan Party dated the Amendment No. 6 Effective Date and certifying:

 

(1)          (A)
that attached thereto is a true and complete copy of the certificate or articles of incorporation, certificate of limited partnership,
certificate of formation or other equivalent constituent and governing documents, including all amendments thereto, of such Loan
Party, certified as of a recent date by the Secretary of State (or other similar official or Governmental Authority) of the jurisdiction
of its organization or by the Secretary or Assistant Secretary or similar officer of such Loan Party or other person duly authorized
by the constituent documents of such Loan Party or (B) that no amendment to the certificate or articles of incorporation, certificate
of limited partnership, certificate of formation or other equivalent constituent and governing documents, including all amendments
thereto, of such Loan Party, has been filed with the Secretary of State (or other similar official or Governmental Authority) of
the jurisdiction of its organization since the foregoing was last provided to the Administrative Agent,

 

(2)          that
attached thereto is a true and complete copy of a certificate as to the good standing of such Loan Party as of a recent date from
the Secretary of State (or other similar official or Governmental Authority) of the jurisdiction of its organization;

 

     

    -4-

    

 

(3)          (A)
that attached thereto is a true and complete copy of the bylaws (or partnership agreement, limited liability company agreement
or other equivalent constituent and governing documents) of such Loan Party as in effect on the Amendment No. 6 Effective
Date and at all times since a date prior to the date of the resolutions described in the following clause (4) or (B) that no amendment
to the bylaws (or partnership agreement, limited liability company agreement or other equivalent constituent and governing documents)
of such Loan Party has been made since the foregoing was last provided to the Administrative Agent,

 

(4)          that
attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors (or equivalent governing body)
of such Loan Party, authorizing the execution, delivery and performance by such Loan Party of this Amendment and, in the case of
the Borrower, the borrowings hereunder, and the execution, delivery and performance of each of the other Loan Documents required
hereby and that such resolutions have not been modified, rescinded or amended and are in full force and effect on the Amendment
No. 6 Effective Date, and

 

(5)          (A)
as to the incumbency and specimen signature of each officer or authorized signatory executing this Amendment or any other Loan
Document delivered in connection herewith on behalf of such Loan Party or (B) that no change to the incumbency and specimen signatures
of such Loan Party has been made since the foregoing was last provided to the Administrative Agent.

 

Section 5.            Counterparts.
This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of
which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a
single instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or any other electronic
transmission shall be effective as delivery of a manually executed counterpart hereof.

 

Section 6.            Applicable Law; Waiver
of Jury Trial; Jurisdiction; Consent to Service of Process. The provisions set forth in Sections 9.09 and 9.10 of the Amended
Credit Agreement are hereby incorporated mutatis mutandis with all references to the “Agreement” therein being
deemed references to this Amendment.

 

Section 7.            Headings. The
headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

Section 8.            Effect of Amendment.
Except as expressly set forth herein, (i) this Amendment shall not by implication or otherwise limit, impair, constitute a
novation or waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent or any other Agent,
in each case under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of
either such agreement or any other Loan Document. This Amendment shall constitute a Loan Document and an Additional Credit Extension
Amendment for purposes of the Amended Credit Agreement and from and after the Amendment No. 6 Effective Date, all references to
the Credit Agreement in any Loan Document and all references in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof” or words of like import referring to the Credit Agreement, shall, unless expressly provided otherwise, refer
to the Amended Credit Agreement. The Borrower hereby consents to this Amendment and confirms that all obligations of the Borrower
under the Loan Documents to which it is a party shall continue to apply to the Credit Agreement as amended hereby. Each Guarantor
hereby (i) acknowledges all of the terms and conditions of this Amendment and confirms that all of its obligations under the Loan
Documents to which it is a party shall continue to apply to the Credit Agreement as amended hereby, and (ii) reaffirms, as of the
date hereof, its guarantee of the Obligations under the Collateral Agreement, and its grant of Liens on the Collateral to secure
the Obligations pursuant to the Security Documents to which it is a party.

 

[Signature pages follow]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned has caused
this Amendment to be executed and delivered by a duly authorized officer as of the date first written above.

 

	 	CONCENTRA INC.
	 	 	 
	 	 	 
	 	By:	/s/ Martin F. Jackson
	 	 	Name: Martin F. Jackson
	 	 	Title: Vice President
	 	 	 
	 	 	 
	 	CONCENTRA HOLDINGS, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Martin F. Jackson
	 	 	Name: Martin F. Jackson
	 	 	Title: Vice President
	 	 	 
	 	 	 
	 	VALOR HEALTHCARE, INC.
	 	CONCENTRA HEALTH SERVICES, INC.
	 	CONCENTRA INTEGRATED SERVICES, INC. 
	 	CONCENTRA OPERATING CORPORATION
	 	CONCENTRA SOLUTIONS, INC.
	 	NATIONAL HEALTHCARE RESOURCES, INC. 
	 	CONCENTRAMARK, INC.
	 	ST. MARY'S MEDICAL PARK PHARMACY, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Martin F. Jackson
	 	 	Name: Martin F. Jackson
	 	 	Title: Vice President

 

[Signature Page to Amendment No. 6]

 

     

     

    

 

	 	AMBULATORY CARE SOLUTIONS, LLC
	 	AMBULATORY CARE SOLUTIONS OF ARKANSAS LLC
	 	AMBULATORY CARE SOLUTIONS OF OHIO LLC 

OCCUPATIONAL HEALTH + REHABILITATION LLC
	 	By: CONCENTRA HEALTH SERVICES, INC.,
	 	its sole member
	 	 	 
	 	 	 
	 	By:	/s/ Martin F. Jackson
	 	 	Name: Martin F. Jackson
	 	 	Title: Vice President
	 	 	 
	 	 	 
	 	CONCENTRA LABORATORY, L.L.C.
	 	By: NATIONAL HEALTHCARE RESOURCES, INC.,
	 	its sole member
	 	 	 
	 	 	 
	 	By:	/s/ Martin F. Jackson
	 	 	Name: Martin F. Jackson
	 	 	Title: Vice President

 

[Signature Page to Amendment No. 6]

 

     

     

    

 

	 	U.S. HEALTHWORKS, INC.
	 	U.S. HEALTHWORKS MEDICAL GROUP OF ALASKA,
	 	L.L.C.
	 	USHW OF CALIFORNIA, INC.
	 	U.S. HEALTHWORKS OF COLORADO, INC.
	 	U.S. HEALTHWORKS OF INDIANA, INC.
	 	U.S. HEALTHWORKS OF KANSAS CITY, INC.
	 	U.S. HEALTHWORKS OF NEW JERSEY, INC.
	 	U.S. HEALTHWORKS MEDICAL GROUP OF OHIO, INC.
	 	U.S. HEALTHWORKS OF PENNSYLVANIA, INC.
	 	USHW OF TEXAS, INC.
	 	U.S. HEALTHWORKS OF WASHINGTON, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Martin F. Jackson
	 	 	Name: Martin F. Jackson
	 	 	Title: Vice President

 

[Signature Page to Amendment No. 6]

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A.,
	 	 
	 	as Administrative Agent, Collateral Agent, a Revolving Lender, Issuing Bank and Swingline Lender
	 	 	 
	 	 	 
	 	By:	/s/ Dawn Lee Lum
	 	 	Name: Dawn Lee Lum
	 	 	Title: Executive Director
	 	 	 
	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,
	 	 	 
	 	as Amendment No. 6 Additional Tranche B-1 Lender
	 	 	 
	 	 	 
	 	By:	/s/ Dawn Lee Lum
	 	 	Name: Dawn Lee Lum
	 	 	Title: Executive Director

 

[Signature Page to Amendment No. 6]

 

     

     

    

 

	 	BANK OF AMERICA, N.A., as a Revolving Lender
	 	 	 
	 	 	 
	 	By:	/s/ Matt Powers
	 	 	Name: Matt Powers
	 	 	Title: Director

 

[Signature Page to Amendment No. 6]

 

     

     

    

 

	 	Credit Suisse AG, Cayman Islands Branch, as a Revolving Lender
	 	 	 
	 	 	 
	 	By:	/s/ Judith Smith
	 	 	Name: Judith Smith
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	 
	 	By:	/s/ Lingzi Huang
	 	 	Name: Lingzi Huang
	 	 	Title: Authorized Signatory

 

[Signature Page to Amendment No. 6]

 

     

     

    

 

	 	Deutsche Bank AG New York Branch, as a Revolving Lender
	 	 	 
	 	 	 
	 	By:	/s/ Yumi Okabe
	 	 	Name: Yumi Okabe
	 	 	Title: Vice President
	 	 	 
	 	 	 
	 	By:	/s/ Michael Strobel
	 	 	Name: Michael Strobel
	 	 	Title: Vice President
	 	 	 

 

[Signature Page to Amendment No. 6]

 

     

     

    

 

	 	Wells Fargo Bank, National Association, as a Revolving Lender
	 	 	 
	 	 	 
	 	By:	/s/ Kent Davis
	 	 	Name: Kent Davis
	 	 	Title: Managing Director

 

[Signature Page to Amendment No. 6]

 

     

     

    

 

	 	[                  ], as a Lender
	 	 	 
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:
	 	 	 
	 	(If a second signature is necessary)
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

[Signature Page to Amendment No. 6]

 

     

     

    

 

SCHEDULE
I

TO AMENDMENT NO. 6

 

SUBSIDIARY LOAN PARTIES

 

		1.	Ambulatory Care Solutions, LLC

		2.	Ambulatory Care Solutions of Arkansas LLC

		3.	Ambulatory Care Solutions of Ohio LLC

		4.	Concentra Health Services, Inc.

		5.	Concentra Integrated Services, Inc.

		6.	Concentra Laboratory, L.L.C.

		7.	ConcentraMark, Inc.

		8.	Concentra Operating Corporation

		9.	Concentra Solutions, Inc.

		10.	National Healthcare Resources, Inc.

		11.	Occupational Health + Rehabilitation LLC

		12.	St. Mary’s Medical Park Pharmacy, Inc.

		13.	U.S. HEALTHWORKS, INC.

		14.	U.S. HEALTHWORKS MEDICAL GROUP OF ALASKA, L.L.C.

		15.	USHW OF CALIFORNIA, INC.

		16.	U.S. HEALTHWORKS OF NEW JERSEY, INC.

		17.	U.S. HEALTHWORKS MEDICAL GROUP OF OHIO, INC.

		18.	U.S. HEALTHWORKS OF PENNSYLVANIA, INC.

		19.	USHW OF TEXAS, INC.

		20.	U.S. HEALTHWORKS OF WASHINGTON, INC.

		21.	Valor Healthcare, Inc.

 

     

     

    

 

SCHEDULE
II

TO AMENDMENT NO. 6

 

	Incremental Term Lender	 	Incremental Term

 Commitment	 
	JPMorgan Chase Bank, N.A.	 	$	100,000,000.00	 
	Total	 	$	100,000,000.00	 

 

	Revolving Lender	 	Revolving Commitment	 
	JPMorgan Chase Bank, N.A.	 	$	26,500,000.00	 
	Bank of America, N.A.	 	$	25,000,000.00	 
	Credit Suisse AG, Cayman Islands Branch	 	$	25,000,000.00	 
	Deutsche Bank AG New York Branch	 	$	16,000,000.00	 
	Wells Fargo Bank, National Association	 	$	7,500,000.00	 
	Total	 	$	100,000,000.00	 

 

     

     

    

EXHIBIT A

 

FIRST LIEN CREDIT AGREEMENT

consisting of a

$1,240,297,917.21

Tranche B-1 Term Loan Facility

and a

$100,000,000

Revolving Credit Facility

dated as ofJune 1, 2015 and

Amended by Amendment No. 1 on September 26, 2016, Amendment No. 2 on March 20, 2017,

Amendment No. 3 on February 1, 2018, Amendment No. 4 on October 26, 2018, Amendment No. 5 on April 8,

 2019 and Amendment No. 6
on September 20, 2019

by and among

CONCENTRA HOLDINGS, INC.,

as Holdings

MJ ACQUISITION CORPORATION,

as the Initial Borrower

CONCENTRA INC.,

as the Borrower

The Lenders Party Hereto from Time to Time

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent and Collateral Agent

JPMORGAN CHASE BANK, N.A.,

DEUTSCHE BANK SECURITIES INC.,

WELLS FARGO SECURITIES, LLC and

MORGAN STANLEY SENIOR FUNDING, INC.

as Joint Lead Arrangers and Joint Bookrunners

 

JPMORGAN CHASE BANK, N.A.,

Credit
Suisse Loan Funding, LLC,

DEUTSCHE BANK SECURITIES INC.,

MORGAN STANLEY SENIOR FUNDING, INC.,

SUMITOMO MITSUI BANKING
CORPORATION and

WELLS FARGO SECURITIES, LLC,

as Joint Lead Arrangers and Joint Bookrunners for Amendment No. 4

 

JPMORGAN CHASE BANK, N.A.,

BOFA
SECURITIES INC.,

Credit
Suisse Loan Funding, LLC,

DEUTSCHE BANK SECURITIES INC., and

WELLS FARGO SECURITIES, LLC,

as Joint Lead Arrangers and Joint Bookrunners for Amendment No. 6

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	
        ARTICLE I

         

        Definitions

         

	SECTION 1.01   	Defined Terms	2
	SECTION 1.02   	Classification of Loans and Borrowings	42
	SECTION 1.03   	Terms Generally	42
	SECTION 1.04   	Accounting Terms; GAAP	43
	SECTION 1.05   	[Reserved]	43
	SECTION 1.06   	Available Amount Transactions	43
	SECTION 1.07   	Pro Forma Calculations	43
	
         

        ARTICLE II

         

        The Credits

         

	SECTION 2.01   	Commitments	45
	SECTION 2.02   	Loans and Borrowings	45
	SECTION 2.03   	Requests for Borrowings	46
	SECTION 2.04   	Swingline Loans	47
	SECTION 2.05   	Letters of Credit	48
	SECTION 2.06   	Funding of Borrowings	51
	SECTION 2.07   	Interest Elections	51
	SECTION 2.08   	Termination and Reduction of Commitments	52
	SECTION 2.09   	Repayment of Loans; Evidence of Debt	53
	SECTION 2.10   	Amortization of Tranche B-1 Term Loans	53
	SECTION 2.11  	Prepayment of Loans	54
	SECTION 2.12   	Fees	56
	SECTION 2.13   	Interest	57
	SECTION 2.14   	Alternate Rate of Interest; Illegality	58
	SECTION 2.15  	Increased Costs	59
	SECTION 2.16   	Break Funding Payments	60
	SECTION 2.17   	Taxes	60
	SECTION 2.18   	Payments Generally; Pro Rata Treatment; Sharing of Setoffs	63
	SECTION 2.19   	Mitigation Obligations; Replacement of Lenders	64
	SECTION 2.20   	Incremental Extensions of Credit	65
	SECTION 2.21   	Extended Term Loans and Extended Revolving Commitments	70
	SECTION 2.22   	Defaulting Lenders	71
	
         

        ARTICLE III

         

        Representations and Warranties

         

	SECTION 3.01   	Organization; Power	72
	SECTION 3.02   	Authorization; Enforceability	73
	SECTION 3.03   	Governmental Approvals; No Conflicts	73
	SECTION 3.04   	Financial Condition; No Material Adverse Effect	73
	SECTION 3.05   	Properties	73
	SECTION 3.06   	Litigation and Environmental Matters	74
	SECTION 3.07   	Compliance with Laws and Agreements	74
	SECTION 3.08   	Investment Company Status	74
	SECTION 3.09   	Taxes	74

 

     

     

    

 

	SECTION 3.10   	ERISA	75
	SECTION 3.11   	Disclosure	75
	SECTION 3.12   	Subsidiaries	75
	SECTION 3.13   	Insurance	75
	SECTION 3.14   	Labor Matters	75
	SECTION 3.15   	Solvency	75
	SECTION 3.16   	Federal Reserve Regulations	75
	SECTION 3.17   	Reimbursement from Third Party Payors	76
	SECTION 3.18   	Fraud and Abuse	76
	SECTION 3.19   	Patriot Act, Etc.	76
	SECTION 3.20   	Security Documents	77
	SECTION 3.21   	Compliance with Healthcare Laws	77
	SECTION 3.22   	HIPAA Compliance	78
	
         

        ARTICLE IV

         

        Conditions

         

	SECTION 4.01   	Closing Date	79
	SECTION 4.02   	Each Credit Event	81
	
         

        ARTICLE V

         

        Affirmative Covenants

         

	SECTION 5.01   	Financial Statements and Other Information	82
	SECTION 5.02   	Notices of Material Events	84
	SECTION 5.03   	Information Regarding Collateral	85
	SECTION 5.04   	Existence; Conduct of Business	85
	SECTION 5.05   	Payment of Obligations	85
	SECTION 5.06   	Maintenance of Properties	85
	SECTION 5.07   	Insurance	85
	SECTION 5.08   	Casualty and Condemnation	86
	SECTION 5.09   	Books and Records; Inspection and Audit Rights	86
	SECTION 5.10   	Compliance with Laws	86
	SECTION 5.11   	Use of Proceeds and Letters of Credit	86
	SECTION 5.12   	Additional Subsidiaries; Succeeding Holdings	86
	SECTION 5.13   	Further Assurances	87
	SECTION 5.14   	Designation of Subsidiaries	87
	SECTION 5.15   	Maintenance of Ratings	87
	SECTION 5.16   	Quarterly Lender Calls	87
	SECTION 5.17   	ERISA Compliance	88
	SECTION 5.18   	Post-Closing Matters	88
	
         

        ARTICLE VI

         

        Negative Covenants

         

	SECTION 6.01   	Indebtedness; Certain Equity Securities	88
	SECTION 6.02   	Liens	91
	SECTION 6.03   	Fundamental Changes	92
	SECTION 6.04   	Investments, Loans, Advances, Guarantees and Acquisitions	93
	SECTION 6.05   	Asset Sales	95
	SECTION 6.06   	Sale and Leaseback Transactions	97

	SECTION 6.07   	Swap Agreements	97

 

    -ii-

     

    

 

	SECTION 6.08   	Restricted Payments; Certain Payments of Indebtedness	97
	SECTION 6.09   	Transactions with Affiliates	100
	SECTION 6.10   	Restrictive Agreements	101
	SECTION 6.11   	Amendment of Material Documents	102
	SECTION 6.12  	Financial Covenant	102
	SECTION 6.13   	Fiscal Year	102
	
         

        ARTICLE VII

         

        Events of Default

         

	SECTION 7.01  	Events of Default	103
	SECTION 7.02   	Borrower’s Right to Cure	105
	SECTION 7.03   	Exclusion of Immaterial Subsidiaries	106
	
         

        ARTICLE VIII

         

        The Agents

         

	SECTION 8.01   	The Agents	106
	SECTION 8.02   	Withholding Taxes	108
	SECTION 8.03   	Certain ERISA Matters	108
	
         

        ARTICLE IX

         

        Miscellaneous

         

	SECTION 9.01   	Notices	109
	SECTION 9.02   	Waivers; Amendments	110
	SECTION 9.03   	Expenses; Indemnity; Damage Waiver	113
	SECTION 9.04   	Successors and Assigns	114
	SECTION 9.05   	Survival	119
	SECTION 9.06   	Counterparts; Integration; Effectiveness	119
	SECTION 9.07   	Severability	119
	SECTION 9.08   	Right of Setoff	119
	SECTION 9.09   	Governing Law; Jurisdiction; Consent to Service of Process	120
	SECTION 9.10   	WAIVER OF JURY TRIAL	120
	SECTION 9.11   	Headings	120
	SECTION 9.12   	Confidentiality	121
	SECTION 9.13   	Interest Rate Limitation	121
	SECTION 9.14   	USA Patriot Act	121
	SECTION 9.15   	Release of Collateral	121
	SECTION 9.16   	No Fiduciary Duty	122
	SECTION 9.17   	Assumption by Concentra	122
	SECTION 9.18   	Material Non-Public Information	122
	SECTION 9.19   	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	123
	SECTION 9.20   	Acknowledgement Regarding Any Supported QFCs	123

 

    -iii-

     

    

 

	SCHEDULES:	 
	 	 
	Schedule 1.01-A	Mortgaged Property
	Schedule 1.01-B	Disqualified Institutions
	Schedule 2.01	Commitments
	Schedule 2.05	Existing Letters of Credit
	Schedule 3.05	Real Property
	Schedule 3.06	Litigation and Environmental Matters
	Schedule 3.12	Subsidiaries
	Schedule 3.13	Insurance
	Schedule 4.01	Local Counsel Jurisdictions
	Schedule 5.20	Post-Closing Matters
	Schedule 6.01	Existing Indebtedness
	Schedule 6.02	Existing Liens
	Schedule 6.04	Existing Investments
	Schedule 6.05	Asset Sales
	Schedule 6.09	Existing Transactions with Affiliates
	Schedule 6.10	Existing Restrictions
	 	 
	EXHIBITS:	 
	 	 
	Exhibit A	Form of Assignment and Assumption
	Exhibit B	Form of Collateral Agreement
	Exhibit C	Form of Perfection Certificate
	Exhibit D	Form of Borrowing Request
	Exhibit E	Form of Interest Election Request
	Exhibit F	Form of Compliance Certificate
	Exhibit G	Form of Solvency Certificate
	Exhibit H	Form of Intercreditor Agreement
	Exhibit I	Form of First Lien Intercreditor Agreement
	Exhibit J	Form of Affiliated Lender Assignment and Assumption
	Exhibits K-1 to K-4	Forms of U.S. Tax Compliance Certificates

 

     

     

    

 

FIRST LIEN CREDIT AGREEMENT dated as of
June 1, 2015, and amended by Amendment No. 1, dated as of September 26, 2016, Amendment No. 2, dated as of March 20, 2017, Amendment
No. 3, dated as of February 1, 2018, Amendment No. 4, dated as of October 26, 2018, Amendment No. 5, dated as of April 8, 2019
and Amendment No. 6, dated as of September 20, 2019, by and among CONCENTRA HOLDINGS, INC., a Delaware corporation (“Holdings”),
MJ ACQUISITION CORPORATION, a Delaware corporation, as the initial borrower (the “Initial Borrower”), CONCENTRA
INC., a Delaware corporation (“Concentra” and, following the consummation of the Merger, the “Borrower”),
the LENDERS party hereto from time to time and JPMORGAN CHASE BANK, N.A., as Administrative Agent and Collateral Agent.

 

Pursuant to the Stock Purchase Agreement,
dated as of March 22, 2015 (as amended, supplemented or modified from time to time, the “Acquisition Agreement”),
by and among the Initial Borrower, Concentra and Humana Inc., the Initial Borrower will directly acquire all of the outstanding
Equity Interests of Concentra on the Closing Date (the “Target Acquisition”).

 

Pursuant to the Agreement and Plan of Merger,
dated as of June 1, 2015 (as amended, supplemented or modified from time to time, the “Merger Agreement”), by
and among the Initial Borrower and Concentra, the Initial Borrower will be merged with and into Concentra on the Closing Date (the
“Merger”), with Concentra surviving as a wholly owned subsidiary of Holdings.

 

Pursuant to an Equity Purchase and Contribution
Agreement (the “Amendment No. 3 Transaction Agreement”), dated as of October 22, 2017, by and among Dignity
Health Holding Corporation, U.S. Healthworks, Inc. (“U.S. Healthworks”), Concentra Group Holdings, LLC, the
Borrower and Concentra Group Holdings Parent, LLC, the Borrower will, directly or indirectly, acquire 100% of the outstanding Equity
Interests of U.S. Healthworks and the other Amendment No. 3 Acquisition Transactions will be consummated.

 

The Initial Borrower has requested that,
substantially simultaneously with the consummation of the Target Acquisition and the Merger, the Lenders extend credit in the form
of (a) to the Initial Borrower, Tranche B Term Loans on the Closing Date in an aggregate principal amount not to exceed $450,000,000
and (b) to the Borrower, Revolving Loans, Swingline Loans and Letters of Credit at any time and from time to time during the Revolving
Availability Period, in an aggregate principal amount at any time outstanding not to exceed $50,000,000. The Borrower has requested
$200,000,000 of additional Tranche B Term Loans be funded on the Amendment No. 1 Effective Date. The Borrower has requested $1,174,174,890
of Tranche B-1 Term Loans be funded on the Amendment No. 3 Effective Date, $25,000,000 of additional Revolving Commitments to become
effective on the Amendment No. 3 Effective Date and $100,000,000 of additional Tranche B-1 Term Loans be funded on the Amendment
No. 6 Effective Date.

 

The proceeds of the Tranche B Term Loans
and any Revolving Loans borrowed on the Closing Date (to the extent incurred for any Permitted Initial Revolving Loan Borrowing
Purposes), together with (a) the proceeds of the Equity Contribution and (b) the proceeds of the borrowing of the Second Lien Term
Loans will be used by the Initial Borrower on the Closing Date, solely (i) to pay the consideration for the Target Acquisition
and (ii) to pay the Transaction Expenses. The proceeds of Revolving Loans borrowed after the Closing Date, Swingline Loans and
Letters of Credit will be used by the Borrower for working capital and general corporate purposes (including Permitted Acquisitions).
The proceeds of the Tranche B Term Loans funded on the Amendment No. 1 Effective Date will be used, together with other available
funds, to repay in full all Second Lien Term Loans outstanding on the Amendment No. 1 Effective Date. The proceeds of the Tranche
B-1 Term Loans funded on the Amendment No. 3 Effective Date will be used, together with other available funds, to fund a portion
of the Amendment No. 3 Transactions on the Amendment No. 3 Effective Date. The proceeds of the additional Tranche B-1 Term Loans
funded on the Amendment No. 6 Effective Date will be used, together with other available funds, to repay in full all Second Lien
Term Loans outstanding on the Amendment No. 6 Effective Date.

 

The Lenders are willing to extend such credit
to the Borrower, and the Issuing Bank is willing to issue Letters of Credit for the account of the Borrower, on the terms and subject
to the conditions set forth herein. Accordingly, 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, are bearing interest at a rate determined
by reference to the Alternate Base Rate.

 

“Acquired Indebtedness”
means, with respect to any specified Person,

 

(a)       Indebtedness
of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or into or became a Restricted
Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person
merging, amalgamating or consolidating with or into, or becoming a Restricted Subsidiary of, such specified Person, and

 

(b)       Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.

 

“Acquisition Agreement”
has the meaning set forth in the preamble to this Agreement.

 

“Additional Credit Extension Amendment”
means an amendment to this Agreement (which may, at the option of the Administrative Agent, be in the form of an amendment and
restatement of this Agreement) and any other applicable Loan Document providing for any Incremental Term Loans, loans under any
Incremental Revolving Commitments, Replacement Term Loans, Extended Term Loans or loans under any Extended Revolving Commitments
which shall be consistent with the applicable provisions of this Agreement relating to Incremental Term Loans, loans under any
Incremental Revolving Commitments, Replacement Term Loans, Extended Term Loans or loans under any Extended Revolving Commitments
and otherwise satisfactory to the Administrative Agent.

 

“Additional Lender” means
any Person that is not an existing Lender and has agreed to provide Incremental Commitments pursuant to Section 2.20.

 

“Additional Tranche B Commitment”
means the commitment of the Additional Tranche B Lender to make Tranche B Term Loans to the Borrower on the Amendment No. 1 Effective
Date. The aggregate principal amount of the Additional Tranche B Commitment is $200,000,000.

 

“Additional Tranche B Lender”
has the meaning set forth in Amendment No. 1.

 

“Additional Tranche B-1 Commitment”
means the commitment of the Amendment No. 3 Additional Tranche B-1 Lender to make Tranche B-1 Term Loans to the Borrower on the
Amendment No. 3 Effective Date. The aggregate principal amount of the Additional Tranche B-1 Commitment is $1,174,174,890 minus
the aggregate principal amount of Converted Tranche B Term Loans.

 

“Additional 2019 Tranche B-1 Commitment”
means the commitment of the Amendment No. 6 Additional Tranche B-1 Lender to make Tranche B-1 Term Loans to the Borrower on the
Amendment No. 6 Effective Date. The aggregate principal amount of the Additional 2019 Tranche B-1 Commitment is $100,000,000.

 

“Adjusted LIBO Rate”
means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary,
to the next 1/100 of 1%) equal to (a) the LIBO Rate for the applicable Class of Loans for such Interest Period multiplied
by (b) the Statutory Reserve Rate.

 

“Administrative Agent”
means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders under the Loan Documents.

 

    -2-

     

    

 

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

 

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

 

“Affiliated Lender” shall
mean a Non-Debt Fund Affiliate or a Debt Fund Affiliate.

 

“Affiliated Lender Assignment and
Assumption” shall have the meaning provided in Section 9.04(d).

 

“Affiliated Lender Register”
shall have the meaning provided in Section 9.04(f).

 

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

 

“Agreement” means this
First Lien Credit Agreement, as the same may be renewed, extended, modified, supplemented, amended or amended and restated from
time to time.

 

“Alternate Base Rate”
means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB
Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for the applicable Class of Loans (after giving
effect to any applicable minimum rate set forth therein) for a one month Interest Period on such day (or if such day is not a Business
Day, the immediately preceding Business Day) plus 1%, provided that, subject to any applicable minimum rate specified for any Class
of Loans in the definition of “LIBO Rate”, the Adjusted LIBO Rate for any day shall be based on the LIBO Rate at approximately
11:00 a.m. London time on such day subject to the interest rate floors set forth therein, if any. Any change in the Alternate Base
Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective
date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively.

 

“Amendment No. 1” means
Amendment No. 1 to this Agreement, dated as of September 26, 2016, by and among the Loan Parties, the Administrative Agent, the
Additional Tranche B Lender and the other Lenders party thereto.

 

“Amendment No. 1 Effective Date”
has the meaning set forth in Amendment No. 1.

 

“Amendment No. 2” means
Amendment No. 2 to this Agreement, dated as of March 20, 2017, by and among the Borrower and the Administrative Agent.

 

“Amendment No. 3” means
Amendment No. 3 to this Agreement, dated as of February 1, 2018, by and among the Loan Parties, the Administrative Agent, the Amendment
No. 3 Additional Tranche B-1 Lender, the Amendment No. 3 Additional Revolving Lender and the other Lenders party thereto.

 

“Amendment No. 3 Acquisition Transactions”
means the Redemption, the Reorganization and the Contemplated Transactions (each as defined in the Amendment No. 3 Transaction
Agreement).

 

“Amendment No. 3 Additional Revolving
Lender” means Credit Suisse AG, Cayman Islands Branch.

 

“Amendment No. 3 Additional Tranche
B-1 Lender” has the meaning set forth in Amendment No. 3.

 

“Amendment No. 3 Consenting Lender”
means each Lender that provided the Administrative Agent with a counterpart to Amendment No. 3 executed by such Lender.

 

“Amendment No. 3 Effective Date”
has the meaning set forth in Amendment No. 3.

 

“Amendment No. 3 Lead Arrangers”
means JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC,
RBC Capital Markets and Morgan Stanley Senior Funding, Inc., in their capacity as joint lead arrangers and joint bookrunners for
Amendment No. 3.

 

    -3-

     

    

 

“Amendment No. 3 Transaction Agreement”
has the meaning set forth in the preamble to this Agreement.

 

“Amendment No. 3 Transactions”
means the Amendment No. 3 Acquisition Transactions, the entry into and effectiveness of Amendment No. 3 and the Second Lien Loan
Documents to be entered into on the Amendment No. 3 Effective Date, the funding of the Tranche B-1 Term Loans pursuant to the Amendment
No. 3 Additional Tranche B-1 Commitment and the Second Lien Term Loans to be funded under the Second Lien Credit Agreement on the
Amendment No. 3 Effective Date, the conversion of Tranche B Term Loans into Tranche B-1 Term Loans, the repayment of the Non-Converted
Tranche B Term Loans, the increase in the Revolving Commitments pursuant to Amendment No. 3 and the payment of fees and expenses
in connection with the foregoing.

 

“Amendment No. 4” means
Amendment No. 4 to this Agreement, dated as of October 26, 2018, by and among the Loan Parties, the Administrative Agent, the Amendment
No. 4 Purchasing Tranche B-1 Lender and the other Lenders party thereto.

 

“Amendment No. 4 Assignment”
means an assignment of Tranche B-1 Term Loans by an Amendment No. 4 Non-Consenting Lender to the Amendment No. 4 Purchasing Tranche
B-1 Lender on the Amendment No. 4 Effective Date pursuant to Section 9.04(g).

 

“Amendment No. 4 Effective Date”
has the meaning set forth in Amendment No. 4.

 

“Amendment No. 4 Lead Arrangers”
means JPMorgan Chase Bank, N.A., Credit Suisse Loan Funding, LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding,
Inc., Sumitomo Mitsui Banking Corporation and Wells Fargo Securities, LLC, in their respective capacities as joint lead arrangers
and joint bookrunners under Amendment No. 4.

 

“Amendment No. 4 Non-Consenting
Lender” means a Lender that is a Non-Consenting Lender with respect to Amendment No. 4.

 

“Amendment No. 4 Purchasing Tranche
B-1 Lender” has the meaning set forth in Amendment No. 4.

 

“Amendment No. 5” means
Amendment No. 5 to this Agreement, dated as of April 8, 2019, by and among the Loan Parties, the Administrative Agent and the other
Lenders party thereto.

 

“Amendment No. 6” means
Amendment No. 6 to this Agreement, dated as of September 20, 2019, by and among the Loan Parties, the Administrative Agent and
the other Lenders party thereto.

 

“Amendment No. 6 Additional Tranche
B-1 Lender” has the meaning set forth in Amendment No. 6.

 

“Amendment No. 6 Effective Date”
has the meaning set forth in Amendment No. 6.

 

“Amendment No. 6 Lead Arrangers”
means JPMorgan Chase Bank, N.A., BofA Securities Inc., Credit Suisse Loan Funding, LLC, Deutsche Bank Securities Inc. and Wells
Fargo Securities, LLC, in their respective capacities as joint lead arrangers and joint bookrunners under Amendment No. 6.

 

“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 by virtue of such Person being organized or operating in such jurisdiction.

 

“Applicable Percentage”
means, with respect to any Revolving Lender, the percentage of the aggregate Revolving Commitments represented by such Lender’s
Revolving Commitment; provided that in the case of Section 2.22 when a Defaulting Lender shall exist, “Applicable
Percentage” shall mean, with respect to any Revolving Lender, the percentage of the total Revolving Commitments (disregarding
any Defaulting Lender’s Revolving Commitment) represented by such Revolving Lender’s Revolving Commitment. If the Revolving
Commitments have terminated or expired, the Applicable Percentage of the Revolving Commitments shall be determined based upon the
Revolving Commitments most recently in effect, giving effect to any assignments that occur thereafter and to any Revolving Lender’s
status as a Defaulting Lender at the time of determination.

 

    -4-

     

    

 

“Applicable Rate” means,
for any day (a) with respect to any Term Loan, (x) on the Amendment No. 4 Effective Date, a percentage per annum equal to (i) for
ABR Loans, 1.75% and (ii) for Eurodollar Loans, 2.75% and (y) thereafter, a percentage per annum equal to (i) for ABR Loans, the
applicable rate per annum set forth below under the caption “Term Loan ABR Spread” and (ii) for Eurodollar Loans, the
applicable rate per annum set forth below under the caption “Term Loan Eurodollar Spread”; provided that (1)
if the ratings established by S&P and Moody’s shall fall within different “Pricing Levels,” then the Applicable
Rate shall be the rate set forth in Level 1, (2) if at any time the Loans and Commitments shall fail to be rated by either S&P
or Moody’s, then Level 1 shall be deemed applicable for the period commencing one (1) Business Day after the date that the
Loans and Commitments cease to be so rated and ending on the date which is one (1) Business Day after the Loans and Commitments
are again rated by both S&P and Moody’s, after which the “Pricing Level” shall be determined in accordance
with the table below, as applicable, and (3) adjustments (other than pursuant to the immediately foregoing subclause (2)), if any,
to the “Pricing Level” then in effect shall be effective one (1) Business Day after the date that a change in a rating
requiring such adjustment is first announced by either S&P or Moody’s, as applicable (it being understood and agreed
that each change in “Pricing Level” shall apply during the period commencing on the effective date of such change and
on the date immediately preceding the effective date of the next such change):

 

	Pricing Level	 	Credit Rating	 	Term Loan ABR Spread	 	 	Term Loan Eurodollar 

Spread	 
	Level 1	 	< B+ (stable) from S&P or B1 (stable) from Moody’s	 	1.75	%	 	2.75	%
	Level 2	 	≥ B+ (stable) from S&P and B1 (stable) from Moody’s	 	1.50	%	 	2.50	%

 

and with respect to (b)(i) any ABR Loan
or Eurodollar Loan that is a Revolving Loan or (ii) the commitment fees payable hereunder in respect of the Revolving Commitments,
as applicable, the applicable rate per annum set forth below under the caption “Revolving Loan ABR Spread”, “Revolving
Loan Eurodollar Spread” or “Commitment Fee Rate”, as applicable, in each case, based upon the First Lien Net
Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section
5.01(c):

 

	First Lien Net Leverage 
 Ratio	 	Revolving Loan ABR 
 Spread	 	 	Revolving Loan
 Eurodollar Spread	 	 	Commitment Fee Rate	 
	Category 1

 ≥ 3.0x	 	1.50	%	 	2.50	%	 	0.50	%
	Category 2

< 3.0x	 	1.25	%	 	2.25	%	 	0.375	%

 

For purposes of the foregoing, (a) the First
Lien Net Leverage Ratio shall be determined on a Pro Forma Basis as of the end of each fiscal quarter of the Borrower based upon
the Borrower’s consolidated financial statements delivered pursuant to Section 5.01(a) or (b) and (b) each change in the
Applicable Rate resulting from a change in the First Lien Net Leverage Ratio shall become effective as of the first Business Day
immediately following the date a Compliance Certificate is delivered pursuant to Section 5.01(c) and end on the date immediately
preceding the effective date of the next such change or, with respect to the Loans that are outstanding as of the Amendment No.
4 Effective Date, as of the most recent Compliance Certificated delivered prior to the Amendment No. 4 Effective Date until the
next Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 5.01(c); provided
that if notification is provided to the Borrower that the Administrative Agent or the Required Lenders have so elected, the First
Lien Net Leverage Ratio shall be deemed to be in Category 1 as of the first Business Day after the date on which a Compliance Certificate
was required to have been delivered but was not delivered, and shall continue to so apply to and including the date on which such
Compliance Certificate is so delivered (and thereafter the pricing level otherwise determined in accordance with this definition
shall apply).

 

    -5-

     

    

 

Notwithstanding the foregoing, (a) the
Applicable Rate in respect of any Class of Incremental Revolving Commitments, any Class of Incremental Term Loans, any Class of
Incremental Revolving Loans, any Class of Extended Term Loans, any Class of Extended Revolving Commitments or any Class of Replacement
Term Loans shall be the applicable percentages per annum set forth in the relevant Additional Credit Extension Amendment and (b) in
the case of the Term Loans of any Class, the Applicable Rate shall be increased as, and to the extent, necessary to comply with
the provisions of Section 2.20.

 

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

 

“Arrangers” means the
Lead Arrangers, the Amendment No. 3 Lead Arrangers, the Amendment No. 4 Lead Arrangers and the Amendment No. 6 Lead Arrangers.

 

“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required
by Section 9.04) and accepted by 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.

 

“Assumption” has the
meaning specified in Section 9.17.

 

“Attributable Indebtedness”
means, on any date, in respect of any Capital Lease Obligation of any Person, the capitalized amount thereof that would appear
as a liability on a balance sheet of such Person prepared as of such date in accordance with GAAP.

 

“Available Amount” means,
at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication:

 

(a)         $25,000,000
plus 50% of the Consolidated Net Income of the Borrower for the period (taken as one accounting period) from the first day
of the Borrower’s fiscal quarter during which the Closing Date occurred to the end of the Borrower’s most recently
ended fiscal quarter for which internal financial statements are available at the time of a Restricted Payment (or, if such Consolidated
Net Income for such period is a deficit, less 100% of such deficit), plus

 

(b)         100%
of the sum of (i) Qualified Proceeds (other than Permitted Investments) and (ii) Permitted Investments, in each case, received
by the Borrower since the Closing Date as a contribution to its equity capital (other than Disqualified Stock) or from the issue
or sale of Equity Interests of the Borrower or any direct or indirect parent company of the Borrower (other than Disqualified Stock
and Cure Amount) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt
securities of the Borrower that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or
Disqualified Stock or debt securities) sold to a Restricted Subsidiary of the Borrower) (it being understood that the amount of
increase pursuant to this clause (b) resulting from the contribution to the Borrower of 30% of the outstanding Equity Interests
of U.S. Healthworks in connection with the Amendment No. 3 Acquisition Transactions shall be deemed to be $238,000,000), plus

 

(c)         an
amount equal to the net reduction in Investments made pursuant to Section 6.04(r) by the Borrower and its Restricted Subsidiaries
resulting from (A) the sale or other disposition (other than to the Borrower or a Restricted Subsidiary) of any such Investment
and (B) repurchases, redemptions and repayments of such Investments and the receipt of any dividends or distributions from
such Investments, plus

 

    -6-

     

    

 

(d)         to
the extent that any Unrestricted Subsidiary of the Borrower is redesignated as a Restricted Subsidiary, an amount equal to the
lesser of (A) the Fair Market Value of the Borrower’s interest in such Subsidiary immediately following such redesignation
and (B) the aggregate amount of the Borrower’s Investments in such Subsidiary pursuant to Section 6.04(r), plus

 

(e)         in
the event the Borrower and/or any Restricted Subsidiary of the Borrower makes any Investment pursuant to Section 6.04(r) in a Person
that, as a result of or in connection with such Investment, becomes a Restricted Subsidiary of the Borrower (and, if such Investment
was made by a Loan Party, such Person becomes a Guarantor), an amount equal to the existing Investment of the Borrower and/or any
of its Restricted Subsidiaries in such Person that was previously treated as a Restricted Payment, plus

 

(f)          Borrower
Retained Prepayment Amounts, minus

 

(g)         any
amount of the Available Amount used to make Investments pursuant to Section 6.04(r) after the Closing Date and prior to such time,
minus

 

(h)         any
amount of the Available Amount used to make Restricted Payments and prepayments of Specified Indebtedness pursuant to Section 6.08(a)(x)
and Section 6.08(b)(iii) after the Closing Date and prior to such time.

 

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

 

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

 

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

 

“Beneficial Owner” has
the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Securities Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange
Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has
the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable
only after the passage of time.

 

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

 

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

 

“Benefit Plan” means
any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) 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”.

 

    -7-

     

    

 

“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.

 

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

 

“Board of Directors”
means:

 

(a)         with
respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of
such board,

 

(b)         with
respect to a partnership, the board of directors of the general partner of the partnership,

 

(c)         with
respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof,
and

 

(d)         with
respect to any other Person, the board or committee of such Person serving a similar function.

 

“Borrower” means (i)
prior to the Merger, the Initial Borrower and (ii) and upon and at any time following the Merger, Concentra.

 

“Borrower Retained Prepayment Amounts”
has the meaning specified in Section 2.11(g).

 

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

 

“Borrowing Request” means
a request by the Borrower for a Borrowing in accordance with Section 2.03; provided that a Borrowing Request shall be substantially
in the form of Exhibit D, or such other form as shall be approved by the Administrative Agent.

 

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

 

“Capital Expenditures”
means, for any period (and without duplication), (a) the additions to property, plant and equipment and other capital expenditures
of the Borrower and any of the Subsidiaries that are (or would be) set forth in a consolidated statement of cash flows of the Borrower
for such period prepared in accordance with GAAP and (b) Capital Lease Obligations incurred by the Borrower and the Subsidiaries
during such period; provided that Capital Expenditures shall not include (i) expenditures to the extent they are made with
the Net Proceeds of the issuance by Holdings of Equity Interests (or capital contributions in respect thereof) after the Closing
Date to the extent not Otherwise Applied, (ii) investments that constitute a portion of the purchase price of a Permitted Acquisition,
(iii) expenditures that constitute a reinvestment of the Net Proceeds of any event described in clause (a) or (b) of the definition
of the term “Prepayment Event”, to the extent permitted by Section 2.11(c), and (iv) the purchase price of equipment
purchased during such period to the extent the consideration therefor consists of any combination of (x) used or surplus equipment
traded in at the time of such purchase and (y) the proceeds of a concurrent sale of used or surplus equipment.

 

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

 

    -8-

     

    

 

“Captive Insurance Subsidiary”
means a Subsidiary established by the Borrower or any of its Subsidiaries for the sole purpose of insuring the business, facilities
and/or employees of the Borrower and its Subsidiaries.

 

“Cash Management Agreement”
means any agreement relating to Cash Management Obligations that is entered into between into by and between the Borrower or any
Restricted Subsidiary and any Qualified Counterparty.

 

“Cash Management Obligations”
means obligations owed by the Borrower or any Restricted Subsidiary to any Qualified Counterparty in respect of (1) any overdraft
and related liabilities arising from treasury, depository and cash management services or any automated clearing house transfers
of funds and (2) the Borrower’s or any Subsidiary’s participation in commercial (or purchasing) card programs at any
Qualified Counterparty (“card obligations”).

 

“CFC” means a “controlled
foreign corporation” within the meaning of Section 957(a) of the Code.

 

“CFC Holdco” means any
U.S. Subsidiary that owns (directly or indirectly) no material assets other than Equity Interests (or Equity Interest and indebtedness)
of one or more non-U.S. subsidiaries that are CFCs.

 

“Change in Law” means
(a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation
or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance
by any Lender or any Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s
or such Issuing Bank’s holding company, if any) with any request, guideline 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, the Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III and all requests, rules, guidelines
or directives thereunder or issued in connection therewith shall be deemed to be a “Change in Law”, regardless of the
date enacted, adopted, or issued; provided, further, that a Lender or Issuing Bank shall be entitled to compensation
with respect to any such adoption set forth in the first proviso to this sentence taking effect, making or issuance becoming effective
after the date of the this Agreement only if it is the applicable Lender or Issuing Bank’s general policy or practice to
demand compensation in similar circumstances under comparable provisions of other financing agreements to the extent it is permitted
to do so.

 

“Change of Control” means:

 

(a)         any
“person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act), other than one or more
Permitted Holders or a Parent, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the total voting power
of the voting Equity Interests of the Borrower; provided that (x) so long as the Borrower is a Subsidiary of any Parent,
no “person” shall be deemed to be or become a Beneficial Owner of more than 50% of the total voting power of the voting
Equity Interests of the Borrower unless such “person” shall be or become a Beneficial Owner of more than 50% of the
total voting power of the voting Equity Interests of such Parent and (y) any voting stock of which any Permitted Holder is the
Beneficial Owner shall not in any case be included in any voting stock of which any such “person” is the Beneficial
Owner,

 

(b)         the
Borrower sells or transfers, in one or a series of related transactions, all or substantially all of the assets of the Borrower
and its Restricted Subsidiaries to, another Person (other than one or more Permitted Holder) and any “person” (as defined
in clause (i) above), other than one or more Permitted Holder or any Parent, is or becomes the Beneficial Owner, directly or indirectly,
of more than 50% of the total voting power of the voting Equity Interests of the transferee Person in such sale or transfer of
assets, as the case may be; provided that (x) so long as such transferee Person is a Subsidiary of a parent Person, no “person”
shall be deemed to be or become a Beneficial Owner of more than 50% of the total voting power of the voting Equity Interests of
such transferee Person unless such “person” shall be or become a Beneficial Owner of more than 50% of the total voting
power of the voting Equity Interests of such parent Person and (y) any voting Equity Interests of which any Permitted Holder is
the Beneficial Owner shall not in any case be included in any voting Equity Interests of which any such “person” is
the Beneficial Owner,

 

    -9-

     

    

 

(c)         the
acquisition of record ownership by any Person other than Holdings of any Equity Interests in the Borrower, or

 

(d)         a
“change of control” (or similar event) shall occur under the Second Lien Credit Agreement or any other instrument governing
Material Indebtedness.

 

“Charges” has the meaning
set forth in Section 9.13.

 

“Class”, means (i) when
used in reference to any Loan or Borrowing, whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Tranche
B Term Loans, Tranche B-1 Term Loans, Incremental Term Loans of any series, Extended Term Loans of any series, Replacement Term
Loans of any series or Swingline Loans, (ii) when used in reference to any Commitment, refers to whether such Commitment is a Revolving
Commitment, a Tranche B Commitment, an Additional Tranche B-1 Commitment, an Additional 2019 Tranche B-1 Commitment or an Incremental
Commitment relating to an additional Class of Loans and (iii) when used in reference to any Lender, refers to whether such Lender
has Loans, Borrowings or Commitments of a particular Class.

 

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

 

“Closing Date” means
the date on which the conditions specified in Section 4.01 are satisfied (or waived), which date occurred on June 1, 2015.

 

“CMS” means the United
States Department of Health and Human Services, Centers for Medicare and Medicaid Services.

 

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

 

“Collateral” means any
and all “Collateral”, as defined in any applicable Security Document and all other property that is from time to time
pledged to secure the Obligations pursuant to any Security Document.

 

“Collateral Agent” means
JPMorgan Chase Bank, N.A., in its capacity as collateral agent for the Secured Parties under this Agreement and any Security Document.

 

“Collateral Agreement”
means the First Lien Guarantee and Collateral Agreement among the Loan Parties and the Collateral Agent, substantially in the form
of Exhibit B.

 

“Collateral and Guarantee Requirement”
means the requirement that:

 

(a)         the
Collateral Agent shall have received from each Loan Party either (i) a counterpart of the Collateral Agreement duly executed and
delivered on behalf of such Loan Party or (ii) in the case of any Person that becomes a Loan Party after the Closing Date, a supplement
to the Collateral Agreement, in the form specified therein, duly executed and delivered on behalf of such Loan Party, subject,
in each case, to the limitations and exceptions set forth in this Agreement and the Security Documents,

 

(b)         all
Obligations (other than, with respect to any Loan Party, any Excluded Swap Obligations of such Loan Party) shall have been unconditionally
guaranteed by Holdings, the Borrower (other than with respect to its direct Obligations as a primary obligor) and each Subsidiary
Loan Party (each, a “Guarantor”),

 

(c)         the
Obligations and the Guarantee shall have been secured by a perfected first-priority security interest (subject to prior Liens to
the extent permitted by Section 6.02) in (i) all the Equity Interests of the Borrower, (ii) all Equity Interests of each Restricted
Subsidiary directly owned by the Borrower or a Subsidiary Loan Party; provided that in the case of any Restricted Subsidiary that
is a CFC or a CFC Holdco, such pledge shall be limited to 65% of the issued and outstanding voting Equity Interests and 100% of
any non-voting Equity Interests (it being understood, for the avoidance of doubt, that any Equity Interest treated as stock entitled
to vote within the meaning of Treasury Regulations Section 1.956-2(c)(2) shall be treated as voting Equity Interests for purposes
of this clause (c)),

 

    -10-

     

    

 

(d)         all
documents and instruments, including Uniform Commercial Code financing statements, required by law or reasonably requested by the
Collateral Agent to be filed, registered or recorded to create the Liens intended to be created by the Collateral Agreement and
perfect such Liens to the extent required by the Collateral Agreement, shall have been executed, filed, registered or recorded
or delivered to the Collateral Agent for filing, registration or recording,

 

(e)         the
Collateral Agent shall have received (i) counterparts of a Mortgage with respect to each Mortgaged Property duly executed and delivered
by the record owner of such Mortgaged Property, (ii) a policy or policies of title insurance issued by a nationally recognized
title insurance company insuring the Lien of each such Mortgage as a valid first priority Lien on the Mortgaged Property described
therein, free of any other Liens except as expressly permitted by Section 6.02 in amounts reasonably acceptable to the Collateral
Agent (not to exceed 100% of the Fair Market Value of such Mortgaged Property in jurisdictions that impose mortgage recording taxes
or 110% otherwise), together with such endorsements, coinsurance and reinsurance as the Collateral Agent or the Required Lenders
may reasonably request, and such surveys, appraisals, legal opinions and other documents as the Collateral Agent or the Required
Lenders may reasonably request with respect to any such Mortgage or Mortgaged Property, and

 

(f)          each
Loan Party shall have obtained all material consents and approvals required to be obtained by it in connection with the execution
and delivery of all Security Documents to which it is a party, the performance of its obligations thereunder and the granting by
it of the Liens thereunder.

 

Notwithstanding anything to the contrary
in this Agreement or any Security Document, no Loan Party shall be required to pledge or grant security interests (i) in particular
assets if, in the reasonable judgment of the Administrative Agent or the Collateral Agent, the costs (including any adverse tax
consequences) of creating or perfecting such pledges or security interests in such assets (including any title insurance or surveys)
are excessive in relation to the benefits to the Lenders therefrom, (ii) in any owned real property other than Material Real Property,
(iii) in any leasehold interests, and (iv) with respect to any Excluded Assets.

 

The Collateral Agent may grant extensions
of time for the perfection of security interests in, or the delivery of the Mortgages and the obtaining of title insurance and
surveys with respect to, particular assets and the delivery of assets (including extensions beyond the Closing Date for the perfection
of security interests in the assets of the Loan Parties on such date) where it determines, in consultation with the Borrower, that
perfection cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required
by this Agreement or the Security Documents. Notwithstanding any provision of any Loan Document to the contrary, if a mortgage
tax or any similar tax or charge will be owed on the entire amount of the Obligations evidenced hereby, then the amount secured
by the applicable Mortgage shall be limited to 100% of the fair market value of the Mortgaged Property at the time the Mortgage
is entered into if such limitation results in such mortgage tax or similar tax or charge being calculated based upon such fair
market value.

 

No actions in any non-U.S. jurisdiction
or required by the laws of any non-U.S. jurisdiction shall be required in order to create any security interests in assets located
or titled outside of the U.S. or to perfect such security interests, including any intellectual property registered in any non-U.S.
jurisdiction (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any
non-U.S. jurisdiction).  Except as set forth in the next sentence, perfection by possession with respect to any item of Collateral
shall not be required. Control agreements and perfection by control shall not be required with respect to Collateral requiring
perfection through control agreements or perfection by “control” (as defined in the Uniform Commercial Code) (including
deposit accounts or other bank accounts or securities accounts), other than in respect of certificated Equity Interests of the
Borrower and wholly owned Restricted Subsidiaries that are Material Subsidiaries directly owned by the Loan Parties otherwise required
to be pledged pursuant to the provisions of clause (c) of this definition of “Collateral and Guarantee Requirement”
and not otherwise constituting an Excluded Asset.

 

“Commitment” means a
Revolving Commitment, a Tranche B Commitment, any Commitment in respect of an Incremental Extension of Credit or any combination
thereof (as the context requires).

 

    -11-

     

    

 

“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.

 

“Competitors” means any
Person who is not an Affiliate of a Loan Party and who engages (or whose Affiliate engages), as its primary business, in the same
or similar business as a material business of the Loan Parties.

 

“Compliance Certificate”
means a certificate substantially in the form of Exhibit F.

 

“Compliance Date” means
the last day of any Test Period (commencing with September 30, 2015) if on such day the aggregate Revolving Exposure exceeds
30% of the aggregate Revolving Commitments, excluding, for purposes of calculating such Revolving Exposure, (a) LC Exposure
in respect of Letters of Credit that have been cash collateralized in a manner reasonably satisfactory to the applicable Issuing
Bank and the Administrative Agent and in a face amount equal to 105% of the outstanding amount of the applicable LC Exposure in
respect thereof) and (b) LC Exposure in respect of undrawn Letters of Credit in an aggregate amount not exceeding $10,000,000.
For purposes of this definition, Revolving Commitments shall be deemed to include (x) any Extended Revolving Commitments in respect
thereof and (y) unless the Lenders thereunder opt out of the Financial Covenant, any Refinancing Revolving Commitments in respect
thereof.

 

“Concentra” has the meaning
set forth in the preamble to this Agreement.

 

“Consolidated EBITDA”
means, for any period, Consolidated Net Income for such period, plus

 

(a)         without
duplication and to the extent deducted (and not added back or excluded) in determining such Consolidated Net Income for such
period (except in the case of clause (xiii)), the sum of: (i) consolidated interest expense of the Borrower and its
Restricted Subsidiaries for such period determined in accordance with GAAP, (ii) consolidated income tax expense of the
Borrower and its Restricted Subsidiaries for such period, (iii) all amounts attributable to depreciation and
amortization expense of the Borrower and its Restricted Subsidiaries for such period, (iv) any non-cash charges for such
period (but excluding (A) any non-cash charge in respect of amortization of a prepaid cash item that was included in
Consolidated Net Income in a prior period and (B) any non-cash charge that relates to the write-down or write-off of
inventory or accounts receivable); provided that if any non-cash charges referred to in this clause (iv) represents an
accrual or reserve for potential cash items in any future period, (1) the Borrower may elect not to add back such non-cash
charge in the current period and (2) to the extent the Borrower elects to add back such non-cash charge, the cash payment in
respect thereof in such future period shall be subtracted from Consolidated EBITDA in such future period to such extent paid,
(v) any net after-tax gains or losses realized upon the disposition of assets outside the ordinary course of business
(including any gain or loss realized upon the disposition of any Equity Interests of any Person) and any net gains or losses
on disposed, abandoned and discontinued operations (including in connection with any disposal thereof) and any accretion or
accrual of discounted liabilities, (vi) any non-recurring out-of-pocket expenses or charges for the period (including,
without limitation, any premiums, make-whole or penalty payments) relating to any offering of Equity Interests by the
Holdings, the Borrower or any other direct or indirect parent company of the Borrower or merger, recapitalization or
acquisition transactions made by the Borrower or any of its Restricted Subsidiaries, or any Indebtedness incurred or
repaid by the Borrower or any of its Restricted Subsidiaries (in each case, whether or not successful), (vii) any
Transaction Expenses made or incurred by the Borrower and its subsidiaries in connection with the Transactions that are paid
or accrued within 180 days of the consummation of the Transactions (including retention payments paid as an incentive to
retained employees in connection with the Transactions), (viii) other cash expenses incurred during such period in
connection with a Permitted Acquisition to the extent that such expenses are reimbursed in cash during such period pursuant
to indemnification provisions of any agreement relating to such transaction, (ix) fees paid by the Borrower or any of
its Restricted Subsidiaries to any Permitted Holders and/or any of their Affiliates under Section 6.09(h), (x) any
non-cash costs or expenses, incurred pursuant to any management equity plan, stock option plan or any other management or
employee benefit plan or agreement or any stock subscription or shareholder agreement, (xi) Consolidated Net Income
attributable to non-controlling interests of a Restricted Subsidiary (less the amount of any mandatory cash distribution with
respect to any non-controlling interest other than in connection with a proportionate discretionary cash distribution with
respect to the interest held by the Borrower or any Restricted Subsidiary), (xii) earn-out and contingent consideration
obligations (including to the extent accounted for as bonuses, compensation or otherwise) and adjustments thereof and
purchase price adjustments, in each case in connection with any acquisitions, (xiii) the amount of
extraordinary, unusual or non-recurring charges or any costs, charges, accruals, reserves or expenses attributable to the
undertaking and/or implementation of cost savings initiatives and operating expense reductions, restructuring and similar
charges, severance, relocation costs, integration and facilities opening costs and other business optimization expenses,
signing costs, retention or completion bonuses, transition costs, costs related to closure/consolidation of facilities and
curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension
liabilities), (xiv) (A) pro forma “run rate” cost savings, operating expense reductions and synergies related to
the Transactions that are reasonably identifiable, factually supportable and projected by the Borrower in good faith to
result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be
taken (in the good faith determination of the Borrower) within 12 months after the Closing Date, subject to an aggregate cap
of $36,000,000 of such cost savings, operating expense reductions and synergies in any Test Period that ends within two years
after the Closing Date, and (B) pro forma “run rate” cost savings, operating expense reductions and synergies
(including post-acquisition price or administration fee increases) related to acquisitions, dispositions and other specified
transactions following the Closing Date, restructurings, cost savings initiatives and other initiatives that are reasonably
identifiable, factually supportable and projected by the Borrower in good faith to from actions that have been taken or with
respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the
Borrower) within 18 months after such acquisition, disposition or other specified transaction, restructuring, cost
savings initiative or other initiative, (xv) any reduction in Consolidated Net Income for such period attributable to
facilities open and operating for a period of 18 months or less as of the end of the relevant test period, (xvi) any net
unrealized gain or loss (after any offset) resulting from currency transaction or translation gains or losses and any net
gains or losses related to currency remeasurements of Indebtedness (including intercompany indebtedness and foreign currency
hedges for currency exchange risk) and (xvii) cash expenses incurred during such period in connection with extraordinary
casualty events to the extent such expenses are reimbursed in cash by insurance during such period, minus

 

    -12-

     

    

 

(b)         without
duplication, other non-cash items (other than the accrual of revenue in accordance with GAAP consistently applied in the ordinary
course of business) increasing Consolidated Net Income for the period (excluding any such non-cash item to the extent it represents
the reversal of an accrual or reserve for potential cash item in any prior period), and

 

(c)         (without
duplication) plus unrealized losses and minus unrealized gains in each case in respect of Swap Agreements, as determined
in accordance with GAAP.

 

Notwithstanding the foregoing, Consolidated
EBITDA for the fiscal quarters ended June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015 shall be $39,019,000,
$33,556,000, $25,418,000 and $34,004,000, respectively. For the avoidance of doubt, Consolidated EBITDA shall be calculated, including
pro forma adjustments, in accordance with Section 1.07 with respect to events occurring following the Closing Date.

 

“Consolidated First Lien Net Indebtedness”
means, as of any date of determination, (a) the principal amount of Indebtedness described in clause (a) of the definition
of “Consolidated Total Net Indebtedness” outstanding on such date that is secured by a Lien on any assets of the Loan
Parties but excluding any such Indebtedness in which the applicable Liens are expressly subordinated to the Liens securing the
Obligations minus (b) the aggregate amount of unrestricted cash and Permitted Investments, in each case, included on the
consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of such date.

 

    -13-

     

    

 

“Consolidated Net Income”
means, for any period, the net income or loss of the Borrower and its Restricted Subsidiaries for such period determined on a consolidated
basis in accordance with GAAP and before any reduction in respect of preferred stock dividends; provided that there shall
be excluded from Consolidated Net Income (a) the net income of any Person that is not a Restricted Subsidiary of the Borrower or
that is accounted for by the equity method of accounting; provided that Consolidated Net Income of the Borrower will be
increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent subsequently
converted into cash) or Permitted Investments to the Borrower or a Restricted Subsidiary thereof in respect of such period, to
the extent not already included therein (and if such net income is a loss, it will be included only to the extent that such loss
has been funded with cash by the Borrower or a Restricted Subsidiary of the Borrower), (b) the cumulative effect of a change in
accounting principles during such period to the extent included in Consolidated Net Income, (c) any gains or losses (less all fees,
expenses and charges relating thereto) attributable to any sale of assets outside the ordinary course of business, the disposition
of any Equity Interests of any Person or any of its Restricted Subsidiaries, or the extinguishment of any Indebtedness of such
Person or any of its Restricted Subsidiaries, in each case, other than in the ordinary course of business, (d) any extraordinary,
unusual or non-recurring gain or loss, together with any related provision for taxes on such extraordinary, unusual or non-recurring
gain or loss for such period, (e) income or losses attributable to discontinued operations (including, without limitation, operations
disposed during such period whether or not such operations were classified as discontinued), (f) any non-cash charges (i) attributable
to applying the purchase method of accounting in accordance with GAAP, (ii) resulting from the application of Accounting Standards
Codification (“ASC”) Topic 350 or ASC Topic 360, and (iii) relating to the amortization of intangibles
resulting from the application of ASC Topic 805, (g) all non-cash charges relating to employee benefit or other management or stock
compensation plans of the Borrower or a Restricted Subsidiary (excluding any such non-cash charge to the extent that it represents
an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense incurred in a prior period)
to the extent that such non-cash charges are deducted in computing Consolidated Net Income; provided, that if the Borrower
or any Restricted Subsidiary of the Borrower makes a cash payment in respect of such non-cash charge in any period, such cash payment
will (without duplication) be deducted from the Consolidated Net Income of the Borrower for such period, (h) all unrealized gains
and losses relating to hedging transactions and mark-to-market of Indebtedness denominated in foreign currencies resulting from
the application of ASC Topic 830 and (i) any unrealized foreign currency translation gains or losses, including in respect
of Indebtedness of any Person denominated in a currency other than the functional currency of such Person. Notwithstanding the
foregoing, for purposes of calculating the “Available Amount”, Consolidated Net Income of any Restricted Subsidiary
of the Borrower will be excluded to the extent that the declaration or payment of dividends or other distributions by that Restricted
Subsidiary of that net income is not at the date of determination permitted by a Requirement of Law (that has not been obtained)
or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute,
rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders; provided that Consolidated
Net Income of the Borrower shall be increased by the amount of dividends or distributions or other payments that are actually paid
in cash or Permitted Investments to (or to the extent subsequently converted into cash or Permitted Investments by) the Borrower
or a Restricted Subsidiary (subject to provisions of this clause (b)) during such period, to the extent not previously included
therein.

 

“Consolidated Practice”
means any therapist- or physician-owned professional organization, association or corporation that employs or contracts with physicians
and has entered into a management services agreement with the Borrower or any other Subsidiary, the accounts of which are consolidated
with the Borrower and its subsidiaries in accordance with GAAP.

 

“Consolidated Secured Net Indebtedness”
means, as of any date of determination, (a) the principal amount of Indebtedness described in clause (a) of the definition
of “Consolidated Total Net Indebtedness” outstanding on such date that is secured by a Lien on any assets of the Loan
Parties minus (b) the aggregate amount of unrestricted cash and Permitted Investments, in each case, included on the consolidated
balance sheet of the Borrower and its Restricted Subsidiaries as of such date.

 

“Consolidated Total Net Indebtedness”
means, as of any date of determination, (a) the aggregate principal amount of Indebtedness of the Borrower and its Restricted Subsidiaries
outstanding on such date consisting of Indebtedness for borrowed money, Attributable Indebtedness, purchase money debt, unreimbursed
amounts under letters of credit (subject to the proviso below) and all Guarantees of the foregoing, in each case (except in the
case of Guarantees) in an amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in
accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of acquisition
accounting in connection with the Transactions or any acquisition constituting an Investment permitted under this Agreement) minus
(b) the aggregate amount of unrestricted cash and Permitted Investments included on the consolidated balance sheet of the Borrower
and its Restricted Subsidiaries as of such date; provided that Consolidated Total Net Indebtedness shall not include Indebtedness
in respect of (i) letters of credit, except to the extent of unreimbursed amounts under commercial letters of credit that are not
reimbursed within three (3) Business Days after such amount is drawn and (ii) Unrestricted Subsidiaries. For the avoidance of doubt,
obligations under Swap Agreements permitted by Section 6.07 do not constitute Consolidated Total Net Indebtedness.

 

    -14-

     

    

 

“Contract Consideration”
has the meaning set forth in the clause (k) of the definition of “Excess Cash Flow.”

 

“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.

 

“Converted Tranche B Term Loan”
means each Tranche B Term Loan held by an Amendment No. 3 Consenting Lender on the Amendment No. 3 Effective Date that has indicated
on its counterpart to Amendment No. 3 that it has consented to its Tranche B Term Loans being converted to Tranche B-1 Term Loans
(or, if less, the amount notified to such Lender by the Administrative Agent prior to the Amendment No. 3 Effective Date) immediately
prior to the effectiveness of Amendment No. 3.

 

“Corporate Practice of Medicine
Laws” means all laws, regulations, common law, and attorney general opinions in whatever form, that prohibit any Person
other than a licensed physician or professional corporation or professional association whose shareholders are exclusively licensed
physicians from employing licensed physicians to provide professional medical services.

 

“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 set forth in Section 9.20.

 

“Cure Amount” has the
meaning specified in Section 7.02(a).

 

“Cure Right” has the
meaning specified in Section 7.02(a).

 

“Debt Fund Affiliate”
shall mean any Affiliate of the Borrower that is a bona fide debt fund or an investment vehicle that is engaged in or advises funds
or other investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds
and similar extensions of credit or securities in the ordinary course and with respect to which any Permitted Investor does not,
directly or indirectly, possess the power to direct or cause the direction of the investment policies of such Affiliate.

 

“Declined Proceeds” has
the meaning specified in Section 2.11(g).

 

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

 

“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.

 

    -15-

     

    

 

 

“Defaulting Lender” means
any Revolving Lender that (a) has failed, within three (3) Business Days of the date required to be funded or paid, to (i) fund
any portion of its Revolving Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii)
pay over to the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender any other amount required to be
paid by it hereunder, unless, in the case of clause (i) above, such Revolving Lender notifies the Administrative Agent in writing
that such failure is the result of such Revolving 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
the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender in writing, or has made a public statement
to the effect, that it does not intend or expect to comply with (i) any of its funding obligations under this Agreement (unless
such writing or public statement indicates that such position is based on such Revolving 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 (ii) its funding obligations generally under other agreements in which it commits to extend credit,
(c) has failed, within three (3) Business Days after written request by the Administrative Agent, acting in good faith, to provide
a certification in writing from an authorized officer of such Revolving Lender that it will comply with its obligations (and is
financially able to meet such obligations) to fund prospective Revolving Loans and participations in then outstanding Letters of
Credit and Swingline Loans under this Agreement; provided that such Revolving Lender shall cease to be a Defaulting Lender
pursuant to this clause (c) upon such Loan Party’s receipt of such certification in form and substance reasonably satisfactory
to it and the Administrative Agent, (d) has become the subject of a Bankruptcy Event or a Bail-In Action, or (e) has failed at
any time to comply with the provisions of Section 2.18(c) with respect to purchasing participations from the other Lenders, whereby
such Lender’s share of any payment received, whether by setoff or otherwise, is in excess of its pro rata share of
such payments due and payable to all of the Lenders.

 

“Disqualified Institutions”
means (a) the Persons identified in Schedule 1.01-B, (b) any Competitors of the Borrower and their Subsidiaries (other than
bona fide fixed income investors or debt funds) that (i) are listed on Schedule 1.01-B and (ii) on or after the
Closing Date, have been specified in writing by the Borrower to the Administrative Agent from time to time in the form of an update
to such Schedule, (c) Affiliates of such Persons set forth in clauses (a) and (b) above (in the case of Affiliates of such Persons
set forth in clause (b) above other than bona fide fixed income investors or debt funds) that (i)(A) are listed on Schedule 1.01-B
and (B) on or after the Closing Date, have been specified in writing by the Borrower to the Administrative Agent from time to time
in the form of an update to such Schedule or (ii) are clearly identifiable as an Affiliate of such Persons solely on the basis
of the similarity of such Affiliate’s name to the name of the listed Person and (d) Excluded Parties; provided, that,
until the disclosure of the identity of a Disqualified Institution or Affiliate of a Disqualified Institution to the Lenders generally
by the Administrative Agent, such Person shall not constitute a Disqualified Institution; provided, further that,
to the extent Persons are identified as Disqualified Institutions in writing by the Borrower to the Administrative Agent after
the Closing Date pursuant to clauses (b)(ii) or (c)(i)(B), the inclusion of such Persons as Disqualified Institutions shall not
retroactively apply to prior assignments or participations in respect of any Loan under this Agreement or to any Person that was
a party to a pending trade at the time such update would have otherwise become effective pursuant to the following sentence. Updates
to Schedule 1.01-B shall become effective three (3) Business Days after being posted to the Lenders. The Administrative
Agent shall not be responsible for monitoring the list of Disqualified Institutions and shall not have any liability in connection
therewith. Notwithstanding the foregoing, the Borrower, by written notice to the Administrative Agent, may from time to time in
its sole discretion remove any entity from Schedule 1.01-B (or otherwise modify such list to exclude any particular entity), and
such entity removed or excluded from Schedule 1.01-B shall no longer be a Disqualified Institution for any purpose under this Agreement
or any other Loan Document. All updates to the list of Disqualified Institutions shall be sent to JPMDQ_Contact@jpmorgan.com and,
if not so delivered, shall be deemed not received and not effective. A Lender may provide the list to any potential assignee or
participant on a confidential basis in accordance with Section 9.12 hereof for the purpose of verifying whether such Person is
a Disqualified Institution.

 

    -16-

     

    

 

“Disqualified Stock”
means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible
or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other
than solely for Qualified Preferred Stock), pursuant to a sinking fund obligation or otherwise (except as a result of a change
of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale
event shall be subject to the prior repayment in full of the Loans and all other Obligations (other than (i) contingent indemnification
obligations as to which no claim has been asserted and (ii) obligations under treasury services agreements or obligations under
secured hedge agreements not then due and payable) that are accrued and payable and the termination of the Commitments and the
termination of all outstanding Letters of Credit (unless the outstanding amount of the LC Exposure related thereto has been cash
collateralized, back-stopped by a letter of credit in form and substance, and issued by a letter of credit issuer, reasonably satisfactory
to the applicable Issuing Bank and in a face amount equal to 105% of the outstanding amount of the applicable LC Exposure in respect
thereof), or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank)), (b) is redeemable
at the option of the holder thereof (other than solely for Qualified Preferred Stock and other than as a result of a change of
control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event
shall be subject to the prior repayment in full of the Loans and all other Obligations (other than (i) contingent indemnification
obligations as to which no claim has been asserted and (ii) obligations under treasury services agreements or obligations under
secured hedge agreements not then due and payable) that are accrued and payable and the termination of the Commitments and the
termination of all outstanding Letters of Credit (unless the outstanding amount of the LC Exposure related thereto has been cash
collateralized, back-stopped by a letter of credit in form and substance, and issued by a letter of credit issuer, reasonably satisfactory
to the applicable Issuing Bank and in a face amount equal to 105% of the outstanding amount of the applicable LC Exposure in respect
thereof, or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank)), in whole or in part,
(c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Indebtedness
or any other Equity Interests that would constitute Disqualified Stock, in each case, prior to the date that is 91 days after the
Latest Maturity Date at the time of issuance of such Equity Interests; provided, that if such Equity Interests are issued
pursuant to a plan for the benefit of future, current or former employees, directors, officers, members of management or consultants
of Holdings (or a Parent), the Borrower or the Restricted Subsidiaries or by any such plan to such employees, directors, officers,
members of management or consultants, such Equity Interests shall not constitute Disqualified Stock solely because they may be
permitted to be repurchased by Holdings, the Borrower or its Restricted Subsidiaries in order to satisfy applicable statutory or
regulatory obligations or as a result of such employee’s, director’s, officer’s, management member’s or
consultant’s termination of employment or service, as applicable, death or disability.

 

 

“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.

 

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

 

“Domestic Subsidiary”
means any Subsidiary incorporated or organized under the laws of the United States of America, any State thereof or the District
of Columbia.

 

“ECF Percentage” means
50%; provided that the ECF Percentage with respect to Excess Cash Flow for any year shall instead be (x) 25% in the event
that the Secured Net Leverage Ratio on the last day of such year is less than or equal to 4.25 to 1.0 and greater than 3.75 to
1.0 and (y) 0% in the event that the Secured Net Leverage Ratio on the last day of such year is less than 3.75 to 1.0.

 

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

 

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

 

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

 

    -17-

     

    

 

“Environment” means
ambient air, indoor air, surface water, groundwater, drinking water, land surface, sediments, and subsurface strata & natural
resources such as wetlands, flora and fauna.

 

“Environmental Laws”
means all laws (including the common law), rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices
or binding agreements issued, promulgated or entered into by or with any Governmental Authority, relating in any way to the Environment,
the preservation or reclamation of or damage to natural resources, the presence, management, storage, treatment, transports, exposure
to, Release or threatened Release of any Hazardous Material, or to health and safety matters.

 

“Environmental Liability”
means liabilities, obligations, damages, claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs
(including administrative oversight costs, natural resource damages and medical monitoring, investigation or remediation costs),
whether contingent or otherwise, arising out of or relating to (a) compliance or non-compliance with any Environmental Law, (b)
the generation, use, handling, transportation, storage or treatment of any Hazardous Materials, (c) exposure to any Hazardous Materials,
(d) the Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement
pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

“Equity Contribution”
means, collectively, (a) the direct or indirect contribution on the Closing Date by the Permitted Investors to the Borrower
of an aggregate amount of cash equity (which, in respect of any equity of the Borrower other than common equity, shall be on terms
reasonably acceptable to the Arrangers) that represents not less than 30% of the sum of (1) the aggregate gross proceeds of Tranche
B Term Loans, excluding the aggregate gross proceeds of any increase in the Tranche B Term Loans to fund OID or upfront fees pursuant
to the “flex” provisions of the Fee Letter, (2) the aggregate gross proceeds received from the initial Revolving
Borrowing to the extent funding a Permitted Initial Revolving Loan Borrowing Purpose, (3) the aggregate principal amount of
the Second Lien Term Loans and (4) the amount of such cash equity contributed, in each case on the Closing Date.

 

“Equity Interests” means
shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a
trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any such equity interest from the issuer thereof (but excluding any debt security that is convertible into,
or exchangeable for, any of the foregoing).

 

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

 

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

 

“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) a failure to satisfy the minimum funding standard
under Section 412 of the Code or Section 302 of ERISA, whether or not waived, occurs with respect to any Plan, (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 or Multiemployer Plan, (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title
IV of ERISA with respect to the termination of any Plan, (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or
a plan administrator of any written notice relating to an intention to terminate any Plan or Multiemployer Plan or to appoint a
trustee to administer any Plan or Multiemployer Plan, (f) the receipt by the Borrower or any ERISA Affiliate of any written notice
relating to the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial
withdrawal from any Plan or Multiemployer Plan, (g) the withdrawal of the Borrower or any of its ERISA Affiliates from a Plan subject
to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” (as defined in Section
4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, (h) the
receipt by the Borrower or any ERISA Affiliate of any written notice, or the receipt by any Multiemployer Plan from the Borrower
or any ERISA Affiliate of any written notice, concerning a determination that a Multiemployer Plan is, or is expected to be, insolvent
or in reorganization, within the meaning of Title IV of ERISA or that a Multiemployer Plan is in “critical” status
(within the meaning of Section 432 of the Code or Section 305 of ERISA) or (i) the occurrence of a non-exempt prohibited transaction
(within the meaning of Section 406 of ERISA or Section 4975 of the Code) with respect to any Plan.

 

    -18-

     

    

 

“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.

 

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

 

“Event of Default” has
the meaning assigned to such term in Section 7.01.

 

“Excess Cash Flow” means,
for any fiscal year of the Borrower, commencing with and including the fiscal year ending on December 31, 2016, the sum (without
duplication) of:

 

(a)       Consolidated
Net Income for such fiscal year, adjusted to exclude any gains or losses attributable to Prepayment Events, plus

 

(b)       depreciation,
amortization and other non-cash charges or losses (including deferred income taxes) deducted in determining such Consolidated Net
Income for such fiscal year, plus

 

(c)       the
amount, if any, by which Net Working Capital decreased during such fiscal year (except as a result of reclassification of items
from short-term to long-term), minus

 

(d)       the
sum of (i) any non-cash gains or non-cash items of income included in determining Consolidated Net Income for such fiscal year
plus (ii) the amount, if any, by which Net Working Capital increased during such fiscal year (except as a result of reclassification
of items from long-term to short-term), minus

 

(e)       the
greater of (x) the amount of Capital Expenditures of the Borrower and its Restricted Subsidiaries in such fiscal year (except to
the extent attributable to the incurrence of Capital Lease Obligations or otherwise financed by incurring Long-Term Indebtedness)
and (y) the amount of Capital Expenditures budgeted by the Borrower and its Restricted Subsidiaries for the next succeeding
fiscal year (except to the extent attributable to the incurrence of Capital Lease Obligations or otherwise to be financed by incurring
Long-Term Indebtedness), minus

 

(f)        the
aggregate principal amount of Long-Term Indebtedness repaid or prepaid by the Borrower and its Restricted Subsidiaries during such
fiscal year, excluding (i) Indebtedness in respect of Revolving Loans and Letters of Credit (unless there is a corresponding reduction
in the aggregate Revolving Commitments), (ii) Tranche B-1 Term Loans prepaid pursuant to Section 2.11(a), (c) or (d), and (iii)
repayments or prepayments of Long-Term Indebtedness financed by the incurrence of other Long-Term Indebtedness by a Parent or any
Loan Party or the issuance of Equity Interests (or capital contributions in respect thereof) after the Closing Date, minus

 

(g)    
  the amount of Restricted Payments made by a Loan Party in such fiscal year pursuant to clause (iii) of Section
6.08(a), minus

 

(h)       cash
Taxes paid in such fiscal year that did not reduce Consolidated Net Income for such fiscal year, minus

 

(i)        cash
payments made during such fiscal year in respect of non-cash charges that increased Excess Cash Flow in any prior fiscal year,
minus

 

(j)        without
duplication of amounts deducted pursuant to clause (k) below in prior fiscal years, the amount of Investments made pursuant to
clauses (j), (l) and (s) of Section 6.04 to the extent such Investments were not funded with the proceeds of Long-Term Indebtedness,
minus

 

    -19-

     

    

 

(k)       without
duplication of (i) amounts deducted from Excess Cash Flow in prior periods or (ii) amounts included in subclause (e)(y) above and,
at the option of the Borrower, the aggregate consideration required to be paid in cash by the Borrower and its Restricted Subsidiaries
pursuant to binding contracts (the “Contract Consideration”) entered into prior to or during such period relating
to Permitted Acquisitions, Capital Expenditures, or acquisitions of intellectual property to the extent expected to be consummated
or made, in each case during the period of four consecutive fiscal quarters of the Borrower following the end of such period; provided
that to the extent the aggregate amount of expenditures excluding expenditures from the proceeds of Long-Term Indebtedness) is
actually utilized to finance such Permitted Acquisitions, Capital Expenditures, or acquisitions of intellectual property during
such period of four consecutive fiscal quarters is less than the Contract Consideration, the amount of such shortfall shall be
added to the calculation of Excess Cash Flow at the end of such period of four consecutive fiscal quarters.

 

“Excluded Assets” has
the meaning assigned to such term in the Collateral Agreement.

 

“Excluded Domestic Subsidiary”
means any Domestic Subsidiary that is (i) a Subsidiary of a Subsidiary of the Borrower that is a CFC or (ii) a CFC Holdco.

 

“Excluded Parties” means
individuals who are engaged directly or indirectly in the sale of Concentra and its subsidiaries as representatives of Concentra
and listed on Schedule 1.01-B (other than, in each case, such Persons engaged by Concentra as part in connection with the
Transactions and other than a limited number of senior employees who are required, in accordance with industry regulations or the
Arrangers’ internal policies and procedures to act in a supervisory capacity and the Arrangers’ internal legal, compliance,
conflicts, risk management, credit or investment committee members).

 

“Excluded Subsidiary”
means (i) any Subsidiary to the extent (and for so long as) a Guarantee by such Subsidiary would be prohibited or restricted by
applicable law or by any restriction in any contract existing on the Closing Date or, so long as any such restriction in any contract
is not entered into in contemplation of such Subsidiary becoming a Subsidiary, at the time such Subsidiary becomes a Subsidiary
(including any requirement to obtain the consent of any governmental authority or third party), (ii) Excluded Domestic Subsidiaries,
(iii) Unrestricted Subsidiaries, (iv) Captive Insurance Subsidiaries, (v) not-for-profit Subsidiaries, (vi) special purpose entities
reasonably satisfactory to the Administrative Agent, (vii) any Subsidiary that is not a Material Subsidiary and (viii) any subsidiary
where the Administrative Agent and the Borrower agree that the cost (including any adverse tax consequences) of obtaining a Guarantee
by such Subsidiary would be excessive in light of the practical benefit to the Lenders afforded thereby); provided that the Borrower
may notify the Administrative Agent that it intends to comply with the Guarantee and Collateral Requirement with respect to any
Excluded Subsidiary that is a Domestic Subsidiary and a Restricted Subsidiary and, as of the date of such compliance, such Subsidiary
shall become a Subsidiary Loan Party and cease to constitute an Excluded Subsidiary (including, without limitation, for purposes
of this definition and Section 5.12(a)).

 

“Excluded Swap Obligation”
means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such
Loan Party of, or the grant by such Loan Party of a security interest to secure, such Swap Obligation (or any Guarantee thereof)
is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission
(or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute
an “eligible contract participant” as defined in the Commodity Securities Exchange Act and the regulations thereunder
(determined after giving effect to Section 2.12 of the Collateral Agreement, any other keepwell, support or other agreement
for the benefit of such Loan Party and any and all guarantees of such Loan Party’s Swap Obligations by other Loan Parties)
at the time the Guarantee of such Loan Party or the grant of such security interest becomes effective with respect to such Swap
Obligation but for such Loan Party’s failure to constitute an “eligible contract participant” at such time. 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 in accordance
with the first sentence of this definition.

 

“Excluded Taxes” means,
with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on
account of any obligation of the Borrower or any Loan Party hereunder, (a) Taxes imposed on (or measured by) its net income (however
denominated) (including any backup withholding with respect thereto) and franchise Taxes imposed on it (in lieu of net income Taxes),
in each case as a result of (i) 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 (ii) any other present or former
connection between such Person and the jurisdiction imposing such Tax (other than a connection arising by such Person having executed,
delivered, become a party to, performed its obligations or received payments under, received or perfected a security interest under,
engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan or Loan
Document ), (b) any branch profits Taxes, or any similar Tax, imposed by any jurisdiction described in clause (a) above, (c) in
the case of a Lender , any 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 Commitment (or, to the extent a Lender acquires an interest in a Term Loan without acquiring
an interest in the corresponding Commitment, the Term Loan) pursuant to a law in effect on the date on which (i) such Lender acquires
such interest in the Commitment (or, to the extent a Lender acquires an interest in a Term Loan without acquiring an interest in
the corresponding Commitment, the Term Loan) (in each case 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(a),
amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party
hereto or to such Lender immediately before it changed its lending office, (d) any withholding Tax that is attributable to a Lender’s
failure to comply with Section 2.17(e), and (e) any withholding Taxes imposed under FATCA.

 

    -20-

     

    

  

“Existing Letter of Credit”
means each letter of credit identified on Schedule 2.05(c).

 

“Existing Term Loan Class”
has the meaning set forth in Section 2.21(a).

 

“Extended Revolving Commitments”
means revolving credit commitments established pursuant to Section 2.21 that are substantially identical to the Revolving
Commitments except that such extended revolving commitments may have a later maturity date and different provisions with respect
to interest rates and fees than those applicable to the Revolving Commitments.

 

“Extended Term Loans”
has the meaning set forth in Section 2.21(a).

 

“Extending Term Lender”
has the meaning set forth in Section 2.21(c).

 

“Extension Election”
has the meaning set forth in Section 2.21(c).

 

“Extension Request” has
the meaning set forth in Section 2.21(a).

 

“Facility” means a given
Class of Term Loans or Revolving Commitments, as the context may require.

 

“Fair Market Value” means
the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity
of either party, determined in good faith by the Board of Directors, chief executive officer or chief financial officer of the
Borrower.

 

“FATCA” means Sections
1471 through 1474 of the Code as of the date hereof (and any amended or successor version that is substantively comparable and
not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements
entered into pursuant to Section 1471(b)(1) of the current Code (or any amended or successor version described above) and any applicable
law or regulation pursuant to an intergovernmental agreement entered into to implement the foregoing.

 

“FCPA” means the United
States Foreign Corrupt Practices Act of 1977, as amended.

 

“Federal Funds Effective Rate”
means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions,
as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding
Business Day by the NYFRB as the federal funds effective rate. In no event shall the Federal Funds Effective Rate be less than
0%.

 

    -21-

     

    

 

“Fee Letter” means the
Amended and Restated Fee Letter, dated as of April 8, 2015, by and among the Arrangers, the Initial Borrower and the other parties
thereto.

 

“Financial Officer” means
the chief financial officer, principal accounting officer, treasurer or controller of the Borrower, in each case in his or her
capacity as such.

 

“Financial Covenant”
means the covenant of the Borrower set forth in Section 6.12.

 

“Financial Covenant Default”
has the meaning specified in Section 7.02.

 

“First Lien Intercreditor Agreement”
means an agreement substantially in the form of Exhibit I hereto with such changes as may be mutually agreed by the Borrower
and the Administrative Agent.

 

“First Lien Net Leverage Ratio”
means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Indebtedness as of the last day of such Test
Period to (b) Consolidated EBITDA for such Test Period.

 

“Flood Insurance Laws”
means, collectively, (i) National Flood Insurance Reform Act of 1994 (which comprehensively revised the National Flood Insurance
Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto, (ii)
the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (iii) the Biggert-Waters
Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.

 

“Foreign Casualty Event”
has the meaning specified in Section 2.11(h).

 

“Foreign Disposition”
has the meaning specified in Section 2.11(h).

 

“Foreign Lender” means
any Lender that is not a United States person within the meaning of Section 7701(a)(30) of the Code.

 

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

 

“Free and Clear Usage Amount”
means, at any time, the sum of the aggregate principal amount of (i) Incremental Term Loans, Revolving Commitment Increases and
Incremental Revolving Commitments that have been established following the Amendment No. 3 Effective Date and prior to such time
in reliance on Section 2.20(d)(iii)(B) and (ii) Permitted Debt incurred in reliance on Section 6.01(xvi)(b), in each case, following
the Amendment No. 3 Effective Date and prior to such time. For the avoidance of doubt, (i) the Free and Clear Usage Amount as of
the Amendment No. 3 Effective Date has not been utilized and (ii) $50,000,000 of the Term B-1 Loans borrowed on the Amendment No.
6 Effective Date shall constitute utilization of the Free and Clear Usage Amount.

 

“GAAP” means generally
accepted accounting principles in the United States of America, including those set forth in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant
segment of the accounting profession, which are in effect from time to time. If at any time the SEC permits or requires domestic
companies subject to the reporting requirements of the Securities Exchange Act to use IFRS in lieu of GAAP for financial reporting
purposes, the Borrower may elect by written notice to the Administrative Agent to so use IFRS in lieu of GAAP and, upon any such
notice, references herein to GAAP shall thereafter be construed to mean (a) for periods beginning on and after the date specified
in such notice, IFRS as in effect on the date specified in such notice and as in effect from time to time (for all other purposes
of this Agreement) and (b) for prior periods, GAAP as defined in the first sentence of this definition. Notwithstanding any change
to IFRS, all ratios and computations contained in this Agreement shall be computed in conformity with GAAP.

 

    -22-

     

    

 

“Government Programs”
means (i) the Medicare and Medicaid Programs, (ii) the United States Department of Defense Civilian Health Program for Uniformed
Services and (iii) other similar foreign or domestic federal, state or local reimbursement or governmental health care programs.

 

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

 

“Guarantee” of or by
any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or
having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable
the primary obligor to pay such Indebtedness or other obligation or (d) as an account party or applicant 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. The amount of any Guarantee of any
guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary
obligation in respect of which the Guarantee is made and (b) the maximum amount for which such guaranteeing person may be liable
pursuant to the terms of the instrument embodying such Guarantee.

 

“Guarantors” has the
meaning set forth in the definition of “Collateral and Guarantee Requirement” and shall include each Subsidiary Loan
Party that shall have become a Guarantor pursuant to Section 5.12(a).

 

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

 

“Healthcare Laws” means
all applicable statutes, laws, ordinances, rules and regulations of any Governmental Authority with respect to the regulation of
patient health care and the submission of claims for reimbursement including: (a) federal fraud and abuse laws and regulations,
including, the federal patient referral law, 42 U.S.C. § 1395nn, commonly known as “Stark II”, the federal
anti-kickback law, 42 U.S.C. § 1320a-7b, the federal civil monetary penalty statute 42 U.S.C. § 1320a-7a, federal
laws regarding the submission of false claims, false billing, false coding, and similar state laws and regulations, (b) federal
and state laws applicable to reimbursement and reassignment, (c) HIPAA, (d) Medicare, (e) statutes affecting the Tricare/CHAMPUS,
Veterans, and black lung disease programs and any other health care program financed with United States government funds, (f) all
federal statutes and regulations affecting the medical assistance program established by Titles V, XIX, XX, and XXI of the Social
Security Act and any statutes succeeding thereto, and all state statutes and plans for medical assistance enacted in connection
with the federal statutes and regulations, (g) the Emergency Medical Treatment and Labor Act, commonly known as “EMTALA”,
and (h) any other federal or state law or regulation governing health care.

 

“HIPAA” means the Health
Insurance Portability and Accountability Act of 1996, as the same may be amended, modified or supplemented from time to time (including,
without limitation, the provisions of the Health Information Technology for Economic and Clinical Health Act contained in the American
Recovery and Reinvestment Act), and any successor statute thereto, and any and all rules or regulations promulgated from time to
time thereunder.

 

“HIPAA Compliance Date”
has the meaning set forth in Section 5.15.

 

“Holdings” means (A)
Concentra Holdings, Inc., a Delaware corporation, or (B) any other entity (such entity, a “Succeeding Holdings”)
that becomes the immediate parent of the Borrower.

 

    -23-

     

    

 

“IFRS” means International
Financial Reporting Standards and applicable accounting requirements set by the International Accounting Standards Board or any
successor thereto (or the Financial Accounting Standards Board, the Accounting Principles Board of the American Institute of Certified
Public Accountants, or any successor to either such board, or the SEC, as the case may be), as in effect from time to time.

 

“Impacted Interest Period”
has the meaning set forth in the definition of “LIBO Rate.”

 

“Incremental Commitments”
has the meaning set forth in Section 2.20(a).

 

“Incremental Extensions of Credit”
has the meaning set forth in Section 2.20(b).

 

“Incremental Facility Closing Date”
has the meaning set forth in Section 2.20(b).

 

“Incremental Loan Request”
has the meaning set forth in Section 2.20(a).

 

“Incremental Revolving Commitments”
has the meaning set forth in Section 2.20(a).

 

“Incremental Revolving Lender”
has the meaning set forth in Section 2.20(c).

 

“Incremental Revolving Loan”
has the meaning set forth in Section 2.20(b).

 

“Incremental Term Commitments”
has the meaning set forth in Section 2.20(a).

 

“Incremental Term Lender”
has the meaning set forth in Section 2.20(c).

 

“Incremental Term Loan”
has the meaning set forth in Section 2.20(b).

 

“Indebtedness” of any
Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances
of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations
of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other
title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred
purchase price of property or services (excluding trade accounts payable and accrued obligations incurred in the ordinary course
of business), (f) all obligations of others secured by (or for which the holder of such obligations 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 obligations secured thereby
have been assumed, but limited, in the event such secured obligations are nonrecourse to such Person, to the fair value of such
property, (g) all Guarantees by such Person of the obligations of any other Person, (h) all Capital Lease Obligations of such Person,
(i) all obligations, contingent or otherwise, of such Person as an account party or applicant in respect of letters of credit and
letters of guaranty and (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances.
The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person
is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or
other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable
therefor. Notwithstanding the foregoing, the term “Indebtedness” shall not include (a) contingent obligations, including
Guarantees, incurred in the ordinary course of business or in respect of operating leases, and not in respect of borrowed money,
(b) deferred or prepaid revenues, (c) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy
warranty or other unperformed obligations of the respective seller or (d) or amounts that any member of management, the employees
or consultants of Holdings, the Borrower or any of the Subsidiaries may become entitled to under any cash incentive plan in existence
from time to time.

 

“Indemnified Taxes” means
Taxes other than Excluded Taxes.

 

“Indemnitee” has the
meaning set forth in Section 9.03(b).

 

“Information” has the
meaning set forth in Section 9.12.

 

    -24-

     

    

 

“Information Memorandum”
means the Confidential Information Memorandum dated April 23, 2015, relating to Holdings, the Borrower and the Transactions.

 

“Initial Borrower” has
the meaning set forth in the preamble to this Agreement.

 

“Initial Second Lien Credit Agreement”
means the Second Lien Credit Agreement dated as of the Closing Date, among Holdings, the Borrower, the lenders from time to time
party thereto and Deutsche Bank AG New York Branch, as administrative agent and collateral agent and the other agents party thereto.

 

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

 

“Intercreditor Agreement”
means the Intercreditor Agreement dated the Amendment No. 3 Effective Date, by and between JPMCB, as Collateral Agent and Administrative
Agent, and the Second Lien Agent and each additional representative from time to time, and acknowledged by the Loan Parties, substantially
in the form of the Exhibit H with modifications to reflect the Amendment No. 3 Transactions and other modifications reasonably
agreed by the Administrative Agent and the Borrower.

 

“Interest Election Request”
means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.07; provided that an Interest
Election Request shall be substantially in the form of Exhibit E, or such other form as shall be approved by the Administrative
Agent.

 

“Interest Payment Date”
means (a) with respect to any ABR Loan (including a Swingline Loan), the last day of each March, June, September and December,
(b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is
a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior
to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest
Period and (c) with respect to the Tranche B-1 Term Loans outstanding immediately prior to the Amendment No. 4 Effective Date,
the Amendment No. 4 Effective Date.

 

“Interest Period” means,
with respect to any Eurodollar Borrowing, with respect to any Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter (or twelve months
or a shorter period as may be agreed by the Borrower, the Administrative Agent and all Lenders participating therein) and, in each
case as the Borrower may elect in the Borrowing Request; provided that (a) if any Interest Period would end on a day other
than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business
Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and
(b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month
of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made
and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

 

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

 

“Investments” has the
meaning set forth in Section 6.04.

 

“IRS” means the United
States Internal Revenue Service.

 

    -25-

     

    

 

“Issuing Bank” means
JPMorgan Chase Bank, N.A. or such other Lender designated as an “Issuing Bank” pursuant to Section 2.05(k). The Issuing
Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which
case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.

 

“Junior Lien Intercreditor Agreement”
means the Intercreditor Agreement or another agreement as may be mutually agreed by the Borrower and the Administrative Agent that
is not less favorable to the Lenders with Obligations, as determined by the Administrative Agent, than the terms of the Intercreditor
Agreement.

 

“Latest Maturity Date”
means, at any date of determination and with respect to the specified Loans or Commitments (or in the absence of any such specification,
all outstanding Loans and Commitments hereunder), the latest Maturity Date applicable to any such Loans or Commitments hereunder
at such time, including the latest maturity date of any Extended Term Loan, any Extended Revolving Commitment, any Incremental
Term Loans and any Incremental Revolving Commitments, in each case as extended in accordance with this Agreement from time to time.

 

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

 

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

 

“LCT Election” has the
meaning set forth in Section 1.07(f).

 

“LCT Test Date” has the
meaning set forth in Section 1.07(f).

 

“Lead Arrangers” means
JPMorgan Chase Bank, N.A., Deutsche Bank Securities Inc., Wells Fargo Securities, LLC and Morgan Stanley Senior Funding, Inc.,
in their capacity as joint lead arrangers and joint bookrunners under this Agreement.

 

“Lenders” means each
Person that was a lender on the Closing Date and any other Person that shall have become a party hereto pursuant to an Assignment
and Assumption or an Additional Credit Extension Amendment, other than any such Person that ceases to be a party hereto pursuant
to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender.

 

“Letter of Credit” means
any letter of credit issued or deemed issued pursuant to this Agreement (including each Existing Letter of Credit).

 

“Letter of Credit Sublimit”
as the meaning set forth in Section 2.05.

 

“LIBO Rate” means, with
respect to any Eurodollar Borrowing for any Interest Period, the London interbank offered rate as administered by ICE Benchmark
Administration (or any other Person that takes over the administration of such rate for dollars for a period equal in length to
such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event
such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate,
or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative
Agent in its reasonable discretion; in each case the “LIBO Screen Rate”) at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall
be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided, further, that
if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”)
then the LIBO Rate shall be the Interpolated Rate; provided that if any Interpolated
Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“LIBO Screen Rate” has
the meaning provided in the definition of “LIBO Rate.”

 

    -26-

     

    

 

“Licensed Personnel”
has the meaning set forth in Section 3.21.

 

“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 or other arrangement to provide priority or preference with respect to such asset, (b) the interest of a vendor or
a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially
the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option,
call or similar right of a third party (other than customary rights of first refusal and tag, drag and similar rights in joint
venture agreements (other than any such agreement in respect of any Subsidiary)) with respect to such securities.

 

“Limitation” means a
revocation, suspension, termination, impairment, probation, limitation, nonrenewal, forfeiture, declaration of ineligibility, loss
of status as a participating provider in any Third Party Payor Arrangement, and the loss of any other rights.

 

“Limited Condition Transaction”
means (i) any acquisition by one or more of the Borrower or its Restricted Subsidiaries of any assets, business or Person whose
consummation is not conditioned on the availability of, or on obtaining, third party financing, (ii) any permitted Investment whose
consummation is not conditioned on the availability of, or on obtaining, third party financing and (iii) any redemption, repurchase,
defeasance, satisfaction and discharge or repayment of Indebtedness requiring irrevocable notice in advance of such redemption,
repurchase, defeasance, satisfaction and discharge or repayment.

 

“Loan Document Obligations”
means (a) the due and punctual payment by the Borrower of (i) the principal of and interest (including interest accruing
during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable
in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment
or otherwise, (ii) each payment required to be made by the Borrower under this Agreement in respect of any Letter of Credit,
when and as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest accruing
during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable
in such proceeding) and obligations to provide cash collateral, and (iii) all other monetary obligations of the Borrower to
any of the Secured Parties under this Agreement and each other Loan Document, including obligations to pay fees, expense reimbursement
obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary
obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of
whether allowed or allowable in such proceeding), (b) the due and punctual performance of all other obligations of the Borrower
under or pursuant to this Agreement and each other Loan Document, and (c) the due and punctual payment and performance in
full of all the obligations of each other Loan Party under or pursuant to the Collateral Agreement and each other Loan Document.
Notwithstanding the foregoing, the term “Loan Document Obligations” shall not include any amounts described above in
respect of any Commitment or Loan that is subordinated in right of payment or security to any other Commitment or Loan.

 

“Loan Documents” means,
collectively, (i) this Agreement, (ii) the promissory notes, if any, executed and delivered pursuant to Section 2.09(e), (iii)
any Additional Credit Extension Amendment, (iv) the Security Documents, (v) the Intercreditor Agreement, (vi) legal opinions issued
in connection with the Loan Documents, if any, (vii) Uniform Commercial Code filings, flood determinations and any other documents
prepared in connection with the other Loan Documents, if any, and (viii) Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment
No. 4, Amendment No. 5, Amendment No. 6 and any other amendment or joinder to this Agreement.

 

“Loan Parties” means
Holdings, the Borrower, the Subsidiary Loan Parties and each Permitted Joint Venture Loan Party.

 

“Loans” means the loans
made by the Lenders to the Borrower pursuant to this Agreement or an Additional Credit Extension Amendment.

 

“Long-Term Indebtedness”
means any Indebtedness that, in accordance with GAAP, constitutes (or, when incurred, constituted) a long-term liability (excluding
Revolving Loans and Swingline Loans or extensions of credit under any other revolving credit or similar facility).

 

    -27-

     

    

 

“Material Adverse Effect”
means a material adverse effect on (a) the business, operations, assets, liabilities, financial condition or results of operations
of Holdings, the Borrower and the Subsidiaries, taken as a whole, (b) the ability of any Loan Party to perform any obligation under
any Loan Document or (c) the rights of or benefits available to the Lenders under any Loan Document.

 

“Material Disposition”
means the sale by the Borrower or any Subsidiary of assets (including the capital stock of a Subsidiary or a business unit) for
aggregate consideration (including amounts received in connection with post-closing payment adjustments, earn-outs and noncompete
payments) of at least $15,000,000.

 

“Material Indebtedness”
means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any
one or more of Holdings, the Borrower and the Subsidiaries in an aggregate principal amount exceeding $20,000,000. 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 Real Property”
means a real property with a gross book value of at least $5,000,000, as reasonably determined by the Borrower in good faith.

 

“Material Subsidiary”
means, at any date of determination, each wholly owned Restricted Subsidiary (when combined with the assets of such Subsidiary’s
Restricted Subsidiaries after eliminating intercompany obligations) (i) whose total assets at the last day of the Test Period ending
on the last day of the most recent fiscal period for which financial statements pursuant to Section 5.01(a) or (b) have been
delivered were equal to or greater than 2.5% of the Total Assets of the Borrower and the Restricted Subsidiaries at such date or
(ii) whose revenues during such Test Period were equal to or greater than 2.5% of the consolidated revenues of the Borrower and
the Restricted Subsidiaries for such period (in the case of any determination relating to any Specified Transaction, on a Pro Forma
Basis including the revenues of any Person being acquired in connection therewith), in each case determined in accordance with
GAAP; provided that if, at any time and from time to time after the Closing Date, Restricted Subsidiaries that are not Material
Subsidiaries (other than Excluded Subsidiaries (except pursuant to clause (vii) of the definition thereof)) have, in the aggregate,
(a) total assets at the last day of such Test Period equal to or greater than 5.0% of the Total Assets of the Borrower and the
Restricted Subsidiaries at such date or (b) revenues during such Test Period equal to or greater than 5.0% of the consolidated
revenues of the Borrower and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP, then
the Borrower shall, on or prior to the date on which financial statements for the last quarter of such Test Period are delivered
pursuant to this Agreement, designate in writing to the Administrative Agent one or more of such Restricted Subsidiaries as Material
Subsidiaries for each fiscal period until this proviso is no longer applicable.

 

“Maturity Date” means
(i) with respect to the Tranche B-1 Term Loans, the Tranche B-1 Maturity Date, (ii) with respect to the Revolving Commitments,
the Revolving Maturity Date, (iii) with respect to any Incremental Term Loans or Incremental Revolving Commitments, the final maturity
date as specified in the applicable Additional Credit Extension Amendment and (iv) with respect to any Class of Extended Term Loans
or Extended Revolving Commitments, the final maturity date as specified in the applicable Additional Credit Extension Amendment
with respect thereto accepted by the respective Lender or Lenders; provided that, in each case, if such day is not a Business
Day, the Maturity Date shall be the Business Day immediately succeeding such day.

 

“Maximum Rate” has the
meaning set forth in Section 9.13.

 

“Medical Services” means
medical and health care services provided to a Person by Licensed Personnel provided by a Loan Party and other respective employees,
independent contractors and leased personnel whether or not covered by a policy of insurance issued by an insurer, and includes
physician services, nurse practitioner services and physician’s assistant services provided by Licensed Personnel supplied
by a Loan Party, its respective employees, independent contractors and leased personnel to a Person for a valid and proper medical
or health purpose.

 

“Medicare and Medicaid Programs”
means the programs established under Title XVIII and XIX of the Social Security Act and any successor programs performing similar
functions.

    -28-

     

    

 

 

“Merger” has the meaning
set forth in the preamble to this Agreement.

 

“Merger Agreement” has
the meaning set forth in the preamble to this Agreement.

 

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

 

“Mortgage” means a mortgage,
deed of trust, assignment of leases and rents, leasehold mortgage or other security document granting a Lien on any Mortgaged Property
to secure the Obligations. Each Mortgage shall be reasonably satisfactory in form and substance to the Collateral Agent.

 

“Mortgaged Property”
means, initially, each Material Real Property identified on Schedule 1.01-A and includes each other Material Real Property
with respect to which a Mortgage is granted pursuant to Section 5.12 or 5.13.

 

“Multiemployer Plan”
means a multiemployer plan as defined in Section 4001(a)(3) of ERISA that is contributed to, or required to be contributed to,
by the Borrower or any ERISA Affiliate, or with respect to which the Borrower or any ERISA Affiliate has or may have any liability.

 

“Net Proceeds” means,
with respect to any event, (a) the cash proceeds received in respect of such event including (i) any cash received in respect of
any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment
receivable or purchase price adjustment receivable or otherwise, but excluding any interest payments), but only as and when received,
(ii) in the case of a casualty, insurance proceeds and (iii) in the case of a condemnation or similar event, condemnation awards
and similar payments, net of (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than
Affiliates) in connection with such event, (ii) in the case of a sale, transfer or other disposition of an asset (including pursuant
to a sale and leaseback transaction or a casualty or a condemnation or similar proceeding), the amount of all payments required
to be made as a result of such event to repay Indebtedness (other than Loans and other Indebtedness secured by Liens ranking pari
passu or junior to the Liens securing the Obligations) secured by such asset or otherwise subject to mandatory prepayment as
a result of such event and (iii) the amount of all taxes paid (or reasonably estimated to be payable) and the amount of any reserves
established to fund liabilities reasonably estimated to be payable, in each case during the year that such event occurred or the
next succeeding year and that are directly attributable to such event (as determined reasonably and in good faith by a Financial
Officer); provided that no net proceeds calculated in accordance with the foregoing of less than $2,500,000 realized in
a single transaction or series of related transactions shall constitute Net Proceeds.

 

“Net Working Capital”
means, at any date, (a) the consolidated current assets of the Borrower and its subsidiaries as of such date (excluding cash and
Permitted Investments) minus (b) the consolidated current liabilities of the Borrower and its subsidiaries as of such date
(excluding current liabilities in respect of Indebtedness). Net Working Capital at any date may be a positive or negative number.
Net Working Capital increases when it becomes more positive or less negative and decreases when it becomes less positive or more
negative.

 

“Non-Consenting Lender”
has the meaning set forth in Section 9.02(b).

 

“Non-Converted Tranche B Term Loans”
means each Tranche B Term Loan (or portion thereof) other than a Converted Tranche B Term Loan.

 

“Non-Debt Fund Affiliate”
shall mean any Affiliate of Holdings (other than Holdings, the Borrower or any Subsidiary of the Borrower) that is not a Debt Fund
Affiliate.

 

“Non-Loan Party” means
any Restricted Subsidiary of the Borrower that is not a Loan Party.

 

“NPI” has the meaning
set forth in Section 3.21(b).

 

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

 

    -29-

     

    

 

“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 shall be less than zero, such rate shall
be deemed to be zero for purposes of this Agreement.

 

“Obligations” means (a) Loan
Document Obligations, (b) obligations of any Loan Party arising under any Secured Hedge Agreement (including monetary obligations
incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed
or allowable in such proceeding) and (c) Cash Management Obligations (including monetary obligations incurred during the pendency
of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding);
provided that the “Obligations” shall in no event include any Excluded Swap Obligations.

 

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

 

“OID” means original
issue discount.

 

“Other Taxes” means any
and all present or future recording, stamp, documentary, excise, transfer, sales, property or similar Taxes arising from any payment
made under any Loan Document or from the execution, delivery, enforcement, registration, filing or recording of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document.

 

“Otherwise Applied” means,
with respect to any Net Proceeds, the amount of such Net Proceeds that was (i) required to prepay the Loans pursuant to Section
2.11 or (ii) otherwise previously applied under the Loan Documents.

 

“Parent” means any Other
Parent and any other Person that is a Subsidiary of any Other Parent and of which the Borrower is a Subsidiary. As used herein,
“Other Parent” means a Person of which the Borrower becomes a Subsidiary after the Closing Date that is designated
by the Borrower as an “Other Parent”; provided that either (x) immediately after the Borrower first becomes
a Subsidiary of such Person, more than 50% of the voting stock of such Person shall be held by one or more Persons that held more
than 50% of the voting stock of the Borrower or a Parent of the Borrower immediately prior to the Borrower first becoming such
Subsidiary or (y) such Person shall be deemed not to be an Other Parent for the purpose of determining whether a Change of Control
shall have occurred by reason of the Borrower first becoming a Subsidiary of such Person. The Borrower shall not in any event be
deemed to be a “Parent.”

 

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

 

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

 

“Patriot Act” has the
meaning set forth in Section 9.14.

 

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

 

“Perfection Certificate”
means a certificate in the form of Exhibit C or any other form approved by the Collateral Agent.

 

“Permits” shall mean,
with respect to any Person, any permit, approval, authorization, license, registration, certificate, concession, grant, franchise,
variance or permission from, and any other contractual obligations with, any Governmental Authority, in each case whether or not
having the force of law and applicable to or binding upon such Person or any of its property or operations or to which such Person
or any of its property or operations is subject.

 

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“Permitted Acquisition”
means any Investment by the Borrower or any of its Restricted Subsidiaries consisting of (a) the acquisition of all or substantially
all of the assets of any other Person (a “Target”) or of assets constituting a business unit, a division or
line of business of a Target or a facility of such Target (including research and development and related assets in respect of
any product) or (b) all or substantially all of the Equity Interests of a Target, if as a result of such Investment (i) such Target
becomes a Restricted Subsidiary or (ii) such Target, in one transaction or a series of related transactions, is amalgamated, merged
or consolidated with or into, or transfers or conveys substantially all of its assets (or such business unit, division or line
of business) to, or is liquidated into, the Borrower or a Restricted Subsidiary; provided that the aggregate amount of Investments
in Non-Loan Parties by Loan Parties in connection with all Permitted Acquisitions shall not, except as otherwise permitted by Section 6.04
(other than Section 6.04(a)), exceed $25,000,000.

 

“Permitted Business”
means (i) any business engaged in by the Borrower or any of its Restricted Subsidiaries on the Closing Date and (ii) any
business or other activities that are reasonably similar, ancillary, complementary or related to, or a reasonable extension, development
or expansion of, the businesses in which the Borrower and its Restricted Subsidiaries are engaged on the Closing Date.

 

“Permitted Debt” means
Indebtedness (including Acquired Indebtedness) incurred or assumed by the Borrower and any Restricted Subsidiary in the form of
loans or debt securities; provided that, except in the case of Refinancing Debt Securities, to the extent such Indebtedness
is in the form of senior term loans secured by Liens ranking pari passu with the Liens securing the Obligations, the provisions
of Section 2.20(e)(iii) shall apply to any such Indebtedness as if such Indebtedness were a Class of Incremental Term Loans that
is pari passu in right of payment and security with the Tranche B-1 Term Loans); provided, further that (A) except
in the case of Refinancing Debt Securities, immediately after the incurrence or assumption of such Indebtedness and the use of
proceeds thereof, no Event of Default shall be continuing or result therefrom (but if the primary purpose of incurring any Permitted
Debt is to finance a Limited Condition Transaction, such Event of Default shall be limited to an Event of Default under Section
7.01(a), (b), (h) or (i)), (B) to the extent such Indebtedness is in the form of loans, the provisions of Section 2.20(e)(i)(B)
and Section 2.20(e)(i)(C) shall apply to any such Indebtedness as if such Indebtedness were a Class of Incremental Term Loans,
(C) to the extent such Indebtedness is in the form of bonds, such Indebtedness does not mature or have scheduled amortization or
payments of principal (other than customary “AHYDO catch up payments”, customary offers to repurchase and prepayment
events upon a change of control, asset sale or event of loss and a customary acceleration right after an event of default) prior
to the Tranche B-1 Maturity Date at the time such Indebtedness is issued, (D) such Indebtedness shall not be secured by any
assets of the Loan Parties other than Collateral and, if secured by the Collateral shall either be secured by Liens ranking pari
passu with the Liens securing the Obligations that are subject to a First Lien Intercreditor Agreement with the Collateral
Agent or by Liens ranking junior to the Liens securing the Obligations pursuant to a Junior Lien Intercreditor Agreement, (E) the
covenants, events of default and prepayment events applicable to such other Indebtedness shall be substantially similar to, or
no more favorable (taken as a whole), than the terms of this Agreement, in each case as reasonably determined by the Borrower (except
for restrictions that apply only after the Latest Maturity Date) and (F) Non-Loan Parties may not incur Indebtedness pursuant
to this definition if, after giving Pro Forma Effect to such incurrence, the aggregate amount of Indebtedness of Non-Loan Parties
incurred pursuant to this paragraph then outstanding, together with any Indebtedness incurred by Non-Loan Parties pursuant to clause
(vii) of Section 6.01, would exceed the greater of $25,000,000 and 2.5% of Total Assets, in each case determined at the such time
of incurrence.

 

“Permitted Encumbrances”
means:

 

(a)       Liens
imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.05,

 

(b)       carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in
the ordinary course of business and securing obligations that are not overdue by more than 30 days or if more than 30 days
overdue, are unfiled and no other action has been taken to enforce such Liens or that are being contested in good faith and by
appropriate actions, in each case if adequate reserves with respect thereto are maintained on the books of the applicable Person
in accordance with GAAP or the equivalent accounting principles in the relevant local jurisdiction;

 

    -31-

     

    

 

(c)       pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance, other
social security benefits or other insurance-related obligations (including, but not limited to, in respect of deductibles, self-insured
retention amounts and premiums and adjustments thereto),

 

(d)       deposits
and pledges to secure the performance of bids, trade contracts, leases, public or statutory obligations, progress payments, surety
and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business,

 

(e)       judgment
liens in respect of judgments that do not constitute an Event of Default under paragraph (j) of Section 7.01,

 

(f)        minor
survey exceptions, easements or reservations of rights for others for, licenses, zoning restrictions, rights-of-way, sewers, electric
lines, telegraph and telephone lines and other similar purposes, minor defects or irregularities of title and other 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 either detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or
any Subsidiary, in each case in any material respect, taken as a whole,

 

(g)       landlords’
and lessors’ and other like Liens in respect of rent not in default,

 

(h)       any
Liens shown on the title insurance policies in favor of the Collateral Agent insuring the Liens of the Mortgages,

 

(i)        leases
or subleases which are subordinate to the Lien of any Mortgage, and

 

(j)        Liens arising from precautionary
Uniform Commercial Code financing statement or similar filings;

 

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

 

“Permitted Holder” means
any of the following: (i) any of the Permitted Investors or their respective Affiliates, (ii) any investment fund or vehicle managed,
sponsored or advised by a Permitted Investor or any Affiliate thereof, and any Affiliate of or successor to any such investment
fund or vehicle, (iii) each partner, officer, director, principal or member of the Permitted Investors or any Affiliate of the
Permitted Investors and (iv) any Person acting in the capacity of an underwriter (solely to the extent that and for so long as
such Person is acting in such capacity) in connection with a public or private offering of capital stock of any Parent or the Borrower.

 

“Permitted Initial Revolving Loan
Borrowing Purposes” means one or more Borrowings of Revolving Loans that, do not in the aggregate, exceed $5,000,000
(i) to finance the Transactions and Transaction Expenses, (ii) for working capital needs and (iii) to fund working capital
and other purchase price adjustments under the Acquisition Agreement (including with respect to the amount of all cash, Permitted
Investments and marketable securities to be acquired). In addition, Borrowings of Revolving Loans may be made on the Closing Date
to fund certain OID or upfront fees in connection with the Tranche B Term Loans and Revolving Commitments as agreed with the Arrangers.

 

“Permitted Investments”
means:

 

(a)       United
States dollars or, in the case of any Restricted Subsidiary which is not a Domestic Subsidiary, any other currencies held from
time to time in the ordinary course of business,

 

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

 

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(c)      direct
obligations issued by any state of the United States of America or any political subdivision of any such state, or any public instrumentality
thereof, in each case having maturities of not more than 12 months from the date of acquisition,

 

(d)      investments
in commercial paper maturing within 365 days from the date of acquisition thereof and having, at such date of acquisition, a credit
rating from S&P or Moody’s of at least A2 or P2, respectively,

 

(e)      investments
in certificates of deposit, banker’s acceptances and time deposits maturing within 365 days from the date of acquisition
thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital and
surplus and undivided profits of not less than $500,000,000,

 

(f)       Indebtedness
or preferred stock issued by Persons with a rating of “A” or higher from Standard & Poor’s Rating Services
or “A2” or higher from Moody’s Investors Service, Inc. with maturities of 12 months or less from the
date of acquisition,

 

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

 

(h)      investments
in money market funds that comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended,
substantially all of whose assets are invested in investments of the type described in clauses (a) through (g) above.

 

“Permitted Investors”
means Welsh Carson, Anderson & Stowe XII, L.P., Select Medical Corporation and any successors in interest thereto.

 

“Permitted Joint Venture”
means any investment by which the Borrower or any Subsidiary Loan Party acquires at least 10% but not more than 99% of the Equity
Interests of any Person; provided that the primary business of such Person is (x) to own, lease or operate facilities which
provide health care related services or (y) to provide health care related services or any related services to a health care facility
or business.

 

“Permitted Joint Venture Loan Party”
means any Permitted Joint Venture which (x) is a Restricted Subsidiary of the Borrower or any Subsidiary Loan Party and (y) satisfies
the terms of the Collateral and Guarantee Requirement (without regard to its potential classification as an Excluded Subsidiary).

 

“Permitted Liens” has
the meaning set forth in Section 6.02.

 

“Permitted Real Estate Joint Venture”
means any Permitted Joint Venture which is a subsidiary and owns real property used in the business of the Borrower or any Subsidiary;
provided that such Permitted Real Estate Joint Venture is not engaged in any business or activity other than the ownership
of such real property and activities incidental thereto.

 

“Permitted Refinancing”
means any Indebtedness of the Borrower or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which
are used to extend, renew, refund, refinance, replace, defease or discharge other Indebtedness of the Borrower or any of its Restricted
Subsidiaries (other than intercompany Indebtedness); provided that:

 

(a)      the
principal amount (or accreted value, if applicable) of such Permitted Refinancing does not exceed the principal amount (or accreted
value, if applicable) of the Indebtedness extended, renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued
interest on the Indebtedness and the amount of all fees, commissions, discounts and expenses, including premiums, incurred in connection
therewith),

 

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(b)      either
(a) such Permitted Refinancing has a final maturity date later than the final maturity date of, and has a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, renewed, refunded,
refinanced, replaced, defeased or discharged or (b) all scheduled payments on or in respect of such Permitted Refinancing
(other than interest payments) shall be at least 91 days following the final scheduled maturity of the Loans,

 

(c)       if
the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged is Subordinated Indebtedness,
such Permitted Refinancing is subordinated in right of payment to the Obligations on terms at least as favorable to the holders
of the Obligations as those contained in the documentation governing the Subordinated Indebtedness being extended, renewed, refunded,
refinanced, replaced, defeased or discharged,

 

(d)       such
Indebtedness is incurred (i) by the Borrower or by any Restricted Subsidiary who is the obligor on the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged, (ii) by any Loan Party if the obligor on the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged is a Loan Party; or by any Non-Loan Party if the obligor on the Indebtedness
being renewed, refunded, refinanced, replaced, defeased or discharged is a Non-Loan Party, and

 

(e)       such
Indebtedness is not secured by any assets other than the assets that secured the Indebtedness being renewed, refunded, refinanced,
replaced, defeased or discharged and if the Liens securing such Indebtedness were subject to a First Lien Intercreditor Agreement
or Junior Lien Intercreditor Agreement with the Collateral Agent, the Liens securing such new Indebtedness shall be subject to
a First Lien Intercreditor Agreement or Junior Lien Intercreditor Agreement, as applicable, with the Collateral Agent on terms
not less favorable to the Secured Parties than the terms of such existing First Lien Intercreditor Agreement or Junior Lien Intercreditor
Agreement, as applicable.

 

“Permitted Security”
means (a) common stock of Holdings or (b) Qualified Preferred Stock, in each case (i) (x) issued to the Permitted Investors for
cash or (y) issued to any other Person that makes an equity investment in Holdings in connection with the Transactions and (ii)
the proceeds of which are contributed by Holdings to the Borrower in exchange for common stock or as a capital contribution.

 

“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” (as defined in Section 3(2) of ERISA) that is subject to the provisions of Title IV or Section 302
of ERISA or Section 412 of the Code, 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.

 

“Prepayment Event” means:

 

(a)       any
sale, transfer or other disposition (excluding pursuant to a sale and leaseback transaction permitted under Section 6.06) of any
property or asset of Holdings, the Borrower or any Restricted Subsidiary in excess of $2,500,000 per transaction (or series of
related transactions) and $5,000,000 in any fiscal year, other than dispositions described in clauses (a), (b), (c) and (d) of
Section 6.05, or

 

(b)       any
casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any
property or asset of Holdings, the Borrower or any Restricted Subsidiary with a fair value immediately prior to such event equal
to or greater than $2,500,000, or

 

(c)        the
incurrence by Holdings, the Borrower or any Restricted Subsidiary of (x) any Refinancing Indebtedness or (y) any Indebtedness not
permitted under Section 6.01.

 

“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 as being effective.

 

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“Pro Forma Basis” and
“Pro Forma Effect” mean, with respect to compliance with any test or covenant or calculation of any ratio hereunder,
the determination or calculation of such test, covenant or ratio (including in connection with Specified Transactions) in accordance
with Section 1.07.

 

“Pro Forma Compliance”
means, with respect to the Financial Covenant, compliance on a Pro Forma Basis in accordance with Section 1.07.

 

“Proposed Change” has
the meaning set forth in Section 9.02(b).

 

“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.

 

“Public-Sider” means
a Lender whose representatives may trade in securities of the Borrower or its controlling person or any of its Subsidiaries while
in possession of the financial statements provided by the Borrower under the terms of this Agreement.

 

“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 set forth in Section 9.20.

 

“Qualified Counterparty”
means any Person which is a party to a Swap Agreement permitted by Section 6.07 or a Cash Management Agreement with the Borrower
or any Restricted Subsidiary and that is or was a Lender, an Agent, an Arranger or an Affiliate of a Lender, an Agent or an Arranger
on the Closing Date or at the time it enters into such Swap Agreement or Cash Management Agreement, as applicable, in its capacity
as a party thereto.

 

“Qualified IPO” means
the issuance by Borrower or any direct or indirect parent company of Borrower of its common Equity Interests in an underwritten
primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective
registration statement filed with the SEC in accordance with the Securities Exchange Act (whether alone or in connection with a
secondary public offering).

 

“Qualified Preferred Stock”
means common stock or preferred stock of Holdings that (a) does not require the payment of cash dividends (it being understood
that cumulative dividends shall be permitted), (b) is not mandatorily redeemable pursuant to a sinking fund obligation or
otherwise prior to the date that is 180 days after the Latest Maturity Date at the time of incurrence thereof (other than upon
an event of default or change of control; provided that any such payment is subordinated (whether by contract or pursuant
to Holdings’ charter or the certificate of designations of such preferred stock) in right of payment to the Obligations on
the terms set forth in the certificate of incorporation of Holdings in existence on the Closing Date or such other terms reasonably
satisfactory to the Administrative Agent), (c) contains no maintenance covenants, other covenants materially adverse to the Lenders
or remedies (other than voting rights) and (d) is convertible only into common equity of Holdings or securities that would constitute
Qualified Preferred Stock.

 

“Qualified
Proceeds” means any of the following or any combination of the following:

 

(a)       Investments permitted under Section 6.04,

 

(b)       the Fair Market Value of assets that are used or useful in a Permitted Business, and

 

    -35-

     

    

 

(c)       the
Fair Market Value of the Equity Interests of any Person engaged primarily in a Permitted Business if such Person is a non-wholly
owned Restricted Subsidiary prior to such transaction or, if in connection with the receipt by the Borrower or any of its Restricted
Subsidiaries of such Equity Interests, such Person becomes a Restricted Subsidiary or such Person is merged or consolidated into
the Borrower or any Restricted Subsidiary.

 

“Refinancing Debt Securities”
means any Permitted Debt designated as “Refinancing Debt Securities” in a certificate of a Responsible Officer of the
Borrower delivered to the Administrative Agent on or prior to the date such Permitted Debt is incurred.

 

“Refinancing Indebtedness”
means (i) any Refinancing Term Loans, (ii) any Refinancing Revolving Commitments and (iii) any Refinancing Debt Securities.

 

“Refinancing Revolving Commitments”
means any Incremental Revolving Commitments that are designated by a Responsible Officer of the Borrower as “Refinancing
Revolving Commitments” in the applicable Additional Credit Extension Amendment; provided that on the date of effectiveness
thereof the Borrower reduces the aggregate amount of a Class of Revolving Commitments, Extended Revolving Commitments or previously
established Incremental Revolving Commitments by a corresponding amount.

 

“Refinancing Term Loans”
means any Incremental Term Loans that are designated by a Responsible Officer of the Borrower as “Refinancing Term Loans”
in the applicable Additional Credit Extension Amendment.

 

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

 

“Reimbursement Approvals”
means, with respect to all Government Programs, any and all certifications, provider numbers, provider agreements, participation
agreements, accreditations and any other similar agreements with or approvals by any Governmental Authority or other Person.

 

“Rejection Notice” has
the meaning specified in Section 2.11(g).

 

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

 

“Release” means any release,
spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through
the environment or within, into or from any building, structure, facility or fixture.

 

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

 

“Repricing Transaction”
means (a) any prepayment or repayment of Tranche B-1 Term Loans with the proceeds of, or any conversion of Tranche B-1 Term Loans
into, any new or replacement tranche of first lien term loans the primary purpose of which is to effectively reduce the Yield applicable
to such Tranche B-1 Term Loans or (b) any amendment relating to the Tranche B-1 Term Loans, the primary purpose of which is to
effectively reduce the Yield applicable to Tranche B-1 Term Loans; provided that any refinancing or repricing of Tranche
B-1 Term Loans in connection with (i) a Qualified IPO, (ii) any Transformative Acquisition or (iii) a transaction that would result
in a Change of Control shall, in each case, not constitute a Repricing Transaction. Any determination by the Administrative Agent
with respect to whether a Repricing Transaction shall have occurred shall be conclusive and binding on all Lenders holding the
Tranche B-1 Term Loans.

 

“Required Lenders” means,
at any time, Lenders having Revolving Exposures, outstanding Term Loans and unused Commitments representing more than 50% of the
aggregate Revolving Exposures, outstanding Term Loans and unused Commitments at such time (disregarding any of the foregoing of
a Defaulting Lender).

 

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“Required Revolving Lenders”
means, at any time, Lenders having Revolving Exposures and unused Revolving Commitments representing more than 50% of the sum of
the aggregate Revolving Exposures and unused Revolving Commitments at such time (disregarding any of the foregoing of a Defaulting
Lender).

 

“Requirement of Law”
means, with respect to any Person, (i) the charter, articles or certificate of organization or incorporation and bylaws or other
organizational or governing documents of such Person and (ii) any statute, law, treaty, rule, regulation, order, decree, writ,
injunction or determination of any arbitrator or court or other Governmental Authority, 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.

 

“Responsible Officer”
means the chief executive officer, president, vice president, chief financial officer, chief operating officer, chief administrative
officer, secretary or assistant secretary, treasurer or assistant treasurer or other similar officer or Person performing similar
functions of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively
presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and
such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

 

“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in
the Holdings, the Borrower or any Restricted Subsidiary, or any payment thereon (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; provided that the repurchase, redemption or other acquisition or retirement for
value of any Equity Interests of a Restricted Subsidiary by the Borrower or a Restricted Subsidiary shall not constitute a Restricted
Payment but shall constitute an Investment.

 

“Restricted Subsidiary”
means any Subsidiary of the Borrower other than an Unrestricted Subsidiary.

 

“Revolving Availability Period”
means the period from and including the Closing Date to but excluding the earlier of (a) the Revolving Maturity Date and (b) the
date of termination of the Revolving Commitments.

 

“Revolving Commitment”
means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans hereunder, expressed as an amount
representing the maximum possible aggregate amount of such Lender’s Revolving Exposure hereunder, as such commitment may
be reduced or increased from time to time pursuant to this Agreement. The aggregate amount of each Lender’s Revolving Commitments
on the Amendment No. 6 Effective Date is set forth on Schedule II to Amendment No. 6.

 

“Revolving Commitment Increase”
has the meaning set forth in Section 2.20(a).

 

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

 

“Revolving Lender” means
a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Exposure.

 

“Revolving Loan” means
the Loans made pursuant to clauses (b) and (c) of Section 2.01.

 

“Revolving Maturity Date”
means March 1, 2022.

 

“S&P” means Standard
& Poor’s Ratings Group, Inc.

 

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

 

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“Sanctioned Person” means,
at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department
of State, the European Union or Her Majesty’s Treasury of the United Kingdom, (b) any other Person located, organized or
ordinarily resident in a Sanctioned Country or (c) any Person 50% or more of the Equity Interests of which are owned by one or
more Persons referenced in clause (a).

 

“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 OFAC or the U.S. Department of State, or (b) the European Union or Her Majesty’s Treasury
of the United Kingdom.

 

“SEC” means the Securities
and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.

 

“Second Lien Agent” means
Wells Fargo Bank, National Association, in its capacity as administrative agent and collateral agent for the Lenders under the
Second Lien Loan Documents.

 

“Second Lien Credit Agreement”
means the Second Lien Credit Agreement, dated as of the Amendment No. 3 Effective Date, among Holdings, the Borrower, the lenders
from time to time party thereto and the Second Lien Agent, as administrative agent and collateral agent and the other agents party
thereto, as the same may be renewed, extended, modified, supplemented, amended or amended and restated from time to time.

 

“Second Lien Loan Documents”
means the Second Lien Credit Agreement, the Intercreditor Agreement and the other “Loan Documents” (as defined in the
Second Lien Credit Agreement).

 

“Second Lien Term Loans”
means the “Term Loans” as defined in the Second Lien Credit Agreement.

 

“Secured Hedge Agreement”
means any Swap Agreement permitted by Section 6.07 that is entered into by and between the Borrower or any Restricted Subsidiary
and any Qualified Counterparty.

 

“Secured Indebtedness”
at any date means the aggregate principal amount of Total Indebtedness outstanding at such date that consists of Indebtedness that
in each case is then secured by Liens on any property or assets of Borrower or its Subsidiaries.

 

“Secured Net Leverage Ratio”
means, with respect to any Test Period, the ratio of (a) Consolidated Secured Net Indebtedness as of the last day of such
Test Period to (b) Consolidated EBITDA for such Test Period.

 

“Secured Parties” means
(a) the Lenders, (b) the Collateral Agent, (c) the Administrative Agent, (d) the Issuing Bank, (e) each Qualified
Counterparty and (f) the successors and assigns of each of the foregoing.

 

“Securities Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Security Documents”
means the Collateral Agreement, the Mortgages, the Intellectual Property Security Agreements (if applicable), and each other security
agreement or other instrument or document executed and delivered pursuant to Section 5.12 or 5.13 to secure any of the Obligations.

 

“series” means, with
respect to any Extended Term Loans, Incremental Term Loans or Replacement Term Loans, all such Term Loans that have the same maturity
date, amortization and interest rate provisions and that are designated as part of such “series” pursuant to the applicable
Additional Credit Extension Amendment.

 

“Services Agreements”
means (i) the Amended and Restated Tax Sharing Agreement by and among Select Medical Holdings Corporation, Concentra Group Holdings,
LLC and Concentra Group Holdings Parent, LLC, dated as of the date hereof and (ii) the Amended and Restated Shared Services Agreement
between Select Medical Corporation and the Borrower dated as of the Amendment No. 3 Effective Date.

 

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“Solvent” and “Solvency”
mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the assets of such Person
and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent
or otherwise, (b) the present fair saleable value of the property of such Person and its Subsidiaries, on a consolidated basis,
is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other
liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, (c) such Person
and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise,
as such liabilities become absolute and matured and (d) such Person and its Subsidiaries, on a consolidated basis, are not engaged
in, and are not about to engage in, business for which they have unreasonably small capital. The amount of any contingent liability
at any time shall be computed as the amount that would reasonably be expected to become an actual and matured liability.

 

“Specified Acquisition Agreement
Representations” means such of the representations and warranties made by or with respect to Concentra and its Subsidiaries
in the Acquisition Agreement as are material to the interests of the Lenders, but only to the extent that Initial Borrower has
(or its applicable Affiliate has) the right (taking into account any applicable cure provisions), pursuant to the Acquisition Agreement,
to terminate its (or such Affiliate’s) obligation under the Acquisition Agreement to consummate the Target Acquisition (or
the right not to consummate the Target Acquisition pursuant to the Acquisition Agreement) as a result of a breach of such representations
and warranties.

 

“Specified Indebtedness”
has the meaning set forth in Section 6.08(b).

 

“Specified Representations”
means those representations and warranties made by the Loan Parties in Section 3.01(a) (with respect to organizational existence
only), Section 3.01(b) (as relates to the execution, delivery and performance of the Loan Documents), Section 3.02 (as relates
to due authorization, execution, delivery and enforceability of the Loan Documents), Section 3.03 (with respect to charter documents
or, except to the extent such conflict has not resulted in a Material Adverse Effect (as defined in the Acquisition Agreement on
the Closing Date), any laws binding on the Loan Parties or their respective properties and limited to execution, delivery and performance
of the Loan Documents, borrowing under, guaranteeing under and granting of security interests in the Collateral), Section 3.08,
Section 3.15, Section 3.16, the last sentence of Section 3.19(a), Section 3.19(b)(i) and (b)(ii) and Section 3.20.

 

“Specified Transactions”
means (a) the Transactions, any acquisition (including a Permitted Acquisition), any Material Disposition, any sale, transfer or
other disposition that results in a Person ceasing to be a Restricted Subsidiary, any involuntary disposition, any Investment that
results in a Person becoming a Restricted Subsidiary, in each case, whether by merger, consolidation or otherwise, any incurrence
or repayment of Indebtedness, any Restricted Payment, any designation of a Restricted Subsidiary as an Unrestricted Subsidiary
and any redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or (b) any other event that by the terms of the
Loan Documents requires Pro Forma Compliance with a test or covenant or requires such test or covenant to be calculated on a Pro
Forma Basis.

 

“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 percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the bank serving as the Administrative Agent is subject with respect to
the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D
of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall
be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under such Regulation D 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.

 

“Subordinated Indebtedness”
means Indebtedness of Holdings, the Borrower or any Subsidiary that is subordinated in right of payment to the Obligations expressly
by its terms.

 

“Subsequent Transaction”
has the meaning set forth in Section 1.07(f).

 

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

 

“Subsidiary” means any
subsidiary of the Borrower, other than any Permitted Joint Venture that is not a Permitted Joint Venture Loan Party.

 

“Subsidiary Loan Party”
means any Domestic Subsidiary (other than an Excluded Subsidiary or any Consolidated Practice).

 

“Succeeding Holdings”
has the meaning set forth in the definition of “Holdings.”

 

“Supported QFC” has the
meaning set forth in Section 9.20.

 

“Swap Agreement” means
any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or
settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial
or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of
these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided
by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement.

 

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

 

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

 

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

 

“Swingline Loan” means
a Loan made pursuant to Section 2.04.

 

“Swingline Sublimit”
as the meaning set forth in Section 2.04.

 

“Target Acquisition”
has the meaning set forth in the preamble to this Agreement.

 

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

 

“Term Lender” means,
at any time, any Lender that has a Term Loan at such time.

 

“Term Loans” means the
Tranche B Term Loans, the Tranche B-1 Term Loans, the Incremental Term Loans of each series, the Replacement Term Loan and the
Extended Term Loans of each series, collectively, or as the context may require.

 

“Test Period” means,
for any date of determination under this Agreement, the four consecutive fiscal quarters of the Borrower most recently ended as
of such date of determination.

 

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“Third Party Payor” means
any Government Program and any quasipublic agency, Blue Cross, Blue Shield and any managed care plans and organizations, including
health maintenance organizations and preferred provider organizations and private commercial insurance companies and any similar
third party arrangements, plans or programs for payment or reimbursement in connection with health care services, products or supplies.

 

“Third Party Payor Arrangement”
means any arrangement, plan or program for payment or reimbursement by any Third Party Payor in connection with the provision of
healthcare services, products or supplies.

 

“Total Assets” means,
as of any date of determination, the amount that would, in conformity with GAAP, be set forth opposite the caption “total
assets” (or any like caption) on the most recent consolidated balance sheet of the Borrower and the Restricted Subsidiaries
at such date (and, in the case of any determination relating to any Specified Transaction, on a Pro Forma Basis including any property
or assets being acquired in connection therewith).

 

“Total Indebtedness”
means, as of any date, the aggregate principal amount of Indebtedness of the Borrower and the Subsidiaries outstanding as of such
date, in the amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with
GAAP.

 

“Total Net Leverage Ratio”
means, with respect to any Test Period, the ratio of (a) Consolidated Total Net Indebtedness as of the last day of such Test Period
to (b) Consolidated EBITDA for such Test Period.

 

“Tranche B Commitment”
means, with respect to each Lender, the commitment, if any, of such Lender to make a Tranche B Term Loan hereunder on the Closing
Date, expressed as an amount representing the maximum principal amount of the Tranche B Term Loan to be made by such Lender hereunder,
as such commitment may be reduced or increased from time to time pursuant to this Agreement.

 

“Tranche B Term Loan”
means all Term Loans outstanding under this Agreement immediately prior to the Amendment No. 3 Effective Date.

 

“Tranche B-1 Maturity Date”
means June 1, 2022.

 

“Tranche B-1 Term Loan”
has the meaning provided in Section 2.01.

 

“Transaction Expenses”
means any fees or expenses incurred or paid by the Permitted Investors, any direct or indirect parent company of the Borrower,
the Borrower or any of its (or their) Subsidiaries in connection with the Transactions (including payments to officers, employees
and directors as change of control payments, severance payments, special or retention bonuses and charges for repurchase or rollover
of, or modifications to, stock options and/or restricted stock).

 

“Transactions” means,
collectively, (a) the Target Acquisition and other related transactions contemplated by the Acquisition Agreement, (b) the Merger
and other related transactions contemplated by the Merger Agreement, (c) the Equity Contribution, (d) the borrowing under
the Initial Second Lien Credit Agreement, (e) the funding of the Tranche B Term Loans and the initial Revolving Loans (to the extent
borrowed for any Permitted Initial Revolving Loan Borrowing Purposes, if any) borrowed on the Closing Date and the execution and
delivery of Loan Documents to be entered into on the Closing Date and (f) the payment of Transaction Expenses.

 

“Transformative Acquisition”
means any acquisition by the Borrower or any Restricted Subsidiary that is either (a) not permitted by the terms of this Agreement
immediately prior to the consummation of such acquisition or (b) if permitted by the terms of this Agreement immediately prior
to the consummation of such acquisition, would not provide the Borrower and its Subsidiaries with adequate flexibility under this
Agreement for the continuation and/or expansion of their combined operations following such consummation, as determined by the
Borrower acting in good faith.

 

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

 

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“Unrestricted Subsidiary”
means any Subsidiary of the Borrower designated by the Board of Directors of the Borrower as an Unrestricted Subsidiary pursuant
to Section 5.14 subsequent to the Closing Date.

 

“U.S. Healthworks” has
the meaning set forth in the preamble to this Agreement.

 

“U.S. Tax Compliance Certificate”
has the meaning set forth in Section 2.17(e)(ii)(B)(3).

 

“U.S. Special Resolutions Regime”
has the meaning set forth in Section 9.20.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (i) the sum of the products obtained
by multiplying (a) the amount of each then remaining scheduled installment, sinking fund, serial maturity or other required scheduled
payments of principal, including payment at final scheduled maturity, in respect thereof, by (b) the number of years (calculated
to the nearest one-twelfth) that will elapse between such date and the making of such payment, by (ii) the then outstanding principal
amount of such Indebtedness; provided that the effects of any prepayments made on such Indebtedness shall be disregarded
in making such calculation.

 

“wholly owned” means
with respect to any Person, a subsidiary of such Person all the outstanding Equity Interests of which (other than (x) directors’
qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable law) are owned by such Person
and/or by one or more wholly owned subsidiaries of such Person.

 

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

 

“Yield” for any Indebtedness
on any date of determination will be determined by the Administrative Agent utilizing (a) if applicable, any “LIBOR floor”
applicable to such Indebtedness on such date, (b) the interest margin for such Indebtedness on such date, and (c) the issue price
of such Indebtedness (after giving effect to any OID (with OID being equated to interest based on an assumed four-year average
life to maturity on a straight-line basis)) or upfront fees (which shall be deemed to constitute like amounts of OID) paid to the
market in respect of such Indebtedness but excluding customary arranger, underwriting, commitment, structuring, ticking, unused
line, amendment fees and other similar fees not paid generally to all lenders in the primary syndication of such Indebtedness.
For purposes of the calculation of the Yield of any Tranche B-1 Term Loans, all Tranche B-1 Term Loans shall be deemed to have
the Yield of the Tranche B-1 Term Loans funded on the Amendment No. 6 Effective Date.

 

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

 

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

 

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SECTION 1.04      Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall
be construed in accordance with GAAP as in effect from time to time, provided that if the Borrower notifies the Administrative
Agent that the Borrower requests an amendment to any provision (including any definition) hereof to eliminate the effect of any
change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative
Agent notifies the Borrower that the Required Lenders request an amendment to any provision (including any definition) 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.  In addition,
notwithstanding any other provision contained herein, (i) the definitions set forth in the Loan Documents and any financial calculations
required by the Loan Documents shall be computed to exclude any change to lease accounting rules from those in effect pursuant
to Financial Accounting Standards Board Accounting Standards Codification 840 (Leases) and other related lease accounting guidance
as in effect on the Closing Date and (ii) all terms of an accounting or financial nature used herein shall be construed, and all
computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Financial Accounting
Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect)
to value any Indebtedness or other liabilities of Holdings, the Borrower or any Subsidiary at “fair value”, as defined
therein.

 

SECTION 1.05      [Reserved].

 

SECTION 1.06      Available Amount Transactions. If more than one action occurs on any given date the permissibility of the taking
of which is determined hereunder by reference to the amount of the Available Amount immediately prior to the taking of such action,
the permissibility of the taking of each such action shall be determined independently and in no event may any two or more such
actions be treated as occurring simultaneously.

 

SECTION 1.07      Pro Forma Calculations.

 

(a)          
Notwithstanding anything to the contrary herein, financial ratios and tests, including the First Lien Net Leverage Ratio,
the Secured Net Leverage Ratio and the Total Net Leverage Ratio, and compliance with covenants determined by reference to Consolidated
EBITDA or Total Assets, shall be calculated in the manner prescribed by this Section 1.07; provided, that notwithstanding
anything to the contrary in clauses (b), (c), (d) or (f) of this Section 1.07, (A) when calculating any such ratio or test for
purposes of (i) the definition of “Applicable Rate”, and (ii) Section 6.12 (other than for the purpose of determining
Pro Forma Compliance with Section 6.12), the events described in this Section 1.07 that occurred subsequent to the end of
the applicable Test Period shall not be given Pro Forma Effect and cash and Permitted Investments included on the consolidated
balance sheet of the Borrower and its Restricted Subsidiaries as of the date of the event for which the calculation of any such
ratio is made shall be taken into account in lieu of cash or Permitted Investments as of the last day of the relevant Test Period
and (B) when calculating any such ratio or test for purposes of the incurrence of any Indebtedness, cash and Permitted Investments
resulting from the incurrence of any such Indebtedness shall be excluded from the pro forma calculation of any applicable ratio
or test. In addition, whenever a financial ratio or test is to be calculated on a Pro Forma Basis, the reference to the “Test
Period” for purposes of calculating such financial ratio or test shall be deemed to be a reference to, and shall be based
on, the most recently ended Test Period for which internal financial statements of the Borrower are available (as determined in
good faith by the Borrower) (it being understood that for purposes of determining Pro Forma Compliance with Section 6.12, if no
Test Period with an applicable level cited in Section 6.12 has passed, the applicable level shall be the level for the first Test
Period cited in Section 6.12 with an indicated level).

 

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(b)          
For purposes of calculating any financial ratio or test or compliance with any covenant determined by reference to Consolidated
EBITDA or Total Assets, Specified Transactions (with any incurrence or repayment of any Indebtedness in connection therewith to
be subject to clause (d) of this Section 1.07) that (i) have been made during the applicable Test Period or (ii) if applicable
as described in clause (a) above, have been made subsequent to such Test Period and prior to or substantially concurrently with
the event for which the calculation of any such ratio is made shall be calculated on a Pro Forma Basis assuming that all such
Specified Transactions (and any increase or decrease in Consolidated EBITDA, Total Assets and the component financial definitions
used therein attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period (or, in the
case of Total Assets, on the last day of the applicable Test Period). If since the beginning of any applicable Test Period any
Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Borrower or
any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction that would
have required adjustment pursuant to this Section 1.07, then such financial ratio or test (or Total Assets) shall be calculated
to give Pro Forma Effect thereto in accordance with this Section 1.07.

 

(c)          
Whenever Pro Forma Effect is to be given to a Specified Transaction, the pro forma calculations shall be made in
good faith by a responsible financial or accounting officer of the Borrower and, in the case of any “Test Period” determined
by reference to internal financial statements of the Borrower (as opposed to the financial statements most recently delivered pursuant
to Section 5.01(a) or Section 5.01(b)), as set forth in a certificate of a responsible financial or accounting officer of the Borrower
(with supporting calculations), and may include, for the avoidance of doubt, the amount of “run-rate” cost savings,
operating expense reductions and synergies resulting from or relating to, any Specified Transaction (including the Transactions)
to the extent permitted by the definition of “Consolidated EBITDA.”

 

(d)          
In the event that the Borrower or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays (including
by repurchase, redemption, repayment, retirement, discharge, defeasance or extinguishment) any Indebtedness (in each case, other
than Indebtedness incurred or repaid (other than Indebtedness incurred or repaid (other than any repayment from the proceeds of
other Indebtedness) under any revolving credit facility unless such Indebtedness has been permanently repaid and not replaced))
subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of
any such ratio is made, then such financial ratio or test shall be calculated giving Pro Forma Effect to such incurrence, assumption,
guarantee, repurchase, redemption, repayment, retirement, discharge, defeasance or extinguishment of Indebtedness, or such issuance,
repurchase or redemption of Disqualified Stock, in each case to the extent required, as if the same had occurred on the last day
of the applicable Test Period.

 

(e)          
[Reserved]

 

(f)           
As relates to any action being taken solely in connection with a Limited Condition Transaction, for purposes of:

 

(i)           
determining compliance with any provision of this Agreement (other than the Financial Covenant) which requires the calculation
of any financial ratio or test, including the First Lien Net Leverage Ratio, Secured Net Leverage Ratio and Total Net Leverage
Ratio, or

 

(ii)          
testing availability under baskets set forth in this Agreement (including baskets determined by reference to Consolidated
EBITDA or Total Assets),

 

in each case, at the option of the Borrower (the Borrower’s
election to exercise such option in connection with any Limited Condition Transaction, an “LCT Election”), the
date of determination of whether any such action is permitted hereunder shall be deemed to be the date the definitive agreements
for such Limited Condition Transaction are entered into (the “LCT Test Date”), and if, after giving Pro Forma
Effect to the Limited Condition Transaction (and the other transactions to be entered into in connection therewith, including any
incurrence of Indebtedness and the use of proceeds thereof, as if they had occurred on the first day of the most recent Test Period
ending prior to the LCT Test Date (except with respect to any incurrence or repayment of Indebtedness for purposes of the calculation
of any leverage-based test or ratio, which shall in each case be treated as if they had occurred on the last day of such Test Period)),
the Borrower or any of its Restricted Subsidiaries would have been permitted to take such action on the relevant LCT Test Date
in compliance with such ratio, test or basket, such ratio, test or basket shall be deemed to have been complied with; provided
that if financial statements for one or more subsequent fiscal periods shall have become available, the Borrower may elect, in
its sole discretion, to redetermine all such ratios, tests or baskets on the basis of such financial statements, in which case,
such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date. For the avoidance of doubt, if the
Borrower has made an LCT Election and any of the ratios, tests or baskets for which compliance was determined or tested as of the
LCT Test Date would have failed to have been complied with as a result of fluctuations in any such ratio, test or basket, including
due to fluctuations in Consolidated EBITDA or Total Assets of the Borrower or the Person subject to such Limited Condition Transaction,
at or prior to the consummation of the relevant transaction or action, such baskets, tests or ratios will not be deemed to have
failed to have been complied with as a result of such fluctuations. If the Borrower has made an LCT Election for any Limited Condition
Transaction, then in connection with any calculation of any ratio, test or basket availability with respect to the incurrence of
Indebtedness or Liens, the making of Restricted Payments, the making of any Investment, mergers, the conveyance, lease or other
transfer of all or substantially all of the assets of the Borrower, the prepayment, redemption, purchase, defeasance or other satisfaction
of Indebtedness, or the designation of an Unrestricted Subsidiary (each, a “Subsequent Transaction”) following
the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the
date that the definitive agreement or irrevocable notice for such Limited Condition Transaction is terminated or expires without
consummation of such Limited Condition Transaction, for purposes of determining whether such Subsequent Transaction is permitted
under this Agreement, any such ratio, test or basket shall be required to be satisfied on a Pro Forma Basis (i) assuming such Limited
Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds
thereof) have been consummated and (ii) assuming such Limited Condition Transaction and other transactions in connection therewith
(including any incurrence of Indebtedness and the use of proceeds thereof) have not been consummated.

 

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ARTICLE II

 

The Credits

 

SECTION 2.01      Commitments. Subject to the terms and conditions set forth herein, each Lender agrees (a) to make (i) a Tranche B
Term Loan to the Borrower on the Closing Date in a principal amount not exceeding its Tranche B Commitment and (ii) a Tranche B
Term Loan to the Borrower on the Amendment No. 1 Effective Date in a principal amount not exceeding its Additional Tranche B Commitment,
(b) if requested by the Borrower, to make Revolving Loans to the Borrower on the Closing Date in a principal amount not exceeding
the aggregate amounts specified or referred to in the definition of the term “Permitted Initial Revolving Loan Borrowing
Purposes” and (c) to make Revolving Loans to the Borrower following the Closing Date and from time to time during the
Revolving Availability Period in an aggregate principal amount that will not result in such Lender’s Revolving Exposure exceeding
such Lender’s Revolving Commitment (taking into account any Revolving Loans borrowed on the Closing Date) (and, in the case
of any Swingline Lender or Issuing Bank unless waived by such Person in its sole discretion, that will not result in the aggregate
amount of the Revolving Loans and Swingline Loans funded by such Person, when aggregated with the face amount of all Letters of
Credit issued by such Person, exceeding the amount of such Person’s Revolving Commitment). Subject to the terms and conditions
set forth herein, (i) the Amendment No. 3 Additional Tranche B-1 Lender agrees to make a term loan to the Borrower in dollars (a
“Tranche B-1 Term Loan”) on the Amendment No. 3 Effective Date in an amount not to exceed the amount of its
Additional Tranche B-1 Commitment, (ii) each Converted Tranche B Term Loan of each Amendment No. 3 Consenting Lender shall be converted
into a Tranche B-1 Term Loan of such Lender as of the Amendment No. 3 Effective Date in a principal amount equal to the principal
amount of such Lender’s Converted Tranche B Term Loan immediately prior to such conversion and (iii) the Amendment No. 6
Additional Tranche B-1 Lender agrees to make a Tranche B-1 Term Loan to the Borrower in dollars on the Amendment No. 6 Effective
Date in an amount not to exceed the amount of its Additional 2019 Tranche B-1 Commitment. The Borrower shall designate in the relevant
Borrowing Request whether each Borrowing will be maintained as a Eurodollar Loan or an ABR Loan and, if such Borrowing is to be
a Eurodollar Borrowing, the Interest Period with respect thereto; provided that all Tranche B-1 Term Loans funded on the Amendment
No. 6 Effective Date shall initially take the form of a pro rata increase in each then outstanding Borrowing of Tranche B-1 Term
Loans. Amounts repaid or prepaid in respect of Tranche B Term Loans and Tranche B-1 Term Loans may not be reborrowed. As of the
Amendment No. 6 Effective Date the aggregate outstanding principal amount of Tranche B-1 Term Loans is $1,240,297,917.21.

 

SECTION 2.02      Loans and Borrowings.

 

(a)          
Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same Class and Type
made by the Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender
to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that
the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans
as required.

 

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(b)         
Subject to Section 2.14, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may
request in accordance herewith.

 

(c)         
At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of $500,000 and not less than $2,000,000. At the time that each ABR Borrowing is made, such Borrowing
shall be in an aggregate amount that is an integral multiple of $500,000 and not less than $1,000,000. Borrowings of more than
one Type and Class may be outstanding at the same time. There shall not at any time be more than a total of 20 Eurodollar Borrowings
outstanding. Notwithstanding anything to the contrary herein, (1) an ABR Revolving Borrowing may be in an aggregate amount that
is equal to the entire unused balance of the aggregate Revolving Commitments and (2) subject to Section 2.04(a), a Swingline Loan
may be in an aggregate amount (i) that is equal to the entire unused balance of the aggregate Revolving Commitments or (ii) that
is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e).

 

(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 Maturity Date or
the Tranche B-1 Maturity Date, as applicable.

 

SECTION 2.03      Requests for Borrowings. To request a Revolving Borrowing or Tranche B-1 Term Loan Borrowing, the Borrower shall
notify the Administrative Agent of such request by submitting a Borrowing Request (a) in the case of a Eurodollar Borrowing, not
later than 12:00 noon, New York City time, three (3) Business Days before the date of the proposed Borrowing or (b) in the case
of an ABR Borrowing, not later than 12:00 noon, New York City 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 2.05(e)
may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such Borrowing Request
shall be irrevocable and shall be signed by a Responsible Officer of the Borrower. Each such Borrowing Request shall specify the
following information in compliance with Section 2.02:

 

(i)           
whether the requested Borrowing is to be a Revolving Borrowing or a Tranche B-1 Term Loan Borrowing,

 

(ii)          
the aggregate amount of such Borrowing,

 

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

 

(iv)         
whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing,

 

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

 

(vi)         
the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.06.

 

If no election as to the Type of Borrowing
is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested
Eurodollar Borrowing, then the 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 2.03, 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.

 

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SECTION 2.04      Swingline Loans.

 

(a)          
Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to the Borrower
from time to time during the Revolving Availability Period, in an aggregate principal amount at any time outstanding that will
not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $10,000,000 (the “Swingline
Sublimit”), (ii) the aggregate Revolving Exposures exceeding the aggregate Revolving Commitments or (iii) unless otherwise
consented by the Swingline Lender in its sole discretion, the aggregate principal amount of outstanding Swingline Loans and Revolving
Loans of such Swingline Lender, when aggregated with the face amount of all Letters of Credit issued by such Person, exceeding
the amount of such Person’s Revolving Commitment; provided that the Swingline Lender shall not be required to make
a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions
set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans.

 

(b)         
To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by telephone (confirmed
by telecopy), not later than 2:00 p.m., New York City time, on the day of a proposed Swingline Loan. Each such notice shall be
irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The
Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender
shall make each Swingline Loan available to the Borrower by means of a credit to the general deposit account of the Borrower maintained
with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided
in Section 2.05(e), by remittance to the Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline
Loan.

 

(c)          
The Swingline Lender may by written notice given to the Administrative Agent not later than 12:00 noon, New York City time,
on any Business Day require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swingline
Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Revolving Lenders will participate.
Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in
such notice such Lender’s Applicable Percentage of such Swingline Loan or Swingline Loans. Each Revolving Lender hereby absolutely
and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the
Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Swingline Loans. Each Revolving Lender acknowledges
and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or
termination of the Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or
reduction whatsoever. Each Revolving Lender shall comply with its obligation under this paragraph by wire transfer of immediately
available funds, in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall
apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly
pay to the Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent shall notify the
Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of
such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline
Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline
Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent, any such amounts
received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall
have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided
that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and
to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline
Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.

 

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SECTION 2.05      Letters of Credit.

 

(a)          
General. Upon satisfaction of the conditions specified in Section 4.01 on the Closing Date, each Existing Letter
of Credit will, automatically and without any action on the part of any Person, be deemed to be a Letter of Credit issued hereunder
for all purposes of this Agreement and the other Loan Documents. Subject to the terms and conditions set forth herein, the Borrower
may request the issuance of Letters of Credit for its own account (or for the account of any of its Subsidiaries so long as the
Borrower is a co-applicant), in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and
from time to time during the Revolving Availability Period. In the event of any inconsistency between the terms and conditions
of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the
Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions
of this Agreement shall control.

 

(b)          
Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit
(or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit
by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative
Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance
of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance,
amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall
comply with paragraph (c) of this Section 2.05), the amount of such Letter of Credit, the name and address of the beneficiary thereof
and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the
Issuing Bank, the Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection
with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance,
amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving
effect to such issuance, amendment, renewal or extension, (i) the LC Exposure shall not exceed $25,000,000 (the “Letter
of Credit Sublimit”), (ii) no Revolving Lender’s Revolving Exposure shall exceed such Revolving Lender’s
Revolving Commitment and (iii) unless otherwise consented by the Issuing Bank in its sole discretion, the aggregate principal amount
of outstanding Swingline Loans and Revolving Loans of such Issuing Bank, when aggregated with the face amount of all Letters of
Credit issued by such Issuing Bank, shall not exceed the amount of such Issuing Bank’s Revolving Commitment.

 

(c)          
Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the
date that is 12 months after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof,
12 months after such renewal or extension) and (ii) the date that is five (5) Business Days prior to the Revolving Maturity Date
(except to the extent cash collateralized or backstopped pursuant to arrangements reasonably acceptable to the Issuing Bank and
the Administrative Agent). Any Letter of Credit may provide for automatic extension or renewal thereof for an additional period
of up to 12 months (but in no event shall such period renew or extend beyond the date referred to in clause (ii)).

 

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

 

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(e)          
Reimbursement. If the 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 equal to such LC Disbursement not later than
12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives notice of such LC
Disbursement; provided that, if such LC Disbursement is not less than $2,000,000, the Borrower may, subject to the conditions
to borrowing set forth herein, request (and, if the Borrower fails to reimburse such LC Disbursement when due, the Borrower shall
be deemed to have requested) in accordance with Section 2.03 or 2.04 that such LC Disbursement be financed with an ABR Revolving
Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such
payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan (and the time for reimbursement
of such LC Disbursement shall automatically be extended to the Business Day following such request or deemed request). 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 Revolving 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 2.06 with respect to Loans made by such Revolving
Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative
Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt
by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute
such payment to the Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse
the Issuing Bank, then to such Revolving Lenders and the Issuing Bank as their interests may appear. Any payment made by a Revolving
Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving
Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation
to reimburse such LC Disbursement.

 

(f)           
Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e)
of this Section 2.05 shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms
of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of
any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter
of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any
respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does
not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar
to any of the foregoing, that might, but for the provisions of this Section 2.05, constitute a legal or equitable discharge of,
or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders
nor the Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection
with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of
any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission
or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required
to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the
control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability
to the Borrower to the extent of any direct damages (as opposed to 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 the Issuing
Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply
with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the
part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have
exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties
agree that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter
of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility
for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such
documents if such documents are not in strict compliance with the terms of such Letter of Credit.

 

(g)          
Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting
to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and
the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will make
an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower
of its obligation to reimburse the Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement in accordance
with paragraph (e) of this Section 2.05.

 

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(h)          
Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such
LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from
and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement,
at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrower fails to reimburse such LC
Disbursement when due pursuant to paragraph (e) of this Section 2.05, then Section 2.13(c) shall apply. Interest accrued pursuant
to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by
any Revolving Lender pursuant to paragraph (e) of this Section 2.05 to reimburse the Issuing Bank shall be for the account of such
Revolving Lender to the extent of such payment.

 

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

 

(j)           
Cash Collateralization. If 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, the
Required Revolving Lenders) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in
an account with the Collateral Agent, in the name of the Collateral Agent and for the benefit of the Lenders, an amount in cash
equal to 105% the LC Exposure as of such date plus any accrued and unpaid fees 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 paragraph (h) or (i) of Section 7.01. The Borrower also shall deposit cash collateral pursuant to this paragraph as and to the
extent required by Section 2.11(b) and Section 2.22. Each such deposit shall be held by the Collateral Agent as collateral for
the payment and performance of the obligations of the Borrower under this Agreement. The Collateral Agent shall have exclusive
dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment
of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the 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 the Issuing Bank for LC Disbursements
for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement
obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject
to the consent of the Required Revolving Lenders), be applied to satisfy other obligations of the Borrower under this Agreement.
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
Events of Default have been cured or waived.

 

(k)          
Additional Issuing Banks. The Borrower may at any time, and from time to time, designate one or more additional Lenders
to act as an issuing bank under this Agreement with the consent of the Administrative Agent (which consent shall not be unreasonably
withheld) and such Lender. Any Lender designated as an issuing bank pursuant to this Section 2.05(k) shall be deemed to be and
shall have all the rights and obligations of an “Issuing Bank” hereunder.

 

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SECTION 2.06     Funding of Borrowings.

 

(a)          
Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for
such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in Section 2.04. The Administrative
Agent will make such Loans available to the Borrower by promptly crediting the amounts so received in like funds, to an account
of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing
Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section
2.05(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 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 2.06 and may, in reliance
upon such assumption and in its sole discretion, 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 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 Federal Funds Effective Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower,
the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall
constitute such Lender’s Loan included in such Borrowing.

 

SECTION 2.07      Interest Elections.

 

(a)          
Each Revolving Borrowing and Tranche B-1 Term Loan Borrowing initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing
Request or as designated by Section 2.01 or 2.03. Thereafter, the Borrower may elect to convert such Borrowing to a different Type
or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided
in this Section 2.07. The Borrower may elect different options with respect to different portions of the affected Borrowing, in
which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the
Loans comprising each such portion shall be considered a separate Borrowing. This Section 2.07 shall not apply to Swingline Loans,
which may not be converted or continued.

 

(b)          
To make an election pursuant to this Section 2.07, the Borrower shall notify the Administrative Agent of such election by
the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of
the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall
be irrevocable and shall be signed by a Responsible Officer of the Borrower.

 

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

 

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

 

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

 

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(iii)         
whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing, and

 

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

 

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

 

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

 

(e)          
If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the
end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest
Period such Borrowing shall be converted to an ABR Borrowing.

 

(f)           
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 Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing
shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

 

SECTION 2.08      Termination and Reduction of Commitments.

 

(a)          
Unless previously terminated, (i) the Tranche B Commitments shall terminate at 5:00 p.m., New York City time, on the Closing
Date, (ii) the Revolving Commitments shall terminate on the Revolving Maturity Date, (iii) the Additional Tranche B-1 Commitments
shall terminate at 5:00 p.m., New York City time, on the Amendment No. 3 Effective Date and (iv) the Additional 2019 Tranche B-1
Commitments shall terminate at 5:00 p.m., New York City time, on the Amendment No. 6 Effective Date.

 

(b)          
The Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class; provided that
(i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not less
than $5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent
prepayment of the Revolving Loans and Swingline Loans and/or cash collateralization of outstanding Letters of Credit in a manner
reasonably satisfactory to the applicable Issuing Bank and the Administrative Agent and in a face amount equal to 105% of the outstanding
amount of the applicable LC Exposure in respect thereof), the aggregate Revolving Exposures would exceed the aggregate Revolving
Commitments.

 

(c)          
The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph
(b) of this Section 2.08 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 2.08 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 closing of a refinancing transaction, a sale of all or substantially all of
the assets of the Borrower and its Subsidiaries or a Change of Control, 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 Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably
among the Lenders in accordance with their respective Commitments of such Class.

 

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SECTION 2.09      Repayment of Loans; Evidence of Debt.

 

(a)          
The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then
unpaid principal amount of each Revolving Loan of such Lender on the Revolving Maturity Date, (ii) to the Administrative Agent
for the account of each Lender the then unpaid principal amount of each Tranche B-1 Term Loan of such Lender as provided in Section
2.10, and (iii) the then unpaid principal amount of each Swingline Loan on the earlier of the Revolving Maturity Date and the first
date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least 2 Business Days after such
Swingline Loan is made; provided that on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline
Loans then outstanding.

 

(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, (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 2.09 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 of any Class 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 the order of 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 payable to the order of the payee named therein (or, if such promissory note is a
registered note, to such payee and its registered assigns).

 

SECTION 2.10      Amortization of Tranche B-1 Term Loans.

 

(a)          
The Borrower shall repay Tranche B-1 Term Loan Borrowings on each date set forth below in the aggregate principal amount
set forth opposite such date (as adjusted from time to time following the Amendment No. 6 Effective Date pursuant to Section 2.11(e)
and 2.11(i)):

 

	Date	 	Amount	 
	December 31, 2019	 	$	250,000.00	 
	March 31, 2020	 	$	250,000.00	 
	June 30, 2020	 	$	250,000.00	 
	September 30, 2020	 	$	250,000.00	 
	December 31, 2020	 	$	250,000.00	 
	March 31, 2021	 	$	250,000.00	 
	June 30, 2021	 	$	250,000.00	 
	September 30, 2021	 	$	250,000.00	 
	December 31, 2021	 	$	250,000.00	 
	March 31, 2022	 	$	250,000.00	 

 

(b)          
To the extent not previously paid, the Borrower shall repay all Tranche B-1 Term Loans on the Tranche B-1 Maturity Date.

 

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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 of any Class of Loans, in whole
or in part, as selected by the Borrower in its sole discretion and subject to the requirements of this Section 2.11.

 

(b)          
In the event and on such occasion that the aggregate Revolving Exposures exceed the aggregate Revolving Commitments, the
Borrower shall prepay Revolving Borrowings or Swingline Loans (or, if no such Borrowings are outstanding, deposit cash collateral
in an account with the Collateral Agent pursuant to Section 2.05(j)) in an aggregate amount equal to such excess.

 

(c)          
In the event and on each occasion that any Net Proceeds are received by or on behalf of Holdings, the Borrower or any Restricted
Subsidiary in respect of any Prepayment Event, the Borrower shall, promptly after such Net Proceeds are received by Holdings, the
Borrower or such Restricted Subsidiary (and in any event not later than the fifth Business Day after such Net Proceeds are received),
prepay Term Loan Borrowings in an amount equal to 100% of such Net Proceeds; provided that to the extent required by the
terms of any Permitted Debt that is secured by the Collateral on a pari passu basis with the Obligations, the Borrower may,
in lieu of prepaying Term Loans with such portion of the Net Proceeds of any prepayment event described in clause (a) or clause
(b) of the definition of “Prepayment Event”, apply a portion of such Net Proceeds (based on the respective principal
amounts at such time of (A) such Permitted Debt and (B) the Term Loans) to repurchase or redeem such Permitted Debt; provided
further that in the case of any event described in clause (a) or (b) of the definition of the term “Prepayment Event”,
if the Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer to the effect that the Borrower
and the Restricted Subsidiaries intend to apply the Net Proceeds from such event (or a portion thereof specified in such certificate),
within 365 days after receipt of such Net Proceeds, to acquire or replace real property, equipment or other tangible assets (excluding
inventory) to be used in the business of the Borrower and the Restricted Subsidiaries, and certifying that no Default has occurred
and is continuing, then no prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds specified in
such certificate, except to the extent of any such Net Proceeds therefrom that have not been so applied or contractually committed
in writing by the end of such 365-day period (and, if so contractually committed in writing but not applied prior to the end of
such 365-day period, applied within 180 days of the end of such period), promptly after which time a prepayment shall be required
in an amount equal to such Net Proceeds that have not been so applied.

 

(d)          
Following the end of each fiscal year of the Borrower, commencing with the fiscal year ending December 31, 2016, the Borrower
shall prepay Term Loan Borrowings in an amount equal to the excess of (A) the ECF Percentage of Excess Cash Flow for such year
over (B) the sum of (x) the principal amount of Term Loans prepaid pursuant to Section 2.11(a) and the amount expended to prepay
Term Loans pursuant to Section 2.11(i), in each case, during such year or, at the option of the Borrower, and without duplication
of amounts included in this clause (B) for any other year, following the last day of such year and prior to the date of such prepayment,
(y) the amount expended to prepay Permitted Debt that is secured on a pari passu basis with the Obligations during such
year or, at the option of the Borrower, and without duplication of amounts included in this clause (B) for any other year, following
the last day of such year and prior to the date of such prepayment and (z) the amount of Loans under Revolving Commitments, Extended
Revolving Commitments and Incremental Revolving Commitments that are repaid during such year or, at the option of the Borrower,
and without duplication of amounts included in this clause (B) for any other year, following the last day of such year and prior
to the date of such prepayment, in the case of this clause (z), to the extent accompanied by a reduction in the related commitment
and, in the case of each of the foregoing clauses (x), (y) and (z), other than any repayment in connection with a refinancing.

 

Each prepayment pursuant to this paragraph
shall be made within five (5) Business Days of the date on which financial statements are delivered pursuant to Section 5.01 with
respect to the fiscal year for which Excess Cash Flow is being calculated and the related Compliance Certificate has been delivered
pursuant to Section 5.01(c) (and in any event within 95 days after the end of such fiscal year).

 

    -54-

     

    

 

(e)          
Each prepayment of Term Loans pursuant to clauses (a), (c) or (d) of this Section 2.11 (A) shall be applied either (x) ratably
to each Class of Term Loans then outstanding or (y) as selected by the Borrower in its sole discretion in the notice delivered
pursuant to clause (f) below, to any Class or Classes of Term Loans, (B) shall be applied to scheduled amortization with respect
to each such Class for which prepayments will be made, in a manner determined at the discretion of the Borrower in the applicable
notice and, if not specified, in direct order of maturity to repayments thereof required pursuant to Section 2.10(a) and (C) shall
be paid to the Class of Lenders in accordance with their respective pro rata share (or other applicable share provided by this
Agreement) of each such Class of Term Loans, subject to clause (f) below. Notwithstanding clause (A) above, prepayments with Net
Proceeds from any event described in clause (c) of the definition of the term “Prepayment Event” shall be applied to
the Class or Classes of Term Loans selected by the Borrower. Prior to any optional or mandatory prepayment of Borrowings hereunder,
the Borrower shall determine in accordance with the foregoing provisions of this Section 2.11 the Borrowing or Borrowings of each
applicable Class to be prepaid and shall specify such determination in the notice of such prepayment pursuant to paragraph (f)
of this Section 2.11.

 

(f)           
The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender)
by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later
than 12:00 noon, New York City time, three (3) Business Days before the date of prepayment, (ii) in the case of prepayment of an
ABR Borrowing, not later than 12:00 noon, New York City time, one (1) Business Day before the date of prepayment or (iii) in the
case of prepayment of a Swingline Loan, not later than 2:00 p.m., New York City time, on the date of prepayment. Each such notice
shall be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid,
the Class of Loans to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of
such prepayment; provided that, (i) if a notice of optional prepayment is given in connection with a conditional notice
of termination of the Revolving Commitments as contemplated by Section 2.08, then such notice of prepayment may be revoked if such
notice of termination is revoked in accordance with Section 2.08 and (ii) otherwise if a notice of prepayment is given under this
Section 2.11, such notice of prepayment may be conditioned upon the effectiveness of other credit facilities or the closing of
a refinancing transaction, a sale of all or substantially all of the assets of the Borrower and its Subsidiaries or a Change of
Control and such notice of prepayment may be revoked if such condition is not satisfied. Promptly following receipt of any such
notice (other than a notice relating solely to Swingline Loans), the Administrative Agent shall advise the Lenders of the contents
thereof. Each partial prepayment of any 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 of each applicable Lender included in the prepaid Borrowing.
Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13 but shall in no event include premium
or penalty.

 

(g)          
Each Term Lender may reject all or a portion of its pro rata share of any mandatory prepayment (such declined amounts,
the “Declined Proceeds”) of Term Loans required to be made pursuant to clauses (c) and (d) of this Section 2.11
(except in respect of mandatory prepayments made with Net Proceeds from any event described in clause (c) of the definition of
the term “Prepayment Event”) by providing written notice (each, a “Rejection Notice”) to the Administrative
Agent and the Borrower no later than 5:00 p.m. one (1) Business Day after the date of such Lender’s receipt of notice from
the Administrative Agent regarding such prepayment. Each Rejection Notice from a given Lender shall specify the principal amount
of the mandatory repayment of Term Loans to be rejected by such Lender. If a Lender of Term Loans fails to deliver a Rejection
Notice to the Administrative Agent within the time frame specified above or such Rejection Notice fails to specify the principal
amount of the Term Loans to be rejected, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment
of its Term Loans. Any Declined Proceeds shall be offered to the Lenders of Term Loans not so declining such prepayment on a pro
rata basis in accordance with the amounts of the Term Loans of each such Lender (with such non-declining Lenders having the
right to decline any prepayment with Declined Proceeds at the time and in the manner specified by the Administrative Agent). To
the extent such non-declining Lenders of its Term Loans elect to decline their pro rata shares of such Declined Proceeds,
any Declined Proceeds remaining thereafter shall be retained by the Borrower (other than Declined Proceeds being applied to repay
any Specified Indebtedness pursuant to Section 6.08(b)(viii)) (such remaining Declined Proceeds, the “Borrower Retained
Prepayment Amounts”).

 

    -55-

     

    

 

(h)          
Notwithstanding any other provisions of this Section 2.11, (i) to the extent that any of or all the Net Proceeds of
any disposition by a Foreign Subsidiary (“Foreign Disposition”), the Net Proceeds of any casualty event from
a Foreign Subsidiary (a “Foreign Casualty Event”) or Excess Cash Flow attributable to Foreign Subsidiaries are
prohibited or delayed by applicable local law from being repatriated to the United States, the portion of such Net Proceeds or
Excess Cash Flow so affected will not be required to be applied to repay Term Loans at the times provided in this Section 2.11
but may be retained by the applicable Foreign Subsidiary so long, but only so long, as the applicable local law will not permit
repatriation to the United States (the Borrower hereby agreeing to use commercially reasonable efforts to cause the applicable
Foreign Subsidiary to promptly take all actions reasonably required by the applicable local law to permit such repatriation), and
once such repatriation of any of such affected Net Proceeds or Excess Cash Flow is permitted under the applicable local law, such
repatriation will be promptly effected and an amount equal to such repatriated Net Proceeds or Excess Cash Flow will be promptly
(and in any event not later than five (5) Business Days after such repatriation) applied (net of additional taxes payable or reserved
against as a result thereof) to the repayment of the Term Loans pursuant to this Section 2.11 to the extent provided herein
and (ii) to the extent that the repatriation of any of or all the Net Proceeds of any Foreign Disposition or any Foreign Casualty
Event or Excess Cash Flow attributable to Foreign Subsidiaries would have material adverse tax consequences (as reasonably determined
in good faith by the Borrower) with respect to such Net Proceeds or Excess Cash Flow, such Net Proceeds or Excess Cash Flow so
affected will not be required to be applied to repay Term Loans at the times provided in this Section 2.11 but may be retained
by the applicable Foreign Subsidiary.

 

(i)           
In addition to any prepayment of Term Loans pursuant to Section 2.11(a), Holdings, the Borrower or any Subsidiary of the
Borrower may at any time prepay Term Loans of any Class of any Lender at such price or prices as may be mutually agreed by Holdings,
the Borrower or such Subsidiary, on the one hand, and such Lender, on the other hand (which, for avoidance of doubt, may be a prepayment
at a discount to par), pursuant to individually negotiated transactions or offers to prepay that are open to Lenders of Term Loans
of any Class(es) selected by Holdings, the Borrower or such Subsidiary so long as (x) immediately after giving effect to any such
prepayment pursuant to this Section 2.11(i), no Event of Default has occurred and is continuing, (y) no proceeds of Swingline Loans
or Revolving Loans are utilized to fund any such prepayment and (z) Holdings, the Borrower or such Subsidiary, as applicable, and
each Lender whose Term Loans are to be prepaid pursuant to this Section 2.11(i) execute and deliver to the Administrative Agent
an instrument identifying the amount of Term Loans of each Class of each such Lender to be so prepaid, the date of such prepayment
and the prepayment price therefor. The principal amount of any Term Loans of any Class prepaid pursuant to this paragraph (i) shall
reduce remaining scheduled amortization for such Class of Term Loans on a pro rata basis.

 

(j)           
Notwithstanding anything in this Agreement to the contrary, in the event that on any date, an outstanding Term Loan of a
Lender would otherwise be repaid or prepaid from the proceeds of any new Term Loans to be established on such date then, if agreed
to by the Borrower and such Lender and notified to the Administrative Agent, such outstanding Term Loan of such Lender may be converted
on a “cashless” basis into a new Term Loan of the applicable Class being established on such date.

 

(k)          
The Borrower shall repay in full all Non-Converted Tranche B Term Loans on the Amendment No. 3 Effective Date.

 

SECTION 2.12      Fees.

 

(a)          
The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue
at the Applicable Rate on the average daily unused amount of each Revolving Commitment of such Lender during the period from and
including the Closing Date to but excluding the date on which the aggregate Revolving Commitments terminate. Accrued commitment
fees shall be payable in arrears in respect of the Revolving Commitments on the last Business Day of March, June, September and
December of each year and on the date on which the Revolving Commitments terminate. All commitment fees shall be computed on the
basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the
last day). For purposes of computing commitment fees with respect to Revolving Commitments, a Revolving Commitment of a Lender
shall be deemed to be used to the extent of the outstanding Revolving Loans. For purposes of computing commitment fees with respect
to Revolving Commitments, a Revolving Commitment of a Lender shall be deemed to be used to the extent of the outstanding Revolving
Loans and LC Exposure of such Lender (and the Swingline Exposure of such Lender shall be disregarded for such purpose).

 

    -56-

     

    

 

(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 Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest
rate applicable to Eurodollar Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion
thereof attributable to unreimbursed LC Disbursements) during the period from and including the date of issuance of any Letter
of Credit to but excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which
such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at a rate equal to
0.125% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC
Disbursements) during the period from and including the Closing Date to but excluding the later of the date of termination of the
Revolving Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees
with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation
fees and fronting fees shall be payable on the last Business Day of March, June, September and December of each year, commencing
on the first such date to occur after the Closing Date; provided that all such fees shall be payable on the date on which
the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall
be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 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)          
In the event that a Repricing Transaction occurs following the Amendment No. 6 Effective Date and on or prior to the date
that is six (6) months after the Amendment No. 6 Effective Date, the Borrower shall pay each Lender a fee equal to 1.00% of the
principal amount of such Lender’s Tranche B-1 Term Loans that are subject to such Repricing Transaction (it being understood
that if any Non-Consenting Lender is required to assign its Tranche B-1 Term Loans pursuant to Section 9.02 in connection with
a Repricing Transaction, such fee shall be paid to such Non-Consenting Lender and not to its assignee).

 

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

 

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

 

SECTION 2.13      Interest.

 

(a)          
The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus
the Applicable Rate.

 

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

 

(c)          
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower
hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest,
after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus
the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section 2.13 or (ii) in the case of
any other amount, 2% plus the rate applicable to ABR Revolving Loans as provided in paragraph (a) of this Section 2.13.

 

(d)          
Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of
Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph
(c) of this Section 2.13 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 Revolving Availability Period), accrued interest on the principal amount
repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of
any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on
the effective date of such conversion.

 

    -57-

     

    

 

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

 

SECTION 2.14      
Alternate Rate of Interest; Illegality.

 

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

 

(x)           the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) dollar deposits are not
being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such Eurodollar
Borrowing or (ii) adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period,
or

 

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

 

then the Administrative Agent shall give notice thereof to the
Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies
the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request
that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective
and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing.

 

(b)          
If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that
(i) the circumstances set forth in clause (a)(x)(ii) or (a)(y) of this Section 2.14 have arisen and such circumstances are unlikely
to be temporary or (ii) the circumstances set forth in clause (a)(x)(ii) or (a)(y) of this Section 2.14 have not arisen but either
(w) the supervisor for the administrator of the LIBO Screen Rate has made a public statement that the administrator of the LIBO
Screen Rate is insolvent (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (x)
the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate
will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication
of the LIBO Screen Rate), (y) the supervisor for the administrator of the LIBO Screen Rate has made a public statement identifying
a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published or (z) the supervisor for
the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made
a public statement identifying a specific date after which the LIBO Screen Rate may no longer be used for determining interest
rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the
LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated
loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of
interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes
shall not include a reduction of the Applicable Rate). Notwithstanding anything to the contrary in Section 9.02, such amendment
shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative
Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the
Lenders, a written notice from the Required Lenders stating that such Required Class Lenders object to such amendment. Until an
alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances described
in clause (a)(y) of this Section 2.14, only to the extent the LIBO Screen Rate for such Interest Period is not available or published
at such time on a current basis), (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation
of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (y) if any Borrowing Request requests a Eurodollar Borrowing,
such Borrowing shall be made as an ABR Borrowing; provided that, if such alternate rate of interest for any Class of Loans
shall be less than 0.00%, such rate shall be deemed to be 0.00% for the purposes of this Agreement.

 

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(c)           If any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful,
for any Lender to make, maintain or fund Loans whose interest is determined by reference to the LIBO Rate, or to determine or charge
interest rates based upon the LIBO Rate, or any Governmental Authority has imposed material restrictions on the authority of such
Lender to purchase or sell, or to take deposits of, dollars in the London interbank market, then, on notice thereof by such Lender
to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Loans or to
convert ABR Loans to Eurodollar Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender making
or maintaining ABR Loans the interest rate on which is determined by reference to the Adjusted LIBO Rate component of the Alternate
Base Rate, the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the
Administrative Agent without reference to the Adjusted LIBO Rate component of the Alternate Base Rate, in each case until such
Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist.
Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay
or, if applicable, convert all Eurodollar Loans of such Lender to ABR Loans (the interest rate on which ABR Loans of such Lender
shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Adjusted LIBO
Rate component of the Alternate Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully
continue to maintain such Eurodollar Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
Eurodollar Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon
the Adjusted LIBO Rate, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable
to such Lender without reference to the Adjusted LIBO Rate component thereof until the Administrative Agent is advised in writing
by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the LIBO Rate. Upon
any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

SECTION 2.15      
Increased Costs.

 

(a)          
If any Change in Law shall:

 

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

 

(ii)          
subject the Administrative Agent, any Lender or the Issuing Bank to any Taxes (other than (A) Indemnified Taxes or Other
Taxes indemnified under Section 2.17, or (B) Excluded Taxes) on its loans, letters of credit, commitments or other obligations,
or its deposits, reserves, other liabilities or capital attributable thereto, or

 

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

 

and the result of any of the foregoing shall be to increase
the cost to such Lender or Issuing Bank of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make
any such Loan) or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter
of Credit or to reduce the amount of any sum received or receivable by the Administrative Agent, such Lender or the Issuing Bank
hereunder (whether of principal, interest or otherwise), then the Borrower will pay to the Administrative Agent, such Lender or
the Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or the Issuing Bank, as applicable,
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 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), then from time to time the
Borrower will pay to such Lender or the Issuing Bank, as applicable, 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.

 

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(c)           A
certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing
Bank or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section 2.15 shall be delivered to the
Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as applicable,
the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(d)           Failure
or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section 2.15 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 2.15 for any increased costs or reductions
incurred more than 270 days prior to the date that such Lender or the Issuing Bank, as applicable, notifies the Borrower of the
Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention
to claim compensation therefor; provided, further, that, if the Change in Law giving rise to such increased costs
or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive
effect thereof.

 

SECTION 2.16      
Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the
last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar
Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay
any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked
under Section 2.11(f) and is revoked in accordance therewith), or (d) the assignment of any Eurodollar Loan other than on the last
day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such
event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar
Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess,
if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred,
at the Adjusted LIBO Rate that would have been applicable to such Loan (excluding any “floor” applicable pursuant to
the definition of Adjusted LIBO Rate), for the period from the date of such event to the last day of the then current Interest
Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest
Period for such Loan), over (ii) the amount of interest that would accrue on such principal amount for such period at the interest
rate that such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount
and period from other banks in the Eurodollar market. A certificate of any Lender setting forth any amount or amounts that such
Lender is entitled to receive pursuant to this Section 2.16 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 10 days after receipt thereof.
Notwithstanding the foregoing, no additional amounts shall be due and payable pursuant to this Section 2.16 to the extent that
on the relevant due date the Borrower deposits in a Prepayment Account an amount equal to any payment of Eurodollar Loans otherwise
required to be made on a date that is not the last day of the applicable Interest Period; provided that on the last day
of the applicable Interest Period, the Administrative Agent shall be authorized, without any further action by or notice to or
from the Borrower or any other Loan Party, to apply such amount to the prepayment of such Eurodollar Loans. For purposes of this
Agreement, the term “Prepayment Account” means a non-interest bearing account established by the Borrower with the
Administrative Agent and over which the Administrative Agent shall have exclusive dominion and control, including the right of
withdrawal for application in accordance with this Section 2.16.

 

SECTION 2.17      
Taxes.

 

(a)           Any
and all payments by or on account of any obligation of any Loan Party hereunder or under any other Loan Document shall be made
without deduction or withholding for any Taxes, except to the extent required by applicable law. If any applicable law requires
the deduction or withholding of any Tax from any such payment, then (i) the applicable withholding agent shall make such
deduction or withholding and shall pay the full amount deducted or withheld to the relevant Governmental Authority in accordance
with applicable law, and (ii) to the extent such Tax is an Indemnified Tax or Other Tax, the sum payable by the applicable
Loan Party shall be increased as necessary so that after making all required deductions and withholdings (including deductions
or withholdings applicable to additional sums payable under this Section 2.17), the Lender (or, in the case of any amount received
by the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it would have received
had no such deduction or withholding been made.

 

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(b)          Without duplication of other amounts payable by the Borrower under this Section 2.17, the Borrower 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 the payment of, any Other Taxes.

 

(c)          The
Borrower shall indemnify the Administrative Agent and each Lender, within 30 days after written demand therefor, for the full
amount of any Indemnified Taxes on or with respect to any payment by or on account of any obligation of the Borrower hereunder
or under any other Loan Document, or Other Taxes payable or paid by the Administrative Agent or such Lender, as applicable, (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17), and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent
manifest error. Notwithstanding anything to the contrary contained in this Section 2.17(c), the Borrower shall not be required
to indemnify the Administrative Agent or any Lender pursuant to this Section 2.17(c) for any amount to the extent the Administrative
Agent or such Lender fails to notify the Borrower of such possible indemnification claim within 270 days after the Administrative
Agent or such Lender receives written notice from the applicable taxing authority of the specific tax assessment giving rise to
such indemnification claim.

 

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

 

(e)          (i)
Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments under any Loan Document
shall deliver to the Borrower and the Administrative Agent, on or prior to the Closing Date in the case of each Foreign Lender
that is a signatory hereto, and on the date of assignment pursuant to which it becomes a Lender in the case of each other Lender
and from time to time thereafter as reasonably requested by either of the Borrower or the Administrative Agent, such properly
completed and executed documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate. Each Lender shall, whenever a lapse in
time or change in circumstances renders such documentation (including any specific documentation required below in this Section
2.17(e) obsolete, expired or inaccurate in any material respect, deliver promptly to the Borrower and the Administrative Agent
updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative
Agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability to do so.

 

(ii)          Without limiting the generality of the foregoing:

 

(A)          each
Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to the
Borrower and the Administrative Agent two duly completed and executed original copies of IRS Form W-9, certifying that such Lender
is exempt from U.S. federal backup withholding Tax,

 

(B)          each Foreign Lender shall deliver to the Borrower and the Administrative Agent two duly completed and executed original
copies of whichever of the following is applicable:

 

(1)           IRS
Form W-8BEN or W-8BEN-E, as applicable, claiming eligibility for benefits under an income tax treaty to which the United States
is a party,

 

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(2)           IRS
Form W-8ECI,

 

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

 

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

 

(5)           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

 

(C)           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 whether 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 (C), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

(iii)          Notwithstanding any other provision of this Section 2.17(e), a Lender shall not be required to deliver any form or other
documentation that such Lender is not legally eligible to deliver.

 

(iv)          Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative
Agent any documentation provided by such Lender pursuant to this Section 2.17(e).

 

(f)            On
or before the date the Administrative Agent becomes a party to this Agreement, the Administrative Agent shall provide to the Borrower,
two duly-signed, properly completed copies of (i) IRS Form W-9, or (ii) a U.S. branch withholding certificate on IRS Form
W-8IMY evidencing its agreement with the Borrower to be treated as a “United States person” within the meaning of
Section 7701(a)(30) of the Code with respect to amounts received on account of any Lender, and IRS Form W-8ECI (with respect
to amounts received on its own account). At any time thereafter, the Administrative Agent shall provide updated documentation
previously provided (or a successor form thereto) when any documentation previously delivered has expired or become obsolete or
invalid or otherwise upon the reasonable request of the Borrower.

 

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

 

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

 

SECTION 2.18      
Payments Generally; Pro Rata Treatment; Sharing of Setoffs.

 

(a)           The
Borrower shall make each payment required to be made by it hereunder or under any other Loan Document (whether of principal, interest,
fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) at or prior to
the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required,
prior to 3:00 p.m., New York City time), on the date when due, in immediately available funds, without setoff 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 500 Stanton Christiana Road, 3/Ops2, Newark, DE 19713 (or such other office as from time to time the Administrative
Agent shall designate by notice to the Borrower), except payments to be made directly to the Issuing Bank or Swingline Lender
as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to
the Persons entitled thereto and payments pursuant to other Loan Documents shall be made to the Persons specified therein. 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. If any payment under any Loan Document shall be due on a day that is not a Business
Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension. All payments under each Loan Document shall be made in dollars.

 

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

 

(c)           If any Lender shall, by exercising any right of setoff or counterclaim or otherwise except as expressly provided in this
Agreement, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements
or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and
participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender,
then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations
in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall
be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective
Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased
and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase
price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed
to apply to any payment made by Holdings, the Borrower or any Subsidiary 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 (but excluding, for the avoidance of doubt, prepayments pursuant to Section 2.11(i))
to any assignee or participant, other than to the Borrower or any Subsidiary (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.

 

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

 

(e)           If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.06(a), 2.18(d) or 9.03(c),
then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter
received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections
until all such unsatisfied obligations are fully paid. If any Revolving Lender shall fail to make any payment required to be made
by it pursuant to Section 2.04(c), 2.05(d) or (e), 2.06(a), 2.18(d) or 9.03(c), then the Administrative Agent may, in its discretion
and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the
account of such Revolving Lender and for the benefit of the Administrative Agent, the Swingline Lender or the Issuing Bank to satisfy
such Revolving Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii)
hold any such amounts in a segregated non-interest bearing account as cash collateral for, and application to, any future funding
obligations of such Revolving Lender under such Sections, in the case of each of (i) and (ii) above, in any order as determined
by the Administrative Agent in its discretion.

 

SECTION 2.19      
Mitigation Obligations; Replacement of Lenders.

 

(a)           If any Lender requests compensation under Section 2.15, or if any Loan Party is required to pay any additional amount to
any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable
efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as applicable, 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.

 

(b)          If any Lender is affected in the manner described in Section 2.14(b) and as a result thereof any of the actions described
in such Section is required to be taken, or if any Lender requests compensation under Section 2.15, or if any Loan Party is required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17,
or if any Lender defaults in its obligation to fund Loans hereunder, 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 and obligations under this Agreement
to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);
provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent
shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal
of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the 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 material 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.

 

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SECTION 2.20      
Incremental Extensions of Credit.

 

(a)          Subject
to the terms and conditions set forth herein, the Borrower may at any time or from time to time after the Closing Date, by notice
to the Administrative Agent (an “Incremental Loan Request”), request (A) one or more new commitments which
may be of the same Class as any outstanding Term Loans (a “Term Loan Increase”) or a new Class of term loans
(collectively with any Term Loan Increase, the “Incremental Term Commitments”) and/or (B) one or more increases
in the amount of the Revolving Commitments (a “Revolving Commitment Increase”) or the establishment of one
or more new Classes of revolving credit commitments (any such new commitments, collectively with any Revolving Commitment Increases,
the “Incremental Revolving Commitments” and the Incremental Revolving Commitments, collectively with any Incremental
Term Commitments, the “Incremental Commitments”), whereupon the Administrative Agent shall promptly deliver
a copy to each of the Lenders.

 

(b)          On the applicable date (each, an “Incremental Facility Closing Date”) specified in the applicable Additional
Credit Extension Amendment (including through any Term Loan Increase or Revolving Commitment Increase, as applicable), subject
to the satisfaction of the terms and conditions in this Section 2.20 and in the applicable Additional Credit Extension Amendment,
(i) (A) each Incremental Term Lender of such Class shall make a Loan to the Borrower (an “Incremental Term Loan”)
in an amount equal to its Incremental Term Commitment of such Class and (B) each Incremental Term Lender of such Class shall become
a Lender hereunder with respect to the Incremental Term Commitment of such Class and the Incremental Term Loans of such Class made
pursuant thereto and (ii) (A) each Incremental Revolving Lender of such Class shall make its Commitment available to the Borrower
(when borrowed, an “Incremental Revolving Loan” and collectively with any Incremental Term Loan, “Incremental
Extensions of Credit”) in an amount equal to its Incremental Revolving Commitment of such Class and (B) each Incremental
Revolving Lender of such Class shall become a Lender hereunder with respect to the Incremental Revolving Commitment of such Class
and the Incremental Revolving Loans of such Class made pursuant thereto.

 

(c)          Each Incremental Loan Request from the Borrower pursuant to this Section 2.20 shall set forth the requested amount
and proposed terms of the relevant Incremental Term Loans or Incremental Revolving Commitments. Incremental Term Loans may be made,
and Incremental Revolving Commitments may be provided, by any existing Lender (but no existing Lender will have an obligation to
make any Incremental Commitment, nor will the Borrower have any obligation to approach any existing Lender to provide any Incremental
Commitment) or by any Additional Lender (each such existing Lender or Additional Lender providing such Commitment or Loan, an “Incremental
Revolving Lender” or “Incremental Term Lender”, as applicable, and, collectively, the “Incremental
Lenders”); provided that the Administrative Agent, the Swingline Lender and each Issuing Bank shall have consented
(not to be unreasonably withheld or delayed) to such Additional Lender’s making such Incremental Term Loans or providing
such Incremental Revolving Commitments, to the extent such consent, if any, would be required under Section 9.04(b) for an
assignment of Term Loans or Revolving Commitments, as applicable, to such Lender or Additional Lender.

 

(d)          The
effectiveness of any Additional Credit Extension Amendment pursuant to this Section 2.20, and the Incremental Commitments thereunder,
shall be subject to the satisfaction on the applicable date specified therein (the “Incremental Amendment Date”)
of each of the following conditions, together with any other conditions set forth in the applicable Additional Credit Extension
Amendment:

 

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(i)            after
giving effect to such Incremental Commitments, the conditions of Section 4.02 shall be satisfied; provided, that, in connection
with any Incremental Commitment, which is being used to finance a Limited Condition Transaction, the Incremental Lenders party
to such Additional Credit Extension Amendment shall be permitted to waive or limit (or not require the satisfaction of) in full
or in part any of the conditions set forth in Section 4.02(a) (other than the accuracy, to the extent required under Section 4.02(a),
of any Specified Representations) and Section 4.02(b) (other than with respect to any Event of Default under Section 7.01(a),
(b), (h) or (i)) without the consent of the existing Lenders,

 

(ii)          
each Incremental Term Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and shall be
in an increment of $1,000,000 (provided that such amount may be less than $5,000,000 if such amount represents all remaining
availability under the limit set forth in Section 2.20(d)(iii)) and each Incremental Revolving Commitment shall be in an aggregate
principal amount that is not less than $5,000,000 and shall be in an increment of $1,000,000 (provided that such amount
may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in Section 2.20(d)(iii)),

 

(iii)         
except in the case of Refinancing Term Loans or Refinancing Revolving Commitments (A) after giving Pro Forma Effect to both
(x) the making of Incremental Term Loans or establishment of Incremental Revolving Commitments (assuming a borrowing of the maximum
amount of Loans available under all Incremental Revolving Commitments (other than Refinancing Revolving Commitments in respect
of Revolving Commitments in effect on the Closing Date)) under such Additional Credit Extension Amendment and (y) any Specified
Transactions consummated in connection therewith, (1) if such Incremental Commitments rank pari passu in right of security
with the Obligations, the First Lien Net Leverage Ratio as of the last day of the most recently ended Test Period for which financial
statements are internally available does not exceed 4.50:1.00, (2) if such Incremental Commitments rank junior in right of security
to the Obligations, the Secured Net Leverage Ratio as of the last day of the most recently ended Test Period for which financial
statements are internally available does not exceed 5.75:1.00, or (3) if such Incremental Commitments are unsecured, the Total
Net Leverage Ratio as of the last day of the most recently ended Test Period for which financial statements are internally available
does not exceed 6.00:1.00, or (B) together with the Incremental Term Loans made and Incremental Revolving Commitments established
under such Additional Credit Extension Amendment, the aggregate principal amount of Incremental Term Loans made and Incremental
Revolving Commitments to be established in reliance on this clause (B) on such date, when aggregated with the other Free and Clear
Usage Amount on such date, does not exceed the sum of (i) $250,000,000 plus (ii) the principal amount of any voluntary prepayments
of Term Loans, Revolving Loans (to the extent accompanied by a corresponding reduction in the Revolving Commitments), any other
Indebtedness incurred in reliance on the Free and Clear Usage Amount (in the case of revolving Indebtedness, to the extent accompanied
by a corresponding reduction in commitments) or any Indebtedness constituting a Permitted Refinancing of any of the foregoing (in
each case, other than to the extent made with the proceeds of Long-Term Indebtedness); provided, that, it is understood
that (1) Incremental Term Loans and Incremental Revolving Commitments may be incurred under either clause (A) or clause (B) above
as selected by the Borrower in its sole discretion and (2) Incremental Term Loans and Incremental Revolving Commitments may be
incurred under both clause (A) and clause (B) above, and proceeds from any such incurrence under both clause (A) and clause (B)
may be utilized in a single transaction or series of related but substantially concurrent transactions by first calculating the
incurrence under clause (A) (without giving effect to any Incremental Term Loans or Incremental Revolving Commitments incurred
(or to be incurred) under clause (B)) and then calculating the incurrence under clause (B), and

 

(iv)         
to the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent of (A) customary legal
opinions, board resolutions and officers’ certificates (including solvency certificates) consistent (and in no event more
extensive) with those delivered on the Closing Date (conformed as appropriate) other than changes to such legal opinions resulting
from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative
Agent and (B) reaffirmation agreements and/or such amendments to the Security Documents as may be reasonably requested by the Administrative
Agent in order to ensure that such Incremental Lenders are provided with the benefit of the applicable Loan Documents.

 

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(e)           The
terms, provisions and documentation of the Incremental Term Loans and Incremental Term Commitments or the Incremental Revolving
Loans and Incremental Revolving Commitments, as the case may be, of any Class shall be as agreed between the Borrower and the
applicable Incremental Lenders providing such Incremental Commitments, and except as otherwise set forth herein, to the extent
not identical to any Class of Term Loans or Revolving Commitments, as applicable, each existing on the Incremental Facility Closing
Date, shall be consistent with clauses (i) through (iii) below, as applicable, and otherwise reasonably satisfactory to the Administrative
Agent (except for covenants or other provisions (a) conformed (or added) in the Loan Documents pursuant to the related Additional
Credit Extension Amendment, (x) in the case of any Class of Incremental Term Loans and Incremental Term Commitments, for the benefit
of the Term Lenders and (y) in the case of any Class of Incremental Revolving Loans and Incremental Revolving Commitments, for
the benefit of the Revolving Lenders or (b) applicable only to periods after the Latest Maturity Date as of the Incremental Amendment
Date); provided that in the case of a Term Loan Increase or a Revolving Commitment Increase, the terms, provisions and
documentation (other than the Additional Credit Extension Amendment evidencing such increase) of such Term Loan Increase or Revolving
Commitment Increase shall be identical (other than with respect to upfront fees, OID or similar fees) to the applicable Class
of Term Loans or Revolving Commitments being increased, in each case, as existing on the Incremental Facility Closing Date. In
any event:

 

(i)           
the Incremental Term Loans:

 

(A)          (I)
shall rank pari passu or junior in right of payment with the Obligations and (II) shall be secured by the Collateral and
shall rank pari passu or junior in right of security with the Obligations or be unsecured (and, subject to a subordination
agreement (if subject to payment subordination), or (if subject to lien subordination) a Junior Lien Intercreditor Agreement),

 

(B)           as
of the Incremental Amendment Date, shall not have a final scheduled maturity date earlier than the Tranche B-1 Maturity Date,

 

(C)           as
of the Incremental Amendment Date, shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average
Life to Maturity of the Tranche B-1 Term Loans,

 

(D)          shall
have an Applicable Rate, and subject to clauses (e)(i)(B) and (e)(i)(C) above, amortization determined by the Borrower and the
applicable Incremental Term Lenders; provided the Applicable Rate and amortization for a Term Loan Increase shall be (x)
the Applicable Rate and amortization for the Class being increased or (y) in the case of the Applicable Rate, higher than the Applicable
Rate for the Class being increased as long as the Applicable Rate for the Class being increased shall be automatically increased
as and to the extent necessary to eliminate such deficiency,

 

(E)           shall
have fees determined by the Borrower and the applicable Incremental Term Loan Arranger(s), and

 

(F)           may
participate (I) in any voluntary prepayments of any Class of Term Loans hereunder, in whole or in part, as selected by the Borrower
in its sole discretion and subject to the requirements of Section 2.11 and (II) on a pro rata basis or less than pro
rata basis (but not on a greater than pro rata basis (except for prepayments with Net Proceeds from any event described
in clause (c) of the definition of the term “Prepayment Event”) in any mandatory prepayments of Term Loans hereunder.

 

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(ii)           the
Incremental Revolving Commitments and Incremental Revolving Loans:

 

(A)          (I)
shall rank pari passu or junior in right of payment with the Obligations and (II) shall be secured by the Collateral and
shall rank pari passu in right of security with the Obligations,

 

(B)           (I)
shall not have a final scheduled maturity date or commitment reduction date earlier than the Revolving Maturity Date and (II) shall
not have any scheduled amortization or mandatory commitment reduction prior to the Revolving Maturity Date,

 

(C)           shall
provide that the borrowing and repayment (except for (1) payments of interest and fees at different rates on Incremental Revolving
Commitments (and related outstandings), (2) repayments required upon the Maturity Date of the Incremental Revolving Commitments
and (3) repayment made in connection with a permanent repayment and termination of commitments (in accordance with clause (E)
below)) of Loans with respect to Incremental Revolving Commitments after the associated Incremental Facility Closing Date shall
be made on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) with all
Revolving Commitments then existing on the Incremental Facility Closing Date,

 

(D)           may
be elected to be included as additional participations under the Additional Credit Extension Amendment, subject to (other than
in the case of a Revolving Commitment Increase) the consent of the Swingline Lender and the Issuing Bank, in which case, on the
Incremental Amendment Date all Swingline Loans and Letters of Credit shall be participated on a pro rata basis by all Revolving
Lenders in accordance with their percentage of the Revolving Commitments existing after giving effect to such Additional Credit
Extension Amendment; provided, such election may be made conditional upon the maturity of one or more other Revolving Commitments;
provided, further, that in connection with such election the Swingline Lender or the Issuing Bank may, in its sole
discretion and with the consent of the Administrative Agent (not to be unreasonably withheld or delayed), agree in the applicable
Additional Credit Extension Amendment to increase the Swingline Sublimit or the Letter of Credit Sublimit so long as such increase
does not exceed the amount of the additional Incremental Revolving Commitments,

 

(E)           may
provide that the permanent repayment of Revolving Loans with respect to, and termination of, Incremental Revolving Commitments
after the associated Incremental Facility Closing Date be made on a pro rata basis or less than pro rata basis with
all other Revolving Commitments,

 

(F)           shall
provide that assignments and participations of Incremental Revolving Commitments and Incremental Revolving Loans shall be governed
by the same assignment and participation provisions applicable to Revolving Commitments and Revolving Loans then existing on the
Incremental Facility Closing Date,

 

(G)           shall
have an Applicable Rate determined by the Borrower and the applicable Incremental Revolving Lenders; provided the Applicable
Rate for a Revolving Commitment Increase shall be (x) the Applicable Rate for the Class being increased or (y) higher than the
Applicable Rate for the Class being increased as long as the Applicable Rate for the Class being increased shall be automatically
increased as and to the extent necessary to eliminate such deficiency, and

 

(H)          shall
have fees determined by the Borrower and the applicable Incremental Revolving Commitment Arranger(s),

 

(iii)         
the Yield applicable to the Incremental Term Loans or Incremental Revolving Loans of each Class shall be determined by the
Borrower and the applicable Incremental Lenders and shall be set forth in each applicable Additional Credit Extension Amendment;
provided, however, that with respect to any Incremental Term Loans (other than Refinancing Term Loans) that are pari
passu in right of payment and security with the Obligations that are incurred prior to the one year anniversary of the Amendment
No. 3 Effective Date, the Yield applicable to such Incremental Term Loans shall not be greater than the applicable Yield payable
pursuant to the terms of this Agreement as amended through the date of such calculation with respect to Tranche B-1 Term Loans
plus 50 basis points per annum unless the Applicable Rate (together with, as provided in the proviso below, the Adjusted LIBO Rate
or Alternate Base Rate floor) with respect to the Tranche B-1 Term Loans is increased so as to cause the then applicable Yield
under this Agreement on the Tranche B-1 Term Loans to equal the Yield then applicable to the Incremental Term Loans minus 50 basis
points; provided, further, that any increase in Yield to any Tranche B-1 Term Loans due to the application or imposition
of a Adjusted LIBO Rate or Alternate Base Rate floor on any Incremental Term Loan shall be effected solely through an increase
in (or implementation of, as applicable) the Adjusted LIBO Rate or Alternate Base Rate floor applicable to such Tranche B-1 Term
Loans.

 

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(f)           
Commitments in respect of Incremental Term Loans and Incremental Revolving Commitments shall become additional Commitments
pursuant to an Additional Credit Extension Amendment, executed by the Borrower, each Incremental Lender providing such Commitments,
the Administrative Agent and, for purposes of any election and/or increase to the Swingline Sublimit or Letter of Credit Sublimit
pursuant to Section 2.20(e)(ii)(D), the Swingline Lender and each Issuing Bank. The Additional Credit Extension Amendment may,
without the consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Documents
as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions
of this Section 2.20, including amendments as deemed necessary by the Administrative Agent in its reasonable judgment to effect
any lien or payment subordination and associated rights of the applicable Lenders to the extent any Incremental Extensions of Credit
are to rank junior in right of security or payment or to address technical issues relating to funding and payments. The Borrower
will use the proceeds of the Incremental Term Loans and Incremental Revolving Commitments for any purpose not prohibited by this
Agreement.

 

(g)          Upon any Incremental Amendment Date on which Incremental Revolving Commitments are effected through a Revolving Commitment
Increase pursuant to this Section 2.20, (a) each of the existing Revolving Lenders shall assign to each of the Incremental
Revolving Lenders, and each of the Incremental Revolving Lenders shall purchase from each of the existing Revolving Lenders, at
the principal amount thereof, such interests in the Incremental Revolving Loans outstanding on such Incremental Amendment Date
as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Loans will be held
by existing Revolving Lenders and Incremental Revolving Lenders ratably in accordance with their Revolving Commitments after giving
effect to the addition of such Incremental Revolving Commitments to the existing Revolving Commitments, (b) each Incremental Revolving
Commitment shall be deemed for all purposes a Revolving Commitment and each Loan made thereunder shall be deemed, for all purposes,
a Revolving Loan and (c) each Incremental Revolving Lender shall become a Lender with respect to the Incremental Revolving Commitments
and all matters relating thereto. The Administrative Agent and the Lenders hereby agree that the minimum borrowing and prepayment
requirements in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence.

 

(h)          
The Incremental Term Loans made under each Term Loan Increase shall be made by the applicable Lenders participating therein
pursuant to the procedures set forth in Section 2.01 and 2.02 (as may be conformed as necessary or appropriate as reasonably determined
by the Administrative Agent) and on the date of the making of such Incremental Term Loans, and notwithstanding anything to the
contrary set forth in Section 2.01 and 2.02, such Incremental Term Loans shall be added to (and form part of) each Borrowing of
outstanding Term Loans under the applicable Class of Term Loans on a pro rata basis (based on the relative sizes of the
various outstanding Borrowings), so that each Lender under such Class will participate proportionately in each then outstanding
Borrowing of Term Loans of such Class.

 

(i)            This Section 2.20 shall supersede any provisions in Sections 2.18 or 9.02 to the contrary.

 

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SECTION 2.21      
Extended Term Loans and Extended Revolving Commitments.

 

(a)           The Borrower may at any time and from time to time request that all or a portion of the Term Loans of any Class (an “Existing
Term Loan Class”) be amended to extend the scheduled maturity date(s) of any payment of principal with respect to all
or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term
Loans”) and to provide for other terms consistent with this Section 2.21. In order to establish any Extended Term Loans,
the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders
under the Existing Term Loan Class) (an “Extension Request”) setting forth the proposed terms of the Extended
Term Loans to be established, which shall be consistent with the Term Loans under the Existing Term Loan Class from which such
Extended Term Loans are to be converted except that:

 

(i)           
all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates
than the scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Class to the extent provided
in the applicable Additional Credit Extension Amendment,

 

(ii)           the
Yield with respect to the Extended Term Loans (whether in the form of interest rate margin, upfront fees, original issue discount
or otherwise) may be different than the Yield for the Term Loans of such Existing Term Loan Class and upfront fees may be paid
to the existing Term Lenders, in each case, to the extent provided in the applicable Additional Credit Extension Amendment, and

 

(iii)         
the Additional Credit Extension Amendment may provide for other covenants and terms that apply only after the Tranche B-1
Maturity Date.

 

(b)          Any
Extended Term Loans converted pursuant to any Extension Request shall be designated a series of Extended Term Loans for all purposes
of this Agreement; provided that, subject to the limitations set forth in clause (a) above, any Extended Term Loans converted
from an Existing Term Loan Class may, to the extent provided in the applicable Additional Credit Extension Amendment and consistent
with the requirements set forth above, be designated as an increase in any previously established Class of Term Loans.

 

(c)           The
Borrower shall provide the applicable Extension Request at least five (5) Business Days prior to the date on which Lenders under
the applicable Existing Term Loan Class are requested to respond. No Lender shall have any obligation to agree to have any of
its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension Request. Any Lender
wishing to have all or a portion of its Term Loans under the Existing Term Loan Class subject to such Extension Request (such
Lender an “Extending Term Lender”) converted into Extended Term Loans shall notify the Administrative Agent
(an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its
Term Loans under the Existing Term Loan Class which it has elected to request be converted into Extended Term Loans (subject to
any minimum denomination requirements reasonably imposed by the Administrative Agent and acceptable to the Borrower). In the event
that the aggregate amount of Term Loans under the Existing Term Loan Class subject to Extension Elections exceeds the amount of
Extended Term Loans requested pursuant to an Extension Request, Term Loans of the Existing Term Loan Class subject to Extension
Elections shall be converted to Extended Term Loans on a pro rata basis based on the amount of Term Loans included in each
such Extension Election (subject to any minimum denomination requirements reasonably imposed by the Administrative Agent and acceptable
to the Borrower).

 

(d)          The
Borrower may, with the consent of each Person providing an Extended Revolving Commitment, the Administrative Agent and any Person
acting as swingline lender or issuing bank under such Extended Revolving Commitments, amend this Agreement pursuant to an Additional
Credit Extension Amendment to provide for Extended Revolving Commitments and to incorporate the terms of such Extended Revolving
Commitments into this Agreement on substantially the same basis as provided with respect to the Revolving Commitments; provided
that (i) the establishment of any such Extended Revolving Commitments shall be accompanied by a corresponding reduction in
the Revolving Commitments and (ii) any reduction in the Revolving Commitments may, at the option of the Borrower, be directed
to a disproportional reduction of the Revolving Commitments of any Lender providing an Extended Revolving Commitment.

 

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(e)           Extended Term Loans and Extended Revolving Commitments shall be established pursuant to an Additional Credit Extension Amendment
to this Agreement among the Borrower, the Administrative Agent and each Extending Term Lender or Lender providing an Extended Revolving
Commitment which shall be consistent with the provisions set forth above (but which shall not require the consent of any other
Lender other than those consents provided in this Section 2.21). Each Additional Credit Extension Amendment shall be binding on
the Lenders, the Loan Parties and the other parties hereto. In connection with any Additional Credit Extension Amendment, the Loan
Parties and the Administrative Agent shall enter into such amendments to the Security Documents as may be reasonably requested
by the Administrative Agent (which shall not require any consent from any Lender other than those consents provided pursuant to
this Agreement) in order to ensure that the Extended Term Loans or Extended Revolving Commitments are provided with the benefit
of the applicable Security Documents and shall deliver such other documents, certificates and opinions of counsel in connection
therewith as may be reasonably requested by the Administrative Agent.

 

(f)            The
provisions of this Section 2.21 shall override any provision of Section 9.02 to the contrary. No conversion of Loans pursuant
to any extension in accordance with this Section 2.21 shall constitute a voluntary or mandatory payment or prepayment for purposes
of this Agreement.

 

SECTION 2.22      
Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Revolving 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)           the Revolving Commitment,
Revolving Exposure, LC Exposure or Swingline Exposure of such Defaulting Lender shall not be included in determining whether the
Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification
pursuant to Section 9.02); provided that this clause (ii) shall not apply to the vote of a Defaulting Lender, except to
the extent the consent of such Lender would be required under clause (i), (ii), (iii) or (iv) in the proviso to the first sentence
of Section 9.02(b),

 

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

 

(i)            so long as no Event of Default has occurred
and is continuing as to which the Administrative Agent has received written notice from the Borrower or a Revolving Lender, all
or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders
in accordance with their respective Applicable Percentages but only to the extent that the sum of all non-Defaulting Lenders’
Revolving Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all non-Defaulting
Lenders’ Revolving Commitments,

 

(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 (x) first, prepay such Swingline Exposure and (y) second, cash collateralize, for the benefit of the Issuing
Bank only, 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 2.05(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,

 

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

 

(v)           if all or any portion of such Defaulting
Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice
to any rights or remedies of the Issuing Bank or any other Lender hereunder, all fees that otherwise would have been payable to
such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s Revolving Commitment that was utilized
by such LC Exposure) and 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

 

(vi)          so long as such Lender is a Defaulting Lender,
the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend,
extend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then
outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided
by the Borrower in accordance with Section 2.22(c), and participating interests in any newly made Swingline Loan or any newly issued
or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.22(c)(i) (and
such Defaulting Lender shall not participate therein).

 

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

 

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

 

ARTICLE III

 

Representations and Warranties

 

The Borrower represents and warrants to
the Lenders that:

 

SECTION 3.01      
Organization; Power. Each of Holdings, the Borrower and the Restricted Subsidiaries (a) is duly organized or formed,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (to the extent such
concept exists in such jurisdiction), (b) has the requisite power and authority and all governmental rights, qualifications, approvals,
authorizations, permits, accreditations, Reimbursement Approvals, licenses and franchises material to the business of the Borrower
and the Restricted Subsidiaries taken as a whole that are necessary to own its assets, to carry on its business as now conducted
and as proposed to be conducted and to execute, deliver and perform its obligations under each Loan Document to which it is a party
and (c) except where the failure to do so, individually or in the aggregate, is not reasonably likely to result in a Material Adverse
Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

 

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SECTION 3.02      
Authorization; Enforceability. The Transactions to be entered into by each Loan Party have been duly authorized by
all necessary corporate or other action and, if required, stockholder action. This Agreement has been duly executed and delivered
by each of Holdings and the Borrower and constitutes, and each other Loan Document to which any Loan Party is to be a party, when
executed and delivered by such Loan Party, will constitute, a legal, valid and binding obligation of Holdings, the Borrower or
such Loan Party, as applicable, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law.

 

SECTION 3.03      
Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration
or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force
and effect and except filings necessary to perfect Liens created under the Loan Documents, (b) will not violate any Requirement
of Law applicable to Holdings, the Borrower or any of the Restricted Subsidiaries, as applicable, (c) will not violate or result
in a default under any indenture or other material agreement or instrument binding upon Holdings, the Borrower or any of the Restricted
Subsidiaries or any of their assets, or give rise to a right thereunder to require any payment to be made by Holdings, the Borrower
or any of the Restricted Subsidiaries or give rise to a right of, or result in, termination, cancellation or acceleration of any
material obligation thereunder, (d) will not result in a Limitation on any right, qualification, approval, permit, accreditation,
authorization, Reimbursement Approval, license or franchise or authorization granted by any Governmental Authority, Third Party
Payor or other Person applicable to the business, operations or assets of the Borrower or any of the Restricted Subsidiaries or
adversely affect the ability of the Borrower or any of the Restricted Subsidiaries to participate in any Third Party Payor Arrangement
except for Limitations, individually or in the aggregate, that are not material to the business of the Borrower and the Restricted
Subsidiaries, taken as a whole, and (e) will not result in the creation or imposition of any Lien on any asset of Holdings, the
Borrower or any of the Restricted Subsidiaries, except Liens created under the Loan Documents and the Second Lien Loan Documents.
There is no pending or, to the knowledge of the Borrower, threatened Limitation by any Governmental Authority, Third Party Payor
or any other Person of any right, qualification, approval, permit, authorization, accreditation, Reimbursement Approval, license
or franchise of the Borrower, or any Restricted Subsidiary, except for such Limitations, individually or in the aggregate, as are
not reasonably likely to result in a Material Adverse Effect. No certifications by any Governmental Authority or any Third Party
Payor are required for operation of the business of the Borrower and the Restricted Subsidiaries that are not in place, except
for such certifications or agreements, the absence of which do not materially and adversely affect the operation of the business.

 

SECTION 3.04      
Financial Condition; No Material Adverse Effect.

 

(a)           The
Borrower has heretofore delivered to the Lenders audited consolidated financial statements of the Borrower and its Subsidiaries
for the fiscal years ended December 31, 2015 and December 31, 2016, reported on by PricewaterhouseCoopers LLP, independent public
accountants and unaudited consolidated financial statements of the Borrower and its Subsidiaries for the fiscal quarter and nine
month period ended September 30, 2017. Such financial statements present fairly, in all material respects, the financial position
and results of operations and cash flows of the Borrower and its Subsidiaries as of such dates and for such periods in accordance
with GAAP consistently applied.

 

(b)           Since December 31, 2016, there has been no event or circumstance, either individually or in the aggregate, that has had
or could reasonably be expected to have a Material Adverse Effect.

 

SECTION 3.05      
Properties.

 

(a)           Each of Holdings, the Borrower and the Restricted Subsidiaries has good title to, or valid leasehold interests in, all its
real and personal property material to its business (including its Mortgaged Properties), free and clear of all Liens, except for
Permitted Liens and minor defects in title that do not interfere in any material respect with its ability to conduct its business
or to utilize such properties for their intended purposes.

 

(b)           Each
of Holdings, the Borrower and the Restricted Subsidiaries owns, licenses or possesses the right to use all trademarks, trade names,
copyrights, patents and other intellectual property material to its business. The conduct of the businesses of Holdings, the Borrower
and the Restricted Subsidiaries does not infringe upon the intellectual property rights of any other Person, except for any such
infringements that, individually or in the aggregate, are not reasonably likely to result in a Material Adverse Effect.

 

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(c)         Schedule 3.05 sets forth the address of each real property that is owned or leased by Holdings, the Borrower or any
of the Restricted Subsidiaries as of the Closing Date after giving effect to the Transactions.

 

(d)         As of the Closing Date, neither Holdings or the Borrower nor any of the Subsidiaries has received written notice of, or
has knowledge of, any pending or contemplated condemnation proceeding affecting any Mortgaged Property or any sale or disposition
thereof in lieu of condemnation. As of the Closing Date, except as set forth on Schedule 3.05, neither any Mortgaged Property
nor any interest therein is subject to any right of first refusal, option or other contractual right to purchase such Mortgaged
Property or interest therein.

 

SECTION 3.06      
Litigation and Environmental Matters.

 

(a)           Except as set forth on Schedule 3.06, there are no actions, suits or proceedings by or before any arbitrator or Governmental
Authority pending against or, to the knowledge of Holdings, the Borrower or any Restricted Subsidiary, threatened against or affecting
Holdings, the Borrower or any Restricted Subsidiary, including any relating to any Environmental Law, that are reasonably likely
to (i) have a Material Adverse Effect or (ii) adversely affect in any material respect the ability of the Loan Parties to consummate
the Transactions or the other transactions contemplated hereby.

 

(b)           Except with respect to any other matters that, individually or in the aggregate, are not reasonably likely to result in
a Material Adverse Effect, (A) neither Holdings, the Borrower nor any Restricted Subsidiary (i) has failed to comply with any Environmental
Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has
become subject to any Environmental Liability, (iii) knows of any basis for any Environmental Liability or (iv) has received any
written claim or notice of violation or of potential responsibility regarding any alleged violation of or liability under any Environmental
Law, and (B)(i) there has been no Release of Hazardous Materials at, on, under or from any property currently, or to the knowledge
of Holdings, the Borrower or any of the Restricted Subsidiaries, formerly owned, leased or operated by any of them which could
reasonably be expected to result in liability under any Environmental Law on the part of any of them, and (ii) all Hazardous Materials
generated, used or stored at, or transported for treatment or disposal from, any properties currently, or to the knowledge of Holdings,
Borrower and the Restricted Subsidiaries, formerly owned, leased or operated by Holdings, the Borrower or any of the Subsidiaries
have been disposed of in a manner that could not reasonably be expected to result in liability under any Environmental Law on the
part of any of them.

 

SECTION 3.07      
Compliance with Laws and Agreements. Except with respect to any matters that, individually or in the aggregate, are
not material to the business of the Borrower and the Restricted Subsidiaries, taken as a whole, each of Holdings, the Borrower
and the Restricted Subsidiaries is in compliance with all material Requirements of Law applicable to it or its property or operations
and all material indentures, agreements and other instruments binding upon it or its property.

 

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

 

SECTION 3.09      
Taxes. Each of Holdings, the Borrower and the Restricted Subsidiaries has timely filed or caused to be filed all
federal and other Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have
been paid by it, except (a) any Taxes that are being contested in good faith by appropriate proceedings and for which Holdings,
the Borrower or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP
or (b) to the extent that the failure to do so is not reasonably likely to result, individually or in the aggregate, in a Material
Adverse Effect. None of Holdings, the Borrower and the Restricted Subsidiaries is aware of any proposed or pending Tax assessments,
deficiencies or audits that are reasonably likely to result, individually or in the aggregate, in a Material Adverse Effect.

 

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SECTION 3.10      
ERISA. No ERISA Event has occurred or is reasonably likely to occur that, when taken together with all other such
ERISA Events for which liability is reasonably likely to occur, is reasonably likely to result in a Material Adverse Effect. The
present value of all accumulated benefit obligations under each Plan did not, as of the date of the most recent financial statements
reflecting such amounts, exceed the fair value of the assets of such Plan, except as would not reasonably be likely to result in
a Material Adverse Effect.

 

SECTION 3.11      
Disclosure. Neither the Information Memorandum nor any of the other reports, financial statements, certificates or
other written information furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with
the negotiation of this Agreement or any other Loan Document or delivered hereunder or thereunder (as modified or supplemented
by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to
make the statements therein (when taken as a whole), in the light of the circumstances under which they were made, not misleading;
provided that the foregoing shall not apply to any projected financial information, and with respect to such projected financial
information, Holdings and the Borrower represent only that such information was prepared in good faith based upon assumptions believed
by them to be reasonable at the time delivered and as of the Closing Date, it being understood that such projections may vary from
actual results and that such variances may be material.

 

SECTION 3.12      
Subsidiaries. Holdings does not have any subsidiaries other than the Borrower and the Subsidiaries, Permitted Joint
Ventures and Subsidiaries that are not Material Subsidiaries listed on Schedule 3.12. Schedule 3.12 sets forth the
name of, and the ownership or beneficial interest of Holdings in, each subsidiary, including the Borrower, and identifies each
Subsidiary that is a Subsidiary Loan Party, in each case as of the Closing Date.

 

SECTION 3.13      
Insurance. Schedule 3.13 sets forth a description of all insurance maintained by or on behalf of Holdings,
the Borrower and the Restricted Subsidiaries as of the Closing Date. As of the Closing Date, all premiums in respect of such insurance
have been paid. Holdings and the Borrower believe that the insurance maintained by or on behalf of the Borrower and the Restricted
Subsidiaries is adequate.

 

SECTION 3.14      
Labor Matters. As of the Closing Date, there are no strikes, lockouts or slowdowns against Holdings, the Borrower
or any Restricted Subsidiary pending or, to the knowledge of Holdings or the Borrower, threatened. The hours worked by and payments
made to employees of the Borrower and the Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or
any other applicable federal, state, local or foreign law dealing with such matters. All payments due from Holdings, the Borrower
or any Restricted Subsidiary, or for which any claim may be made against Holdings, the Borrower or any Restricted 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 Holdings, the Borrower or such Restricted Subsidiary. The consummation of the Transactions will not give rise to any right
of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which Holdings,
the Borrower or any Restricted Subsidiary is bound.

 

SECTION 3.15      
Solvency. Immediately after the consummation of the Transactions to occur on the Closing Date, the Borrower and its
Subsidiaries, on a consolidated basis, are Solvent, in each case after giving effect to any rights of indemnification, contribution
or subrogation arising among the Subsidiary Loan Parties pursuant to the Collateral Agreement or by law. Immediately after the
consummation of the Amendment No. 3 Transactions to occur on the Amendment No. 3 Effective Date, the Borrower and its Subsidiaries,
on a consolidated basis, are Solvent, in each case after giving effect to any rights of indemnification, contribution or subrogation
arising among the Subsidiary Loan Parties pursuant to the Collateral Agreement or by law. Immediately after the Amendment No. 4
Effective Date, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent, in each case after giving effect to any
rights of indemnification, contribution or subrogation arising among the Subsidiary Loan Parties pursuant to the Collateral Agreement
or by law. Immediately after the Amendment No. 6 Effective Date, the Borrower and its Subsidiaries, on a consolidated basis, are
Solvent, in each case after giving effect to any rights of indemnification, contribution or subrogation arising among the Subsidiary
Loan Parties pursuant to the Collateral Agreement or by law.

 

SECTION 3.16      
Federal Reserve Regulations. No part of the proceeds of any Loan have been used or will be used, whether directly
or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and
X. Neither Holdings nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business
of extending credit for the purpose of buying or carrying margin stock (as defined in Regulation U).

 

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SECTION 3.17      
Reimbursement from Third Party Payors. The accounts receivable of Holdings, the Borrower and the Restricted Subsidiaries
have been and will continue to be adjusted to reflect the reimbursement policies required by all applicable Requirements of Law
and other Third Party Payor Arrangements to which Holdings, the Borrower or such Restricted Subsidiary is subject, and do not exceed
in any material respect amounts the Borrower or such Restricted Subsidiary is entitled to receive under any capitation arrangement,
fee schedule, discount formula, cost-based reimbursement or other adjustment or limitation to usual charges. All billings by Holdings,
the Borrower and each Restricted Subsidiary pursuant to any Third Party Payor Arrangements have been made in compliance with all
applicable Requirements of Law, except where failure to comply would not, individually or in the aggregate, be reasonably likely
to have a Material Adverse Effect. There has been no intentional or material over-billing or over-collection by the Borrower or
any Restricted Subsidiary pursuant to any Third Party Payor Arrangements, other than as created by routine adjustments and disallowances
made in the ordinary course of business by the Third Party Payors with respect to such billings.

 

SECTION 3.18      
Fraud and Abuse. None of Holdings, the Borrower or any Subsidiary, nor any of their respective partners, members,
stockholders, officers or directors, acting on behalf of Holdings, the Borrower or any Restricted Subsidiary, have engaged on behalf
of Holdings, the Borrower or any Subsidiary in any activities that are prohibited under 42 U.S.C. § 1320a-7, 42 U.S.C. §
1320a-7a, 42 U.S.C. § 1320a-7b, 42 U.S.C. § 1395nn, 31 U.S.C. § 3729 et seq., or the regulations promulgated thereunder,
or related Requirements of Law, or under any similar state law or regulation, or that are prohibited by binding rules of professional
conduct, including to the extent prohibited by such laws (a) knowingly and willfully making or causing to be made a false statement
or misrepresentation of a material fact in any application for any benefit or payment, (b) knowingly and willfully making or causing
to be made any false statement or misrepresentation of a material fact for use in determining rights to any benefit or payment,
(c) failing to disclose knowledge by a claimant of the occurrence of any event affecting the initial or continued right to any
benefit or payment on its own behalf or on behalf of another, with intent to secure such benefit or payment fraudulently, (d) knowingly
and willfully soliciting or receiving any remuneration (including any kickback, bribe or rebate), directly or indirectly, overtly
or covertly, in cash or in kind, or offering to pay or receive such remuneration (i) in return for referring an individual to a
Person for the furnishing or arranging for the furnishing of any item or service for which payment may be made, in whole or in
part, pursuant to any Third Party Payor Arrangement to which the foregoing rules and regulations apply or (ii) in return for purchasing,
leasing or ordering or arranging for or recommending purchasing, leasing or ordering any good, facility, service or item for which
payment may be made, in whole or in part, pursuant to any Third Party Payor Arrangement to which the foregoing rules and regulations
apply and (e) making any prohibited referral for designated health services, or presenting or causing to be presented a claim or
bill to any individual, Third Party Payor or other entity for designated health services furnished pursuant to a prohibited referral.
Neither Holdings, the Borrower nor any Restricted Subsidiary shall be considered to be in breach of this Section 3.18 so long as
(a) it shall have taken such actions (including implementation of appropriate internal controls) as may be reasonably necessary
to prevent such prohibited actions and (b) such prohibited actions as have occurred, individually or in the aggregate, are not
reasonably likely to have a Material Adverse Effect.

 

SECTION 3.19      
Patriot Act, Etc.

 

(a)           To the extent applicable, Holdings and each of its Subsidiaries is in compliance, in all material respects, with (i) the
Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department
(31 C.F.R. Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the
Patriot Act. No part of the proceeds of the Loans will be used, directly or, to the knowledge of Holdings and its Subsidiaries,
indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate
for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any
improper advantage, in violation of the FCPA.

 

(b)          (i) None of Holdings or its Subsidiaries will directly or, to the knowledge of Holdings or such Subsidiary, indirectly,
(x) use the proceeds of the Loans in violation of Sanctions or (y) otherwise make available such proceeds to any Person for the
purpose of financing activities or business of or with any Sanctioned Person, to the extent such activities, businesses or transaction
would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or in a European Union member
state, or in any Sanctioned Country, except to the extent that such financing would be permissible for a Person required to comply
with Sanctions (including pursuant to any applicable exemptions, licenses or other approvals), (ii) none of Holdings, any Subsidiary
or to the knowledge of Holdings or such Subsidiary, their respective directors, officers or employees or, to the knowledge of the
Borrower, any controlled Affiliate of Holdings, the Borrower or its Subsidiaries that will act in any capacity in connection with
or benefit from the incurrence of any Loans, is a Sanctioned Person and (iii) none of Holdings, its Subsidiaries or, to the knowledge
of Holdings or such Subsidiary, their respective directors, officers and employees, are in violation of applicable Sanctions in
any material respect.

 

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SECTION 3.20      
Security Documents. Except as otherwise contemplated hereby or under any other Loan Documents, the provisions of
the Security Documents, together with such filings and other actions required to be taken hereby or by the applicable Security
Documents are effective to create in favor of the Administrative Agent for the benefit of the Secured Parties, except as otherwise
provided hereunder, including subject to Permitted Liens, a legal, valid, enforceable and perfected first priority Lien on all
right, title and interest of the respective Loan Parties in the Collateral described therein.

 

Notwithstanding anything herein (including
this Section 3.20) or in any other Loan Document to the contrary, neither the Borrower nor any other Loan Party makes any representation
or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security
interest in any Equity Interests of any Foreign Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect
thereto, under foreign Law, (B) the pledge or creation of any security interest, or the effects of perfection or non-perfection,
the priority or the enforceability of any pledge of or security interest to the extent such pledge, security interest, perfection
or priority is not required pursuant to the Collateral and Guarantee Requirement or (C) on the Closing Date and until required
pursuant to Section 5.12, the pledge or creation of any security interest, or the effects of perfection or non-perfection, the
priority or enforceability of any pledge or security interest to the extent not required on the Closing Date pursuant to 4.01(f).

 

SECTION 3.21      
Compliance with Healthcare Laws.

 

(a)           Without
limiting the generality of any other representation or warranty made herein, (i) each of the physicians, nurse practitioners,
and physicians assistants, whether employees, independent contractors or leased personnel of each Loan Party (“Licensed
Personnel”) holds a valid and unrestricted license to practice his or her profession from each state in which he or
she provides professional services, and, when required, holds a valid and unrestricted Drug Enforcement Administration license
and applicable state license to prescribe controlled substances, (ii) all Licensed Personnel, in the exercise of their respective
duties on behalf of a Loan Party, are in compliance in all material respects with all Healthcare Laws, (iii) all agreements between
a Loan Party and a hospital and all agreements between a Loan Party and Licensed Personnel are in compliance in all material respects
with all Healthcare Laws and (iv) no Loan Party is and no Licensed Personnel are excluded from participation in any federal or
state healthcare program or are listed on the General Services Administration list of excluded parties. To the Borrower’s
knowledge, each Loan Party has maintained in all material respects all records required to be maintained by state licensing boards
and agencies, CMS, Drug Enforcement Agency and state boards of pharmacy and the federal and/or state healthcare programs as required
by the Healthcare Laws and, to the Borrower’s knowledge, there are no presently existing circumstances which would result
or likely would result in violations of the Healthcare Laws except such of the foregoing that, individually or in the aggregate,
would not have a Material Adverse Effect. Each Loan Party will have, effective as of the Closing Date and at all times thereafter,
such Permits, licenses, franchises, certificates and other material approvals or authorizations of governmental or regulatory
authorities as are necessary under applicable Requirements of Law to own their respective properties and conduct their respective
business (including such Permits as are required under such federal, state and other Healthcare Laws as are applicable thereto),
and to receive reimbursement under federal and state healthcare programs. To the Borrower’s knowledge, there currently exist
no restrictions, deficiencies, required plans of corrective actions or other such remedial measures with respect to federal and
state Medicare and Medicaid Programs’ certifications or licensure, except such of the foregoing that, individually or in
the aggregate, would not have a Material Adverse Effect. The Borrower has no knowledge that any condition exists or event has
occurred which, in itself or with the giving of notice or lapse of time or both, reasonably would be expected to result in the
suspension, revocation, forfeiture, non-renewal of any governmental consent applicable to any Loan Party or Subsidiary of a Loan
Party or service Subsidiary of a Loan Party or such Loan Party’s participation in any federal and/or state healthcare program,
any other material Third Party Payor Arrangement, or of any participation agreements, which suspension, revocation, forfeiture
or non-renewal would have, either individually or in the aggregate, a Material Adverse Effect; provided, however,
nothing in the foregoing shall prohibit or prevent any Loan Party from terminating or causing the termination of any contract
for the provision of Medical Services in the ordinary course of the Loan Party’s business.

 

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(b)           Each
Loan Party that provides professional Medical Services and each of its Licensed Personnel has the requisite National Provider
Identifier (“NPI”) or other authorizations requisite to bill the Medicare and Medicaid programs (in the state
or states in which such entities operate), and all other Third Party Payor Arrangements that such Loan Party currently bills or
in the past billed except where the failure to have such authorization would not have, either individually or in the aggregate,
a Material Adverse Effect. There is no investigation, audit, claim review or other action pending or, to the Borrower’s
knowledge, threatened which could result in a revocation, suspension, termination, probation, restriction, limitation, or non-renewal
of any Third Party Payor Arrangement, provider number or authorization or result in the exclusion of any Loan Party from the Medicare
and Medicaid Programs, or from any Third Party Payor Arrangement, which revocation, suspension, termination, probation, restriction,
limitation, non-renewal or exclusion would have, either individually or in the aggregate, a Material Adverse Effect.

 

(c)           As
applicable, the Borrower has adopted a compliance plan the purpose of which is to assure that each Loan Party and its Licensed
Personnel is in material compliance with applicable Healthcare Laws.

 

(d)           Each
Loan Party and professional corporation and professional association with which a Loan Party has entered into a management services
agreement or other affiliation agreement conducts its business in compliance with all applicable Corporate Practice of Medicine
Laws.

 

(e)           Each
Loan Party will have, effective as of the Closing Date and at all times thereafter, such Permits, licenses, franchises, certificates
and other approvals or authorizations of governmental or regulatory authorities as are necessary under applicable Requirements
of Law to own their respective properties and conduct their respective business (including such Permits as are required under
such federal, state and other Healthcare Laws as are applicable thereto), and to receive reimbursement under federal and state
healthcare programs.

 

SECTION 3.22      
HIPAA Compliance.

 

To the extent that and for so long any Loan
Party is a “covered entity” or “business associate” within the meaning of HIPAA, the Borrower (x) is or
will be in compliance in all material respects with each of the applicable requirements of the so-called “Administrative
Simplification” provisions of HIPAA on and as of each date that any part thereof, or any final rule or regulation thereunder,
becomes effective in accordance with its or their terms, as the case may be (each such date, a “HIPAA Compliance Date”)
and (y) is not and could not reasonably be expected to become, as of any date following any such HIPAA Compliance Date, the subject
of any civil or criminal penalty, process, claim, action or proceeding, or any administrative or other regulatory review, survey,
process or proceeding (other than routine surveys or reviews conducted by any government health plan or other accreditation entity)
that would result in any of the foregoing or that would materially adversely affect a Loan Party’s business, operations,
assets, properties or condition (financial or otherwise), in connection with any actual or potential violation by a Loan Party
of the then effective provisions of HIPAA except, in each case, for such non-compliance as would not reasonably be expected to
have, either individually or in the aggregate, a Material Adverse Effect.

 

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ARTICLE IV

Conditions

 

SECTION 4.01      
Closing 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):

 

(a)           The Administrative Agent
shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written
evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement)
that such party has signed a counterpart of this Agreement.

 

(b)           The Administrative Agent
shall have received a written opinion (addressed to the Administrative Agent and the Lenders and dated the Closing Date) of each
of (i) Ropes & Gray LLP, counsel for Holdings and the Borrower and (ii) local counsel in each jurisdiction where a Subsidiary
Loan Party is organized as specified on Schedule 4.01 or a Mortgaged Property is located, and, in the case of each such
opinion required by this paragraph, covering such other matters relating to the Loan Parties, the Loan Documents or the Transactions
as the Administrative Agent shall reasonably request.

 

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

 

(d)           The Administrative Agent
shall have received a certificate, dated the Closing Date and signed by a Financial Officer, confirming compliance with the conditions
set forth in paragraphs (h), (i) and (l) of this Section 4.01.

 

(e)           The Administrative Agent
shall have received all fees and expenses due and payable on or prior to the Closing Date, including, to the extent invoiced at
least three (3) Business Days prior to the Closing Date (except as otherwise reasonably agreed by the Borrower), reimbursement
or payment of all out-of-pocket expenses (including fees, charges and disbursements of counsel) required to be reimbursed or paid
by any Loan Party hereunder or under any other Loan Document.

 

(f)            The Collateral and Guarantee
Requirement shall have been satisfied (subject to the proviso in clause (g) below) and the Administrative Agent shall have received
a completed Perfection Certificate dated the Closing Date and signed by a Responsible Officer of the Borrower, together with all
attachments contemplated thereby, including the results of a search of the Uniform Commercial Code (or equivalent) filings made
with respect to the Loan Parties in the jurisdictions contemplated by the Perfection Certificate and copies of the financing statements
(or similar documents) disclosed by such search and evidence reasonably satisfactory to the Administrative Agent that the Liens
indicated by such financing statements (or similar documents) are permitted by Section 6.02 or have been released; provided
that the Collateral Agent may, in its reasonable judgment, grant extensions of time for compliance with the Collateral and Guarantee
Requirement by any Loan Party.

 

(g)           Subject to the proviso
below, (i) the Administrative Agent shall have received a completed “Life-of-Loan”
Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with
a notice about special flood hazard area status and flood disaster assistance duly executed by the Borrower and each Loan Party
relating thereto) and (ii) the Administrative Agent shall have received a copy of, or a certificate as to coverage under, and a
declaration page relating to, the insurance policies required by Section 5.07 including, without limitation, flood insurance policies
(to the extent required in order to comply with applicable law) and the applicable provisions of the Security Documents, each of
which (w) shall be endorsed or otherwise amended to include a “standard” or “New York” lender’s loss
payable or mortgagee endorsement (as applicable), (x) shall name the Collateral Agent, on behalf of the Secured Parties, as additional
insured, (y) in the case of flood insurance, shall (I) identify the addressee of each property located in a special flood hazard
area, (II) indicate the applicable flood zone designation, the flood insurance coverage and the deductible relating thereto and
(III) provide that the insurer will give the Administrative Agent 45 days’ written notice of cancellation or non-renewal
and (z) shall be otherwise in form and substance reasonably satisfactory to the Administrative Agent;

 

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provided that, notwithstanding
each of the requirements set forth in clauses (f) and (g) of this Section 4.01, including the delivery of documents and instruments
necessary to satisfy the Collateral and Guarantee Requirement, to the extent any security interest in any Collateral is not or
cannot be provided on the Closing Date (except for the execution and delivery of the Collateral Agreement and to the extent that
a Lien on the Collateral may be perfected (x) by the filing of a financing statement under the Uniform Commercial Code or (y) by
the delivery of stock certificates evidencing Equity Interests in Concentra and wholly owned Restricted Subsidiaries of Concentra
that are Material Subsidiaries and Domestic Subsidiaries with respect to which a Lien may be perfected upon closing by the delivery
of a stock certificate), after the Initial Borrower’s use of commercially reasonable efforts to satisfy such requirement
on or prior to the Closing Date without undue burden or expense, the Borrower shall deliver, or cause to be delivered, such evidence
of insurance, documents and instruments, or take or cause to be taken such other actions as may be required to confirm such insurance
or create or perfect such security interests within 90 days after the Closing Date (subject to extensions approved by the Collateral
Agent in its reasonable discretion).

 

(h)           The Specified Representations
shall be true and correct in all material respects on the Closing Date (or, if qualified by “materiality”, “Material
Adverse Effect” or similar language, in all respects (after giving effect to such qualification)).

 

(i)            The Specified Acquisition
Agreement Representations shall be true and correct in all material respects on the Closing Date.

 

(j)            The Administrative Agent
shall have received a solvency certificate, dated the Closing Date and signed by the Chief Financial Officer of the Borrower or
a Financial Officer (immediately after giving effect to the Transactions) substantially in the form attached hereto as Exhibit G.

 

(k)            Except as reflected in
the Financial Statements (as defined in the Acquisition Agreement on the date hereof), since December 31, 2014 through the date
of the Acquisition Agreement, there shall not have been any change in the business, operations or financial conditions of Concentra
or any of its subsidiaries that has had, or that would reasonably be expected to have a Company Material Adverse Effect (as defined
in, and interpreted pursuant to, the Acquisition Agreement on the date hereof) and since the date of the Acquisition Agreement,
there shall not have occurred a Company Material Adverse Effect (as defined in, and interpreted pursuant to, the Acquisition Agreement
on the date hereof), or any event, change, development, effect, condition, circumstance, matter, occurrence or state of facts that
would reasonably be expected to have a Company Material Adverse Effect (as defined in, and interpreted pursuant to, the Acquisition
Agreement on the date hereof).

 

(l)             Prior to or substantially
concurrently with the initial Borrowing on the Closing Date, (i) the Equity Contribution shall have been consummated, (ii) the
Borrower shall have borrowed the Second Lien Term Loans under the Second Lien Credit Agreement, (iii) the Target Acquisition shall
have been consummated, the Acquisition Agreement shall not have been amended or waived, and no consents shall have been given with
respect thereto, in any material respect by the Borrower or any of its subsidiaries in a manner materially adverse to the Lenders
(in their capacity as such) without the consent of the Arrangers (such consent not to be unreasonably withheld, conditioned or
delayed based on the interests of the Lenders or Arrangers in their capacity as such); provided that (a) any amendment,
waiver or consent that results in a reduction in the amount of consideration required to consummate the Target Acquisition shall
be deemed not materially adverse to the Lenders or the Arrangers to the extent any such reduction is applied ratably to reduce
the amount of Commitments in respect of this Agreement, (b) the granting of any consent under the Acquisition Agreement that is
not materially adverse to the interests of the Lenders or the Arrangers shall not otherwise constitute an amendment or waiver and
(c) any change to the definition of “Company Material Adverse Effect” in the Acquisition Agreement shall be deemed
materially adverse to the Lenders and Arrangers.

 

(m)           The Administrative Agent
shall have received, at least three (3) Business Days prior to the Closing Date, all documentation and other information about
the Borrower and the Subsidiary Loan Parties required under applicable “know your customer” and anti-money laundering
rules and regulations, including the Patriot Act, that has been requested by the Administrative Agent in writing at least 10 Business
Days prior to the Closing Date.

 

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(n)           The Administrative Agent
shall have received a Borrowing Request in accordance with the requirements hereof.

 

(o)           The Arrangers shall have
received (a) audited carve-out combined balance sheets and related statements of operations and comprehensive income, redeemable
non-controlling interest and invested equity and cash flows of the Concentra business of Humana Inc. for the fiscal years ended
December 31, 2013 and December 31, 2014 and for each subsequent fiscal year ended at least 90 days prior to the Closing Date and
(b) unaudited carve-out combined balance sheets and related consolidated statements of operations and cash flows of the Concentra
business of Humana Inc. for each subsequent fiscal quarter (other than the fourth fiscal quarter) ended at least 45 days prior
to the Closing Date.

 

(p) 
         The Arrangers shall have received a pro forma consolidated balance
sheet and related pro forma consolidated statement of income of the Borrower as of and for the twelve-month period ending on
the last day of the most recently completed four-fiscal quarter period ended at least 45 days (or 90 days in case such
four-fiscal quarter period is the end of the Borrower’s fiscal year) prior to the Closing Date, prepared after giving
effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the
beginning of such period (in the case of the statement of income).

 

(q)           The Intercreditor Agreement
and the Second Lien Loan Documents shall have been entered into by each party thereto.

 

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

 

SECTION 4.02      
Each Credit Event. The obligation of each Lender to make any Loan or honor any Extension Request (other than a Borrowing
Request requesting only a conversion of Loans to the other Type or a continuation of Eurodollar Loans) after the Closing Date and
of the Issuing Bank to issue, amend, renew or extend any Letter of Credit, including, without limitation, on the Closing Date,
is subject to satisfaction or waiver of the following conditions:

 

(a)           The representations and
warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (except to the
extent any such representation or warranty is qualified by “materially”, “Material Adverse Effect” or a
similar term, in which case such representation and warranty shall be true and correct in all respects) on and as of the date of
such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable, except to the
extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties
shall be true and correct (or true and correct in all material respects, as the case may be) as of such earlier date).

 

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

 

(c)           The Administrative Agent
and, if applicable, the relevant Issuing Bank or Swingline Lender shall have received a Borrowing Request in accordance with the
requirements hereof.

 

Each Borrowing (provided that a conversion
or continuation of a Borrowing shall not constitute a “Borrowing” for purposes of this Section 4.02) and each issuance,
amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by Holdings and
the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section 4.02.

 

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ARTICLE V

Affirmative Covenants

 

Until the Commitments have expired or been
terminated and the principal of and interest on each Loan and all fees, expenses and other amounts payable under any Loan Document
shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been
reimbursed, each of the Borrower and its Restricted Subsidiaries covenants and agrees with the Lenders that:

 

SECTION 5.01      
Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent (for distribution
to each Lender):

 

(a)            within 90 days after the
end of each fiscal year of the Borrower commencing with the fiscal year ended December 31, 2015, (i) audited year-end consolidated
financial statements of the Borrower and its Subsidiaries (including a balance sheet, statement of operations and statement of
cash flows and stockholders’ equity) as of the end of and for such fiscal year, and the related notes thereto, 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 or exception and without any qualification
or exception as to the scope of such audit, except as may be required solely as a result of the impending maturity of any Loan)
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 Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, and (ii)
if at any time the Borrower is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, a “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” that describes the financial condition and results
of operations of the Borrower and its consolidated Subsidiaries,

 

(b)           within 45 days after the
end of each of the first three fiscal quarters of each fiscal year of the Borrower commencing with the fiscal quarter ending June
30, 2015, (i) unaudited quarterly consolidated financial statements of the Borrower and its Subsidiaries (including a balance sheet,
statement of operations and statement of cash flows) as of the end of and for such fiscal quarter and the then-elapsed portion
of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or,
in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by a Financial Officer as presenting
fairly in all material respects the financial condition and results of operations of Holdings and the Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes and
(ii) if at any time the Borrower is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, a “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” that describes the financial condition and results
of operations of the Borrower and its consolidated Subsidiaries,

 

(c)            no later than five (5)
days after the delivery of the financial statements referred to in Section 5.01(a) and Section 5.01(b) (commencing with the first
full fiscal quarter after the Closing Date), a duly completed Compliance Certificate signed by a Financial Officer of the Borrower,

 

(d)           [Reserved],

 

(e)           within 30 days after the
commencement of each fiscal year of the Borrower, a reasonably detailed consolidated budget for such fiscal year (including a projected
consolidated balance sheet and consolidated statements of projected operations and cash flows as of the end of and for such fiscal
year) and, promptly when available, any significant revisions of such budget,

 

(f)            promptly from time to time
after the occurrence of an event required to be therein reported, such other reports containing substantially the same information
that would have been required to be contained under Item 1.01 (entry into material agreement), Item 1.02 (termination
of a material agreement), Item 1.03 (bankruptcy or receivership), Item 2.01 (completion of acquisition or disposition),
Item 2.03 (creation of a direct financial obligation or an obligation under an off-balance sheet arrangement), Item 2.04
(accelerate or increase debt obligations or under an off-balance sheet arrangement), Item 2.06 (material impairments), Item 4.01
(changes in certifying accountant), Item 4.02 (non-reliance on previously issued financial statements or a related audit report
or interim review) or Item 5.02(a), (b) or (c) (departure of directors or certain officers) (other than any information
relating to compensation arrangements with any directors or officers) in a Current Report on Form 8-K under the Exchange Act; provided,
however, that trade secrets and other confidential information that is competitively sensitive, or information that the
Borrower is otherwise prohibited by law or contract from disclosing, in each case in the good faith and reasonable determination
of the Borrower, may be excluded from disclosures,

 

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(g)           simultaneously with the
delivery of each set of consolidated financial statements referred to in clauses (a) and (b) of this Section 5.01, the related
unaudited consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries
(if any) from such consolidated financial statements either on the face of the financial statements or in the footnotes thereto,
and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and reflecting
the financial condition and results of operations of the Borrower and its Restricted Subsidiaries separate from the financial condition
and results of operations of the Unrestricted Subsidiaries of the Borrower,

 

(h)           promptly following any
request therefor, (x) such other information regarding the operations, business affairs and financial condition of Holdings, the
Borrower or any Restricted Subsidiary or any Plan, or compliance with the terms of any Loan Document, as the Administrative Agent
or any Lender through the 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 Patriot Act, and the Beneficial Ownership Regulation, and

 

(i)            evidence
of insurance renewals as required under Section 5.07 hereunder in form and substance reasonably acceptable to the Administrative
Agent.

 

The Borrower represents and warrants that
it, Holdings and any Subsidiary, in each case, either (i) has no registered or publicly traded securities outstanding, or (ii)
files its financial statements with the SEC and/or makes its financial statements available to potential holders of its 144A securities,
and, accordingly, the Borrower hereby (i) authorizes the Administrative Agent to make the financial statements to be provided under
Section 5.01(a) above, along with the Loan Documents and the list of Disqualified Institutions, available to Public-Siders and
(ii) agrees that at the time such financial statements are provided hereunder, they shall already have been made available to holders
of its securities. The Borrower will not request that any other material be posted to Public-Siders without expressly representing
and warranting to the Administrative Agent in writing that such materials do not constitute material non-public information within
the meaning of the federal securities laws or that the Borrower has no outstanding publicly traded securities, including 144A securities.
In no event shall the Administrative Agent post compliance or borrowing base certificates or budgets to Public-Siders.

 

Notwithstanding the foregoing, the obligations
in paragraphs (a), (b) and (g) of this Section 5.01 may be satisfied with respect to financial information of the Borrower and
its Subsidiaries by furnishing (A) the Form 10-K or 10-Q (or the equivalent), as applicable, of the Borrower (or any direct or
indirect parent company thereof (other than Select Medical Corporation or any of its parent companies)) filed with the SEC or with
a similar regulatory authority in a foreign jurisdiction or (B) the applicable financial statements of the Borrower (or any direct
or indirect parent of the Borrower (other than Select Medical Corporation or any of its parent companies)); provided that
to the extent such information relates to a parent of the Borrower, such information shall be accompanied by a narrative description
of any items that would cause the financial statements so provided to be different in any material respect from financial statements
of the Borrower and its consolidated Subsidiaries.

 

Documents required to be delivered pursuant
to Section 5.01 may, at the Borrower’s option, be delivered electronically and, if so delivered, shall be deemed to have
been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s (or
Holdings’ or any Parent’s) website on the Internet at the website address previously provided to the Administrative
Agent in writing (or such other website address as the Borrower may specify by written notice to the Administrative Agent from
time to time), or (ii) on which such documents are posted on the Borrower’s (or Holdings’ or any Parent’s) behalf
on an Internet or intranet website to which each Lender, the Administrative Agent and the Collateral Agent have access (whether
a commercial, third-party website or whether sponsored by the Administrative Agent); provided that (i) upon the reasonable
request of the Administrative Agent or the Collateral Agent with respect to any specific document so delivered electronically,
the Borrower shall promptly deliver a physical copy of such document and (ii) the Borrower shall notify (which notice may be by
facsimile or electronic mail) the Administrative Agent of the posting by the Borrower of any such documents on any such website
(other than a website maintained for or sponsored by the Administrative Agent) and the electronic location at which such documents
may be accessed.

 

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To the extent any report or other information
under this Section 5.01 is not delivered within the time periods specified under this Section 5.01 and such report or other information
is subsequently delivered prior to the time such failure results in an Event of Default due to the Borrower’s failure to
deliver such report or other information within such requisite time periods, the Borrower will be deemed to have satisfied its
obligations under this Section 5.01 and any Default with respect to its obligations under this Section 5.01 shall be deemed to
have been cured (but not any Default under any other provision of this Agreement). The Borrower may satisfy its obligation to deliver
any report or other information to Lenders at any time by filing such information with the SEC and providing written notice (which
notice may be by facsimile or electronic mail) to the Administrative Agent that such information has been filed.

 

SECTION 5.02      
Notices of Material Events.

 

(a)           The
Borrower will furnish to the Administrative Agent (for distribution to each Lender through the Administrative Agent), written
notice of the following promptly after obtaining knowledge thereof:

 

(i)            the
occurrence of any Default,

 

(ii)           the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against the Borrower
or any of its Restricted Subsidiaries that could in each case reasonably be expected to result in a Material Adverse Effect,

 

(iii)          the
occurrence of any ERISA Event which could reasonably be expected to result in a Material Adverse Effect,

 

(iv)          the receipt by the Borrower or any of its Restricted Subsidiaries of (i) any notice of any loss of (A) accreditation from
the Joint Commission on Accreditation of Healthcare Organizations or (B) any governmental right, qualification, permit, accreditation,
approval, authorization, Reimbursement Approval, license or franchise or (ii) any notice, compliance order or adverse report issued
by any Governmental Authority or Third Party Payor that, if not promptly complied with or cured, could result in (A) the suspension
or forfeiture of any material governmental right, qualification, permit, accreditation, approval, authorization, Reimbursement
Approval, license or franchise necessary for the Borrower or any of its Restricted Subsidiaries to carry on its business as now
conducted or as proposed to be conducted or (B) any other material Limitation imposed upon the Borrower or any of its Restricted
Subsidiaries,

 

(v)           any
Change in Law of the type described in clause (a) or (b) of such definition relating to any Third Party Payor Arrangement that
could reasonably be expected to have a material and adverse effect on the ability of the Borrower or any Restricted Subsidiary
to carry on its business as now conducted or as proposed to be conducted, and

 

(vi)          any other development that results in, or is reasonably likely to result in, a Material Adverse Effect.

 

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

 

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SECTION 5.03      
Information Regarding Collateral.

 

(a)           The Borrower will furnish to the Collateral Agent prompt written notice (but in no event later than 90 days) of any change
(i) in any Loan Party’s legal name, (ii) in the jurisdiction of incorporation or organization of any Loan Party or (iii)
in any Loan Party’s organizational identification number. The Borrower agrees not to effect or permit any change referred
to in the preceding sentence unless all filings have been made under the Uniform Commercial Code or otherwise that are required
in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security
interest in all the Collateral. The Borrower also agrees promptly to notify the Collateral Agent if any material portion of the
Collateral is damaged or destroyed.

 

(b)           Each year, at the time of delivery of annual financial statements pursuant to Section 5.01(a), the Borrower shall deliver
to the Collateral Agent a certificate executed by a Financial Officer and the chief legal officer of the Borrower setting forth
the information required pursuant to the Perfection Certificate or confirming that there has been no change in such information
since the date of the Perfection Certificate delivered on the Closing Date or the date of the most recent certificate delivered
pursuant to this Section.

 

SECTION 5.04      
Existence; Conduct of Business. The Borrower will, and will cause each of the Restricted Subsidiaries to, do or cause
to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications,
permits, approvals, accreditations, authorizations, Reimbursement Approvals, licenses, franchises, patents, copyrights, trademarks
and trade names material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation,
liquidation, Division or dissolution permitted under Section 6.03.

 

SECTION 5.05      
Payment of Obligations. Each of Holdings and the Borrower will, and will cause each of its Restricted Subsidiaries
to, pay its Tax liabilities, before the same shall become delinquent or in default, except where (a) the validity or amount thereof
is being contested in good faith by appropriate proceedings, (b) Holdings, the Borrower or such Restricted Subsidiary has set aside
on its books adequate reserves with respect thereto in accordance with GAAP, (c) such contest effectively suspends the enforcement
of any Lien securing such obligation and (d) the failure to make payment pending such contest is not reasonably likely to result,
individually or in the aggregate, in a Material Adverse Effect.

 

SECTION 5.06      
Maintenance of Properties. The Borrower will, and will cause each of its Restricted Subsidiaries to, keep and maintain
all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted.

 

SECTION 5.07      
Insurance.

 

(a)           The
Borrower will, and will cause each of its Restricted Subsidiaries to, maintain, with financially sound and reputable insurance
companies (which may include self-insurance) at the time the relevant coverage is placed or renewed (x) insurance with respect
to its properties and business against loss or damage of such type and in such amounts (with no greater risk retention) and against
such risks as are customarily maintained by companies of established repute engaged in the same or similar businesses operating
in the same or similar locations and (y) all insurance required to be maintained pursuant to the Security Documents, subject to
the Collateral and Guarantee Requirements. The Borrower will deliver to the Lenders, upon request of the Administrative Agent,
information in reasonable detail as to the insurance so maintained.

 

(b)           If any portion of any Mortgaged Property is at any time located in an area identified by the Federal Emergency Management
Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under
the Flood Insurance Laws, then the Borrower shall, or shall cause each Loan Party to (i) maintain, or cause to be maintained, with
a financially sound and reputable insurer, flood insurance in an amount and otherwise sufficient to comply with all applicable
rules and regulations promulgated pursuant to the Flood Insurance Laws, (ii) cooperate with the Administrative Agent and provide
information reasonably required by the Administrative Agent to comply with the Flood Laws and (iii) deliver to the Administrative
Agent evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent, including, without limitation,
evidence of annual renewals of such insurance.

 

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SECTION 5.08      
Casualty and Condemnation. The Borrower (a) will furnish to the Administrative Agent and the Lenders prompt written
notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding
for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or
similar proceeding and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation
awards or otherwise) are collected and applied in accordance with the applicable provisions of this Agreement and the Security
Documents.

 

SECTION 5.09      
Books and Records; Inspection and Audit Rights. The Borrower will, and will cause each of its Restricted Subsidiaries
to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in
relation to its business and activities. The Borrower will, and will cause each of its Restricted Subsidiaries to, permit any representatives
designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties during
normal business hours, to examine and make extracts from its books and records, including environment assessment reports and Phase
I or Phase II studies, and to discuss its affairs, finances and condition with its officers and independent accountants (provided
that the Borrower shall be provided the opportunity to participate in any such discussions with its independent accountants), all
at such reasonable times and as often as reasonably requested.

 

SECTION 5.10      
Compliance with Laws. The Borrower will, and will cause each of its Restricted Subsidiaries to comply with all Requirements
of Law, including Environmental Laws, applicable to it or its property, except where the failure to do so, individually or in the
aggregate, is not reasonably likely to result in a Material Adverse Effect. The Borrower will maintain in effect and enforce policies
and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees
and agents with Anti-Corruption Laws and applicable Sanctions.

 

SECTION 5.11      
Use of Proceeds and Letters of Credit. The proceeds of the Tranche B Term Loans and any Revolving Loans borrowed
on the Closing Date will be used by the Initial Borrower on the Closing Date, solely for (i) the payment of the consideration for
the Target Acquisition and (ii) for the payment of the Transaction Expenses. The proceeds of Revolving Loans borrowed after the
Closing Date, Swingline Loans and Letters of Credit will be used by the Borrower for working capital and general corporate purposes
(including Permitted Acquisitions). The proceeds of the Revolving Loans (except as described above), Swingline Loans and Letters
of Credit will be used only for working capital and other general corporate purposes and for any other purposes not prohibited
by this Agreement. The proceeds of the Tranche B-1 Term Loans borrowed on the Amendment No. 3 Effective Date will be used by the
Borrower on the Amendment No. 3 Effective Date, solely for payment of a portion of the consideration in connection with the Amendment
No. 3 Transactions and repayment of the Non-Converted Tranche B Term Loans. The proceeds of the Tranche B-1 Term Loans borrowed
on the Amendment No. 6 Effective Date, together with other available funds, will be used by the Borrower on the Amendment No. 6
Effective Date, solely for the repayment of all of the Second Lien Term Loans outstanding on the Amendment No. 6 Effective Date
and the payment of fees and expenses in connection with Amendment No. 6 and such repayment. No part of the proceeds of any Loan
and no Letter of Credit will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations
of the Board, including Regulations T, U and X. 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 (A) in furtherance of an offer, payment, promise to pay, or authorization
of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the
purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any
Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a
corporation incorporated in the United States, or (C) in any manner that would result in the violation of any Sanctions applicable
to any party hereto.

 

SECTION 5.12      
Additional Subsidiaries; Succeeding Holdings.

 

(a)        If any additional Restricted Subsidiary (other than a Consolidated Practice or an Excluded Subsidiary) is formed or acquired
after the Closing Date (or if any Excluded Subsidiary that is not a Subsidiary Loan Party ceases to qualify as an Excluded Subsidiary,
the Borrower will, within 60 days after such Restricted Subsidiary is formed or acquired (or ceases to constitute an Excluded Subsidiary),
notify the Collateral Agent and the Lenders (through the Administrative Agent) thereof and within such 60-day period cause the
Collateral and Guarantee Requirement to be satisfied with respect to such Subsidiary (if it is a Subsidiary Loan Party) and with
respect to any Equity Interest in or Indebtedness of such Subsidiary owned by or on behalf of any Loan Party.

 

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(b)        Upon the addition of a Succeeding Holdings, the Borrower will notify the Collateral Agent and the Lenders (through the Administrative
Agent) thereof and within 10 days after such Succeeding Holdings is formed or acquired cause the Collateral and Guarantee Requirement
to be satisfied with respect to the Succeeding Holdings.

 

SECTION 5.13      
Further Assurances.

 

(a)          Each of Holdings, each Succeeding Holdings and the Borrower will, and will cause each Subsidiary Loan Party to, execute
any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the
filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents), which may be required
under any applicable law, or which the Administrative Agent or the Required Lenders may reasonably request, to cause the Collateral
and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties. The Borrower also agrees to provide
to the Collateral Agent, from time to time upon reasonable request, evidence reasonably satisfactory to the Administrative Agent
as to the perfection and priority of the Liens created or intended to be created by the Security Documents.

 

(b)         If
any material assets (including any real property (other than any leased real property) which constitutes a Material Real Property)
are acquired by the Borrower or any Subsidiary Loan Party after the Closing Date (other than assets constituting Collateral under
the Collateral Agreement that become subject to a perfected Lien in favor of the Collateral Agreement upon acquisition thereof),
the Borrower will notify the Administrative Agent and the Lenders thereof and, if requested by the Administrative Agent or the
Required Lenders, the Borrower will cause such assets to be subjected to a Lien securing the Obligations and will take, and cause
the Subsidiary Loan Parties to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to
grant and perfect such Liens, including actions described in paragraph (a) of this Section 5.13, all at the expense of the Loan
Parties; provided that the Collateral Agent may, in its reasonable judgment, grant extensions of time for compliance or
exceptions with the provisions of this paragraph by any Loan Party.

 

SECTION 5.14      
Designation of Subsidiaries. The Borrower may at any time after the Closing Date designate any Restricted Subsidiary
of the Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i)
immediately before and after such designation, no Event of Default shall have occurred and be continuing or would result therefrom,
(ii) in the case of the designation of an Unrestricted Subsidiary as a Restricted Subsidiary, immediately after giving effect to
such designation, the Total Net Leverage Ratio on a Pro Forma Basis shall be no greater than 5.25:1.00, (iii) no Subsidiary may
be designated as an Unrestricted Subsidiary if, after such designation, it would be a “Restricted Subsidiary” for the
purpose of any Specified Indebtedness, any Permitted Debt or any Permitted Refinancing thereof and (iv) no Restricted Subsidiary
may be designated an Unrestricted Subsidiary if it was previously designated an Unrestricted Subsidiary. The designation of any
Subsidiary as an Unrestricted Subsidiary after the Closing Date shall constitute an Investment by the Borrower therein at the date
of designation in an amount equal to the Fair Market Value of such Investment. The designation of any Unrestricted Subsidiary as
a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Investment, Indebtedness or Liens
of such Subsidiary existing at such time and (ii) a return on any Investment by the Borrower in Unrestricted Subsidiaries pursuant
to the preceding sentence in an amount equal to the Fair Market Value of such Investment in such Subsidiary.

 

SECTION 5.15      
Maintenance of Ratings. The Borrower will use commercially reasonable efforts to maintain (i) a public corporate
credit rating (but not any specific rating) from S&P and a public corporate family rating (but not any specific rating) from
Moody’s and (ii) a public rating (but not any specific rating) in respect of the Loans and the Commitments from each of S&P
and Moody’s.

 

SECTION 5.16      
Quarterly Lender Calls. The Borrower will participate in a conference call with the Administrative Agent and the
Lenders to discuss the financial condition and results of operations of the Borrower and its Restricted Subsidiaries for the most
recently-ended period for which financial statements have been delivered pursuant to Section 5.01(a) or Section 5.01(b), which
call shall occur within a reasonable period of time after the delivery of such financial statements and after the Lenders have
first been provided reasonable notice of such call; provided, however, if the Borrower is holding a conference call
open to the public to discuss the financial condition and results of operations of the Borrower and its Restricted Subsidiaries
for the most recently-ended period for which financial statements have been delivered, the Borrower will not be required to hold
a second, separate call for the Lenders as long as Lenders are provided access to such conference call.

 

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SECTION 5.17      
ERISA Compliance. The Borrower will do, and cause each of its ERISA Affiliates to do, each of the following: (a) maintain
each Plan in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal or state law,
and (b) cause each Plan that is qualified under Section 401(a) of the Code to maintain such qualification.

 

SECTION 5.18      
Post-Closing Matters. The Borrower will, and will cause each of its Restricted Subsidiaries to execute and deliver
the documents and complete the tasks set forth on Schedule 5.20 as soon as commercially reasonable and by no later than
the date set forth in Schedule 5.20; provided that the Administrative Agent or Collateral Agent, as applicable, may
in its reasonable judgment, grant extensions of time for compliance or exceptions with the provisions of this paragraph.

 

ARTICLE VI

Negative Covenants

 

Until the Commitments have expired or been
terminated and the principal of and interest on each Loan and all fees, expenses and other amounts payable under any Loan Document
have been paid in full and all Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed,
each of the Borrower (and, with respect to Section 6.03 only, Holdings) and the Restricted Subsidiaries covenants and agrees with
the Lenders that:

 

SECTION 6.01      
Indebtedness; Certain Equity Securities.

 

(a)           Neither Holdings nor the Borrower will, nor will they permit any Restricted Subsidiary to, create, incur, assume or permit
to exist any Indebtedness, except:

 

(i)            Indebtedness
created under the Loan Documents,

 

(ii)           Indebtedness
in respect of the Second Lien Term Loans (including any guarantees thereof) in an aggregate principal amount not to exceed $240,000,000
and any Permitted Refinancing thereof;,

 

(iii)          Indebtedness existing on the Closing Date not to exceed $2,500,000 and other Indebtedness existing on the Closing Date set
forth in Schedule 6.01 and any Permitted Refinancing thereof,

 

(iv)          Indebtedness
of the Borrower owed to any Restricted Subsidiary and of any Restricted Subsidiary owed to the Borrower or any other Restricted
Subsidiary; provided that Indebtedness of the Borrower owed to any Restricted Subsidiary and Indebtedness of any Subsidiary
Loan Party owed to the Borrower or any other Restricted Subsidiary shall be subordinated to the Obligations on terms reasonably
satisfactory to the Administrative Agent; provided, further that Indebtedness owed to any Captive Insurance Subsidiary
shall only be subordinated to the extent permitted by applicable laws or regulations,

 

(v)           Guarantees
by the Borrower of Indebtedness of any Restricted Subsidiary and by any Restricted Subsidiary of Indebtedness of the Borrower
or any other Restricted Subsidiary; provided that (A) the Indebtedness so Guaranteed is permitted by this Section 6.01,
(B) Guarantees permitted under this clause (vi) shall be subordinated to the Obligations of the Borrower or the applicable Restricted
Subsidiary to the same extent and on the same terms as the Indebtedness so Guaranteed is subordinated to the Obligations and (C)
except in the case of Foreign Subsidiaries that provide Guarantees of Indebtedness of other Foreign Subsidiaries, no Restricted
Subsidiary shall Guarantee any Indebtedness unless it is a Subsidiary Loan Party,

 

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(vi)        Indebtedness (including Attributable Indebtedness) of the Borrower or any Restricted Subsidiary incurred to finance the
acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations, and any Indebtedness
assumed by the Borrower or any Subsidiary in connection with the acquisition of any such assets or secured by a Lien on any such
assets prior to the acquisition thereof, and Permitted Refinancings thereof; provided that (A) such Indebtedness (other
than Permitted Refinancings) is incurred prior to or within 120 days after such acquisition or the completion of such construction
or improvement and (B) the aggregate principal amount of Indebtedness permitted by this clause (vi) shall not (except as permitted
by the definition of “Permitted Refinancing”) exceed at any time outstanding the greater of (x) $25,000,000 and
(y) 2.5% of Total Assets as of the time of incurrence,

 

(vii)       (x) Indebtedness of the Borrower or any Restricted Subsidiary assumed in connection with any Permitted Acquisition and not
created in contemplation thereof or (y) Permitted Debt incurred to finance a Permitted Acquisition; provided that after
giving Pro Forma Effect to such Permitted Acquisition and the assumption or incurrence of such Indebtedness incurred or assumed
pursuant to this clause (vii):

 

(A)          if
such Indebtedness ranks pari passu in right of security with the Obligations, (x) the First Lien Net Leverage Ratio does
not exceed 4.50:1.00 or (y) the First Lien Net Leverage Ratio is equal to or less than the First Lien Net Leverage Ratio immediately
prior to such Permitted Acquisition,

 

(B)           if such Indebtedness ranks junior in right of security with the Obligations, (x) the Secured Net Leverage Ratio does not
exceed 5.75:1.00 or (y) the Secured Net Leverage Ratio is equal to or less than the Secured Net Leverage Ratio immediately prior
to such Permitted Acquisition, or

 

(C)           if
such Indebtedness is unsecured, (x) the Total Net Leverage Ratio does not exceed 6.00:1.00 or (y) the Total Net Leverage Ratio
is equal to or less than the Total Net Leverage Ratio immediately prior to such Permitted Acquisition; provided that no
Indebtedness may be incurred pursuant to this clause (C) until the date that is six (6) months after the Closing Date,

 

and, in the case of clauses (x)
and (y) of this clause (vii), any Permitted Refinancing of any such Indebtedness; provided that any such Indebtedness of
a Non-Loan Party does not exceed in the aggregate at any time outstanding, together with any Indebtedness incurred by a Non-Loan
Party pursuant to clause (xiv) of this Section 6.01, the greater of $25,000,000 and 2.5% of Total Assets, in each case determined
at the such time of incurrence;

 

(viii)        Indebtedness
owed to any Person (including obligations in respect of letters of credit for the benefit of such Person) providing workers’
compensation, health, disability or other employee benefits or property, casualty or liability insurance pursuant to reimbursement
or indemnification obligations to such Person, in each case incurred in the ordinary course of business,

 

(ix)           Indebtedness
of the Borrower or any Restricted Subsidiary in respect of performance bonds, bid bonds, appeal bonds, surety bonds, performance
and completion guarantees and similar obligations, in each case provided in the ordinary course of business,

 

(x)            Indebtedness
of any Loan Party pursuant to Swap Agreements permitted by Section 6.07,

 

(xi)           [Reserved],

 

(xii)          Indebtedness representing deferred compensation to employees of the Borrower and the Restricted Subsidiaries incurred in
the ordinary course of business,

 

(xiii)         Indebtedness
in respect of promissory notes issued to physicians, consultants, employees or directors or former employees, consultants or directors
in connection with repurchases of Equity Interests permitted by Section 6.08(a)(iii),

 

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(xiv)         Indebtedness of any Foreign Subsidiary or any Non-Loan Party, collectively, in an amount not to exceed, together with any
Indebtedness incurred by a Non-Loan Party pursuant to clause (vii) of this Section 6.01, $25,000,000 at any time outstanding,

 

(xv)          Refinancing
Debt Securities, the Net Proceeds of which are applied to prepay Term Loans in connection with Section 2.11 and any Permitted
Refinancing thereof,

 

(xvi)         (a)
Permitted Debt, provided that (x) if such Indebtedness is secured by Liens ranking pari passu with the Liens securing
the Obligations, the First Lien Net Leverage Ratio does not exceed 4.50:1.00, (y)  if such Indebtedness is secured by
Liens ranking junior to the Liens securing the Obligations, the Secured Net Leverage Ratio does not exceed 5.75:1.00, and (z) 
if such Indebtedness is unsecured, the Total Net Leverage Ratio does not exceed 6.00:1.00, in each case, determined on a Pro Forma
Basis after giving effect to such assumption or incurrence and the use of proceeds thereof; and any Permitted Refinancing thereof;
and (b) other Permitted Debt in an aggregate principal amount pursuant to this subclause (b), when aggregated with the Free and
Clear Usage Amount at such time, not to exceed $250,000,000 and any Permitted Refinancing thereof,

 

(xvii)        the incurrence by the Borrower or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank
or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts)
drawn against insufficient funds in the ordinary course of business, so long as such Indebtedness is extinguished within five (5)
Business Days,

 

(xviii)       the
incurrence of Indebtedness arising from agreements of the Borrower or a Restricted Subsidiary providing for indemnification, adjustment
of purchase price, holdback, contingency payment obligations or similar obligations, in each case, incurred or assumed in connection
with the disposition or acquisition of any business, assets or capital stock of the Borrower or any Restricted Subsidiary,

 

(xix)         the incurrence of Indebtedness resulting from endorsements of negotiable instruments for collection in the ordinary course
of business,

 

(xx)          Indebtedness of the Borrower or a Restricted Subsidiary in respect of netting services, overdraft protection and otherwise
in connection with deposit accounts; provided that such Indebtedness remains outstanding for 10 Business Days or less, and

 

(xxi)         the incurrence or issuance by the Borrower or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate
principal amount not to exceed the greater of $50,000,000 and 5.0% of Total Assets at the time of incurrence.

 

For purposes of determining compliance with
Section 6.01, in the event that an item of Indebtedness (or any portion thereof) at any time, whether at the time of incurrence
or upon the application of all or a portion of the proceeds thereof or subsequently, meets the criteria of more than one of the
categories of permitted Indebtedness described in Section 6.01(a)(i) through (xxi) above, the Borrower, in its sole discretion,
will classify and may subsequently reclassify such item of Indebtedness (or any portion thereof) in any one or more of the types
of Indebtedness described in 6.01(a)(i) through (xxi) above and will only be required to include the amount and type of such Indebtedness
in such of the above clauses as determined by the Borrower at such time; provided that Indebtedness that originally reduced the
Free and Clear Usage Amount at the time of incurrence may not be reclassified. The Borrower will be entitled to divide and classify
an item of Indebtedness in more than one of the types of Indebtedness described in 6.01(a)(i) through (xxi) above.

 

For purposes of determining compliance with
any dollar-denominated restriction on the incurrence of Indebtedness, the dollar-equivalent principal amount of Indebtedness denominated
in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness
was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided that if such
Indebtedness is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a foreign currency,
and such extension, replacement, refunding, refinancing, renewal or defeasance would cause the applicable dollar-denominated restriction
to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding,
refinancing, renewal or defeasance, such dollar-denominated restriction shall be deemed not to have been exceeded so long as the
principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced,
refunded, refinanced, renewed or defeased, plus the aggregate amount of fees, underwriting discounts, premiums (including tender
premiums) and other costs and expenses (including OID) incurred in connection with such refinancing.

 

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The accrual of interest, the accretion or
amortization of OID, the payment of interest in the form of additional Indebtedness with the same terms, shall not be deemed to
be an incurrence of Indebtedness for purposes of this Section 6.01.

 

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

 

(a)            Liens created by the Loan
Documents,

 

(b)           Permitted Encumbrances,

 

(c)            any Lien on any property
or asset of the Borrower or any Restricted Subsidiary existing on the Closing Date and set forth in Schedule 6.02; provided
that (A) such Lien shall not apply to any other property or asset of the Borrower or any Restricted Subsidiary and (B) such Lien
shall secure only those obligations which it secures on the Closing Date and Permitted Refinancings thereof,

 

(d)           any Lien existing on any
property or asset prior to the acquisition thereof by the Borrower or any Restricted Subsidiary or existing on any property or
asset of any Person that becomes a Restricted Subsidiary after the date hereof prior to the time such Person becomes a Restricted
Subsidiary (including any Liens securing Indebtedness permitted by clause (vii) of Section 6.01(a)); provided that (A) such
Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Restricted Subsidiary,
as applicable, (B) such Lien shall not apply to any other property or asset of the Borrower or any Restricted Subsidiary and (C)
such Lien shall secure only those obligations that it secures on the date of such acquisition or the date such Person becomes a
Restricted Subsidiary, as applicable, and Permitted Refinancings thereof,

 

(e)            Liens on fixed or capital
assets acquired, constructed or improved by the Borrower or any Restricted Subsidiary; provided that (i) such security interests
secure Indebtedness permitted by clause (vi) of Section 6.01(a) (including Permitted Refinancings thereof), (ii) such security
interests and the Indebtedness secured thereby (other than Permitted Refinancings) are incurred prior to or within 120 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 security interests shall not
apply to any other property or assets of the Borrower or any Restricted Subsidiary,

 

(f)            Liens (i) arising from
filing Uniform Commercial Code financing statements regarding leases, (ii) of a collecting bank arising in the ordinary course
of business under Section 4-208 of the Uniform Commercial Code in effect in the relevant jurisdiction covering only the items being
collected upon and (iii) in favor of banking institution encumbering deposits (including the right of set-off) and which are within
the general parameters customary in the banking industry,

 

(g)           Liens arising out of sale
and leaseback transactions permitted by Section 6.06,

 

(h)           Liens in favor of the Borrower
or another Loan Party (other than Holdings),

 

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(i)             licenses, sublicenses,
leases or subleases granted to others not interfering in any material respect with the business of the Borrower or any Restricted
Subsidiary,

 

(j)             Liens on assets of any
Foreign Subsidiary or any Non-Loan Party securing Indebtedness permitted by Section 6.01(a)(xiv),

 

(k)            Liens on assets of the
Borrower or the Restricted Subsidiaries not otherwise permitted by this Section 6.02, so long as neither (i) the aggregate outstanding
principal amount of the obligations secured thereby nor (ii) the aggregate fair value (determined as of the date such Lien is incurred)
of the assets subject thereto exceeds the greater of $25,000,000 and 2.5% of Total Assets at any time outstanding; provided
that in no event shall Holdings, the Borrower or any Restricted Subsidiary create, incur, assume or permit to exist any Lien on
any Equity Interests of the Borrower or any Restricted Subsidiary,

 

(l)             Liens on the Collateral
securing Indebtedness permitted by paragraphs (a)(ii), (a)(xv) and (a)(xvi) of Section 6.01,

 

(m)           Liens on Equity Interests
of an Unrestricted Subsidiary that secure Indebtedness or other obligation of such Unrestricted Subsidiary,

 

(n)           Liens encumbering reasonable
customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts incurred in the ordinary course
of business and not for speculative purposes,

 

(o)           Liens created or deemed
to exist by the establishment of trusts for the purpose of satisfying government reimbursement program costs and other actions
or claims pertaining to the same or related matters or other medical reimbursement programs, and

 

(p)           Liens solely on any cash
earnest money deposits made by the Borrower or any Restricted Subsidiary with any letter of intent or purchase agreement permitted
hereunder.

 

SECTION 6.03      
Fundamental Changes.

 

(a)          Neither Holdings nor the Borrower will, nor will they permit any Restricted Subsidiary to, merge into or consolidate with
any other Person, or permit any other Person to merge into or consolidate with it, consummate a Division as the Dividing Person
or otherwise or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default
shall have occurred and be continuing, (i) any Person may merge with and into the Borrower in a transaction in which the surviving
entity is a Person organized or existing under the laws of the United States of America, any State thereof or the District of Columbia
and, if such surviving entity is not the Borrower, such Person expressly assumes, in writing, all the obligations of the Borrower
under the Loan Documents, (ii) any Person may merge with and into any Restricted Subsidiary in a transaction in which the surviving
entity is a Restricted Subsidiary and, if any party to such merger is a Subsidiary Loan Party, is or becomes a Subsidiary Loan
Party concurrently with such merger, (iii) any Restricted Subsidiary (other than a Subsidiary Loan Party) may liquidate or dissolve
(whether effected pursuant to a Division or otherwise) if 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, (iv) any asset sale permitted by
Section 6.05 or Investment permitted by Section 6.04 may be effected through the merger of a subsidiary of the Borrower with a
third party,(v) the Merger shall be permitted and (vi) the Borrower or any Restricted Subsidiary may consummate a Division as the
Dividing Person if, immediately upon the consummation of the Division, (x) the assets of the applicable Dividing Person are held
by the Borrower or one or more Restricted Subsidiaries at such time and, if the Dividing Person is the Borrower and is not a Division
Successor, (A) one of the Division Successors of the Borrower organized or existing under the laws of the United States of America,
any State thereof or the District of Columbia expressly assumes, in writing, all the obligations of the Borrower under the Loan
Documents and (B) the Division Successor described in the immediately preceding subclause (A) shall (1) own, directly or indirectly,
all of the assets (including, without limitation, any Equity Interests) owned by the Borrower immediately prior to the Division
or (2) with respect to any assets not so owned by such Division Successor pursuant to the immediately preceding subclause (1),
such Division, shall comply with the immediately succeeding clause (y), or, (y) with respect to assets not held by the Borrower
or one or more Restricted Subsidiaries, such Division, in the aggregate, would otherwise be permitted by this Section 6.03 (without
reliance on this subclause (vi)), Section 6.04 and/or Section 6.05.

 

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(b)         The Borrower will not, and Holdings and the Borrower will not permit any Restricted Subsidiary to, engage to any material
extent in any business other than a Permitted Business.

 

(c)          Holdings
will not engage in any business or activity other than the ownership of all the outstanding shares of capital stock of the Borrower
and engaging in corporate and administrative functions and other activities incidental thereto (including payment of dividends
and other amounts in respect of its Equity Interests). Holdings will not own or acquire any assets (other than Equity Interests
of the Borrower and the cash proceeds of any Restricted Payments permitted by Section 6.08 or proceeds of any issuance of Indebtedness
or Equity Interests permitted by this Agreement pending application as required by this Agreement) or incur any liabilities (other
than liabilities under and permitted to be incurred under the Loan Documents, the Second Lien Loan Documents and liabilities reasonably
incurred in connection with its maintenance of its existence (including the ability to incur fees, costs and expenses relating
to such maintenance) and activities incidental thereto). Notwithstanding the foregoing, Holdings shall be permitted to (i) enter
into transactions, engage in activities and maintain assets or incur liabilities in respect of Swap Agreements related to Indebtedness
of Holdings permitted hereunder, (ii) engage in any public offering of its common stock or any other issuance or sale of its Equity
Interests, (iii) participate in tax, accounting and other administrative matters as a member of the consolidated group of Holdings,
the Borrower and its Restricted Subsidiaries, (iv) hold any cash or property (but not operate any property), (v) provide indemnification
to officers and directors and (vi) engage in any activities incidental to the foregoing.

 

SECTION 6.04      
Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower will not, and will not permit any Restricted
Subsidiary to, purchase or acquire (including pursuant to any merger with, or as a Division Successor pursuant to the Division
of any Person that was not a wholly owned Restricted Subsidiary prior to such merger or Division) any Equity Interests in or evidences
of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make any
loans or advances to, Guarantee any obligations of, or make any investment or any other interest in, any other Person, or purchase
or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit
(collectively, “Investments”; provided that any loan made by the Borrower or any Restricted Subsidiary
to any direct or indirect parent company of the Borrower in connection with the Amendment No. 3 Transactions shall be deemed to
be a Restricted Payment but not an “Investment” for purposes of this Agreement and any Qualified Proceeds or Permitted
Investments subsequently received by the Borrower or such Restricted Subsidiary on account of principal or interest on any such
loan shall be deemed a contribution to the capital of the Borrower for purposes of the definition of “Available Amount”),
except:

 

(a)            Permitted Acquisitions,

 

(b)           Permitted Investments,

 

(c)            Investments existing on
the Closing Date and set forth on Schedule 6.04 and any Investments consisting of extensions, modifications or renewals
of any such Investments (excluding any such extensions, modifications or renewals involving additional advances, contributions
or other investments of cash or property or other increases thereof unless it is a result of the accrual or accretion of interest
or OID or payment-in-kind pursuant to the terms, as of the Closing Date, of the original Investment so extended, modified or renewed),

 

(d)           Investments by the Borrower
or any Restricted Subsidiaries in Equity Interests in their respective Restricted Subsidiaries; provided that (A) any
such Equity Interests held by a Loan Party shall be pledged pursuant to the Collateral Agreement (subject to the limitations referred
to in the definition of “Collateral and Guarantee Requirement”) and (B) the aggregate amount of investments in
Non-Loan Parties by Loan Parties (together with outstanding intercompany loans permitted under clause (B) to the proviso to
Section 6.04(e) and outstanding Guarantees permitted to be incurred under clause (B) to the proviso to Section 6.04(f))
shall not exceed the greater of $25,000,000 and 2.5% of Total Assets at any time outstanding (in each case determined without regard
to any write-downs or write-offs),

 

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(e)            loans or advances made
by the Borrower to any Restricted Subsidiary and made by any Restricted Subsidiary to the Borrower or any other Restricted Subsidiary;
provided that (A) any such loans and advances made by a Loan Party shall be evidenced by a promissory note pledged pursuant
to the Collateral Agreement and (B) the amount of such loans and advances made by Loan Parties to Non-Loan Parties (together with
outstanding investments permitted under clause (B) to the proviso to Section 6.04(d) and outstanding Guarantees permitted under
clause (B) to the proviso to Section 6.04(f)) shall not exceed the greater of $25,000,000 and 2.5% of Total Assets at any time
outstanding (in each case determined without regard to any write-downs or write-offs),

 

(f)            Guarantees constituting
Indebtedness permitted by Section 6.01 and performance guarantees in the ordinary course of business; provided that (and
without limiting the foregoing) the aggregate principal amount of Indebtedness of Non-Loan Parties that is Guaranteed by any Loan
Party (together with outstanding investments permitted under clause (B) to the proviso to Section 6.04(d) and outstanding intercompany
loans permitted under clause (B) to the proviso to Section 6.04(e)) shall not exceed the greater of $25,000,000 and 2.5% of Total
Assets at any time outstanding (in each case determined without regard to any write-downs or write-offs),

 

(g)           receivables or other trade
payables owing to the Borrower or any Restricted Subsidiary if created or acquired in the ordinary course of business consistent
with past practice and payable or dischargeable in accordance with customary trade terms; provided that such trade terms
may include such concessionary trade terms as the Borrower or any such Restricted Subsidiary deems reasonable under the circumstances,

 

(h)           Investments consisting
of Equity Interests, obligations, securities or other property received in settlement of delinquent accounts of and disputes with
customers and suppliers in the ordinary course of business and owing to the Borrower or any Restricted Subsidiary or in satisfaction
of judgments,

 

(i)             Investments by the Borrower
or any Restricted Subsidiary in payroll, travel and similar advances to cover matters that are expected at the time of such advances
ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business,

 

(j)             loans or advances by the
Borrower or any Restricted Subsidiary to employees and other individual service providers made in the ordinary course of business
(including travel, entertainment and relocation expenses) of the Borrower or any Restricted Subsidiary not exceeding $2,500,000
in the aggregate at any time outstanding (determined without regard to any write-downs or write-offs of such loans or advances),

 

(k)            Investments in the form
of Swap Agreements permitted by Section 6.07,

 

(l)             Investments of any Person
existing at the time such Person becomes a Restricted Subsidiary of the Borrower or consolidates or merges, in one transaction
or a series of transactions, with the Borrower or any of the Restricted Subsidiaries (including in connection with a Permitted
Acquisition) so long as such investments were not made in contemplation of such Person becoming a Restricted Subsidiary or of such
consolidation or merger,

 

(m)           Investments received in
connection with the dispositions of assets permitted by Section 6.05,

 

(n)           Investments constituting
deposits described in clauses (c) and (d) of the definition of the term “Permitted Encumbrances”,

 

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(o)           Investments in Permitted
Joint Ventures (together with the aggregate amount of Investments in Permitted Real Estate Joint Ventures permitted under Section
6.04(p)) in an amount not to exceed $50,000,000 plus an amount equal to any returns (including dividends, interest, distributions,
returns of principal and profits on sale) actually received in cash in respect of any such Investments (which amount shall not
exceed the amount of such Investment valued at cost at the time such Investment was made),

 

(p)           Investments in Permitted
Real Estate Joint Ventures (together with the aggregate amount of Investments in Permitted Joint Ventures permitted under Section
6.04(o)) in an amount not to exceed $50,000,000 plus an amount equal to any returns (including dividends, interest, distributions,
returns of principal and profits on sale) actually received in cash in respect of any such Investments (which amount shall not
exceed the amount of such Investment valued at cost at the time such Investment was made),

 

(q)           payments, loans, advances
to, and investments in, Consolidated Practices in the ordinary course of business and consistent with past practice in satisfaction
of their obligations under any management services agreements,

 

(r)            Investments by the Borrower
or any Restricted Subsidiary (including Investments in Permitted Joint Ventures and Permitted Acquisitions) in an aggregate amount,
as valued at cost at the time each such Investment is made and including all related commitments for future advances, not exceeding
the Available Amount immediately prior to the time of the making of any such Investment,

 

(s)           (i) Investments by the
Borrower or any Restricted Subsidiary (including Investments in Permitted Joint Ventures) in an amount not to exceed the greater
of $50,000,000 and 5.0% of Total Assets and (ii) other Investments; provided that (x) no Event of Default has occurred and
is continuing or would result therefrom and (y) immediately after giving effect to such Investment on a Pro Forma Basis, the Total
Net Leverage Ratio does not exceed 5.00:1.00,

 

(t)            Investments, loans and
advances by the Borrower or any Restricted Subsidiary to any Captive Insurance Subsidiary in an amount equal to (A) the capital
required under the applicable laws or regulations of the jurisdiction in which such Captive Insurance Subsidiary is formed or determined
by independent actuaries as prudent and necessary capital to operate such Captive Insurance Subsidiary plus (B) any
reasonable general corporate and overhead expenses of such Captive Insurance Subsidiary,

 

(u)           any Investment solely in
exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Borrower or Holdings (or any other direct
or indirect parent company of the Borrower), and

 

(v)           Investments in prepaid
expenses, negotiable instruments held for collection and lease, utility and workers compensation, performance and similar deposits
entered into as a result of the operations of the business in the ordinary course of business.

 

For purposes of covenant compliance, the
amount of any Investment outstanding at any time shall be the original cost of such Investment (without adjustment for any increases
or decreases in the value of such Investments), reduced by (except in the case of any Investments made using the Available Amount
pursuant to Section 6.04(r) and returns which are included in the Available Amount pursuant to the definition thereof) any dividend,
distribution, interest payment, return of capital, repayment or other amount received in cash by the Borrower or a Restricted Subsidiary
in respect of such Investment.

 

SECTION 6.05      
Asset Sales. The Borrower will not, and will not permit any Restricted Subsidiary to, sell, transfer, lease or otherwise
dispose (whether effected pursuant to a Division or otherwise) of any asset, including any Equity Interest owned by it (other than
directors’ qualifying Equity Interests or Equity Interests required by applicable law to be held by a Person other than the
Borrower a Restricted Subsidiary), nor will the Borrower permit any Restricted Subsidiary to issue any additional Equity Interest
in such Restricted Subsidiary (other than to the Borrower or another Restricted Subsidiary in compliance with Section 6.04) involving
aggregate payments or consideration for assets having a Fair Market Value in excess of $2,500,000 for any individual transaction
or series of related transactions, except (in each case, whether effected pursuant to a Division or otherwise):

 

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(a)           sales, transfers and dispositions
of (i) inventory in the ordinary course of business and (ii) used, damaged, obsolete, worn out, negligible or surplus equipment
or property in the ordinary course of business,

 

(b)           sales, transfers and dispositions
to the Borrower or any Restricted Subsidiary; provided that any such sales, transfers or dispositions involving a Non-Loan
Party shall be made in compliance with Section 6.09,

 

(c)            sales, transfers and dispositions
of products, services or accounts receivable (including at a discount) in connection with the compromise, settlement or collection
thereof consistent with past practice,

 

(d)           sales, transfers and dispositions
of property to the extent such property constitutes an investment permitted by clauses (b), (h), (l) and (n) 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 Restricted Subsidiary,

 

(g)           sales, transfers and other
dispositions of assets (other than Equity Interests in a Restricted Subsidiary unless all Equity Interests in such Restricted Subsidiary
are sold) that are not permitted by any other paragraph of this Section 6.05,

 

(h)           exchanges of property for
similar replacement property for fair value,

 

(i)            assets set forth on Schedule
6.05,

 

(j)            the sale or other disposition
of Permitted Investments,

 

(k)           the sale or disposition
of any assets or property received as a result of a foreclosure by the Borrower or any Restricted Subsidiary with respect to any
secured Investment or other transfer of title with respect to any secured Investment in default,

 

(l)            the licensing of intellectual
property in the ordinary course of business or in accordance with industry practice,

 

(m)          the sale, lease, conveyance,
disposition or other transfer of (a) the Equity Interests of, or any Investment in, any Unrestricted Subsidiary or (b) Investments
(other than Investments in any Restricted Subsidiary) made pursuant to clause (s) of Section 6.04,

 

(n)           surrender or waiver of
contract rights or the settlement, release or surrender of contract, tort or other claims of any kind,

 

(o)           leases or subleases to
third persons in the ordinary course of business that do not interfere in any material respect with the business of the Borrower
or any of its Restricted Subsidiaries, and

 

(p)           the sale of Equity Interests
in joint ventures to the extent required by or made pursuant to, customary buy/sell arrangements entered into in the ordinary course
of business between the joint venture parties and sent forth in joint venture agreements.

 

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provided that all sales, transfers, leases and other
dispositions permitted hereby (other than those permitted by paragraphs (b), (c), (f), (l), (n) and (p) above) shall be made
for fair value and (other than those permitted by paragraphs (b), (d), (h), (l), (n) and (p) above) for at least 75% cash
consideration, plus (for all such sales, transfers, leases and other dispositions permitted hereby) an aggregate additional
amount of non-cash consideration in the amount of $20,000,000 (it being understood that for purposes of paragraph (a) above,
accounts receivable received in the ordinary course and any property received in exchange for used, obsolete, worn out or surplus
equipment or property and any non-cash consideration that was actually converted into cash within 6 months following the applicable
sale, transfer, lease or other disposition by the Borrower or any of its Restricted Subsidiaries shall be deemed to constitute
cash consideration).

 

SECTION 6.06      
Sale and Leaseback Transactions. The Borrower will not, and will not permit any Restricted 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, except for (x) any such sale of any
fixed or capital assets by the Borrower or any Restricted 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 Restricted Subsidiary
acquires or completes the construction of such fixed or capital asset or (y) sale and leaseback transactions with respect to properties
acquired after the Closing Date, where the Fair Market Value of such properties in the aggregate does not to exceed the greater
of $25,000,000 and 2.5% of Total Assets.

 

SECTION 6.07      
Swap Agreements. The Borrower will not, and will not permit any Restricted Subsidiary to, enter into any Swap Agreement,
except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Restricted Subsidiary has actual
exposure (other than those in respect of Equity Interests of the Borrower or any of the Restricted Subsidiaries) and (b) Swap Agreements
entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate
to another floating rate or otherwise) with respect to any interest-bearing liability or investment of Holdings, the Borrower or
any Restricted Subsidiary.

 

SECTION 6.08      
Restricted Payments; Certain Payments of Indebtedness.

 

(a)           The Borrower will not, and will not permit any Restricted Subsidiary to, declare or make, or agree to pay or make, directly
or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, 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)           Restricted
Subsidiaries may declare and pay dividends ratably with respect to their capital stock, membership or partnership interests or
other similar Equity Interests,

 

(iii)          the
Borrower may declare and pay dividends or make other distributions to Holdings, the proceeds of which are used by Holdings or
a Parent to purchase or redeem Equity Interests of Holdings or a Parent acquired by employees, consultants or directors of Holdings,
the Borrower or any Restricted Subsidiary upon such Person’s death, disability, retirement or termination of employment;
provided that the aggregate amount of such purchases or redemptions under this clause (iii) shall not exceed $10,000,000
in any fiscal year (and, to the extent that the aggregate amount of purchases or redemptions made in any fiscal year pursuant
to this clause (iii) is less than $10,000,000, the amount of such difference may be carried forward and used for such purpose
in the following fiscal year) and $30,000,000 in the aggregate,

 

(iv)         
the Borrower may make Restricted Payments to Holdings to be used by Holdings solely to pay (or to allow a Parent to pay)
its franchise taxes and other fees required to maintain its corporate existence and to pay for general corporate and overhead expenses
(including salaries and other compensation of employees) and other expenses in its capacity as the parent of Borrower incurred
by Holdings or a Parent in the ordinary course of its business or used to pay fees and expenses (other than to Affiliates) relating
to any unsuccessful debt or equity financing; provided that such Restricted Payments shall not exceed $5,000,000 in any
fiscal year,

 

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(v)          
with respect to any taxable period (or portion thereof) with respect to which the Borrower and/or any of its Subsidiaries
are members of a consolidated, combined or similar income tax group for U.S. federal and/or applicable state or local income tax
purposes of which Holdings or a Parent is the common parent (a “Tax Group”), the Borrower may make Restricted
Payments to Holdings (or any such Parent) in an amount necessary to enable Holdings (or such Parent, as applicable) to pay the
portion of any consolidated, combined or similar U.S. federal, state or local income Taxes (as applicable) of such Tax Group for
such taxable period that are directly attributable to the taxable income of the Borrower and/or its applicable Subsidiaries; provided
that the amount of any such Restricted Payments pursuant to this clause (v) shall not exceed the amount of such Taxes that the
Borrower and/or its applicable Subsidiaries would have paid had the Borrower and/or such Subsidiaries, as applicable, been a stand-alone
corporate taxpayer (or a stand-alone corporate group); provided, further, that the payment of Restricted Payments
pursuant to this clause (v) in respect of an Unrestricted Subsidiary shall be permitted only to the extent that cash distributions
were made by such Unrestricted Subsidiary to the Borrower or any of its Restricted Subsidiaries for such purpose,

 

(vi)         
cashless repurchases of Equity Interests of Holdings deemed to occur upon exercise of stock options or warrants or upon
vesting of common stock, if such Equity Interests represent a portion of the exercise price or withholding obligations of such
options, warrants or common stock,

 

(vii)        
the Borrower and its Restricted Subsidiaries may make a payment of any dividend or other distribution or the consummation
of any irrevocable redemption within 60 days after the date of declaration of the dividend or giving of the redemption notice,
as the case may be, if at the date of declaration or notice, the dividend or redemption payment would have complied with the provisions
of this Agreement (provided that such date of declaration or giving of notice of redemption shall be deemed to be a Restricted
Payment and shall utilize capacity under another provision of this Section 6.08),

 

(viii)       
the Borrower and its Restricted Subsidiaries may make payments, directly or indirectly, to Holdings or any other direct
or indirect parent company of the Borrower to pay management, consulting and advisory fees or any other amounts payable to any
Permitted Holder to the extent permitted by Section 6.09,

 

(ix)          
[Reserved],

 

(x)           
the Borrower and the Restricted Subsidiaries may make additional Restricted Payments in an aggregate amount not exceeding
the Available Amount immediately prior to the time of the making of such Restricted Payment; provided that (x) no Event
of Default has occurred and is continuing or would result therefrom and (y) immediately after giving effect to such Restricted
Payment on a Pro Forma Basis, the Total Net Leverage Ratio does not exceed 5.75:1.00,

 

(xi)           the Borrower may make Restricted Payments to Holdings to pay any non-recurring fees, cash charges and cost expenses incurred
in connection with the issuance of Equity Interests or Indebtedness, in each case only to the extent that such transaction is not
consummated,

 

(xii)          the
Borrower and its Restricted Subsidiaries may make additional Restricted Payments in an aggregate amount not to exceed $40,000,000
(together with the aggregate amount of any prepayments, redemptions, defeasances, repurchases or other retirement of Specified
Indebtedness under Section 6.08(b)(iv); provided that no Event of Default has occurred and is continuing or would result
therefrom,

 

(xiii)         the Borrower and its Restricted Subsidiaries may make other Restricted Payments; provided that (x) no Event of Default
has occurred and is continuing or would result therefrom and (y) immediately after giving effect to such Restricted Payment on
a Pro Forma Basis, the Total Net Leverage Ratio does not exceed 4.00:1.00,

 

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(xiv)        the
Borrower and its Restricted Subsidiaries may make payments for the repurchase of Equity Interests deemed to occur upon the exercise
of options, rights or warrants to the extent such Equity Interests represent a portion of the exercise price of those options,
rights or warrants,

 

(xv)         the
Borrower and its Restricted Subsidiaries may make cash payments in lieu of fractional shares issuable as dividends on preferred
stock or upon the conversion of any convertible debt securities of the Borrower and its Restricted Subsidiaries,

 

(xvi)        payment of fees and reimbursement of other expenses to the Permitted Holders in connection with the U.S. Healthworks Transactions
permitted by Section 6.09 shall be permitted, and

 

(xvii)       the
Borrower may make Restricted Payments of up to $39,000,000 in connection with the Amendment No. 3 Transactions;

 

provided that cancellation of Indebtedness owing to the
Borrower or any Restricted Subsidiary from members of management of the Borrower, any of the Borrower’s direct or indirect
parent companies or any of the Borrower’s Restricted Subsidiaries in connection with a repurchase of Equity Interests of
any of the Borrower’s direct or indirect parent companies will not be deemed to constitute a Restricted Payment.

 

(b)           The
Borrower will not, and will not permit any Restricted 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, 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 Second Lien Term Loans, any Permitted Debt (other than Permitted
Debt secured on a pari passu basis with the Obligations) or any Subordinated Indebtedness (other than the intercompany
loans among Restricted Subsidiaries and the Borrower) (“Specified Indebtedness”), except:

 

(i)             payment of regularly scheduled interest and principal payments as and when due in respect of any Indebtedness, other than,
in the case of Subordinated Indebtedness, as prohibited by the subordination provisions thereof,

 

(ii)            the conversion or exchange of any Specified Indebtedness into, or redemption, repurchase, prepayment, defeasance or other
retirement of any such Indebtedness with the Net Proceeds of the issuance by Holdings or a Parent of Equity Interests (or capital
contributions in respect thereof) of Holdings or a Parent after the Closing Date to the extent not Otherwise Applied, plus
any fees and expenses in connection with such conversion, exchange, redemption, repurchase, prepayment, defeasance or other retirement,

 

(iii)           the
prepayment, redemption, defeasance, repurchase or other retirement of Specified Indebtedness for an aggregate purchase price not
to exceed the Available Amount; provided that (x) no Event of Default has occurred and is continuing or would result therefrom
and (y) immediately after giving effect to such prepayment, redemption, defeasance, repurchase or other retirement of Specified
Indebtedness on a Pro Forma Basis, the Total Net Leverage Ratio does not exceed 5.75:1.00,

 

(iv)           the
Borrower and its Restricted Subsidiaries may make additional prepayments, redemptions, defeasances, repurchases or other retirement
of Specified Indebtedness in an aggregate amount not to exceed $40,000,000 (together with the aggregate amount of any Restricted
Payments made under clause Section 6.08 (a)(xii)); provided that no Event of Default has occurred and is continuing or
would result therefrom,

 

(v)            other
prepayments, redemptions, defeasances, repurchases or other retirement of Specified Indebtedness; provided that (x) no
Event of Default has occurred and is continuing or would result therefrom and (y) immediately after giving effect to such prepayment,
redemption, defeasance, repurchase or other retirement of Specified Indebtedness on a Pro Forma Basis, the Total Net Leverage
Ratio does not exceed 4.00:1.00,

 

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(vi)          refinancings
of Indebtedness to the extent the Indebtedness being incurred in connection with such refinancing is a Permitted Refinancing;
and

 

(vii)   
      the prepayment in full of the loans under the Initial Second Lien Credit Agreement
on the Amendment No. 1 Effective Date and the prepayment in full of the Second Lien Term Loans on or about the Amendment No.
6 Effective Date; and

 

(viii)         the prepayment, redemption, defeasance, repurchase or other retirement of Specified Indebtedness with Declined Proceeds.

 

SECTION 6.09      
Transactions with Affiliates. The Borrower will not, and will not permit any Restricted Subsidiary to, sell, lease,
transfer or otherwise dispose of 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, involving aggregate payments or consideration in excess
of $2,500,000 for any individual transaction or series of related transactions, except:

 

(a)            transactions that are at
prices and on terms and conditions, taken as a whole, not materially less favorable to the Borrower or such Restricted Subsidiary
that could be obtained on arm’s-length transaction basis from unrelated third parties other than an Affiliate,

 

(b)           (i) transactions between
or among Holdings, the Borrower, and the Subsidiary Loan Parties or any entity that becomes a Restricted Subsidiary as a result
of such transaction, and (ii) transactions between or among the Borrower and a Person (other than an Unrestricted Subsidiary of
the Borrower) that is an Affiliate of the Borrower solely because the Borrower owns, directly or through a Restricted Subsidiary,
an Equity Interest in, or controls, such Person,

 

(c)            any Investment permitted
under Section 6.04(d), 6.04(e), 6.04(g) or 6.04(m),

 

(d)            any Indebtedness permitted
under Section 6.01(a)(v) and Section 6.01(a)(xii),

 

(e)            any Restricted Payment
permitted under Section 6.08,

 

(f)             loans or advances to employees
permitted under Section 6.04(e),

 

(g)            any lease entered into
between the Borrower or any Restricted Subsidiary, as lessee, and any of the Affiliates of the Borrower or entity controlled by
such Affiliates, as lessor, which is approved in good faith by a majority of the disinterested members of the Board of Directors
of the Borrower,

 

(h)            so long as no Default described
in Section 7.01(b) and no Event of Default has occurred and is continuing, the Borrower or any of its Restricted Subsidiaries may
pay, or may pay cash dividends to enable Holdings to pay, (A) customary management, consulting, monitoring or advisory fees to
any Permitted Holder in an aggregate amount not greater than $1,000,000 during any fiscal year (plus any unpaid management, consulting,
monitoring or advisory fees within such amount accrued in any prior year) and (B) fees in respect of any financings, acquisitions
or dispositions with respect to which any Permitted Holder acts as an adviser to Holdings, the Borrower or any Restricted Subsidiary
in an amount not to exceed 1.5% of the value of any such transaction,

 

(i)             any contribution to the
capital of Holdings directly or indirectly by the Permitted Holders or any purchase of Equity Interests of Holdings by the Permitted
Holders not prohibited by this Agreement,

 

(j)             the payment of reasonable
fees to directors of Holdings, the Borrower or any Restricted Subsidiary who are not employees of Holdings, the Borrower or any
Restricted Subsidiary, and compensation and employee benefit arrangements paid to, and indemnities provided for the benefit of,
directors, officers or employees of Holdings, the Borrower or any Restricted Subsidiary in the ordinary course of business,

 

    -100-

     

    

 

(k)            any issuances of Equity
Interests, securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment
agreements, stock options and stock ownership plans approved by the Borrower’s or Holdings’ Board of Directors (or
a committee thereof),

 

(l)             transactions pursuant to
agreements set forth on Schedule 6.09 and any amendments thereto to the extent such amendments are not materially less
favorable to the Borrower or such Subsidiary Loan Party than those provided for in the original agreements,

 

(m)          any employment, change
of control and severance arrangements entered into in the ordinary course of business and approved by the Borrower’s or Holdings’
Board of Directors (or a committee thereof) between a Parent, Holdings, the Borrower or any Restricted Subsidiary and any employee
thereof,

 

(n)            payments by the Borrower
or any of its Restricted Subsidiaries of reasonable insurance premiums to, and any borrowings or dividends received from, any Captive
Insurance Subsidiary,

 

(o)            transactions with customers,
suppliers, contractors, joint venture partners or purchasers or sellers of goods or services, in each case which are in the ordinary
course of business (including, without limitation, pursuant to joint venture agreements) and otherwise in compliance with the terms
of this Agreement,

 

(p)            the entering into of any
tax sharing agreement or arrangement with Holdings or any direct or indirect parent company of the Borrower and any payments thereunder
by the Borrower or any of its Restricted Subsidiaries to Holdings or any Parent to the extent permitted by Section 6.08(a)(iv),

 

(q)            the
entering into the Services Agreements and any payments thereunder to Select Medical Holdings Corporation, Select Medical Corporation
or Concentra Group Holdings Parent, LLC, as applicable,

 

(r)             the
issuance of Equity Interests (other than Disqualified Stock) (i) of the Borrower to Affiliates of the Borrower or (ii) of the Borrower
or any Restricted Subsidiary for compensation purposes,

 

(s)            intellectual
property licenses in the ordinary course of business,

 

(t)             any
customary management services agreements or similar agreements between the Borrower or any other Subsidiary and any Consolidated
Practice or Permitted Joint Ventures,

 

(u)           (i)
the Transactions (including Transaction Expenses) and the payment of fees and expenses as part of or in connection with the Transactions
and (ii) the Amendment No. 3 Transactions and the payment of fees and expenses as part of or in connection with the Amendment No.
3 Transactions, and

 

(v)            transactions
in which the Borrower or any Restricted Subsidiary delivers to the Administrative Agent a letter from an accounting, appraisal
or investment banking firm of national standing stating that such transaction is fair to the Borrower or such Restricted Subsidiary
from a financial point of view and which are approved by a majority of the disinterested members of the Board of Directors of the
Borrower in good faith.

 

SECTION 6.10      
Restrictive Agreements.

 

(a)            Subject
to clauses (b) through (d) below, the Borrower will not, and will not permit any Restricted 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
(i) the ability of Holdings, the Borrower or any Restricted Subsidiary to create, incur or permit to exist any Lien upon any of
its property or assets or (ii) the ability of any Restricted Subsidiary to pay dividends or other distributions with respect to
any shares of its capital stock or to make or repay loans or advances to the Borrower or any other Restricted Subsidiary or to
Guarantee Indebtedness of the Borrower or any other Restricted Subsidiary.

 

    -101-

     

    

 

(b)           The foregoing clause (a) shall not apply to restrictions and conditions (i) imposed by law or by any Loan Document, Second
Lien Loan Document or documentation governing any Permitted Debt, documentation governing any Permitted Refinancing (provided
that such restrictions are not materially more restrictive (as determined in good faith by the Borrower), taken as a whole, than
those contained in such agreements governing the Indebtedness being refinanced), or Indebtedness of a Foreign Subsidiary permitted
to be incurred under this Agreement (provided that such restrictions shall apply only to such Foreign Subsidiary), (ii)
existing on the date hereof identified on Schedule 6.10 (and shall not apply to any extension or renewal of, or any amendment
or modification expanding the scope of, any such restriction or condition), (iii) contained in agreements relating to the sale
of a Restricted Subsidiary pending such sale; provided such restrictions and conditions apply only to the Restricted Subsidiary
that is to be sold and such sale is permitted hereunder, (iv) contained in agreements relating to the acquisition of property;
provided that such restrictions and conditions apply only to the property so acquired and were not created in connection
with or in anticipation of such acquisitions, (v) imposed on any Consolidated Practice by (and for the benefit of) any Loan Party
and (vi) imposed by any customary provisions restricting assignment of any agreement entered into the ordinary course of business.

 

(c)           The
foregoing clause (a)(i) shall not apply to restrictions or conditions (i) imposed by any agreement relating to Secured Indebtedness
permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness
and (ii) imposed by customary provisions in leases restricting the assignment thereof.

 

(d)           The
foregoing clause (a)(ii) shall not apply (x) to customary provisions in joint venture agreements relating to purchase options,
rights of first refusal or call or similar rights of a third party that owns Equity Interests in such joint venture or (y) to
customary restrictions on leases, subleases, licenses, cross-licenses, sublicenses or asset sale agreements otherwise permitted
hereby so long as such restrictions relate solely to the property interest, rights or the assets subject thereto.

 

(e)            For
purposes of determining compliance with this Section 6.10, (i) the priority of any preferred stock in receiving dividends or liquidating
distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on
the ability to make distributions on Equity Interests and (ii) the subordination of loans or advances made to the Borrower or
a Restricted Subsidiary of the Borrower to other Indebtedness incurred by the Borrower or any such Restricted Subsidiary shall
not be deemed a restriction on the ability to make loans or advances.

 

SECTION 6.11      
Amendment of Material Documents. The Borrower will not, and will not permit any Restricted Subsidiary to, amend,
modify or waive any of its rights under (a) any Second Lien Loan Document, (b) the documentation governing any Permitted
Securities or (c) its certificate of incorporation, by-laws or other organizational documents, in each case to the extent
such amendment, modification or waiver would be materially adverse to the Lenders.

 

SECTION 6.12      
Financial Covenant. On any Compliance Date, the Borrower will not permit the First Lien Net Leverage Ratio as of
such Compliance Date to be greater than 5.75 to 1.0 (the “Financial Covenant”).

 

The provisions of this Section 6.12 are
for the benefit of the Revolving Lenders only and the Required Revolving Lenders may amend, waive or otherwise modify this Section
6.12 or the defined terms used for purposes of this Section 6.12 or waive any Default or Event of Default resulting from a breach
of this Section 6.12 in accordance with the provisions of Section 9.02.

 

SECTION 6.13      
Fiscal Year. The Borrower will not, and will not permit any Restricted Subsidiary to, change its fiscal year.

 

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ARTICLE VII

Events of Default

 

SECTION 7.01      
Events of Default. If any of the following events (any such event, an “Event 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, 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 paragraph (a) of this Section
7.01) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure
shall continue unremedied for a period of five (5) Business Days,

 

(c)            any representation or warranty
made or deemed made by or on behalf of Holdings, the Borrower or any Subsidiary Loan Party in or in connection with any Loan Document
or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document
furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall
prove to have been incorrect in any material respect (except to the extent any such representation or warranty is qualified by
“materially”, “Material Adverse Effect” or a similar term, in which case such representation or warranty
shall prove to have been incorrect in any respect) when made or deemed made,

 

(d)            the Borrower or, in the
case of Section 6.03, Holdings, fails to (or, to the extent applicable, fails to cause any Restricted Subsidiary to) observe or
perform any covenant, condition or agreement contained in Section 5.02, 5.04 (solely with respect to the existence of the Borrower),
5.11 or in Article VI; provided that the Financial Covenant is subject to cure pursuant to Section 7.02; provided,
further, that the Borrower’s failure to comply with the Financial Covenant shall not constitute an Event of Default
with respect to any Term Loans unless and until the Required Revolving Lenders shall have terminated their Revolving Commitments
and declared all amounts outstanding thereunder to be immediately due and payable hereunder,

 

(e)            Holdings, the Borrower
or any Subsidiary Loan Party shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document
(other than those specified in paragraph (a), (b) or (d) of this Section 7.01), and such failure shall continue unremedied for
a period of 30 days after receipt by the Borrower of notice thereof from the Administrative Agent (which notice will be given at
the request of any Lender),

 

(f)            Holdings, the Borrower
or any Restricted Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect
of any Material Indebtedness (other than Indebtedness hereunder), when and as the same shall become due and payable (after giving
effect to any applicable grace period),

 

(g)            any event or condition
occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with
the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on
its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance
thereof, prior to its scheduled maturity (other than, with respect to Indebtedness consisting of Swap Agreements, as a result of
any termination events or equivalent events (other than any additional termination events (or equivalent events)) and not as a
result of any other default thereunder by any Loan Party); provided that this paragraph (g) shall not apply to Secured Indebtedness
that becomes due as a result of the voluntary sale or transfer of the property or assets (to the extent not prohibited under this
Agreement) securing such Indebtedness; provided, further, that such failure is unremedied and is not waived by the
holders of such Indebtedness prior to any termination of the Commitments or acceleration of the Loans hereunder,

 

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

 

(i)            Holdings, the Borrower
or any Restricted 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 paragraph (h) of this Section 7.01, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for Holdings, the Borrower or any Restricted Subsidiary or for a substantial part of its assets,
(iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general
assignment for the benefit of creditors or (vi) take any formal action for the purpose of effecting any of the foregoing,

 

(j)            one or more judgments for
the payment of money (to the extent not paid or covered by independent third-party insurance as to which the insurer has been notified
of such judgment or order and has not denied coverage) in an aggregate amount in excess of $20,000,000 shall be rendered against
Holdings, the Borrower, any Restricted Subsidiary or any combination thereof and the same shall remain undischarged for a period
of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment
creditor to attach or levy upon any assets of Holdings, the Borrower or any Restricted Subsidiary to enforce any such judgment,

 

(k)            (i) an ERISA Event occurs
that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, has resulted
or would reasonably be expected to result in liability of a Loan Party or an ERISA Affiliate in an aggregate amount which would
reasonably be expected to result in a Material Adverse Effect, or (ii) a Loan Party or any ERISA Affiliate fails to pay when
due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under
Section 4201 of ERISA under a Multiemployer Plan that has resulted or would reasonably be expected to result in liability
of a Loan Party or an ERISA Affiliate in an aggregate amount which would reasonably be expected to result in a Material Adverse
Effect,

 

(l)            any Lien purported to be
created under any Security Document shall cease to be, or shall be asserted by any Loan Party not to be, a valid and perfected
Lien on any Collateral with a fair value in excess of $20,000,000, with the priority required by the applicable Security Document,
except (i) as a result of the sale or other disposition of the applicable Collateral in a transaction permitted under the Loan
Documents or (ii) as a result of the Administrative Agent’s failure to maintain possession of any stock certificates, promissory
notes or other instruments delivered to it under the Collateral Agreement,

 

(m)            any Loan Document shall
for any reason be asserted by any Loan Party not to be a legal, valid and binding obligation of any party thereto,

 

(n)            the Guarantees of the Obligations
by Holdings and the Subsidiary Loan Parties pursuant to the Collateral Agreement shall cease to be in full force and effect (other
than in accordance with the terms of the Loan Documents) or shall be asserted by Holdings, the Borrower or any Subsidiary Loan
Party not to be in effect or not to be legal, valid and binding obligations, or

 

(o)            a Change of Control shall
occur,

 

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then, and in every such event (other than an event with respect
to the Borrower described in paragraph (h) or (i) of this Section 7.01), 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, and thereupon the Commitments shall
terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal
of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the
Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in paragraph
(h) or (i) of this Section 7.01, the Commitments shall automatically terminate and the principal of the Loans then outstanding,
together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically
become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the
Borrower.

 

Notwithstanding anything to the contrary,
if the only Events of Default then having occurred and continuing are pursuant to a failure to observe the Financial Covenant (which
has not become an Event of Default with respect to the Term Loans pursuant to Section 7.01(d)), such Events of Default shall not
constitute an Event of Default for purposes of any Term Loan (or any other Facility other than the Revolving Commitment) and the
Lenders and the Administrative Agent shall only take the actions set forth in this Section 7.01 at the request of the Required
Revolving Lenders (as opposed to Required Lenders) and only with respect to the Revolving Commitments and the extensions of credit
thereunder.

 

SECTION 7.02      
Borrower’s Right to Cure.

 

(a)            Notwithstanding anything to the contrary contained in Section 7.01, in the event that the Borrower fails to comply with
the requirements of the Financial Covenant on any Compliance Date (a “Financial Covenant Default”), on or after
the first day of the most recently ended fiscal quarter included in the Test Period ending on such Compliance Date until the date
that is 10 Business Days subsequent to the date on which financial statements with respect to the fiscal period for such Financial
Covenant is being measured are required to be delivered pursuant to Section 5.01, Holdings shall have the right to issue Permitted
Securities (or any other contribution to capital or sale or issuance of any other Equity Interests on terms reasonably satisfactory
to the Administrative Agent), the proceeds of which Holdings will contribute in cash to the Borrower as common equity or other
equity on terms reasonably acceptable to the Administrative Agent (collectively, the “Cure Right”); provided
that at the Borrower’s option, the Borrower may elect to exercise such Cure Right prior to the date of the delivery of the
applicable financial statements if the Borrower reasonably determines that it will fail to comply with the requirements of the
Financial Covenant upon the delivery of such financial statements, and upon the receipt by the Borrower of such cash (the “Cure
Amount”) pursuant to the exercise by the Borrower of such Cure Right, the Financial Covenant shall be recalculated giving
effect to the following pro forma adjustments:

 

(i)             Consolidated EBITDA shall be increased, solely for the purpose of measuring the Financial Covenant at the end of the applicable
fiscal quarter and applicable subsequent periods which include such fiscal quarter and not for any other purpose under this Agreement,
by an amount equal to the Cure Amount; and

 

(ii)            if, after giving effect to the foregoing recalculations, the Borrower shall then be in compliance with the requirements
of the Financial Covenant, the Borrower shall be deemed to have satisfied the requirements of the Financial Covenant as of the
relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the
applicable breach or default of the Financial Covenant that had occurred shall be deemed cured for the purposes of this Agreement.

 

(b)            Notwithstanding
anything herein to the contrary, (a) in each four-fiscal-quarter period there shall be at least two fiscal quarters in which the
Cure Right is not exercised and no more than five (5) Cure Rights shall be exercised during the Revolving Availability Period,
(b) the Cure Amount shall be no greater than the amount required for purposes of complying with the Financial Covenant and (c)
the Cure Amount shall be set forth in an officer’s certificate delivered to the Administrative Agent.

 

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(c)            The Cure Right and the effects thereof on determining pricing, financial ratio-based conditions (other than for determining
actual compliance with Section 6.12) or any baskets with respect to covenants will be disregarded for all other purposes under
the Loan Documents, including, without limitation, for purposes of calculating the leverage ratios as a threshold for permitted
exceptions to any affirmative and negative covenants; provided that the reduction in the outstanding principal balance of
the Loans due to the application of the proceeds of an the exercise of a Cure Right pursuant to Section 2.11 shall not be
taken into account for purposes of determining compliance with the Financial Covenant for the measurement period ending on the
last day of the applicable fiscal quarter and the next three measurement periods. In addition, exercise of the Cure Right shall
not result in any adjustment to any amounts (including the amount of Indebtedness) or increase in cash (and shall not be included
for purposes of determining pricing, mandatory prepayments and the availability or amount permitted pursuant to any covenant under
Article VI).

 

(d)            So
long as the Borrower is entitled to exercise a Cure Right pursuant to the foregoing terms and provisions of this Section 7.02,
neither Administrative Agent nor any Lender shall impose default interest, accelerate the Obligations or exercise any enforcement
remedy against any Loan Party or any of its Subsidiaries or any of their respective properties solely on the basis of the applicable
Financial Covenant Default; provided that until timely receipt of the Cure Amount, an Event of Default shall be deemed
to exist for all other purposes of this Agreement, including, without limitation, any term or provision of any Loan Document which
prohibits any action to be taken by a Loan Party or any of its Subsidiaries during the existence of an Event of Default; provided,
further, that notwithstanding the foregoing, upon a deemed cure pursuant to Section 7.02(c), the requirements of the applicable
Financial Covenant shall be deemed to have been satisfied as of the applicable fiscal quarter with the same effect as though there
had been no Financial Covenant Default (and any other Default arising solely as a result thereof) at such date or thereafter.

 

SECTION 7.03      
Exclusion of Immaterial Subsidiaries. Solely for the purposes of determining whether a Default has occurred under
clause (h) or (i) of Section 7.01, any reference in any such clause to any Restricted Subsidiary shall be deemed not to include
any Restricted Subsidiary affected by any event or circumstance referred to in any such clause that did not, as of the last day
of the fiscal quarter of the Borrower most recently ended, have assets with a value in excess of 5% of the Total Assets of the
Borrower and the Restricted Subsidiaries or 5% of the total revenues of the Borrower and the Restricted Subsidiaries as of such
date; provided that if it is necessary to exclude more than one Restricted Subsidiary from clause (h) or (i) of Section
7.01 pursuant to this Section 7.03 in order to avoid an Event of Default thereunder, all excluded Restricted Subsidiaries shall
be considered to be a single consolidated Restricted Subsidiary for purposes of determining whether the condition specified above
is satisfied.

 

ARTICLE VIII

The Agents

 

SECTION 8.01      
The Agents. Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent and Collateral
Agent as its agent and authorizes the Administrative Agent and Collateral Agent to take such actions on its behalf and to exercise
such powers as are delegated to the Administrative Agent and Collateral Agent by the terms of the Loan Documents, together with
such actions and powers as are reasonably incidental thereto. For purposes of this Article VIII, all references to the Administrative
Agent shall be deemed to be references to both the Administrative Agent and the Collateral Agent. The Administrative Agent shall
act as the Collateral Agent under the Loan Documents.

 

The bank serving as the Administrative Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though
it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage
in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent
hereunder, and without any duty to account therefor to the Lenders or the Issuing Banks.

 

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The Administrative Agent shall not have
any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing,
(a) the Administrative Agent shall not be subject to any fiduciary or other implied duties to any Lender or Issuing Bank, regardless
of whether a Default or Event of Default has occurred and is continuing, (b) each Lender and Issuing Bank agrees (i) that the use
of the term “agent” 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
is used solely as a matter of market custom to reflect an exclusively administrative relationship between contracting parties,
and (ii) 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 the transactions contemplated hereby, (c) the Administrative Agent shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing as directed by the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 2.05(j) and Section 9.02), and (d) 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 Holdings, the Borrower
or any of the Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates
in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances
as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by
Holdings, the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or
inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of
any certificate, report or other document delivered 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, (iv) the validity, enforceability,
effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any
condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required
to be delivered to the Administrative Agent.

 

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

 

The Administrative Agent may perform any
and all its duties and exercise its rights and powers by or through any one or more subagents appointed by the Administrative Agent;
provided, however, that the Loan Parties shall make all payments under any Loan Document directly to the Administrative
Agent. The Administrative Agent and any such subagent may perform any and all its duties and exercise its rights and powers through
their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such subagent and to
the Related Parties of each Administrative Agent and any such subagent, and shall apply to their respective activities in connection
with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

 

The Administrative Agent may resign at any
time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such resignation, the Required Lenders shall have the
right, in consultation with the Borrower, to appoint a successor who shall either be (i) a “U.S. person” and a “financial
institution” within the meaning of United States Treasury Regulations Section 1.1441-1 or (ii) a U.S. branch of a non-U.S.
financial institution that has agreed to be treated as a “United States person” within the meaning of Section 7701(a)(30)
of the Code. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within
30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on
behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent which shall be a bank with an office in New
York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a
successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring
Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The
fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise
agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of
this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its subagents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative
Agent.

 

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Each Lender and Issuing Bank (i) represents
that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business, and that it is capable
of evaluating and understanding the terms, conditions and risks of becoming a Lender and/or Issuing Bank, as applicable, under
this Agreement, including in the context of related transactions to be entered into by the Borrower, and multiple roles to be performed
by the Administrative Agent or its Affiliates, in connection herewith or therewith, and (ii) acknowledges that it has, independently
and without reliance upon the Administrative Agent, any Arranger, any other Lender or any Related Party 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, and will, independently and without reliance upon the Administrative Agent, any Arranger, any other Lender or any
Related Party of any of the foregoing, and based on such documents and information 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
related agreement or any document furnished hereunder or thereunder.

 

Each Lender irrevocably agrees that the
Administrative Agent may enter into any and all documents with respect to Collateral and the rights of the Secured Parties with
respect thereto (including the Intercreditor Agreement, any First Lien Intercreditor Agreement or Junior Lien Intercreditor Agreement,
if applicable) as contemplated by and in accordance with the provisions of this Agreement and the Security Documents without any
further consent from any Secured Party, which terms shall be reasonably satisfactory to Administrative Agent.

 

No Person named as an Arranger in this Agreement
shall have any liability under this Agreement or any other Loan Document in its capacity as such.

 

SECTION 8.02      
Withholding Taxes. To the extent required by any applicable laws, the Administrative Agent may withhold from any
payment to any Lender an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of Section
2.17, each Lender shall indemnify and hold harmless the Administrative Agent against, within 10 days after written demand therefor,
any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of
any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Governmental
Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account
of any Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed,
or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from,
or reduction of withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender
by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to
set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against
any amount due the Administrative Agent under this Section 8.02. The agreements in this Section 8.02 shall survive the resignation
and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of
the Commitments and the repayment, satisfaction or discharge of all other Obligations. For purposes of this Section 8.02, the term
“Lender” includes any Swingline Lender and any Issuing Bank.

 

SECTION 8.03      
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 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 Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this
Agreement,

 

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(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,

 

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

 

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

 

(b) In addition, unless either (1) sub-clause
(i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation,
warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents
and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became
a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent
and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent
is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (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 hereto or
thereto).

 

ARTICLE IX

Miscellaneous

 

SECTION 9.01      
Notices.

 

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

 

(i)             if
to the Borrower, to Concentra Inc., 4714 Gettysburg Rd., Mechanicsburg, PA 17055, Attention: Joel T. Veit (Telecopy No. (717)
303-0824),

 

(ii)            if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 270 Park Avenue, 4th Floor, New York, New York 10017, Attention
of Dawn Lee Lum (Telecopy No. (212) 270-2472), with a copy to JPMorgan Chase Bank, N.A., Loan and Agency Services, 500 Stanton
Christiana Road, 3/Ops2, Newark, DE 19713, Attention: Chelsea Hamilton (Telecopy No. (201) 244-3628),

 

(iii)           if to the Issuing Bank, to JPMorgan Chase Bank, N.A., Loan and Agency Services, 500 Stanton Christiana Road, 3/Ops2, Newark,
DE 19713, Attention: Chelsea Hamilton (Telecopy No. (201) 244-3628)),

 

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(iv)           if to the Swingline Lender, to JPMorgan Chase Bank, N.A., Loan and Agency Services, 500 Stanton Christiana Road, 3/Ops2,
Newark, DE 19713, Attention: Chelsea Hamilton (Telecopy No. (201) 244-3628)),

 

(v)            if to the Collateral Agent, to JPMorgan Chase Bank, N.A., Loan and Agency Services, 500 Stanton Christiana Road, 3/Ops2,
Newark, DE 19713, Attention: Chelsea Hamilton (Telecopy No. (201) 244-3628)), and

 

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

 

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

 

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

 

SECTION 9.02      
Waivers; Amendments.

 

(a)           No
failure or delay by the Administrative Agent, the Issuing Bank, the Collateral Agent, the Swingline Lender 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, the Collateral Agent, the Swingline Lender and the Lenders hereunder and under the other Loan Documents
are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of 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 9.02, 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, the Collateral
Agent, the Swingline Lender or the Issuing Bank may have had notice or knowledge of such Default at the time.

 

(b)           Except
as provided in Section 2.20 with respect to an Additional Credit Extension Amendment (or to give effect to any restatement of
this Agreement, the substantive terms of which are otherwise permitted hereby), neither this Agreement nor any other Loan Document
nor any provision hereof or thereof may be waived, amended or modified except, in the case of this Agreement, pursuant to an agreement
or agreements in writing entered into by Holdings, the Borrower and the Required Lenders or, 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, in each case with the consent of the Required Lenders; provided that no such agreement shall

 

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(i)             increase the Commitment of any Lender without the written consent of such Lender (it being understood that a waiver of any
condition precedent set forth in Section 4.02 or of any Default or mandatory prepayment or mandatory reduction of any Commitments
shall not constitute an increase of any Commitment of any Lender),

 

(ii)            reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable
hereunder, without the written consent of each Lender directly and adversely affected thereby, it being understood that any change
to the definition of “First Lien Net Leverage Ratio”, “Secured Net Leverage Ratio” or “Total Net
Leverage Ratio” or, in each case, in the component definitions thereof shall not constitute a reduction in any rate of interest;
provided that, for the avoidance of doubt, only the consent of the Required Lenders shall be necessary to amend Section
2.13(c) or to waive any obligation of the Borrower to pay interest thereunder,

 

(iii)           postpone
the maturity of any Loan, or any scheduled date of payment of the principal amount of any Loan, the required date of reimbursement
of any LC Disbursement, or any date for the payment of any interest or fees payable hereunder, or reduce the amount of, waive
or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each
Lender directly and adversely affected thereby,

 

(iv)           change Section 2.18(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without
the written consent of each Lender adversely affected thereby,

 

(v)            change
any of the provisions of this Section 9.02 or the percentage set forth in the definition of “Required Lenders”, “Required
Revolving 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 (or each Lender of such Class, as applicable),

 

(vi)           release
Holdings or any Subsidiary Loan Party from its Guarantee under the Collateral Agreement (except as provided in Section 9.15 or
in the Collateral Agreement) or limit its liability in respect of such Guarantee, without the written consent of each Lender,

 

(vii)          release all or substantially all the Collateral from the Liens of the Security Documents (except as provided in Section
9.15 or in the Collateral Agreement), without the written consent of each Lender,

 

(viii)         change any provisions of any Loan Document in a manner that by its terms adversely affects the rights in respect of payments
due to Lenders holding Loans of any Class differently than those holding Loans of any other Class, without the written consent
of Lenders holding a majority in interest of the outstanding Loans and unused Commitments of each adversely affected Class,

 

(ix)            expressly
change or waive any condition precedent in Section 4.02 to any Revolving Borrowing, including, without limitation, the related
defined terms therein to the extent applicable to such section, without the written consent of the Required Revolving Lenders,
or

 

(x)            amend, waive or otherwise modify (a) the Financial Covenant and (b) Section 7.02, and in each case, any definition related
thereto (as any such definition is used therein) or waive any Default or Event of Default resulting from a failure to perform or
observe the Financial Covenant (including any related Default or Event of Default under Section 5.01) or Section 7.02 without the
written consent of the Required Revolving Lenders; provided, that, the amendments, waivers or modifications described
in this clause (x) shall not require the consent of any Lenders other than the Required Revolving Lenders,

 

 

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provided, further, that (A) no such agreement
shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Issuing Bank or the Swingline Lender
without the prior written consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as applicable, and (B)
any waiver, amendment or modification of this Agreement that by its terms affects the rights or duties under this Agreement of
a particular Class of Lenders (but not any other Lenders) may be effected by an agreement or agreements in writing entered into
by Holdings, the Borrower and requisite percentage in interest of the affected Class of Lenders that would be required to consent
thereto under this Section 9.02(b) if such Class of Lenders were the only Class of Lenders hereunder at the time. As it relates
to rights of the Issuing Bank, (a) the definition of “Letter of Credit Sublimit” may be amended to increase the amount
thereof to an amount equal to no more than 50% of the aggregate principal amount of the Revolving Commitments (as in effect as
of the date thereof) with only the written consent of the Issuing Bank, the Administrative Agent and the Borrower and (b) this
Agreement may be amended to adjust the mechanics related to the issuance of Letters of Credit, including mechanical changes relating
to the existence of multiple Issuing Banks, with only the written consent of the Administrative Agent, the applicable Issuing Bank
and the Borrower, so long as the obligations of the Revolving Lenders, if any, who have not executed such amendment, and if applicable,
the other Issuing Banks, if any, who have not executed such amendment, are not adversely affected thereby. No Lender consent is
required to effect an Additional Credit Extension Amendment (except as expressly provided in Sections 2.20 or 2.21 as applicable).
In connection with any proposed amendment, modification, waiver or termination (a “Proposed Change”) requiring
the consent of all Lenders or all adversely affected Lenders, if the consent of the Required Lenders to such Proposed Change is
obtained, but the consent to such Proposed Change of other Lenders whose consent is required is not obtained (any such Lender whose
consent is not obtained as described in this Section 9.02(b) being referred to as a “Non-Consenting Lender”),
then, at the Borrower’s request, any Lender assignee that is reasonably acceptable to the Administrative Agent shall have
the right to purchase from such Non-Consenting Lender, and such Non-Consenting Lender agrees that it shall, upon the Borrower’s
request, sell and assign to such Lender assignee, at no expense to such Non-Consenting Lender, all the Commitments and Loans of
such Non-Consenting Lender for an amount equal to the principal balance of all Loans (and funded participations in Swingline Loans
and unreimbursed LC Disbursements) held by such Non-Consenting Lender and all accrued interest and fees with respect thereto through
the date of sale (including amounts under Sections 2.15, 2.16 and 2.17), such purchase and sale to be consummated pursuant to an
executed Assignment and Assumption in accordance with Section 9.04(b) (which Assignment and Assumption need not be signed by such
Non-Consenting Lender); provided, that, if any such Non-Consenting Lender does not execute and deliver to the Administrative
Agent a duly executed Assignment and Assumption reflecting such replacement within two (2) Business Days of the date on which the
Lender assignee executes and delivers such Assignment and Assumption to such Non-Consenting Lender, then such Non-Consenting Lender
shall be deemed to have executed and delivered such Assignment and Assumption without any action on the part of the Non-Consenting
Lender.

 

(c)            Notwithstanding the provisions of clause (b), this Agreement may be amended (or amended and restated) with the written consent
of the Required Lenders, the Administrative Agent and the Borrower (i) to add one or more additional credit facilities to this
Agreement and to permit the extensions of credit from time to time thereunder and the accrued interest and fees in respect thereof
to share ratably in the benefits of this Agreement and the other Loan Documents with the Tranche B-1 Term Loans and the Revolving
Loans and the accrued interest and fees in respect thereof, and (ii) to include appropriately the Lenders holding such credit facilities
in any determination of the Required Lenders. In addition, this Agreement may be amended with the written consent of the Administrative
Agent, the Borrower and the Lenders providing the relevant Replacement Term Loans to permit the refinancing of all outstanding
Term Loans of a Class with a replacement term loan tranche hereunder (the “Replacement Term Loans”); provided
that (i) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such
Refinancing Term Loans, (ii) the Applicable Rate for such Replacement Term Loans shall not be higher than the Applicable Rate for
such Refinancing Term Loans, (iii) the Weighted Average Life to Maturity of such Replacement Term Loans shall not be shorter than
the Weighted Average Life to Maturity of such Refinancing Term Loans at the time of such refinancing (except to the extent of nominal
amortization for periods where amortization has been eliminated as a result of prepayment of the Refinancing Term Loans) and (iv)
all other terms applicable to such Replacement Term Loans shall be substantially identical to, or less favorable to the Lenders
providing such Replacement Term Loans than, those applicable to such Refinancing Term Loans, except to the extent necessary to
provide for covenants and other terms applicable to any period after the Latest Maturity Date in effect immediately prior to such
refinancing.

 

(d)           Notwithstanding
anything in this Section 9.02 to the contrary, (a) technical and conforming modifications to the Loan Documents may be made with
the consent of the Borrower and the Administrative Agent to the extent necessary (i) to integrate any Incremental Term Loans,
any Incremental Revolving Commitments, any Extended Term Loans or any Extended Revolving Commitments or (ii) to cure any ambiguity,
omission, defect or inconsistency and (b) without the consent of any Lender or Issuing Bank, the Loan Parties and the Administrative
Agent or any collateral agent may (in their respective sole discretion, or shall, to the extent required by any Loan Document)
enter into (x) any amendment, modification or waiver of any Loan Document, or enter into any new agreement or instrument, to effect
the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property
to become Collateral for the benefit of the Secured Parties or as required by local law to give effect to, or protect any security
interest for benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable
law or this Agreement or in each case to otherwise enhance the rights or benefits of any Lender under any Loan Document or (y)
the Intercreditor Agreement, any First Lien Intercreditor Agreement or any Junior Lien Intercreditor Agreement.

 

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SECTION 9.03      
Expenses; Indemnity; Damage Waiver.

 

(a)           The Borrower shall pay or reimburse (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent, the Collateral Agent and the Arrangers, including the reasonable fees, charges and disbursements of counsel for the Agents
(within 30 days of a written demand therefor, together with backup documentation supporting such reimbursement request), in connection
the preparation, execution, delivery and administration of the Loan Documents or any amendments, modifications or waivers of the
provisions thereof (but, limited, in the case of legal fees and expenses, to the reasonable and documented fees, disbursements
and other charges of one counsel to the Administrative Agent and Lead Arrangers, and, if necessary, of one local counsel in any
relevant jurisdiction) and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and the
Lenders (within 30 days of a written demand therefor, together with backup documentation supporting such reimbursement request)
incurred in connection with the enforcement of any rights or remedies under this Agreement or the other Loan Documents (but, limited,
in the case of legal fees and expenses, to the reasonable and documented fees, disbursements and other charges of one counsel to
the Administrative Agent and the Lenders taken as a whole, and, if necessary, of one local counsel to the Administrative Agent
and the Lenders taken as a whole in any relevant jurisdiction and one additional counsel in each relevant jurisdiction for each
group of similarly situated parties in the event of a conflict of interest). If any Loan Party fails to pay when due any costs,
expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan Party
by the Administrative Agent in its discretion. For the avoidance of doubt, this Section 9.03(a) shall not apply to Taxes, except
any Taxes that represent costs and expenses arising from any non-Tax claim. For the avoidance of doubt, the term “Lender”
shall, for purposes of this Section 9.03(a) include any Issuing Bank and any Swingline Lender.

 

(b)           The Borrower shall indemnify the Administrative Agent, the Collateral Agent, each Arranger, the Issuing Bank and each Lender,
and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”), and
hold each Indemnitee harmless, from and against any and all losses, claims, damages, liabilities or out-of-pocket expenses incurred
by or asserted against any Indemnitee (but, limited, in the case of legal fees and expenses, to the reasonable and documented fees,
disbursements and other charges of one counsel to the Administrative Agent and the Lenders taken as a whole, and, if necessary,
of one local counsel to the Administrative Agent and the Lenders taken as a whole in any relevant jurisdiction and one additional
counsel in each relevant jurisdiction for each group of similarly situated parties in the event of a conflict) incurred in connection
with, or as a result of the execution or delivery of any Loan Document or any other agreement or instrument contemplated hereby,
the performance by the parties to the Loan Documents of their respective obligations thereunder or the consummation of the Transactions
or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including
any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release
or threat of Release of Hazardous Materials on, at, under or from any Mortgaged Property or any other property currently or formerly
owned, leased or operated by the Borrower or any of its Subsidiaries, or any actual or alleged Environmental Liability related
in any way to the Borrower or any of its Subsidiaries or their respective properties or operations, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory
and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee,
be available to the extent that such liabilities, losses, damages, claims or out-of-pocket expenses resulted from (x) the gross
negligence, bad faith or willful misconduct of such Indemnitee or of any of its Related Parties, as determined by a final non-appealable
judgment of a court of competent jurisdiction, (y) a material breach of any obligations under any Loan Document by such Indemnitee
or of any of its Related Parties, as determined by a final non-appealable judgment of a court of competent jurisdiction or (z)
any dispute solely among Indemnitees other than any claims against an Indemnitee in its capacity or in fulfilling its role as an
administrative agent or arranger or any similar role under this Agreement and other than any claims arising out of any act or omission
of the Borrower or any of its Affiliates (in the case of any such act or omission, as determined in a final and non-appealable
judgment of a court of competent jurisdiction). All amounts due under this Section 9.03(b) shall be paid within 30 days after
written demand therefor (together with backup documentation supporting such reimbursement request); provided that, that
such Indemnitee shall promptly refund and return such amounts to the extent that there is a final non-appealable judicial determination
by a court of competent jurisdiction that such Indemnitee was not entitled to indemnification rights with respect to such payment
pursuant to the express terms of this Section 9.03(b). For the avoidance of doubt, the term “Lender” shall, for
purposes of this Section 9.03(b) include any Issuing Bank and any Swingline Lender.

 

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(c)           To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Collateral
Agent, the Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section 9.03, each Lender severally agrees to
pay to the Administrative Agent, the Collateral Agent, the Issuing Bank or the Swingline Lender, as applicable, such Lender’s
pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such
unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense,
as applicable, was incurred by or asserted against the Administrative Agent, the Collateral Agent, the Issuing Bank or the Swingline
Lender in its capacity as such. For purposes hereof, a Lender’s “pro rata share” shall be determined based
upon its share of the aggregate Revolving Exposures, outstanding Term Loans, and unused Commitments at the time.

 

(d)           To the extent permitted by applicable law, neither Holdings nor the Borrower shall assert, and each hereby waives, any claim
against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated
hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.

 

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 (except as permitted by Section 6.03) (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 9.04. Nothing in this Agreement, express 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 9.04) 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 limitations set forth in paragraph (a) above and the conditions set forth in paragraph (b)(ii) below, any Lender may assign
to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld
or delayed) of:

 

(1)            the
Borrower; provided that the Borrower shall be deemed to have consented to an assignment unless it shall have objected thereto
by written notice to the Administrative Agent within seven Business Days after having received notice thereof; 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 pursuant to clauses (a), (b), (h) and (i) under Section 7.01 has occurred and is continuing, any other
assignee,

 

(2)            the
Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment of all or any portion
of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund, provided further that no consent of the Administrative
Agent shall be required for an assignment of all or any portion of a Revolving Loan or Revolving Commitment to a Lender, and

 

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(3)            the
Issuing Bank; provided that no consent of the Issuing Bank shall be required for an assignment of all or any portion of a Term
Loan.

 

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

 

(1)            except in the case of 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 an amount of $5,000,000 (in the case of each Revolving Commitment) or $500,000 (in the case of a Term Loan), and shall be
in increments of an amount of $500,000 in excess thereof (or, in each case, if less, all of such Lender’s Commitment or Loans
of the applicable Class) unless each of the Borrower and the Administrative Agent otherwise consent; provided that such
assignments shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any,

 

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

 

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

 

(4)            the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire, and

 

(5)            no
assignment may be made to (i) a Disqualified Institution without the prior written consent of the Borrower, (ii) a natural person
or (iii) except as permitted by Section 9.04(d), the Borrower or any of its Affiliates.

 

Notwithstanding the foregoing or anything
to the contrary set forth herein, any assignment of any Loans to any Affiliated Lender shall also be subject to the requirements
of Section 9.04(d).

 

For purposes of this Section 9.04(b):

 

“Approved Fund”
means (a) a CLO and (b) with respect to any Lender that is a fund which invests in bank loans and similar extensions of credit,
any other fund that invests in bank loans and similar extensions of credit and is managed or advised by the same investment advisor
as such Lender or by an Affiliate of such investment advisor.

 

“CLO” means
any entity (whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise
investing in bank loans and similar extensions of credit in the ordinary course and is administered or managed by a Lender or an
Affiliate of such Lender.

 

(iii)          Subject to acceptance and recording thereof pursuant
to paragraph (b)(iv) of this Section 9.04, 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 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 9.04.

 

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(iv)         The Administrative Agent, acting solely for this
purpose as an 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 and
stated interest of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, the Issuing
Banks and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender for
all purposes of the Loan Documents, notwithstanding notice to the contrary. The Register shall be available for inspection by the
Borrower, and solely with respect to their respective interests by the Issuing Banks and any Lender, at any reasonable time and
from time to time upon reasonable prior notice.

 

(v)          Upon its receipt of a duly completed Assignment and
Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless
the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section
9.04 and any written consent to such assignment required by paragraph (b) of this Section 9.04, the Administrative Agent shall
accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective
for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

 

(c)           Any
Lender may, without the consent of the Borrower, the Administrative Agent, the Issuing Banks or the Swingline Lender, sell participations
to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights
and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided
that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent, the Issuing
Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification
or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will
not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to
Section 9.02(b) that affects such Participant.

 

(i)             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 related interest amounts) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including
the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its
other obligations under this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith, determine
that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section
5f.103-1(c) of the United States Treasury Regulations. Unless otherwise required by the IRS, any disclosure required by the foregoing
sentence shall be made by the relevant Lender directly and solely to the IRS. The entries in the Participant Register shall be
conclusive absent manifest error, and the Borrower, the Administrative Agent and each Lender shall treat each person whose name
is recorded in the Participant Register as the owner of the participation in question for all purposes of this Agreement notwithstanding
any notice to the contrary.

 

(ii)            Subject
to paragraph (c)(ii) of this Section 9.04, 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 of such Sections, provided that any forms required to
be provided by any Participant pursuant to Section 2.17(e) shall be provided solely to the applicable Lender) to the same extent
as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 9.04; provided
that a Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.17 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation
to such Participant is made with the Borrower’s prior written consent not to be unreasonably withheld or delayed. To the
extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided
such Participant agrees to be subject to Section 2.18(c) as though it were a Lender.

 

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(iii)          Any
Lender may at any time pledge, assign or grant a security interest in all or any portion of its rights under this Agreement to
secure obligations of such Lender, including any pledge, assignment or grant to secure obligations to a Federal Reserve Bank,
and this Section 9.04 shall not apply to any such pledge, assignment or grant of a security interest; provided that no
such pledge, assignment or grant of a security interest shall release a Lender from any of its obligations hereunder or substitute
any such pledge or assignee for such Lender as a party hereto.

 

(iv)          Notwithstanding
any other provision of this Agreement, no Lender will assign its rights and obligations under this Agreement, or sell participations
in its rights and/or obligations under this Agreement, to any Person who is (i) a Disqualified Institution (with respect to participations
to the extent the identity of such Disqualified Institution has been made available in writing to all Lenders), (ii) a natural
person, (iii) a Person listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC and/or on any
other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation, (iv) a Person either
(A) included within the term “designated national” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part
515 or (B) designated under Section 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079 (published September
25, 2001) or similarly designated under any related enabling legislation or any other similar executive orders or (v) except as
permitted by clause (d) below, the Borrower or any of its Affiliates.

 

(d)           (i)
Notwithstanding anything else to the contrary contained in this Agreement, any Lender may assign all or a portion of its Term
Loans to a Person who is or will become, after such assignment, an Affiliated Lender in accordance with Section 9.04(b) and this
Section 9.04(d); provided that:

 

(A)          the
assigning Lender and Non-Debt Fund Affiliate purchasing such Lender’s Term Loans, as applicable, shall execute and deliver
to the Administrative Agent an assignment agreement substantially in the form of Exhibit J hereto (an “Affiliated
Lender Assignment and Assumption”) in lieu of an Assignment and Assumption;

 

(B)           for
the avoidance of doubt, Lenders shall not be permitted to assign Revolving Commitments, Revolving Loans, Extended Revolving Commitments,
Incremental Revolving Commitments, Incremental Revolving Loans or Refinancing Revolving Commitments to any Affiliated Lender;

 

(C)           no
Term Loan may be assigned to a Non-Debt Fund Affiliate pursuant to this Section 9.04(d), if after giving effect to such assignment,
Non-Debt Fund Affiliates in the aggregate would own in excess of 20% of the Term Loans of any Class then outstanding (determined
as of the time of such purchase); and

 

(D)           any
purchases by a Non-Debt Fund Affiliate made through “dutch auctions” shall require that such Person (i)  make
a customary representation to all assigning Lenders that it does not possess material non-public information (or material information
of the type that would not be public if the Borrower or any Parent was a publicly reporting company) with respect to the Borrower
and its Subsidiaries that either (A) has not been disclosed to the Lenders generally (other than Lenders that have elected not
to receive such information) or (B) if not disclosed to the Lenders, could reasonably be expected to have a material effect on,
or otherwise be material to (a) a Lender’s decision to participate in any such “dutch auction” or (b) the market
price of the Loans and (ii) clearly identify itself as a Non-Debt Fund Affiliate in any assignment and assumption agreement
executed in connection with such purchases.

 

(ii)           Notwithstanding
anything to the contrary in this Agreement, no Non-Debt Fund Affiliate shall have any right to (A) attend (including by telephone)
any meeting or discussions (or portion thereof) among the Administrative Agent or any Lender to which representatives of the Loan
Parties are not invited, (B) receive any information or material prepared by Administrative Agent or any Lender or any communication
by or among the Administrative Agent and/or one or more Lenders, except to the extent such information or materials have been
made available to any Loan Party or its representatives (and in any case, other than the right to receive notices of prepayments
and other administrative notices in respect of its Loans required to be delivered to Lenders pursuant to Section 2 of this Agreement),
or (C) make or bring (or participate in, other than as a passive participant in or recipient of its pro rata benefits of) any
claim, in its capacity as a Lender, against the Administrative Agent, the Collateral Agent or any other Lender with respect to
any duties or obligations or alleged duties or obligations of such Agent or any other such Lender under the Loan Documents.

 

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(iii)          By
its acquisition of Term Loans, a Non-Debt Fund Affiliate shall be deemed to have acknowledged and agreed that if a case under
Title 11 of the United States Code is commenced against any Loan Party, such Loan Party shall seek (and each Non-Debt Fund Affiliate
shall consent) to provide that the vote of any Non-Debt Fund Affiliate (in its capacity as a Lender) with respect to any plan
of reorganization of such Loan Party shall not be counted except that such Non-Debt Fund Affiliate’s vote (in its capacity
as a Lender) may be counted to the extent any such plan of reorganization proposes to treat the Obligations held by such Non-Debt
Fund Affiliate in a manner that is less favorable to such Non-Debt Fund Affiliate than the proposed treatment of similar Obligations
held by Lenders that are not Affiliates of the Borrower; each Non-Debt Fund Affiliate hereby irrevocably appoints the Administrative
Agent (such appointment being coupled with an interest) as such Non-Debt Fund Affiliate’s attorney-in-fact, with full authority
in the place and stead of such Non-Debt Fund Affiliate and in the name of such Non-Debt Fund Affiliate (solely in respect of Loans
and participations therein and not in respect of any other claim or status such Non-Debt Fund Affiliate may otherwise have) from
time to time in the Administrative Agent’s discretion to take any action and to execute any instrument that the Administrative
Agent may deem reasonably necessary to carry out the provisions of this clause (iii).

 

(e)           Notwithstanding
anything in Section 9.02 or the definition of “Required Lenders” or “Required Class Lenders” to the
contrary, for purposes of determining whether the Required Lenders, Required Class Lenders or any other requisite Class vote required
by this Agreement, as applicable, have (i) consented (or not consented) to any amendment, modification, waiver, consent or other
action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted
on any matter related to any Loan Document, or (iii) directed or required the Administrative Agent, Collateral Agent or any Lender
to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, (A) all Term Loans held
by any Non-Debt Fund Affiliate shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders
or Required Class Lenders (or requisite vote of any Class of Lenders) have taken any actions and (B) the aggregate amount of Term
Loans held by Debt Fund Affiliates will be excluded to the extent in excess of 50% of the amount required to constitute “Required
Lenders” or “Required Class Lenders”, as applicable.

 

(f)           The
Borrower shall maintain at its offices a copy of each Assignment and Assumption delivered to it by any Non-Debt Fund Affiliate
(the “Affiliated Lender Register”). Each Non-Debt Fund Affiliate shall advise the Borrower and the Administrative
Agent in writing of any proposed disposition of Term Loans by such Lender. Additionally, if any Lender becomes a Non-Debt Fund
Affiliate at a time that such Lender holds any Term Loans, such Lender shall promptly advise the Borrower and the Administrative
Agent that such Lender is a Non-Debt Fund Affiliate. Copies of the Affiliated Lender Register shall be provided to the Administrative
Agent and the Non-Debt Fund Affiliate upon request. Notwithstanding the foregoing if at any time (if applicable, after giving
effect to any proposed assignment to a Non-Debt Fund Affiliate), all Non-Debt Fund Affiliates own or would, in the aggregate own
more than 20% of the principal amount of all any Class of Term Loans then outstanding (i) any proposed pending assignment to a
Non-Debt Fund Affiliate that would cause such threshold to be exceeded shall not become effective or be recorded in the Affiliated
Lender Register and (ii) if such threshold is exceeded solely as a result of a Lender becoming a Non-Debt Fund Affiliate after
it has acquired Term Loans, such Non-Debt Fund Affiliate shall assign sufficient Term Loans of such Class so that Non-Debt Fund
Affiliates in the aggregate own less than 20% of the aggregate principal amount of Term Loans of such Class then outstanding.
The Administrative Agent may conclusively rely upon the Affiliated Lender Register in connection with any amendment or waiver
hereunder and shall not have any responsibility for monitoring any acquisition or disposition of Term Loans by any Non-Debt Fund
Affiliate or for any losses suffered by any Person as a result of any purported assignment to or from an Affiliated Lender.

 

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(g)           Notwithstanding
the other provisions of this Section 9.04, no Assignment and Assumption shall be required in connection with Amendment No. 4 Assignments,
so long as they otherwise comply with Section 9.04(b), and such assignments shall become effective as to any Amendment No. 4 Non-Consenting
Lender upon the receipt by the Administrative Agent (who shall promptly distribute the same to the applicable Amendment No. 4
Non-Consenting Lender) of the amounts set forth in the last sentence of the proviso to Section 9.02(b) for the account of such
Amendment No. 4 Non-Consenting Lender. For the avoidance of doubt, with respect to each Amendment No. 4 Assignment, the Amendment
No. 4 Purchasing Tranche B-1 Lender shall pay to each Amendment No. 4 Non-Consenting Lender an amount equal to the principal balance
of all Tranche B-1 Term Loans of such Amendment No. 4 Non-Consenting Lender and the Borrower shall pay to each such Amendment
No. 4 Non-Consenting Lender all accrued and unpaid interest, to but excluding the Amendment No. 4 Effective Date, thereon and,
upon such payment, the assignment of such Tranche B-1 Term Loans to the Amendment No. 4 Purchasing Tranche B-1 Lender shall automatically
become effective.

 

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 have independent significance and 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 provision hereof.

 

SECTION 9.06      
Counterparts; Integration; Effectiveness. 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 fees payable to
the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any
and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section
4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative
Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto,
and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually
executed counterpart of this Agreement.

 

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

 

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

 

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

 

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

 

(b)           Each
of Holdings and the Borrower hereby irrevocably and unconditionally (i) submits, for itself and its property, to the exclusive
jurisdiction of any New York State court or federal court of the United States of America, in each case, sitting in the Borough
of Manhattan in the City of New York, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement, any other Loan Document, or the transactions contemplated hereby or thereby, 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 shall be heard and determined in such New York State or, to the extent permitted by law, in such
federal court and (ii) 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 Holdings, the Borrower or their respective
properties in the courts of any jurisdiction.

 

(c)           Each
of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection that 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 or the transactions contemplated hereby or thereby in any court referred to in paragraph
(b) of this Section 9.09. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense
of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

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

 

SECTION 9.10      
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM 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 OTHERWISE). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.10.

 

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.

 

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SECTION 9.12      
Confidentiality. Each of the Agents, the Issuing Banks and the Lenders agrees to maintain the confidentiality of
the Information, except that Information may be disclosed (a) to its and its Affiliates and its and its Affiliates’ directors,
officers, employees, legal counsel, independent auditors and other experts, professionals, advisors or agents (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 or demanded by any Governmental Authority or self-regulatory
authority having jurisdiction over it or any of its Affiliates; provided that the Administrative Agent or such Lender, as
applicable, agrees that it will promptly notify the Borrower (other than at the request of a regulatory authority or any self-regulatory
authority having or asserting jurisdiction over such Person) unless such notification is prohibited by law, rule or regulation,
(c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process or order of any court
or administrative agency; provided that the Administrative Agent or such Lender, as applicable, agrees that it will notify
the Borrower as soon as practicable in the event of any such disclosure by such Person (other than at the request of a regulatory
authority or any self-regulatory authority having or asserting jurisdiction over such Person) unless such notification is prohibited
by law, rule or regulation, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder
or any suit, action or proceeding relating to this Agreement or 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 9.12, to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement
or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower
and its obligations, (g) with the consent of the Borrower, (h) to any rating agency when required by it on a customary basis and
after consultation with the Borrower (it being understood that, prior to any such disclosure, such rating agency shall undertake
to preserve the confidentiality of any Information relating to Loan Parties and their Subsidiaries received by it from such Lender),
(i) in connection with the exercise of any remedies hereunder, under any other Loan Document or the enforcement of its rights hereunder
or thereunder, (j) for purposes of establishing a “due diligence” defense, (k) to the extent such Information
is independently developed by such Person or its Affiliates so long as not based on Information obtained in a manner that would
otherwise violate this Section 9.12 or (l) to the extent such Information (i) becomes publicly available other than as a result
of a breach of this Section 9.12 or (ii) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential
basis from a source other than Holdings or the Borrower; provided that such source is not actually known by such disclosing
party to be bound by an agreement containing provisions substantially the same as those contained in this Section 9.12. For the
purposes of this Section 9.12, the term “Information” means all information received from Holdings or the Borrower
relating to Holdings or the Borrower or its business, other than any such information that is available to the Administrative Agent,
the Arrangers, any Issuing Bank, any Lender or any of their respective Affiliates on a nonconfidential basis prior to disclosure
by Holdings or the Borrower and other than information pertaining to this Agreement routinely provided by arrangers to data service
providers, including league table providers, that serve the lending industry; provided that, in the case of information
received from Holdings, the Borrower or any Subsidiary 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 9.12
shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain
the confidentiality of such Information as such Person would accord to its own confidential information.

 

SECTION 9.13      
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 that are treated as interest on such Loan under applicable law (collectively,
the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that 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 9.13 shall be cumulated and the interest and Charges payable to such Lender in respect
of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with
interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

 

SECTION 9.14      
USA Patriot Act. Each Lender hereby notifies each Loan Party that pursuant to the requirements of the USA Patriot
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to
obtain, verify and record information that identifies the Borrower, which information includes the name and address of each Loan
Party and other information that will allow such Lender to identify such Loan Party in accordance with the Patriot Act.

 

SECTION 9.15      
Release of Collateral.

 

(a)           Upon any sale or other transfer by any Loan Party of any Collateral that is permitted under this Agreement to a Person that
is not a Loan Party, or upon the effectiveness of any written consent to the release of the security interest granted hereby in
any Collateral pursuant to Section 9.02 of this Agreement, the security interest in such Collateral shall be automatically released.

 

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(b)         Upon
the addition of a Succeeding Holdings and satisfaction by such Succeeding Holdings of the Collateral and Guarantee Requirement,
the prior Holdings shall be automatically released from all of its obligations under the Security Documents.

 

SECTION 9.16      
No Fiduciary Duty. In connection with all aspects of each transaction contemplated by this Agreement, the Borrower
acknowledges and agrees, and acknowledges the other Loan Parties’ understanding, that (i) each transaction contemplated by
this Agreement is an arm’s-length commercial transaction between the Loan Parties, on the one hand, and the Administrative
Agent, Arrangers and the Lenders, on the other hand, (ii) in connection with each such transaction and the process leading thereto,
the Administrative Agent, the Arrangers and the Lenders will act solely as principals and not as agents or fiduciaries of the Loan
Parties or any of their stockholders, affiliates, creditors, employees or any other party, (iii) neither the Administrative Agent
nor any Arrangers or Lender will assume an advisory or fiduciary responsibility in favor of the Borrower or any of its Affiliates
with respect to any of the transactions contemplated hereby or the process leading thereto (irrespective of whether the Administrative
Agent, any Arranger or any Lender has advised or is currently advising any Loan Party on other matters) and neither the Administrative
Agent nor any Arranger or Lender will have any obligation to any Loan Party or any of its Affiliates with respect to the transactions
contemplated in this Agreement except the obligations expressly set forth herein, (iv) the Administrative Agent, each Arranger
and each Lender may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties
and their affiliates, and (v) neither the Administrative Agent nor any Arranger or Lender has provided or will provide any legal,
accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby and the Loan Parties have consulted
and will consult their own legal, accounting, regulatory, and tax advisors to the extent it deems appropriate. The matters set
forth in this Agreement and the other Loan Documents reflect an arm’s-length commercial transaction between the Loan Parties,
on the one hand, and the Administrative Agent and the Lenders, on the other hand. The Borrower agrees that the Loan Parties shall
not assert any claims against the Administrative Agent, any Arranger or any Lender based on any alleged breach of fiduciary duty.

 

SECTION 9.17      
Assumption by Concentra. Concentra shall not have any rights or obligations hereunder until the consummation of the
Merger, whereupon, without any further action by Concentra, Concentra hereby irrevocably and unconditionally (i) assumes and agrees
punctually to pay, perform and discharge when due all of the Obligations and each and every debt, covenant and agreement incurred,
made or to be paid, performed or discharged by the Borrower under the Loan Documents, (ii) agrees to be bound by all the terms,
provisions and conditions of the Loan Documents applicable to the Borrower and (iii) agrees that it will be responsible for and
deemed to have made all of its representations and warranties set forth in the Loan Documents, whenever made or deemed to have
been made (the “Assumption”). The Agents and the Lenders hereby consent to the Assumption and agree that no
further written agreement shall be required in order to give effect to this Section 9.17.

 

SECTION 9.18      
Material Non-Public Information.

 

(a)           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 AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT
IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

(b)           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 AND ITS 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.

 

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SECTION 9.19      
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in
any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party to Amendment No. 1
and each Person that becomes a party to any Loan Document after the Amendment No. 1 Effective Date acknowledges that any liability
of any party hereto (other than a Loan Party) that is an EEA Financial Institution arising under any Loan Document may be subject
to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees
to be bound by:

 

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

 

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

 

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

 

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

 

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

 

SECTION 9.20      
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a
guarantee or otherwise, for Secured Hedge 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):

 

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.

 

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[Signature Pages Intentionally
Omitted]

 

    -124-Exhibit 10.1 

 

PRIVATE
AND STRICTLY CONFIDENTIAL

 

 

 

ASSET PURCHASE AGREEMENT

 

between

 

Ideal
Power Inc.

a Delaware corporation

 

and

 

CE+T
Energy Solutions, Inc.

a Delaware corporation

 

 

 

Effective as of September 19, 2019

 

 

 

 

  

    

     

    

 

ASSET PURCHASE AGREEMENT

 

This
Asset Purchase Agreement is entered into as of September 19, 2019, by and between Ideal
Power Inc., a Delaware corporation, (the “Seller”) and CE+T Energy Solutions, Inc., a Delaware corporation
(the “Purchaser”). Certain capitalized terms used in this Agreement are defined in Exhibit A.

 

Recitals

 

The Seller and the
Purchaser wish to provide for the sale of the Transferred Assets (as defined in Section 1.1) to the Purchaser on the terms set
forth in this Agreement.

 

Agreement

 

The
parties to this Agreement, intending to be legally bound, agree as follows:

 

1.            
Sale of Transferred Assets; Related Transactions.

 

1.1          
Sale of Transferred Assets. Upon the terms and subject to the conditions set forth in this Agreement, upon the Closing
(as defined in Section 1.6), the Seller shall sell, assign, transfer, convey and deliver to the Purchaser, and the Purchaser shall
purchase from the Seller, good and valid title to the Transferred Assets. For purposes of this Agreement, the term “Transferred
Assets” shall mean the properties, rights, interests and tangible and intangible assets of the Seller relating to the
PPSA Business (as defined herein) described below in Sections 1.1(a) – 1.1(j) (wherever located and whether or not required
to be reflected on a balance sheet prepared in accordance with GAAP), whether existing as of the date of this Agreement or acquired
during the Pre-Closing Period and whether owned by the Seller, which shall not include any Excluded Assets (as defined in Section
1.1(j)):

 

(a)              
Patents and Patent Applications. All right, title and interest of the Seller in, to and under the Seller’s
patents, patent applications and patent rights in any jurisdiction in the world, identified on Schedule 1.1(a), and any
counterparts, reissues, divisions, reexaminations, continuations and continuations-in-part of, and any other patents claiming priority
from, any of the foregoing (the patents, patent applications and patent rights referred to in this Section 1.1(a) being referred
to in this Agreement as the “Transferred Patents”).

 

(b)              
Other Proprietary and IP Assets. All right, title and interest of the Seller in, to and under the trademarks, trade
secrets, know-how, inventions, designs, drawings, copyrights, internally developed/proprietary software, bills of material and
related supply chain information necessary for the fulfillment of production orders for Seller Product, and other Intellectual
Property and Intellectual Property Rights (other than patent rights) of the Seller relating exclusively to the PPSA Business, including
works in progress and the trademarks identified on Schedule1.1(b), and all associated goodwill (the Transferred Patents,
together with the Intellectual Property and Intellectual Property Rights and goodwill referred to in this Section1.1(b), being
referred to in this Agreement as the “Transferred IP”).

 

(c)              
Inventory. All of the inventory (including raw materials, work in process, demonstration or evaluation units and
finished goods) of the Seller relating to the PPSA Business and identified on Schedule 1.1(c), unless, at least five business
days prior to the Closing, the Purchaser notifies the Seller in writing that such inventory is an Excluded Asset (as defined below
at the end of this Section 1.1) (the inventory referred to in this Section 1.1(c) being referred to in this Agreement as the “Transferred
Inventory”).

 

    
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(d)              
Equipment. All equipment of the Seller relating to the PPSA Business (including test equipment) and identified on
Schedule 1.1(d), unless, at least five business days prior to the Closing, the Purchaser notifies the Seller in writing
that such other equipment are Excluded Assets (the equipment referred to in this Section 1.1(d), other than any equipment that
the Purchaser determines are Excluded Assets, being referred to in this Agreement as the “Transferred Equipment”).

 

(e)              
Other Fixed Assets. All furniture, fixtures, computer equipment and other tangible assets of the Seller relating
to the PPSA Business and identified on Schedule 1.1(e), unless, at least five business days prior to the Closing, the Purchaser
notifies the Seller in writing that such other tangible assets are Excluded Assets (the tangible assets referred to in this Section
1.1(e), other than any tangible assets that the Purchaser determines are Excluded Assets, being referred to in this Agreement as
the “Transferred Fixed Assets”).

 

(f)               
Contract Rights. All rights of the Seller under all Seller Contracts relating to the PPSA Business and identified
on Schedule 1.1(f).

 

(g)              
Governmental Authorizations and Certifications from Standards Bodies: All Governmental Authorizations and Certifications
from Standards Bodies of the Seller relating to the PPSA Business and identified on Schedule 1.1(g), unless, at least five
business days prior to the Closing, the Purchaser notifies the Seller in writing that such other Governmental Authorizations are
Excluded Assets.

 

(h)              
Claims. All Claims (including Claims for past infringement of Transferred IP) of the Seller against other Persons
to the extent relating to the Transferred Assets (regardless of whether or not such Claims have been asserted by the Seller), and
all rights of indemnity, warranty rights, rights of contribution, rights to refunds, rights of reimbursement and other rights of
recovery possessed by the Seller against other Persons to the extent relating to the Transferred Assets (regardless of whether
such rights are currently exercisable).

 

(i)                
Promotional Materials, Records, Etc. All advertising and promotional materials, and all books (including log books),
records and files, of the Seller relating exclusively to the Transferred Assets and identified on Schedule 1.1(i) (the books,
records and other items referred to in this Section 1.1(i) being referred to in this Agreement as the “Transferred Books”).

 

(j)                
Excluded Assets. Notwithstanding the foregoing, the parties agree that the Seller is not selling, assigning, transferring,
conveying or delivering to the Purchaser or a Purchaser Affiliate, and the Transferred Assets shall not include, the assets of
the Seller identified on Schedule 1.1(j), any inventory disposed of in the ordinary course of business and in a manner that
does not contravene Section 4.2, or any asset of the Seller not relating to the PPSA Business or not specifically identified in
Sections 1.1(a) — 1.1(i) above (collectively, the “Excluded Assets”).

 

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1.2          
Agreements Relating to Transfer of Transferred Assets.

 

(a)              
Electronic Delivery. At the request of the Purchaser, any of the Transferred Assets (including software and any related
documentation) that can be transmitted electronically will be so transmitted to the Purchaser promptly following the Closing and
will not be delivered to the Purchaser on any tangible medium. Promptly following any electronic transmission, the Seller shall
execute and deliver to the Purchaser a certificate in a form reasonably acceptable to the Purchaser and containing, at a minimum,
the following information: (i) the date of transmission; (ii) the time the transmission was commenced and concluded; (iii) the
name of the individual who made the transmission; (iv) the signature of such individual; and (v) a general description of the nature
of the items transmitted sufficient to distinguish the transmission from other transmissions.

 

(b)              
Physical Delivery. Any and all Transferred Inventory, Transferred Equipment, Transferred Fixed Assets and Transferred
Books to the Purchaser (the “Tangible Transferred Assets”) shall remain where it is physically located as of
the Closing Date (defined below).

 

1.3          
Purchase Price. As consideration for the sale, assignment, transfer, conveyance and delivery of the Transferred Assets
to the Purchaser, and in full payment therefore:

 

(a)              
The Purchaser will pay $200,000 (two hundred thousand dollars) to the Seller (the “Purchase Price”) in
immediately available funds by check or wire transfer at the Closing to Seller as set forth in Schedule 1.3(a)(i) hereto.

 

(b)              
The Purchaser will issue to the Seller a number of shares of common stock of the Purchaser (the “Shares”)
such that Seller’s ownership interest in Purchaser upon issuance is equal to 5% and other stockholders own 95%. All such
percentages shall be subject to future dilution as required by the needs of the business or for employee stock or option plans.
Purchaser shall issue the Shares to Seller upon the later of ninety (90) days of the Closing Date or the resolution of the Matter
set forth in Schedule 7.2.

 

(c)              
At the Closing, the Purchaser shall assume the Assumed Liabilities (as defined in Section 1.4(b)).

 

1.4          
Assumption of Liabilities.

 

(a)              
Except as set forth in Section 1.4(b) and/or listed on Schedule 1.4(b), the Purchaser shall not assume any Liabilities
of the Seller (whether or not related to the Transferred Assets), including, but not limited to: (i) Tax Liabilities of the Seller;
(ii) any Liabilities of the Seller relating to indebtedness, legal services, accounting services, financial advisory services,
investment banking services or other professional services performed in connection with the Transactions; or (iii) any wages or
salaries or other Liabilities relating to any Seller Employee, including any Retained Employment Liabilities (as defined in Section
8.1).

 

(b)              
Assumed Liabilities: “Assumed Liabilities” shall include the liabilities of the Seller
relating to the PPSA Business or the Transferred Assets identified and described on Schedule 1.4(b) existing on the Closing
Date, regardless of whether or not such liabilities would be required to be included on the Seller’s financial statements
in accordance with GAAP, including, but not limited to open purchase orders with Virtex Enterprises, LP, and any warranty liability
of the Seller.

 

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1.5          
Allocation. Within sixty (60) days of the Closing Date (as defined in Section 1.6), the Purchase Price (and the Assumed
Liabilities to the extent properly taken into account) shall be allocated to the Transferred Assets within a Schedule to be attached
as Schedule 1.5 hereto, which shall be prepared in accordance with Section 1060 of the Code, and the Treasury Regulations
promulgated thereunder. The allocation set forth on Schedule 1.5 hereto (and any amendments thereto) shall be binding upon
the parties and none of the parties shall take any position inconsistent with such allocation, and any and all filings with and
reports made to any taxing authority will be consistent with that allocation.

 

1.6          
Closing. Subject to the terms and conditions of this Agreement, including the satisfaction or waiver of the conditions
set forth in Section 5, the closing of the sale of the Transferred Assets pursuant to this Agreement (the “Closing”)
shall take place electronically at a time to be agreed upon by the Purchaser and the Seller, on a date (no later than the second
business day after the satisfaction or waiver of the last of the conditions set forth in Section 5 to be satisfied, other than
those conditions that by their nature are to be satisfied at Closing, but subject to the satisfaction or waiver of such conditions)
to be agreed upon by the Purchaser and the Seller. The date on which the Closing takes place is referred to in this Agreement as
the “Closing Date.”

 

2.             
Representations and Warranties of the Seller.

 

Subject to the exceptions
set forth in the Seller Disclosure Schedule prepared in accordance with Section 9.15, the Seller represents and warrants, to and
for the benefit of the Purchaser, as follows:

 

2.1          
Due Organization; Charter Documents; Etc.

 

(a)              
The Seller has been duly organized and is validly existing and in good standing (or equivalent status), under the laws of
the jurisdiction of its formation.

 

(b)              
The Seller has delivered to the Purchaser accurate and complete copies of the Charter Documents.

 

2.2          
Liabilities.

 

(a)              
Schedule 1.4(b) provides an accurate and complete breakdown of each of the Assumed Liabilities of the Seller.

 

2.3          
Title to Assets. The Seller owns and has good and valid title to the Transferred Assets free and clear of any Encumbrances,
except as set forth in Part 2.3 of the Seller Disclosure Schedule.

 

2.4          
Inventory; Fixed Assets; Leaseholds.

 

(a)              
Part 2.4(a) of the Seller Disclosure Schedule provides an accurate and complete breakdown as of the date of this Agreement
of all inventory relating to the PPSA Business and included in the Transferred Assets (including raw materials, work in process,
demonstration or evaluation units and finished goods) owned by the Seller.

 

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(b)              
Part 2.4(b) of the Seller Disclosure Schedule provides an accurate and complete list as of the date of this Agreement of
all items of equipment, fixtures and other tangible assets with an individual value of $1,000 or greater owned by or leased to
the Seller and included in the Transferred Assets, and states thereon whether such item is owned or leased. The assets identified
in Part 2.4(b) of the Seller Disclosure Schedule have been maintained in accordance with normal industry practice, are in good
condition and repair (ordinary wear and tear excepted) and are usable in the ordinary conduct of the PPSA Business.

 

(c)              
The Seller currently owns no real property and has no interest in any real property relating to the PPSA Business other
than the leasehold interests identified in Part 2.4(d) of the Seller Disclosure Schedule.

 

(d)              
Part 2.4(d) of the Seller Disclosure Schedule accurately identifies: (i) each Contract pursuant to which the Seller leases
or otherwise occupies or uses any real property in the conduct of the PPSA Business; and (ii) each Seller Contract relating to
any of the properties leased or otherwise occupied or used by the Seller in the conduct of the PPSA Business.

 

2.5           
Intellectual Property.

 

(a)              
Part 2.5(a) of the Seller Disclosure Schedule accurately identifies and describes:

 

(i)          
in Part 2.5(a)(i) of the Seller Disclosure Schedule, each type of Seller Product currently being designed, developed, manufactured,
marketed, sold, delivered, maintained, supported or retrofitted by the Seller;

 

(ii)          
in Part 2.5(a)(ii) of the Seller Disclosure Schedule: (A) each item of Registered IP included in the Transferred Assets
(“Transferred Registered IP”) in which the Seller has or purports to have an ownership interest of any nature
(whether exclusively, jointly with another Person or otherwise); (B) the jurisdiction in which such item of Transferred Registered
IP has been registered or filed and the applicable registration or serial number; and (C) any other Person that has an ownership
interest in such item of Transferred Registered IP and the nature of such ownership interest;

 

(iii)         
in Part 2.5(a)(iii) of the Seller Disclosure Schedule: (A) each Transferred Contract (as defined in Section 2.6(a)) under
which any Intellectual Property Rights or Intellectual Property is licensed to the Seller (other than Open Source Licenses, agreements
for Click-Through IP, and licenses for any generally available commercial third-party software that: (1) is so licensed solely
in executable or object code form pursuant to a nonexclusive software license; (2) is not Seller Software; (3) is used by the Seller
solely for its internal business purposes; and (4) does not require ongoing annual fees, for licenses or maintenance or support
or otherwise, in excess of $5,000) (the “Inbound Licenses”); and (B) whether the license or licenses so granted
to the Seller is exclusive or nonexclusive;

 

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(iv)         
in Part 2.5(a)(iv) of the Seller Disclosure Schedule, each Seller IP Contract included in the Transferred Assets or Assumed
Liabilities, and whether the license, right or interest in the Seller IP granted to such Person is exclusive or nonexclusive;

 

(v)          
in Part 2.5(a)(v) of the Seller Disclosure Schedule, all Seller Software included in the Transferred Assets that: (A) was
not developed by the Seller or its Predecessors; or (B) is not owned by the Sellers; and

 

(vi)         
in Part 2.5(a)(vi) of the Seller Disclosure Schedule, (A) all royalties, sales commissions or similar payments that the
Seller owes or could owe upon the sale of any Seller Product under a Transferred Contract, and (B) the Transferred Contract pursuant
to which such royalties, sales commissions or similar payments are to (or could) be paid.

 

(b)              
The Seller has delivered to the Purchaser a complete and accurate copy of each standard form of Seller IP Contract used
by the Seller at any time since January 1, 2018, including each standard form of customer license agreement for any Seller Product.

 

(c)              
The Seller exclusively owns all right, title and interest to and in the Seller IP included in the Transferred Assets (“Transferred
Seller IP”), free and clear of any Encumbrances. Without limiting the generality of the foregoing:

 

(i)           
all documents and instruments necessary to perfect the rights of the Seller in the Transferred Seller IP have been validly
executed, delivered and filed in a timely manner with the appropriate Governmental Body;

 

(ii)          
each Seller Employee who is or was involved in the creation or development of any Transferred Seller IP has signed a valid
and enforceable agreement containing an irrevocable assignment of Intellectual Property Rights to the Seller for which such Person
is or was an employee or independent contractor and confidentiality provisions protecting the Transferred Seller IP;

 

(iii)          
no Seller Employee has any claim, right (whether or not currently exercisable) or interest to or in any Transferred Seller
IP;

 

(iv)          
no Seller Employee is to Seller’s Knowledge: (A) bound by or otherwise subject to any Contract restricting him or
her from performing his or her duties for the Seller in the conduct of the PPSA Business; or (B) in breach of any Contract with
any former employer or other Person concerning Intellectual Property Rights or confidentiality as a result of his or her employment,
duties, or activities with or for the Seller (or any of its Predecessors) in the conduct of the PPSA Business;

 

(v)          
the Seller has taken all commercially reasonable steps to maintain the confidentiality of and otherwise protect and enforce
its rights in all proprietary information relating to the PPSA Business held by the Seller, or purported to be held by the Sellers,
as a trade secret;

 

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(vi)         
the Seller has never been a member or promoter of, or a contributor to, any industry standards body or similar organization
that could require or obligate the Seller to grant or offer to any other Person any license or right to any Transferred Seller
IP;

 

(vii)        
except for the nonexclusive licenses and rights granted (1) in Contracts identified or referred to in Part 2.5(a)(iv) of
the Seller Disclosure Schedule or (2) to end user customers of Seller Products pursuant to an agreement that does not deviate in
any material respect from the Seller’s standard form thereof, the Seller is not bound by, and no Transferred Seller IP is
subject to, any Contract containing any covenant or other provision that in any way limits or restricts the ability of the Seller
to exploit, assert, or enforce any Transferred Seller IP anywhere in the world; and

 

(viii)       
the Seller owns or otherwise has, and after the Closing the Purchaser will have, all Intellectual Property Rights needed
to conduct the PPSA Business.

 

(d)              
All Transferred Registered IP is valid and, subsisting and to Seller’s Knowledge, enforceable. Without limiting the
generality of the foregoing:

 

(i)           
all filings, payments and other actions required to be made or taken to maintain such item of Transferred Registered IP
in full force and effect have been made by the applicable deadline;

 

(ii)          
no application for a patent or for a copyright or trademark registration or any other type of Transferred Registered IP
filed by or on behalf of the Seller has been unintentionally abandoned, allowed to lapse or rejected; and

 

(iii)         
no interference, opposition, reissue, reexamination or other Proceeding of any nature is or has been pending or, to the
Knowledge of the Seller, threatened, in which the scope, validity or enforceability of any Transferred Registered IP is being,
has been or could reasonably be expected to be contested or challenged.

 

(e)              
Neither the execution, delivery or performance of this Agreement nor the consummation of any of the Transactions or any
such other agreement will, with or without notice or the lapse of time, result in or give any other Person the right or option
to cause or declare: (i) a loss of, or Encumbrance on, any Transferred Seller IP; (ii) a breach of any Contract listed or required
to be listed in Part 2.5(a)(iii) or Part 2.5(a)(iv) of the Seller Disclosure Schedule; (iii) the release, disclosure or delivery
of any Transferred Seller IP by or to any escrow agent or other Person; or (iv) the grant, assignment or transfer to any other
Person (other than the Purchaser) of, or entitle any other Person (other than the Purchaser) to exercise or use, any license or
other right or interest under, to or in any of the Transferred Seller IP.

 

(f)               
To the Knowledge of the Seller, no Person has infringed, misappropriated, or otherwise violated, and no Person is currently
infringing, misappropriating or otherwise violating, any Transferred Seller IP. Part 2.5(f) of the Seller Disclosure Schedule accurately
identifies (and the Seller has delivered to the Purchaser a complete and accurate copy of) each letter or other written or electronic
communication or correspondence that has been sent or otherwise delivered by the Seller (or any of its Predecessors) or any Representative
of the Seller (or any of its Predecessors) regarding any actual, alleged or suspected infringement or misappropriation of any Transferred
Seller IP.

 

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(g)              
Neither the Seller nor, to the Seller’s Knowledge, any of its Predecessors has ever infringed (directly, contributorily,
by inducement or otherwise), misappropriated or otherwise violated or made unlawful use of any Intellectual Property Right of any
other Person in the conduct of the PPSA Business. Without limiting the generality of the foregoing:

 

(i)           
no Seller Product or Seller Software owned by Seller has ever infringed, violated or made unlawful use of any Intellectual
Property Right of any other Person or contains any Intellectual Property that was misappropriated from any other Person;

 

(ii)          
no infringement, misappropriation or similar claim or Proceeding involving the Transferred Seller IP is pending or, to the
Knowledge of the Seller, has been threatened against the Seller or against any other Person who may be entitled to be indemnified,
defended, held harmless or reimbursed by the Seller with respect to such claim or Proceeding;

 

(iii)         
the Seller (and, to the Seller’s Knowledge, none of its Predecessors) has not received any written notice relating
to any actual, alleged or suspected infringement, misappropriation or violation by Seller in the conduct of the PPSA Business of
any Intellectual Property Right of another Person; and

 

(iv)         
no claim or Proceeding involving any Intellectual Property or Intellectual Property Right licensed to the Seller is pending
or, to the Knowledge of the Seller, has been threatened, except for any such claim or Proceeding that, if adversely determined,
would not adversely affect: (A) the use or exploitation of such Intellectual Property or Intellectual Property Right by the Seller
in the conduct of the PPSA Business; or (B) the design, development, manufacturing, distribution, sale, maintenance, or support
of any Seller Product or Seller Software.

 

(h)              
[Reserved]

 

(i)                
Part 2.5(i) of the Seller Disclosure Schedule accurately identifies (a) all software that is licensed to the Seller under
any Open Source License and that is incorporated into, distributed as part of or along with, or was or is used directly to design,
develop, manufacture, maintain, or support any Seller Product or Seller-owned Seller Software, and (b) the Open Source License
pursuant to which the Seller uses such software.

 

(j)                
 [Reserved]

 

(k)              
No source code for any Seller-owned Seller Software has been delivered, licensed or made available to any escrow agent or
other Person who is not, as of the date of this Agreement, an employee or independent contractor of the Seller. The Seller has
no duty or obligation (whether present, contingent or otherwise) to deliver, license or make available the source code for any
Seller Software to any escrow agent or other Person. No event has occurred, and no circumstance or condition exists, that (with
or without notice or lapse of time) will, or could reasonably be expected to, result in the delivery, license or disclosure of
any source code for any Seller Software to any other Person.

 

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2.6          
Contracts.

 

(a)              
Part 2.6(a) of the Seller Disclosure Schedule accurately identifies each of the Seller Contracts included in the Transferred
Assets or Assumed Liabilities (the “Transferred Contracts”).

 

(b)              
The Seller has delivered to the Purchaser accurate and complete copies of all written Transferred Contracts, including all
amendments thereto. Each Transferred Contract is valid and in full force and effect, and, to the Knowledge of the Seller, is enforceable
by the Seller in accordance with its terms, subject to: (i) laws of general application relating to bankruptcy, insolvency and
the relief of debtors; and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies.

 

(c)              
Except as set forth in Part 2.6(c) of the Seller Disclosure Schedule: (i) the Seller (and none of its Predecessors) has
not violated or breached, or committed any default under, any Transferred Contract, which remains uncured, and, to the Knowledge
of the Seller no other Person has violated or breached, or committed any default under, any Transferred Contract which remains
uncured; (ii) to the Knowledge of the Seller no event has occurred, and no circumstance or condition exists, that (with or without
notice or lapse of time) will, or could reasonably be expected to: (A) result in a material violation or breach of any of the provisions
of any Transferred Contract; (B) give any Person the right to declare a default or exercise any remedy under any Transferred Contract;
(C) give any Person the right to accelerate the maturity or performance of any Transferred Contract; or (D) give any Person the
right to cancel, terminate or modify any Transferred Contract; (iii) the Seller (and none of its Predecessors) has received any
notice or other communication regarding any actual or possible material violation or breach of, or default under, any Transferred
Contract; and (iv) the Seller (and its Predecessors) has not waived any of its respective material rights under any Transferred
Contract.

 

2.7          
Compliance with Legal Requirements. The Seller is, (and, to the Seller’s Knowledge, each of its Predecessors)
at all times has been, in compliance in all material respects with each Legal Requirement that is applicable to it for the conduct
of the PPSA Business or the ownership of the Transferred Assets. Except as set forth in Part 2.7 of the Seller Disclosure Schedule,
the Seller has not (nor has any of its Predecessors) received in the last five (5) years any notice or other communication from
any Person regarding any actual or possible violation of, or failure to comply with, any Legal Requirement, in each case in connection
with the conduct or operation of the PPSA Business.

 

2.8          
Governmental Authorizations. Part 2.8 of the Seller Disclosure Schedule identifies each Governmental Authorization
held by the Seller that is necessary for the operation of the PPSA Business or maintaining the Transferred Assets, and the Seller
has delivered to the Purchaser accurate and complete copies of all Governmental Authorizations identified in Part 2.8 of the Seller
Disclosure Schedule. The Governmental Authorizations identified in Part 2.8 of the Seller Disclosure Schedule are valid and in
full force and effect, and collectively constitute all Governmental Authorizations necessary to enable the Seller to lawfully operate
the PPSA Business.

 

2.9          
Tax Matters. The Seller is not nor has it ever been a United States Real Property Holding Corporation within the
meaning of Section 897(c)(2) of the Code.

 

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2.10        
[Reserved]

 

2.11        
Proceedings; Orders.

 

(a)              
There is no pending Proceeding and, to the Knowledge of the Seller, no Person has threatened to commence any Proceeding:
(i) that involves the Seller’s operation of the PPSA Business or any of the Transferred Assets; or (ii) that challenges,
or that may have the effect of preventing, delaying, making illegal or otherwise interfering with, any of the Transactions. To
the Knowledge of the Seller, no event has occurred, and no claim, dispute or other condition or circumstance exists, that will
or could reasonably be expected to, give rise to or serve as a basis for the commencement of any such Proceeding.

 

(b)              
Except as set forth in Part 2.11(b) of the Seller Disclosure Schedule, to the Knowledge of the Seller, no Proceeding involving
Seller’s operation of the PPSA Business or any of the Transferred Assets involving claims in excess of $25,000 has ever been
commenced by, and no Proceeding involving claims in excess of $25,000 has ever been pending against, the Seller.

 

(c)              
To the Seller’s knowledge, there is no order, writ, injunction, judgment or decree to which the Seller’s operation
of the PPSA Business or any of the Transferred Assets is subject.

 

2.12        
Authority; Binding Nature of Agreement.

 

(a)              
The Seller has the absolute and unrestricted right, full corporate power and authority to enter into and to perform its
obligations under this Agreement and under each other agreement, document or instrument referred to in or contemplated by this
Agreement to which the Seller is or will be a party; and, the execution, delivery and performance by the Seller of this Agreement
and of each such other agreement, document and instrument have been duly authorized by all requisite corporate action on the part
of the Seller and its board of directors. This Agreement and each other agreement, document and instrument referred to in or contemplated
by this Agreement to which the Seller is a party constitutes the legal, valid and binding obligation of the Seller, enforceable
against the Seller in accordance with its terms, subject to: (i) laws of general application relating to bankruptcy, insolvency
and the relief of debtors; and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies.

 

(b)              
The Seller’s board of directors has unanimously determined that the Transactions are advisable and fair and in the
best interests of the Seller and its stockholders.

 

2.13       
Non-Contravention; Consents. Neither: (1) the execution, delivery or performance of this Agreement or any of the
other agreements, documents or instruments referred to in this Agreement; nor (2) the consummation of the Transactions or any such
other agreement, document or instrument, will (with or without notice or lapse of time):

 

(a)              
contravene, conflict with or result in a violation of: (i) any of the provisions of any Charter Documents; or (ii) any resolution
adopted by the stockholders, board of directors (or similar body) or any committee of the board of directors (or similar body)
of the Seller;

 

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(b)              
contravene, conflict with or result in a violation of any Legal Requirement or any order, writ, injunction, judgment or
decree to which the Seller, or any of Transferred Assets, is subject;

 

(c)              
contravene, conflict with or result in a violation or breach of, or result in a default under, any provision of any Seller
Contract included in the Transferred Assets, or give any Person the right to: (i) declare a default or exercise any remedy under
any such Seller Contract; (ii) accelerate the maturity or performance of any such Seller Contract; or (iii) cancel, terminate or
modify any such Seller Contract; or

 

(d)              
result in the imposition or creation of any lien or other Encumbrance upon or with respect to any Transferred Asset (except
for minor liens that will not, in any case or in the aggregate, materially detract from the value of the assets subject thereto
or materially impair the operations of the Seller).

 

Except as set forth in Part 2.13 of the
Seller Disclosure Schedule, the Seller is not and the Seller will not be required to make any filing with or give any notice to,
or to obtain any Consent from, any Person in connection with: (A) the execution, delivery or performance of this Agreement or any
of the other agreements referred to in this Agreement; or (B) the consummation of any of the Transactions.

 

2.14        
Sophistication; Shares Acquired for Seller’s Own Account. Seller, alone or with its professional advisors,
has the financial and business background and knowledge to be capable of evaluating the merits and risks associated with receiving
the Shares and has the capacity to protect its own interests in entering into this transaction. Seller hereby confirms that, the
Share to be acquired by Seller will be acquired for investment for the Seller’s own account, and not with a view to the resale
or distribution of any part thereof, and that the Seller has no present intention of selling, granting any participation in, or
otherwise distributing the same.

 

2.15        
Restricted Securities. Seller understands and acknowledges that (a) the Shares have not been, and will not be, registered
under the Securities Act of 1933, as amended (the “Act”); (b) the Shares are “restricted securities” under
applicable U.S. federal and state securities laws and that, pursuant to these laws, Seller must hold the Shares indefinitely unless
they are registered with the Securities Exchange Commission and qualified by state authorities, or an exemption from such registration
and qualification requirement is available; (c) Purchaser has no obligation to register or qualify the Shares for resale; and (d)
if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not
limited to, the time and manner of sale, the holding period for the Shares, and on requirements relating to the Purchaser which
are outside of the Seller’s control, and which the Purchaser is under no obligation and may not be able to satisfy.

 

2.16        
Risk; No Public Market. Seller understands that (a) that accepting the Shares in the Purchaser as consideration involves
a high degree of risk; (b) Seller could lose its entire investment in the Shares; and (c) no public market now exists for any of
the securities issued by the Company, and Company has made no assurances that a public market will ever exist for the Shares.

 

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2.17        
Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other similar fee
or commission in connection with any of the Transactions based upon arrangements made by or on behalf of any of the Seller.

 

2.18        
Employee Benefits. There does not now exist, nor do any circumstances exist, that could result in any liabilities
of Seller or any of its ERISA Affiliates (i) under Title IV of ERISA, (ii) under Section 206(g), 302 or 303 of ERISA, (iii) under
Section 412, 430, 431, 436, or 4971 of the Code, (iv) as a result of the failure to comply with the continuation of coverage requirements
of Section 601 et. seq. of ERISA and Section 4980B of the Code, and (v) under corresponding or similar provisions of any foreign
Laws, that could be a liability of Purchaser following the Closing Date.

 

2.19        
Full Disclosure. To the Knowledge of Seller, this Agreement does not: (i) contain any representation, warranty or
information that is false or misleading with respect to any material fact; or (ii) omit to state any material fact necessary in
order to make the representations, warranties and information contained and to be contained herein and therein (in light of the
circumstances under which such representations, warranties and information were or will be made or provided) not false or misleading.

 

3.            
REPRESENTATIONS
AND WARRANTIES OF THE PURCHASER.

 

Subject to the exceptions
set forth in the Purchaser Disclosure Schedule prepared in accordance with Section 9.15, the Purchaser represents and warrants
to, and for the benefit of the Seller as follows:

 

3.1          
Due Organization; Charter Documents, Etc.

 

(a)              
The Purchaser is a corporation, validly existing and in good standing (or equivalent status) under the laws of the jurisdiction
of its incorporation and each has the requisite corporate power and authority to own, lease and operate its assets and properties
and to carry on its business as now being conducted and as presently proposed to be conducted. Purchaser is duly qualified to transact
business and is in good standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect on
Purchaser.

 

(b)              
The Purchaser has delivered to the Seller accurate and complete copies of its Charter Documents;.

 

(c)              
Purchaser has adequate cash consideration for the purchase hereunder and has adequate Shares reserved for all issuances
under this Agreement.

 

3.2          
Capitalization. As of the date of this Agreement, the entire authorized capitalization of Purchaser consists of 5,000
shares of common stock of which have been duly authorized, are validly issued, fully paid and nonassessable and were issued in
accordance with the with the registration or qualification provisions of the Act, and any applicable foreign or state securities
laws, or pursuant to valid exemptions therefrom, and the applicable Purchaser Charter Documents, and are not subject to or issued
in violation of any purchase option, call option, right of first refusal, preemptive right, registration right, subscription right,
or any similar right under any provision of the laws of the State of Delaware or any contract to which Purchaser is a party or
otherwise bound.

 

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3.3          
Subsidiaries. Purchaser does not currently own or control, directly or indirectly, any interest in any other corporation,
partnership, trust, joint venture, limited liability company, association, or other business entity. Purchaser is not a participant
in any joint venture, partnership or similar arrangement.

 

3.4         
Non-Contravention; Consents. Neither: (a) the execution, delivery or performance of this Agreement or any of the
other Transactional Agreements; nor (b) the consummation of the Transactions, will (with or without notice or lapse of time) contravene,
conflict with or result in a violation of: (i) any of the provisions of Purchaser’s Charter Documents; (ii) any resolution
adopted by the stockholders, the board of directors (or similar body) or any committee of the board of directors (or similar body)
of Purchaser; or (iii) any provision of any material contract to which Purchaser is bound, except in the case of clauses “(i),”
“(ii)” and “(iii)” as would not have a Material Adverse Effect on Purchaser’s ability to consummate
the Transactions or to perform its obligations under this Agreement. No consent, approval, order or authorization of, or registration,
qualification, designation, declaration or filing with, any Governmental Body is required on the part of Purchaser in connection
with the consummation of the Transactions, including the issuance of the Shares.

 

3.5          
Authority; Binding Nature of Agreement. Purchaser has all necessary corporate power and authority to enter into and
perform its obligations under this Agreement and under each other agreement, document and instrument referred to in this Agreement
to which it is a party, and to consummate the transactions contemplated hereby and thereby; and the execution, delivery and performance
by Purchaser of this Agreement any of each such other agreement, document and instrument and the consummation by the Purchaser
of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of Purchaser
and no other actions on the part of Purchaser is necessary to authorize this Agreement any of each such other agreement, document
and instrument and the consummation by the Purchaser of the transactions contemplated hereby and thereby. This Agreement and each
other agreement, document or instrument referred in this Agreement to which Purchaser is a party constitutes the legal, valid and
binding obligation of Purchaser enforceable against it in accordance with its terms, subject to: (a) laws of general application
relating to bankruptcy, insolvency and the relief of debtors; and (b) rules of law governing specific performance, injunctive relief
and other equitable remedies.

 

3.6          
Valid Issuance of Shares. The Shares, when issued, sold and delivered in accordance with the terms and for the consideration
set forth in this Agreement, will be validly issued, fully paid and non-assessable and free of restrictions on transfer other than
restrictions on transfer, applicable state, federal and foreign securities laws and liens or encumbrances created by or imposed
by Seller. The Shares will be issued in compliance with all applicable federal, state and foreign securities laws.

 

3.7          
Proceedings; Orders. There is no pending Proceeding and, to the Knowledge of the Purchaser, no Person has threatened
to commence any Proceeding: (i) that involves Purchaser or any officer, director or any executive-level employee of Purchaser;
(ii) that challenges, or that may have the effect of preventing, delaying, making illegal or otherwise interfering with, any of
the Transactions, or (iii) that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse
Effect. To the Knowledge of the Purchaser, no event has occurred, and no claim, dispute or other condition or circumstance exists,
that will or could reasonably be expected to, give rise to or serve as a basis for the commencement of any such Proceeding.

 

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3.8          
Sufficiency of Funds. The Purchaser shall have sufficient cash on hand or other sources of immediately available
funds to enable Purchaser to make payment of the cash portion of the Purchase Price and consummate the transactions contemplated
by this Agreement.

 

3.9          
Tax Returns and Payments. There are no federal, state, county, local or foreign taxes due and payable by Purchaser
which have not been timely paid. There are no accrued and unpaid federal, state, country, local or foreign taxes of either Purchaser
which are due, whether or not assessed or disputed. There have been no examinations or audits of any tax returns or reports by
any applicable federal, state, local or foreign governmental agency. Purchaser has duly and timely filed all federal, state, county,
local and foreign tax returns required to have been filed by it and there are in effect no waivers of applicable statutes of limitations
with respect to taxes for any year.

 

3.10         
Full Disclosure. To the Knowledge of the Purchaser, this Agreement does not: (i) contain any representation, warranty
or information that is false or misleading with respect to any material fact; or (ii) omit to state any material fact necessary
in order to make the representations, warranties and information contained and to be contained herein and therein (in the light
of the circumstances under which such representations, warranties and information were or will be made or provided) not false or
misleading.

 

4.            
Certain Covenants.

 

4.1          
Access and Investigation. During the Pre-Closing Period, Seller shall, and shall cause its Representatives to: (a)
provide the Purchaser and the Purchaser’s Representatives with reasonable access during normal business hours to Seller’s
Representatives, personnel and assets and to all existing books, records, Tax Returns, work papers and other documents and information
relating to the PPSA Business and the Transferred Assets; and (b) provide the Purchaser and the Purchaser’s Representatives
with copies of such existing books, records, Tax Returns, work papers and other documents and information relating to the PPSA
Business and the Transferred Assets, and with such additional financial, operating and other data and information relating to the
PPSA Business or the Transferred Assets, as the Purchaser may reasonably request. During the Pre-Closing Period, the Purchaser
may make inquiries of Persons having business relationships with Seller (including suppliers, licensors, distributors and customers)
only with Seller’s prior written consent (which consent shall not be unreasonably withheld or delayed).

 

4.2          
Operation of Business. During the Pre-Closing Period, Seller shall ensure that:

 

(a)              
it does not: (i) enter into, or permit any of the Transferred Assets owned or used by it to become bound by, any Contract
that is or would constitute a Contract required to be identified in Part 2.6(a) of the Seller Disclosure Schedule if entered into
prior to the date of this Agreement; or (ii) amend or prematurely terminate, or waive any material right or remedy under, any Contract
required to be identified in Part 2.6(a) of the Seller Disclosure Schedule;

 

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(b)              
it does not: (i) acquire, lease or license any right or other asset used in the PPSA Business from any other Person for
an aggregate value in excess of $5,000; (ii) sell or otherwise dispose of, or lease, license or encumber, any Seller Products or
any other right or asset used in the PPSA Business to any other Person; or (iii) waive or relinquish any right, except in the ordinary
course of business consistent with past practices;

 

(c)              
it does not commence or settle any Proceeding other than: (i) for the routine collection of bills; (ii) in such cases where
it in good faith determines that failure to commence a suit would result in the material impairment of a valuable aspect of its
business (provided that it consults with the other party prior to the filing of such a suit); or (iii) for a breach of this Agreement;
and

 

Notwithstanding the
foregoing, Seller may take any action described in: (i) clauses “(a)” through “(c)” above if: (A) the Purchaser
gives its prior written consent to the taking of such action by such party; or (B) such action is expressly contemplated by this
Agreement; and (ii) Part 4.2 of the Seller Disclosure Schedule or the Purchaser Disclosure Schedule, as applicable, after consultation
with the other party.

 

4.3        
Filings and Consents. The Seller and the Purchaser shall use commercially reasonable efforts to take, or cause to
be taken, all actions necessary to consummate and make effective the Transactions as promptly as practicable after the date of
this Agreement. Without limiting the generality of the foregoing, each party to this Agreement: (i) shall make all filings (if
any) and give all notices (if any) required to be made and given by such party in connection with the Transactions; (ii) shall
use commercially reasonable efforts to obtain each Consent (if any) required to be obtained (pursuant to any applicable Legal Requirement
or Contract, or otherwise) by such party in connection with the Transactions; and (iii) shall use commercially reasonable efforts
to lift any restraint, injunction or other legal bar to the Transactions. Notwithstanding the foregoing, Seller’s obligation
to make any filing or give any notice under the Transactional Agreements or in connection with the Transactions shall be subject
to Seller’s compliance with its obligations as a publicly traded company and the rules or regulations of any securities exchange
on which the securities of Seller are listed or traded.

 

4.4         
Notification; Updates to Disclosure Schedules.

 

(a)              
During the Pre-Closing Period, the Seller and the Purchaser shall promptly notify the other party in writing of: (i) the
discovery by the Seller or the Purchaser, as applicable, of any event, condition, fact or circumstance that occurred or existed
on or prior to the date of this Agreement and that caused or constitutes a material breach of or an inaccuracy in any representation
or warranty made by the Seller or the Purchaser, as applicable, in this Agreement; (ii) any event, condition, fact or circumstance
that occurs, arises or exists after the date of this Agreement and that would cause or constitute a material breach of or an inaccuracy
in any representation or warranty made by the Seller or the Purchaser, as applicable, in this Agreement if: (A) such representation
or warranty had been made as of the time of the occurrence, existence or discovery of such event, condition, fact or circumstance;
or (B) such event, condition, fact or circumstance had occurred, arisen or existed on or prior to the date of this Agreement; (iii)
any material breach of any covenant or obligation of the Seller or the Purchaser, as applicable; and (iv) any event, condition,
fact or circumstance that would make the timely satisfaction of any of the conditions set forth in Section 5 impossible or unlikely.

 

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(b)              
If any event, condition, fact or circumstance that is required to be disclosed pursuant to Section 4.4(a) requires any change
in the Seller Disclosure Schedule or the Purchaser Disclosure Schedule, as applicable, or if any such event, condition, fact or
circumstance would require such a change assuming the Seller Disclosure Schedule or the Purchaser Disclosure Schedule, as applicable,
were dated as of the date of the occurrence, existence or discovery of such event, condition, fact or circumstance, then prior
to the fifth business day prior to the Closing Date, the Seller or the Purchaser, as applicable, shall promptly deliver to the
other party an update to the Seller Disclosure Schedule or the Purchaser Disclosure Schedule, as applicable, specifying such change.
No such update shall be deemed to supplement or amend the Seller Disclosure Schedule or the Purchaser Disclosure Schedule, as applicable,
for the purpose of: (i) determining the accuracy of any of the representations and warranties made by the Seller or the Purchaser,
as applicable, in this Agreement; or (ii) determining whether any of the conditions set forth in Section 5 has been satisfied.

 

4.5         
Consent of Stockholders. As promptly as practicable after the execution and delivery of this Agreement, the Purchaser
shall, in accordance with its Charter Documents and applicable Legal Requirements, provide to its respective stockholders appropriate
documents (if any) in connection with the obtaining of any necessary written consents of the stockholders of the Purchaser authorizing
the Transactions and waiving any advance notice provision applicable to any of the Transactions. Notwithstanding anything to the
contrary contained in this Agreement, any materials submitted to the Purchaser’s stockholders in connection with the Transactions,
if any, shall be subject to prior review and approval by the Seller (which approval shall not be unreasonably withheld).

 

4.6         
Efforts. During the Pre-Closing Period, the Seller and the Purchaser shall use commercially reasonable efforts to
cause the conditions set forth in Section 5 to be satisfied on a timely basis.

 

4.7         
Update to Outstanding Liabilities. At least two business days (and no more than five business days) prior to the
Closing, the Seller shall deliver to the Purchaser an update of Schedule 1.4(b), identifying each of the creditors of the
Seller, including lenders, trade creditors, employees and professional advisors, and the outstanding amount owed by the Seller,
to such creditor, as of the date on which such update is delivered and estimated to be owed as of the Closing.

 

4.8         
Notice to Certain Persons and Cooperation. The parties: (a) no later than the third business day following the date
of this Agreement, shall provide all Persons entitled to notice of any of the Transactions prior to the closing of the Transactions
with written notice of such Transactions; and (b) upon the request of the other party, shall use its reasonable efforts to obtain
waivers (in a form reasonably satisfactory to the other party) executed by all Persons described in clause “(a)” of
this sentence of the notice requirements described in clause “(a)” of this sentence (it being understood that waivers
shall not be required from any Person with respect to whom such notice period has been complied with). The Seller will use its
reasonable efforts to transfer (and cooperate with the Purchaser in any manner reasonably requested by the Purchaser to transfer)
all current customer orders of the Seller to the Purchaser in a non-disruptive fashion, and advise such customers to begin doing
business with the Purchaser following the Closing with regard to all Transferred Products or otherwise. Notwithstanding the foregoing,
Seller’s obligations under this Section 4.8 shall be subject to Seller’s compliance with its obligations as a publicly
traded company and the rules or regulations of any securities exchange on which the securities of Seller are listed or traded.

 

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4.9         
B-Tran Option. Upon the terms and subject to the conditions contained in this Agreement, the Seller shall provide
a three (3) year exclusive right to Purchaser to purchase the Seller’s “B-Tran” chips, which option period shall
commence upon commercial production of the same (the “B-Tran Option”). Subject to Purchaser or any of its Affiliates
meeting the Minimum Purchase Obligations (as defined below), during the B-Tran Option period, Seller shall not directly sell B-Tran
chips to third party OEM energy storage providers for use in energy storage applications for utility demand charge reduction in
commercial and industrial projects using power conversion systems between 5kW and 250kW per unit. The exclusivity granted hereunder
shall terminate in the event that the Purchaser or any of its Affiliates do not purchase B-Tran chips having an aggregate purchase
price of $200,000 or more in the first year of the B-Tran Option, or B-Tran chips having an aggregate purchase price of $300,000
or more in the second year of the B-Tran Option (the “Minimum Purchase Obligations”).

 

4.10       
Non-competition; Non-solicitation

 

(a)              
For a period of five (5) years commencing on the Closing Date (the “Restricted Period”), Seller shall
not, and shall not permit any of its Affiliates to, directly or indirectly, (i) engage in or assist others in engaging in the development,
distribution or sale of power conversion products that are similar or competitive to the Seller Products (the “Restricted
Business”); or (ii) have an interest in any Person that engages directly or indirectly in the Restricted Business in
any capacity, including as a partner, shareholder, member, employee, principal, agent, trustee or consultant; provided, however,
that Seller may own, directly or indirectly, solely as an investment, securities of any Person traded on any national securities
exchange if Seller is not a controlling Person of, or a member of a group which controls, such Person and does not, directly or
indirectly, own 5% or more of any class of securities of such Person.

 

(b)             
During the Restricted Period, Seller shall not, and shall not permit any of its Affiliates to, directly or indirectly, hire
or solicit any person identified on Schedule 4.10(b) during the Restricted Period, or encourage any such person to leave such employment
or service or hire any such person who has left such employment or service, except pursuant to a general solicitation which is
not directed specifically to any such persons.

 

(c)              
Seller acknowledges that a breach or threatened breach of this Section 4.10 would give rise to irreparable harm to the Purchaser,
for which monetary damages would not be an adequate remedy, and hereby agrees that in the event of a breach or a threatened breach
by Seller of any such obligations, the Purchaser shall, in addition to any and all other rights and remedies that may be available
to it in respect of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction, specific
performance and any other relief that may be available from a court of competent jurisdiction (without any requirement to post
bond).

 

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(d)              
Seller acknowledges that the restrictions contained in this Section 4.10 are reasonable and necessary to protect the legitimate
interests of the Purchaser and constitute a material inducement to the Purchaser to enter into this Agreement and consummate the
transactions contemplated by this Agreement. In the event that any covenant contained in this Section 4.10 should ever be adjudicated
to exceed the time, geographic, product or service or other limitations permitted by applicable Law in any jurisdiction, then any
court is expressly empowered to reform such covenant, and such covenant shall be deemed reformed, in such jurisdiction to the maximum
time, geographic, product or service or other limitations permitted by applicable Law. The covenants contained in this Section
4.10 and each provision hereof are severable and distinct covenants and provisions. The invalidity or unenforceability of any such
covenant or provision as written shall not invalidate or render unenforceable the remaining covenants or provisions hereof, and
any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenant or provision
in any other jurisdiction.

 

4.11       
Participation Rights. The Purchaser shall take any and all actions necessary or required to permit Seller to include
the Shares, on a pro rata basis in accordance with its percentage ownership, as part of or in connection with an offering of the
Purchaser’s capital stock to the public, or any sale of shares of the Purchaser’s capital stock to the Purchaser’s
other stockholders.

 

5.          
Conditions Precedent to Close.

 

5.1        
Conditions to Obligations of Purchaser. The Purchaser’s obligations to purchase the Transferred Assets and
to take the other actions required to be taken by the Purchaser at the Closing are subject to the satisfaction, at or prior to
the Closing, of each of the following conditions (any of which may be waived by the Purchaser, in whole or in part, in writing):

 

(a)              
Accuracy of Representations, Warranties and Covenants. Except as disclosed in the Seller Disclosure Schedule, (i)
each of the representations and warranties made by the Seller in this Agreement shall have been accurate in all material respects
as of the date of this Agreement, (ii) each of the representations and warranties made by the Seller in this Agreement shall be
accurate in all material respects as of the Closing Date as if made on and as of the Closing Date (except for such representations
and warranties which address matters only as of a particular time, which shall have been accurate in all material respects as of
such particular time), and (iii) all of the covenants and obligations that the Seller is required to comply with or to perform
at or prior to the Closing shall have been duly complied with and performed in all material respects.

 

(b)              
Governmental and Other Consents. Each of the Consents identified in Part 2.13 of the Seller Disclosure Schedule shall
have been obtained and shall be in full force and effect.

 

(c)              
No Material Adverse Effect. Between the date of this Agreement and the Closing Date, no event shall have occurred
or circumstance shall exist that has had (or would be reasonably expected to have) a Material Adverse Effect on the PPSA Business.

 

(d)              
Sublease. The Purchaser shall have entered into a valid and binding Sublease Agreement in the form of Exhibit
C, with Seller (“Sublease Agreement”).

 

(e)              
Release of Liens. The Purchaser shall have received evidence satisfactory to it of the release by any Person who
held a security interest in the Transferred Assets of all Encumbrances on the Transferred Assets, except as set forth in Part 2.3
of the Seller Disclosure Schedule, and there shall not be any other Encumbrance on any of the Transferred Assets (other than any
liens for sales Taxes that are imposed by law and that are not in excess of $1,000 in the aggregate).

 

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(f)               
Agreements and Documents. The Purchaser shall have received the following agreements and documents:

 

     (i)              
a Bill of Sale and Assignment Agreement in the form of Exhibit B (the “Bill of Sale”), duly executed
by Seller;

 

     (ii)             
recordable assignment agreements with respect to the Transferred Patents and Transferred IP and such bills of sale, endorsements,
assignments, business transfer agreements and other documents as may reasonably be necessary or appropriate to assign, convey,
transfer and deliver to the Purchaser or a Purchaser Affiliate good and valid title to the Transferred Assets;

 

     (iii)           
a certificate duly executed on behalf of the Seller by the chief executive officer of the Seller and containing the representation
and warranty of the Seller that the conditions set forth in Sections 5.1(a) and 5.1(f) have been duly satisfied (the “Seller
Closing Certificate”);

 

     (iv)           
a certified copy of resolutions of the Seller’s board of directors and shareholders pursuant to which the board of
directors and shareholders approve this Agreement and the transactions contemplated hereby; and

 

     (v)            
evidence in form and substance satisfactory to the Purchaser that each other Seller Employee has properly assigned all Intellectual
Property and Intellectual Property Rights included in the Transferred Assets.

 

(g)              
No Restraints. No temporary restraining order, preliminary or permanent injunction or other order preventing the
consummation of any of the Transactions shall have been issued by any court of competent jurisdiction and remain in effect, and
there shall not be any Legal Requirement enacted or deemed applicable to any of the Transactions that makes consummation of the
Transactions illegal.

 

5.2        
Conditions to Obligations of Seller. The obligations of the Seller to cause the Transferred Assets to be sold and
to take the other actions required to be taken by the Seller at the Closing are subject to the satisfaction (or waiver), at or
prior to the Closing, of the following conditions:

 

(a)              
Accuracy of Representations, Warranties and Covenants. Except as disclosed in the Purchaser Disclosure Schedule,
(i) each of the representations and warranties made by the Purchaser in this Agreement shall have been accurate in all material
respects as of the date of this Agreement, (ii) each of the representations and warranties made by the Purchaser in this Agreement
shall be accurate in all material respects as of the Closing Date as if made on and as of the Closing Date (except for such representations
and warranties which address matters only as of a particular time, which shall have been accurate in all material respects as of
such particular time), and (iii) all of the covenants and obligations that the Purchaser is required to comply with or to perform
at or prior to the Closing shall have been complied with and performed in all material respects.

 

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(b)              
Documents. The Seller shall have received the following agreements and documents:

 

     (i)              
the Assumption Agreement, duly executed by the Purchaser;

 

     (ii)             
a certificate duly executed on behalf of the Purchaser by the chief executive officer of the Purchaser and containing the
representation and warranty of the Purchaser that the conditions set forth in Sections 5.2(a), 5.2(c) and 5.2(d) have been duly
satisfied (the “Purchaser Closing Certificate”);

 

     (iii)            
a Sublease Agreement in the form of Exhibit C, duly executed by the Purchaser.

 

(c)              
No Restraints. No temporary restraining order, preliminary or permanent injunction or other order preventing the
consummation of any of the Transactions shall have been issued by any court of competent jurisdiction and remain in effect, and
there shall not be any Legal Requirement enacted or deemed applicable to any of the Transactions that makes consummation of any
of the Transactions illegal.

 

(d)              
MOU Payments. All amounts due and payable by Purchaser to Seller pursuant to the terms of the MOU shall have been
paid in full.

 

6.         
Termination.

 

6.1         
Termination Events. This Agreement may be terminated prior to the Closing:

 

(a)              
by the mutual written consent of the Purchaser and the Seller;

 

(b)              
by either the Purchaser or the Seller if: (i) a court of competent jurisdiction or other Governmental Body shall have issued
a final and non-appealable order, decree or ruling, or shall have taken any other action, having the effect of permanently restraining,
enjoining or otherwise prohibiting the Transactions; or (ii) there shall be any Legal Requirement enacted, promulgated, issued
or deemed applicable to any of the Transactions by any Governmental Body that would make consummation of any of the Transactions
illegal;

 

(c)              
by the Purchaser if: (i) any of the representations and warranties of the Seller contained in this Agreement shall be materially
inaccurate as of the date of this Agreement, or shall have become materially inaccurate as of a date subsequent to the date of
this Agreement, such that the condition set forth in Section 5.1(a) would not be satisfied; or (ii) any of the covenants of the
Seller contained in this Agreement shall have been materially breached such that the condition set forth in Section 5.1(a) would
not be satisfied; provided, however, that if an inaccuracy in any of the representations and warranties of the Seller as
of a date subsequent to the date of this Agreement or a breach of a covenant by the Seller is curable by the Seller through the
use of reasonable efforts within 30 days after the Purchaser notifies the Seller in writing of the existence of such inaccuracy
or breach (the “Seller Cure Period”), then the Purchaser may not terminate this Agreement under this Section
6.1(d) as a result of such inaccuracy or breach prior to the expiration of the Seller Cure Period, provided the Seller, during
the Seller Cure Period, continues to exercise reasonable efforts to cure such inaccuracy or breach (it being understood that the
Purchaser may not terminate this Agreement pursuant to this Section 6.1(d) with respect to such inaccuracy or breach if such inaccuracy
or breach is cured prior to the expiration of the Seller Cure Period); or

 

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(d)              
by the Seller if: (i) any of the Purchaser’s representations and warranties contained in this Agreement shall be materially
inaccurate as of the date of this Agreement, or shall have become materially inaccurate as of a date subsequent to the date of
this Agreement, such that the condition set forth in Section 5.2(a) would not be satisfied; or (ii) if any of the Purchaser’s
covenants contained in this Agreement shall have been materially breached such that the condition set forth in Section 5.2(a) would
not be satisfied; provided, however, that if an inaccuracy in any of the Purchaser’s representations and warranties as of
a date subsequent to the date of this Agreement or a breach of a covenant by the Purchaser is curable by the Purchaser through
the use of reasonable efforts within 30 days after the Seller notifies the Purchaser in writing of the existence of such inaccuracy
or breach (the “Purchaser Cure Period”), then the Seller may not terminate this Agreement under this Section
6.1(e) as a result of such inaccuracy or breach prior to the expiration of the Purchaser Cure Period, provided the Purchaser, during
the Purchaser Cure Period, continues to exercise reasonable efforts to cure such inaccuracy or breach (it being understood that
the Seller may not terminate this Agreement pursuant to this Section 6.1(e) with respect to such inaccuracy or breach if such inaccuracy
or breach is cured prior to the expiration of the Purchaser Cure Period).

 

6.2        
Termination Procedures. If the Purchaser wishes to terminate this Agreement pursuant to Section 6.1(b) or Section
6.1(c), the Purchaser shall deliver to the Seller a written notice stating that the Purchaser is terminating this Agreement and
setting forth a brief description of the basis on which the Purchaser is terminating this Agreement. If the Seller wishes to terminate
this Agreement pursuant to Section 6.1(b) or Section 6.1(d), the Seller shall deliver to the Purchaser a written notice stating
that the Seller is terminating this Agreement and setting forth a brief description of the basis on which the Seller is terminating
this Agreement.

 

6.3        
Effect of Termination. If this Agreement is terminated pursuant to Section 6.1, all further liability or obligations
of the parties under this Agreement shall terminate; provided, however, that: (a) neither the Seller nor the Purchaser shall
be relieved of any obligation or liability arising from any prior breach by such party of any provision of this Agreement; and
(b) the parties shall, in all events, remain bound by and continue to be subject to the provisions set forth in this Section 6.3
and Section 9.

 

7.          
Indemnification, Etc.

 

7.1        
Survival of Representations, Etc. Except for Fundamental Representations, which shall survive indefinitely and without
time limit, the representations and warranties made by the parties in this Agreement (including the representations and warranties
set forth in the Seller Closing Certificate and the Purchaser Closing Certificate) shall survive the Closing until 11:59 p.m. Texas
time on the date that is twelve (12) months following the Closing Date (the “Representation Survival Time”)
and shall thereafter terminate; provided, however, that if, at any time prior to the Representation Survival Time, a party
delivers to the other party a written notice asserting a claim for a breach of such representations and warranties, then the claim
asserted in such notice shall survive the Representation Survival Time until such time as such claim is fully and finally resolved.

 

    	Confidential Information	Page 22 of 39 

     

    

 

7.2         
Indemnification By Seller. Subject to the other terms and conditions of this Article VII, Seller shall indemnify
and defend the Purchaser and its Affiliates and their respective Representatives (collectively, the “Purchaser Indemnitees”)
against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Damages
incurred or sustained by, or imposed upon, the Indemnitees based upon, arising out of, with respect to or by reason of:

 

(a)                any
inaccuracy in or breach of any of the representations or warranties of Seller contained in this Agreement, the other Transaction
Documents or in any certificate or instrument delivered by or on behalf of Seller pursuant to this Agreement, as of the date such
representation or warranty was made or as if such representation or warranty was made on and as of the Closing Date (except for
representations and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined
with reference to such specified date);

 

(b)               
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller pursuant to this Agreement,
the other Transaction Documents or any certificate or instrument delivered by or on behalf of Seller pursuant to this Agreement;

 

(c)               
any Excluded Asset or any Excluded Liability;

 

(d)               
any Third-Party Claim based upon, resulting from or arising out of the business, operations, properties, assets or
obligations of Seller or any of its Affiliates (other than the Transferred Assets or Assumed Liabilities) conducted, existing or
arising on or prior to the Closing Date; or

 

(e)               
any Matter set forth on Schedule 7.2 of the Seller Disclosure Schedule.

 

7.3         
Indemnification by Purchaser. Subject to the other terms and conditions of this Article VII, Purchaser shall indemnify
and defend the Seller and its Affiliates and their respective Representatives (collectively, the “Seller Indemnitees”)
against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Damages
incurred or sustained by, or imposed upon, the Indemnitees based upon, arising out of, with respect to or by reason of:

 

(a)               
any inaccuracy in or breach of any of the representations or warranties of Purchaser contained in this Agreement, the other
Transaction Documents or in any certificate or instrument delivered by or on behalf of Purchaser pursuant to this Agreement, as
of the date such representation or warranty was made or as if such representation or warranty was made on and as of the Closing
Date (except for representations and warranties that expressly relate to a specified date, the inaccuracy in or breach of which
will be determined with reference to such specified date);

 

(b)               
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Purchaser pursuant to this Agreement,
the MOU, the other Transaction Documents or any certificate or instrument delivered by or on behalf of Purchaser pursuant to this
Agreement; or

 

(c)               
any Assumed Liability.

 

    	Confidential Information	Page 23 of 39 

     

    

 

7.4         
Limitations.

 

(a)               
An Indemnifying Party shall not be required to make any indemnification payment pursuant to Section 7.2 until such time
as the total amount of all Damages that have been suffered or incurred by any one or more of the Indemnitees, or to which any one
or more of the Indemnitees has or have otherwise become subject, exceeds $50,000 in the aggregate. If the total amount of such
Damages exceeds $50,000 in the aggregate, then the Indemnitees shall be entitled to be indemnified against and compensated and
reimbursed for the entire amount of such Damages, and not merely the portion of such Damages exceeding $50,000; provided,
however, that an Indemnifying Party shall not be liable to any Indemnitee for any lost profits, diminution of
value, special, exemplary, punitive, incidental or consequential damages, or damages calculated as a multiple of company revenue,
profits or similar metrics.

 

(b)              
Except for claims for indemnification pursuant to Section 7.2(e), an Indemnifying Party’s indemnification obligations
under this Article VII shall not exceed an amount equal to $400,000 (four hundred thousand dollars).

 

7.5         
Indemnification Procedure; Defense of Third-Party Claims.

 

(a)              
Whenever any Damages shall be asserted against or incurred by any Indemnitee, such Indemnitee (or, if not a party, the party
that is related to such Indemnitee) (the “Indemnified Party”), shall give written notice thereof (an “Indemnification
Claim”) to the Indemnifying Party. The Indemnified Party shall furnish to the Indemnifying Party in reasonable detail
such information as the Indemnified Party may have with respect to the Indemnification Claim (including in any case copies of any
summons, complaint or other pleading that may have been served on it and any written claim, demand, invoice, billing or other document
evidencing or asserting the same). The failure to give such notice shall not relieve the Indemnifying Party of any of its indemnification
obligations under this Agreement unless (and then only to the extent that) such failure materially and adversely affects the ability
of the Indemnifying Party to defend against the Indemnification Claim.

 

(b)              
If the Indemnification Claim is based on a claim of a Person that is not a party to this Agreement, the Indemnifying Party
shall be entitled, but not obligated, to undertake the defense of such Indemnification Claim, with counsel of its own choice (such
counsel being subject to written approval by the Indemnified Party, which approval shall not be unreasonably withheld or delayed),
with the Indemnifying Party having the right to control the defense and settlement of such Indemnification Claim; provided,
however, that (i) the Indemnifying Party shall use commercially reasonable efforts in its defense of any such Indemnification
Claim; (ii) each Indemnified Party shall have the right to participate in the defense of such matter with counsel of its own choice,
but not to determine or conduct any negotiation of settlement, adjustment or compromise with respect to any such Indemnification
Claim, and the fees and expenses of such counsel shall be at the expense of the Indemnified Party; and (iii) the Indemnified Party
shall approve in writing (such approval not to be unreasonably withheld or delayed) any settlement or compromise, or any consent
to the entry of any judgment with respect to the Indemnification Claim. To the extent requested by the Indemnifying Party, each
Indemnified Party agrees to reasonably cooperate with the Indemnifying Party and its counsel in connection with the Indemnification
Claim, provided that the Indemnifying Party shall reimburse the Indemnified Party for any direct out-of-pocket expenses and direct
internal labor expenses, at Purchaser’s cost, in each case associated with such cooperation. Each Indemnified Party and the
Indemnifying Party shall use reasonable efforts to keep the other party informed at all times as to the status of its efforts with
respect to any Indemnification Claim covered hereby and to consult with the other party concerning its efforts. In the event that
the Indemnifying Party does not undertake the defense of any Indemnification Claim, (i) each Indemnified Party shall have the right
to participate in the defense of such matter with counsel of its own choice and the fees and expenses of such counsel shall be
at the expense of such Indemnified Party and (ii) Indemnifying Party shall have the right to approve in writing (such approval
not to be unreasonably withheld or delayed) any settlement or compromise, or any consent to the entry of any judgment with respect
to the Indemnification Claim.

 

    	Confidential Information	Page 24 of 39 

     

    

 

8.          
Employee Matters.

 

8.1         
Responsibility for Employment Liabilities and Claims. The Seller shall be fully responsible for any and all Liabilities
and Claims arising out of or relating to: (a) the Seller’s employment or termination of employment of any Seller Employee,
and (b) the Seller Plans (collectively, the “Retained Employment Liabilities”). Retained Employment Liabilities
also shall include any Liabilities and Claims relating to change in control agreements, severance payments, 280G payments and excise
Taxes, sale bonuses and other retention arrangements established by the Seller regardless of whether such Liabilities and Claims
arise before, on or after the Closing Date.

 

8.2         
401(k) Plan. Effective as of the Closing Date, the Seller shall permit each Proposed Employee who timely accepts
an offer of employment extended to such individual by Purchaser or a Purchaser Affiliate in connection with the Transactions (each
a “Hired Employee”) to: (a) elect a distribution of his or her account balance in the Seller 401(k) Plan, pursuant
to the provisions thereof, or (b) elect to retain his/her account balance in the Seller 401(k) Plan.

 

8.3         
Workers Compensation. Responsibility for workers compensation Claims of Seller Employees arising out of conditions
having a date of injury (or, in the case of a Claim relating to occupational illness or disease, the last significant exposure)
prior to or on the Closing Date shall remain with the Seller. The Purchaser shall have responsibility for workers compensation
Claims of former Seller Employees hired by Purchaser arising out of conditions having a date of injury (or, in the case of a claim
relating to occupational illness or disease, the last significant exposure) after the Closing Date.

 

8.4         
Prior Contracts. As of the Closing, the Seller shall terminate, waive and release its rights under any covenants
regarding noncompetition, non-solicitation, conflicting obligations and other similar rights under any Contracts with Seller Employees
hired by Purchaser solely to the extent necessary to allow the Purchaser to operate the PPSA Business post-Closing.

 

    	Confidential Information	Page 25 of 39 

     

    

 

9.          
Miscellaneous Provisions.

 

9.1         
Further Actions. From and after the Closing Date, the Seller shall cooperate with the Purchaser and the Purchaser’s
Representatives and shall execute and deliver such documents and take such other actions as the Purchaser may reasonably request,
for the purpose of evidencing the Transactions and putting the Purchaser in possession and control of all of the Transferred Assets.
To the extent that the Seller has been unable to obtain any Consent that the Purchaser reasonably deems necessary to be obtained
for the transfer to the Purchaser of any of the Transferred Assets by the Closing Date, the Seller shall use its reasonable efforts
to obtain such Consent as promptly as practicable thereafter. Until such Consent is obtained, the Seller shall cooperate, and shall
use its reasonable efforts to cause its Representatives to cooperate, with the Purchaser in any lawful arrangement designed to
provide the Purchaser with the benefits of such Transferred Assets at no cost to the Purchaser in excess of the cost the Purchaser
would have incurred (without modification to the terms of the Contract) if the Consent had been obtained. The Seller hereby irrevocably
nominates, constitutes and appoints the Purchaser as the true and lawful attorney-in-fact of the Seller, solely with respect to
the transfer of the Transferred Assets to Purchaser, (with full power of substitution) effective as of the Closing Date, and hereby
authorizes the Purchaser, solely with respect to the transfer of the Transferred Assets to Purchaser, in the name of and on behalf
of the Seller, to execute, deliver, acknowledge, certify, file and record any document, to institute and prosecute any Proceeding
and to take any other action (on or at any time after the Closing Date) that the Purchaser may deem reasonably appropriate for
the purpose of: (a) collecting, asserting, enforcing or perfecting any Claim, right or interest of any kind that is included in
or relates to any of the Transferred Assets; (b) defending or compromising any Claim or Proceeding relating to any of the Transferred
Assets; or (c) otherwise carrying out or facilitating any of the Transactions, provided, however, that Purchaser shall provide
Seller with written notice of any such action within the period that is five (5) business days prior to taking such action. The
power of attorney referred to in the preceding sentence is and shall be coupled with an interest and shall be irrevocable and shall
survive the dissolution or insolvency of the Seller.

 

9.2         
Continuing Access to Information. Following the Closing, the Seller shall make its Representatives reasonably available
to the Purchaser at reasonable times to answer questions related to the Transferred Assets and the PPSA Business as conducted pre-Closing
by the Seller.

 

9.3         
Publicity. The Seller and the Purchaser shall ensure that, on and at all times during the Pre-Closing Period and
after the Closing Date: (a) no press release, public statement or other publicity concerning any of the Transactions is issued
or otherwise disseminated by or on behalf of the other party or any of the Representatives of the other party without the other
party’s prior written consent (such consent not to be unreasonably withheld or delayed); (b) the Seller and the Seller’s
Representatives or the Purchaser and the Purchaser’s Representatives, as applicable, continue to keep the terms of this Agreement
and the other Transactional Agreements strictly confidential; provided, however, that the existence and terms of this Agreement
and the other Transactional Agreements may be disclosed to the extent required by law; and (c) the Seller and the Representatives
of the Seller or the Purchaser and the Purchaser’s Representatives, as applicable, keep strictly confidential, and do not
use or disclose to any other Person, any non-public document or other information that relates to the Agreement, the Transactions
or Transferred Assets. During the Pre-Closing Period, except as expressly contemplated by this Agreement, each party will use all
reasonable efforts to consult with the other party prior to issuing any press release or making any public statement regarding
this Agreement or the Transactions, subject in all cases to Seller’s compliance with its obligations as a publicly traded
company and the rules or regulations of any securities exchange on which the securities of Seller are listed or traded.

 

    	Confidential Information	Page 26 of 39 

     

    

 

 

9.4             
Fees and Expenses. The parties shall each bear and pay their own fees, costs and expenses that have been incurred
or that are in the future incurred in connection with: (i) the negotiation, preparation and review of this Agreement (including
the Seller Disclosure Schedule and the Purchaser Disclosure Schedule), the other Transactional Agreements and all bills of sale,
assignments, certificates and other instruments and documents delivered or to be delivered in connection with the Transactions;
(ii) the preparation and submission of any filing or notice required to be made or given in connection with any of the Transactions,
and the obtaining of any Consent required to be obtained in connection with any of the Transactions; and (iii) the consummation
and performance of the Transactions.

 

9.5             
Attorneys’ Fees. If any Proceeding relating to this Agreement or the enforcement of any provision of this Agreement
is brought against any party to this Agreement, the prevailing party shall be entitled to recover reasonable attorneys’ fees,
costs and disbursements (in addition to any other relief to which the prevailing party may be entitled).

 

9.6             
Notices. Any notice or other communication required or permitted to be delivered to any party under this Agreement
shall be in writing and shall be deemed properly delivered, given and received: (a) when delivered by hand; or (b) the third business
day after sent by registered mail or by courier or express delivery service, in any case to the address set forth beneath the name
of such party below (or to such other address as such party shall have specified in a written notice given to the other parties
hereto):

 

If to Purchaser:

 

CE+T Energy Solutions, Inc.

300 Shawnee North Drive

Suite 700

Suwanee, GA 30024

Attention: Mario Barbaresso

 

with a copy delivered by email
to m.barbaresso@cet-power.com

 

If to the Seller:

 

Ideal Power Inc.

4120 Freidrich Lane, Suite 100

Austin, TX 78744

Attention: Timothy Burns

 

with a copy delivered by email
to tim.burns@idealpower.com and lon.bell@idealpower.com

 

    	Confidential Information	Page 27 of 39 

     

    

 

9.7             
Headings. The bold-faced headings contained in this Agreement are for convenience of reference only, shall not be
deemed to be a part of this Agreement and shall not be referred to in connection with the construction or interpretation of this
Agreement.

 

9.8             
Counterparts and Exchanges by Electronic Transmission. This Agreement may be executed in separate counterparts, each
of which shall constitute an original and all of which, when taken together, shall constitute one agreement. The exchange of a
fully executed Agreement (in counterparts or otherwise) by electronic transmission shall be sufficient to bind the parties to the
terms and conditions of this Agreement.

 

9.9             
Governing Law; Venue.

 

(a)              
This Agreement shall be construed in accordance with, and governed in all respects by, the internal laws of the State of
Delaware (without giving effect to principles of conflicts of laws).

 

(b)              
Except as otherwise provided in in Section 9.9(c), any Proceeding relating to this Agreement or the enforcement of any provision
of this Agreement (including a Proceeding based upon intentional misrepresentation, willful misconduct or fraud) may be brought
or otherwise commenced in any state or federal court located in the State of Delaware. Each party to this Agreement: (i) expressly
and irrevocably consents and submits to the jurisdiction of each state and federal court located in the State of Delaware (and
each appellate court located in the State of Delaware) in connection with any such Proceeding; (ii) agrees that each state and
federal court located in the State of Delaware shall be deemed to be a convenient forum; and (iii) agrees not to assert (by way
of motion, as a defense or otherwise), in any such Proceeding commenced in any state or federal court located in the State of Delaware,
any claim that such party is not subject personally to the jurisdiction of such court, that such Proceeding has been brought in
an inconvenient forum, that the venue of such proceeding is improper or that this Agreement or the subject matter of this Agreement
may not be enforced in or by such court.

 

9.10         
Successors and Assigns; Parties in Interest.

 

(a)              
This Agreement shall be binding upon the Seller and its successors and assigns (if any) and the Purchaser and its successors
and assigns (if any). This Agreement shall inure to the benefit of the Seller, the Purchaser, the other Indemnitees, and the respective
successors and assigns (if any) of the foregoing.

 

(b)              
Neither the Seller nor the Purchaser shall be permitted to assign any of its rights or delegate any of its obligations under
this Agreement without the other party’s prior written consent.

 

(c)              
None of the provisions of this Agreement is intended to provide any rights or remedies to any Person other than the parties
to this Agreement and the Indemnitees and their respective successors and assigns (if any).

 

9.11         
Waiver. No failure on the part of any Person to exercise any power, right, privilege or remedy under this Agreement,
and no delay on the part of any Person in exercising any power, right, privilege or remedy under this Agreement, shall operate
as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or
remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. No Person shall
be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under this Agreement,
unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed
and delivered on behalf of such Person; and any such waiver shall not be applicable or have any effect except in the specific instance
in which it is given.

 

    	Confidential Information	Page 28 of 39 

     

    

 

9.12         
Amendments. This Agreement may not be amended, modified, altered or supplemented other than by means of a written
instrument duly executed and delivered on behalf of the Purchaser and the Seller.

 

9.13         
Severability. In the event that any provision of this Agreement, or the application of any such provision to any
Person or set of circumstances, shall be determined to be invalid, unlawful, void or unenforceable to any extent, the remainder
of this Agreement, and the application of such provision to Persons or circumstances other than those as to which it is determined
to be invalid, unlawful, void or unenforceable, shall not be impaired or otherwise affected and shall continue to be valid and
enforceable to the fullest extent permitted by law.

 

9.14         
Entire Agreement. The Transactional Agreements set forth the entire understanding of the parties relating to the
subject matter thereof and supersede all prior agreements and understandings among or between any of the parties relating to the
subject matter thereof, including, without limitation that certain Letter of Intent entered into by the Purchaser and the Seller
on or about June 27, 2019.

 

9.15         
Disclosure Schedules. The Seller Disclosure Schedule and the Purchaser Disclosure Schedule shall each be arranged
in separate parts corresponding to the numbered and lettered sections contained herein permitting such disclosure, and the information
disclosed in any numbered or lettered part shall be deemed to relate to and to qualify only the particular representation or warranty
set forth in the corresponding numbered or lettered section herein permitting such disclosure.

 

9.16         
Construction.

 

(a)              
For purposes of this Agreement, whenever the context requires: the singular number shall include the plural, and vice versa;
the masculine gender shall include the feminine and neuter genders; the feminine gender shall include the masculine and neuter
genders; and the neuter gender shall include the masculine and feminine genders.

 

(b)              
The parties hereto agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting
party shall not be applied in the construction or interpretation of this Agreement.

 

(c)              
As used in this Agreement, the words “include” and “including,” and variations thereof, shall not
be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.”

 

(d)              
Except as otherwise indicated, all references in this Agreement to “Sections,” “Schedules” and “Exhibits”
are intended to refer to Sections of this Agreement and Schedules and Exhibits to this Agreement.

 

[Remainder of page intentionally left
blank]

 

    	Confidential Information	Page 29 of 39 

     

    

 

The parties to this Agreement have caused
this Agreement to be executed and delivered as of the date first written above.

 

	 	 	CE+T
    ENERGY SOLUTIONS, INC.
	 	 	a
    Delaware corporation
	 	 	 
	 	 	By: 	/s/ Mario Barbaresso
	 	 	Name: 	Mario Barbaresso
	 	 	Title: 	CEO / President
	 	 	 
	 	 	IDEAL
    POWER INC.
	 	 	a
    Delaware corporation
	 	 	 
	 	 	By: 	/s/ Lon E. Bell
	 	 	Name: 	Lon E. Bell
	 	 	Title: 	CEO / President

  

    	Confidential Information	Page 30 of 39 

     

    

 

Confidential 

Exhibit
A

 

CERTAIN DEFINITIONS

 

For purposes of the
Agreement (including this Exhibit A):

 

Affiliate. “Affiliate”
means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under
common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee
of such Person, or any venture capital fund or registered investment company now or hereafter existing that is controlled by one
or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser
with, such Person.

 

Agreement. “Agreement”
means the Asset Purchase Agreement to which this Exhibit A is attached (including the Seller Disclosure Schedule and the
Purchaser Disclosure Schedule), as it may be amended from time to time.

 

Business of the
Purchaser. “Business of the Purchaser” means the business of the Purchaser as now being conducted and as
presently proposed to be conducted.

 

Charter Documents.
“Charter Documents” means with respect to any particular entity, the certificate of incorporation and bylaws
or equivalent governing documents, including all amendments thereto.

 

Claim. “Claim”
means and includes all past, present and future disputes, claims, controversies, demands, rights, obligations, liabilities, actions
and causes of action of every kind and nature, including: (a) any unknown, unsuspected or undisclosed claim; and (b) any claim,
right or cause of action based upon any breach of any Contract.

 

Click-Though IP.
“Click-Through IP” means Intellectual Property licensed to the Seller comprising widely-available commercial
software products and services that are licensed on a “software-as-a-service” or web-based basis pursuant to a non-exclusive,
internal-use license and are generally available on standard terms for less than $5,000.

 

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

 

Consent. “Consent”
means any approval, consent, ratification, permission, waiver or authorization (including any Governmental Authorization).

 

Contract. “Contract”
means any written, oral, implied or other agreement, contract, subcontract, lease, understanding, arrangement, instrument, note,
warranty, insurance policy, benefit plan or legally binding commitment or undertaking of any nature.

 

Damages. “Damages”
means any and all liabilities, losses, damages, claims, costs and expenses, interest, awards, judgments or penalties (including
legal fees and expenses, but in all cases, excluding lost profits, diminution of value, special, exemplary, punitive, incidental
or consequential damages, and damages calculated as a multiple of company revenue, profits or similar metrics).

 

     

     

    

 

Encumbrance.
“Encumbrance” means, other than Permitted Encumbrances, any lien, pledge, hypothecation, charge, mortgage, security
interest, encumbrance, equity, trust, equitable interest, claim, preference, right of possession, lease, tenancy, license, encroachment,
covenant, infringement, interference, order, proxy, option, right of first refusal, preemptive right, community property interest,
legend, defect, impediment, exception, reservation, limitation, impairment, imperfection of title, condition or restriction of
any nature (including any restriction on the transfer of any asset, any restriction on the receipt of any income derived from any
asset, any restriction on the use of any asset and any restriction on the possession, exercise or transfer of any other attribute
of ownership of any asset).

 

Entity. “Entity”
means any corporation (including any non-profit corporation), general partnership, limited partnership, limited liability partnership,
joint venture, estate, trust, cooperative, foundation, society, political party, union, company (including any limited liability
company or joint stock company), firm or other enterprise, association, organization or entity.

 

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

 

ERISA Affiliate.
“ERISA Affiliate” means any entity that, along with the Seller, is a member of a group described in Section
414(b), (c), (m) or (o) of the Code.

 

Fundamental Representations.
“Fundamental Representations” means the representations and warranties set forth in Section 2.1 (Due Organization)
and Section 2.3 (Title to Assets).

 

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

 

Governmental Authorization.
“Governmental Authorization” means any: (a) permit, license, certificate, franchise, permission, clearance,
registration, qualification or authorization issued, granted, given or otherwise made available by or under the authority of any
Governmental Body or pursuant to any Legal Requirement; or (b) right under any Contract with any Governmental Body.

 

Governmental Body.
“Governmental Body” means any: (a) nation, state, commonwealth, province, territory, county, municipality, district
or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; or (c) governmental or
quasi-governmental authority of any nature (including any governmental division, department, agency, commission, instrumentality,
official, organization, unit, body or Entity and any court or other tribunal).

 

Indemnitees.
“Indemnitees” means the Seller Indemnitees or the Purchaser Indemnitees as the case may be.

 

Indemnifying Party.
“Indemnifying Party” means Seller or Purchaser as the case may be.

 

Intellectual Property.
“Intellectual Property” means algorithms, apparatus, databases, data collections, diagrams, formulae, system
designs, hardware (including hardware in native design file format) inventions (whether or not patentable), know-how, logos, marks
(including brand names, product names, logos, and slogans), network configurations and architectures, methods and processes (including
manufacturing methods, sales methodologies and processes, user operation manuals, training methods and similar methods and processes),
proprietary information, protocols, schematics, specifications, software, software code (in any form, including source code and
executable or object code), subroutines, techniques, user interfaces, URLs, web sites, works of authorship and other forms of technology
(whether or not embodied in any tangible form and including all tangible embodiments of the foregoing, such as instruction manuals,
laboratory notebooks, prototypes, samples, studies and summaries).

 

     

     

    

 

Intellectual Property
Rights. “Intellectual Property Rights” means all rights of the following types, which may exist or be created
under the laws of any jurisdiction in the world: (a) rights associated with works of authorship, including exclusive exploitation
rights, copyrights and moral rights; (b) trademark and trade name rights and similar rights; (c) trade secret rights; (d) patent
and industrial property rights; (e) other proprietary rights in Intellectual Property; and (f) rights in or relating to registrations,
renewals, extensions, combinations, divisions, and reissues of, and applications for, any of the rights referred to in clauses
“(a)” through “(e)” above.

 

Knowledge. The
partiers are deemed to have “Knowledge” of a particular fact or other matter if: (a) in the case of the Seller,
if Lon Bell or Timothy Burns is actually aware of such fact or other matter; or (b) in the case of Purchaser, if Mario Barbaresso
is actually aware of such fact or other matter.

 

Legal Requirement.
“Legal Requirement” means any federal, state, local, municipal, foreign or other law, statute, constitution,
principle of common law, resolution, ordinance, code, edict, decree, rule, regulation, ruling or requirement issued, enacted, adopted,
promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Body.

 

Liability. “Liability”
means any debt, obligation, duty or liability of any nature (including any unknown, undisclosed, unmatured, unaccrued, unasserted,
contingent, indirect, conditional, implied, vicarious, derivative, joint, several or secondary liability), regardless of whether
such debt, obligation, duty or liability would be required to be disclosed on a balance sheet prepared in accordance with GAAP
and regardless of whether such debt, obligation, duty or liability is immediately due and payable.

 

Material Adverse
Effect. A violation or other matter will be deemed to have a “Material Adverse Effect” on the Seller or
the Purchaser (and a “Material Adverse Effect” will be deemed to have occurred) if such violation or other matter
(considered together with all other matters that would constitute exceptions to the representations and warranties set forth in
the Agreement but for the presence of “Material Adverse Effect” or other materiality qualifications, or any
similar qualifications, in such representations and warranties) would, or would reasonably be expected to, have a material adverse
effect on, in the case of the Seller, the financial condition, results of operations, assets or properties of the PPSA Business
for any reason, including as a result of the transactions contemplated by this Agreement, other than those resulting from industry-wide
conditions or general economic conditions affecting the industry in which the Business is conducted, or, in the case of the Purchaser,
the financial condition, results of operations, assets or properties of the Business of the Purchaser for any reason, including
as a result of the transactions contemplated by this Agreement, other than those resulting from industry-wide conditions or general
economic conditions affecting the industry in which the Business of the Purchaser is conducted or the ability of the Purchaser
to consummate the Transactions on a timely basis.

 

     

     

    

 

Matter. “Matter”
means the matter set forth on Schedule 7.2 of the Seller Disclosure Schedule.

 

MOU. “MOU”
means that certain Memorandum of Understanding by and between Seller and the Purchaser (as defined therein) effective as of July
22, 2019, as amended August 30, 2019 and September 9, 2019.

 

Open Source License.
“Open Source License” means (a) any so-called “open source,” “copyleft,” “freeware,”
or “general public” license (including the GNU General Public License (GPL), GNU Lesser General Public License (LGPL),
the GNU Affero General Public License, Mozilla Public License (MPL), BSD licenses, the Artistic License (e.g., PERL), the Netscape
Public License, the Sun Community Source License (SCSL) the Sun Industry Standards License (SISL), QT Free Edition License, IBM
Public License, Bitkeeper, and the Apache License); (b) any license that is substantially similar to those listed at http://www.opensource.org/licenses/;
and (c) any license that (i) requires the licensor to permit reverse-engineering of the licensed technology (such as software)
or other technology incorporated into, derived from, or distributed with such licensed technology or (ii) requires the licensed
technology or other technology incorporated into, derived from, or distributed with such licensed technology (A) be distributed
in source code form, (B) be licensed for the purpose of making modifications or derivative works, (C) be distributed at no charge,
or (D) be distributed with certain notices or licenses (e.g., copyright notices or warranty disclaimers).

 

PPSA Business.
Means the Power Conversion Systems Business, which is the division of Ideal Power focused on the design, marketing and sale of
electrical power conversion products utilizing a proprietary technology called Power Packing Switching ArchitectureTM, or
PPSATM. The PPSA Business does not include the B-Tran division, business or assets.

 

Permitted Encumbrance.
“Permitted Encumbrance” means (a) statutory liens for taxes, assessments and other governmental charges that
are not yet due and payable or that are being contested in good faith by appropriate proceedings, or that are otherwise not material;
(b) statutory liens to secure obligations to landlords, lessors or renters under leases or rental agreements; (c) deposits or pledges
made in connection with, or to secure payment of, workers’ compensation, unemployment insurance or similar programs mandated
by applicable laws; (e) statutory liens in favor of carriers, warehousemen, mechanics and materialmen, to secure claims for labor,
materials or supplies and other like Encumbrances arising in the ordinary course of business; (f) any Encumbrances that may exist
pursuant to any non-exclusive license to Company customers entered into in the ordinary course of business; (g) restrictions on
transfer of securities imposed by applicable securities laws; and (h) any Encumbrances satisfied in full and discharged as of the
Closing.

 

Person. “Person”
means any individual, Entity or Governmental Body.

 

Plan. “Plan”
means an “employee benefit plan” as defined in Section 3(3) of ERISA, as well as each employment, salary, bonus, consulting,
compensation, deferred compensation, incentive compensation, stock purchase, equity, severance pay, termination pay, hospitalization,
medical, insurance, supplemental unemployment benefits, profit-sharing, pension, retirement, welfare, fringe benefit or other
employee benefits plan, program or agreement, whether written or unwritten and whether funded or unfunded.

 

     

     

    

 

Pre-Closing Period.
“Pre-Closing Period” means the period from the date of the Agreement through the earlier of the termination
of this Agreement pursuant to Section 6 or the Closing.

 

Predecessor.
“Predecessor” means with respect to any entity, any Entity that has been merged with or into, that has transferred
material assets or Liabilities outside the ordinary course of business to or that is otherwise a predecessor to, such entity.

 

Proceeding.
“Proceeding” means any action, suit, litigation, arbitration, proceeding (including any civil, criminal, administrative,
investigative or appellate proceeding), hearing, inquiry, audit, examination or investigation commenced, brought, conducted or
heard by or before, or otherwise involving, any court or other Governmental Body or any arbitrator or arbitration panel.

 

Purchaser Disclosure
Schedule. “Purchaser Disclosure Schedule” means the schedule (dated as of the date of the Agreement) delivered
to the Seller on behalf of the Purchaser and prepared in accordance with Section 9.15 of the Agreement.

 

Purchaser IP.
“Purchaser IP” means all Intellectual Property Rights embodied in, relating to, or necessary to the Purchaser
in the conduct of the Business of the Purchaser.

 

Registered IP.
“Registered IP” means all Intellectual Property Rights that are registered or filed with or by any Governmental
Body, including all patents, registered copyrights, registered mask works and registered trademarks and all applications for any
of the foregoing.

 

Representatives.
“Representatives” means officers, directors, employees, agents, attorneys, accountants, advisors and other representatives.

 

Seller Contract.
“Seller Contract” means any Contract: (a) to which the Seller is a party; (b) by which the Seller or any of
its assets is or may become bound or under which the Seller has, or may become subject to, any obligation; or (c) under which the
Seller has or may acquire any right or interest.

 

Seller Disclosure
Schedule. “Seller Disclosure Schedule” means the schedule (dated as of the date of the Agreement) delivered
to the Purchaser on behalf of the Seller and prepared in accordance with Section 9.15 of the Agreement.

 

Seller Employee.
“Seller Employee” means any Person who is or was an employee, director, consultant or independent contractor
of or to the Seller (or any of its Predecessors) or becomes an employee, director, consultant or independent contractor of or to
the Seller at any time during the Pre-Closing Period.

 

Seller IP. “Seller
IP” means all Intellectual Property Rights owned or purported to be owned by Seller and embodied in, relating to, or
necessary to develop, make, modify, use, market, distribute, import, export or sell any Seller Product or any unique or specific
method of manufacturing or using any Seller Product relating to the PPSA Business.

 

     

     

    

 

Seller IP Contract.
“Seller IP Contract” means any Contract to which the Seller is or was a party or by which the Seller is or was
bound, that contains any assignment or license of, or any covenant not to assert or enforce, any Seller IP.

 

Seller Plan.
“Seller Plan” means each Plan that is or has been sponsored, maintained, contributed to or required to be contributed
to by the Seller or any ERISA Affiliate for the benefit of any Seller Employees or with respect to which the Seller may have any
liability.

 

Seller Product.
“Seller Product” means each product designed, developed, manufactured, marketed, sold, delivered, made available,
maintained or supported by the Seller in the conduct of the PPSA Business.

 

Seller Registered
IP. “Seller Registered IP” means all Seller IP that is registered or filed with or by any Governmental Body,
including all patents, registered copyrights, registered mask works and registered trademarks and all applications for any of the
foregoing.

 

Seller Software.
“Seller Software” means any software (whether or not developed or owned by Seller) incorporated into or used
directly in the design, development, manufacture, maintenance or support of any Seller Product.

 

Tax. “Tax”
means any tax (including any income tax, franchise tax, service tax, capital gains tax, gross receipts tax, value-added tax, surtax,
excise tax, ad valorem tax, transfer tax, stamp tax, sales tax, use tax, property tax, business tax, withholding tax or payroll
tax), levy, assessment, tariff, duty (including any customs duty), deficiency or fee, and any related charge or amount (including
any fine, addition, penalty or interest), imposed, assessed or collected by or under the authority of any Governmental Body or
any liability or obligation to with respect to the foregoing by virtue of any Contract or otherwise.

 

Tax Return.
“Tax Return” means any return (including any information return), report, statement, declaration, estimate,
schedule, notice, notification, form, election, certificate or other document or information filed with or submitted to, or required
to be filed with or submitted to, any Governmental Body in connection with the determination, assessment, collection or payment
of any Tax or in connection with the administration, implementation or enforcement of or compliance with any Legal Requirement
relating to any Tax.

 

Transactional Agreements.
“Transactional Agreements” means: (a) this Agreement; (b) the Assumption Agreement; (c) the Bill of Sale; and
(d) all other bills of sale, assignments and other agreements delivered or to be delivered in connection with the Transactions.

 

Transactions.
“Transactions” means: (a) the execution and delivery of the respective Transactional Agreements; and (b) all
of the transactions contemplated by the respective Transactional Agreements, including, but not limited to: (i) the sale of the
Transferred Assets by the Seller to the Purchaser in accordance with the Agreement; (ii) the assumption of the Assumed Liabilities
by the Purchaser in accordance with the Agreement and the Assumption Agreement; (iii) the issuance of the Shares; and (iv) the
performance by the Seller and the Purchaser of their respective obligations under the Transactional Agreements, and the exercise
by the Seller and the Purchaser of their respective rights under the Transactional Agreements.

 

     

     

    

 

Confidential

Exhibit
B

 

FORM OF BILL OF SALE AND ASSIGNMENT AGREEMENT

 

     

     

    

 

Confidential

 

Exhibit
C

 

FORM OF SUBLEASE AGREEMENT

 

     

     

    

  

Confidential

 

Exhibits

 

	Exhibit A	 	Certain Definitions
	Exhibit B	 	Form of Bill of Sale and Assignment Agreement
	Exhibit C	 	Form of Sublease Agreement
	 	 	 
	Schedules
	 	 	 
	Schedule 1.1(a) -	 	Certain Intellectual Property (Patents)
	Schedule 1.1(b) -	 	Certain Intellectual Property (Trademarks)
	Schedule 1.1(c) -	 	Certain Inventory
	Schedule 1.1(d) -	 	Certain Equipment
	Schedule 1.1(e) -	 	Certain Fixed Assets
	Schedule 1.1(f) -	 	Contractual Rights
	Schedule 1.1(g) -	 	Certain Governmental Authorizations and Certifications from Standards Bodies
	Schedule 1.1(i) -	 	Certain Books
	Schedule 1.1(z) -	 	Excluded Assets
	Schedule 1.2(b)(i)	 	Certain Facilities
	Schedule 1.3(a)(i) -	 	Seller Wire Instructions
	Schedule 1.4(b) -	 	Assumed Liabilities
	Schedule 1.5 -	 	Allocation

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