Document:

FOURTH AMENDED AND RESTATED LOAN AGREEMENT

 

- Among -

 

MOOG INC.

 

- And -

 

THE DESIGNATED BORROWERS PARTY HERETO

 

as Borrowers

 

- And -

 

THE LENDERS PARTY HERETO

 

and

 

HSBC BANK USA, NATIONAL ASSOCIATION

as Administrative Agent, Swingline Lender
and Issuing Bank

 

and

 

Manufacturers
and Traders Trust Company

as
Lead Syndication Agent,

 

and

 

Bank
of America, N.A.

JPMorgan
Chase Bank, N.A.

as Co-Syndication Agents

 

and

 

CITIZENS BANK OF PENNSYLVANIA

as Documentation Agent

 

Dated: as of March 28, 2013

 

 

  

HSBC BANK USA, NATIONAL ASSOCIATION

Arranger

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	PAGE
	 	 	 
	ARTICLE I. DEFINITIONS	2
	 	 	 
	1.1	Definitions	2
	1.2	Accounting Terms	30
	1.3	Exchange Rates; Currency Equivalents	31
	1.4	European Economic and Monetary Union Provisions	31
	1.5	Unavailability of Alternative Currency Loans	32
	1.6	Times of Day	32
	1.7	Letters of Credit Amounts	33
	 	 	 
	ARTICLE II. THE CREDIT	33
	 	 	 
	2.1	The Revolving Credit	33
	2.2	The Notes	36
	2.3	Swingline Loans	36
	2.4	Letters of Credit	38
	2.5	Funding of Borrowings	46
	2.6	Interest	46
	2.7	Prepayments	49
	2.8	Use of Proceeds	50
	2.9	Alternate Rate of Interest	50
	2.10	Increased Costs	51
	2.11	Taxes	52
	2.12	Commitment Fee	53
	2.13	Revolving Loan Commitment Termination and Reduction	53
	2.14	Payments	53
	2.15	Defaulting Lenders	54
	2.16	Upfront Fees	55
	2.17	Administrative Agent Fees	55
	2.18	Substitution of Lender	56
	2.19	Lender Statements; Survival of Indemnity	56
	2.20	Returned Payments	57
	2.21	Expansion Option	57
	2.22	Designated Borrowers	59
	 	 	 
	ARTICLE III. CONDITIONS TO THE CREDIT	62
	 	 	 
	3.1	No Default	62
	3.2	Representations and Warranties	62
	3.3	Proceedings	62
	3.4	Closing Conditions	62
	3.5	Conditions to Subsequent Borrowing and Issuance	64
	3.6	Subsequent Extensions of Credit	65

 

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	ARTICLE IV. REPRESENTATIONS AND WARRANTIES	65
	 	 	 
	4.1	Corporate Status	66
	4.2	Valid and Binding Obligation	66
	4.3	No Pending Litigation	66
	4.4	No Consent or Filing	66
	4.5	No Violations	67
	4.6	Financial Statements	67
	4.7	No Material Adverse Change	67
	4.8	Tax Returns and Payments	67
	4.9	Title to Properties, etc.	68
	4.10	Lawful Operations, etc.	68
	4.11	Environmental Matters	68
	4.12	Compliance with ERISA	69
	4.13	Investment Company Act, etc.	69
	4.14	Insurance	69
	4.15	Burdensome Contracts; Labor Relations	70
	4.16	Liens	70
	4.17	Defaults	70
	4.18	Anti-Terrorism Law Compliance	70
	4.19	Intellectual Property	71
	4.20	Accuracy of Information, etc.	71
	4.21	Subordinated Indebtedness	71
	4.22	Eligible Contract Party	71
	4.23	Representations as to Foreign Borrowers	72
	 	 	 
	ARTICLE V. AFFIRMATIVE COVENANTS	73
	 	 	 
	5.1	Payments	73
	5.2	Reporting Requirements	73
	5.3	Books, Records and Inspections	77
	5.4	Insurance	78
	5.5	Payment of Taxes and Claims	78
	5.6	Corporate Franchises	79
	5.7	Good Repair	79
	5.8	Compliance with Law	79
	5.9	Compliance with Environmental Laws	79
	5.10	Certain Subsidiaries to Become Guarantors	80
	5.11	Additional Security; Further Assurances	81
	5.12	Accounting; Reserves; Tax Returns	82
	5.13	Liens and Encumbrances	82
	5.14	Defaults and Material Adverse Effects	82
	5.15	Further Actions	82

 

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	ARTICLE VI. FINANCIAL COVENANTS	82
	 	 	 
	6.1	Interest Coverage Ratio	82
	6.2	Leverage Ratio	83
	6.3	Consolidated Capital Expenditures	83
	 	 	 
	ARTICLE VII. NEGATIVE COVENANTS	83
	 	 	 
	7.1	Indebtedness	83
	7.2	Encumbrances	84
	7.3	Investments Including Guaranty Obligations	85
	7.4	Restricted Payments	87
	7.5	Limitation on Certain Restrictive Agreements	88
	7.6	Material Indebtedness Agreements	88
	7.7	Changes in Business	89
	7.8	Consolidation, Merger, Acquisitions, Asset Sales, etc.	89
	7.9	Transactions with Affiliates	90
	7.10	Fiscal Years, Fiscal Quarters	91
	7.11	Anti-Terrorism Laws	91
	 	 	 
	ARTICLE VIII. EVENTS OF DEFAULT	91
	 	 	 
	8.1	Events of Default	91
	8.2	Effects of an Event of Default	94
	8.3	Remedies	94
	8.4	Application of Certain Payments and Proceeds	94
	 	 	 
	ARTICLE IX. EXPENSES	96
	 	 	 
	9.1	Expenses	96
	9.2	Indemnification	96
	 	 	 
	ARTICLE X. THE AGENTS AND ISSUING BANk	97
	 	 	 
	10.1	Appointment and Authorization	97
	10.2	Waiver of Liability of Administrative Agent	98
	10.3	Note Holders	99
	10.4	Consultation with Counsel; Compliance with Law	99
	10.5	Documents	100
	10.6	Administrative Agent and Affiliates	100
	10.7	Knowledge of Default	100
	10.8	Enforcement	100
	10.9	Action by Administrative Agent	100
	10.10	Notices, Defaults, etc.	102
	10.11	Indemnification of Administrative Agent	102
	10.12	Successor Administrative Agent	102
	10.13	Lenders’ Independent Investigation	103

 

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	10.14	Amendments, Consents	104
	10.15	Funding by Administrative Agent	105
	10.16	Sharing of Payments	105
	10.17	Payment to Lenders	106
	10.18	Tax Withholding Clause	106
	10.19	USA Patriot Act	109
	10.20	Other Agents	109
	10.21	Issuing Bank	109
	10.22	Benefit of Article X	109
	 	 	 
	ARTICLE XI. MISCELLANEOUS	109
	 	 	 
	11.1	Amendments and Waivers	109
	11.2	Classified Programs	110
	11.3	Delays and Omissions	110
	11.4	Assignments/Participation	110
	11.5	Successors and Assigns	112
	11.6	Notices	112
	11.7	Governing Law	113
	11.8	Counterparts	114
	11.9	Titles	114
	11.10	Inconsistent Provisions	114
	11.11	Course of Dealing	114
	11.12	Notification	114
	11.13	Right of Set-Off	115
	11.14	Judgment Currency	115
	11.15	No Advisory Or Fiduciary Responsibility	116
	11.16	Guarantee by Company	117
	11.17	CONSENT TO JURISDICTION	118
	11.18	JURY TRIAL WAIVER	118
	11.19	AMENDMENT AND RESTATEMENT	118

 

	Exhibit A	–	Replacement Revolving Note
	Exhibit B	–	Replacement Alternative Currency Note
	Exhibit C	–	Replacement Swingline Note
	Exhibit D	–	Request Certificate
	Exhibit E	–	Compliance Certificate
	Exhibit F	–	Assignment and Assumption
	Exhibit G	–	Form of Designated Borrower Request and Assumption Agreement
	Exhibit H	–	Form of Designated Borrower Notice
	 	 	 
	Schedule 1.1	–	Pension Plans
	Schedule 2.1	–	Lenders’ Commitments
	Schedule 2.4	–	Existing Letters of Credit
	Schedule 4.1	–	Subsidiaries

 

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	Schedule 4.3	–	Pending Litigation
	Schedule 7.1	–	Permitted Indebtedness
	Schedule 7.2	–	Permitted Encumbrances
	Schedule 7.3	–	Permitted Investments and Guarantees

 

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WITNESSETH

 

FOURTH AMENDED AND RESTATED LOAN AGREEMENT
dated as of March 28, 2013 (“Agreement”) among MOOG INC., a New York corporation with its principal place
of business at Jamison Road and Seneca Street, East Aurora, New York 14052-0018 (“Company”), certain Subsidiaries of
the Company party hereto from time to time pursuant to Section 2.22 of this Agreement (the “Designated Borrowers”,
and each a “Designated Borrower” and, together with the Company, the “Borrowers” and, each a “Borrower”),
the several banks and other financial institutions from time to time parties to this Agreement (individually, a “Lender”
and collectively, the “Lenders”) and HSBC BANK USA, NATIONAL ASSOCIATION, a bank organized under the
laws of the United States of America, with an office at Commercial Banking Department, One HSBC Center, Buffalo, New York 14203
as Administrative Agent for the Lenders, Swingline Lender, and as Issuing Bank, and Manufacturers
and Traders Trust Company as Lead Syndication Agent, and
bank of America, N.A. and JPMorgan
Chase Bank, N.A. as Co-Syndication Agents, and CITIZENS BANK OF PENNSYLVANIA as Documentation Agent.

 

BACKGROUND

 

A.          Company,
the Administrative Agent, the Swingline Lender, the Issuing Bank and the Lenders previously entered into the Third Amended and
Restated Loan Agreement dated as of March 18, 2011 (the “2011 Agreement”). The 2011 Agreement amended and restated
the Second Amended and Restated Loan Agreement dated as of October 25, 2006 as amended through Amendment No. 4 thereto dated
as of June 26, 2009 (as so amended, the “2006 Agreement”). The 2006 Agreement amended and restated the Amended
and Restated Loan Agreement dated as of March 3, 2003 as modified through Modification No. 11 thereto dated as of August 15,
2006 (as so modified, the “2003 Agreement”) to which the Company, the Administrative Agent, the Swingline Lender, the
Issuing Bank and most of the Lenders were a party. The 2003 Agreement amended and restated a Corporate Revolving and Term Loan
Agreement dated as of November 30, 1998, as amended through Amendment No. 4 thereto dated as of December 7, 2001
(as so amended, the “1998 Agreement”) to which Company, the Administrative Agent and most of the Lenders were a party.

 

B.           The
2011 Agreement provided for a $900,000,000 Revolving Loan Facility, with a $200,000,000 expansion option. The 2006 Agreement provided
for a $750,000,000 Revolving Loan Facility. The 2003 Agreement provided for a $315,000,000 Revolving Loan Facility and a $75,000,000
Term Loan Facility. The 2011 Agreement, the 2006 Agreement and the 2003 Agreement were secured by liens on Company’s personal
property assets, pledges of 100% of the equity interests of certain domestic subsidiaries and pledges of 65% of the equity interests
of certain directly-owned foreign subsidiaries, a $12,900,000 mortgage on Company’s New York State real property, unlimited
deeds of trust on Company’s California and Utah real property, and negative pledges from each of Moog Europe Holdings y Cia
Sociedad Commandataria, now known as Moog Europe Holdings Luxemburg SCS, Moog Holding GmbH & Co. KG and Moog Luxembourg
Finance S.A.R.L., each of which were entities formed to hold ownership interests in certain of Company’s foreign subsidiaries.
As a result of various acquisitions since March 3, 2003, Company or certain new domestic subsidiaries of Company acquired
additional real property assets and mortgages or deeds of trust were granted to the Administrative Agent for the benefit of the
Lenders covering real estate in Murphy, North Carolina, Springfield, Pennsylvania, Orrville, Ohio, Blacksburg, Virginia (3 parcels)
and Galax, Virginia.

 

    	 

    	 

    

 

C.           The
guarantors under the 2011 Agreement were Curlin Medical Inc., a Delaware corporation, Flo-Tork, Inc., a Delaware corporation,
which was merged into the Company on January 2, 2013, Moog Techtron Corp., a Florida corporation, Moog Europe Holdings I LLC,
a New York limited liability company, and Moog Europe Holdings II LLC, a New York limited liability company, ZEVEX, Inc.,
a Delaware corporation, QuickSet International, Inc., an Illinois corporation, CSA Engineering, Inc., a California corporation,
Videolarm, Inc., a Georgia corporation, Advanced Integrated Systems, Ltd., a Nevada limited liability company, which was merged
into the Company on January 2, 2013, Ethox International, Inc., a New York corporation, Mid-America Aviation, Inc., a North Dakota
corporation, MMC Sterilization Services Group, Inc., a Pennsylvania corporation, X.O. Tec Corporation, a Delaware corporation,
and Broad Reach Engineering Company, a Delaware corporation, each of which secured its guaranty with a lien on its personal property
assets and, in some cases, its real property assets.

 

D.           The
intention and desire of the parties hereto is that the loans and other obligations of the Company under the 2011 Agreement, and
the rights, liens, security interests, mortgages, deeds of trust, negative pledges and other collateral security of the agent and
the lenders thereunder shall hereafter be evidenced by this Agreement and the other Loan Documents referred to in this Agreement.

 

NOW, THEREFORE, the parties hereby
agree that the 2011 Agreement is amended and restated hereby and agree as follows:

 

ARTICLE
I. DEFINITIONS

 

1.1      Definitions.
As used in this Agreement, unless otherwise specified, the following terms
shall have the following respective meanings:

 

“30-Day LIBOR Rate”
- the reserve adjusted rate of interest per annum determined by the Administrative Agent to be applicable to a 30-day interest
period appearing on Reuters Screen LIBOR01 Page or such other substitute page that displays such rate or another alternate source
selected by the Administrative Agent to determine such rate in an amount approximately equal to the amount of the applicable ABR
Loan.

 

    	- 2 -

    	 

    

 

“ABR”
or “Alternate
Base Rate” - for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to
the greatest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate from time to time in effect plus 0.5%, or (iii) the 30-Day
Libor Rate on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.00%. Any change in
the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the 30-Day Libor Rate shall be effective
from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the 30-Day Libor Rate,
respectively.

 

“ABR
Loan” - any Loan for which interest is calculated based on the Alternate Base Rate plus the Applicable Margin
determined from time to time.

 

“ABR
Option” - the Rate Option in which interest is based upon the Alternate Base Rate plus the Applicable Margin
for the applicable Loan.

 

“Administrative
Agent” - HSBC Bank as Administrative Agent for the Lenders, and any successor to HSBC Bank (whether pursuant
to consolidation, reorganization or merger) as such Administrative Agent for the Lenders, and any replacements or successors to
HSBC Bank as provided in this Agreement.

 

“Affiliate” or “Affiliates”
- individually or collectively, any Person that directly or indirectly, through one or more intermediaries, Controls, or is Controlled
by, or is under Common Control with the Person specified. Notwithstanding the foregoing, no individual shall be considered an Affiliate
of a Person solely by reason of such individual’s position as an officer or director of such Person or of an Affiliate of
such Person.

 

“Agents”
- collectively, the Administrative Agent, the Lead Syndication Agent, the Co-Syndication Agents and the Documentation Agent.

 

“Agreement”
- as defined in the opening paragraph hereof, as the same may be amended from time to time in accordance with the terms hereof.

 

“Alternative
Currency” - with respect to Alternative Currency Sublimits, Alternative Currency Loans or Alternative Currency
Letters of Credit, the following currencies: Euro, Pounds Sterling, Canadian Dollar and Japanese Yen in each case to the extent
freely transferable and convertible into Dollars. In addition, solely with respect to Letters of Credit under Section 2.4 of this
Agreement, “Alternative Currency” shall, if consented to by the Issuing Bank, also include Rupees to the extent freely
transferable and convertible into Dollars.

 

“Alternative
Currency Facility” - has the meaning specified in Section 2.1(b).

 

“Alternative
Currency Letter of Credit” - any Letter of Credit denominated in an Alternative Currency.

 

“Alternative Currency Loan”
or “Alternative Currency Loans” - individually
and collectively, each Loan by a Lender to any Borrower under Section 2.1(b) of this Agreement.

 

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“Alternative
Currency Note” or “Alternative
Currency Notes” - the promissory note or promissory notes of a Borrower payable to the order of a Lender,
in substantially the form of Exhibit B hereto, evidencing the aggregate indebtedness of such Borrower to such Lender resulting
from the Alternative Currency Loans made by such Lender.

 

“Alternative
Currency Sublimit” - with respect to any Lender, the amount set forth opposite such Lender’s name on
Schedule 2.1 hereto under the caption “Amount of Alternative Currency Sublimit” or, if such Lender has entered
into one or more Assignments and Assumptions, as set forth for such Lender in the records maintained by the Administrative Agent
as such Lender’s “Alternative Currency Sublimit,” as such amount may be reduced at or prior to such time pursuant
to the terms of this Agreement. The Alternative Currency Sublimits of all the Lenders equal the Dollar Equivalent of $150,000,000
in the aggregate as of the date hereof.

 

“Annual
Allowance” – an allowance of up to $300,000,000 for Asset Sales in a single fiscal year under Section
7.8(b) hereof, which allowance Company may elect to use one time during the term of this Agreement.

 

“Annual
Permitted Distribution Amount” – commencing with fiscal year 2013 and for each fiscal year thereafter,
an amount equal to thirty percent (30%) of Consolidated Net Income for such fiscal year.

 

“Anti-Terrorism
Laws” - any Laws relating to terrorism or money laundering, including Executive Order No. 13224, the USA Patriot
Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws administered by the United States Treasury Department’s
Office of Foreign Asset Control (as any of the forgoing Laws may from time to time be amended, renewed, extended or replaced).

 

“Applicable
Commitment Fee Rate” - (i) initially, until changed in accordance with the following provisions, the
Applicable Commitment Fee Rate shall be 22.5 basis points; and (ii) commencing with the fiscal quarter of Company ended on
March 30, 2013, and continuing with each fiscal quarter thereafter, the Administrative Agent shall determine the Applicable Commitment
Fee Rate in accordance with the following matrix, based on the Leverage Ratio:

 

	Level	 	Leverage Ratio	 	Commitment Fee
	 	 	 	 	 
	1	 	Greater than 3.00 to 1.0	 	37.5 bps
	 	 	 	 	 
	2	 	> 2.50 to 1.0 but ≤  3.00 to 1.0	 	32.5 bps
	 	 	 	 	 
	3	 	> 2.00 to 1.0 but ≤  2.50 to 1.0	 	27.5 bps
	 	 	 	 	 
	4	 	> 1.50 to 1.0 but ≤  2.00 to 1.0	 	22.5 bps
	 	 	 	 	 
	5	 	≤ 1.50 to 1.0	 	17.5 bps

 

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Changes in the Applicable Commitment Fee Rate shall become effective
three (3) Business Days immediately following the date of delivery by Company to the Administrative Agent of a financial statement
and a Compliance Certificate required to be delivered pursuant to Sections 5.2(a), (b) and (c) of this Agreement, and shall
be based upon the Leverage Ratio in effect at the end of the financial period covered by such financial statement and Compliance
Certificate. Notwithstanding the foregoing provisions, during any period when the Company has failed to deliver such a financial
statement and Compliance Certificate when due, the Applicable Commitment Fee Rate shall be applied at Level 1 above as of
the first Business Day after the date on which such financial statement and Compliance Certificate were required to be delivered,
regardless of the Leverage Ratio at such time, until the date the required financial statement and Compliance Certificate have
been delivered. Any changes in the Applicable Commitment Fee Rate shall be determined by the Administrative Agent in accordance
with the provisions set forth in this definition and the Administrative Agent will promptly provide notice of such determinations
to the Company and the Lenders. Any such determination by the Administrative Agent shall be conclusive absent manifest error.

 

“Applicable
Currency” - as to any particular payment or Loan or Letter of Credit, Dollars or the Alternative Currency
in which it is denominated or is payable.

 

“Applicable Foreign Borrower Documents”
has the meaning specified in Section 4.23(a) of this Agreement.

 

“Applicable
Lending Office” - with respect to each Lender, such Lender’s Domestic Lending Office in the case of
an ABR Loan and such Lender’s Libor Lending Office in the case of a Libor Loan.

 

“Applicable
Margin” - (i) initially, until changed in accordance with the

following provisions, the Applicable Margin shall be 37.5 points
for ABR Loans and 137.5 points for Libor Loans; (ii) commencing with the fiscal quarter of Borrower ended on March
30, 2013, and continuing with each fiscal quarter thereafter, the Administrative Agent shall determine the Applicable Margin in
accordance with the following matrix, based on the Leverage Ratio:

 

    	- 5 -

    	 

    

 

	Level	 	Leverage Ratio	 	ABR Option	 	Libor Rate Option
	 	 	 	 	 	 	 
	1	 	Greater than 3.00 to 1.0	 	112.5 bps	 	212.5 bps
	 	 	 	 	 	 	 
	2	 	> 2.50 to 1.0 but ≤  3.00 to 1.0	 	87.5 bps	 	187.5 bps
	 	 	 	 	 	 	 
	3	 	> 2.00 to 1.0 but ≤  2.50 to 1.0	 	62.5 bps	 	162.5 bps
	 	 	 	 	 	 	 
	4	 	> 1.50 to 1.0 but ≤  2.00 to 1.0	 	37.5 bps	 	137.5 bps
	 	 	 	 	 	 	 
	5	 	≤ 1.50 to 1.0	 	12.5 bps	 	112.5 bps

 

Changes in the Applicable Margin shall become effective three
(3) Business Days immediately following the date of delivery by Company to the Administrative Agent of a financial statement and
a Compliance Certificate required to be delivered pursuant to Sections 5.2(a), (b) and (c) of this Agreement, and shall be
based upon the Leverage Ratio in effect at the end of the financial period covered by such financial statement and Compliance Certificate.
Notwithstanding the foregoing provisions, during any period when the Company has failed to deliver such financial statement and
Compliance Certificate when due, the Applicable Margin shall be applied at Level 1 above as of the first Business Day after
the date on which such financial statement and Compliance Certificate were required to be delivered, regardless of the Leverage
Ratio at such time, until the date the required financial statement and Compliance Certificate have been delivered. Any changes
in the Applicable Margin shall be determined by the Administrative Agent in accordance with the provisions set forth in this definition
and the Administrative Agent will promptly provide notice of such determinations to the Company and the Lenders. Any such determination
by the Administrative Agent shall be conclusive absent manifest error.

 

“Applicable
Percentage” - with respect to any Lender, at any time, the percentage of the Total Commitment represented
by such Lender’s Commitment; provided that in the case of Section 2.15 when a Defaulting Lender shall exist, “Applicable
Percentage” shall mean the percentage of the Total Commitment (disregarding any Defaulting Lender’s Commitment) represented
by such Lender’s Commitment. Each Lender’s initial Applicable Percentage based on the Total Commitment as of the Closing
Date is set forth on Schedule 2.1 to this Agreement. If the Commitments have terminated or expired, the Applicable Percentages
shall be determined based upon the Total Commitment most recently in effect, giving effect to any assignments, and to any Lender’s
status as a Defaulting Lender at the time of determination.

 

“Applicant Borrower”
has the meaning specified in Section 2.22(b) of this Agreement.

 

“Arranger”
- HSBC Bank and any successor of HSBC Bank as the Arranger under this Agreement.

 

    	- 6 -

    	 

    

 

“Asset Sale” - the
sale, lease, transfer or other disposition (including by means of sale and lease-back transactions, and by means of mergers, consolidations,
amalgamations and liquidations of a corporation, partnership or limited liability company of the interests therein of Company or
any Subsidiary) by Company or any Subsidiary to any Person of any such Company’s or such Subsidiary’s respective assets,
provided that the term Asset Sale specifically excludes (i) any sales, transfers or other dispositions of inventory, or obsolete,
worn-out or excess furniture, fixtures, equipment or other property, real or personal, tangible or intangible, in each case in
the ordinary course of business; (ii) any actual or constructive total loss of property or the use thereof, resulting from
destruction, damage beyond repair or other rendition of such property as permanently unfit for normal use from any casualty or
similar occurrence whatsoever; (iii) the destruction or damage of a portion of such property from any casualty or similar
occurrence whatsoever under circumstances in which such damage cannot reasonably be expected to be repaired, or such property cannot
reasonably be expected to be restored to its condition immediately prior to such destruction or damage, within ninety (90) days
after the occurrence of such destruction or damage or such longer reasonable time period as determined under the Company’s
plan of restoration or replacement for such property established within a 90 day period after such occurrence provided such
plan is acceptable to the Administrative Agent in its reasonable judgment; (iv) the condemnation, confiscation or seizure
of, or requisition of title to or use of any property by any Governmental Authority; or (v) in the case of any unmovable property
located upon a leasehold, the termination or expiration of such leasehold.

 

“Assigned
Dollar Value” - (i) in respect of any Loan denominated in Dollars, the amount thereof, (ii) in respect
of the undrawn or stated amount of any Alternative Currency Letter of Credit, the Dollar Equivalent thereof determined as of a
Valuation Date with respect to such Letter of Credit (iii) in respect of Alternative Currency Letter of Credit reimbursement
obligations, the Dollar Equivalent thereof determined as of the Valuation Date with respect to the payment made by the Issuing
Bank giving rise thereto, and (iv) in respect of a Loan denominated in an Alternative Currency, the Dollar Equivalent thereof
as of a Valuation Date with respect to such Loan.

 

“Assignment
and Assumption” - an assignment and assumption agreement entered into by a Lender and an assignee and accepted
by the Administrative Agent, substantially in the form of Exhibit F hereto with all blanks appropriately completed.

 

“Available
Amount” - (a) with respect to any Letter of Credit issued in Dollars, the stated or face amount of such Letter
of Credit to the extent available at the time for drawing (subject to presentment of all requisite documents) and (b) with
respect to any Alternative Currency Letter of Credit, the Assigned Dollar Value of the stated or face amount of such Letter of
Credit to the extent available at the time for drawing (subject to presentment of all requisite documents), in either case as the
same may be increased or decreased from time to time in accordance with the terms of such Letter of Credit or Alternative Currency
Letter of Credit, as the case may be.

 

    	- 7 -

    	 

    

 

“Availability
Period” - the period from the Closing Date to, but excluding, the earlier of the Revolving Credit Maturity
Date and the date of termination of the Commitments.

 

“Bankruptcy Event”
- 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 the furtherance of, or indicating its consent to, approval of, 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.

 

“Borrower”
and “Borrowers”- each as defined in the opening paragraph to this Agreement.

 

“Breakage
Fee” - an amount reasonably determined by the applicable Lender at the time of (a) a prepayment of a Libor
Loan, (b) the failure to borrow a Libor Loan or to convert a Loan to a Libor Loan on the date of the requested borrowing or conversion
date applicable thereto or (c) the assignment of a Libor Loan prior to the last day of the relevant Interest Period as a result
of a request of the Company pursuant to Section 2.18, in each case to be equal to the sum of the costs, losses, expenses and penalties
incurred by such Lender as a result of such prepayment; any loss to any Lender shall be deemed to be an amount determined by such
Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Libor Loan
had such event not occurred, for the period from the date of such event to the last day of the then current Interest Period therefor,
over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender
would bid were it to bid, at the commencement of such period for deposits of Dollars or the applicable Alternative Currency of
a comparable amount and period from other banks in the London Interbank Market. Any Lender’s calculation of any Breakage
Fee shall be conclusive absent manifest error.

 

“Business
Day” - (a) for all purposes other than as set forth in clause (b) below, any day excluding Saturday,
Sunday, and any day in which banks in New York, New York are authorized or required by law or governmental action to close, and
(b) with respect to Libor Loans, any day which is a Business Day described in clause (a) and which is also a day for trading
by and between banks in U.S. dollar deposits in the London Interbank Market.

 

“Canadian Dollar”
- the lawful currency of Canada.

 

    	- 8 -

    	 

    

 

“Capital Lease”
- as applied to any Person means any lease of any property (whether real, personal or mixed) by that Person as lessee that, in
conformity with GAAP, should be accounted for as a capital lease on the balance sheet of that Person.

 

“Capitalized Lease Obligations”
- all obligations under Capital Leases of the Company or any Subsidiary, without duplication, in each case taken at the amount
thereof accounted for as liabilities identified as “capital lease obligations” (or any similar words) on a consolidated
balance sheet of the Company and any Subsidiary prepared in accordance with GAAP.

 

“CDOR Rate” - shall
mean, for each day in any period, the annual rate of interest that is the rate based on an average rate applicable to Canadian
Dollar bankers’ acceptances for a term equal to the term of the relevant Interest Period appearing on the Reuters Screen
CDOR Page at approximately 10:00 a.m. (Toronto time), on such date, or if such date is not a Business Day, on the immediately preceding
Business Day; provided that if such rate does not appear on the Reuters Screen CDOR Page on such date as contemplated, then
the CDOR Rate on such date shall be the rate that would be applicable to Canadian Dollar bankers’ acceptances quoted by the
Administrative Agent as of 10:00 a.m. (Toronto time) on such date or, if such date is not a Business Day, on the immediately preceding
Business Day.

 

“Change
in Control” - if (i) any Person or group (within the meaning of the Securities Laws and the rules of the SEC
thereunder as in effect on the date hereof), except any Pension Plan or employee stock ownership plan of Company, becomes the owner
directly or indirectly of 30% or more of the aggregate voting power represented by the Equity Interests of Company having the power
to vote for the election of directors generally; or (ii) a majority of the members of the Board of Directors of Company are
not Continuing Directors.

 

“Change in Law”
- (a) the adoption of any law, rule, regulation or treaty after the date of this Agreement, (b) any change in any law, rule, regulation
or treaty or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c)
compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.10(b), by any lending office of such Lender or
by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or
not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided however,
that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and
all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines
or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor
or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall, in each case, be
deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Closing
Date” - March 28, 2013.

 

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

 

    	- 9 -

    	 

    

 

“Collateral” - any
“Collateral” as defined in any Security Document, together with any other real or personal property collateral covered
by any Security Document.

 

“Commitment”
- with respect to each Lender, the commitment of such Lender to make Revolving Loans, to acquire participations in Letters of Credit,
including Alternative Currency Letters of Credit, to make or otherwise acquire participations in Alternative Currency Loans and
to acquire participations in Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such
Lender’s Revolving Credit Exposure hereunder, as such commitment may be (i) reduced from time to time pursuant to Section
2.13 of this Agreement and (ii) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to
Section 11.4 of this Agreement. The initial amount of each Lender’s Commitment is set forth on Schedule 2.1 to this Agreement,
or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable.

 

“Commitment
Fee” - as defined in Section 2.12 of this Agreement.

 

“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.

 

“Compliance
Certificate” - a certificate executed by a Financial Officer of the Company substantially in the form of Exhibit E
hereto with all blanks appropriately completed.

 

“Confidential
Information Materials” - the collective reference to the Summary Terms and Conditions – March
11, 2013 and any other confidential information material with respect to the Company and its Subsidiaries and the Revolving Credit
previously distributed to the Lenders.

 

“Consideration”
– in connection with an acquisition or disposition, the aggregate consideration paid, including borrowed funds, cash, the
issuance of securities or notes, the assumption or incurring of liabilities (direct or contingent) valued in accordance with GAAP,
the payment of consulting fees to prior owners of an acquired business (except to the extent constituting reasonable compensation
for services rendered) or fees for a covenant not to compete and any other consideration paid for the acquisition or disposition;
excluding, however, the payment of any fees to any investment banker or the assumption of any trade payables and short term accruals
in the ordinary course of business in connection with such acquisition or disposition.

 

“Consolidated”
or “Consolidated Basis” - the consolidation of the accounts of any entity and its Subsidiaries in accordance
with GAAP, including principles of consolidation, consistent with those applied in the preparation of the consolidated audited
financial statements of Company delivered to the Lenders.

 

    	- 10 -

    	 

    

 

“Consolidated
Capital Expenditures” - for any period, the aggregate of all expenditures of Company and all Subsidiaries
during such period determined on a Consolidated Basis that may properly be classified as capital expenditures in conformity with
GAAP, provided that such term shall not include any such expenditure in connection with replacement or repair of assets to the
extent that casualty insurance proceeds or the trade-in value of other equipment were used for such expenditure.

 

“Consolidated
EBITDA” - for any period, an amount equal to (i) the sum of the amounts for such period of (A) Consolidated
Net Income, (B) Consolidated Interest Expense, (C) provisions for taxes based on income, (D) total depreciation
expense, (E) total amortization expense, (F) other non-cash items reducing Consolidated Net Income and (G) non-cash stock
related expenses minus (ii) other non-cash items increasing Consolidated Net Income for such period. Notwithstanding anything
to the contrary in this definition, for purposes of computing the Leverage Ratio and the Interest Coverage Ratio hereunder, or
in connection with any pro-forma calculation required by this Agreement, the term “Consolidated EBITDA” shall be computed,
on a consistent basis, to reflect purchases and acquisitions by Permitted Acquisition or otherwise made by Company and the Subsidiaries
during the relevant period as if they occurred at the beginning of such period, and Company, during the twelve (12) month period
following the date of any such acquisition may include in the calculation hereof the necessary portion of the adjusted historical
results of the entities acquired in acquisitions that were achieved prior to the applicable date of the acquisition for such time
period as is necessary for Company to have figures on a trailing four fiscal quarter basis from the date of determination with
respect to such acquired entities.

 

“Consolidated
Interest Expense” - for any period, as determined in accordance with GAAP, total interest expense (including
that portion attributable to Capital Leases in accordance with GAAP and capitalized interest) of Company and all Subsidiaries on
a Consolidated Basis with respect to all outstanding Indebtedness of Company and all Subsidiaries, including all commissions, discounts
and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Hedge
Agreements entered into by the Company or any Subsidiary, computed (a) on a net basis after reduction for any interest income,
and (b) excluding amortization of discount and amortization of debt issuance costs. Notwithstanding anything to the contrary
in this definition, in connection with any pro-forma calculation required by Section 7.8(c) of this Agreement (an “Acquisition
Pro-Forma Calculation”), the term “Consolidated Interest Expense” shall be computed, on a consistent basis, to
reflect the applicable purchase or acquisition being made by Company or the applicable Subsidiary as if such acquisition occurred
at the beginning of such period, and Company shall, for purposes of the Acquisition Pro-Forma Calculation, include in the calculation
hereof the necessary portion of the adjusted historical results of the entity acquired for such time period as is necessary for
Company to have figures on a trailing four fiscal quarter basis from the date of determination with respect to such acquired entity.
For the avoidance of doubt, nothing herein shall require the Company to include in any other calculation of Consolidated Interest
Expense any interest paid on any portion of the pre-acquisition Indebtedness of an acquired entity.

 

    	- 11 -

    	 

    

 

“Consolidated
Net Debt” - as of any date of determination, the sum of (i) all Debt of Company and all Subsidiaries,
determined on a Consolidated Basis in accordance with GAAP, including all Indebtedness under Securitization Transactions, less
the aggregate net balances of cash and cash equivalents of Company and all Subsidiaries and (ii) letters of credit outstanding
for the account of Company or any of the Subsidiaries (other than that portion of letters of credit outstanding representing the
aggregate undrawn face amount of letters of credit which are trade letters of credit issued with respect to the purchase and sale
of goods by Company or any Subsidiary).

 

“Consolidated
Net Income” - for any period, the net income (or loss) of Company and all Subsidiaries on a Consolidated Basis
for such period taken as a single accounting period determined in conformity with GAAP.

 

“Consolidated
Total Assets” - as at any date of determination, all amounts that would, in conformity with GAAP, be set forth
opposite the caption “total assets” (or a similar caption) on a Consolidated balance sheet of Company and all Subsidiaries
at such date.

 

“Contingent
Obligation” - of a Person means any agreement, undertaking or arrangement by which such Person assumes, guaranties,
endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon,
the obligation or liability of any other Person, or agrees to maintain the net worth or working capital or other financial condition
of any other Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort
letter, operating agreement or take-or-pay contract. The amount of any Contingent Obligation shall be equal to the amount of the
obligation that is so guarantied or supported that is actually outstanding or otherwise due and payable from time to time, if a
fixed and determinable amount or if there is no fixed or determinable amount, either (x) if a maximum amount is guaranteed, the
maximum amount or (y) if there is no maximum amount, the amount of the obligation that is so guarantied or supported.

 

“Continuing Director”
- as of any date of determination, any member of the Board of Directors of Company who (i) was a member of such Board of Directors
on the date of this Agreement; or (ii) was nominated for election or elected to such Board of Directors with the approval
of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election.

 

“Control”,
“Controlling”, “Controlled by”, and “under Common Control with”
- the possession, directly or indirectly, of the power to either (i) vote 20% or more of the Equity Interests having voting power
for the election of directors, or persons performing similar functions, of a Person or (ii) direct or cause the direction of the
management and policies of a Person, whether by contract or otherwise; provided however, no Pension Plan or employee
stock ownership plan of Company shall be considered to have Control of Company or any Subsidiary.

 

“Conversion
Date” - the date on which an ABR Loan converts to a Libor Loan, the date on which a Libor Loan converts to
an ABR Loan, or the date on which a Libor Loan is continued as a new Libor Loan.

 

    	- 12 -

    	 

    

 

“Credit Party” -
the Administrative Agent or any Lender.

 

“Current Indenture”
- the Second Subordinated Indenture.

 

“Debt”
- with respect to any Person, any Indebtedness resulting from the borrowing of any money or from any deferral of payment of the
purchase price for the acquisition or Capital Lease of any asset.

 

“Default”
- any of the events specified in Article VIII whether or not any requirement for the giving of notice, the lapse of time, or both,
has been satisfied.

 

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

 

“Designated Borrower Notice”
has the meaning specified in Section 2.22(b) of this Agreement.

 

“Designated Borrower Request and
Assumption Agreement” has the meaning specified in Section 2.22(b) of this Agreement.

 

“Designated Borrowers”
has the meaning specified in the introductory paragraph hereto.

 

    	- 13 -

    	 

    

 

“Designated
Hedge Agreement” - any Hedge Agreement to which any Borrower or any of the Subsidiaries which is an Eligible
Contract Participant is a party and as to which a Lender or any Affiliate of a Lender is a counterparty, so that such Lender or
Affiliate, to the extent of such Lender’s or Affiliate’s credit exposure under such Hedge Agreement, will be entitled
to share in the benefits of any Guaranty and the Security Documents to the extent any such Guaranty and Security Documents include
obligations under Designated Hedge Agreements in the obligations secured or guaranteed thereby.

 

“Directly-Owned Foreign Subsidiary”
- any Foreign Subsidiary over which Company has direct Control or a Guarantor has direct Control.

 

“Disposal”
- the intentional or unintentional abandonment, discharge, deposit, injection, dumping, spilling, leaking, storing, burning, terminal
destruction or placing of any substance so that it or any of its constituents may enter the Environment.

 

“Dollar
Equivalent” - on any particular date, (i) with respect to any amount denominated in Dollars, such amount of
Dollars, and (ii) with respect to any amount denominated in an Alternative Currency, the amount of Dollars which could be
purchased by the Administrative Agent with such amount of such currency in the applicable foreign currency markets at the Spot
Rate at or about 11:00 a.m. (Eastern time) on such date.

 

“Dollars”,
“U.S. Dollars” or “$” - lawful money of the United States of America.

 

“Domestic Lending Office”
- with respect to any Lender, the office of such Lender specified as its “Domestic Lending Office” opposite its name
on Schedule 2.1 hereto or in the Assignment and Assumption pursuant to which it became a Lender, as the case may be, or such
other office of such Lender as such Lender may from time to time specify to the Company and the Administrative Agent.

 

“Domestic Subsidiary”
- (i) any Subsidiary having any place of business located in the United
States of America, other than Moog Controls Corporation, an Ohio corporation, Moog Controls Corporation, a New York corporation
and AMC Delaware Inc, a Delaware corporation , or (ii) any Subsidiary that is a foreign sales corporation.

 

“Eligible
Contract Participant” – in respect of any agreement, contract or transaction that constitutes a “swap”
within the meaning of Section 1a (47) of the Commodity Exchange Act, each Subsidiary that has total assets exceeding $10,000,000
at the time such swap was entered into or such other Subsidiary as constitutes an eligible contract participant under the Commodity
Exchange Act or any regulations promulgated thereunder.

 

“Environment”
- any water including, but not limited to, surface water and ground water or water vapor; any land including land surface or subsurface;
stream sediments; air; fish; wildlife; plants; and all other natural resources or environmental media.

 

“Environmental Claim”
- as defined in Section 4.12(a) of this Agreement.

 

    	- 14 -

    	 

    

 

“Environmental
Laws” - all foreign, federal, state, provincial and local environmental, land use, zoning, health, chemical
use, safety and sanitation laws, statutes, ordinances, regulations, codes and rules relating to the protection of the Environment
and/or governing the use, storage, treatment, generation, transportation, processing, handling, production or disposal of Hazardous
Substances and the policies, guidelines, procedures, interpretations, decisions, orders and directives of any Governmental Authority
with respect thereto.

 

“Environmental
Permits” - all licenses, permits, approvals, authorizations, consents or registrations required by any applicable
Environmental Laws and all applicable judicial and administrative orders in connection with ownership, lease, purchase, transfer,
closure, use and/or operation of any Borrower’s property and/or as may be required for the storage, treatment, generation,
transportation, processing, handling, production or disposal of Hazardous Substances.

 

“Environmental
Questionnaire” - a questionnaire and all attachments thereto concerning: (i) activities and conditions
affecting the Environment at any property of a Person or (ii) the enforcement or possible enforcement of any Environmental
Law against a Person.

 

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

 

“ERISA”
- the Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980, and
as otherwise amended from time to time.

 

“ERISA
Affiliate” - each Subsidiary and any trade or business (whether or not incorporated) that, together with Company,
is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(b)(1) of ERISA, or, solely for purposes
of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

 

“ERISA
Event” - (i) any Reportable Event with respect to a Pension Plan (other than an event for which the 30-day
notice period is waived); (ii) the existence with respect to any Pension Plan of an “accumulated funding deficiency”
(as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (iii) the filing pursuant to Section 412(d)
of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any
Pension Plan; (iv) the incurrence by a Borrower or any ERISA Affiliate of any liability under Title IV of ERISA with respect to
the termination of any Pension Plan; (v) the receipt by a Borrower or any ERISA Affiliate from the PBGC or a plan administrator
of any notice relating to an intention to terminate any Pension Plan or Plans or to appoint a trustee to administer any Pension
Plan; (vi) the incurrence by a Borrower or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal
from any Pension Plan or Multiemployer Plan; or (vii) the receipt by a Borrower or any ERISA Affiliate of any notice, or the receipt
by any Multiemployer Plan from a Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability
or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title
IV of ERISA.

 

    	- 15 -

    	 

    

 

“Euro”
and “EUR” - the lawful currency of the Participating Member States of the European Monetary Union.

 

“Event
of Default” - as defined in Section 8.1 of this Agreement.

 

“Excluded Taxes”
- with respect to the Administrative Agent, any Lender or any other Recipient, (a) Taxes imposed on or measured by net income and
franchise Taxes (however determined) in each case imposed by the United State of America, or by the jurisdiction (or any political
subdivision thereof) under the laws of which such recipient is organized or in which its principal office or management is located
(or with which it has a present or former connection) or, in the case of any Lender, in which its applicable lending office is
located, (b) any branch profits Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction,
(c) any backup withholding Taxes imposed by the United States of America or any similar Taxes imposed by any other jurisdiction,
(d) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Company under Section 2.18), any withholding
Tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement
(or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with Section 10.18, except
to the extent that such Foreign Lender (or, in the case of an assignment, its assignor, if any) was entitled, at the time of designation
of a new lending office (or assignment) to receive additional amounts from the Borrower with respect to such withholding Tax pursuant
to Section 2.11 and (e) any Taxes imposed or for which any Person is liable under or with respect to FATCA.

 

“Executive
Order No. 13224” - the Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001,
as the same has been, or shall hereafter be, amended, renewed, extended or replaced.

 

“Existing
Letters of Credit” - any Letter of Credit under the 2011 Agreement which is outstanding on the Closing Date,
as further described on Schedule 2.4.

 

“FATCA” - Sections 1471
through 1474 of the Code and any regulations (whether temporary or proposed) that are issued thereunder or official governmental
interpretations thereof.

 

“Federal
Funds Effective Rate” - for any day, the rate per annum (based on a year of 365 days and actual days elapsed
and rounded upward to the nearest 1/100th of 1%) announced by the Federal Reserve Bank of New York (or any successor) on such day
as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the previous
trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such
Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds Effective Rate”
as of the date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate
on any day, the “Federal Funds Effective Rate” for such day shall be the Federal Funds Effective Rate for the last
day on which such rate was announced.

 

    	- 16 -

    	 

    

 

“Fee Letter” - the
letter dated March 12, 2013 between the Company and the Administrative Agent providing for the payment by the Company of certain
arrangement and annual agency fees for the sole account of the Administrative Agent, and a certain fronting fee for the sole account
of, and payable directly to, the Issuing Bank.

 

“Financial Officer”
- any of the chief financial officer, chief executive officer, treasurer, assistant treasurer, or president of the Company.

 

“Foreign Borrower”
means a Designated Borrower that is a Foreign Subsidiary and all such Designated Borrowers, the “Foreign Borrowers”.

 

“Foreign Borrower Sublimit”
means the lesser of the Dollar Equivalent of (a) $100,000,000.00 and (b) the Total Commitments. The Foreign Borrower Sublimit is
part of, and not in addition to, the Total Commitments.

 

“Foreign
Lender” - any Lender that is organized under the laws of a jurisdiction other than the United States of America
or any state thereof or the District of Columbia.

 

“Foreign Subsidiary”
- (i) any Subsidiary not having any place of business located in the United
States of America other than any Subsidiary that is a foreign sales corporation, (ii) Moog Controls Corporation, an Ohio corporation,
and (iii) AMC Delaware Inc, a Delaware corporation.

 

“GAAP”
- as of the date of any determination, generally accepted accounting principles in the United States of America as promulgated
by the Financial Accounting Standards Board and/or the American Institute of Certified Public Accountants or any successor entity
or entities thereto, and which are effective as of such date of determination, consistently applied and maintained throughout the
relevant periods and from period to period.

 

“Governmental
Authority” - any nation or government 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.

 

“Guarantor”
or “Guarantors” - individually or collectively, Broad Reach Engineering Company, a Delaware corporation,
Curlin Medical Inc., a Delaware corporation, Moog Europe Holdings I LLC, a New York limited liability company, Moog Europe
Holdings II LLC, a New York limited liability company, ZEVEX, Inc., a Delaware corporation, QuickSet International, Inc.,
an Illinois corporation, CSA Engineering, Inc., a California corporation, Videolarm, Inc., a Georgia corporation, Ethox International,
Inc., a New York corporation, Mid-America Aviation, Inc., a North Dakota corporation, MMC Sterilization Services Group, Inc., a
Pennsylvania corporation, Moog Techtron Corp, a Florida corporation, X.O. Tec Corporation, a Delaware corporation, and any other
Subsidiary of Company which is required to deliver to the Administrative Agent a Guaranty hereunder.

 

    	- 17 -

    	 

    

 

“Guaranty”
- a guaranty agreement in form and content reasonably satisfactory to the Administrative Agent and the Lenders evidencing the obligation
of a Person to guarantee payment of any Indebtedness and any other reimbursement, payment or performance obligations of another
Person which arise under this Agreement or any other Loan Document.

 

“Hazardous
Substances” - without limitation, any explosives, radon, radioactive materials, asbestos, urea formaldehyde
foam insulation, polychlorinated biphenyls, petroleum and petroleum products, methane, hazardous materials, hazardous wastes, hazardous
or toxic substances and any other material defined as a hazardous substance in Section 101(14) of the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, 42 U.S.C. Section 9601(14).

 

“Hedge
Agreement” - an interest rate swap, cap or collar agreement, or any arrangement similar to any of the foregoing
between a Borrower and any Lender or Affiliate of a Lender relating to any Indebtedness under this Agreement, each as providing
for the transfer or mitigation of interest rate risk either generally or under specific contingencies, or any foreign currency
exchange agreement or similar arrangement between a Borrower or any of the Subsidiaries and any Lender or Affiliate of a Lender,
each as providing for the transfer or mitigation of foreign currency risk either generally or under specific contingencies.

 

“HSBC
Bank” - HSBC Bank USA, National Association, and its successors and assigns.

 

“Indebtedness”
- at a particular date, without duplication, (i) all indebtedness of a Person for borrowed money whether or not evidenced by a
note, bond, debenture or other debt instrument, or for the deferred purchase price of property (excluding trade accounts payable
in the ordinary course of business), whether short term or long term, (ii) any indebtedness secured by a lien on a Person’s
assets whether or not such Person is primarily liable for repayment thereof, (iii) the face amount of all letters of credit
issued for the account of such Person and, without duplication, all drafts drawn thereunder and not repaid by such Person, (iv) Capitalized
Lease Obligations; (v) all mandatory redemption, repurchase or similar obligations with respect to any Equity Interests of
such Person, (vi) Contingent Obligations with respect to any of the foregoing to the extent (and only to the extent) that
(A) any such Contingent Obligation relates to other Indebtedness that is not Consolidated Indebtedness of the Company and
any Subsidiary and (B) the other Indebtedness to which such Contingent Obligation relates is outstanding and then only as
to principal or like amounts actually borrowed, due, payable or drawn, as the case may be; and provided, that any guaranty given
by the Company or a Subsidiary of Company of indebtedness owing by a Subsidiary of Company to another Subsidiary of Company shall
not constitute Indebtedness, provided that the only parties to such guaranty are the Company, such Subsidiary and other Subsidiaries
of Company, and (vii) all obligations of a Borrower or any Subsidiary under Hedge Agreements.

 

    	- 18 -

    	 

    

 

“Indemnified
Party” - as defined in Section 9.2 of this Agreement.

 

“Indemnified Taxes”
- Taxes imposed on or with respect to any payment made by any Borrower under this Agreement, other than Excluded Taxes or Other
Taxes.

 

“Interest
Coverage Ratio” - as of any date of determination, the ratio as of the last day of any fiscal quarter of Company
ending on the date of determination, of (i) Consolidated EBITDA for the four consecutive fiscal quarters then ended to (ii) Consolidated
Interest Expense for such period.

 

“Interest
Period” or “Interest
Periods” - individually, and collectively, with respect to a Libor Loan, the one, two, three or six month
interest periods selected by the Company pursuant to the terms of this Agreement to be applicable to specific Libor Loans from
time to time or any such other periods of such other durations as the Company and all Lenders may agree shall be applicable to
specific Libor Loans from time to time; provided, however, that (i) no Interest Period may be selected that would
end after the Revolving Credit Maturity Date; (ii) if any Interest Period begins on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar
month; (iii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall
expire on the next succeeding Business Day, and (iv) if any Interest Period would otherwise expire on a day that is not a
Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire
on the next preceding Business Day.

 

“Investment” - with
respect to any Person, any loan, advance or other extension of credit (including Contingent Obligations but excluding unsecured
normal trade credit extended upon customary terms in the ordinary course of such Person’s business), or capital contribution
to, any purchase or other acquisition of any security of or interest in, or any other investment in, any other Person.

 

“Issuing
Bank” - HSBC Bank in its capacity as issuer of Letters of Credit under this Agreement, and any replacements
or successors of such bank in such capacity as provided in Section 2.4(j) of this Agreement.

 

“Japanese
Yen” - the lawful currency of Japan.

 

“Law”
or “Laws” - any law, constitution, statute, regulation, rule, opinion, ruling, ordinance, order, injunction,
writ, decree, bond or judgment of any Governmental Authority.

 

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

 

“LC
Exposure” - at any time, the sum of (i) the aggregate undrawn amount of all outstanding Letters of
Credit at such time plus (ii) 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 Lender at any time shall be its Applicable Percentage of the total LC Exposure
at such time.

 

    	- 19 -

    	 

    

 

“Lenders”
- the Persons listed on Schedule 2.1 to this Agreement and any other Person that shall have become a party hereto pursuant
to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.
Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender.

 

“Lenders’
Obligations” - as defined in Section 8.2 of this Agreement.

 

“Letter
of Credit” - any letter of credit issued pursuant to this Agreement whether issued as a U.S. Letter
of Credit denominated in Dollars or in Alternative Currency, including, without limitation, the Existing Letters of Credit.

 

“Letter
of Credit Commitment” - the commitment of the Issuing Bank to issue Letters of Credit under this Agreement,
or, if the Issuing Bank has entered into one or more Assignments and Assumptions, set forth for the Issuing Bank in the register
maintained by the Administrative Agent as the Issuing Bank’s “Letter of Credit Commitment,” as such amount may
be reduced at or prior to such time pursuant to Section 2.13. The amount of the Letter of Credit Commitment on the Closing
Date is $75,000,000.

 

“Letter
of Credit Facility” - at any time, an amount equal to the amount of the Issuing Bank’s Letter of Credit
Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.13 less the aggregate
Available Amount under all Letters of Credit including Existing Letters of Credit outstanding at such time.

 

“Leverage
Ratio” - as of any date of determination, the ratio of (i) Consolidated Net Debt as of the last day of
the fiscal quarter of Company ending on the date of determination, to (ii) Consolidated EBITDA for the four consecutive fiscal
quarters then ended.

 

“Libor
Interest Determination Date” - a Business Day that is two (2) Business Days prior to the commencement of each
Interest Period during which the Libor Rate will be applicable.

 

“Libor
Lending Office” - with respect to any Lender, the office of such Lender specified as its “Libor Lending
Office” opposite its name on Schedule 2.1 hereto or in the Assignment and Assumption pursuant to which it became a Lender
(or, if no such office is specified, its Domestic Lending Office), or such other office of such Lender as such Lender may from
time to time specify to the Borrower and the Administrative Agent.

 

“Libor
Loan” - any Loan on which interest is calculated based on the Libor Rate plus the Applicable Margin.

 

    	- 20 -

    	 

    

 

“Libor
Rate” - for any Libor Loan for any Interest Period therefor, either (a) the rate of interest per annum
determined by the Administrative Agent (rounded upward to the nearest 1/100 of 1%) appearing on, in the case of Dollars, Reuters
Screen Page LIBOR01 (or any successor page) and, except as set forth below, in the case of an Alternative Currency, the appropriate
page of the Reuters screen which displays British Bankers Association Interest Settlement Rates for deposits in such Alternative
Currency (the “BBA Libor Rate”) (or, in each case, (i) such other page or service as may replace such page on
such system or service for the purpose of displaying such rates and (ii) if more than one rate appears on such screen, the
arithmetic mean for all such rates rounded upward to the nearest 1/100 of 1%) as the London interbank offered rate for deposits
in the Applicable Currency at approximately 11:00 a.m. (London time), on a Libor Interest Determination Date, and in an amount
approximately equal to the amount of the Libor Loan and for a period approximately equal to such Interest Period or (b) if
such rate is for any reason not available, the rate shall be determined at the Administrative Agent’s election by either
reference to (i) such other comparable publicly available service for displaying interest rates for dollar deposits in the London
interbank market as selected by the Administrative Agent, or (ii) the rate per annum equal to the rate at which the Administrative
Agent or its designee is offered deposits in such currency at or about 11:00 a.m. (London time) on a Libor Interest Determination
Date, in the interbank market where the eurodollar and Alternative Currency and exchange operations in respect of its Libor Loans
are then being conducted for settlement in immediately available funds, for delivery on the first day of such Interest Period for
the number of days comprised therein, and in an amount comparable to the amount of the Libor Loan to be outstanding during such
Interest Period, and in each case, adjusted for applicable reserves, if any. If, at any time, the BBA Libor Rate is not available
for Alternative Currency advances in Canadian Dollars, any reference contained in this Agreement to the Libor Rate with respect
to such Canadian Dollar advance shall be a reference to the CDOR Rate.

 

“Libor
Rate Option” - the Rate Option in which interest is based on the Libor Rate plus the Applicable Margin for
the applicable Loan.

 

“Lien”
- any mortgage, deed of trust, pledge, hypothecation, assignment, security interest, lien, charge or encumbrance, or preference,
priority or other security agreement or preferential arrangement in respect of any asset of any kind or nature whatsoever (including,
without limitation, any conditional sale or other title retention agreement or any financing lease having substantially the same
economic effect as any of the foregoing).

 

“Loan”
or “Loans” - individually
and collectively, any Revolving Loan, whether such is an ABR Loan or a Libor Loan, any Alternative Currency Loan, and any Swingline
Loan under the Revolving Credit.

 

“Loan
Account” - the applicable account maintained with the Administrative Agent for a Borrower into which the proceeds
of a Revolving Loan made to such Borrower denominated in Dollars shall be initially deposited pursuant to Sections 2.1(c)
and 2.5 of this Agreement.

 

    	- 21 -

    	 

    

 

“Loan
Document” - this Agreement, each Designated Borrower Request and Assumption Agreement and any other loan,
guaranty, letter of credit or Collateral document (other than the Fee Letter) executed and delivered by any Borrower, any Guarantor,
or any Subsidiary in connection with this Agreement including, without limitation, the Notes, any Guaranty, any Letter of Credit
application or reimbursement agreement or any document in connection therewith, the Security Documents and any intercreditor agreement
entered into in connection with a Securitization Transaction, as any of the same may be amended, modified, renewed or replaced
from time to time.

 

“Material
Adverse Effect” - an effect, individually or in the aggregate, that (i) is materially adverse to the
business, assets, financial condition or results of operations of Company and its Subsidiaries, taken as a whole, or (ii) does
materially impair the ability of the Borrowers taken as a whole to perform their obligations under this Agreement, or any other
Loan Documents, or (iii) materially impairs the rights and remedies of the Administrative Agent, the Swingline Lender, the Issuing
Bank or any of the Lenders or other Secured Facility Parties under the Loan Documents.

 

“Material Indebtedness”
- Indebtedness owing to a Person or Persons in a single transaction or related transactions (other than the Loans and Letters of
Credit), or obligations in respect of one or more Hedge Agreements entered into with a Person, of the Company and any Subsidiary
in an aggregate principal amount exceeding $50,000,000. For purposes of determining Material Indebtedness, the principal amount
of the obligations of any Person in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving
effect to any netting agreements) that such Person would be required to pay if such Hedge Agreement were terminated at such time.

 

“Maximum
Limit” - the maximum aggregate amount which the Borrowers can borrow under the Revolving Credit which is $900,000,000,
as of the Closing Date.

 

“Mortgages”
- those existing mortgages referenced in the Background section of this Agreement, originally granted pursuant to the 1998 Agreement
or 2003 Agreement.

 

“Multiemployer
Plan” - a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the Company, any Person
under Common Control with the Company, or any Person Controlled by the Company, has an obligation to contribute.

 

“Multiple Employer Plan”
- a Pension Plan subject to Title IV of ERISA and described in Section 4063 of ERISA with respect to which the Company or
any ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such Pension Plan has been or were to
be terminated.

 

“Net
Proceeds” - the gross amount received less tax reserves established to cover estimated taxes on Asset Sales
that are otherwise permitted under Section 7.8(b), payments made on debt secured by Permitted Encumbrances in Asset Sales
that are otherwise permitted under Section 7.8(b) where payment of such debt is a condition to such disposition, commissions,
fees (including, without limitation the fees and expenses of attorneys, accountants, investment bankers, appraisers and consultants),
other closing costs (including, without limitation, costs of title insurance, surveys, recording fees and filing fees and transfer
taxes), underwriters’ discounts and similar expenses.

 

    	- 22 -

    	 

    

 

“Non-Material Subsidiary”
- any Subsidiary that has, as of the date of determination, total assets equal to less than 5% of Consolidated Total Assets, based
on the quarterly financial statements of Company most recently delivered to the Lenders.

 

“Note”
or “Notes” - individually, any, and collectively, all, of the Revolving Notes, Alternative Currency Notes
and the Swingline Note and any or all replacements and renewals thereof.

 

“Operating Lease”
- as applied to any Person, any lease of any property, whether real, personal or mixed, by that Person as lessee that, in conformity
with GAAP, is not accounted for as a Capital Lease on the balance sheet of that Person.

 

“Other Taxes” -
any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising
from any payment made hereunder or from the execution, delivery or enforcement of this Agreement, except for any Excluded Taxes.

 

“Overdue
Amounts” - as defined in Section 2.6(c) of this Agreement.

 

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

 

“Participants”
- as defined in Section 11.4(b) of this Agreement.

 

“Participating Member State”
- a member of the European Communities that adopts or has adopted the Euro as its currency in accordance with the legislative measures
of the European Council (including, without limitation, the European Council regulations) for the introduction of, changeover to,
or operation of the Euro in one or more member states.

 

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

 

“Pension
Plan” - any pension plan as defined in Section 3(2) of ERISA which is a single employer plan as defined
in Section 4001 of ERISA and subject to Title IV of ERISA and which is (i) a plan maintained by the Company or any
ERISA Affiliate for employees or former employees of the Company or of any ERISA Affiliate, (ii) a plan to which the Company
or any ERISA Affiliate contributes or is required to contribute, (iii) a plan to which the Company or any ERISA Affiliate
was required to make contributions within the five (5) year period preceding the date of this Agreement, or (iv) any other
plan with respect to which the Company or any ERISA Affiliate has incurred or may incur liability, including contingent liability,
under Title IV of ERISA, to such plan or to the PBGC. Each such Pension Plan to which the Company is or may be obligated to
contribute as of the date of this Agreement is listed and identified on Schedule 1.1 to this Agreement.

 

    	- 23 -

    	 

    

 

“Permitted Acquisitions”
- as set forth in Section 7.8 of this Agreement.

 

“Permitted Dispositions”
- as defined in Section 7.8 of this Agreement.

 

“Permitted Distribution Carry-Forward
Amount” – commencing with the fiscal year 2013, the amount of $125,000,000 for distributions which the Company
has carried forward from the term of the 2011 Agreement; thereafter, such amount will be increased by any portion of the Annual
Distribution Amount not elected to be distributed by the Company in connection with a Permitted Distribution under Section 7.4(d)
hereof in the fiscal year that such amount accrued, and such amount shall be permanently reduced by distributions made in connection
with a Permitted Distribution under Section 7.4(d) hereof in excess of the Annual Distribution Amount for any such fiscal year.

 

“Permitted Distributions”
- as defined in Section 7.4 of this Agreement.

 

“Permitted
Encumbrances” - as defined in Section 7.2 of this Agreement.

 

“Permitted Indebtedness”
- as defined in Section 7.1 of this Agreement.

 

“Permitted Investment Foreign
Jurisdiction” - with respect to a Foreign Subsidiary, the foreign country in which the principal place of business
of such Foreign Subsidiary is located, and any of the United States of America, United Kingdom, Switzerland and any country in
the European Union using the Euro as its currency in which any other Foreign Subsidiary is located or any other jurisdiction to
which the Administrative Agent consents in writing.

 

“Permitted Investments”
- as defined in Section 7.3 of this Agreement.

 

“Person”
- any natural person, corporation, limited liability company, partnership, joint venture, trust, unincorporated association, Governmental
Authority or other entity, body, organization or group.

 

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

 

“Prime
Rate” - the rate of interest publicly announced by HSBC Bank from time to time as its prime rate and as a
base rate for calculating interest on certain loans. Each change in the Prime Rate shall be effective from and including the date
such change is publicly announced as being effective. The Prime Rate may or may not be the most favorable rate charged by HSBC
Bank to its customers.

 

“Rate
Option” or “Rate
Options” - individually, and collectively,
the choice of applicable interest rates and Interest Periods offered pursuant to this Agreement to establish the interest to be
charged on certain portions of the unpaid principal borrowed hereunder from time to time.

 

    	- 24 -

    	 

    

 

“Receivables
Assets” - accounts receivable (including any bills of exchange) and related assets and property from time to time
originated, acquired or otherwise owned by the Company or any Subsidiary.

 

“Recipient”
- as applicable, (a) the Administrative Agent, (b) any Lender, (c) the Issuing Bank, and (d) any other recipient
of any payment made or to be made by or on account of any obligation of any Borrower hereunder.

 

“Release”
- has the same meaning as given to that term in Section 101(22) of the Comprehensive, Environmental Response, Compensation
and Liability Act of 1980, 42 U.S.C. Section 9601, et. seq. and the regulations promulgated thereunder.

 

“Replaced
Lender” or “Replacement Lender” - as defined
in Section 2.18 of this Agreement.

 

“Reportable
Event” - any event with regard to a Pension Plan described in Section 4043(c)
of ERISA, or in regulations issued thereunder.

 

“Request
Certificate” - a certificate substantially in the form of Exhibit D hereto
with all blanks appropriately completed, and duly executed by the Company on its own behalf or on behalf of a Designated Borrower.

 

“Required
Lenders” - at any time, Lenders that together hold Revolving Credit Exposures
and Unused Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and Unused Commitments at
such time; provided, however, if any Lender shall be a Defaulting Lender at such time, there shall be excluded from
the determination of Required Lenders at such time (i) the aggregate principal amount of Loans owing to such Lender (in its
capacity as a Lender) and outstanding at such time, and (ii) the aggregate Commitment of such Lender at such time. For purposes
of this definition, the aggregate principal amount of Swingline Loans owing to the Swingline Lender, the LC Disbursements owing
to the Issuing Bank and the amount available to be drawn under each U.S. Letter of Credit and each Alternative Currency Letter
of Credit shall be considered to be owed to the Lenders ratably in accordance with their respective Commitments.

 

“Responsible
Officer” - with respect to a Person, its chief executive officer, its chief financial
officer, any member of the office of the chief financial officer, treasurer or assistant treasurer. Any Financial Officer shall
be a Responsible Officer.

 

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

 

    	- 25 -

    	 

    

 

“Revolving
Credit” - the five-year revolving credit facility (including Revolving Loans,
Alternative Currency Loans, Swingline Loans and Letters of Credit) made available to the Borrowers by the Lenders as provided
in Article II of this Agreement.

 

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

 

“Revolving
Credit Maturity Date” - March 28, 2018, which date may be shortened in accordance
with Section 8.2 of this Agreement.

 

“Revolving
Loan” or “Revolving Loans” - individually and collectively,
each Loan by any Lender to a Borrower whether initially made as an ABR Loan or a Libor Loan under Section 2.1 of this Agreement
or arising from Company’s request for a Loan to repay a Swingline Loan under Section 2.3(c) of this Agreement, or arising
from Automatically Converted Loans under Section 2.1(d) of this Agreement, or arising from such Borrower’s request
to reimburse an LC Disbursement under Section 2.4(f) of this Agreement.

 

“Revolving
Note” or “Revolving Notes” - the promissory note or
promissory notes of a Borrower payable to the order of a Lender, substantially in the form of Exhibit A hereto with all blanks
appropriately completed, and all replacements and renewals thereof, evidencing the promise of such Borrower to repay Revolving
Loans under the Revolving Credit.

 

“Rupee”
– the lawful currency of the Republic of India.

 

“SEC”
- the U.S. Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority.

 

“Second
Subordinated Indenture” - the indenture dated as of June 2, 2008 between Company and Wells Fargo Bank, National
Association, as Trustee, pursuant to which Company issued additional 7.25% Senior Subordinated Notes due 2018 in an aggregate
principal amount of approximately $200,000,000, as the same may, in accordance with the terms of this Agreement, from time to
time be amended, supplemented, restated or otherwise modified or replaced.

 

“Secured
Facility Parties” - the holders of the Secured Obligations from time to time, including (i) each Lender and the
Issuing Bank in respect of its Loans and LC Exposure respectively, (ii) the Administrative Agent, the Issuing Bank and the Lenders
in respect of all other present and future obligations and liabilities of the Borrowers and each Subsidiary of every type and
description arising under or in connection with this Agreement or any other Loan Document, (iii) each Lender and Affiliates of
the Lenders in respect of obligations under Designated Hedge Agreements and in respect of Secured Other Facilities Obligations
owed to such Person by the Borrower or any Subsidiary, (iv) each Indemnified Party under Section 9.2 in respect of the indemnification
obligations and liabilities of the Borrowers to such Person under such Section 9.2, and (v) their respective successors and (in
the case of a Lender, its permitted) transferees and assigns.

 

    	- 26 -

    	 

    

 

“Secured
Obligations” - all Indebtedness of the Borrowers and the Guarantors under the Loan Documents together with all (a)
Secured Other Facilities Obligations and (b) Indebtedness of any Borrower and any Subsidiary under Designated Hedge Agreements.

 

“Secured
Other Facilities” - each and any of the following provided to any Borrower, any Guarantor or any other Subsidiary
of Company by any Lender or any of its Affiliates: (a) the following bank services (collectively, the “Bank Services”):
(i) credit cards for commercial customers (including, without limitation, commercial credit cards and purchasing cards), (ii)
stored value cards, and (iii) treasury management services (including, without limitation, controlled disbursement, automated
clearinghouse transactions, return items, overdrafts and interstate depository network services), and (b) any Indebtedness owing
by any Subsidiary of Company, and guaranteed by Company, provided, that no such Indebtedness under (b) hereof shall
constitute a portion of the Secured Other Facilities unless the Administrative Agent has received written notice thereof, together
with such supporting documentation as the Administrative Agent may request, and such Indebtedness shall cease to constitute a
portion of the Secured Other Facilities if the Administrative Agent receives written notice to such effect, in each case such
notice to be provided by the Company and the applicable Lender or Affiliate.

 

“Secured
Other Facilities Obligations” - any and all obligations of any Borrower, any Guarantor or any other Subsidiary of
Company, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals,
extensions and modifications thereof and substitutions therefor) in connection with Secured Other Facilities.

 

“Securities
Laws” - the Securities Act of 1933, as amended, the Securities Exchange Act of
1934, as amended, the Sarbanes Oxley Act of 2002 and the applicable accounting and auditing principles, rules, standards and practices
promulgated, approved or incorporated by the Securities and Exchange Commission or the Public Company Accounting Oversight Board.

 

“Securitization
Subsidiary” - a Subsidiary that is established for the limited purpose of acquiring and financing Receivables Assets
and interests therein of the Company or any Subsidiary and engaging in activities ancillary thereto.

 

“Securitization
Transaction” - any transaction or series of transactions pursuant to which a Securitization Subsidiary purchases
Receivable Assets or interests therein from the Company or any Subsidiary of the Company and finances such Receivables Assets
or interests therein through the issuance of Indebtedness or equity interests or through the sale of such Receivables Assets or
interests therein; provided that (a) the board of directors of the Company shall have approved such transaction, (b) no portion
of the Indebtedness of a Securitization Subsidiary is guaranteed by or is recourse to the Company or any Subsidiary (other than
recourse for customary representations, warranties, covenants and indemnities, none of which shall cover the collectability of
such Receivables Assets), and (c) neither the Company nor any other Subsidiary has any obligation to maintain or preserve such
Securitization Subsidiary’s financial condition.

 

    	- 27 -

    	 

    

 

“Security
Documents” - any security agreement, any UCC financing statement, any mortgage
or deed of trust, any assignment of leases and rents, any negative pledge agreement and any amendment thereof or any other document
pursuant to which any Lien is granted or perfected by Company or any Guarantor to the Administrative Agent on behalf of itself
and the other Secured Facility Parties as security for any of the Secured Obligations.

 

“Senior
Unsecured Notes” - the senior unsecured notes of the Company issued in a public offering or Rule 144A under the
applicable Securities Laws or other private placement transaction for general corporate purposes.

 

“Spot
Rate” - the spot rate of exchange that appears on the Reuters World Currency Page applicable to such currency (or
such other page that may replace such page on such service for the purpose of displaying the spot rate of exchange) for the purchase
of such currency with another currency at approximately 10:00 a.m. on the date two Business Days prior to the date as of
which the foreign exchange computation is made; provided that if there shall at any time no longer exist such a
page on such service, the Spot Rate shall be determined by reference to another similar rate publishing service reasonably selected
by the Administrative Agent.

 

“Subordinated
Indebtedness” - at a particular date, without duplication, any Indebtedness for which the Company or any Subsidiary
is directly and primarily liable that is expressly subordinated in right of payment to the payment of all Indebtedness of the
Borrowers incurred under and in compliance with the terms of the Agreement and the Loan Documents on a basis substantially equivalent
to the subordination under the Current Indentures (as defined in section 7.1(g) hereof).

 

“Subsidiary”
- any limited liability company, partnership, association or other entity the accounts of which would be consolidated with those
of Company in Company’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP as of such date, as well as any corporation of which at least 50% of the voting stock is owned by any entity directly, or
indirectly through one or more Subsidiaries.

 

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

 

    	- 28 -

    	 

    

 

“Swingline
Lender” - HSBC Bank, in its capacity as lender of Swingline Loans hereunder, and
any successor to HSBC Bank, and the replacements or successors to HSBC Bank in such capacity, as provided in this Agreement.

 

“Swingline
Loan” - a Loan made in U.S. Dollars pursuant to Section 2.3 of this Agreement.

 

“Swingline
Note” - a promissory note of Company substantially in the form of Exhibit C
hereto with all blanks appropriately completed, and all replacements and renewals thereof evidencing the promise of the Company
to repay Swingline Loans to the Swingline Lender.

 

“Taxes”
- any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental
Authority.

 

“Total
Commitment” - the aggregate amount of the Commitments of the Lenders, as such Commitments may be increased
or decreased pursuant to the terms of this Agreement. The amount of the Total Commitment is $900,000,000 on the Closing Date.

 

“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 Libor Rate or the Alternate Base Rate.

 

“Unused
Alternative Currency Sublimit” - as to any Lender at any time, an amount in Dollars equal to (i) such
Lender’s Alternative Currency Sublimit minus (ii) the sum of (x) the aggregate Assigned Dollar Value of all Alternative
Currency Loans made by such Lender (in its capacity as a Lender) and outstanding at such time, plus (y) such Lender’s
Applicable Percentage of the aggregate Available Amount of all Alternative Currency Letters of Credit outstanding at such time.

 

“Unused
Commitment” - with respect to any Lender at any time, (i) such Lender’s Commitment at such time
minus (ii) the sum of (x) the aggregate principal amount of all Revolving Loans and the Assigned Dollar Value of all Alternative
Currency Loans, in each instance made by such Lender (in its capacity as a Lender) and outstanding at such time, plus (y)
such Lender’s Applicable Percentage of (1) the aggregate Available Amount of all Letters of Credit, including, without
limitation, Existing Letters of Credit, outstanding at such time, (2) the aggregate principal amount of all LC Disbursements
made by the Issuing Bank and outstanding at such time, and (3) the aggregate principal amount of all Swingline Loans made
by the Swingline Lender and outstanding at such time.

 

“USA
Patriot Act” - the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter
be, renewed, extended, amended or replaced.

 

    	- 29 -

    	 

    

 

“U.S.
Letter of Credit” - a Letter of Credit denominated in Dollars.

 

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

 

“Valuation
Date” - (a) with respect to any Loan, each of the following: (i) each date of a borrowing
of a Libor Loan denominated in an Alternative Currency, (ii) each date of a continuation of a Libor Loan denominated in an
Alternative Currency, and (iii) such additional dates as the Administrative Agent shall reasonably determine or the Required
Lenders shall reasonably require; and (b) with respect to any Letter of Credit, each of the following: (i) each date
of issuance of a Letter of Credit denominated in an Alternative Currency, (ii) each date of an amendment of any such Letter
of Credit having the effect of increasing the amount thereof (solely with respect to the increased amount), (iii) each date
of any payment by the Issuing Bank under any Letter of Credit denominated in an Alternative Currency, and (iv) such additional
dates as the Administrative Agent or the Issuing Bank shall reasonably determine or the Required Lenders shall reasonably require.

 

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

 

1.2           Accounting
Terms.

 

(a)          Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared
in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that
used in preparing Company’s audited financial statements previously provided to the Administrative Agent and the Lenders,
except as otherwise specifically prescribed herein.

 

(b)          Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth
in this Agreement, and either the Company or the Required Lenders shall so request, the Administrative Agent, the Lenders and
the Company shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light
of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such
ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Company shall
provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or
as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP.

 

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1.3           Exchange
Rates; Currency Equivalents. (a) As of each Valuation Date, the Administrative Agent or the Issuing Bank, as applicable,
shall determine the exchange rates to be used for calculating the Dollar Equivalent of amounts denominated in Alternative Currencies
by reference to the Spot Rate. Such exchange rate becomes effective as of such Valuation Date and shall be the rate employed in
converting any amounts between Applicable Currencies until the next Valuation Date to occur. Except for purposes of financial
statements delivered by the Company hereunder or calculating financial covenants hereunder or except as otherwise provided herein,
the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent
amount as so determined by the Administrative Agent or the Issuing Bank, as applicable.

 

(b)          Wherever
in this Agreement in connection with an advance, conversion, continuation or prepayment of a Libor Loan or Letter of Credit, an
amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Libor Loan or Letter of Credit is denominated
in an Alternative Currency, such amount shall be the relevant equivalent amount thereof in the Applicable Currency of such Dollar
amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the
Administrative Agent or Issuing Bank, as applicable, in accordance with Section 1.3(a) above.

 

1.4           European
Economic and Monetary Union Provisions. The following shall be effective at and from the commencement of the third
stage of the European Monetary Union (“EMU”) by the United Kingdom:

 

(a)          Redenomination
and Alternative Currencies. Each obligation under this Agreement which has been denominated in Pounds Sterling
shall be redenominated into the Euro in accordance with EMU legislation, provided, that if and to the extent that any EMU
legislation provides that following the commencement of the third stage of EMU by the United Kingdom an account denominated either
in the Euro or in Pounds Sterling and payable within the United Kingdom by crediting an account of the creditor can be paid by
the debtor either in Euro or in Pounds Sterling, each party to this Agreement shall be entitled to pay or repay any such amount
either in the Euro or in Pounds Sterling. Any Alternative Currency Loan that would otherwise be denominated in Pounds Sterling
shall be made in the Euro and except as provided in the foregoing sentence, any amount payable by the Administrative Agent to
the Lenders under this Agreement shall be paid in Euro.

 

(b)          Payments
by the Administrative Agent Generally. With respect to the payment of any amount denominated in Euro or in Pounds
Sterling, neither the Administrative Agent nor any Lender shall be liable to any Borrower or any Lender in any way whatsoever
for any delay, or the consequences of any delay, in the crediting to any account of any amount required by this Agreement to be
paid if such party shall have taken all relevant steps to achieve, on the date required by this Agreement, the payment of such
amount in immediately available, freely transferable, cleared funds (in Euro or, as the case may be, in Pounds Sterling) to the
account with the bank which shall have been specified for such purpose. As used herein, “all relevant steps” means
all such steps as may be prescribed from time to time by the regulations or operating procedures of such clearing or settlement
system as the Administrative Agent may from time to time determine for the purpose of clearing or settling payments of the Euro.

 

    	- 31 -

    	 

    

 

(c)          Basis
of Accrual. If the basis of accrual of interest or fees expressed in this Agreement with respect to Pounds Sterling
shall be inconsistent with any convention or practice in the London Interbank Market for the basis of accrual of interest or fees
in respect of the Euro, such convention or practice shall replace such expressed basis effective as of and from the commencement
of the third stage of EMU by the United Kingdom; provided, that if any Alternative Currency Loan is outstanding immediately
prior to such date, such replacement shall take effect, with respect to such Borrowing, at the end of the then current Interest
Period.

 

(d)          Rounding
and Other Consequential Changes. Without prejudice and in addition to any method of conversion or rounding prescribed
by any EMU legislation and without prejudice to the respective liabilities for indebtedness of the Borrowers to the Lenders and
the Lenders to the Borrowers under or pursuant to this Agreement:

 

(i)          each
reference in this Agreement to a minimum amount (or an integral multiple thereof) in Pounds Sterling shall be replaced by a reference
to such reasonably comparable and convenient amount (or an integral multiple thereof) in the Euro as the Administrative Agent
may from time to time specify; and

 

(ii)         except
as expressly provided in this Section 1.4, each provision of this Agreement shall be subject to such reasonable changes of construction
as the Administrative Agent may from time to time specify to be necessary or appropriate to reflect the introduction of or changeover
to the Euro in the United Kingdom.

 

1.5           Unavailability
of Alternative Currency Loans. Notwithstanding any other provision herein, if any Change in Law shall make it unlawful
for any Lender to make or maintain any Alternative Currency Loan or to give effect to its obligations as contemplated hereby with
respect to any such Loan or in the event that there shall occur any material adverse change in national or international financial,
political or economic conditions or currency exchange rates or exchange controls which would in the opinion of such Lender make
it impracticable for Loans to be denominated in either the Euro, Pounds Sterling, Canadian Dollar, or Japanese Yen, then, by written
notice to the Company and to the Administrative Agent, such Lender may: (i) declare that such Loans will not thereafter be
made, whereupon any request for such an Alternative Currency Loan shall be deemed a request for a Loan in Dollars unless such
declaration shall be subsequently withdrawn (the Lender agreeing to withdraw such declaration promptly upon determining that the
applicable event or condition no longer exists); and (ii) require that all outstanding Alternative Currency Loans so affected
be repaid.

 

1.6           Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight
or standard, as applicable).

 

    	- 32 -

    	 

    

 

1.7           Letters
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed
to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided, however,
that with respect to any Letter of Credit that, by its terms or the terms of any letter of credit document related thereto, provides
for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the
Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or
not such maximum stated amount is in effect at such time.

 

ARTICLE
II. THE CREDIT

 

2.1           The
Revolving Credit.

 

(a)          Revolving
Loans. Each Lender agrees, severally and not jointly, subject to the terms and conditions and relying upon the representations
and warranties set forth in this Agreement and within the limits hereof, to make one or more Revolving Loans to a Borrower, and
each Borrower may make a request for a Revolving Loan or Revolving Loans from the Lenders, at any one time and from time to time,
during the Availability Period. No Borrower shall at any time permit, and no Lender shall have any obligation to permit the aggregate
outstanding principal amounts of all Revolving Loans, Alternative Currency Loans, Swingline Loans and the face amount of outstanding
Letters of Credit to exceed the Maximum Limit or any such Loan to exceed such Lender’s Unused Commitment, or the Dollar
Equivalent of $150,000,000 outstanding at any one time for all Alternative Currency Loans or to exceed the Foreign Borrower Sublimit
for Loans to Foreign Borrowers. The Revolving Loans may be repaid and reborrowed in accordance with the provisions hereof.

 

(b)          The
Alternative Currency Loans. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Loans
denominated in an Alternative Currency (“Alternative Currency Loans”) to a Borrower from time to time on any Business
Day during the Availability Period in an amount for each such Loan not to exceed the Dollar Equivalent of such Lender’s
Unused Alternative Currency Sublimit at such time; provided, however, that the aggregate amount of all Alternative
Currency Loans and the aggregate amount of Alternative Currency LC Exposure at any time outstanding shall not at any time exceed
the aggregate of the Alternative Currency Sublimits of all Lenders (the “Alternative Currency Facility”), and, provided,
further, no requested Alternative Currency Loans shall be made in any amount which would exceed the aggregate of the Unused
Commitments of the Lenders at such time or which would exceed the Foreign Borrower Sublimit for Alternative Currency Loans to
Foreign Borrowers. Each Alternative Currency Loan shall consist of Alternative Currency advances made simultaneously by the Lenders
ratably according to their Alternative Currency Sublimits. Within the limits of each Lender’s Alternative Currency Sublimit
in effect from time to time, the Borrowers may borrow, repay and reborrow.

 

    	- 33 -

    	 

    

 

(c)       Method
for Dollar Loans. When a Borrower wants the Lenders to make a Revolving Loan denominated in Dollars available, the
Company shall notify the Administrative Agent not later than 1:00 p.m. on the Business Day on which the Revolving Loan is
to be funded in the case of an ABR Loan, and in the case of a Libor Loan not later than two (2) Business Days prior to the
proposed commencement date of the applicable Interest Period. In such notice, which may be by telephone, confirmed immediately
in writing, or telex or telecopier, by means of a Request Certificate duly completed and executed, the Company shall specify (i) the
Borrower on whose behalf the Company is requesting such Revolving Loan; (ii) the aggregate amount of the Revolving Loan to
be made to such Borrower on a designated date which shall be in a minimum amount of $2,000,000 and shall be in whole multiples
of $1,000,000 for amounts in excess of such minimum amount; (iii) whether the Revolving Loan shall be an ABR Loan or a Libor
Loan, and if a Libor Loan the applicable Interest Period; and (iv) the proposed date on which the Revolving Loan is to be funded
which shall be a Business Day. Each Lender shall make available to the Administrative Agent in accordance with Section 2.5
hereof, in immediately available funds, such Lender’s Applicable Percentage of such Loan in accordance with the respective
Commitment of such Lender. As early as practically possible on the date on which a Revolving Loan is made and upon fulfillment
of the conditions set forth in Article III of this Agreement, the Administrative Agent will make the proceeds of the Revolving
Loan available to the Borrower by a deposit to the applicable Loan Account.

 

(d)       Method
for Alternative Currency Loans.

 

(i)          When
a Borrower wants the Lenders to make a Revolving Loan denominated in an Alternative Currency available, the Company shall notify
the Administrative Agent and the Lenders not later than 11:00 a.m. on the third Business Day prior to the date of the proposed
borrowing. Each such notice (a “Notice of Alternative Currency Borrowing”) may be by telephone, confirmed immediately
in writing, or telex or telecopier, specifying therein the (A) Borrower of such Alternative Currency Loan on whose behalf the
Company is requesting the Alternative Currency Loan, (B) requested date of such Alternative Currency Loan, (C) Applicable
Currency, (D) amount of such Alternative Currency Loan (which requested Alternative Currency Loan (other than, in the case of
a continuation of a Libor Loan, a change in the Dollar Equivalent thereof solely as a result of currency fluctuations)) shall
be in an aggregate amount of the Applicable Alternative Currency which would purchase approximately Three Million Dollars ($3,000,000)
or an integral multiple of One Million Dollars ($1,000,000) in excess thereof based on the Spot Rate with respect to such currency
on the date of the applicable Notice of Alternative Currency Borrowing or, if less, the then Dollar Equivalent amount of the aggregate
Unused Alternative Currency Sublimits, and (E) initial Interest Period for such Alternative Currency Loan (it being understood
by the Borrowers and Lenders that all Alternative Currency Loans shall be Libor Loans). Each Lender shall make available to the
Administrative Agent, in accordance with Section 2.5 hereof, in same day funds in such Alternative Currency, such Lender’s
Applicable Percentage of such Alternative Currency Loan in accordance with the respective Alternative Currency Sublimits of such
Lender. After the Administrative Agent’s receipt of funds from the Lenders and upon fulfillment of the applicable conditions
set forth in Article III, the Administrative Agent will make such funds available to such Borrower by wire transfer to such account
as the Company shall have previously designated to the Administrative Agent in writing, which account must be in the name of a
Borrower or a Subsidiary and in London or the financial center of the country of the Applicable Currency.

 

    	- 34 -

    	 

    

 

The
Administrative Agent and the Lenders shall not incur any liability to any Borrower in acting upon any notice referred to in Sections 2.1(c)
or (d) or upon any telephonic notice which the Administrative Agent believes in good faith to have been given by the Company by
a duly authorized officer or other Person authorized to provide such notice on behalf of the Company or for otherwise acting in
good faith hereunder.

 

(ii)         Upon
the occurrence and during the continuance of any Default or Event of Default, the Administrative Agent may, and, in the case of
the occurrence and continuance of a Default or Event or Default, shall at the direction of the Required Lenders, terminate the
Alternative Currency Facility by giving notice of such termination to the Company, and each of the Lenders. Thereupon, (A) any
and all then outstanding Alternative Currency Loans shall automatically be converted into Revolving Loans denominated in Dollars
in an amount equal to the Dollar Equivalent thereof (the “Automatically Converted Loans”), (B) no further Alternative
Currency Loans shall be permitted to be made and (C) the Alternative Currency Sublimits of the Lenders shall be automatically
terminated. In addition, at such time the other Lenders shall purchase from the Lenders, and the Lenders shall sell and assign
to the Lenders, Automatically Converted Loans in an amount so that each and every Lender shall have a share of the total Automatically
Converted Loans equal to its Applicable Percentage of the Total Commitment. The Administrative Agent shall specify the amounts
required to effect such purchases and sales among the Lenders. The Borrowers hereby agree to each such sale and assignment. Each
Lender agrees to purchase its Applicable Percentage of Automatically Converted Loans on (i) the Business Day on which demand
therefor is made; provided that notice of such demand is given not later than 11:00 a.m. on such Business Day,
or (ii) the first Business Day next succeeding such demand if notice of such demand is given after such time. Upon any such
assignment by a Lender to the other Lenders of a portion of the Automatically Converted Loans, such Lender represents and warrants
to such other Lenders that such Lender is the legal and beneficial owner of the interest being assigned by it, but makes no other
representation or warranty and assumes no responsibility with respect to any of the Automatically Converted Loans, any of the
Loan Documents, any Borrower or any Guarantor (including, without limitation, as to the financial condition of any Borrower or
any Guarantor). The occurrence of any event which results in the existence of Automatically Converted Loans pursuant to the foregoing
shall be deemed to constitute, for all purposes of this Agreement including Section 2.7(a)(ii), an optional prepayment of
all of the Alternative Currency Loans so automatically converted into Automatically Converted Loans before the last day of the
Interest Period relating thereto.

 

If a Borrower fails
to borrow a Libor Loan on the date upon which such Libor Loan was requested to be made, the Borrower shall pay any applicable
Breakage Fee with respect to such requested Libor Loan.

 

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2.2         The
Notes. (a) The Revolving Loans shall be evidenced by the Revolving Notes, with all blanks appropriately completed,
payable as provided therein to the Lenders. The Revolving Note shall be inscribed by the holder thereof on the schedule attached
thereto and any continuation thereof with the date of the making of each Revolving Loan, the amount of each Revolving Loan, the
applicable Rate Options and Interest Periods, all payments of principal, and the aggregate outstanding principal balance thereof.

 

(b)          The
Alternative Currency Loans shall be evidenced by the Alternative Currency Notes, with all blanks appropriately completed, payable
as provided therein to the Lenders. The Alternative Currency Notes shall be inscribed by the holder thereof on the schedule attached
thereto and any continuation thereof with the date of the making of each Alternative Currency Loan, the amount thereof and the
applicable Interest Periods, all payments of principal, and the aggregate outstanding principal balance thereof.

 

(c)          The
Swingline Loans shall be evidenced by the Swingline Note, with all blanks appropriately completed, payable as provided therein
to the Swingline Lender. The Swingline Note shall be inscribed by the holder thereof on the schedule attached thereto and any
continuation thereof with the date of the making of each Swingline Loan, the amount thereof and all payments of principal, and
the aggregate principal balance thereof.

 

Any such inscription
on the schedules to any Revolving Note, Alternative Currency Note or Swingline Note made by the holder thereof shall constitute
prima facie evidence of the accuracy of the information so recorded; provided, however, the failure of any Lender
or other holder to make any such inscription shall not affect the obligations of the Borrowers under any Revolving Note, Alternative
Currency Note or Swingline Note or this Agreement.

 

2.3          Swingline
Loans. (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Loans (“Swingline
Loans”) to the Company solely for the Swingline Lender’s own account, from time to time during the Availability Period,
up to an aggregate principal amount at any one time outstanding that will not result in (i) the aggregate principal amount
of outstanding Swingline Loans exceeding $25,000,000 or (ii) the sum of the aggregate Unused Commitments of the Lenders at
such time being exceeded; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance
an outstanding Swingline Loan. The Swingline Lender shall not make any Swingline Loan in the period commencing one Business Day
after the Swingline Lender shall have received written notice in accordance with Section 11.6 of this Agreement from Administrative
Agent or any Lender that one or more of the conditions contained in Article III are not then satisfied or a Default or an
Event of Default exists and ending upon the satisfaction or waiver of such condition(s) or cure or waiver of such Default or Event
of Default. Swingline Loans shall bear interest at a rate per annum equal to the Alternate Base Rate from time to time in effect
plus 100 basis points. Each outstanding Swingline Loan shall be payable on the Business Day following demand therefor or automatically
without demand on the Revolving Credit Maturity Date, together with interest accrued thereon, and shall otherwise be subject to
all other terms and conditions applicable to all Revolving Loans, except that all interest thereon shall be payable to the Swingline
Lender solely for its own account other than in the case of the purchase of a participation therein in accordance with Section
2.3(c) of this Agreement. Within the foregoing limits and subject to the terms and conditions set forth herein, the Company may
borrow, repay and reborrow Swingline Loans.

 

    	- 36 -

    	 

    

 

(b)          To
request a Swingline Loan, Company shall notify the Administrative Agent of such request by telephone (confirmed by telecopy),
not later than 1:00 p.m. 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 Company. The Swingline Lender shall make each Swingline Loan available
to Company by means of a credit to the general deposit account of Company 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 2.4(f) of this Agreement, by remittance to
the Issuing Bank) by 3:00 p.m. on the requested date of such Swingline Loan.

 

(c)          At
any time after making a Swingline Loan, the Swingline Lender may request Company to, and upon request by the Swingline Lender,
Company shall, promptly request a Revolving Loan from all Lenders and apply the proceeds of such Revolving Loan to the repayment
of any Swingline Loan owing by Company not later than the Business Day following the Swingline Lender’s request. Notwithstanding
the foregoing, and upon the earlier to occur of (i) three (3) Business Days after demand for payment is made by the Swingline
Lender for a Swingline Loan, and (ii) the Revolving Credit Maturity Date, if such Swingline Loan has not been paid by Company,
such Swingline Loan shall bear interest as an ABR Loan and each Lender (other than the Swingline Lender) shall irrevocably and
unconditionally purchase from the Swingline Lender, without recourse or warranty, an undivided interest and participation in such
Swingline Loan in an amount equal to such Lender’s Applicable Percentage of such Swingline Loan and promptly pay such amount
to the Administrative Agent for the account of the Swingline Lender by wire transfer of immediately available funds in the same
manner as provided in Section 2.5 of this Agreement with respect to Loans made by such Lender, and the Administrative Agent shall
promptly pay to the Swingline Lender the amounts so received by it from the Lenders. Each Lender acknowledges and agrees that
its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall
not be affected by any circumstance whatsoever, shall be made without any offset, abatement, withholding or reduction whatsoever
and such payment shall be made by the other Lenders whether or not an Event of Default or a Default is then continuing or any
other condition precedent set forth in Article III is then met and whether or not Company has then requested a Revolving Loan
in such amount. The Administrative Agent shall notify Company of any participations in any Swingline Loan acquired pursuant to
this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to
the Swingline Lender. If any Lender fails to make available to the Administrative Agent for the account of the Swingline Lender,
any amounts due to the Swingline Lender from such Lender pursuant to this Section, the Swingline Lender shall be entitled to recover
such amount, together with interest thereon at the Federal Funds Effective Rate for the first three (3) Business Days after Defaulting
Lender receives such notice and thereafter at the rate for ABR Loans, in either case payable (i) on demand, (ii) by setoff against
any payments made to the Swingline Lender for the account of Defaulting Lender, or (iii) by payment to the Swingline Lender by
the Administrative Agent of amounts otherwise payable to Defaulting Lender under this Agreement. The failure of any Lender to
make available to the Administrative Agent for the account of the Swingline Lender its Applicable Percentage of any unpaid Swingline
Loan shall not relieve any other Lender of its obligation hereunder to make available to the Administrative Agent for the account
of the Swingline Lender, its Applicable Percentage of any unpaid Swingline Loan on the date such payment is to be made, but no
Lender shall be responsible for the failure of any other Lender to make available to the Administrative Agent for the account
of the Swingline Lender its Applicable Percentage of any unpaid Swingline Loan.

 

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2.4         Letters
of Credit.

 

(a)          General.
The Issuing Bank agrees, on the terms and conditions hereinafter set forth, to issue Letters of Credit for the account of a Borrower
from time to time on any Business Day during the period from the Closing Date until two (2) Business Days prior to the Revolving
Credit Maturity Date (A) in an aggregate Available Amount for all Letters of Credit, including, without limitation, Existing Letters
of Credit, not to exceed at any time the Issuing Bank’s Letter of Credit Commitment at such time, (B) with respect to Alternative
Currency Letters of Credit, in an Available Amount for each such Alternative Currency Letter of Credit not to exceed an amount
equal to the Unused Alternative Currency Sublimits of the Lenders at such time, (C) in an Available Amount for each such
Letter of Credit not to exceed an amount equal to the Unused Commitments of the Lenders at such time or the Foreign Borrower Sublimit
with respect to Letters of Credit issued for the account of Foreign Borrowers. Within the limits of the Letter of Credit Facility,
and subject to the limits referred to herein, the Company (on its own behalf or on behalf of any other Borrower) may request the
issuance of Letters of Credit under this Section, the Borrowers may repay any LC Disbursements resulting from drawings under Letters
of Credit pursuant to Section 2.4(f) and the Company (on its own behalf or on behalf of any other Borrower) may request the
issuance of additional Letters of Credit under Section 2.4(c). The Existing Letters of Credit shall be deemed to be Letters
of Credit under this Agreement issued on the Closing Date. 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 a Borrower
to, or entered into by a Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement
shall control.

 

    	- 38 -

    	 

    

 

(b)          Letter
of Credit Fees. The Issuing Bank shall have the right to receive, solely for its own account, and Borrowers shall
pay with respect to any Letter of Credit the Issuing Bank’s reasonable and customary administrative, issuance, amendment,
drawing and negotiation charges in connection with letters of credit. Without limiting the foregoing, the Company shall pay directly
to the Issuing Bank for its own account a fronting fee which shall accrue at the rate per annum specified in the Fee Letter or
in another agreement between the Company and the Issuing Bank on the average daily amount of the total LC Exposure (excluding
any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the date of this Agreement
to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure
(“Fronting Fee”). The Fronting Fee shall be payable to the Issuing Bank quarterly in arrears on the first day of each
quarter following the Closing Date. For each day during (i) the period beginning on the date of this Agreement and ending
March 31, 2013, (ii) each full calendar quarter thereafter during the term of this Agreement and (iii) the period
beginning on the first day of the calendar quarter containing the Revolving Credit Maturity Date and ending on the day before
the Revolving Credit Maturity Date, the Borrowers shall pay, on demand, following each such calendar quarter or other time period,
to the Administrative Agent for the account of each Lender participating in such Letters of Credit a non-refundable letter of
credit fee equal to such Lender’s Applicable Percentage, on such day, of the product obtained by multiplying (A) that
portion of LC Exposure representing the aggregate undrawn face amount of Letters of Credit on such day first by (B) the Applicable
Margin then in effect for Libor Loans for such day and then by (C) 1/360.

 

(c)          Notice
of Issuance, Amendment, Renewal, Extension; Certain Conditions; Reports.

 

(i)          To
request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Company
shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the
Issuing Bank) to the Issuing Bank and the Administrative Agent (at least three (3) Business Days in advance of the requested date
of issuance, amendment, renewal or extension for a Letter of Credit) 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 name of the applicable Borrower for whose
account such Letter of Credit is to be issued, 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 (d) of this Section), the Available
Amount of such Letter of Credit, the Applicable Currency, the name and address of the beneficiary thereof, the purpose for which
such Letter of Credit is to be issued, and such other information as shall be necessary to prepare, amend, renew or extend such
Letter of Credit. Such notice, to be effective, must be received by the Issuing Bank not later than 2:00 p.m. or the time
agreed upon by the Issuing Bank and such Borrower on the last Business Day on which such notice can be given under this Section
2.4(c). If requested by the Issuing Bank, such 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.

 

    	- 39 -

    	 

    

 

(ii)         A
Letter of Credit shall be issued, amended, renewed or extended only if, (x) after giving effect to such issuance, amendment, renewal
or extension (i) the LC Exposure shall not exceed $75,000,000, (ii) the sum of the total Revolving Credit Exposures
shall not exceed the Total Commitment, (iii) in the case of Alternative Currency Letters of Credit, the Unused Alternative
Currency Sublimits shall not be exceeded, and (iv) in the case of Letters of Credit to Foreign Borrowers, the Foreign Borrower
Sublimit shall not be exceeded (y) as of the date of such issuance amendment, renewal or extension, no order, judgment or decree
of any court, arbitrator or Governmental Authority shall purport by its terms to enjoin or restrain the Issuing Bank from issuing
the Letter of Credit and no law, rule or regulation applicable to the Issuing Bank and no request or directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit or request that
the Issuing Bank refrain from the issuance of letters of credit generally or the issuance of that Letter of Credit. Unless the
Issuing Bank has been notified by the Administrative Agent or the Required Lenders in writing that a Default or an Event of Default
has occurred and is continuing, in which case the Issuing Bank shall have no obligation to issue, amend, renew or extend any Letter
of Credit until such notice is withdrawn by the Administrative Agent or the Required Lenders or such Default or Event of Default
has been effectively waived in accordance with the provisions of this Agreement, the Issuing Bank shall, upon fulfillment of the
applicable conditions set forth in Article III, make such Letter of Credit available to the Borrower as agreed between the
Issuing Bank and the Borrower in connection with such issuance, provided that any such Alternative Currency Letter of Credit shall
in any event be made available to the Borrower, or as the Borrower may direct, in London or the financial center of the country
of the Applicable Currency.

 

(iii)        The
Issuing Bank shall furnish (i) to the Administrative Agent on the first Business Day of each week a written report summarizing
issuance and expiration dates of Letters of Credit issued during the previous week and drawings during such week under all Letters
of Credit, (ii) to the Administrative Agent, the Company, and each Lender on the first Business Day of each month a written
report summarizing issuance and expiration dates of Letters of Credit issued during the preceding month and drawings during such
month under all Letters of Credit, and (iii) to the Administrative Agent, the Company, and each Lender on the first Business
Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount during the preceding
calendar quarter of all Letters of Credit.

 

(iv)        Notwithstanding
any other provisions of this Agreement if, after the Closing Date any Change in Law shall make it unlawful for the Issuing Bank
to issue Letters of Credit denominated in an Alternative Currency, then by prompt written notice thereof to the Company and to
the Administrative Agent (which notice shall be withdrawn whenever such circumstances no longer exist), the Issuing Bank may declare
that Letters of Credit will not thereafter be issued by it in the affected Alternative Currency or Alternative Currencies, whereupon
the affected Alternative Currency or Alternative Currencies shall be deemed (for the duration of such declaration) not to constitute
an Alternative Currency for purposes of the issuance of Letters of Credit by the Issuing Bank.

 

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(d)          Expiration
Date. No Letter of Credit shall have an expiration date (including all rights of any Borrower or the beneficiary
to require renewal) later than one (1) Business Day prior to the Revolving Credit Maturity Date. The foregoing notwithstanding,
any standby Letter of Credit may, by its terms, be renewable annually upon notice (a “Notice of Renewal”) given to
the Issuing Bank and the Administrative Agent on or prior to any date for notice of renewal set forth in such Letter of Credit
(but in any event at least three (3) Business Days prior to the date of the proposed renewal of such standby Letter of Credit)
and upon fulfillment of the applicable conditions set forth in Article III unless the Issuing Bank shall have notified the
Company (with a copy to the Administrative Agent) on or prior to the date for notice of termination set forth in such Letter of
Credit (but in any event at least thirty (30) Business Days prior to the date of automatic renewal) of its election not to renew
such standby Letter of Credit (a “Notice of Termination”); provided that the terms of each standby Letter
of Credit that is automatically renewable annually shall not permit the expiration date (after giving effect to any renewal) of
such standby Letter of Credit in any event to be extended to a date later than one (1) Business Day before the Revolving
Credit Maturity Date. If either a Notice of Renewal is not given by the Company (on behalf of the Borrower for whose account the
Letter of Credit was issued) or a Notice of Termination is given by the Issuing Bank pursuant to the immediately preceding sentence,
such standby Letter of Credit shall expire on the date on which it otherwise would have been automatically renewed; provided,
however, that even in the absence of receipt of a Notice of Renewal, the Issuing Bank may, in its discretion unless instructed
to the contrary by the Administrative Agent or the Company, deem that a Notice of Renewal had been timely delivered and, in such
case, a Notice of Renewal shall be deemed to have been so delivered for all purposes under this Agreement.

 

(e)          Participations.
(i) Immediately upon issuance by the Issuing Bank of any Letter of Credit in accordance with the procedures set forth in Section 2.4(c)
of this Agreement, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing
Bank, without recourse or warranty, an undivided interest and participation equal to its Applicable Percentage of such Letter
of Credit (including, without limitation, all obligations of the Borrower with respect thereto) and any security therefor or guaranty
pertaining thereto.

 

(ii)         In
the event that the Issuing Bank makes any LC Disbursement and the Borrower for whose account the Letter of Credit was issued shall
not have repaid such amount to the Issuing Bank pursuant to Section 2.4(f) of this Agreement, (a) if such payment relates
to an Alternative Currency Letter of Credit, automatically and with no further action required, the obligation to reimburse the
applicable payment shall be permanently converted into an obligation to reimburse the Dollar Equivalent of such LC Disbursement,
and (b) the Issuing Bank shall promptly notify the Administrative Agent and each Lender of such failure, and each Lender
shall promptly and unconditionally pay to the Administrative Agent for the account of the Issuing Bank the amount of such Lender’s
Applicable Percentage of the unreimbursed amount of any LC Disbursement in the same manner as provided in Section 2.5 of
this Agreement with respect to Revolving Loans made by such Lender and the Administrative Agent shall promptly pay to the Issuing
Bank the amounts so received by it from the Lenders.

 

(iii)        If
any Lender fails to make available to the Issuing Bank any amounts due to the Issuing Bank pursuant to this Section 2.4(e),
the Issuing Bank shall be entitled to recover such amount, together with interest thereon, at the Federal Funds Effective Rate
for the first three (3) Business Days after Defaulting Lender receives such notice and thereafter at the rate for ABR Loans, in
either case payable (i) on demand, (ii) by setoff against any payments made to the Issuing Bank for the account of Defaulting
Lender or (iii) by payment to the Issuing Bank by the Administrative Agent of amounts otherwise payable to Defaulting Lender under
this Agreement. The failure of any Lender to make available to the Administrative Agent for the account of the Issuing Bank its
Applicable Percentage of the unreimbursed amount of any LC Disbursement shall not relieve any other Lender of its obligation hereunder
to make available to the Administrative Agent for the account of the Issuing Bank its Applicable Percentage of the unreimbursed
amount of any LC Disbursement on the date such payment is to be made, but no Lender shall be responsible for the failure of any
other Lender to make available to the Administrative Agent for the account of the Issuing Bank its Applicable Percentage of the
unreimbursed amount of any LC Disbursement on the date such payment is to be made.

 

    	- 41 -

    	 

    

 

(iv)        Whenever
the Issuing Bank receives a payment on account of an LC Disbursement, including any interest thereon, it shall promptly pay to
each Lender which has funded its participating interest therein, in like funds as received an amount equal to such Lender’s
pro rata share thereof based on the amount funded.

 

(v)         The
obligations of a Lender to make payments to the Administrative Agent for the account of the Issuing Bank with respect to LC Disbursements
shall be absolute, unconditional and irrevocable, not subject to any counterclaim, set-off, qualification or exception whatsoever
and shall be made in accordance with the terms and conditions of this Agreement under all circumstances, whether or not an Event
of Default or a Default is then continuing.

 

(vi)        In
the event any payment by a Borrower received by the Administrative Agent with respect to a Letter of Credit and distributed by
the Administrative Agent to the Lenders on account of their participations is thereafter set aside, avoided or recovered from
the Administrative Agent in connection with any receivership, liquidation, reorganization or bankruptcy proceeding, each Lender
which received such distribution shall, upon demand by the Administrative Agent, contribute such Lender’s Applicable Percentage
of the amount set aside, avoided or recovered together with interest at the rate required to be paid by the Administrative Agent
upon the amount required to be repaid by it.

 

(f)           Reimbursement.
If the Issuing Bank shall make any LC Disbursement, the Borrowers shall reimburse such LC Disbursement by paying to the Administrative
Agent for the account of the Issuing Bank an amount in the Applicable Currency equal to such LC Disbursement not later than 12:00 Noon
on the date that such LC Disbursement is made, if the Company shall have received notice by telephone or otherwise of such LC
Disbursement prior to 10:00 a.m. on such date, or, if such notice has not been received by the Borrower prior to such time
on such date, then not later than 12:00 Noon on (i) the Business Day that the Company receives such notice, if such
notice is received prior to 10:00 a.m. on the day of receipt, or (ii) the Business Day immediately following the day
that the Company receives such notice, if such notice is not received prior to such time on the day of receipt; provided
that the Borrowers may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.1
or 2.3 of this Agreement that such payment be financed with an ABR Loan 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
Loan or Swingline Loan, provided further that any such request for an ABR Loan or Swingline Loan to reimburse
an LC Disbursement under a Letter of Credit denominated in Rupees shall be a request for the Dollar Equivalent of such LC Disbursement.

 

    	- 42 -

    	 

    

 

(g)          Obligations
Absolute. The Borrowers’ obligations to reimburse LC Disbursements as provided in paragraph (f) of this Section
shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement
under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of
Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of
Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect,
(iii) payment by an Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not
comply strictly with the terms of such Letter of Credit so long as it complies in all material respects, (iv) the existence of
any claim, set-off, defense or other right which any Borrower or any Subsidiary may have at any time against the beneficiary named
in a Letter of Credit or any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the
Issuing Bank, any Lender, any other Person, whether in connection with this Agreement, any Letter of Credit, the transactions
contemplated herein or any unrelated transaction (including any underlying transactions between any Borrower, any Subsidiary and
the beneficiary named in any Letter of Credit), (v) the occurrence of any Event of Default or Default, or (vi) any other
event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section,
constitute a legal or equitable discharge of, or provide a right of setoff against, a Borrower’s obligations hereunder.
As among any Borrower, the Issuing Bank and the Lenders, such Borrower assumes all risks of the acts and omissions of, or misuse
of the Letters of Credit by, the respective beneficiaries of the Letters of Credit requested by it. In furtherance and not in
limitation of the foregoing, the Issuing Bank and the Lenders shall not be responsible for (i) the form, validity, sufficiency,
accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance
of any Letter of Credit, even if it should in fact prove to be in any or all respect invalid, insufficient, inaccurate, fraudulent
or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a
Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid
or ineffective for any reason; (iii) failure of the beneficiary of a Letter of Credit to comply fully with conditions required
in order to draw upon such Letter of Credit so long as such beneficiary is in material compliance with such conditions; (iv) errors,
omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise;
(v) errors in interpretation of technical terms; (vi) misapplication by the beneficiary of a Letter of Credit of the proceeds
of any drawing under such Letter of Credit; or (vii) any consequences arising from causes beyond the control of the Issuing Bank
or the Lenders. In addition to amounts payable as elsewhere provided in this Section 2.4, Borrowers hereby agree to protect, indemnify,
pay and save the Administrative Agent, the Issuing Bank and each Lender harmless from and against any and all claims, demands,
liabilities, damages, losses, posts, charges and expenses (including reasonable attorneys’ fees) arising from the claims
of third parties against the Administrative Agent or the Issuing Bank in respect of any Letter of Credit requested by the Company
for itself or for any other Borrower. In furtherance and extension and not in limitation of the specific provisions hereinabove
set forth, any action taken or omitted by the Issuing Bank or any Lender under or in connection with the Letters of Credit or
any related certificates, if taken or omitted in good faith, shall not put the Issuing Bank, the Administrative Agent or such
Lender under any resulting liability to the Borrowers or relieve Borrowers of any of their obligations hereunder to the Issuing
Bank, the Administrative Agent or any Lender. Notwithstanding anything to the contrary contained in this Section 2.4(g), Borrowers
shall not have any obligations to indemnify the Issuing Bank under this Section 2.4(g) in respect of any liability incurred by
the Issuing Bank that is found in a final judgment by a court of competent jurisdiction to have resulted primarily from the Issuing
Bank’s own gross negligence or willful misconduct, unless such action or inaction on the part of the Issuing Bank which
gave rise to the liability was taken at the request of a Borrower or the Company on a Borrower’s behalf or from the wrongful
failure to pay the Letter of Credit except if pursuant to an order from a Governmental Authority (even if such order is later
invalidated).

 

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(h)          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
Company 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 any Borrower of
the Borrowers’ obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement.

 

(i)          Interim
Interest. If the Issuing Bank shall make any LC Disbursement, then regardless of the time of Company’s receipt
of notice of such LC Disbursement, unless the Borrowers 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 Borrowers reimburse such LC Disbursement, at the rate per annum then applicable to ABR Loans;
provided that, if the Borrowers fail to reimburse such LC Disbursement when due pursuant to paragraph (f) of
this Section, then the default interest rate set forth in Section 2.6(e)(iii) of this Agreement 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 Lender pursuant to paragraph (e)(ii) or (e)(iii) of this Section to reimburse the Issuing Bank shall be for
the account of such Lender to the extent of such payment.

 

(j)          Replacement
of the Issuing Bank. The Issuing Bank may be replaced at any time by written agreement among the Company, the Administrative
Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such
replacement of the Issuing Bank. At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees
accrued for the account of the replaced Issuing Bank. 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 an Issuing Bank under this Agreement with respect to Letters of Credit issued by it
prior to such replacement, but shall not be required to issue additional Letters of Credit.

 

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(k)          Cash
Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Company
receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated,
Lenders with LC Exposure representing greater than fifty percent (50%) of the total LC Exposure) demanding the deposit of cash
collateral pursuant to this paragraph, the Borrowers shall deposit in an interest-bearing account with the Administrative Agent,
in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to the LC Exposure as of such
date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral
shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice
of any kind, upon the occurrence of any Event of Default with respect to any of the Borrowers described in Section 8.1(d)
or (e) of this Agreement. Such deposit shall be held by the Administrative Agent as Collateral for the payment and performance
of the obligations of the Borrowers under this Agreement. The Administrative Agent shall have exclusive dominion and control,
including the exclusive right of withdrawal, over such account. Other than any interest earned on the interest-bearing account
or on any investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative
Agent and at the Borrowers’ 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 Borrowers for the LC Exposure at such time or, if the maturity of the
Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than fifty percent (50%)
of the total LC Exposure), be applied to satisfy other obligations of the Borrowers under this Agreement. If the Borrowers are
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 such Borrower within three Business Days after all Events of Default
have been cured or waived.

 

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2.5           Funding
of Borrowings. (a) Each Lender shall fund its Applicable Percentage of each Loan to be made hereunder on the proposed
date thereof by wire transfer of immediately available funds (in the Applicable Currency) by (i) 3:00 p.m., in the case of
Revolving Loans, and (ii) 11:00 a.m. in the case of Alternative Currency Loans, to the account most recently designated
by the Administrative Agent for such purpose by notice to the Lenders; provided that Swingline Loans shall be made
as provided in Section 2.3 hereof. The Administrative Agent will make such Loans available to the applicable Borrower by
promptly crediting the amounts so received, in like funds, to the Loan Account or, in the case of Alternative Currency Loans,
such other account previously designated to the Administrative Agent in writing, which account must be in the name of a Borrower
or a Subsidiary and in London or the financial center of the country of the Applicable Currency; provided that ABR
Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.4(f) of this Agreement shall be remitted
by the Administrative Agent to the Issuing Bank and that Loans made to repay Swingline Loans as provided in Section 2.3 of
this Agreement shall be remitted by the Administrative Agent to the Swingline Lender and that Loans made to purchase the Applicable
Percentage of Automatically Converted Loans in Section 2.1(d) of this Agreement shall be remitted by the Administrative Agent
to the applicable Lenders.

 

(b)          Unless
the Administrative Agent shall have received notice from a Lender in accordance with Section 10.15 of this Agreement that such
Lender will not make available to the Administrative Agent such Lender’s share of such borrowing, the Administrative Agent
may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and
may, in reliance upon such assumption, make available to the applicable 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 Defaulting Lender and
the Borrowers 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 Defaulting 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 Borrowers, the interest rate applicable to ABR Loans. If a Defaulting Lender pays such amount to the Administrative
Agent, then such amount, less any interest paid to the Administrative Agent, shall constitute such Lender’s Loan included
in such borrowing. Any Defaulting Lender shall pay on demand to the Borrowers the amount equal to the excess of the interest actually
paid by the Borrowers to the Administrative Agent over the interest which would have otherwise been payable by the Borrowers to
such Defaulting Lender had such Defaulting Lender funded its share of the applicable borrowing, plus interest on such amount at
the rate applicable to ABR Loans.

 

2.6           Interest.

 

(a)        Rates.

 

(i)          The
Revolving Notes shall bear interest, prior to maturity (whether by acceleration or otherwise) on the balance of principal thereof
from time to time unpaid, payable in arrears on the first day of each month for interest accrued during the preceding month in
the case of ABR Loans and in the case of Libor Loans payable in arrears on the last day of the applicable Interest Period, and
in the case of an Interest Period in excess of three months also payable on the dates that are successively three months after
the commencement of such Interest Period. The Revolving Loans shall bear interest in accordance with the Rate Option selected
by the Company pursuant to the terms hereof.

 

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(ii)         The
Alternative Currency Notes shall bear interest, prior to maturity (whether by acceleration or otherwise) on the balance of principal
thereof from time to time unpaid, payable in arrears on the last day of the applicable Interest Period, and in the case of an
Interest Period in excess of three months also payable on the dates that are successively three months after the commencement
of such Interest Period. The Alternative Currency Loans shall bear interest at a rate of interest in accordance with the Libor
Rate Option, pursuant to the terms hereof.

 

(iii)        The
Swingline Note shall bear interest payable monthly in arrears on the first day of each month for interest accrued during the preceding
month on the balance of principal from time to time unpaid.

 

(b)       Rate
Options.

 

(i)          Unless
the Company has selected a Libor Rate in accordance with the provisions of this Agreement, the Company shall be deemed to have
selected the ABR Option to apply to any portion of a Revolving Note not subject to a Libor Rate, and such rate shall continue
in effect until the earlier of when a Libor Rate and Interest Period are available and properly selected, or until the applicable
Revolving Note is paid in full.

 

Notice
by the Company of the selection of a Libor Rate or Interest Period for any Revolving Loan or Alternative Currency Loan, the amount
subject thereto, and the applicable Interest Periods shall be irrevocable. Such notice may be given to the Administrative Agent
by a duly completed Request Certificate executed by the Company.

 

(ii)         The
Alternative Currency Notes shall bear interest at the Libor Rate for the Interest Periods selected by the Company in accordance
with the provisions of this Agreement.

 

(iii)        The
Swingline Note shall bear interest at the rate of interest applicable to ABR Loans and such rate shall continue until the Swingline
Note is paid in full.

 

(c)           Default
Rate. Upon notice to the Company by the Administrative Agent of the occurrence of an Event of Default and during
the continuance thereof and after maturity, whether by acceleration or otherwise, the Revolving Notes, Alternative Currency Notes
and Swingline Notes shall bear interest at a per annum rate equal to two percent (2%) in excess of the otherwise applicable rate
of interest thereon. Overdue fees and other amounts payable by the Borrowers under this Agreement other than principal and interest
(“Overdue Amounts”) shall also bear interest at a per annum rate equal to two percent (2%) in excess of the rate of
interest applicable to ABR Loans while such sums remain unpaid. In no event shall the rate of interest on the Revolving Notes,
Alternative Currency Notes or the rate of interest applicable to Overdue Amounts exceed the maximum rate of interest authorized
by law.

 

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(d)          Computation
of Interest. Interest on ABR Loans shall be calculated on the basis of a year of 365 days, or 366 days during a
leap year, for the actual number of days elapsed. Interest on Libor Loans shall be calculated on the basis of the actual number
of days elapsed in a year of 360 days, which will result in a higher effective annual rate. If any of the Notes are not paid when
due, whether because such Notes become due on a Saturday, Sunday or bank holiday or for any other reason, the Borrowers will pay
interest thereon at the aforesaid rate until the date of actual receipt of payment by the holder of the Notes.

 

(e)          Rate
Conversions and Continuations. For any Revolving Loan, the Company may elect to convert any portion of (i) an
ABR Loan to a Libor Loan, or (ii) a Libor Loan to an ABR Loan, or to continue any Libor Loan or ABR Loan as a new loan of
the same Type; provided, however, Libor Loans may only be converted to ABR Loans or continued on the expiration
date of the applicable Interest Period.

 

Subject
to the foregoing, with respect to a Revolving Loan, the Company may elect to convert any ABR Loan to a Libor Loan, or, to continue
a Libor Loan as a new Libor Loan, by the Company giving irrevocable notice of such election to the Administrative Agent by 1:00
p.m. at least two (2) Business Days prior to the requested rate change date and, in the case of any Libor Loan, such conversion
or continuation shall take place on the last day of the applicable Interest Period with respect to the Revolving Loan being so
converted or continued. Such notice may be given by a duly completed and executed Request Certificate. Each such request to convert
or continue shall include the requested rate change date (which shall be a Business Day), the Rate Option selected, and the amount
to be converted or continued (which shall be in a principal amount of $2,000,000 or more and in whole multiples of $1,000,000
in the case of conversion to, or continuation as, a Libor Loan). If no Event of Default or Default is then existing at such time,
and the Borrowers are in compliance with the terms of this Agreement as evidenced by the Administrative Agent’s receipt
of a properly completed and executed Request Certificate, such conversion or continuation shall be made on the requested rate
change date, subject to the foregoing limitations in connection with the conversion or continuation of Libor Loans. If a Borrower
fails to convert a Loan to a Libor Loan on the date upon which such Libor Loan was requested to be converted, or if a Borrower
shall convert a Libor Loan to a new Libor Loan or to a ABR loan other than on the last day of the relevant Interest Period, the
Borrower shall pay any applicable Breakage Fee with respect to such Loan.

 

The
Administrative Agent shall not incur any liability to any Borrower in acting upon any telephonic notice which the Administrative
Agent believes to have been given by a duly authorized officer or other designated representative of such Borrower, and which
is confirmed by delivery to the Administrative Agent from the Company of a written or facsimile notice signed by Company, or for
otherwise acting in good faith hereunder.

 

Notwithstanding
the foregoing, Alternative Currency Loans (i) shall at all times be Libor Loans, (ii) must comply with all provisions of this
Agreement applicable to Libor Loans (iii) must comply with the provisions of Section 2.1(d)(i)(D) of this Agreement with respect
to the amount of any Alternative Currency Loan, and (iv) may not be converted by the Borrower into ABR Loans.

 

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2.7           Prepayments.

 

(a)        Optional
Prepayments.

 

(i)          ABR
Loans. Borrowers shall have the right to prepay at any time without premium all or any
portion of the ABR Loans.

 

(ii)         Libor
Loans. Borrowers shall have the right to prepay without premium all or any portion of
the Libor Loans on the expiration day of the applicable Interest Period. If any Libor Loan is prepaid at any other time, the Borrowers
shall pay to the applicable Lender an amount equal to the Breakage Fee within 10 days of notice thereof from the Lender, setting
forth the amount of such Breakage Fee.

 

All
prepayments of the Revolving Loans and Alternative Currency Loans shall be subject to a minimum amount of $2,000,000, and incremental
multiples of $1,000,000 thereafter or the Dollar Equivalent thereof in the case of Alternative Currency Loans and the amount of
any Alternative Currency Loan after such prepayment must comply with Section 2.1(d)(i)(D) of this Agreement.

 

(b)       Mandatory
Prepayments.

 

(i)          Net
Proceeds. Company shall make a mandatory prepayment to the Administrative Agent for
the account of the Lenders in accordance with their Applicable Percentages, promptly upon receipt thereof, equal to all (100%)
of the Net Proceeds received by the Company or any Subsidiary from (1) insurance, condemnation and similar recoveries in
excess of $10,000,000 other than such recoveries that are promptly applied in the ordinary course of business toward repair or
replacement of the damaged property; (2) the reversion of Pension Plan assets from an over-funded Pension Plan, but only
to the extent of such over-funding; and (3) Asset Sale(s) permitted under Section 7.8(b) hereof for which Company elects to use
the Annual Allowance, to the extent such Net Proceeds exceed $150,000,000. Company shall give to the Administrative Agent written
notice of the occurrence of an event requiring a mandatory prepayment hereunder promptly, but not later than within thirty (30)
days after the occurrence of such an event.

 

(ii)         Commitments
Exceeded.

 

(A)         If
on any date, the Revolving Credit Exposures of the Lenders exceed the Total Commitment, or the Revolving Credit Exposure of any
Lender exceeds such Lender’s Commitment, or the aggregate principal amount of Swingline Loans exceeds the Swingline Commitment,
or the total LC Exposure exceeds the Letter of Credit Commitment, then in each case the Borrowers shall, upon request made
by the Administrative Agent, prepay on such date the principal amount of Loans in an aggregate amount equal to such excess or,
in the case where total LC Exposure exceeds the Letter of Credit Commitment, pay to the Administrative Agent an amount in cash
equal to such excess to be held as security for the reimbursement obligations of the Borrowers in respect of Letters of Credit
pursuant to a cash collateral agreement to be entered into in form and substance reasonably satisfactory to the Administrative
Agent, the Company and the Issuing Bank.

 

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(B)         If
the Administrative Agent notifies the Company at any time that the Assigned Dollar Value of the outstanding amount of all Loans
and Letters of Credit denominated in Alternative Currencies at such time exceeds an amount equal to 105% of the Alternative Currency
Sublimit then in effect, then, within two (2) Business Days after receipt of such notice, the Borrowers shall prepay Loans in an
aggregate amount sufficient to reduce such outstanding amount as of such date of payment to an amount not to exceed 100% of the
Alternative Currency Sublimit then in effect.

 

(C)         If
the Administrative Agent notifies the Company at any time that the Assigned Dollar Value of the outstanding amount of all Loans
and Letters of Credit to and for the account of Foreign Borrowers at such time exceeds an amount equal to 105% of the Foreign Borrower
Sublimit then in effect, then, within two (2) Business Days after Company’s receipt of such notice, the Borrowers shall prepay
Loans in an aggregate amount sufficient to reduce such outstanding amount as of such date of payment to an amount not to exceed
100% of the Foreign Borrower Sublimit then in effect.

 

(c)          In
the event of any repayment or prepayment of any Loan (other than a repayment or prepayment of an ABR Loan prior to the end of the
Availability Period with no related Commitment reduction), the Borrowers shall pay all accrued interest on the principal amount
repaid or prepaid on the date of such repayment or prepayment.

 

(d)          The
proceeds of any mandatory prepayments paid to or for the account of the Lenders shall be applied by the Lender entitled thereto
on the applicable Indebtedness hereunder first to accrued interest, fees and expenses payable thereon and then to principal.

 

2.8         Use
of Proceeds. Each Borrower covenants to the Lenders that Borrower will use the proceeds borrowed under this Agreement
for Borrower’s ongoing working capital and business requirements including Permitted Acquisitions, permitted payments and
prepayments under Section 7.6(b)(i), (iii), (iv) and (v); and no part of such proceeds will be used directly or indirectly
to purchase or carry Margin Stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or
to extend credit to others for the purpose of purchasing or carrying any Margin Stock, in violation of any of the provisions of
Regulations U or X of the Board of Governors of the Federal Reserve System. Each Borrower further covenants that Borrower
is not engaged in the business of extending credit for the purpose of purchasing or carrying any Margin Stock.

 

2.9         Alternate
Rate of Interest . If prior to the commencement of any Interest Period for a Libor Loan:

 

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

 

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

 

then the Administrative Agent shall give notice thereof to the
Company and the Lenders by telephone or facsimile as promptly as practicable thereafter and, until the Administrative Agent notifies
the Company and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any request to convert or continue
any Loan to or as a Libor Loan shall be ineffective, and (ii) any requested new Loan shall be made as an ABR Loan.

 

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

 

(1)         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 Libor Rate) or the Issuing Bank; or

 

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

 

(3)         subject
any Recipient to any Taxes (other than Excluded Taxes) on its loans, letters of credit, commitments, or other obligations, or its
deposits, reserves, other liabilities or capital attributable thereto;

 

and the result of any of the foregoing shall be to increase
the cost to such Lender or such other Recipient of making or maintaining any Libor 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 such Lender or the Issuing Bank (whether of principal, interest
or otherwise), then the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts
as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered.

 

    	- 51 -

    	 

    

  

(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 and liquidity, and provided
such Change in Law has or would have a similar effect on Lender as a consequence of other similarly situated credits of Lender),
then from time to time the Borrowers will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or
amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for
any such reduction suffered.

 

(c)          A
certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing
Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section 2.10 shall be delivered to
the Company and shall be conclusive absent manifest error. The Borrowers shall pay such Lender or the Issuing Bank, as the case
may be, the amount shown as due on any such certificate within ten (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 shall not constitute a waiver
of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrowers shall
not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred
more than 180 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Company of the Change
in Law giving rise to such increased costs or reductions and of such Lender’s or 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 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

 

2.11       Taxes .
If any Taxes shall be payable, or ruled to be payable, by or to any Governmental Authority, by, or in respect of any amount
owing to, any Lender which has complied with Section 10.18 of this Agreement, relating to any of the transactions
contemplated by this Agreement (including, but not limited to, execution, delivery, performance, enforcement, or payment of
principal or interest of or under the Notes or the making of any Libor Loan), by reason of any now existing or hereafter
enacted statute, rule, regulation or other determination, the Borrowers will:

 

(a)          pay
on written request therefor all such Taxes to the relevant Governmental Authority in accordance with applicable laws,

 

(b)          promptly
furnish the Administrative Agent and the Lenders with evidence of any such payment, and

 

(c)          indemnify
and hold the Administrative Agent and the Lenders and any holder or holders of the Notes harmless and indemnified against any liability
or liabilities with respect to any Indemnified Taxes or Other Taxes withheld or deducted by the Borrowers or the Administrative
Agent or paid by the Administrative Agent or the Lenders, as the case may be, and any penalties, interest and reasonable expenses
arising therefrom or with respect thereto.

 

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Without prejudice to the survival of any other agreement of
the Borrowers under this Agreement, the agreement and obligations of the Borrowers contained in this Section 2.11 shall survive
the termination of this Agreement.

 

2.12       Commitment
Fee . For each day during (i) the period beginning on the date of this Agreement and ending March 31, 2013,
(ii) each full calendar quarter thereafter during the term of this Agreement and (iii) the period beginning on the
first day of the calendar quarter containing the Revolving Credit Maturity Date and ending on the day before the Revolving
Credit Maturity Date, the Borrowers shall pay, on demand, following each such calendar quarter or other time period, to the
Administrative Agent for the account of each Lender a fee equal to the Applicable Commitment Fee Rate times the actual
daily amount by which the Total Commitment on such day exceeds the sum of (x) the Dollar Equivalent of the outstanding amount
of Loans and (y) the outstanding amount of the aggregate Dollar Equivalent of the total LC Exposure of the Lenders
multiplied by 1/360.

 

2.13       Revolving
Loan Commitment Termination and Reduction. (a) Unless previously terminated, the Commitment shall terminate on the Revolving
Credit Maturity Date.

 

(b)          The
Company may, at any time by three (3) Business Days prior written notice from the Company to the Administrative Agent, state the
Company’s desire to reduce the Maximum Limit to any amount which is not less than the aggregate of the then outstanding principal
amount of Revolving Loans, Alternative Currency Loans, Swingline Loans and the face amount of outstanding undrawn Letters of Credit,
if any. Any reductions of the Maximum Limit shall not be reinstated at any future date and any partial reduction shall be in the
amount of $2,000,000 and in incremental multiples of $1,000,000 thereafter. Two Business Days after receipt of such reduction notice,
the obligation of the Lenders to make Revolving Loans or Alternative Currency Loans hereunder or purchase participations in Swingline
Loans or Alternative Currency Loans or Letters of Credit hereunder shall be limited to the Maximum Limit as reduced pursuant to
said notice. Any such reduction of the Commitment shall be accompanied by payment of any applicable Breakage Fees.

 

2.14        Payments.
(a) All payments of interest, principal, fees and other expenses by the Borrowers under this Agreement unless otherwise specified
shall be made (i) in lawful currency of the United States of America or (ii) in the case of amounts denominated in an Alternative
Currency, in such Alternative Currency, and in immediately available funds without counterclaim or setoff.

 

(b)          Any
and all payments by or on account of any obligation of the Borrowers hereunder shall to the extent permitted by applicable laws
be made free and clear of and without deduction or withholding for any Taxes. If, however, applicable laws require the Borrowers
or the Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted in accordance with such laws
as determined by the Company or the Administrative Agent, as the case may be, upon the basis of the information and documentation
to be delivered pursuant to Section 10.18 of this Agreement.

 

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(c)          If
any Borrower or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes from any payment, then (i) the
Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required based
upon the information and documentation it has received pursuant to Section 10.18 of this Agreement, (ii) the Administrative
Agent shall timely pay the full amount withheld or deducted to the relevant governmental authority in accordance with the Code,
and (iii) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum
payable by the Borrowers shall be increased as necessary so that after any required withholding or the making of all required deductions
the Administrative Agent or Lender receives an amount equal to the sum it would have received had no such withholding or deduction
been made.

 

(d)          
All payments shall be made not later than 12:00 Noon on the due date at the Administrative Agent’s office or such other
office designated by the Administrative Agent in the case of payments made in an Alternative Currency. All payments (unless stated
herein otherwise) shall be applied first to the payment of all fees, expenses and other amounts due to the Lenders (excluding principal
and interest), then to accrued interest, and the balance on account of outstanding principal; provided, however,
that after a Default or an Event of Default, payments will be applied to the obligations of Borrowers to the Lenders as the applicable
Lender determines in its sole discretion.

 

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

 

(a)            No payments of principal, interest or fees delivered
to the Administrative Agent for the account of any Defaulting Lender shall be delivered by the Administrative Agent to such Defaulting
Lender. Instead, such payments shall, for so long as such Defaulting Lender shall be a Defaulting Lender, be held by the Administrative
Agent, and the Administrative Agent is hereby authorized and directed by all parties hereto to hold such funds in escrow and apply
such funds as follows:

 

(i)          First,
if applicable, to any payments due to the Issuing Bank pursuant to Section 2.4(e) of this Agreement or the Administrative Agent,
in its capacity as Administrative Agent or Swingline Lender, as applicable, under Section 2.1(d), Section 2.3 or Section 2.5
of this Agreement; and

 

(ii)         Second,
to Loans required to be made by such Defaulting Lender on any borrowing date to the extent such Defaulting Lender fails to make
such Loans; and

 

(iii)       Third, to the payment of
any amounts owing to the Borrowers, the Lenders, the Issuing Bank or the Administrative Agent as a result of any judgment of a
court of competent jurisdiction obtained by any Lender, the Issuing Bank or the Administrative Agent against such defaulting Lender
as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and

 

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(iv)        Fourth,
to the payment of any amount due to the Borrowers under Section 2.5(b) of this Agreement.

 

(b)          Notwithstanding
the foregoing, upon the termination of the Commitments and the payment and performance of all of the Indebtedness and other obligations
of the Borrowers under this Agreement (other than those owing to a Defaulting Lender), any funds then held in escrow by the Administrative
Agent pursuant to the preceding sentence shall be distributed to each Defaulting Lender, pro rata in proportion to amounts that
would be due to each Defaulting Lender but for the fact that it is a Defaulting Lender.

 

(c)          If
the Company, the Administrative Agent, the Swingline Lender and the Issuer Bank agree in writing that a Lender should no longer
be deemed a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified
in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral),
that Lender will, to the extent applicable, take such actions as the Administrative Agent may determine to be necessary to cause
the Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by Lenders in accordance
with their Commitments, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be
made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender.

 

2.16       Upfront
Fees. Company shall pay to each of the Lenders on the Closing Date the upfront fees in the amounts determined for each
Lender in accordance with the term sheet dated March 11, 2013 contained in the Confidential Information Materials.

 

2.17       Administrative
Agent Fees. The Company shall pay to the Administrative Agent for its own account the fees in the amounts and on the dates
previously agreed to in writing in the Fee Letter.

 

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2.18       Substitution
of Lender. If (a) the obligation of any Lender to make or maintain Libor Loans has been suspended pursuant to Section
2.10 of this Agreement when not all Lenders’ obligations to do so have been suspended, (b) any Lender has demanded compensation
under Sections 2.9 or 2.10 of this Agreement, in each case when all Lenders have not done so, (c) any Lender is a Defaulting Lender,
(d) any payment of Taxes by the Borrowers is required under Section 2.11 hereof, (e) in connection with any proposed
amendment, waiver or consent requiring the consent of “each Lender” or “each Lender directly affected thereby”,
the consent of the Required Lenders is obtained, but the consent of any other necessary Lender is not obtained, or (f) it is or
has become unlawful for a Lender to make Loans to or participate in Letters of Credit for the account of a Foreign Borrower when
it is not unlawful for all of the Lenders to do so or a Lender is prohibited by the terms of its organizational documents to make
such Loans or participate in such Letters of Credit, the Company shall have the right, if no Default then exists, to replace such
Lender (a “Replaced Lender”) with one or more other lenders (each, a “Replacement Lender”) reasonably
acceptable to the Administrative Agent, provided that (i) at the time of any replacement pursuant to this Section 2.18, each Replacement
Lender shall enter into one or more Assignment and Assumptions pursuant to which the Replacement Lender shall acquire the Commitments
and outstanding Loans and other obligations of the Replaced Lender and, in connection therewith, shall pay to the Replaced Lender
in respect thereof an amount equal to the sum of (A) the amount of principal of, and all accrued interest on, all outstanding
Loans of the Replaced Lender, (B) the amount of all accrued, but theretofore unpaid, fees and expenses, if applicable, owing to
the Replaced Lender hereunder and (C) the amount which would be payable by the Borrowers to the Replaced Lender pursuant to Section
2.7(a)(ii) of this Agreement, if any, if the Borrowers prepaid at the time of such replacement all of the Loans of such Replaced
Lender outstanding at such time and (ii) all obligations of the Borrowers under this Agreement and the other Loan Documents then
owing to the Replaced Lender (other than those specifically described in clause (i) above in respect of which the assignment purchase
price has been, or is concurrently being, paid) shall be paid in full by the Borrowers to such Replaced Lender concurrently with
such replacement. Upon the execution of the respective Assignment and Assumption, the payment of amounts referred to in clauses
(i) and (ii) above and, if so requested by the Replacement Lender, delivery to the Replacement Lender of the appropriate Note
or Notes executed by the Borrowers, the Replacement Lender shall become a Lender hereunder and the Replaced Lender shall cease
to constitute a Lender hereunder. The provisions of this Agreement shall continue to govern the rights and obligations of a Replaced
Lender with respect to any Loans made or any other actions taken by such Replaced Lender while it was a Lender. Nothing herein
shall release any Defaulting Lender from any obligation it may have to the Borrowers, the Administrative Agent, the Issuing Bank,
Swingline Lender or any other Lender. In the case of an assignment by a Lender of a Libor Loan other than on the last day of the
Interest Period applicable thereto as a result of the replacement of such Lender pursuant to this Section, the Company will pay
such Lender any applicable Breakage Fee with respect to such Libor Loan.

 

2.19         Lender
Statements; Survival of Indemnity. To the extent reasonably possible, each Lender shall designate an alternate office,
branch or Affiliate with respect to its Libor Loans to reduce any liability of Borrowers to such Lender under Sections 2.9, 2.10
and 2.11 of this Agreement, so long as such designation is not disadvantageous to such Lender in any material respect. Each Lender
shall deliver a written statement of such Lender to the Company (with a copy to the Administrative Agent) as to the amount due,
if any, under Section 2.9, 2.10 or 2.11 of this Agreement. Such written statement shall set forth in reasonable detail the calculations
upon which such Lender determined such amount and shall state that amounts determined in accordance with such procedures are being
charged by such Lender to other borrowers with credit facilities similar to this Agreement and credit characteristics comparable
to the Company as determined by such Lender and shall be final, conclusive and binding on the Borrowers in the absence of manifest
error. Determination of amounts payable under such sections in connection with a Libor Loan shall be calculated as though each
Lender funded such Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference
in determining the interest rate applicable to such Loan, whether in fact that is the case or not. Unless otherwise provided herein,
the amount specified in the written statement of any Lender shall be payable on demand after receipt by the Company of such written
statement. The obligations of the Borrowers under Sections 2.9, 2.10 and 2.11 of this Agreement shall survive payment of the Indebtedness
under this Agreement and termination of this Agreement. The Borrowers shall have no obligation to compensate any Lender with respect
to amounts provided in Section 2.10 of this Agreement with respect to any period prior to the date which is one hundred eighty
(180) days prior to the date such Lender delivers its written statement hereunder requesting compensation.

 

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2.20       Returned
Payments . If after receipt of any payment which is applied to the payment of all or any part of the obligations of
Borrowers under this Agreement, the Administrative Agent or any Lender is for any reason compelled to surrender such payment
or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside,
determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other
reason, then the obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall
continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender. The
provisions of this Section 2.20 shall be and remain effective notwithstanding any contrary action which may have been taken
by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. The provisions of this
Section 2.20 shall survive the termination of this Agreement.

 

2.21       Expansion
Option.

 

(a)          Request
for Increase. Provided (i) there exists no Event of Default, and no Event of Default would be caused thereby, and (ii)
the Total Commitment has not been previously reduced in accordance with Section 2.13 hereof, the Company may request upon notice
to the Administrative Agent and the Lenders, an increase in the Total Commitment in minimum amounts of $10,000,000 and whole multiples
of $10,000,000 for amounts in excess of such minimum amount so long as, after giving effect thereto, the Total Commitment does
not exceed $1,100,000,000. In the event the Increasing Lenders do not commit the full increase requested, Company may select, in
consultation with the Administrative Agent, such increase to be provided by one or more Lenders (each Lender so agreeing to an
increase in its Commitment an “Increasing Lender”) one or more new banks, financial institutions or other entities
(each such new bank, financial institution or other entity, an “Augmenting Lender”), to extend a Commitment; provided
that each Augmenting Lender shall be subject to the reasonable approval of the Administrative Agent and the approval of
the Company, and provided further that each Increasing Lender and each Augmenting Lender executes documentation in form and content
satisfactory to the Administrative Agent to either become a party to this Agreement or reflect the increase of such Lender’s
Commitment under this Agreement. At the time of sending a notice requesting an increase in the Commitments, the Administrative
Agent shall specify the time period within which each Lender is requested to respond which shall in no event be less than ten (10)
Business Days from the date of delivery of such notice to the Lenders (“Notice Period”).

 

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(b)          Lender
Elections to Increase. Each Lender shall notify the Administrative Agent within the Notice Period whether or not it agrees
to increase its Commitment and the amount thereof, which decision shall be made in such Lender’s sole discretion. Any Lender
not responding within the Notice Period shall be deemed to have declined to increase its Commitment (any Lender declining to increase
its Commitment a “Non Increasing Lender”).

 

(c)          Notifications
by Agent and Borrower. The Administrative Agent shall notify the Company and each Lender of the Lenders’ responses
to each request made hereunder. The Administrative Agent shall notify the Company and the Lenders of the name of each Augmenting
Lender and the applicable Commitment of such Lender.

 

(d)          Effective
Date and Allocations. If the Commitments are increased as provided in this Section, the Administrative Agent and the Company
shall determine the effective date (“Increase Effective Date”) and the final allocation of such increase. The Administrative
Agent shall promptly notify the Lenders of the final allocation of such increase and the Increase Effective Date.

 

(e)          Conditions
to Effectiveness of Increase. As a condition precedent to such increase, the Company shall deliver to the Administrative
Agent a satisfactory opinion of counsel to the Borrowers addressed to each Lender and counsel to the Administrative Agent, and
in form and content satisfactory to the Administrative Agent and substantially in the form issued in connection with this Agreement,
together with a certificate dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible
Officer of Company (i) certifying and attaching the resolutions adopted by Borrowers approving or consenting to such increase,
(ii) certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in Article
IV and the other Loan Documents are true and correct on and as of the Increase Effective Date, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except
that for purposes of this Section 2.21, the representations and warranties contained in Section 4.6 shall be deemed to refer to
the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 5.2, and (B) no Event of Default
or Default exists, and (iii) attaching updated financial projections in form and substance satisfactory to the Administrative Agent
demonstrating that, before and after giving effect to such increase on a pro forma basis, the Company will be in compliance with
the financial covenants in Sections 6.1 and 6.2.

 

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(f)          Commitment
Adjustments. Each of the parties hereto agrees that the Administrative Agent may, in consultation with Company, take any
and all actions as may be reasonably necessary to ensure that after giving effect to any increase in the Commitments pursuant to
this Section, the outstanding Revolving Loans (if any) are held by the Lenders with Commitments in accordance with their new Applicable
Percentages as shown on an updated Schedule 2.1 which will be attached to this Agreement. This may be accomplished at the discretion
of the Administrative Agent, as applicable: (i) by requiring the outstanding Revolving Loans to be prepaid with the proceeds of
the new Revolving Loans; (ii) by causing the Non Increasing Lenders to assign portions of their outstanding Revolving Loans to
Increasing Lenders and Augmenting Lenders; (iii) by permitting the Revolving Loans outstanding at the time of any increase in the
Commitment pursuant to this Section 2.21 to remain outstanding until the last days of the respective Interest Periods, therefor,
even though the Lenders would hold such Revolving Loans other than in accordance with their new Applicable Percentages; or (iv)
by any combination of the foregoing.

 

2.22       Designated
Borrowers.

  

(a)          A
Designated Borrower hereunder may receive Loans and Letters of Credit for its account on the terms and conditions set forth in
this Agreement. Prior to the addition of the first Designated Borrower in accordance with subsection (b) hereof, the Company and
Guarantors shall execute and deliver any modification and amendments to the Loan Documents as may be reasonably requested by the
Administrative Agent to ensure that all obligations evidenced, guaranteed or secured thereby specifically include the obligations
of Designated Borrowers under this Agreement.

 

(b)          The
Company may at any time, upon not less than 15 Business Days’ notice from the Company to the Administrative Agent (or such
shorter period as may be agreed by the Administrative Agent in its sole discretion), designate any direct or indirect wholly-owned
Subsidiary of the Company (other than a Securitization Subsidiary) organized in any jurisdiction reasonably acceptable to Administrative
Agent (an “Applicant Borrower”) as a Designated Borrower to receive Loans and Letters of Credit for its account hereunder
by delivering to the Administrative Agent (and the Administrative Agent shall promptly deliver copies thereof to each Lender) a
duly executed notice and agreement in substantially the form of Exhibit G (a “Designated Borrower Request and Assumption
Agreement”). The parties hereto acknowledge and agree that prior to any Applicant Borrower becoming entitled to utilize the
credit facilities provided for herein, the Administrative Agent and the Lenders shall have received such supporting resolutions,
incumbency certificates, opinions of counsel (if requested by Administrative Agent) and other documents or information, in form,
content and scope reasonably satisfactory to the Administrative Agent, as may be required by the Administrative Agent, and Notes
signed by such new Borrower. The Company shall also confirm that such Applicant Borrower is a Guarantor and has provided security
in accordance with Section 5.11 hereof, unless such Applicant Borrower is a Foreign Subsidiary and to do so would subject Borrower
to liability for any potential additional United States income taxes by virtue of Section 956 of the Code, determined without regard
to the availability of foreign tax credits, in which case (but only if such Foreign Subsidiary is directly owned by the Company
or a Guarantor) the Company shall confirm that 65% of the Equity Interests in such Foreign Subsidiary have been pledged to the
Administrative Agent for the benefit of the Secured Facility Parties. If such Applicant Borrower is a Foreign Subsidiary which
is not directly owned by the Company or a Guarantor, the Company shall, if requested by Administrative Agent, confirm that the
Equity Interests in such Foreign Subsidiary are subject to a negative pledge acceptable to Administrative Agent. If the Administrative
Agent agrees that an Applicant Borrower shall be entitled to receive Loans and Letters of Credit for its account hereunder, and
no Lender has notified the Administrative Agent that it is unlawful (at such time) for such Lender to make Loans to such Applicant
Borrower (it being understood that the condition precedent to any Applicant Borrower becoming a Designated Borrower is no Lender
having provided any such notice with respect to unlawfulness), then promptly following receipt of all such requested resolutions,
incumbency certificates, opinions of counsel (if requested by Administrative Agent) and other documents or information, but not
less than 5 days after the Administrative Agent has delivered copies of the Designated Borrower Request and Assumption Agreement
to the Lenders, the Administrative Agent shall send a notice in substantially the form of Exhibit H (a “Designated Borrower
Notice”) to the Company and the Lenders specifying the effective date upon which the Applicant Borrower shall constitute
a Designated Borrower for purposes hereof, whereupon each of the Lenders agrees to permit such Designated Borrower to receive Loans
and Letters of Credit for its account hereunder, on the terms and conditions set forth herein, and each of the parties agrees that
such Designated Borrower otherwise shall be a Borrower for all purposes of this Agreement; provided that no Request Certificate
or Letter of Credit application may be submitted by or on behalf of such Designated Borrower until the date five Business Days
after such effective date.

 

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(c)          The
obligations of the Company and each Designated Borrower that is a Domestic Subsidiary hereunder shall be joint and several in nature,
and the Company and each Domestic Subsidiary that is a Designated Borrower shall be jointly and severally liable with respect to
all Loans, LC Disbursements, interest, fees, charges and indemnification and other obligations, in each case arising under this
Agreement, whether any of the foregoing obligations are those of the Company, a Domestic Subsidiary or a Foreign Subsidiary. The
obligations of any Designated Borrower that is a Foreign Subsidiary shall be several in nature; and such Foreign Borrower shall
only be liable for (i) the Loans specifically made to such Foreign Borrower, (ii) any LC Disbursements with respect to Letters
of Credit issued specifically for the account of such Foreign Borrower, and (iii) all interest, fees, other charges and indemnification
and other obligations, in each case specifically and solely to the extent arising with respect to such Loans and LC Disbursements.
THE FOREGOING LIMITATION ON THE LIABILITY OF A FOREIGN BORROWER SHALL APPLY NOTWITHSTANDING ANY OTHER PROVISION OF THE LOAN DOCUMENTS,
EVEN IF ANY SUCH PROVISION DOES NOT EXPRESSLY STATE SUCH LIMITATION, MAY BE CONSTRUED TO CREATE A BROADER OBLIGATION OR DESCRIBES
ANY OBLIGATION AS AN OBLIGATION OF THE ‘BORROWERS’. 

 

(d)          Each
Borrower’s obligations under this Agreement shall, to the fullest extent permitted by law, be unconditional irrespective
of (i) the validity or enforceability, avoidance, or subordination of the obligations of any other Borrower or the validity or
enforceability, against any other Borrower, of any promissory note or other document evidencing all or any part of the obligations
of any other Borrower, (ii) the absence of any attempt to collect the obligations from any other Borrower, or any other security
therefor, or the absence of any other action to enforce the same, (iii) the waiver, consent, extension, forbearance, or granting
of any indulgence by the Administrative Agent or the Lenders with respect to any provision of any instrument evidencing the obligations
of any other Borrower or any part thereof, or any other agreement now or hereafter executed by any other Borrower and delivered
to the Administrative Agent or the Lenders, or (iv) any other circumstances which might constitute a legal or equitable discharge
or defense of a guarantor, or surety or of any other Borrower (other than actual indefeasible payment in full in cash). With respect
to any Borrower’s obligations arising as a result of the joint and several liability of Borrowers hereunder with respect
to advances of the Loans made to or for any of the other Borrowers hereunder, such Borrower waives, until the obligations shall
have been indefeasibly paid in full in cash, and this Agreement shall have been terminated, any right to enforce any right of subrogation
or any remedy which the Administrative Agent or the Lenders now have or may hereafter have against any other Borrower, or any endorser
of all or any part of the obligations. During the existence of any Event of Default, the Administrative Agent and the Lenders may
proceed directly and at once, without notice, against any Borrower to collect and recover the full amount, or any portion of the
obligations, without first proceeding against any other Borrower or any other Person.

 

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(e)          Each
Subsidiary of the Company that is or becomes a Designated Borrower pursuant to this Section 2.22 hereby irrevocably appoints the
Company as its agent for all purposes relevant to this Agreement and each of the other Loan Documents, including (i) the giving
and receipt of notices, (ii) the execution and delivery of all documents, instruments and certificates contemplated herein and
all modifications hereto, and (iii) the receipt of the proceeds of any Loans made by the Lenders to any such Designated Borrower
hereunder. Any acknowledgment, consent, direction, certification or other action which might otherwise be valid or effective only
if given or taken by all Borrowers, or by each Borrower acting singly, shall be valid and effective if given or taken only by the
Company, whether or not any such other Borrower joins therein. Any notice, demand, consent, acknowledgement, direction, certification
or other communication delivered to the Company in accordance with the terms of this Agreement shall be deemed to have been delivered
to each Designated Borrower.

 

(f)          The
Company may from time to time, upon not less than 15 Business Days’ notice from the Company to the Administrative Agent (or
such shorter period as may be agreed by the Administrative Agent in its sole discretion), terminate a Designated Borrower’s
status as such, provided that (i) there are no outstanding Loans payable by such Designated Borrower or Letters of Credit
outstanding for the account of such Designated Borrower, or other amounts payable by such Designated Borrower on account of any
Loans made to it or Letters of Credit issued for its account, as of the effective date of such termination, (ii) there exists no
Default or Event of Default at such time, and (iii) such Designated Borrower is a Non-Material Subsidiary or a Foreign Subsidiary
or all of the Equity Interests owned directly or indirectly by the Company in such Designated Borrower are sold in a Permitted
Disposition or such Designated Borrower has been merged, consolidated or amalgamated as permitted under Section 7.8(a) this Agreement.
The Administrative Agent will promptly notify the Lenders of any such termination of a Designated Borrower’s status and will
deliver such documents as may be reasonably requested by the Company to evidence such termination and the release of such Designated
Borrower from its obligations under this Agreement and the other Loan Documents.

 

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ARTICLE III. CONDITIONS
TO THE CREDIT

 

The Lenders’ agreement to lend, contained
in this Agreement, shall be effective only upon fulfillment of the following conditions at or prior to the date specifically set
forth herein.

 

3.1          No
Default. (i) There not existing at the time such Loan is to be made any Event of Default or Default and (ii) such Lender
not reasonably believing that any Event of Default or Default so exists or, if such Loan is made, will occur or exist.

 

3.2          Representations
and Warranties. (i) Each representation and warranty made in this Agreement being true and correct in all material respects
as of the date of this Agreement and, except to the extent updated in a certificate executed by a Responsible Officer of Company
and received by each Lender before the time such Loan is to be made, as of such time, (ii) each other representation and warranty
made to any Lender by or on behalf of the Borrowers pursuant to any Loan Document before the time such Loan is to be made being
true and correct in all material respects as of the date thereof, (iii) each financial statement provided to any Lender by or
on behalf of the Borrowers pursuant to any Loan Document before the time such Loan is to be made having fairly presented the financial
information it purports to reflect as of the date thereof and (iv) such Lender not reasonably believing that (A) any such representation
or warranty, except to the extent so updated, was or is other than true and correct in all material respects as of any date or
time of determination of the truth or correctness thereof, (B) any event or condition the occurrence, non-occurrence, existence
or non-existence of which is a subject of any such representation or warranty would have any Material Adverse Effect or (C) any
such financial statement did not so fairly present such information as of the date thereof.

 

3.3          Proceedings.
Such Lender being satisfied as to each corporate or other proceeding of the Company or any Subsidiary in connection with any transaction
contemplated by this Agreement.

 

3.4          Closing
Conditions. The receipt on the date of this Agreement, by the Administrative Agent, unless otherwise indicated, of the
following, in form and substance satisfactory to the Administrative Agent and each of the Lenders:

 

(a)          A
Revolving Loan Note payable to the order of each Lender, appropriately completed and duly executed by the Company;

 

(b)          A
request for the Revolving Loan determined by the Administrative Agent to meet the requirements for such a request set forth in
Section 2.1 of this Agreement;

 

(c)          An
Alternative Currency Note payable to the order of each Lender appropriately completed and duly executed by the Company;

 

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(d)          A
Swingline Note payable to the order of the Swingline Lender appropriately completed and duly executed by the Company;

 

(e)          A
Reaffirmation of the Continuing, Absolute and Unconditional Guaranty Agreement, as previously amended or supplemented, in favor
of the Administrative Agent appropriately completed and duly executed by each Domestic Subsidiary, unlimited as to amount;

 

(f)          (i)
A Reaffirmation of the General Security Agreements, as previously amended or supplemented, in favor of the Administrative Agent,
appropriately completed and duly executed by the Company and each Domestic Subsidiary, covering, together with all other personal
property and fixtures of such Person, all of the issued and outstanding shares of each class of stock and other ownership interests
of the Company and each Guarantor in any of their respective Domestic Subsidiaries, and 65% of the issued and outstanding Equity
Interests of the Company in Moog Europe Holdings Luxembourg SCS, and of the Company and each Guarantor in each other Directly-Owned
Foreign Subsidiary, together with each agreement, instrument and other writing evidencing any security covered thereby, and (ii)
a Reaffirmation of the negative pledge agreements, as previously amended, appropriately completed and duly executed by Moog Europe
Holdings Luxembourg SCS, Moog Holding GmbH & Co. KG and Moog Luxembourg Finance S.A.R.L., respectively, pledging not to
make any sale, assignment, contribution, transfer or other disposition of the Equity Interests of any of their direct or indirect
subsidiaries except as otherwise permitted under this Agreement, and pledging not to consent to or permit the creation of any Lien
upon their Equity Interests in any of their direct subsidiaries or consent to or permit the creation of any Lien upon the Equity
Interests of any of their indirect subsidiaries except as otherwise permitted under this Agreement;

 

(g)          A
Reaffirmation of (i) the Patent and Trademark Security Agreements, as previously amended, in favor of the Administrative Agent,
appropriately completed and duly executed by the Company and each Domestic Subsidiary, and (ii) the Copyright Security Agreement
in favor of the Administrative Agent, appropriately completed and duly executed by the Company;

 

(h)          A
Reaffirmation of the Mortgages or Deeds of Trust and Assignments of Leases and Rents, each as previously modified, in favor of
the Administrative Agent, as deemed necessary by the Administrative Agent, appropriately completed and duly executed by, as required,
the Company or the applicable Subsidiary in order to continue the existing liens on real property of the Company and certain Subsidiaries
on the properties described in part B of the Background Section of this Agreement;

 

(i)          An
opinion of Hodgson Russ LLP, counsel to the Company, addressed to each Lender and counsel to the Administrative Agent, and in form
and content satisfactory to the Administrative Agent, substantially in the form of the opinion issued in connection with the 2011
Agreement;

 

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(j)          Evidence
that each of the Company and all Domestic Subsidiaries are (i) in good standing under the Law of the jurisdiction in which it is
organized and (ii) duly qualified and in good standing as a foreign Person of its type authorized to do business in each jurisdiction
in which such qualification is necessary except where the failure to so qualify would not have any Material Adverse Effect;

 

(k)          A
certificate confirming that there have been no changes to the certificate or articles of incorporation or organization, by-laws,
operating or partnership agreement or other charter, organizational or governing document of each of the Company and all Domestic
Subsidiaries since such were delivered to the Administrative Agent in connection with the 2011 Agreement by its Secretary, or a
Person having functions with respect to it similar to those of the Secretary of a corporation;

 

(l)          Evidence
of the taking and the continuation in full force and effect of each corporate or other action of the Company or any other Person
necessary to authorize the obtaining of all Loans by the Company, the execution, delivery and performance of each Loan Document
by each Person other than any Lender and the imposition or creation of each security interest, mortgage and other lien and encumbrance
imposed or created pursuant to any Loan Document;

 

(m)          Evidence
(i) that no asset subject to any mortgage, security interest or other lien or encumbrance pursuant to any Security Document is
subject to any other security interest, mortgage or other lien or encumbrance, except for Permitted Encumbrances, and (ii) of the
making of each recording and filing, and of the taking of each other action, deemed necessary or desirable by the Administrative
Agent at the sole option of the Administrative Agent to perfect or otherwise establish, preserve or protect the priority of any
such security interest, mortgage or other lien or encumbrance;

 

(n)          Evidence
that each requirement contained in any Loan Document with respect to insurance is being met;

 

(o)          Each
additional agreement, instrument and other writing (including, but not limited to, each agreement, instrument and other writing
intended to be filed or recorded with any Governmental Authority) to perfect or otherwise establish, preserve or protect the priority
of any security interest, mortgage or other lien or encumbrance created or imposed pursuant to any Loan Document; and

 

Payment of all costs and expenses incurred as of the Closing
Date by the Administrative Agent and payable pursuant to Section 9.1 of this Agreement.

 

3.5         Conditions
to Subsequent Borrowing and Issuance. The obligation of the appropriate Lender to make a Loan to a Borrower or issue or
renew a Letter of Credit (collectively, “Issuance”) and the right of the Company to request a Loan or Issuance after
the date of this Agreement, whether for itself or on behalf of a Designated Borrower shall each be subject to the further conditions
that on the date of the making of such Loan or such Issuance:

 

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(a)           Each
of the conditions listed in Section 3.4 shall have been satisfied or waived in accordance with this Agreement.

 

(b)           The
following statements shall be true and the Administrative Agent shall have received a Request Certificate signed by a Responsible
Officer of Company dated the date of such Loan or Issuance stating that:

 

(i)          there
does not exist at the time such Loan or Issuance is to be made any Event of Default, Default or Material Adverse Effect;

 

(ii)         each
representation and warranty made in this Agreement and any Loan Document to which any Borrower is a party and in any certificate,
document or financial or other statement furnished at any time thereunder is true, correct and complete in all material respects
with the same effect as though such representations and warranties had been made as of the time such Loan or Issuance is to be
made, except to the extent any such representation and warranty relates solely to an earlier date, or to the extent any such representation
and warranty has been updated in a certificate executed by a Responsible Officer and received by the Administrative Agent before
the time such Loan or Issuance is to be made;

 

(iii)        the
incurrence of such Loan or Issuance is permitted by the terms of the Current Indentures and will constitute Senior Debt and Designated
Senior Debt under, and as defined in, the Current Indentures; and

 

(c)          The
Administrative Agent shall have received such other approvals, opinions or documents as the Administrative Agent may reasonably,
in both time and scope, request, and all legal matters incident to such Loan or Issuance shall be satisfactory to counsel to the
Administrative Agent.

 

3.6         Subsequent
Extensions of Credit

 

. Subsequent to the satisfaction of the conditions set forth
herein, each request to the Administrative Agent for a Revolving Loan, Alternative Currency Loan, Swingline Loan or Letter of Credit
after the date hereof shall constitute confirmation by the Company of all the factual matters set forth in the form of Compliance
Certificate as of the date of such request in the same manner as if a written Compliance Certificate had been delivered, and such
factual matters shall be true in all material respects on the date such Revolving Loan, Swingline Loan, Alternative Currency Loan
or Letter of Credit is made or issued. No Revolving Loan, Swingline Loan, Alternative Currency Loan or Letter of Credit shall be
made if such certification is not made without qualification.

 

ARTICLE IV. REPRESENTATIONS
AND WARRANTIES

 

The Company makes the following representations
and warranties and each Designated Borrower joins in such representations and warranties solely on its own behalf with respect
to such Designated Borrower as a Borrower hereunder with respect to such Designated Borrower only:

 

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4.1           Corporate
Status. Each Borrower, each Guarantor and each other Subsidiary is a duly organized or formed and validly existing corporation,
partnership or limited liability company, as the case may be, and in good standing or in full force and effect under the laws
of its jurisdiction of organization; has powers and authority to transact the business in which it is engaged; is duly licensed
or qualified and in good standing in each jurisdiction in which the conduct of such business requires such licensing or such qualification
except where the failure to do so has not had or will not have a Material Adverse Effect; and has all necessary power and authority
to enter into this Agreement and to execute, deliver and perform this Agreement, the Notes, the other Loan Documents and any other
document executed in connection with this Agreement to which it is a party, all of which have been duly authorized by all proper
and necessary entity and shareholder action. Schedule 4.1 hereto lists, as of the Closing Date, each Subsidiary and the direct
and indirect ownership interests of the Company therein.

 

4.2           Valid
and Binding Obligation. This Agreement, the Notes, the Loan Documents, and any other document executed in connection herewith
to which any Borrower, any Guarantor or other Subsidiary is a party, constitutes the legal, valid and binding obligations of such
Borrower, such Guarantor or other Subsidiary a party thereto, enforceable in accordance with their respective terms, except as
enforceability (i) may be limited by state, provincial or federal bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the rights of creditors generally and (ii) may be subject to equity principles in the event equitable
remedies are sought.

 

4.3           No
Pending Litigation. Except as set forth on Schedule 4.3 of this Agreement, there are not any actions, suits, proceedings
(whether or not purportedly on behalf of any Borrower, any Guarantor or any other Subsidiary) or investigations pending or, to
the knowledge of such Borrower, such Guarantor or any other Subsidiary, threatened against such Borrower, such Guarantor or any
Subsidiary or any basis therefore, which, in any case or in the aggregate, have had or will have a Material Adverse Effect, or
which question the validity of this Agreement, the Notes, any other Loan Documents, or any other documents required by this Agreement,
or any action taken or to be taken pursuant to any of the foregoing.

 

4.4           No
Consent or Filing. No consent, license, approval or authorization of, or registration, declaration or filing with, any
court, Governmental Authority or other Person or entity is required in connection with the valid execution, delivery or performance
of this Agreement, the Notes, any other Loan Documents, or any other documents required by this Agreement to which any Borrower
or any Subsidiary is a party, or in connection with any of the transactions contemplated thereby other than the filing of financing
statements and the recording of mortgages or deeds of trust on any Collateral which filings and recordings were made prior to
the Closing Date.

 

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4.5           No
Violations. The execution and delivery of, and to the best of each Borrower’s knowledge, the performance of the
Loan Documents to which it is a party, will not violate any term of its certificate of incorporation, by-laws, or of any mortgage,
borrowing agreement or other material instrument or agreement pertaining to Indebtedness for borrowed money, the violation of
which has had or will have a Material Adverse Effect, and will not result in the creation of any Lien upon any properties or assets
except in favor of Administrative Agent and the Lenders, except for such Lien that has not had or will not have a Material Adverse
Effect. The execution, delivery, and to the best of Company’s knowledge, the performance of the other Loan Documents to
which each Guarantor or Subsidiary is a party will not violate any term of its certificate of incorporation, partnership, articles
of association, operating agreement or by-laws, or of any mortgage, borrowing agreement or other material instrument or agreement
pertaining to Indebtedness for borrowed money, the violation of which has had or will have a Material Adverse Effect. To the best
of Company’s knowledge, neither any Borrower, any Guarantor nor any Subsidiary is in violation of any term of any other
indenture, instrument or agreement to which it is a party or by which it may be bound, the violation of which has had or will
have a Material Adverse Effect. Neither any Borrower, any Guarantor nor any Subsidiary is in violation of any order, writ, judgment,
injunction or decree of any court of competent jurisdiction or, of any statute, rule or regulation of any competent governmental
authority, the violation of which has had or will have a Material Adverse Effect.

 

4.6           Financial
Statements. Company has furnished to the Administrative Agent and the Lenders Company’s quarterly report on Form 10-Q
dated January 1, 2013 as filed with the SEC (“Form 10-Q”) showing the financial condition of Company as of such date,
which document presents fairly the financial position of Company and its Subsidiaries as of such date and the results of its operations
and changes in its financial position for such period then ended and has been prepared in conformity with GAAP applied on a basis
consistent with that of similar periods for preceding years.

 

4.7           No
Material Adverse Change. Since December 29, 2012, there has been no change in the financial or other condition, business
affairs or prospects of Company and Company’s Subsidiaries taken as a whole, or their properties and assets considered as
an entirety, except for changes none of which, individually or in the aggregate, has had or will have, a Material Adverse Effect.

 

4.8           Tax
Returns and Payments. The Borrowers and the Subsidiaries have filed all federal income tax returns. The Borrowers and
the Subsidiaries have filed all other tax returns, domestic and foreign, required to be filed by them and have paid all taxes
and assessments payable by them that have become due, other than those not yet delinquent and except for those contested in good
faith and except where the failure to so file has not had or will not have a Material Adverse Effect. The Borrowers and the Subsidiaries
have established on their books such charges, accruals and reserves in respect of taxes, assessments, fees and other governmental
charges for all fiscal periods as are required by GAAP. Neither any Borrower nor any Subsidiary knows of any proposed assessment
for additional federal, foreign or state taxes for any period, or of any basis therefor, which, individually or in the aggregate,
taking into account such charges, accruals and reserves in respect thereof as any Borrower and any Subsidiary has made, has had
or will have a Material Adverse Effect.

 

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4.9           Title
to Properties, etc. The Borrowers and the Subsidiaries have good and marketable title, in the case of real property, and
good title (or valid leaseholds, in the case of any leased property), in the case of all other property, to all of their respective
properties and assets free and clear of Liens other than Permitted Encumbrances. The interests of the Company and any Subsidiary
in the properties reflected in the most recent balance sheet referred to in Section 4.7, taken as a whole, were sufficient,
in the judgment of the Company, as of the date of such balance sheet for purposes of the ownership and operation of the businesses
conducted by the Company and any Subsidiary.

 

4.10         Lawful
Operations, etc. The Borrowers and the Subsidiaries: (i) hold all necessary foreign, federal, state, local and other
governmental licenses, registrations, certifications, permits and authorizations necessary to conduct its business, except to
the extent the failure to so hold has not and will not have a Material Adverse Effect; and (ii) are in full compliance with
all requirements imposed by law, regulation or rule, whether foreign, federal, state or local, that are applicable to it, its
operations, or its properties and assets, including, without limitation, applicable requirements of Environmental Laws, except
for any failure to obtain and maintain in effect, or noncompliance that, individually or in the aggregate, has had or will have
a Material Adverse Effect.

 

4.11         Environmental
Matters. (a) The Borrowers and the Subsidiaries are in compliance with all Environmental Laws, except to the extent that
any such failure to comply (together with any resulting penalties, fines or forfeitures) have not had or will not have a Material
Adverse Effect. All licenses, permits, registrations or approvals required for the conduct of the business of the Borrowers and
any Subsidiary under any Environmental Law have been secured and the Borrowers and the Subsidiaries are in substantial compliance
therewith, except for such licenses, permits, registrations or approvals the failure to secure or to comply therewith has not
had or will not have a Material Adverse Effect. Neither any Borrower nor any Subsidiary has received written notice, or otherwise
knows, that it is in any respect in noncompliance with, breach of or default under any applicable writ, order judgment, injunction,
or decree to which each Borrower or such Subsidiary is a party or that would affect the ability of such Borrower or such Subsidiary
to operate any real property and no event has occurred and is continuing that, with the passage of time or the giving of notice
or both, would constitute noncompliance, breach of or default thereunder, except in each such case, such noncompliance, breaches
or defaults, in the aggregate, have not had or will not have a Material Adverse Effect. There are no claims under any Environmental
Laws (“Environmental Claim”) pending or to the knowledge of Borrower, threatened which have had or will have a Material
Adverse Effect. There are no facts, circumstances, conditions or occurrences on any real property now or at any time owned, leased
or operated by any Borrower or any Subsidiary or on any property adjacent to any such real property, that are known by the Borrower
or as to which any such Borrower or any such Subsidiary has received written notice, that could reasonably be expected: (i) to
form the basis of any Environmental Claim against any Borrower or any Subsidiary or any real property of the Borrower or any Subsidiary;
or (ii) to cause such real property to be subject to any restrictions on the ownership, occupancy, use or transferability
of such real property under any Environmental Law, except in each such case, such Environmental Claims or restrictions that individually
or in the aggregate have not had and will not have a Material Adverse Effect.

 

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(b)          Hazardous
Substances have not at any time been (i) generated, used, treated or stored on, or transported to and from any real property
of the Borrower or any Subsidiary or (ii) released on any such real property, in each case where such occurrence or event
is not in compliance with Environmental Laws and has had or will have a Material Adverse Effect.

 

4.12         Compliance
with ERISA. Compliance by the Borrowers with the provisions hereof and in the incurrence of the Indebtedness under this
Agreement will not involve any prohibited transaction within the meaning of ERISA or Section 4975 of the Code. The Borrowers and
the Subsidiaries (i) have fulfilled all obligations under minimum funding standards of ERISA and the Code with respect to
each Pension Plan, (ii) have satisfied all respective contribution obligations in respect of each Multiemployer Plan and
each Multiple Employer Plan, (iii) are in compliance with all other applicable provisions of ERISA and the Code with respect
to each Pension Plan, each Multiemployer Plan and each Multiple Employer Plan, except to the extent failure to comply has not
had, and will not have, a Material Adverse Effect and (iv) have not incurred any liability under the Title IV of ERISA
to the PBGC with respect to any Pension Plan, any Multiemployer Plan, any Multiple Employer Plan, or any trust established thereunder.
No Pension Plan or trust created thereunder has been terminated. There has been no Reportable Event with respect to any Pension
Plan or trust created thereunder or with respect to any Multiemployer Plan or Multiple Employer Plan, which Reportable Event will
or could result in the termination of such Pension Plan, Multiemployer Plan or Multiple Employer Plan and give rise to a material
liability of the Borrowers or any ERISA Affiliate in respect thereof. Neither any Borrower nor any ERISA Affiliate is at the date
of this Agreement, or has been at any time within the two years preceding the date of this Agreement, an employer required to
contribute to any Multiemployer Plan or Multiple Employer Plan, or a “contributing sponsor” (as such term is defined
in Section 4001 of ERISA) in any Multiemployer Plan or Multiple Employer Plan. Neither any Borrower nor any ERISA Affiliate has
any contingent liability with respect to any post-retirement “welfare benefit plan” (as such term is defined in ERISA)
except as has been disclosed in accordance with GAAP in the financial statements delivered to the Lenders in accordance with this
Agreement.

 

4.13         Investment
Company Act, etc. Neither any Borrower nor any Subsidiary is subject to regulation with respect to the creation or incurrence
of Indebtedness under the Investment Company Act of 1940, as amended, the Interstate Commerce Act, as amended, the Federal Power
Act, as amended, the Energy Policy Act of 2005, as amended, or any applicable state public utility law.

 

4.14         Insurance.
The Borrowers and the Subsidiaries maintain insurance coverage by such insurers and in such forms and amounts and against such
risks as are generally consistent with industry standards and in each case in compliance with the terms of the Loan Documents.

  

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4.15         Burdensome
Contracts; Labor Relations. Neither any Borrower nor any Subsidiary (a) is subject to any burdensome contract,
agreement, corporate restriction, judgment, decree or order, (b) is a party to any labor dispute affecting any bargaining
unit or other group of employees generally, (c) is subject to any strike, slowdown, walk out or other concerted interruptions
of operations by employees of any Borrower or any Subsidiary, whether or not relating to any labor contracts, (d) is subject
to any pending or, to the knowledge of the Borrower, threatened, unfair labor practice complaint, before the National Labor Relations
Board, (e) is subject to any pending or, to the knowledge of the Borrower, threatened grievance or arbitration proceeding arising
out of or under any collective bargaining agreement, (f) is subject to any significant pending or, to the knowledge of the
Borrower, threatened strike, labor dispute, slowdown or stoppage, or (g) is, to the knowledge of the Borrower, involved or
subject to any union representation organizing or certification matter with respect to the employees of any Borrower or any Subsidiary,
except (with respect to any matter specified in any of the above clauses) for such matters as, individually or in the aggregate,
which have not had or will not have a Material Adverse Effect.

 

4.16         Liens.
Once executed and delivered, each of the Security Documents creates, as security for the Secured Obligations or the obligations
of the Guarantors under their respective Guaranties, a valid and enforceable, and upon making the filings and recordings referenced
in the next sentence, perfected Lien on all of the Collateral subject thereto from time to time, in favor of the Administrative
Agent for the benefit of the Secured Facility Parties, superior to and prior to the rights of all third persons and subject to
no other Liens, except that the Collateral under the Security Documents may be subject to Permitted Encumbrances. No filings or
recordings are required under U.S. Law in order to perfect the Liens created under any Security Document except for filings or
recordings required in connection with any such Security Document that shall have been made, or for which satisfactory arrangements
have been made, upon or prior to the execution and delivery thereof. All recording, stamp, intangible or other similar taxes required
to be paid by any Person under applicable legal requirements or other laws applicable to the property encumbered by the Security
Documents in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement thereof have
been paid.

 

4.17         Defaults.
No Default or Event of Default exists as of the Closing Date hereunder, nor will any Default or Event of Default begin to exist
immediately after the execution and delivery hereof.

 

4.18         Anti-Terrorism
Law Compliance. Neither any Borrower nor any Subsidiary is subject to or in violation of any law, regulation, or
list of any governmental agency (including, without limitation, the U.S. Office of Foreign Asset Control list, Executive Order
No. 13224 or the USA Patriot Act) that prohibits or limits the conduct of business with or the receiving of funds, goods
or services to or for the benefit of certain Persons specified therein or that prohibits or limits any Lender or the Issuing Bank
from making any advance or extension of credit to any Borrower or from otherwise conducting business with any Borrower.

 

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4.19         Intellectual
Property. Each of the Borrowers, the Guarantors and other Subsidiaries owns, or is licensed to use, all trademarks, tradenames,
service marks, copyrights, technology, know-how and process necessary for the conduct of its business as currently conducted (collectively,
the “Intellectual Property”) except for those the failure to own or license which has not had or will not have a Material
Adverse Effect. No claim has been asserted and is pending by any person challenging or questioning the use by any Borrower, any
Guarantor or any other Subsidiaries of any such Intellectual Property or the validity or effectiveness of any such Intellectual
Property, nor does any Borrower, any Guarantor or any other Subsidiaries know of any valid basis for any such claim, to the knowledge
of the Borrower the use of such Intellectual Property by any Borrower, any Guarantors and any other Subsidiaries does not infringe
on the rights of any Person, and, to the knowledge of the Borrower, no such Intellectual Property of any Borrower, any Guarantor
and any other Subsidiaries has been infringed, misappropriated or diluted by any other Person except for such claims, infringements,
misappropriation and dissolution that, in the aggregate, has not had or will not have a Material Adverse Effect.

 

4.20         Accuracy
of Information, etc. No statement or information contained in this Agreement, any other Loan Document, the Confidential
Information Materials or any other certificate furnished by or on behalf of Borrowers or the Guarantors to the Administrative
Agent or the Lenders, or any of them, for use in connection with the transactions contemplated by this Agreement or the other
Loan Documents, contained as of the date such statement, information or certificate was so furnished (or, in the case of the Confidential
Information Materials, as of the date of this Agreement), any untrue statement of a material fact or omitted to state a material
fact necessary to make the statements contained herein or therein not misleading in any material respect. The financial statements
contained in the materials referenced above, in conformity with GAAP, require management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting periods. In addition, the projections and pro forma financial
information contained in the materials referenced above are not guarantees of future performance and are subject to factors, risks
and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results
described in the projections and pro forma financial information. Certain of those factors, risks and uncertainties are referred
to in Company’s Form 10-Q, filed for the period ending December 29, 2012.

 

4.21         Subordinated
Indebtedness. This Agreement constitutes the “Credit Agreement”, and the Indebtedness under this Agreement
constitutes “Senior Debt” and “Designated Senior Debt” under, and as defined in, the Current Indenture.

 

4.22         Eligible
Contract Party. Each Borrower and each Guarantor is an Eligible Contract Participant.

 

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4.23         Representations
as to Foreign Borrowers. Each of the Company and each Foreign Borrower represents and warrants to the Administrative
Agent and the Lenders that:

 

(a)          Such
Foreign Borrower is subject to civil and commercial Laws with respect to its obligations under this Agreement and the other Loan
Documents to which it is a party (collectively as to such Foreign Borrower, the “Applicable Foreign Borrower Documents”),
and the execution, delivery and performance by such Foreign Borrower of the Applicable Foreign Borrower Documents constitute and
will constitute private and commercial acts and not public or governmental acts. Neither such Foreign Borrower nor any of its property
has any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior
to judgment, attached in aid of execution, execution or otherwise) under the laws of the jurisdiction in which such Foreign Borrower
is organized and existing in respect of its obligations under the Applicable Foreign Borrower Documents.

 

(b)          The
Applicable Foreign Borrower Documents are in proper legal form under the Laws of the jurisdiction in which such Foreign Borrower
is organized and existing for the enforcement thereof against such Foreign Borrower under the Laws of such jurisdiction, and to
ensure the legality, validity, enforceability, priority or admissibility in evidence of the Applicable Foreign Borrower Documents.
It is not necessary to ensure the legality, validity, enforceability, priority or admissibility in evidence of the Applicable Foreign
Borrower Documents that the Applicable Foreign Borrower Documents be filed, registered or recorded with, or executed or notarized
before, any court or other authority in the jurisdiction in which such Foreign Borrower is organized and existing or that any registration
charge or stamp or similar tax be paid on or in respect of the Applicable Foreign Borrower Documents or any other document, except
for (i) any such filing, registration, recording, execution or notarization as has been made or is not required to be made until
the Applicable Foreign Borrower Documents or any other document is sought to be enforced and (ii) any charge or tax as has been
timely paid.

 

(c)          There
is no tax, levy, impost, duty, fee, assessment or other governmental charge, or any deduction or withholding, imposed by any Governmental
Authority in or of the jurisdiction in which such Foreign Borrower is organized and existing either (i) on or by virtue of the
execution or delivery of the Applicable Foreign Borrower Documents or (ii) on any payment to be made by such Foreign Borrower pursuant
to the Applicable Foreign Borrower Documents, except as has been disclosed to the Administrative Agent and the Lenders.

 

(d)          The
execution, delivery and performance of the Applicable Foreign Borrower Documents executed by such Foreign Borrower are, under
applicable foreign exchange control regulations of the jurisdiction in which such Foreign Borrower is organized and existing,
not subject to any notification or authorization except (i) such as have been made or obtained or (ii) such as cannot be made
or obtained until a later date (provided that any notification or authorization described in clause (ii) shall be made
or obtained as soon as is reasonably practicable).

 

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ARTICLE V. AFFIRMATIVE
COVENANTS

 

During the term of this Agreement, and so
long thereafter as any Indebtedness of any Borrower to the Administrative Agent or the Lenders shall remain unpaid, including any
Indebtedness for fees and expenses, Company will and shall cause each of its Subsidiaries to:

 

5.1           Payments.
Duly and punctually pay the principal of, interest on, and all fees, expenses and charges on, all Indebtedness incurred by Borrowers
pursuant to this Agreement in the manner set forth in this Agreement, and duly and punctually pay to the Administrative Agent
the arrangement fee and annual agency fee as and when due under the terms of the Fee Letter.

 

5.2           Reporting
Requirements. Furnish to the Administrative Agent:

 

(a)          Annual
Financial Statements. As soon as available and in any event within ninety (90) days after the end of each fiscal year of
Company, (i) audited Consolidated financial statements of Company and Company’s Subsidiaries as of the end of such year,
fairly presenting Company’s financial position, which statements shall consist of a balance sheet and related statements
of income, stockholders’ equity, and cash flow covering the period of Company’s immediately preceding fiscal year,
in each case setting forth comparative figures for the preceding fiscal year, all in reasonable detail and prepared in accordance
with GAAP, and such audited Consolidated financial statements to be accompanied by (a) a report and opinion of a Registered Public
Accounting Firm of nationally recognized standing reasonably acceptable to the Administrative Agent, which report and opinion shall
be prepared in accordance with generally accepted auditing standards and applicable Securities Laws and shall not be subject to
any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit
or with respect to the absence of any material misstatement and (b) an opinion of such Registered Public Accounting Firm independently
assessing the Company’s internal controls over financial reporting in accordance with Item 308 of SEC Regulation S-K, Public
Company Accounting Oversight Board Auditing Standard No. 2, and Section 404 of the Sarbanes-Oxley Act of 2002 expressing a conclusion
that contains no statement that there is a material weakness in such internal controls, except for such material weaknesses as
to which the Administrative Agent does not object, and such financial statements to be certified by the chief executive officer,
chief financial officer, treasurer or controller of the Company to the effect that such statements are fairly stated in all material
respects when considered in relation to the Consolidated financial statements of the Company and its Subsidiaries; and (ii) internally
prepared Consolidating financial statements of Company and Company’s Subsidiaries as of the end of such year which statements
shall consist of a balance sheet and related statements of income covering the period of Company’s immediately preceding
fiscal year, all in reasonable detail.

 

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(b)          Quarterly
Financial Statements. As soon as available and in any event within forty-five (45) days after the close of the first three
fiscal quarters in each fiscal year of Company, the unaudited Consolidated balance sheets of Company and Company’s Consolidated
Subsidiaries as at the end of such quarterly period and the related unaudited Consolidated statements of income and of cash flows
for such quarterly period and/or for the fiscal year to date, and setting forth, in the case of such unaudited Consolidated statements
of income, comparative figures for the related periods in the prior fiscal year, to be certified by a Financial Officer of Company,
on behalf of Company, to be in accordance with the records of Company and each Subsidiary and to present fairly taken as a whole
the results of the operations of Company and all Subsidiaries for, as applicable, such fiscal quarter, and the financial position
of Company and all Subsidiaries as of the end of such fiscal quarter, subject to changes resulting from normal year-end audit adjustments.

 

(c)          Officer’s
Compliance Certificates. At the time of the delivery of the financial statements provided for in Sections 5.2(a) and
(b), a certificate (“Compliance Certificate”), in substantially the form attached hereto as Exhibit E, on behalf
of Company by a Financial Officer to the effect that (i) no Default or Event of Default exists or, if any Default or Event
of Default does exist, specifying the nature and extent thereof and the actions the Company propose to take with respect thereto,
and (ii) the representations and warranties of the Company are true and correct in all material respects, except to the extent
that any relate to an earlier specified date, in which case, such representations shall be true and correct in all material respects
as the date made, which certificate shall set forth the calculations required to establish compliance with the provisions of Sections 6.1,
6.2, and 6.3.

 

(d)          Annual
Budget. Within ninety (90) days after the start of each fiscal year of Company, a Consolidated budget for Company and its
Subsidiaries for such fiscal year consisting of a balance sheet and income statement, all in reasonable detail.

 

(e)          Notices.
Promptly, and in any event within three (3) Business Days after Company or any Subsidiary obtains knowledge thereof, notice of:

 

  (i)          the
occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period
of existence thereof and what action the Company proposes to take with respect thereto; or

 

  (ii)         the
commencement of, or any other material development concerning any litigation or governmental or regulatory proceeding pending
against the Company or any Subsidiary or the occurrence of any other event, if the same has had or will have a Material Adverse
Effect.

 

(f)          ERISA.
Promptly, and in any event within ten (10) Business Days after Company or any Subsidiary knows of the occurrence of any of the
following, the Company will deliver to each of the Lenders a certificate by a Responsible Officer setting forth the full details
as to such occurrence and the action, if any, that Company or such Subsidiary is required or proposes to take, together with any
notices required or proposed to be given to or filed with or by Company or the Subsidiary, the PBGC, a Pension Plan participant
or the Pension Plan administrator with respect thereto (i) the occurrence of a Reportable Event with respect to any Pension
Plan; (ii) the institution of any steps by Company, any Subsidiary, the PBGC or any other Person to terminate any Pension
Plan; (iii) the institution of any steps by Company or any Subsidiary to withdraw from any Pension Plan; (iv) the institution
of any steps by Company or any Subsidiary to withdraw from any Multiemployer Plan or Multiple Employer Plan, if such withdrawal
could result in withdrawal liability (as described in Part 1 of Subtitle E of Title IV of ERISA) in excess of $25,000,000;
(v) the occurrence of a non-exempt “prohibited transaction” within the meaning of Section 406 of ERISA in
connection with any Pension Plan; (vi) a determination that a Pension Plan has an unfunded current liability exceeding $25,000,000;
or (vii) the taking of any material action by, or the threatening of the taking of any material action by, the Internal Revenue
Service, the Department of Labor or the PBGC with respect to any of the foregoing.

 

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(g)          Environmental
Matters. Promptly upon, and in any event within ten (10) Business Days after, an officer of Company or any Subsidiary obtaining
knowledge thereof, notice of one or more of the following environmental matters to the extent any of the following has had or will
have a Material Adverse Effect: (i) any pending or threatened Environmental Claim against the Company or any Subsidiary or
any real property owned or operated by the Company or any Subsidiary; (ii) any condition or occurrence on or arising from any real
property owned or operated by the Company or any Subsidiary that (A) results in noncompliance by the Company or any Subsidiary
with any applicable Environmental Law or (B) would reasonably be expected to form the basis of an Environmental Claim against
the Company or any Subsidiary or any such real property; (iii) any condition or occurrence on any real property owned, leased
or operated by the Company or any Subsidiary that could reasonably be expected to cause such real property to be subject to any
restrictions on the ownership, occupancy, use or transferability by the Company or any Subsidiary of such real property under any
Environmental Law; and (iv) the taking of any removal or remedial action in response to the actual or alleged presence of any Hazardous
Material on any real property owned, leased or operated by the Company or any Subsidiary as required by any Environmental Law or
any governmental or other administrative agency. All such notices shall describe in reasonable detail the nature of the Environmental
Claim, Company’s or any Subsidiary’s response thereto and the potential exposure in Dollars of the Company and any
Subsidiary with respect thereto.

 

(h)          SEC
Reports and Registration Statements. Promptly after transmission thereof or other filing with the SEC, copies of all registration
statements and all annual or quarterly reports that Company or any of its Subsidiaries is required to file with the SEC on Form 10-K
or 10-Q or 8-K (or any successor forms).

 

(i)          Annual,
Quarterly and Other Reports. Promptly after transmission thereof to its stockholders, copies of each annual, quarterly
and other reports and all proxy statements that Company furnishes to its stockholders generally.

 

(j)          Other
Notices. Promptly after the transmission or receipt thereof, as applicable, copies of all material notices received or
sent by Company or any Subsidiary to or from a holder of any Material Indebtedness or any trustee with respect thereto.

 

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(k)          Other
Information. Promptly, but in any event within ten (10) days after a request therefore, such other information or documents
(financial or otherwise) related to the Company or any Subsidiary as the Administrative Agent or any Lender may reasonably request
from time to time, subject to any applicable Law that restricts, or any applicable agreement with any Person other than all Subsidiaries
and Affiliates that in good faith restricts, the disclosure of such information.

 

(l)          Confidential
Information. (i) Each Credit Party agrees to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (A) to such Credit Party’s Affiliates and to the respective partners, directors, officers,
employees, agents, advisors and other representatives of such Credit Party or such Credit Party’s Affiliates (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed
to keep such Information confidential), (B) to the extent requested by any regulatory authority purporting to have jurisdiction
over such Credit Party, (C) to the extent required by applicable laws or regulations or by any subpoena or similar legal process,
(D) to any other party hereto, (E) in connection with the exercise of any remedies hereunder or under any other Loan
Document or any 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 5.2(l),
to (x) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement or (y) any actual or prospective counterparty (or its advisors) to any Hedge Agreement, (G) to Gold
Sheets and other similar bank trade publications, such information to consist of deal terms and other information customarily found
in such publications, (H) with the consent of the Company or (I) to the extent such Information (x) becomes publicly
available other than as a result of a breach of this Section 5.2(l) or (y) becomes available to any Credit Party or any
of their respective Affiliates on a non-confidential basis from a source other than the Company or the Company’s Subsidiaries.

 

(ii)         For
purposes of this Section 5.2(l), “Information” means all information received from the Company or any of its Subsidiaries
relating to the Company or any of its Subsidiaries or any of their respective businesses, other than any such information that
is available to the Administrative Agent or any other Credit Party on a non-confidential basis prior to disclosure by the Company
or any Subsidiary.

 

(m)          Electronic
Delivery. Documents required to be delivered pursuant to this Section 5.2 (to the extent any such documents are
included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have
been delivered on the date (i) on which the Company posts such documents, or provides a link thereto on the Company’s
website on the Internet at moog.com; or (ii) on which such documents are posted on the Company’s behalf on an Internet
or intranet website, if any, to which each Lender, the Issuing Bank and the Administrative Agent has access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Company shall deliver paper
copies of such documents to the Administrative Agent, Issuing Bank or any Lender that requests in writing that the Company deliver
such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent, Issuing Bank or
such Lender and (ii) the Company shall notify the Administrative Agent (by telecopier or electronic mail) of the posting of
any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.
The Administrative Agent shall have no obligation to request the delivery or to maintain paper copies of the documents referred
to above, and in any event shall have no responsibility to monitor compliance by the Company with any such request for delivery,
and the Lender and the Issuing Bank shall be solely responsible for requesting delivery to it or maintaining its copies of such
documents.

  

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The Company hereby acknowledges that (i) the
Administrative Agent and/or the Arranger will make available to the Lenders and the Issuing Bank materials and/or information provided
by or on behalf of the Company hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”) and (ii) certain of the Lenders may be “public-side”
Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Company or its securities)
(each, a “Public Lender”); provided, however, that each Public Lender shall identify at least one employee who may
receive material non-public information with respect to the Company or its securities. The Company hereby agrees that (A) all
Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC”
by the Company which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof;
(B) by marking Borrower Materials “PUBLIC,” the Company shall be deemed to have authorized the Administrative
Agent, the Arranger, the Issuing Bank and the Lenders to treat such Borrower Materials as not containing any material non-public
information with respect to the Company or its securities for purposes of United States Federal and state securities laws; (C) all
Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
“Public Investor;” and (D) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials
that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public
Investor” and the Administrative Agent, the Issuing Bank and the Lenders agree not to trade securities on the basis of any
Borrower Materials that are posted on the Platform and are not marked “PUBLIC.” Notwithstanding the foregoing, the
Company shall be under no obligation to mark any Borrower Materials “PUBLIC.”

 

5.3           Books,
Records and Inspections. Upon the reasonable prior request of the Administrative Agent or the Required Lenders and
subject to (i) any applicable Law that restricts, or any applicable agreement with any Person other than all Subsidiaries
and Affiliates that in good faith restricts, the disclosure of any information obtained pursuant to such request and (ii) the
maintenance of the confidentiality of any such information by each Lender in accordance with Section 5.2(l), promptly permit each
officer, employee, accountant, attorney and other agent of each Lender to, without unreasonably disrupting the business or operations
of the Company or such Domestic Subsidiary, (A) visit and inspect each of the premises of the Company and each Domestic Subsidiary,
(B) subject to, if reasonably requested by the Company, the execution and delivery of a confidentiality agreement similar
to those generally used in significant corporate acquisitions and mergers, examine, audit, copy and extract each record of the
Company and each Domestic Subsidiary and (C) discuss the business, operations, assets, affairs and condition (financial or other)
of the Company and each Domestic Subsidiary with each responsible officer of the Company and each Domestic Subsidiary and each
independent accountant of the Company and each Domestic Subsidiary.

 

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5.4           Insurance.
(a) The Company will, and will cause each Subsidiary to (i) maintain insurance coverage by such insurers and in such forms
and amounts and against such risks as are generally consistent with industry standards, and (ii) forthwith upon the Administrative
Agent’s or any Lender’s written request, furnish to the Administrative Agent or such Lender such information about
such insurance as the Administrative Agent or such Lender may from time to time reasonably request, which information shall be
prepared in form and detail satisfactory to the Administrative Agent or such Lender and certified by a Responsible Officer.

 

(b)          The
Company will, and will cause each of the Guarantors to, at all times keep their respective property that is subject to the Lien
of any of the Loan Documents insured in favor of the Administrative Agent, and all policies or certificates (or certified copies
thereof) with respect to each insurance (and any other insurance maintained by the Company or any such Subsidiary) shall be endorsed
to the Administrative Agent’s reasonable satisfaction for the benefit of the Administrative Agent (including, without limitation,
by naming the Administrative Agent as a lender’s loss payee and mortgagee (with respect to Collateral) or, to the extent
permitted by applicable law, as an additional insured as its interests may appear). The Company shall deliver to the Administrative
Agent contemporaneously with the expiration or replacement of any policy of insurance required to be maintained by this Agreement
a certificate as to the new or renewal policy. The Company shall advise the Administrative Agent promptly upon the cancellation,
material reduction or material amendment of any policy. If requested to do so by the Administrative Agent at any time, the Company
shall deliver copies of all insurance policies maintained by the Company as required by this Agreement. The Administrative Agent
shall deliver copies of any certificates of insurance to a Lender upon such Lender’s reasonable request.

 

(c)          If
the Company or any Guarantor shall fail to maintain any insurance in accordance with this Section, or if Company or any Guarantor
shall fail to so endorse and deliver or deposit all endorsements or certificates with respect thereto, the Administrative Agent
shall have the right (but shall be under no obligation), upon prior written notice to the Company to procure such insurance and
the Company agree to reimburse the Administrative Agent on demand for all costs and expenses of procuring such insurance.

 

5.5           Payment
of Taxes and Claims. The Company will pay and discharge, and will cause each Subsidiary to pay and discharge, all taxes,
assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any properties belonging
to it, prior to the date on which penalties attach thereto, and all lawful claims that, if unpaid, will become a Lien or charge
upon any properties of the Company or any Subsidiary; provided, however, that neither the Company nor any Subsidiary
shall be required to pay any such tax, assessment, charge, levy or claim that is being contested in good faith and by proper proceedings
if it has maintained adequate reserves with respect thereto in accordance with GAAP. Without limiting the generality of the foregoing,
the Company will, and will cause each Subsidiary to, pay in full all of its wage obligations to its employees in accordance with
the Fair Labor Standards Act (29 U.S.C. Sections 206-207) and any comparable provisions of applicable law, except where
the failure to do so has not had and will not have a Material Adverse Effect.

 

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5.6           Corporate
Franchises. The Company will do, and will cause each Subsidiary to do, or cause to be done, all things necessary to preserve
and keep in full force and effect its corporate, partnership or limited liability company existence, rights and authority; provided,
however, that nothing in this Section shall be deemed to prohibit any transaction permitted by Section 7.8.

 

5.7           Good
Repair. The Company will, and will cause each Subsidiary to, ensure that its material properties and equipment
are used or useful in its business in whomsoever’s possession they may be, are kept in good repair, working order and condition,
normal wear and tear expected, and that from time to time there are made in such properties and equipment all needful and proper
repairs, renewals, replacements, extensions, additions, betterments and improvements thereto, to the extent and in the manner
customary for companies in similar businesses.

 

5.8           Compliance
with Law. The Company will, and will cause each Subsidiary to, comply with all applicable statutes, regulations
and orders of, and all applicable restrictions imposed by, all Governmental Authorities in respect of the conduct of its business
and the ownership of its property, other than those the noncompliance with which has not had or will not have a Material Adverse
Effect.

 

5.9           Compliance
with Environmental Laws. Without limitation of the covenants contained in Section 5.8:

 

(a)          The
Company will comply, and will cause each of its Subsidiaries to comply, with all Environmental Laws applicable to the ownership,
lease or use of all real property now or hereafter owned, leased or operated by the Company or any Subsidiary, and will promptly
pay or cause to be paid all costs and expenses incurred in connection with such compliance, except to the extent that such compliance
with Environmental Laws is being contested in good faith and by appropriate proceedings and for which adequate reserves have been
established to the extent required by GAAP and except to the extent that failure to comply with such Environmental Laws, has not
had, and will not have a Material Adverse Effect.

 

(b)          The
Company will keep or cause to be kept, and will cause each Subsidiary to keep or cause to be kept, all such real property free
and clear of any Liens imposed pursuant to such Environmental Laws other than Permitted Encumbrances or such Liens that will not
and have not had a Material Adverse Effect.

 

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(c)          Neither
the Company nor any Subsidiary will generate, use, treat, store, release or dispose of, or permit the generation, use, treatment,
storage, release or disposal of, Hazardous Materials on any real property now or hereafter owned, leased or operated by the Company
or any Subsidiary or transport or permit the transportation of Hazardous Substances to or from any such real property other than
in compliance with applicable Environmental Laws, except for such noncompliance as has not had and will not have a Material Adverse
Effect.

 

(d)          If
required to do so under any applicable order of any Governmental Authority, the Company will undertake, and cause each Subsidiary
to undertake, any clean up, removal, remedial or other action necessary to remove and clean up any Hazardous Substances from any
real property owned, leased or operated by the Company or any Subsidiary in accordance with, in all material respects, such orders
of all Governmental Authorities, except to the extent that such Company or such Subsidiary is contesting such order in good faith
and by appropriate proceedings and for which adequate reserves have been established to the extent required by GAAP.

 

(e)          At
the written request of the Administrative Agent or the Required Lenders, which request shall specify in reasonable detail the basis
therefor, at any time and from time to time after the Lenders receive notice under Section 5.1(f) for any claimed violation of
any Environmental Law involving potential expenditures by Company or any Subsidiary in excess of $25,000,000 in the aggregate for
any real property, the Company will provide, at Company’s sole cost and expense, an environmental site assessment report
concerning any such real property now or hereafter owned, leased or operated by Company or any Subsidiary, prepared by an environmental
consulting firm reasonably acceptable to the Administrative Agent, indicating the presence or absence of Hazardous Substances and
the potential cost of any removal or a remedial action in connection with any Hazardous Substances on such real property. If the
Company fails to provide the same within ninety (90) days after such request was made, the Administrative Agent may order the same,
and Company shall grant and hereby grants, to the Administrative Agent and the Lenders and their agents, access to such real property
and specifically grants the Administrative Agent and the Lenders and their agents, access to such real property and specifically
grants the Administrative Agent and the Lenders and irrevocable non-exclusive license, subject to the rights of tenants, to undertake
such assessment, all at the Company’s expense.

 

5.10         Certain
Subsidiaries to Become Guarantors. In the event that at any time after the Closing Date Company creates, holds,
acquires or at any time has any Subsidiary (other than Non-Material Subsidiaries, Foreign Subsidiaries as to which Section 5.11(b)
applies, and any Securitization Subsidiary formed in connection with a Securitization Transaction permitted under Section 7.1(e))
that is not a Guarantor, Company will immediately, but in any event within five (5) Business Days, notify the Administrative Agent
in writing of such event, identifying the Subsidiary in question and referring specifically to the rights of the Administrative
Agent and the Lenders under this Section. Company will, within fifteen (15) days following request therefor from the Administrative
Agent (who may give such request on its own initiative or upon request by the Required Lenders), cause such Subsidiary to deliver
to the Administrative Agent, in sufficient quantities for the Lenders, (i) a Guaranty duly executed by such Subsidiary, and (ii)
if such Subsidiary is a corporation, resolutions of the Board of Directors of such Subsidiary, certified by the Secretary or an
Assistant Secretary of such Subsidiary as duly adopted and in full force and effect, authorizing the execution and delivery of
such Guaranty, or if such Subsidiary is not a corporation, such other evidence of the authority of such Subsidiary to execute
such a Guaranty as the Administrative Agent may reasonably request. If any Subsidiary is required to provide a Security Agreement,
whether pursuant to Section 5.11(a) or otherwise, such Subsidiary shall also be subject to the requirements of this Section
5.10. The Company may, from time to time, designate a Non-Material Subsidiary as a Guarantor hereunder provided Company shall
otherwise comply with the terms and provisions of this Section 5.10 and Section 5.11 below.

 

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5.11         Additional
Security; Further Assurances.

 

(a)          Additional
Security. Subject to subpart (b) below, if Company or any Guarantor acquires, owns or holds any personal property that
is not at the time included in the Collateral, the Company will promptly notify the Administrative Agent in writing of such event,
identifying the property or interests in question and referring specifically to the rights of the Administrative Agent and the
Lenders under this Section, and Company will cause such Subsidiary to, within 30 days following a request by the Administrative
Agent (or such longer period as the Administrative Agent shall deem reasonable under the circumstances), grant to the Administrative
Agent for the benefit of the Secured Facility Parties a Lien on such personal property pursuant to the terms of such security agreements,
assignments or other documents as the Administrative Agent deems appropriate (collectively, the “Additional Security Document”).
Furthermore, the Company shall cause to be delivered to the Administrative Agent such resolutions and other related documents as
may be reasonably requested by the Administrative Agent in connection with the execution, delivery and recording of any such Additional
Security Document, all of which documents shall be in form and substance reasonably satisfactory the Administrative Agent.

 

(b)          Foreign
Subsidiaries. Notwithstanding anything in subpart (a) above or elsewhere in this Agreement to the contrary, neither Company
nor any Guarantor shall be required to pledge (or cause to be pledged) more than 65% of the Equity Interests in any first tier
Foreign Subsidiary of Company or any Guarantor or any of the Equity Interests in any other Foreign Subsidiary, or to cause any
Foreign Subsidiary to become a Guarantor or execute and deliver a Security Agreement, if to do so would subject Company or any
Guarantor to liability for any potential additional United States income taxes by virtue of Section 956 of the Code, determined
without regard to the availability of foreign tax credits.

 

(c)          Further
Assurances. Company will, and will cause each Subsidiary, at the expense of Company, to make, execute, endorse, acknowledge,
file and/or deliver to the Administrative Agent from time to time such conveyances, financing statements, transfer endorsements,
powers of attorney, certificates, and other assurances or instruments and take such further steps relating to any Collateral covered
by any of the Loan Documents as the Administrative Agent may reasonably require. If at any time the Administrative Agent determines,
based on applicable law, that all applicable taxes (including, without limitation, mortgage recording taxes or similar charges)
were not paid in connection with the recordation of any mortgage or deed of trust, the Company shall promptly pay the same upon
demand.

 

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5.12         Accounting;
Reserves; Tax Returns. Cause each of the Company and any Subsidiary at all times to (i) maintain a system of
accounting established and administered in material accordance with GAAP, and (ii) file each tax return it is required to
file except where the failure to so file will not and has not had a Material Adverse Effect.

 

5.13         Liens
and Encumbrances. Promptly upon acquiring knowledge or reason to know in the ordinary course of its business that any
asset of Company or any Subsidiary has or may become subject to any Lien other than Permitted Encumbrances, provide to each Lender
a certificate executed by a Responsible Officer of Company and specifying the nature of such Lien and what action such Company
has taken, is taking or proposes to take with respect thereto.

 

5.14         Defaults
and Material Adverse Effects. Promptly upon acquiring knowledge or reason to know in the ordinary course of its
business of the occurrence or existence of (i) any Event of Default or Default or (ii) any event or condition that has
had or will have any Material Adverse Effect, provide to each Lender a certificate executed by a Responsible Officer and specifying
the nature of such Event of Default, Default, event or condition, the date of occurrence or period of existence thereof and what
action the Company has taken, is taking or proposes to take with respect thereto.

 

5.15         Further
Actions. Promptly upon the request of the Administrative Agent, execute and deliver or cause to be executed and delivered
each writing, and take or cause to be taken each other action, that the Administrative Agent shall deem necessary or desirable
at the sole option of the Administrative Agent to perfect or otherwise preserve or protect the priority of any security interest,
mortgage or other lien or encumbrance imposed or created pursuant to any Loan Document or to correct any error in any Loan Document.

 

ARTICLE VI. FINANCIAL
COVENANTS

 

During the term of this Agreement, and so
long thereafter as any of the Indebtedness of any Borrower to the Administrative Agent or the Lenders, including any Indebtedness
for fees and expenses, shall remain unpaid, Company will:

 

6.1           Interest
Coverage Ratio. Assure that as of the end of each fiscal quarter of Company ending after the date of this
Agreement, the Interest Coverage Ratio is not less than 3.0 to 1.0.

 

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6.2           Leverage
Ratio. Assure that as of the end of each fiscal quarter of Company ending after the date of this Agreement, the
Leverage Ratio does not exceed 3.50 to 1.0.

 

6.3           Consolidated
Capital Expenditures. Assure that Consolidated Capital Expenditures do not exceed the applicable maximum amount
set forth below in the aggregate in the applicable fiscal year set forth below:

 

	Fiscal
    Year	 	 	Maximum
                                                                                       Amount	 
	 	 	 	 	 
	2013	 	$	155.0
                                            Million	 
	2014	 	$	165.0
                                            Million	 
	2015	 	$	175.0
                                            Million	 
	2016	 	$	185.0
                                            Million	 
	2017	 	$	195.0
Million	 

 

ARTICLE VII. NEGATIVE
COVENANTS

 

During the term of this Agreement and so long
thereafter as any of the Indebtedness of any Borrower to the Administrative Agent or the Lenders, including any Indebtedness for
fees and expenses, shall remain unpaid:

 

7.1           Indebtedness.
The Company will not, and will not permit any of its Subsidiaries to, contract, create, incur, assume or suffer to exist any Indebtedness
of the Company or any Subsidiary, except for the following permitted indebtedness (collectively, the “Permitted Indebtedness”):

 

(a)          Loan
Documents. Indebtedness incurred under this Agreement and the other Loan Documents and under Hedge Agreements.

 

(b)          Existing
Indebtedness. Indebtedness of the Company and any Subsidiary including Foreign Subsidiaries listed on Schedule 7.1
to this Agreement and existing on the Closing Date or incurred pursuant to credit facilities existing on the Closing Date and described
on Schedule 7.1, and any refinancing, extension, renewal or refunding of any such Indebtedness not involving an increase in the
principal amount thereof.

 

(c)          Intercompany
Advances. Advances or loans made in the ordinary course of business (including, without limitation, in connection with
a Permitted Acquisition) among the Company and any Subsidiary or among any Subsidiaries.

 

(d)          Subordinated
Indebtedness. The existing unsecured Indebtedness of Company in connection with the notes (including any replacement or
exchange notes) issued pursuant to the Current Indenture, so long as payment of all of such Indebtedness shall be subordinated
at all times to payment of the Indebtedness of the Company under this Agreement and the other Loan Documents.

 

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(e)          Securitization
Transactions. Indebtedness in respect of Securitization Transactions provided the initial term and each renewal or extension
term of any Securitization Transaction facility does not exceed three (3) years, and the aggregate principal amount of all such
Indebtedness outstanding at any one time does not exceed $125,000,000.

 

(f)          Additional
Unsecured Indebtedness. Unsecured Subordinated Indebtedness (in addition to the Indebtedness under the Current Indenture)
and Senior Unsecured Notes on terms and conditions customary in the market for such type of Indebtedness and provided Company delivers
to the Administrative Agent a certificate signed by a Financial Officer certifying to the extent applicable that (i) in any
indenture or other document pursuant to which any additional Subordinated Indebtedness is issued, all Indebtedness under and in
compliance with the terms of this Agreement is denominated and defined as “Senior Debt” and “Designated Senior
Debt” as in the Current Indenture (or terms similar thereto and approved by the Administrative Agent), (ii) the stated
maturity date of any such additional Subordinated Indebtedness does not occur prior to the Revolving Credit Maturity Date, (iii) no
Default or Event of Default is then in existence or would be caused by the issuance of any such additional Subordinated Indebtedness
or Senior Unsecured Notes and (iv) the Company and each Subsidiary are and shall be in compliance with the financial covenant
set forth in Section 6.2 both immediately before and after giving pro forma effect to the incurrence of any such Subordinated Indebtedness
or Senior Unsecured Notes.

 

(g)          Other
Indebtedness. Other secured or unsecured Indebtedness of the Company and its Subsidiaries to the extent not permitted
by any of the foregoing clauses, provided that (i) no Default or Event of Default shall then exist or immediately after incurring
any of such Indebtedness will exist, (ii) the Company and any Subsidiary shall be in compliance with the financial covenants
set forth in Sections 6.1 and 6.2 both immediately before and after giving pro forma effect to the incurrence of such Indebtedness,
and (iii) the aggregate principal amount of all such other Indebtedness outstanding at any time shall not exceed $150,000,000;
and provided further, that (A) the aggregate principal amount of all such other Indebtedness outstanding at any time which
is secured Indebtedness shall not exceed $100,000,000, and (B) the aggregate principal amount of all such other Indebtedness
outstanding at any time which is owing by Foreign Subsidiaries shall not exceed $100,000,000.

 

7.2           Encumbrances.
The Company will not, and will not permit any Subsidiary to, create, incur, assume or suffer to exist any Lien upon or with respect
to any property or assets of any kind (real or personal, tangible or intangible) of any of the Company or any such Subsidiary
whether now owned or hereafter acquired, or sell any such property or assets subject to an understanding or agreement, contingent
or otherwise, to repurchase such property or assets (including sales of accounts receivable or notes with or without recourse
to Company or any Subsidiary, other than for purposes of collection or delinquent accounts in the ordinary course of business)
or assign any right to receive income, or file or permit the filing of any financing statement under the Uniform Commercial Code
or any other similar notice of Lien under any similar recording or notice statute, except that the foregoing restrictions shall
not apply to the following permitted encumbrances (collectively, the “Permitted Encumbrances”):

 

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(a)          Existing
Liens, etc. Liens granted to the Administrative Agent for the benefit of the Secured Facility Parties pursuant to any Security
Document and liens (i) in existence on the Closing Date that are listed on Schedule 7.2, or (ii) arising out of
the refinancing, extension, renewal or refunding of any Indebtedness secured by any such Liens, provided that the principal
amount of the Indebtedness secured by such Liens is not increased and such Indebtedness is not secured by any additional assets.

 

(b)          Permitted
Indebtedness Liens. Any lien on accounts receivable of the Company and/or its Subsidiaries that are the subject of a permitted
Securitization Transaction, and any other lien or liens hereafter existing on the assets of the Company or any Subsidiary to secure
other Permitted Indebtedness.

 

(c)          Pledges
or Deposits. Any pledge or deposit made by the Company or any Subsidiary in the ordinary course of business in connection
with any workers’ compensation, unemployment insurance, social security or similar law or to secure the payment of any Indebtedness,
liability or obligation in connection with any letter of credit, bid, tender, trade or government contract, lease, surety, appeal
or performance bond or law, or any similar Indebtedness or obligation not incurred in connection with the borrowing of any money
or the deferral of the payment of the purchase price or lease of any capital asset.

 

(d)          Statutory
Liens. Any statutory lien (i) in favor of a Governmental Authority for any amount paid to the Company or to any Subsidiary
as a progress payment pursuant to a government contract; (ii) securing the payment of any tax, fee, charge, fine or penalty
imposed by any Governmental Authority upon Company, any Subsidiary or any of their assets, income and franchises but not yet required
to be paid by Section 5.5 of this Agreement; or (iii) securing the payment of any claim or demand of any materialman,
mechanic, carrier, warehouseman, garageman or landlord against Company or any Subsidiary but not yet required to be paid by Section 5.5
of this Agreement.

 

(e)          Other
Liens. Any reservation, exception, encroachment, easement, right-of-way, covenant, condition, restriction, lease or similar
title exception or encumbrance affecting the title to any real property of the Company or any Subsidiary but not interfering with
the conduct of its business or operations.

 

7.3           Investments
Including Guaranty Obligations. The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly,
make or commit to make any Investment, except for the following permitted investments (collectively, the “Permitted Investments”):

 

(a)          Investments
by Company or any Subsidiary in (i) cash and cash equivalents including any readily marketable direct obligation of the United
States, or with respect to a Foreign Subsidiary, of any Permitted Investment Foreign Jurisdiction, maturing within one year after
the date of acquisition thereof, (ii) any time deposit maturing within one year after the date of acquisition thereof and
issued by any banking institution that is authorized to do a banking business under any statute of the United States or any state
thereof, or with respect to a Foreign Subsidiary is authorized to do a banking business under any statute of any Permitted Investment
Foreign Jurisdiction, or any political subdivision thereof, and has a combined capital and surplus of not less than $100,000,000,
(iii) any demand or savings deposit with any such institution, (iv) any Dollar deposits in the London Interbank Market
with such banking institution or any subsidiary of any such banking institution, (v) any commercial paper rated at least A-1
by Standard & Poor’s Ratings Group (“S&P”) or P-1 by Moody’s Investor Services, Inc. (“Moody’s”),
and (vi) any money market funds that (A) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company
Act of 1940, (B) are rated AAA by S&P and Aaa by Moody’s and (C) have portfolio assets of at least $5,000,000,000;

 

    	- 85 -

    	 

    

 

(b)          to
the extent not permitted by the foregoing, Investments existing as of the Closing Date and described on Schedule 7.3 hereto;

 

(c)          intercompany
advances or loans among the Company and any Subsidiary, or among any Subsidiaries, made in the ordinary course of business (including,
without limitation, in connection with a Permitted Acquisition) or Contingent Obligations incurred by a Subsidiary or by the Company,
with respect to the obligations of the Company or any Subsidiary, entered into in the ordinary course of business (including, without
limitation, in connection with a Permitted Acquisition); and any other Investment (i) of Company or any Subsidiary in any
Subsidiary existing as of the Closing Date, (ii) of Company in any Guarantor made after the Closing Date, (iii) of any
Guarantor in any Guarantor made after the Closing Date, or (iv) of a Foreign Subsidiary (which is not a Guarantor) or a Non-Material
Subsidiary (which is not a Guarantor) in any other Foreign Subsidiary or Non-Material Subsidiary, made in the ordinary course of
business;

 

(d)          any
Investment made by the Company or any trustee in respect of the Moog Inc. Supplemental Retirement Plan and the Moog Inc. Supplemental
Retirement Plan Trust, each as in effect on the date hereof or as may be amended from time to time;

 

(e)          any
Investment made by the Company or any Subsidiary in an amount reasonably necessary to effect a Securitization Transaction permitted
under Section 7.1(e) hereof and any guaranty given by the Company or any Subsidiary in connection with such a Securitization
Transaction establishing recourse solely for customary representations, warranties, covenants and indemnities, none of which shall
cover the collectability of Receivables Assets;

 

(f)          any
Investment made by the Company or any Subsidiary that consists of non-cash Consideration received in connection with a Permitted
Disposition;

 

(g)          any
guaranty by a Foreign Subsidiary given in the ordinary course of business in connection with discounting a promissory note or other
obligation issued by a customer of such Foreign Subsidiary; and

 

    	- 86 -

    	 

    

 

(h)          any
other Investments aggregating not more than $100,000,000 during the term of this Agreement provided, however, Investments made
by the Company or any Subsidiary in a Subsidiary for the sole purpose of funding the Consideration for a Permitted Acquisition,
whether in one or more series of related transactions, shall not be considered Investments for the purposes of calculating such
amount, but rather shall be included in the calculation of the amount of total Consideration for such Permitted Acquisition under
Section 7.8(c)(iv) hereof.

 

7.4           Restricted
Payments. The Company will not, and will not permit any of their respective Subsidiaries to, declare or make, or agree
to pay or make, directly or indirectly, any Restricted Payment, except for the following permitted distributions (collectively,
the “Permitted Distributions”):

 

(a)          Company
or any Subsidiary may declare and pay or make distributions that are payable solely in additional shares of its common stock (or
warrants, options or other rights to acquire additional shares of its common stock);

 

(b)          (i) any
Subsidiary may declare and pay or make Restricted Payments to Company or any Guarantor, (ii) any Foreign Subsidiary may declare
and pay or make Restricted Payments to any other Foreign Subsidiary or to Company or any Guarantor, and (iii) any Non-Material
Subsidiary may declare and pay or make Restricted Payments to any other Non-Material Subsidiary;

 

(c)          Company
may make non-cash repurchases or redemptions of stock or other Equity Interests in exchange for stock or stock options; and

 

(d)          Company
or any Subsidiary may declare and pay or make cash dividends, or stock repurchases on a pro rata basis with respect to its outstanding
shares provided such cash dividends and stock repurchases do not exceed in any one fiscal year during the term of this Agreement
(i) the Annual Permitted Distribution Amount, plus (ii) the available Permitted Distribution Carry-Forward Amount; and provided
further that (A) no Default or Event of Default shall have occurred and be continuing or would result therefrom, and
(B) the Company will be in compliance with the financial covenants set forth in Sections 6.1 and 6.2 after giving pro
forma effect to each such cash dividend and stock repurchase.

 

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7.5           Limitation
on Certain Restrictive Agreements. The Company will not, and will not permit any Subsidiary to, directly or
indirectly, enter into, incur or permit to exist or become effective, any “negative pledge” covenant or other agreement,
restriction or arrangement that prohibits, restricts or imposes any condition upon (a) the ability of Company or any Subsidiary
to create, incur or suffer to exist any Lien upon any of its property or assets as security for Indebtedness, or (b) the
ability of any such Subsidiary to make dividends or distributions or any other interest or participation in its profits owned
by the Company or any Subsidiary, or pay any Indebtedness owed to the Company or a Subsidiary, or to make loans or advances to
the Company or any other Subsidiaries, or transfer any of its property or assets to the Company or any other Subsidiaries, except
for such restrictions existing under or by reason of (i) applicable law, (ii) this Agreement and the other Loan Documents,
(iii) customary provisions restricting subletting or assignment of any lease governing a leasehold interest, (iv) customary
provisions restricting assignment of any licensing agreement entered into in the ordinary course of business, (v) customary
provisions restricting the transfer or further encumbering of assets subject to Liens permitted under Section 7.2, (vi) customary
restrictions affecting only a Subsidiary under any agreement or instrument governing any of the Indebtedness of a Subsidiary permitted
pursuant to Section 7.1, (vii) restrictions affecting any Foreign Subsidiary under any agreement or instrument governing
any Indebtedness of such Foreign Subsidiary permitted pursuant to Section 7.1, and customary restrictions contained in “comfort”
letters and guarantees of any such Indebtedness, (viii) any document relating to Indebtedness secured by a Lien permitted
by Section 7.2, insofar as the provisions thereof limit grants of liens on the assets securing such Indebtedness, (ix) restrictions
contained in the Current Indenture relating to any Indebtedness permitted under Section 7.1(d), and restrictions contained in
any indenture or other document pursuant to which any additional Indebtedness permitted under Section 7.1(f) is issued, (x) customary
restrictions and documents necessary to effect a Securitization Transaction permitted under Section 7.1(e), and (xi) any
Operating Lease or Capital Lease, insofar as the provisions thereof limit grants of a security interest in, or other assignments
of, the related leasehold interest to any other Person.

  

7.6           Material
Indebtedness Agreements.

 

(a)          Amendments.
The Company shall not, and shall not permit any Subsidiary to, amend, restate, supplement or otherwise modify any Material Indebtedness
without the prior written consent of the Administrative Agent if any such amendment, restatement, supplement or other modification
would materially impact the rights or remedies of the Administrative Agent and the Lenders hereunder.

 

(b)          Prepayment
and Refinancings of Other Debt, etc. After the Closing Date, the Company will not, and will not permit any Subsidiary to,
make (or give any notice in respect thereof) any voluntary or optional payment or prepayment or redemption or acquisition for value
of (including, without limitation, by way of depositing with the trustee with respect thereto money or securities before due for
the purpose of paying when due) or exchange of, or refinance or refund, any Indebtedness of Company or its Subsidiaries (other
than the Indebtedness and intercompany loans and advances among Company and its Subsidiaries); provided that
Company or any Subsidiary may subject to the limitations of Section 7.1, (i) refinance or refund any such Indebtedness (or
Capitalized Lease Obligation, in the case of a Capital Lease), (ii) pay or prepay or redeem or acquire for value any such Indebtedness
(including, without limitation, by way of depositing with the trustee with respect thereto money or securities before due for the
purpose of paying when due) with the net proceeds of the sale of Equity Interests in Company, (iii) refinance, pay or prepay
the Indebtedness of a Securitization Subsidiary incurred in connection with a Securitization Transaction permitted under Section
7.1(e), (iv) pay or prepay the Indebtedness under the Second Subordinated Indenture with the proceeds of a Loan under this
Agreement provided that before and after any such payment or prepayment, the Leverage Ratio does not exceed 3.00 to 1.0, and (v) make
other prepayments of such Indebtedness provided the aggregate amount of all such prepayments does not exceed $50,000,000 in any
one fiscal year.

 

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7.7           Changes
in Business. Neither the Company nor any Subsidiary will engage in any business if, as a result, the general
nature of the business, taken on a Consolidated Basis, which would then be engaged in by the Company and any Subsidiary, would
be substantially changed from the general nature of the business engaged in by the Company and any Subsidiary on the Closing Date.

 

7.8           Consolidation,
Merger, Acquisitions, Asset Sales, etc. The Company will not, and will not permit any Subsidiary to, (1) wind up,
liquidate or dissolve its affairs, (2) enter into any transaction of merger or consolidation, (3) make or otherwise
effect any acquisition of all or substantially all of the assets or Equity Interests of any other Person, or assets constituting
all or substantially all of a division or product line of any other Person, other than Permitted Acquisitions set forth in Section 7.8(c),
(4) sell or otherwise dispose of any of its property or assets outside the ordinary course of business, or otherwise make
or otherwise effect any Asset Sale, or (5) agree to do any of the foregoing at any future time, except the following shall
be permitted (collectively, the “Permitted Dispositions”):

 

(a)          Certain
Intercompany Mergers. If no Default or Event of Default shall have occurred and be continuing or would result therefrom,
(i) the merger, consolidation or amalgamation of any Domestic Subsidiary with or into Company, provided Company is the surviving
or continuing or resulting corporation; (ii) the merger, consolidation or amalgamation of any Domestic Subsidiary with or
into any Guarantor, provided that the surviving or continuing or resulting corporation is a Guarantor, and provided if any such
Domestic Subsidiary is a Designated Borrower, the Designated Borrower is the surviving or continuing or resulting corporation,
(iii) the merger, consolidation or amalgamation of any Foreign Subsidiary with or into any other Foreign Subsidiary and provided
if any such Foreign Subsidiary is a Foreign Borrower, the Foreign Borrower is the surviving or continuing or resulting corporation;
(iv) any Asset Sale by Company or any Guarantor to Company or any Guarantor, (v) any Asset Sale by any Subsidiary to
Company or any Guarantor; (vi) any Asset Sale by a Non-Material Subsidiary to any other Non-Material Subsidiary (such status to
be determined both before and after giving effect to such Asset Sale); (vii) any Asset Sale by any Foreign Subsidiary to any
other Foreign Subsidiary; or (viii) any Asset Sale (other than a Securitization Transaction) consisting of the sale of a note,
account, payment intangible or other receivable by the Company or a Domestic Subsidiary to a Foreign Subsidiary for fair and reasonable
value and consistent with past business practices.

 

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(b)          Other
Dispositions. If no Default or Event of Default shall have occurred and be continuing or would result therefrom, and no
Material Adverse Effect has occurred or will result therefrom, the Company or any Subsidiary may consummate (i) any Asset
Sale necessary to effect a Securitization Transaction permitted under Section 7.1(e), and (ii) any other Asset Sale provided
that: (A) the Consideration for each such Asset Sale represents fair value and any non-cash Consideration does not exceed
20% of the total Consideration for such Asset Sale; (B) the cumulative aggregate value of the assets sold or transferred does
not exceed $150,000,000 in any one fiscal year unless in such fiscal year the Company elects to use the Annual Allowance in which
case the cumulative value of the assets sold or transferred shall not exceed the Annual Allowance in such fiscal year; and (C)
the cumulative aggregate value of the assets sold or transferred does not exceed $500,000,000 in the aggregate during the term
of this Agreement (in each case of clauses (B) and (C) above excluding for purposes of computing such maximum amount (1) sales
of inventory in the ordinary course of business and conveyances of mere record title to any asset to a Governmental Authority to
save taxes where Company or any Subsidiary has an option to require reconveyance of such property for a nominal price; and (2) the
sale of equipment which is obsolete or worn-out and is replaced in the ordinary course of business) for all such transactions completed
during any fiscal year.

 

(c)          Permitted
Acquisitions. Any acquisition by Company or any Subsidiary of all or substantially all of the assets or stock of any other
Person, or assets constituting all or substantially all of a division or product line of any other Person so long as (i) immediately
prior to contracting for or consummating such acquisition and after giving effect to such acquisition (A) there does not exist,
and there does not occur as a direct or indirect result of the consummation of such acquisition, any Event of Default or Default,
and (B) Company is in compliance with Sections 6.1 and 6.2 of this Agreement (collectively, the “Financial Covenants”)
(and, if requested by Administrative Agent, Company shall deliver evidence of such compliance to the Administrative Agent) on a
pro-forma basis, based on the actual completed prior four fiscal quarters of Company and the Person acquired, (ii) such acquisition
is being completed on a non-hostile basis without opposition from the board of directors, managers or equity owners of the target
entity, (iii) with respect to any assets or stock of any Person acquired directly or indirectly pursuant to any such acquisition,
there are no liens thereon other than Permitted Encumbrances, and (iv) the aggregate Consideration paid by Company and all
Subsidiaries in connection with such acquisition does not exceed $200,000,000 unless specifically consented to by the Administrative
Agent and the Required Lenders.

 

7.9           Transactions
with Affiliates. The Company will not, and will not permit any Subsidiary to, enter into any transaction or series of
transactions with any Affiliate (other than, in the case of the Company, any Subsidiary, and in the case of a Subsidiary, the
Company or another Subsidiary) (each, an “Affiliate Transaction”), except for transactions in the ordinary course
of business upon fair and reasonable terms no less favorable to the Company or any Subsidiary than would apply in a
comparable arm’s length transaction with a Person who is not an Affiliate, and agreements and transactions with and
payments to officers, directors and shareholders that are either (i) entered into in the ordinary course of business and
not prohibited by any of the provisions of this Agreement or that are expressly permitted by the provisions of this
Agreement, or (ii) entered into outside the ordinary course of business, approved by the directors or shareholders of
the Company, and not prohibited by any of the provisions of this Agreement or in violation of any law, rule or
regulation.

 

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7.10         Fiscal
Years, Fiscal Quarters. No Company shall change its or any Subsidiary’s fiscal years or fiscal quarters (other than
the fiscal year or fiscal quarters of a Person that becomes a Subsidiary, at the time such Person becomes a Subsidiary, to conform
to such Company’s fiscal year and fiscal quarters).

 

7.11         Anti-Terrorism
Laws. Neither the Company nor any Subsidiary shall be subject to or in violation of any law, regulation, or list of any
government agency (including without limitation, the U.S. Office of Foreign Asset Control list, Executive Order No. 13224
or the USA Patriot Act or any list now or hereafter promulgated by the United Nations Security Council, European Union or United
Kingdom) that prohibits or limits the conduct of business with or the receiving of funds, goods or services to or for the benefit
of certain Persons specified therein or that prohibits or limits any Lender or the Issuing Bank from making any advance or extension
of credit to the Company or any Designated Borrower or from otherwise conducting business with the Company or any Designated Borrower.

 

ARTICLE VIII. EVENTS
OF DEFAULT

 

8.1         Events
of Default. The occurrence of any one or more of the following events shall constitute an event of default (individually,
“Event of Default”, or, collectively, “Events of Default”):

 

(a)
         Nonpayment.
Nonpayment within three (3) Business Days of when due, whether by acceleration or otherwise, of principal of, or interest on,
the Notes, any fee, cost, expense or premium provided for hereunder or under any other Loan Document or any other Indebtedness
owing hereunder, or otherwise payable to the Administrative Agent under the Fee Letter.

 

(b)          Negative
Covenants. Default by Company in the observance of any of the covenants or agreements by Company contained in Article VI
or Article VII of this Agreement.

 

(c)          Other
Covenants. Default by a Borrower in the observance of any of the covenants or agreements by a Borrower contained in this
Agreement, other than in Article VI or Article VII or Section 5.1 of this Agreement, which is not remedied within
thirty (30) days after notice thereof by the Administrative Agent to the Company.

 

(d)          Voluntary
Insolvency Proceedings. If any Borrower or any Guarantor or any other Subsidiary (other than a Non-Material Subsidiary)
(i) shall file a petition or request for liquidation, reorganization, arrangement, adjudication as a bankrupt, relief as a
debtor or other relief under the bankruptcy, insolvency or similar laws of the United States of America or any state or territory
thereof or any foreign jurisdiction, now or hereafter in effect; (ii) shall make a general assignment for the benefit of creditors;
(iii) shall consent to the appointment of a receiver or trustee for any Borrower or any Guarantor or any such other Subsidiary
or any of Borrower’s, Guarantor’s or such other Subsidiary’s assets including, without limitation, the appointment
of or taking possession by a “custodian” as defined in the federal Bankruptcy Code; (iv) shall make any, or send
notice of any intended, bulk sale; or (v) shall execute a consent to any other type of insolvency proceeding (under the federal
Bankruptcy Code or otherwise or under the insolvency laws of any other foreign jurisdiction) or any formal or informal proceeding
for the dissolution or liquidation of, or settlement of claims against or winding up of affairs of, Borrower, Guarantor or any
such other Subsidiary.

 

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(e)          Involuntary
Insolvency Proceedings. The appointment of a receiver, trustee, custodian or officer performing similar functions for any
Borrower, any Guarantor or any other Subsidiary (other than a Non-Material Subsidiary) or any Borrower’s, any Guarantor’s
or any such other Subsidiary’s assets including, without limitation, the appointment of or taking possession by a “custodian”
as defined in the federal Bankruptcy Code; or the filing against any Borrower, any Guarantor or any such other Subsidiary of a
request or petition for liquidation, reorganization, arrangement, adjudication as a bankrupt or other relief under the bankruptcy,
insolvency or similar laws of the United States of America or any state or territory thereof or any foreign jurisdiction, now or
hereafter in effect; or the institution against any Borrower or any Guarantor or any such other Subsidiary of any other type of
insolvency proceeding (under the federal Bankruptcy Code or otherwise) or of any formal or informal proceeding for the dissolution
or liquidation of, settlement of claims against or winding up of affairs of such Borrower or such Guarantor or such other Subsidiary,
and the failure to have such appointment vacated or such petition or proceeding dismissed within sixty (60) days after such appointment,
filing or institution.

 

(f)          Representations.
If any certificate, written statement, representation, warranty or financial statement furnished by or on behalf of any Borrower
or any Guarantor pursuant to or in connection with this Agreement, or any Loan Document (including, without limitation, representations
and warranties contained herein) or as an inducement to the Administrative Agent or any Lender to enter into this Agreement or
any other lending agreement with Borrower shall prove to have been false in any material respect at the time as of which the facts
therein set forth were certified, or to have omitted any substantial contingent or unliquidated liability or claim against any
Borrower or any other Subsidiary or any Guarantor.

 

(g)          Other
Indebtedness and Agreements. (i) Nonpayment by any Borrower or any Guarantor or any other Subsidiary (other than a
Non-Material Subsidiary) of any Material Indebtedness owing by Borrower or such Guarantor or such other Subsidiary when due, whether
such Material Indebtedness shall become due by scheduled maturity, by required prepayment, by acceleration, by demand or otherwise,
or (ii) failure to perform any material term, covenant or agreement on its part to be performed under any agreement or instrument
(other than this Agreement) evidencing or securing or relating to any such Material Indebtedness owing by such Borrower or such
Guarantor or such other Subsidiary, when required to be performed if the effect of such failure is to permit the holder or a trustee
or agent on behalf of such holder or holders to accelerate the maturity of such Indebtedness, or (iii) any such Material Indebtedness
of any Borrower, any Guarantor or any such other Subsidiary shall be declared due and payable, or shall be required to be prepaid
(other than by a regularly scheduled prepayment or redemption, prior to the stated maturity thereof); or (iv) without limitation
of the foregoing, default in any payment obligation under a Designated Hedge Agreement, and such default shall continue after any
applicable grace period in such Designated Hedge Agreement or any other agreement or instrument relating thereto.

 

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(h)          Judgments.
If any judgment or judgments in excess of $100,000,000 for any one such judgment or all judgments in the aggregate (other than
any judgment for which it is fully insured) against any Borrower or any Guarantor or any other Subsidiary (other than a judgment
against a Non-Material Subsidiary for which neither any Borrower nor any Guarantor is liable) remains unpaid, unstayed on appeal,
undischarged, unbonded or undismissed for a period of thirty (30) days (or such longer period, not in excess of sixty (60) days,
during which enforcement thereof and the filing of any judgment lien, is effectively stayed or prohibited) from the entry thereof.

 

(i)           Pension
Default. Any occurrence of a Reportable Event that constitutes grounds for the termination of any Pension Plan by the PBGC
or for the appointment by an appropriate United States district court of a trustee to administer any Pension Plan shall have occurred
and continued thirty (30) days after written notice thereof is delivered to the Company by the Administrative Agent; or any
other ERISA Event occurs and gives rise to vested unfunded liabilities under any Pension Plan that have or will have a Material
Adverse Effect; or any Borrower or any ERISA Affiliate or any Guarantor fails to pay to any Pension Plan any contribution which
it is obligated to pay under the terms of such plan or any agreement, or which is required to meet statutory minimum funding standards
of Section 412 of the Code and Section 303 of ERISA.

 

(j)          Change
in Control. If there occurs a Change in Control.

 

(k)          Challenge
to Agreements. If any Borrower or any Guarantor shall challenge the validity and binding effect of any provision of any
of the Loan Documents or shall state its intention to make such a challenge of any of the Loan Documents or any of the Security
Documents shall for any reason (except to the extent permitted by its express terms) cease to be perfected or lose the priority
of the Lien granted thereunder or cease to be effective.

 

(l)          Guarantor
Default. Any Guaranty shall cease, for any reason, to be in full force and effect or any Guarantor or any Borrower shall
so assert in writing.

 

(m)         Subordinated
Indentures. If (i) any Event of Default (as defined in the Current Indenture) shall occur under the Current Indenture,
or an event of default shall occur under any agreement evidencing any other Subordinated Indebtedness permitted under Section 7.1(f),
(ii) this Agreement shall fail to constitute the “Credit Agreement” or the Indebtedness under this Agreement shall
fail to constitute “Senior Debt” and “Designated Senior Debt” (or terms similar thereto) under, and as
defined in, the Current Indenture or under any other agreement evidencing any other Subordinated Indebtedness permitted under Section
7.1(f), or (iii) if any Indebtedness other than the Indebtedness under this Agreement is designated as “Designated Senior
Debt” (or a term similar thereto) under, and as defined in, the Current Indenture or under any other agreement evidencing
any other Subordinated Indebtedness permitted under Section 7.1(f).

 

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8.2           Effects
of an Event of Default . (a) Upon the happening of one or more Events of Default (except a default under either Section 8.1(d)
or 8.1(e) of this Agreement), the Administrative Agent may declare or shall do so if instructed by the Required Lenders, any commitments
of the Lenders to lend money to the Borrowers or issue Letters of Credit hereunder (individually, the “Lender’s Obligations”
and collectively, the “Lenders’ Obligations”) to be canceled and the principal of such Lender’s Note or
Notes then outstanding, and all reimbursement, cash collateralization and other obligations of the Borrowers (other than under
any Designated Hedge Agreement) to be immediately due and payable and any Letters of Credit outstanding to be terminated in accordance
with their terms, together with all interest thereon and fees and expenses accruing under this Agreement and under any Loan Document.
Upon such declaration, the Lenders’ Obligations shall be immediately canceled and the Loans evidenced by each Lender’s
Note or Notes shall become immediately due and payable without presentation, demand or further notice of any kind to the Borrowers.

 

(b)          Upon
the happening of one or more Events of Default under Section 8.1(d) or 8.1(e) of this Agreement, the Lenders’ Obligations
shall be canceled immediately, automatically and without notice, and the Notes shall become immediately due and payable without
presentation, demand or notice of any kind to Borrowers.

 

(c)          No
termination of this Agreement will relieve or discharge any Borrower of its duties, obligations and covenants hereunder until all
of the Indebtedness hereunder has been indefeasibly paid in full.

 

8.3           Remedies.
Upon the occurrence and during the continuance of any Event of Default or upon any termination of this Agreement as a result of
an Event of Default, then any of the Lenders and the Administrative Agent shall have all of their rights under this Agreement
or otherwise under law. In addition to, and without limitation of, any rights of the Lenders under applicable law, if any Event
of Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or not collected
or available) and any other Indebtedness at any time held or owing by any Lender to or for the credit or account of any Borrower
may be offset and applied toward the payment of the Indebtedness of the Borrowers.

 

8.4         Application
of Certain Payments and Proceeds. All payments and other amounts received by the Administrative Agent or any Lender or
other Secured Facility Parties through the exercise of remedies hereunder or under the other Loan Documents shall, unless otherwise
required by the terms of the other Loan Documents or by applicable law, be applied as follows:

 

(i)          first,
to the payment of all expenses (to the extent not otherwise paid by any Borrower or any of the Guarantors) incurred by the Administrative
Agent and the Lenders or other Secured Facility Parties in connection with the exercise of such remedies, including, without limitation,
all reasonable costs and expenses of collection, reasonable attorneys’ fee and expenses, court costs and any foreclosure
expenses;

 

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(ii)         second,
to the payment pro rata of interest then accrued on the outstanding Loans;

 

(iii)        third,
to the payment pro rata of any fees and expenses (other than expenses paid under item (i) above) then accrued and payable to the
Administrative Agent, the Issuing Bank or any Lender under this Agreement in respect of the Loans or the Letters of Credit;

 

(iv)        fourth,
to the payment pro rata of (A) the principal balance then owing on the outstanding Loans, (B) any unreimbursed LC Disbursements,
(C) the amounts then due under Designated Hedge Agreements to creditors of any Borrower or any Subsidiary, subject to confirmation
by the Administrative Agent of any calculations of termination or other payment amounts being made in accordance with normal industry
practice, (D) the amounts then due under Secured Other Facilities Obligations and (E) the principal amount of the outstanding
Letters of Credit (to be held and applied by the Administrative Agent as security for the reimbursement obligations in respect
thereof);

 

(v)         fifth,
to the payment to the Lenders of any amounts then accrued and unpaid under Sections 2.9, 2.10 and 2.11 of this Agreement,
and if such proceeds are insufficient to pay such amounts in full, to the payment of such amounts pro rata;

 

(vi)        sixth,
to the payment pro rata of all other amounts owed by the Borrowers to the Administrative Agent, to any Issuing Bank or any Lender
under this Agreement or any other Loan Document, to any counterparties under Designated Hedge Agreements of the Borrower and any
Subsidiary, and to any Secured Facility Parties in respect of Secured Other Facilities Obligations, and if such proceeds are insufficient
to pay such amounts in full, to the payment of such amounts pro rata; and

 

(viii)      finally,
any remaining surplus after all of the Secured Obligations have been paid in full, to the Borrowers or to whomsoever shall be lawfully
entitled thereto.

 

Notwithstanding the foregoing, Designated Hedge Agreements and
Bank Services (as defined within the definition of Secured Other Facilities) shall be excluded from the application above if the
Administrative Agent has not received written notice thereof from the applicable Lender or Affiliate of a Lender, prior to any
such application of payments and amounts. In addition, notwithstanding the foregoing, Designated Hedge Agreements shall be excluded
from the application above if the payments arise from proceeds of a Guaranty or Collateral from any Guarantor which is not an Eligible
Contract Participant.

 

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ARTICLE IX. EXPENSES

 

9.1           Expenses.
The Borrowers shall reimburse the Administrative Agent promptly upon the Administrative Agent’s request for any of the Administrative
Agent’s reasonable expenses, including counsel fees and expenses, incident to the negotiation, documentation and administration
of this Agreement, including any amendments or modifications thereto, and shall reimburse the Administrative Agent and each Lender
upon demand for their reasonable out-of-pocket expenses (including the reasonable fees and expenses of counsel) in connection
with the enforcement of their rights (whether through negotiations, legal proceedings or otherwise)(i) in connection with
this Agreement and the other Loan Documents, including their rights under this Section 9.1, or (ii) in connection with
the Loans made or Letters of Credit issued under this Agreement, including all such reasonable out-of-pocket expenses incurred
during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

9.2           Indemnification

 

(a)          Borrowers
shall indemnify and hold harmless the Administrative Agent, the Issuing Bank and each Lender and each of their directors, officers,
employees, agents and advisors (each an “Indemnified Party”) from and against any and all claims, damages, liabilities
and reasonable fees, expenses and disbursements of counsel, demands, losses, costs, fines or liabilities of whatever kind or nature,
including, without limitation, arising from personal injury or property damage, in any way related to any environmental condition
on, above, within, in the vicinity of, related to or affected by property owned or leased by any Borrower or in connection with
or arising out of any investigation, litigation or proceeding arising out of, related to or in connection with this Agreement or
the Loans (other than litigation between a Borrower and a Lender in which Borrower is the prevailing party), whether or not an
Indemnified Party is a party to such investigation, litigation or proceeding except to the extent such claim, damage, loss, liability
or expense is found in a final judgment by a court of competent jurisdiction to have resulted primarily from such Indemnified Party’s
own gross negligence or willful misconduct. In addition to, and without limiting the generality of, the foregoing, Borrowers agree
to reimburse and indemnify all Indemnified Parties on demand for any reasonable fees and expenses of counsel which may be incurred
in any action, claim or proceeding between any Borrower, any Subsidiary or any Affiliate and an Indemnified Party in which such
Indemnified Party is successful. The obligations of the Borrowers under this indemnity shall survive any expiration or termination
hereof, and shall apply to any and all such claims, expenses, demands, losses, costs, fines or liabilities of whatever kind or
nature, notwithstanding the payment of the Indebtedness hereunder or under the Loan Documents with respect to acts and omissions
occurring before such payment. Borrowers agree not to institute or participate in any proceeding seeking to establish a position
contrary to the terms of this indemnification.

 

(b)          To
the extent permitted by applicable law, Borrowers shall not assert, and hereby waive, any claim against any Indemnified Party,
on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, any Loan or Letter
of Credit or the use of the proceeds thereof.

 

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ARTICLE X. THE
AGENTS AND ISSUING BANk

 

10.1         Appointment
and Authorization

 

(a)           Appointment
as Administrative Agent. Each Lender hereby irrevocably appoints HSBC Bank as Administrative Agent, Manufacturers and Traders
Trust Company as Lead Syndication Agent, Bank of America, N.A. and JPMorgan Chase Bank, N.A. as Co-Syndication Agents, and Citizens
Bank of Pennsylvania as Documentation Agent, and each of the Administrative Agent, Co-Syndication Agents and Documentation
Agent accepts such appointment. Each Lender hereby irrevocably authorizes the Agents to take such action as such agent on its behalf
and to exercise such powers hereunder as are delegated to such agent by the terms hereof, together with such powers as are reasonably
incidental thereto. Neither the Agents nor any of their directors, officers, attorneys or employees shall be liable for any action
taken or omitted to be taken by such agent or them hereunder or in connection herewith, except for such agent’s or their
own gross negligence or willful misconduct as determined in a final judgment by a court of competent jurisdiction. The Administrative
Agent (a) shall have no duties or responsibilities except those expressly set forth in this Agreement and in the other Loan Documents,
and shall not by reason of this Agreement or any other Loan Documents be a trustee or fiduciary for any Lender; (b) shall not be
responsible to any Lender for any recitals, statements, representations or warranties contained in this Agreement or in any of
the other Loan Documents, or in any certificate or other document referred to or provided for in, or received by any of them under,
this Agreement or any other Loan Documents, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency
of this Agreement or any other Loan Documents or any other document referred to or provided for herein or therein or for any failure
by any Borrower, or any other Person to perform any of its obligations hereunder or thereunder; and (c) shall not be responsible
to any Lender for any action taken or omitted to be taken by it hereunder or under any other Loan Documents or under any other
document or instrument referred to or provided for herein or therein or in connection herewith or therewith, except in the event
of such agent’s own gross negligence or willful misconduct, as determined by a final judgment of a court of competent jurisdiction.
The Administrative Agent may employ agents and attorneys-in-fact and shall not be responsible for the negligence or misconduct
of any such agent or attorneys-in-fact selected by it in good faith. In administering the Letters of Credit, the Issuing Bank shall
not be under any liability to any Lender, except for the Issuing Bank’s own gross negligence or willful misconduct, as determined
in a final non-appealable decision of a court of competent jurisdiction or as set forth in Section 2.4 of this Agreement.

 

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(b)          Appointment
as Secured Facility Party Representative. In its capacity, the Administrative Agent is a “representative” of
the Secured Facility Parties within the meaning of the term “secured party” as defined in the New York Uniform Commercial
Code. Each Lender confirms its authority for the Administrative Agent entering into each of the Security Documents to which it
is a party and to take all action contemplated by such documents. Each Lender agrees that no Secured Facility Party (other than
the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Security Document,
it being understood and agreed that such rights and remedies may be exercised solely by the Administrative Agent for the benefit
of the Secured Facility Parties upon the terms of the Security Documents. In the event that any Collateral is hereafter pledged
by any Person as collateral security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted
a power of attorney, to execute and deliver on behalf of the Secured Facility Parties any Loan Documents necessary or appropriate
to grant and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Facility Parties.
The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted to or held
by the Administrative Agent upon any Collateral (i) as described in Section 10.14; (ii) as permitted by, but only in accordance
with, the terms of the applicable Loan Document; or (iii) if approved, authorized or ratified in writing by the Required Lenders,
unless such release is required to be approved by all of the Lenders hereunder. Upon request by the Administrative Agent at any
time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral
pursuant hereto. Upon any sale or transfer of assets constituting Collateral which is permitted pursuant to the terms of any Loan
Document, or consented to in writing by the Required Lenders or all of the Lenders, as applicable, and upon at least five (5) Business
Days’ prior written request by the Company to the Administrative Agent, the Administrative Agent shall (and is hereby irrevocably
authorized by the Lenders to) (a) execute such documents as may be necessary to evidence the release of the Liens granted to the
Administrative Agent for the benefit of the Secured Facility Parties on the Collateral that was sold or transferred or (b) release
any Guaranty provided by any Subsidiary if the assets sold or transferred constitute all of the Equity Interests directly or indirectly
owned by the Company in such Subsidiary; provided, however, that (i) the Administrative Agent shall not be required
to execute any such document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent
to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty,
and (ii) such release shall not in any manner discharge, affect or impair the Secured Obligations or any Liens upon (or obligations
of any Borrower or any Subsidiary in respect of) all interests retained by any Borrower or any Subsidiary, including (without limitation)
the proceeds of the sale, all of which shall continue to constitute part of the Collateral.

 

10.2         Waiver
of Liability of Administrative Agent. The Administrative Agent shall not have any liability or, as the case may be, any
duty or obligation:

 

(a)          To
any Borrower on account for any failure of any Lender to perform, or the delay of any Lender in the performance of, any of its
respective obligations under this Agreement or any of the Loan Documents or any of the other documents in connection herewith;

 

(b)          To
any Lender on account of any failure or delay in performance by any Borrower or any other Lender of any of their respective obligations
under this Agreement or any of the Loan Documents or any of the other documents in connection herewith;

 

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(c)          To
any Lender to provide either initially or on a continuing basis any information with respect to any Borrower or any of its Affiliates
or Subsidiaries or its condition, or for analyzing or assessing or omitting to analyze or assess the status, creditworthiness or
prospects of the Borrowers or any of the Affiliates of Company or any Subsidiaries, provided, however, the Administrative
Agent shall promptly provide to each Lender a copy of the documents delivered by Company to the Administrative Agent pursuant to
Section 5.2 of this Agreement;

 

(d)          To
any Lender to investigate whether or not any Default or Event of Default has occurred (and the Agents may assume that, until Administrative
Agent shall have actual knowledge or shall have received notice from any Lender or Company, to the contrary, no such Default or
Event of Default has occurred);

 

(e)          To
any Lender to account for any sum or profit or any property of any kind received by any of the Agents or the Issuing Bank arising
out of any present or future banking or other relationship with any Borrower or any of the Affiliates of Company or any Subsidiaries,
or with any other Person except the relationship established pursuant to this Agreement or the Loan Documents;

 

(f)          To
any Lender to disclose to any Person any information relating to any Borrower or any of the Affiliates of Company or any Subsidiaries
received by the Agents or the Issuing Bank, if in any such party’s reasonable determination (such determination to be conclusive),
such disclosure would or might constitute a breach of any law or regulation or be otherwise actionable by suit against such agent
or the Issuing Bank by any Borrower or any other Person;

 

(g)          To
take any action or refrain from taking any action other than as expressly required by this Agreement and the Loan Documents; and

 

(h)          To
commence any legal action or proceeding arising out of or in connection with this Agreement or the Loan Documents until either
of the Administrative Agent or the Issuing Bank, shall have been indemnified to the Administrative Agent’s or the Issuing
Bank’s satisfaction against any and all costs, claims and expenses (including, but not limited to, attorneys’ fees
and expenses) in respect of such legal action or proceeding.

 

10.3         Note
Holders. The Administrative Agent may treat the payee of any Note as the holder thereof until written notice of transfer
shall have been filed with it, signed by such payee and in form satisfactory to the Administrative Agent.

 

10.4         Consultation
with Counsel; Compliance with Law. The Administrative Agent may consult with legal counsel selected by the Administrative
Agent and shall not be liable for any action taken or suffered in good faith by the Administrative Agent in accordance with the
opinion of such counsel. The Administrative Agent shall be entitled to take any action or to refuse to take any action which the
Administrative Agent regards as necessary for the Administrative Agent to comply with any applicable law, regulation or fiscal
requirement, court order, or the rules, operating procedures or market practice of any relevant stock exchange or other market
or clearing system.

 

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10.5         Documents.
The Administrative Agent shall not be under any duty to examine into or pass upon the validity, effectiveness, genuineness or
value of any Loan Documents or any other documents furnished pursuant hereto or in connection herewith or the value of any Collateral
obtained hereunder, and the Administrative Agent shall be entitled to assume that the same are valid, effective and genuine and
what they purport to be.

 

10.6         Administrative
Agent and Affiliates. With respect to the Loans, the Administrative Agent shall have the same rights and powers hereunder
as any other Lender and may exercise the same as though it were not the Administrative Agent, and the Administrative Agent and
its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with any Borrower, any Guarantor
or any other Subsidiary or any Affiliate thereof including, without limitation, entering into any kind of Hedge Agreement with
respect to the Loans.

 

10.7         Knowledge
of Default. It is expressly understood and agreed that the Administrative Agent and the Issuing Bank shall be entitled
to assume that no Default or Event of Default has occurred and is continuing, unless the Administrative Agent or the Issuing Bank
has been notified by a Lender in writing that such Lender believes that a Default or Event of Default has occurred and is continuing
and specifying the nature thereof.

 

10.8         Enforcement.
In the event any remedy may be exercised with respect to this Agreement or the Loan Documents, the Administrative Agent shall
have the sole right of enforcement and each Lender agrees, for itself and each of its Affiliates, that no Secured Facility Party
(other than the Administrative Agent) shall have any right individually to enforce any provision of this Agreement or the Loan
Documents, or make demand under this Agreement or the Loan Documents; provided, that the Issuing Bank or the Administrative
Agent on behalf of the Issuing Bank may make demand upon any Borrower as an Issuing Bank.

 

10.9         Action
by Administrative Agent. 

 

(a)          So
long as the Administrative Agent shall be entitled, pursuant to Section 10.7 of this Agreement, to assume that no Default
or Event of Default shall have occurred and be continuing, the Administrative Agent shall be entitled to use its discretion with
respect to exercising or refraining from exercising any rights which may be vested in it by, or with respect to taking or refraining
from taking any action or actions which it may be able to take under or in respect of, this Agreement. The Administrative Agent
shall incur no liability under or in respect of this Agreement by acting upon any notice, certificate, warranty or other paper
or instrument believed by it to be genuine or authentic or to be signed by the proper party or parties, or with respect to anything
which it may do or refrain from doing in the reasonable exercise of its judgment, or which may seem to it to be necessary or desirable
in the premises;

 

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(b)          Administrative
Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial, administrative or like proceeding or any assignment for the benefit of
creditors relative to any Borrower or any of the Subsidiaries, the Administrative Agent (irrespective of whether any Secured Obligation
shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise;

 

(i)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of any Secured Obligation
that is owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders,
any Issuing Bank, the Administrative Agent and any other Secured Facility Party (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, any Issuing Bank, the Administrative Agent and any other Secured Facility
Party and their respective agents and counsel and all other amounts due the Lenders, any Issuing Bank, the Administrative Agent
and any other Secured Facility Party under the terms of this Agreement) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender, the Issuing Bank and
each other Secured Facility Party, to make such payments to the Administrative Agent and, in the event that the Administrative
Agent shall consent to the making of such payments directly to the Lenders, the Issuing Bank or any other Secured Facility Party,
to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the
Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under the terms of this Agreement.

 

Nothing contained herein shall be deemed
to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender, the Issuing Bank or
any other Secured Facility Party, any plan of reorganization, arrangement, adjustment or composition affecting any Secured Obligation
or the rights of any Lender, the Issuing Bank or any other Secured Facility Party, to authorize the Administrative Agent to vote
in respect of the claim of any Lender, the Issuing Bank or any other Secured Facility Party in any such proceeding.

 

(c)          The
Administrative Agent shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility
hereunder by reason of any occurrence beyond the control of the Administrative Agent (including but not limited to any act or provision
of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance
or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication
facility).

 

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10.10         Notices,
Defaults, etc. In the event that the Administrative Agent shall have acquired actual knowledge of any Default or Event
of Default, the Administrative Agent shall promptly notify the Lenders and shall take such action and assert such rights under
this Agreement as the Required Lenders shall direct and the Administrative Agent shall inform the other Lenders in writing of
the action taken. The Administrative Agent may take such action and assert such rights as it deems to be advisable, in its discretion,
for the protection of the interests of the holders of the Notes.

 

10.11         Indemnification
of Administrative Agent. The Lenders agree to indemnify the Administrative Agent (to the extent not reimbursed by the
Borrowers), ratably according to their respective Applicable Percentages from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which
may be imposed on, incurred by or asserted against the Administrative Agent in its capacity as the Administrative Agent in any
way relating to or arising out of this Agreement or any Loan Document or any action taken or omitted by the Administrative Agent
with respect to this Agreement or any Loan Document, provided no Lender shall be liable for any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses (including attorney fees and expenses) or disbursements
resulting from the Administrative Agent’s gross negligence or willful misconduct as determined in a final judgment by a
court of competent jurisdiction or from any action taken or omitted by the Administrative Agent in any capacity other than as
the Administrative Agent under this Agreement.

 

10.12         Successor
Administrative Agent

 

   (a)          The
Administrative Agent may resign as the Administrative Agent hereunder by giving not fewer than thirty (30) days prior written notice
to the Company and the Lenders. If the Administrative Agent shall resign under this Agreement, then provided no Event of Default
has occurred, the Company shall have the right, (i) with the consent of the Required Lenders, such consent not to be unreasonably
withheld, to appoint from among the Lenders a successor administrative agent for the Lenders who is willing to accept such appointment,
or (ii) with the consent of the Required Lenders, which may be withheld in their sole discretion, to appoint a successor that
is not a Lender, but which shall be a bank with an office in New York State, or an Affiliate of any such bank.

 

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(b)          If
no successor shall have been so appointed and approved within 30 days after the retiring Administrative Agent gives notice of its
resignation, then the retiring Administrative Agent may appoint a successor Administrative Agent meeting the qualifications specified
in Section 10.12(a), provided that if the Administrative Agent shall notify the Company and the Lenders that no qualifying
Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and
(i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan
Documents (except that in the case of any Collateral held by the Administrative Agent on behalf of the Lenders under any of the
Loan Documents, the retiring Administrative Agent shall continue to hold such Collateral until such time as a successor Administrative
Agent is appointed) and (ii) all payments, communications and determinations provided to be made by, to or through the Administrative
Agent shall instead be made by or to each Lender directly, until such time as the Company appoints and the Required Lenders approve
a successor Administrative Agent as provided for above in the preceding paragraph.

 

(c)          Upon
its appointment, such successor administrative agent shall succeed to the rights, powers and duties as the Administrative Agent,
and the term “Administrative Agent” shall mean such successor effective upon its appointment, and the former Administrative
Agent’s rights, powers and duties as the Administrative Agent shall be terminated without any other or further act or deed
on the part of such former Administrative Agent or any of the parties to this Agreement.

 

10.13         Lenders’
Independent Investigation. Each Lender, by its signature to this Agreement, acknowledges and agrees that the Administrative
Agent has made no representation or warranty, express or implied, with respect to the creditworthiness, financial condition, or
any other condition of any Borrower or with respect to the statements contained in any information memorandum furnished in connection
herewith or in any other oral or written communication between the Administrative Agent and such Lender. Each Lender represents
that it has made and shall continue to make its own independent investigation of the creditworthiness, financial condition and
affairs of the Borrowers in connection with the extension of credit hereunder, and agrees that the Administrative Agent has no
duty or responsibility, either initially or on a continuing basis, to provide any Lender with any credit or other information
with respect thereto (other than such notices as may be expressly required to be given by the Administrative Agent to the Lenders
hereunder), whether coming into its possession before the granting of the first Loans hereunder or at any time or times thereafter.

 

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10.14         Amendments,
Consents. No amendment, modification, termination or waiver of any provision of any Loan Document nor consent to any variance
therefrom, shall be effective unless the same shall be in writing and signed by the Administrative Agent and the Lenders or Required
Lenders, as appropriate, and then such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given. Anything herein to the contrary notwithstanding, no such document shall (a) increase the Commitment
of any Lender hereunder or any part thereof without the written consent of such Lender, (b) extend or postpone the Revolving
Credit Maturity Date, the payment dates of interest thereunder, or the payment of facility or other fees or amounts payable hereunder
without the written consent of each Lender directly affected thereby, (c) reduce the rate of interest on the Revolving Notes
or Alternative Currency Notes, or any amounts of principal or interest due on any Revolving Note or Alternative Currency Note,
or the payment of facility or other fees hereunder or make any change in the manner of pro rata application of any payments made
by the Borrowers to the Lenders hereunder without the written consent of each Lender directly affected thereby, (d) change any
percentage voting requirement, the voting rights, or the Required Lenders definition in this Agreement without the written consent
of each Lender, (e) release any material Collateral other than as provided below or release the Company from its guaranty under
Section 11.16, (f) make any amendment to this Section 10.14 without the written consent of each Lender, (g) change Section
2.15, without the written consent of each Lender other than any Defaulting Lender, (h) amend the definition of Alternative Currency
without the consent of each Lender or (i) amend Section 2.22(b) in a manner which eliminates or otherwise affects the condition
precedent that no Lender shall have notified the Administrative Agent that it is unlawful for such Lender to make Loans to the
Applicant Borrower, without the written consent of each Lender; provided, further that no such document 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 the case may be, and any change
to Section 2.15 shall require the consent of each of the Administrative Agent, the Swingline Lender and the Issuing Bank; provided,
however, only the consent of the Required Lenders shall be required for a waiver involving (i) the applicability of
any post-Event of Default interest rate increase or the applicability of interest on Overdue Amounts as provided in Section 2.6(c)
of this Agreement, (ii) any reduction in the amount of Net Proceeds required to be applied to prepay the Loans as provided
in Section 2.7(b) of this Agreement or (iii) any other amendment hereunder or under the other Loan Documents which does
not specifically require unanimous consent of the Lenders. Notice of amendments or consents ratified by the Required Lenders hereunder
shall immediately be forwarded by the Administrative Agent to all Lenders. Each Lender or other holder of a Note shall be bound
by any amendment, waiver or consent obtained as authorized by this Section, regardless of its failure to agree thereto. Except
as specifically provided otherwise below, a Defaulting Lender shall not be entitled to give instructions to the Administrative
Agent or to approve, disapprove, consent to or vote on any matters relating to this Agreement and the other Loan Documents and
all amendments, waivers and other modifications of this Agreement and the other Loan Documents may be made without regard to a
Defaulting Lender.

 

The Lenders hereby irrevocably authorize
the Administrative Agent, at its option and in its sole discretion, to release any Liens granted to the Administrative Agent by
any Borrower or any Guarantor on any Collateral (i) upon the termination of the Commitments, payment and satisfaction in full in
cash of all Secured Obligations (other than any Secured Obligations that are contingent in nature or unliquidated at such time),
and the cash collateralization of all such contingent and unliquidated Secured Obligations in a manner satisfactory to the Administrative
Agent, (ii) constituting property being sold or disposed of if the Company certifies to the Administrative Agent that the sale
or disposition is a Permitted Disposition made in compliance with the terms of this Agreement (and the Administrative Agent may
rely conclusively on any such certificate, without further inquiry), and to the extent that the property being sold or disposed
of constitutes all of the Equity Interests of a Subsidiary owned directly or indirectly by the Company and such sale is permitted
or approved under the terms of this Agreement, the Administrative Agent is authorized to release any Guaranty provided by such
Subsidiary, (iii) constituting property leased to a Borrower or a Guarantor under a lease which has expired or been terminated
in a transaction permitted under this Agreement, or (iv) as required to effect any sale or other disposition of such Collateral
in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VIII. Except as provided
in the preceding sentence, the Administrative Agent will not release any Liens on any material Collateral without the prior written
authorization of all Lenders. Any such release shall not in any manner discharge, affect, or impair the Secured Obligations or
any Liens (other than those expressly being released) upon, or obligations of any Borrower or any Guarantor in respect of, all
interests retained by any Borrower or any Guarantor, including the proceeds of any sale, all of which shall continue to constitute
part of the Collateral.

 

    	- 104 -

    	 

    

 

Notwithstanding the foregoing, any amendment,
waiver, modification or agreement which by its terms requires the consent of all Lenders or each affected Lender may be effected
with the consent of the applicable Lenders other than the Defaulting Lenders except that (i) the Commitment of any Defaulting
Lender may not be increased or extended without the consent of such Defaulting Lender, (ii) the principal amount of, or interest
or fees payable on, Loans may not be reduced or excused or the scheduled date of payment may not be postponed as to such Defaulting
Lender without such Defaulting Lender’s consent and (iii) any waiver, amendment or modification requiring the consent
of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders
shall require the consent of such Defaulting Lender.

 

10.15         Funding
by Administrative Agent. Unless the Administrative Agent shall have been notified in writing by any Lender not later than
4:00 p.m. on the day before the day on which Loans are requested by a Borrower to be made that (or, if the request for a Loan
is made by Borrower on the date such Loan is to be made, then not later than 2:00 p.m. on such day) such Lender will not make
its ratable share of such Loans, the Administrative Agent may assume that such Lender will make its ratable share of the Loans,
and in reliance upon such assumption the Administrative Agent may (but in no circumstances shall be required to) make available
to the applicable Borrower a corresponding amount. If and to the extent that any Lender fails to make such payment on such date,
such Lender shall pay such amount to the Administrative Agent on demand, together with interest thereon, as set forth in Section
2.5(b) of this Agreement.

 

10.16         Sharing
of Payments. If any Lender obtains any payment (whether voluntary, involuntary, through the exercise of any right of set-off,
or otherwise) with respect to the Loans in excess of its pro rata share of such payments shared by all Lenders, such Lender shall
forthwith purchase from the other Lenders participation in the Loans made by them as shall be necessary to cause such purchasing
Lender to share the excess payment ratably with each of them; provided, however, if all or any portion of such excess
payment is hereafter recovered from such purchasing Lender, such purchase from the other Lenders shall be rescinded and each other
Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery together with an amount equal to
such Lender’s ratable share of any interest or other amount paid or payable by the purchasing Lender in respect of the total
amount recovered. Borrowers agree that any Lender purchasing a participation from another Lender pursuant to this Section 10.16
may, to the fullest extent permitted by law, exercise all of its rights of payment (including the right of set-off) with respect
to such participation as fully as if such Lender were the direct creditor of Borrower in the amount of such participation.

 

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10.17         Payment
to Lenders. Except as otherwise set forth in Sections 2.3(c), 2.4(e), 2.15 and 10.15 of this Agreement, promptly after
receipt from any Borrower of any principal or interest payment on the Notes or any fees payable under, or in connection with,
this Agreement (other than fees payable to the Administrative Agent for the account of the Administrative Agent), the Administrative
Agent shall promptly distribute to each Lender that Lender’s ratable share of the funds so received. If the Administrative
Agent fails to distribute collected funds received by 2:00 p.m. on any Business Day prior to the end of the same Business Day,
or to distribute collected funds received after 2:00 p.m. on any Business Day by the end of the next Business Day, the funds shall
bear interest until distributed at the Federal Funds Effective Rate.

 

10.18         Tax
Withholding Clause

 

(a)        Status
of Lenders; Tax Documentation.

 

(i)          Each
Lender shall deliver to the Company and to the Administrative Agent, at the time or times prescribed by applicable laws or when
reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation prescribed
by applicable laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit
the Company or the Administrative Agent, as the case may be, to determine (A) whether or not payments made hereunder or under
any other Loan Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such
Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be
made to such Lender by the Borrowers pursuant to this Agreement or otherwise to establish such Lender’s status for withholding
tax purposes in the applicable jurisdiction.

 

(ii)         Without
limiting the generality of the foregoing, if the Borrower is resident for tax purposes in the United States,

 

(A)         any
Lender that is a “United States person” within the meaning of § 7701(a)(30) of the Code shall deliver to
the Company and the Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or
information prescribed by applicable laws or reasonably requested by the Company or the Administrative Agent as will enable the
Borrowers or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding
or information reporting requirements; and

 

(B)         each
Foreign Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of withholding tax with
respect to payments hereunder or under any other Loan Document shall deliver to the Company and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the request of the Company or the Administrative Agent, but only if
such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

 

    	- 106 -

    	 

    

 

(I)         executed
originals of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United
States is a party,

 

(II)        executed
originals of Internal Revenue Service Form W-8ECI,

 

(III)       executed
originals of Internal Revenue Service Form W-8IMY and all required supporting documentation,

 

(IV)        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 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 and (y) executed originals
of Internal Revenue Service Form W-8BEN, or

 

(V)         executed
originals of any other form prescribed by applicable laws as a basis for claiming exemption from or a reduction in United States
Federal withholding tax together with such supplementary documentation as may be prescribed by applicable laws to permit the Borrowers
or the Administrative Agent to determine the withholding or deduction required to be made.

 

(C)         each
Foreign Lender shall provide, promptly upon the reasonable demand of the Company or the Administrative Agent, any information,
form or document, accurately completed, that may be required in order to demonstrate that such Foreign Lender is in compliance
with the requirements of FATCA, including § 1471(b) of the Code, if such Foreign Lender is a foreign financial institution
(as such term is defined in § 1471(d)(4) of the Code) or § 1472(b), if such Foreign Lender is a non-financial
foreign entity (as such term is defined in § 1472(d) of the Code).

 

(iii)        Each
Lender shall promptly (A) notify the Company and the Administrative Agent of any change in circumstances which would modify
or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to
it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending
Office) to avoid any requirement of applicable laws of any jurisdiction that the Borrowers or the Administrative Agent make any
withholding or deduction for taxes from amounts payable to such Lender.

 

    	- 107 -

    	 

    

 

(b)        Each
Lender, whether or not a Foreign Lender, shall additionally:

 

(i)          deliver
to the Company and the Administrative Agent two further copies of any such form or certification at least five (5) Business Days
before the date that any such form or certification expires or becomes obsolete and after the occurrence of any event requiring
a change in the most recent form previously delivered by it to the Administrative Agent and the Company;

 

(ii)         obtain
such extensions of time for filing and complete such forms certifications as may reasonably be requested by the Company or the
Administrative Agent; and

 

(iii)        file
amendments to such forms as and when required unless an event (including, without limitation, any change in treaty, law or regulation)
has occurred after the date such Person becomes a Lender hereunder which renders all such forms inapplicable or which would prevent
such Lender from duly completing and delivering any such form with respect to it and such Lender so advises the Company and the
Administrative Agent; provided, however, that the Borrowers may rely upon such forms provided to the Company for all periods prior
to the occurrence of such event. Furthermore, the Borrower shall not be required to pay any additional amounts to a Foreign Lender
pursuant to Section 2.11, and shall be permitted to reduce any payment required to be made to any Lender by any Indemnified Taxes
or Other Taxes (that otherwise would not be permitted to reduce such payment pursuant to the provisions of Section 2.14 of
this Agreement), if such additional amounts, Indemnified Taxes or Other Taxes would not have arisen or would not have been required
to have been withheld, but for a failure by such Foreign Lender to comply with the provisions of this Section 10.18.

 

(c)          The
Borrowers shall indemnify the Administrative Agent and each Lender, within 10 days after written demand therefor, for the full
amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with
respect to any payment by or on account of any obligation of the Borrowers hereunder (including Indemnified Taxes or Other Taxes
imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority, except to the extent that the Borrowers have paid additional amounts with respect
to such Indemnified Taxes or Other Taxes pursuant to Section 2.14 of this Agreement. A certificate as to the amount of such payment
or liability delivered to the Company by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall
be conclusive absent manifest error.

 

(d)          Each
Lender shall, and does hereby, indemnify the Borrowers and the Administrative Agent, and shall make payment in respect thereof
within 10 days after demand therefore, against any and all Taxes and any and all related losses, claims, liabilities, penalties,
interest and expenses (including the fees, charges and disbursements of any counsel for the Borrowers or the Administrative Agent)
incurred by or asserted against the Borrowers or the Administrative Agent by any Governmental Authority as a result of the failure
by such Lender to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered
by such Lender or to the Company or the Administrative Agent pursuant to this Section 10.18.

 

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10.19         USA
Patriot Act. Each Lender or assignee or participant of a Lender that is not organized under the laws of the United States
of America or a state thereof (and is not excepted from the certification requirement contained in Section 313 of the USA
Patriot Act and the applicable regulations because it is both (a) an affiliate of a depository institution or foreign bank that
maintains a physical presence in the United States or foreign country, and (b) subject to supervision by a banking authority
regulating such affiliated depository institution or foreign bank) shall deliver to the Administrative Agent the certification,
or, if applicable, recertification, certifying that such Lender is not a “shell” and certifying to other matters as
required by Section 313 of the USA Patriot Act and the applicable regulations: (i) within 10 days after the Closing
Date, and (ii) at such other times as re required under the USA Patriot Act.

 

10.20         Other
Agents. Any Lender identified herein as a Lead Syndication Agent, Co-Syndication Agent, Documentation Agent, Arranger
or any other corresponding title, other than “Administrative Agent”, shall have no right, power, obligation, liability,
responsibility or duty under this Agreement or any other Loan Document except those applicable to all Lenders as such. Each Lender
acknowledges that it has not relied, and will not rely, on any Lender so identified in deciding to enter into this Agreement or
in taking or not taking any action hereunder.

 

10.21         Issuing
Bank. Each Lender acknowledges and agrees that the provisions of this Article X shall apply to the Issuing Bank,
in its capacity as issuer of any Letter of Credit, in the same manner as such provisions are expressly stated to apply to the
Administrative Agent.

 

10.22         Benefit
of Article X. The provisions of this Article X are intended solely for the benefit of the Agents, the Issuing Bank and
the Lenders. The Borrower shall not be entitled to rely on any such provisions or assert any such provisions in a claim, or as
a defense, against the Agents or any Lender. The Borrowers acknowledge and consent to the foregoing provisions of this Article X.

 

ARTICLE XI. MISCELLANEOUS

 

11.1         Amendments
and Waivers . This Agreement is intended by the parties as the final, complete and exclusive statement of the transactions
evidenced by this Agreement. All prior or contemporaneous promises, agreements and understandings, whether oral or written, are
deemed to be superseded by this Agreement, and no party is relying on any promise, agreement or understanding not set forth in
this Agreement. No modification, rescission, waiver, release or amendment of any provision of this Agreement shall be made except
by a written agreement or as otherwise provided in Section 10.14 of this Agreement, subscribed by authorized officers of
the Company or the Required Lenders (or all the Lenders, if applicable), and the Administrative Agent.

 

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11.2         Classified
Programs. Notwithstanding any other provisions of this Agreement, no provision of this Agreement shall operate to require
the disclosure of any information relating to any classified program involving the United States Department of Defense in contravention
of any restriction described in Section 5.2(k) of this Agreement or to require any party to any contract relating to any such
classified program to be performed by the Company or any Subsidiary to accept performance by any other Person without any prior
consent required under such classified program.

 

11.3         Delays
and Omissions. No course of dealing and no delay or omission by the Lenders or the Administrative Agent in exercising any
right or remedy hereunder or with respect to any Indebtedness of the Borrowers shall operate as a waiver thereof or of any other
right or remedy, and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise
of any other right or remedy. The Administrative Agent and the Lenders may remedy any Event of Default in any reasonable manner
without waiving the Event of Default remedied and without waiving any other prior or subsequent Event of Default by any Borrower
and shall be reimbursed for their expenses in so remedying such Event of Default. All rights and remedies of the Lenders and the
Administrative Agent hereunder are cumulative.

 

11.4         Assignments/Participation.

 

(a)          No
Borrower shall assign or otherwise transfer any of its rights pursuant to this Agreement without the prior written consent of the
Administrative Agent, and any such assignment or other transfer without such prior written consent shall be void.

 

(b)          Any
Lender may, in accordance with applicable law, at any time sell to one or more banks or other entities (each, a “Participant”)
participating interests in any Revolving Loan or Alternative Currency Loan owing to such Lender, any Revolving Note or Alternative
Currency Note held by such Lender, any Commitment or Alternative Currency Sublimit of such Lender or any other interest of such
Lender under the Loan Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s
obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations, such Lender shall remain the holder of any such Revolving Loan or Alternative Currency
Loan or Revolving Note or Alternative Currency Note for all purposes under the Loan Documents, all amounts payable by the Borrowers
under this Agreement shall be determined as if such Lender had not sold such participating interests, and the Borrowers and the
Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under the Loan Documents. In no event shall any Participant have any right to approve any amendment or waiver of
any provision of any Loan Document, or any consent to any departure by any Borrower or any Guarantor therefrom, except to the extent
that such amendment, waiver or consent would reduce the principal of, or interest on, the Loans or any fees payable hereunder,
or postpone the Revolving Credit Maturity Date, in each case to the extent subject to such participation. Each Lender that sells
a participation shall, acting as an agent of the Borrowers solely for this purpose, maintain a register on which it enters the
name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the
Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any
obligation to disclose all or any portion of the Participant Register to any Person except to the extent that such disclosure is
necessary to establish compliance with any applicable provision of the Code, including to establish that any Commitment, Loan or
other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entities in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement.

 

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(c)          Any
Lender may, in the ordinary course of its business and in accordance with applicable law, at any time assign to one or more banks,
finance companies, or other financial institutions that are engaged in making, purchasing or otherwise investing in commercial
loans in the ordinary course of its business (“Purchasers”) all or any part of its rights and obligations under the
Loan Documents. Such assignment shall be pursuant to an Assignment and Assumption. The consent of the Administrative Agent (which
consent shall not be unreasonably withheld or delayed) shall be required prior to an assignment becoming effective and, unless
a Default or Event of Default has occurred and is continuing or such assignment is to a Lender or an Affiliate of a Lender, the
consent of the Company shall also be required prior to an assignment becoming effective (which consent shall not be unreasonably
withheld or delayed). Each such assignment shall be in an amount not less than the lesser of (i) $10,000,000, or (ii) the remaining
amount of the assigning Lender’s Commitment (calculated as at the date of such assignment). Upon (i) delivery to the Administrative
Agent of an Assignment and Assumption, together with any consents required above, and (ii) payment of a $3,500 fee to the Administrative
Agent for processing such assignment, such assignment shall become effective on the effective date specified in such Assignment
and Assumption. On and after the effective date of such assignment, such Purchaser shall for all purposes be a Lender to this Agreement
and any other Loan Document executed by the Lenders and shall have all the rights and obligations of a Lender under the Loan Documents,
to the same extent as if it were an original party hereto, and no further consent or action by any Borrower, the Lenders or the
Administrative Agent shall be required to release the transferor Lender, and the transferor Lender shall be released without any
further action, with respect to the Commitments, Alternative Currency Sublimit and Revolving Loans and Alternative Currency Loans
assigned to such Purchaser. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not
comply with this Section 11.4(c) 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 Section 11.4(b) of this Agreement. Upon the consummation of any assignment
to a Purchaser pursuant to this Section 11.4(c), the transferor Lender, the Administrative Agent and the Borrowers shall make
appropriate arrangements so that replacement Revolving Notes and Alternative Currency Notes, if applicable, are issued to such
transferor Lender and new Revolving Notes and Alternative Currency Notes or, as appropriate, replacement Revolving Notes and Alternative
Currency Notes, are issued to such Purchaser, in each case in principal amounts reflecting their respective Commitments and Alternative
Currency Sublimits, as adjusted pursuant to such assignment.

 

    	- 111 -

    	 

    

 

(d)          Any
Lender may at any time pledge or assign all or any portion of its rights under the Loan Documents to any of the twelve (12) Federal
Reserve Banks organized under Section 4 of the Federal Reserve Act, 12 U.S.C. Section 341. No such pledge or assignment or
enforcement thereof shall release Lender from its obligations under any of the Loan Documents.

 

(e)          Notwithstanding
anything to the contrary contained herein, if at any time the Issuing Bank assigns all of its Commitment pursuant to this Section
11.4, the Issuing Bank may, upon sixty (60) days’ notice to the Company and the Lenders, resign as Issuing Bank. In the event
of any such resignation as Issuing Bank, the Company shall be entitled to appoint from among the Lenders a successor Issuing Bank
hereunder subject to the consent of such successor Issuing Bank and the consent of the Required Lenders; provided, however, that
no failure by the Company to appoint any such successor shall affect the resignation of the Issuing Bank as Issuing Bank. If the
Issuing Bank resigns as Issuing Bank, it shall retain all the rights, powers, privileges and duties of the Issuing Bank hereunder
with respect to all Letters of Credit outstanding as of the effective date of its resignation issued by the Issuing Bank and all
unreimbursed amounts of any LC Disbursements with respect thereto (including the right to require the Lenders to fund risk participations
in such amounts pursuant to Section 2.4(e)(ii)). Upon the appointment of a successor Issuing Bank, (a) such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank, and (b) the
successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time
of such succession or make other arrangements satisfactory to the resigning Issuing Bank to effectively assume the obligations
of such Issuing Bank with respect to such Letters of Credit.

 

11.5         Successors
and Assigns. Borrowers, Lenders, Administrative Agent, Lead Syndication Agent, Co-Syndication Agents and Documentation
Agent as used herein shall include the legal representatives, successors and assigns of those parties.

 

11.6         Notices.
Any notice or demand to be given hereunder shall be in writing, unless otherwise expressly provided herein and shall be deemed
to have been given or made when delivered by hand or facsimile, and one (1) Business Day after being delivered to a courier for
express delivery, to the address below, or three (3) Business Days after being deposited in an official depository maintained by
the United States Post Office for the collection of mail, postage prepaid and by registered or certified mail, return receipt requested,
and addressed as follows:

 

	To any Borrower            	-	Moog Inc.
	 	 	Jamison Road and Seneca Street
	 	 	East Aurora, NY 14052-0018
	 	 	Attn: Timothy P. Balkin, Treasurer
	 	 	Facsimile No.:  716-687-4506
	 	 	Telephone No.: 716-687-4457

 

    	- 112 -

    	 

    

 

	With a copy to -	 	Hodgson Russ LLP
	(which shall not	 	The Guaranty Building
	constitute notice)   	 	140 Pearl Street, Suite 100
	 	 	Buffalo, NY 14202
	 	 	Attn: Victoria J. Saxon, Partner
	 	 	Facsimile No.: 716-849-0349
	 	 	Telephone No.: 716-848-1755
	 	 	 
	To the Administrative	 	HSBC Bank USA, National Association
	Agent	-	Commercial Banking Department
	 	 	One HSBC Center
	 	 	Buffalo, NY 14203
	 	 	Attn: Gregory R. Duval, Vice President
	 	 	Facsimile No.: 716-841-1968
	 	 	Telephone No.: 716-841-6768
	 	 	 
	With a copy to	-	Corporate Trust & Loan Agency
	 	 	8 East 40th Street, 6th Floor
	 	 	New York, NY 10016
	 	 	Attn: Agency Services
	 	 	Facsimile No.: 212-525-7253
	 	 	Telephone No.: 917-229-6659
	 	 	 
	With a copy to	-	Phillips Lytle LLP
	(which shall not	 	3400 HSBC Center
	constitute notice)    	 	Buffalo, New York 14203
	 	 	Attn: Raymond H. Seitz, Partner
	 	 	Facsimile No.: 716-852-6100
	 	 	Telephone No.: 716-847-7065

 

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 Company may in its discretion, agree to accept notices and other communications
to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such
procedures may be limited to particular notices or communications.

 

11.7         Governing
Law. This Agreement, the transactions described herein and the obligations of the Lenders, the Administrative Agent and
the Borrowers shall be construed under, and governed by, the internal laws of the State of New York without regard to principles
of conflicts of laws that would require the application of the laws of another jurisdiction.

 

    	- 113 -

    	 

    

 

11.8         Counterparts.
This Agreement may be executed in any number of counterparts and by the Administrative Agent, the Lenders and the Borrowers on
separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together
constitute one and the same Agreement. This Agreement may be delivered by facsimile transmission or by e-mail with a pdf copy or
other replicating image attached, and any printed or copied signed version of any copy so delivered shall have the same force and
effect as an originally signed counterpart.

 

11.9        Titles.
Titles to the sections of this Agreement are solely for the convenience of the Administrative Agent, the Lenders and the Borrowers,
and are not an aid in the interpretation of this Agreement or any part thereof.

 

11.10      Inconsistent
Provisions. The terms of this Agreement and any related agreements, instruments or other documents shall be cumulative
except to the extent that they are specifically inconsistent with each other, in which case the terms of this Agreement shall prevail.

 

11.11      Course
of Dealing. Without limitation of the foregoing, the Administrative Agent and the Lenders shall have the right, but not
the obligation, at all times to enforce the provisions of this Agreement and all other documents executed in connection herewith
in strict accordance with their terms, notwithstanding any course of dealing or performance by the Lenders or the Administrative
Agent in refraining from so doing at any time and notwithstanding any custom in the banking trade. Any delay or failure by the
Lenders or the Administrative Agent at any time or times in enforcing its rights under such provisions in strict accordance with
their terms shall not be construed as having created a course of dealing or performance modifying or waiving the specific provisions
of this Agreement.

 

11.12      Notifications.

 

(a)          Patriot
Act Notification. Each Lender hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act (Title III
of Pub. L. 107-56), such Lender is required to obtain, verify and record information that identifies Borrower, which
information includes the name and address of such Borrower and other information that will allow such Lender to identify such Borrower
in accordance with the USA Patriot Act (collectively, the “Customer Identification Materials”). Company has delivered
to the Administrative Agent, and the Administrative Agent acknowledges receipt from the Company of, the Customer Identification
Materials requested by the Administrative Agent to satisfy the Administrative Agent’s regulatory requirements with respect
thereto. Each Borrower consents to the dissemination of such Customer Identification Materials by the Administrative Agent to each
Lender.

 

(b)          Flood
Notification. Administrative Agent has adopted internal policies and procedures that address the requirements on federally
regulated lenders under the National Flood Hazard Insurance Reform Act of 1994 and related legislation (the “Flood Laws”).
The Administrative Agent will post on the Platform (or otherwise distribute to Lenders) documents that Administrative Agent receives
in connection with the Flood Laws. However, Administrative Agent hereby notifies each Lender under this Agreement that pursuant
to applicable Flood Laws, each federally regulated Lender (whether acting as a lender or participant in a credit) is responsible
for assuring its own compliance with flood insurance requirements.

 

    	- 114 -

    	 

    

 

11.13         Right
of Set-Off. If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Bank and each of their
respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the
Administrative Agent, to the fullest extent permitted by applicable law, to set-off and apply any and all deposits (general obligations
(in whatever currency) at any time owing by such Lender, the Issuing Bank or any such Affiliate to or for the credit or the account
of any Borrower or any other Guarantor against any and all of the obligations of such Borrower or such Guarantor now or hereafter
existing under this Agreement or any other Loan Document to such Lender or the Issuing Bank, irrespective of whether or not such
Lender or the Issuing Bank shall have made any demand under this Agreement or any other Loan Document and although such obligations
of such Borrower or such Guarantor may be contingent or unmatured or are owed to a branch or office of such Lender or the Issuing
Bank different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender, the
Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights
of set-off) that such Lender, the Issuing Bank or their respective Affiliates may have. Each Lender and the Issuing Bank agrees
to notify the Company and the Administrative Agent promptly after any such set-off and application, provided that the failure
to give such notice shall not affect the validity of such set-off and application.

 

11.14         Judgment
Currency. This is a loan transaction in which the specification of Pounds Sterling, Euro, Japanese Yen, Canadian Dollars,
or Dollars is of the essence, and the Applicable Currency shall in each instance be the currency of account and payment in all
instances. A payment obligation in one currency hereunder (the “Original Currency”) shall not be discharged by an amount
paid in another currency (the “Other Currency”), whether pursuant to any judgment expressed in or converted into any
Other Currency or in another place except to the extent that such tender or recovery results in the effective receipt by a lender,
or the Administrative Agent of the full amount of the Original Currency payable to such party. If for the purpose of obtaining
judgment in any court it is necessary to convert a sum due hereunder in the Original Currency into the Other Currency, the rate
of exchange that shall be the applicable Spot Rate. The obligation of the Borrowers and the Guarantors in respect of any such sum
due from it to the Administrative Agent, the Issuing Bank or any Lender under any Loan Document (each an “Entitled Person”)
shall, notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged only to the extent that
on the Business Day following receipt by such Entitled Person of any sum adjudged to be due hereunder in the Other Currency such
Entitled Person may in accordance with normal banking procedures purchase the Original Currency with the amount of the judgment
currency so adjudged to be due; and the Borrower, as a separate obligation and notwithstanding any such judgment, agrees to indemnify
such Entitled Person against, and to pay such Entitled Person on demand, in the Original Currency, the amount (if any) by which
the sum originally due to such Entitled Person in the Original Currency hereunder exceeds the amount of the Other Currency so purchased.

 

    	- 115 -

    	 

    

 

11.15         No
Advisory Or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby, the Borrowers
acknowledge and agree, and the Company acknowledges its Affiliates’ understanding, that: (i) the credit facility provided
for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment,
waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the
Company and its Affiliates, on the one hand, and the Administrative Agent, the Arranger and the Lenders, on the other hand, and
each Borrower is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof);
(ii) in connection with the process leading to such transaction, the Administrative Agent, the Arranger and the Lenders each
is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Company or any of its
Affiliates, stockholders, creditors or employees or any other Person; (iii) none of the Administrative Agent, the Arranger
nor any Lender has assumed or will assume an advisory, agency or fiduciary responsibility in favor of any Borrower with respect
to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver
or other modification hereof or of any other Loan Document (irrespective of whether the Administrative Agent, the Arranger or any
Lender has advised or is currently advising the Company or its Affiliates on other matters) and none of the Administrative Agent,
the Arranger nor any Lender has any obligation to any Borrower or the Company’s Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the Administrative
Agent, the Arranger, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests
that differ from those of any Borrower and the Company’s Affiliates, and none of the Administrative Agent, the Arranger nor
any Lender has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and
(v) none of the Administrative Agent, the Arranger nor any Lender has provided or will provide any legal, accounting, regulatory
or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification
hereof or of any other Loan Document) and the Borrowers have consulted its own legal, accounting, regulatory and tax advisors to
the extent it has deemed appropriate. The Borrowers hereby waive and release, to the fullest extent permitted by law, any claims
that they may have against the Administrative Agent, the Arranger or any Lender with respect to any breach or alleged breach of
agency or fiduciary duty.

 

    	- 116 -

    	 

    

 

11.16         Guarantee
by Company.Company hereby unconditionally and irrevocably guarantees, without any setoff or other deduction, the payment
when due whether by acceleration or lapse of time or otherwise of all obligations of the Designated Borrowers (collectively, the
“Guaranteed Designated Borrower Obligations”) now or hereafter existing under this Agreement or any other agreement
executed by Designated Borrowers in connection with this Agreement whether such Guaranteed Designated Borrower Obligations are
arising or accruing prior or subsequent to any commencement of any case or other proceeding pursuant to any bankruptcy, insolvency
or similar statute and whether or not allowed as a claim in any such case or other proceeding and including without limitations
any and all Loans and reimbursement obligations under the Letters of Credit, without any limitation as to amount. Such guarantee
is continuing, absolute and unconditional and a guaranty of payment rather than collection. Company shall pay to the Administrative
Agent on demand each cost and expense (including but not limited to if the Administrative Agent retains counsel for advice, litigation
or any other purpose, reasonable attorneys’ fees and disbursements) hereafter incurred by the Administrative Agent in endeavoring
to enforce any obligation of the Designated Borrowers pursuant to this Agreement or preserve or exercise any right or remedy of
the Administrative Agent or any Lenders or Issuing Bank pursuant to this Agreement or arising as a result of this Agreement. This
Section 11.16 shall remain in full force and effect until and shall terminate only upon (a) the termination of the agreement of
each Lender and Issuing Bank to extend credit to the Designated Borrowers pursuant to this Agreement and (b) the final indefeasible
payment in full of (i) the Guaranteed Designated Borrowers Obligations under this Agreement and any other agreement executed in
connection herewith, and (ii) each cost and expense that the Company is obligated to pay pursuant to this section of this Agreement.
Until the termination of this section as set forth above, the Company knowingly, voluntarily, intentionally and irrevocably waives
without any notice each right of subrogation, indemnification, reimbursement or contribution and each similar right against the
Designated Borrowers heretofore or hereafter arising in connection with this Agreement or any other agreements in connection therewith
(including but not limited to pursuant to any agreement providing any collateral). Notwithstanding the foregoing, this guaranty
provision shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Designated
Borrower or the Company is made, or any Credit Party exercises its right of setoff, in respect of the Guaranteed Designated Borrower
Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent
or preferential, set aside or required (including pursuant to any settlement entered into) to be repaid to a trustee, receiver
or any other party, in connection with any proceeding under any debtor relief laws or otherwise, all as if such payment had not
been made or such setoff had not occurred and whether or not any the Administrative Agent is in possession of or has released this
guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of the Company under this
paragraph shall survive termination of this guaranty provision.

 

    	- 117 -

    	 

    

 

The Company waives (i) any defense arising
by reason of any disability or other defense of any Designated Borrower or any other guarantor, or the cessation from any cause
whatsoever (including any act or omission of any Credit Party) of the liability of any Designated Borrower; (ii) any defense based
on any claim that the Company’s obligations exceed or are more burdensome than those of any Designated Borrower; (iii) any
right to proceed against any Designated Borrower, proceed against or exhaust any security for the Guaranteed Designated Borrower
Obligations, or pursue any other remedy in the power of any Credit Party whatsoever; (iv) any benefit of and any right to participate
in any security now or hereafter held by any Credit Party; and (v) to the fullest extent permitted by law, any and all other defenses
or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties.

 

11.17         CONSENT
TO JURISDICTION. EACH BORROWER, EACH OF THE AGENTS AND EACH LENDER, AGREES THAT ANY ACTION OR PROCEEDING TO ENFORCE OR
ARISING OUT OF THIS AGREEMENT MAY BE COMMENCED IN THE SUPREME COURT OF NEW YORK IN ERIE COUNTY, OR IN THE UNITED STATES DISTRICT
COURT FOR THE WESTERN DISTRICT OF NEW YORK. EACH BORROWER WAIVES PERSONAL SERVICE OF PROCESS AND AGREES THAT A SUMMONS AND COMPLAINT
COMMENCING AN ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE PROPERLY SERVED AND SHALL CONFER PERSONAL JURISDICTION IF SERVED
BY REGISTERED OR CERTIFIED MAIL TO THE COMPANY, AT THE ADDRESS SET FORTH AT THE BEGINNING OF THIS AGREEMENT, OR AS PROVIDED BY
THE LAWS OF THE STATE OF NEW YORK OR THE UNITED STATES.

 

11.18         JURY
TRIAL WAIVER. EACH BORROWER, EACH OF THE AGENTS AND EACH LENDER HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES
ANY RIGHT TO TRIAL BY JURY IT MAY HAVE IN ANY ACTION OR PROCEEDING, IN LAW OR IN EQUITY, IN CONNECTION WITH THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATED HERETO. EACH BORROWER REPRESENTS AND WARRANTS THAT NEITHER ANY REPRESENTATIVE OF
THE AGENTS OR ANY LENDER NOR THE AGENTS NOR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE AGENTS OR ANY LENDER WILL
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THIS JURY TRIAL WAIVER. EACH BORROWER ACKNOWLEDGES THAT THE AGENTS AND THE LENDERS
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE PROVISIONS OF THIS SECTION.

 

11.19         AMENDMENT
AND RESTATEMENT

 

(a)          This
Agreement is intended solely as an amendment of, and contemporaneous restatement of, the terms and conditions of the 2011 Agreement
and this Agreement is not intended and should not be construed as in any way extinguishing the Indebtedness under, or terminating
the 2011 Agreement or any of the Security Documents granted in connection therewith, each of which shall remain in full force and
effect, except as modified herein or in the Security Documents, and continue to secure the obligations of the Company and the Guarantors
under the Loan Documents as set forth therein.

 

(b)          All
interest and fees and expenses, if any, owing or accruing under or in respect of the 2011 Agreement through the Closing Date shall
be calculated as of the Closing Date (pro rated in the case of any fractional periods), and shall be paid in full at the times
that interest, fees and expenses under this Agreement are required to be paid pursuant to this Agreement.

 

    	- 118 -

    	 

    

 

[SIGNATURE PAGES FOLLOW]

 

    	- 119 -

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be signed by their duly authorized officers all as of March 28, 2013.

 

	 	MOOG INC., as a Borrower
	 	 
	 	By:	 
	 	Name:	Timothy P. Balkin
	 	Title: 	Treasurer

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	HSBC BANK USA, NATIONAL

ASSOCIATION, as a Lender, the
	 	Swingline Lender and the Issuing Bank
	 	 
	 	By:	 
	 	Name:	Gregory R. Duval
	 	Title:	Vice President

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	HSBC BANK USA, NATIONAL
	 	ASSOCIATION, as Administrative Agent
	 	 	 
	 	By:	 
	 	Name:	Rijalda Savino
	 	Title:	Assistant Vice President

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	
        Manufacturers and
        Traders Trust

        Company,
        as Lead Syndication Agent and as a

        Lender

	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	Bank of America, N.A.,
	 	  as a Co-Syndication Agent and as a Lender
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	JPMorgan Chase Bank, N.A.,
	 	 as a Co-Syndication Agent and as a Lender
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	CITIZENS BANK OF PENNSYLVANIA,
	 	  as Documentation Agent and a Lender
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
	 	  as a Lender
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	WELLS FARGO BANK, N.A., as a Lender
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	PNC BANK, NATIONAL ASSOCIATION,
	 	  as a Lender
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	FIFTH THIRD BANK, as a Lender
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

  

	 	FIFTH THIRD BANK, as a Lender
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	NORTHERN TRUST, as a Lender
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	FIRST NIAGARA BANK, N.A., as a Lender
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	ROYAL BANK OF CANADA, as a Lender
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Moog Loan Agreement]

 

    	 

    	 

    

 

EXHIBIT A

 

REPLACEMENT REVOLVING NOTE

 

	 	Buffalo, New York
	$_____________	March ___, 2013

 

FOR VALUE RECEIVED, the undersigned, __________________
(a “Borrower”) hereby unconditionally promises to pay, on or before March 28, 2018, to the order of ___________________
(“Lender”) at the Administrative Agent’s Commercial Banking Department’s office at One HSBC Center, Buffalo,
New York 14203, or at the holder’s option, at such other place as may be designated by the holder, in lawful money of the
United States of America, a principal sum equal to the lesser of _____________________________________ ($__________________) or
the aggregate unpaid principal amount of all Revolving Loans made by Lender to the Borrower from time to time under a Fourth Amended
and Restated Loan Agreement, dated of as of March 28, 2013, among Moog Inc., the Designated Borrowers from time to time a
party thereto, HSBC Bank USA, National Association as administrative agent, for itself, the Lender and other lending institutions
and issuing bank(s) now or hereafter parties thereto, as the same has been and may hereafter be amended, supplemented, renewed,
restated, replaced or otherwise modified from time to time (“Loan Agreement”) as evidenced by the inscriptions made
on the schedule attached hereto, or any continuation thereof (“Schedule”). The undersigned Borrower further promises
to pay interest on the unpaid principal amount hereof from time to time at the rates and at such times as are specified in the
Loan Agreement. All capitalized terms used herein and not otherwise defined herein shall have the meanings specified in the Loan
Agreement.

 

The Lender and each holder of this Note are
authorized to inscribe on the Schedule, the date of the making of each Revolving Loan, the amount of each Revolving Loan, the applicable
Rate Options and Interest Periods, all payments on account of principal and the aggregate outstanding principal balance of this
Note from time to time unpaid. Each entry set forth on the Schedule shall be prima facie evidence of the facts so set forth. No
failure by the Lender or any holder of this Note to make, and no error in making, any inscriptions on the Schedule shall affect
the undersigned Borrower’s obligation to repay the full principal amount loaned to or for the account of the undersigned
Borrower, or the undersigned Borrower’s obligation to pay interest thereon at the agreed upon rate.

 

If any payment on this Note becomes due and
payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day, and the
undersigned Borrower will pay interest thereon at the then applicable rate until the date of actual receipt of such installment
by the holder of this Note.

 

No failure by the holder to exercise, and
no delay in exercising, any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
by the holder of any right or powers hereunder preclude any other or further exercise thereof or the exercise of any other right
or power. The rights and remedies of the holder as herein specified are cumulative and not exclusive of any other rights or remedies
which the holder may otherwise have.

 

    	 

    	 

    

 

No modification, rescission, waiver, release
or amendment of any provision of this Note shall be made except by a written agreement subscribed by a duly authorized officer
of the undersigned Borrower and the holder hereof.

 

The undersigned Borrower waives diligence,
presentment, protest and demand, and also notice of protest, demand, dishonor and nonpayment of this Note.

 

This Note evidences a borrowing under the
Loan Agreement to which reference is hereby made with respect to interest rate options and periods, prepayments of principal hereof
prior to the maturity hereof upon the terms and conditions therein specified, and rights of acceleration of the principal hereof
on the occurrence of certain events. The obligations of the undersigned Borrower under this Note, and the obligations of the Guarantors
under the Loan Documents, are secured by the Collateral referred to in the Security Documents.

 

The undersigned Borrower agrees to pay on
demand all reasonable costs and expenses incurred by the holder in enforcing this Note or in collecting the indebtedness evidenced
hereby, including, without limitation, if the holder retains counsel for any such purpose, reasonable attorneys’ fees and
expenses.

 

This Note shall be construed under, and governed
by, the internal laws of the State of New York without regard to principles of conflicts of laws.

 

This Note is given in replacement of and substitution
for, but not repayment of, that certain Replacement Revolving Note issued by Moog Inc. to the Lender in the original maximum principal
amount of $_____________ dated March 18, 2011 and the notes replaced thereby.

 

	 	 	 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	- 2 -

    	 

    

 

SCHEDULE

 

LOANS AND PAYMENTS OF PRINCIPAL

 

	
        TYPE

        OF

        LOAN
	 	
        DATE LOAN

        MADE, CON-

        TINED OR

        CONVERTED
	 	
        AMOUNT OF

        LOAN MADE,

        CONTINUED OR

        CONVERTED
	 	
        INTEREST

        PERIOD

        DATES
	 	
        DUE

        DATE
	 	
        AMOUNT OF

        PRINCIPAL

        PAID OR

        PREPAID
	 	
        AGGREGATE

        UNPAID

        PRINCIPAL

        BALANCE
	 	
        NOTATION

        MADE BY

        AND DATE

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT B

 

REPLACEMENT ALTERNATIVE CURRENCY NOTE

 

Dated: March ___, 2013

$_______________

(Assigned Dollar Value)

 

FOR VALUE RECEIVED, the undersigned, ________________(a
“Borrower”), HEREBY PROMISES TO PAY to the order of ______________ ______________________ (the “Lender”)
for the account of its Applicable Lending Office (as defined in the Loan Agreement referred to below) the aggregate principal amount
of the Alternative Currency Loans (as defined below) owing to the Lender by the Borrower on the Revolving Credit Maturity Date
pursuant to a Fourth Amended and Restated Loan Agreement, dated as of March 28, 2013 among Moog Inc., the Designated Borrowers
from time to time a party thereto, HSBC Bank USA, National Association as administrative agent, for itself, the Lender and other
lending institutions and issuing bank(s) now or hereafter parties thereto, as the same may hereafter be amended, supplemented,
renewed, restated, replaced or otherwise modified from time to time (“Loan Agreement”). All capitalized terms used
herein and not otherwise defined herein shall have the meanings specified in the Loan Agreement.

 

The undersigned Borrower promises to pay
interest on the unpaid principal amount of each Alternative Currency Loan from the date of such Alternative Currency Loan until
such principal amount is paid in full, at such interest rates, and payable at such times, as are specified in the Loan Agreement.

 

The undersigned Borrower acknowledges and
agrees that each Alternative Currency Loan shall be repaid or prepaid, as the case may be, by the undersigned Borrower in the Alternative
Currency in which such Alternative Currency Loan was made, regardless of whether the Dollar Equivalent thereof at the time of payment
is less than, equal to or greater than the Alternative Currency Commitment of the Lender. Both principal and interest are payable
in the Alternative Currency in which each respective Alternative Currency Loan evidenced hereby was made, to HSBC Bank USA, National
Association, as Administrative Agent for the Lenders, at One HSBC Center, Buffalo, New York 14202, Attention: Commercial Banking
Department, in same day funds customary for the settlement of international transactions in such Alternative Currency. Each Alternative
Currency Loan owing to the Lender by the undersigned Borrower and the maturity thereof, and all payments made on account of principal
thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the schedule attached hereto or any continuation
thereof, which is part of this Note (“Schedule”).

 

    	 

    	 

    

 

This promissory note is one of the Notes
referred to in, and is entitled to the benefits of, the Loan Agreement. The Loan Agreement, among other things, (i) provides
for the making of revolving loans denominated in an Alternative Currency (the “Alternative Currency Loans”) by the
Lender to the undersigned Borrower from time to time in an aggregate amount not to exceed at any time outstanding the Assigned
Dollar Value of the Dollar amount first above mentioned, the indebtedness of the undersigned Borrower resulting from each such
Alternative Currency Loan being evidence by this Note, and (ii) contains provisions for acceleration of the maturity hereof
on the occurrence of certain events and also for prepayments on account of principal hereof prior to the maturity hereof upon the
terms and conditions therein specified. The obligations of the undersigned Borrower under this Note, and the obligations of the
Guarantors under the Loan Documents, are secured by the Collateral referred to in the Security Documents.

 

The undersigned Borrower agrees to pay on
demand all reasonable costs and expenses incurred by the holder in enforcing this Note or in collecting the indebtedness evidenced
hereby, including, without limitation, if the holder retains counsel for any such purpose, reasonable attorneys’ fees and
expenses.

 

This Note shall be construed under, and
governed by, the internal laws of the State of New York without regard to principles of conflicts of laws.

 

This Note is given in replacement of and substitution
for, but not repayment of, that certain Replacement Alternative Currency Note issued by Moog Inc. to the Lender in the original
maximum principal amount of $_____________ dated March 18, 2011 and the notes replaced thereby.

 

	 	 	 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	- 2 -

    	 

    

 

ALTERNATIVE CURRENCY LOANS

AND PAYMENTS OF PRINCIPAL

 

	DATE	 	
        AMOUNT OF

        ALTERNATIVE

        LOAN*
	 	
        AMOUNT OF

        PRINCIPAL PAID OR

        PREPAID*
	 	
        UNPAID PRINCIPAL

        BALANCE*
	 	
        NOTATION MADE

        BY

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

*Specify Alternative Currency

 

    	 

    	 

    

 

EXHIBIT C

 

REPLACEMENT SWINGLINE NOTE

 

	 	Buffalo, New York
	$25,000,000.00	March ____, 2013

 

FOR VALUE RECEIVED, the undersigned, MOOG
INC., a New York business corporation having its principal place of business at Jamison Road and Seneca Street, East Aurora,
New York 14052-0018 (“Company”) promises to pay, ON DEMAND, to the order of HSBC BANK USA, NATIONAL ASSOCIATION
(“Lender”) at the banking office of the Administrative Agent (as defined in the Loan Agreement, as hereinafter defined)
at One HSBC Center, Buffalo, New York 14203, in lawful money of the United States and in immediately available funds, the lesser
of (i) the principal amount of Twenty-Five Million Dollars ($25,000,000.00) or (ii) the aggregate amount of
all unpaid Swingline Loans made by Lender to Borrower as shown on the schedule on the reverse side of this Note or any continuation
schedule (“Schedule”) together with interest as provided in the next paragraph. In this Note, any capitalized term
not defined in this Note has the meaning defined in a Fourth Amended and Restated Loan Agreement, dated as of March 28, 2013,
among Moog Inc., the Designated Borrowers from time to time a party thereto, HSBC Bank USA, National Association as administrative
agent, for itself, the Lender and other lending institutions and issuing bank(s) now or hereafter parties thereto, as the same
may hereafter be amended, supplemented, renewed, restated, replaced or otherwise modified from time to time (“Loan Agreement”).

 

From and including the date of this Note to
but not including the date the outstanding principal amount of this Note is paid in full, the Company shall pay to the Administrative
Agent for the account of the holder of this Note (“Holder”) interest on such outstanding principal amount at a rate
per year that shall on each day prior to demand be equal to 1% in excess of the Alternate Base Rate from time to time in effect
(“Interest Rate”). After an unsatisfied demand for payment, this Note shall bear interest at a per annum rate of interest
equal to 2% in excess of the Interest Rate from time to time in effect. In no event shall such interest be payable at a rate in
excess of the maximum rate of interest permitted by applicable law. A payment of such interest shall become due on the first day
of each calendar month, beginning on April 1, 2013 and on the date this Note is repaid in full. Interest shall be calculated
on the basis of a 365-day year or 366-day year, as applicable, for the actual number of days elapsed.

 

The Holder is authorized to inscribe on the
Schedule the date of each Swingline Loan made hereunder, each repayment of principal and the aggregate unpaid principal balance
of this Note. Each entry set forth on the Schedule shall be prima facie evidence of the facts so set forth. No failure by the Holder
to make, and no error by the Holder in making, any inscription on the Schedule shall affect the Company’s obligation to repay
the full amount advanced on this Note to or for the account of the Company, or Company’s obligation to pay interest thereon
at this agreed upon rate.

 

    	 

    	 

    

 

If any payment on this Note becomes due and
payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day, and the
Company will pay interest thereon at the then applicable rate until the date of actual receipt of such installment by the holder
of this Note.

 

No failure by the holder to exercise, and
no delay in exercising, any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
by the holder of any right or powers hereunder preclude any other or further exercise thereof or the exercise of any other right
or power. The rights and remedies of the holder as herein specified are cumulative and not exclusive of any other rights or remedies
which the holder may otherwise have.

 

No modification, rescission, waiver, release
or amendment of any provision of this Note shall be made except by a written agreement subscribed by a duly authorized officer
of the Company and the holder hereof.

 

Company waives diligence, presentment, protest
and demand, and also notice of protest, demand, dishonor and nonpayment of this Note.

 

This Note is the Swingline Note referred to
in the Loan Agreement and is otherwise entitled to the benefits of the Loan Agreement. The obligations of the Company under this
Note, and the obligations of the Guarantors under the Loan Documents, are secured by the Collateral referred to in the Security
Documents.

 

Company agrees to pay on demand all reasonable
costs and expenses incurred by the holder in enforcing this Note or in collecting the indebtedness evidenced hereby, including,
without limitation, if the holder retains counsel for any such purpose, reasonable attorneys’ fees and expenses.

 

This Note shall be construed under, and governed
by, the internal laws of the State of New York without regard to principles of conflicts of laws.

 

This Note is given in replacement of and
substitution for, but not repayment of, that certain Replacement Swingline Note issued by Company in the original maximum principal
amount of $25,000,000 dated March 18, 2011 and the notes replaced thereby.

 

	 	MOOG INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	- 2 -

    	 

    

 

SCHEDULE

 

SWINGLINE LOANS AND PAYMENTS OF PRINCIPAL

 

	DATE	 	
        PRINCIPAL

        AMOUNT
	 	
        AMOUNT OF

        PRINCIPAL PAID OR

        REPAID
	 	
        AGGREGATE

        UNPAID PRINCIPAL

        BALANCE
	 	
        INSCRIPTION MADE

        BY

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D

 

REQUEST CERTIFICATE

 

The undersigned hereby certifies to HSBC
Bank USA, National Association, in accordance with the terms of a Fourth Amended and Restated Loan Agreement, dated as of March 28,
2013, among Moog Inc., the Designated Borrowers from time to time a party thereto, HSBC Bank USA, National Association as administrative
agent, for itself, the Lenders and other lending institutions and issuing bank(s) now or hereafter parties thereto, as the same
may have been and may hereafter be, amended, supplemented, renewed, restated, replaced or otherwise modified from time to time
(“Agreement”) that:

 

The undersigned requests:

 

(Check One)

 ̈ for
Moog Inc.

 ̈ on
behalf of _______[insert name of Designated Borrower]

 

(Check One)

 ̈ Revolving
Loan

 ̈ Alternative
Currency Loan

 

to be made to such Borrower. which will be a

 

(Check One)

 ̈ new
loan

 ̈ conversion

 ̈ continuation

 

of a

 

(Check One)

 ̈ Libor
Loan (Only option for Alternative Currency Loan)

 ̈ ABR
Loan

 

to a or as a

 

(Check One)

 ̈ Libor
Loan

 ̈ ABR
Loan

 

    	 

    	 

    

 

in the amount of $_____________ for an Interest Period, if applicable,
of

 

(Check One)

 ̈ one
month.

 ̈ two
months.

 ̈ three
months.

 ̈ six
months.

 

The proposed loan/conversion/continuation is to be made on ____________,
____ .

 

The undersigned certifies that as of the
date hereof:

 

(i)         there
does not exist any Event of Default, Default or Material Adverse Effect;

 

(ii)        each
representation and warranty made in the Agreement and any Loan Document to which the Borrowers are a party and in any certificate,
document or financial or other statement furnished at any time thereunder is true, correct and complete in all material respects
with the same effect as though such representations and warranties had been made on the date hereof, except to the extent any such
representation and warranty relates solely to an earlier date, or to the extent any such representation and warranty has been updated
in a certificate executed by a Responsible Officer and received by the Administrative Agent before the date hereof; and

 

(iii)       the
incurrence of the Indebtedness requested in this certificate is permitted by the terms of the Current Indenture (as defined in
the Agreement) and any other subordinated indenture pursuant to which Subordinated Indebtedness has been issued (“Other Indenture”)
and will constitute Senior Debt and Designated Senior Debt under, and as defined in, the Current Indenture or any Other Indenture.

 

WITNESS the signature of the undersigned
authorized signatory of the Company on behalf of itself and any Designated Borrower this ____ day of _____________, ____.

 

	 	MOOG INC.
	 	 	 
	 	By:	 
	 	 	(Title)

 

    	- 2 -

    	 

    

 

EXHIBIT E

 

COMPLIANCE CERTIFICATE

 

The undersigned hereby certifies to the
Administrative Agent and the Lenders, in accordance with the terms of a Fourth Amended and Restated Loan Agreement, dated as of
March 28, 2013, among Moog Inc., the Designated Borrowers from time to time a party thereto, HSBC Bank USA, National Association
as Administrative Agent, for itself, the Lenders and other lending institutions and issuing bank(s) now or hereafter parties thereto,
as the same may have been and may hereafter be, amended, supplemented, renewed, restated, replaced or otherwise modified from time
to time (“Agreement”), that:

 

A.General

 

1.         Capitalized
terms not defined herein shall have the meanings set forth in the Agreement.

 

2.         Borrowers
have complied in all material respects with all the terms, covenants and conditions to be performed or observed by it contained
in the Agreement and the Loan Documents, there exists no Event of Default or Default under the Agreement and there exists no Material
Adverse Effect.

 

3.         The
representations and warranties contained in the Agreement, in any Loan Document to which the Borrowers are a party and in any certificate,
document or financial or other statement furnished at any time thereunder are true, correct and complete in all material respects
with the same effect as though such representations and warranties had been made on the date hereof, except to the extent that
any such representation and warranty relates solely to an earlier date (in which case such representation and warranty shall be
true, correct and complete on and as of such earlier date).

 

4.         The
Indebtedness outstanding under the Agreement constitutes Senior Debt and Designated Senior Debt under, and as defined in, the Current
Indenture and any other indenture pursuant to which Subordinated Indebtedness has been issued (“Other Indenture”),
and the Agreement constitutes the “Credit Agreement” thereunder.

 

    	 

    	 

    

 

B.Financial Covenants

 

1.         As
of the date hereof or, for such period as may be designated below, the computations, ratios and calculations as set forth below,
are true and correct:

 

	(a)	Covenant 6.1.  Interest Coverage Ratio.
	 	 	 	 
	 	(i)	Consolidated EBITDA	$_________
	 	 	 	 
	 	(ii)	Consolidated Capital Interest Expense	$_________
	 	 	 	 
	 	(iii)	Ratio of (i) to (ii)	___ to 1.0
	 	 	 	 
	 	 	Required Ratio	  3.0 to 1.0
	 	 	 	 
	(b)	Covenant 6.2.  Leverage Ratio.
	 	 	 	 
	 	(i)	Consolidated Net Debt	$________
	 	 	 	 
	 	(ii)	Consolidated EBITDA	$________
	 	 	 	 
	 	(iii)	Ratio of (i) to (ii)	___ to 1.0
	 	 	 	 
	 	 	Required Ratio	  3.5 to 1.0
	 	 	 	 
	(c)	Covenant 6.3.  Consolidated Capital Expenditures.
	 	 	 	 
	 	 	Consolidated Capital Expenditures	$________
	 	 	 	 
	 	 	Required Amount	  $________

 

IN WITNESS WHEREOF, the undersigned,
a Financial Officer of the Company, has executed and delivered this certificate on behalf of the Company on ___________, 20__.

 

	 	MOOG INC.
	 	 	 
	 	By	 
	 	Name:	 
	 	Title:	 

 

    	- 2 -

    	 

    

 

EXHIBIT F

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption (the “Assignment
and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of
Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms
used but not defined herein shall have the meanings given to them in the Agreement identified below (as amended, the “Agreement”),
receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth
herein in full.

 

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

 

	1.	Assignor:	 	 
	 	 	 	 
	2.	Assignee:	 	 
	 	 	[and is an Affiliate/Approved Fund of [identify Lender]1]
	 	 	 	 
	3.	Borrower:	Moog Inc. and any Designated Borrower
	 	 	 	 
	4.	Administrative Agent:	HSBC Bank USA, National Association, as the administrative agent under the Credit Agreement

 

 

1 Select
as applicable.

 

    	 

    	 

    

 

		5.	Credit Agreement:Fourth Amended and Restated Loan
Agreement dated as of March ____, 2013 among Moog Inc., the Designated Borrowers from time to time a party thereto, HSBC Bank USA, National
Association, as Administrative Agent, for itself, the Lenders and other lending institutions and issuing banks now or hereafter
parties thereto

 

		6.	Assigned Interest:

 

 

	 
 
Facility
                                                                                                                                                                                                                                                                            Assigned2
	 	Aggregate Amount of 
Commitment/Loans 
for all Lenders	 	 	Amount of 
Commitment/Loans 
Assigned	 	 	Percentage Assigned 
of 
Commitment/Loans3	 
	     	 	$		 	 	$	       	 	 	 		%
	 	 	$		 	 	$		 	 	 		%
	 	 	$	           	 	 	$		 	 	 	         	%

 

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

 

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

 

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

 

	 	ASSIGNOR
	 	 
	 	[NAME OF ASSIGNOR]
	 	 
	 	By:	 	 
	 	Title:
	 	 
	 	ASSIGNEE
	 	 
	 	[NAME OF ASSIGNEE]
	 	 
	 	By:	 	 
	 	Title:

 

 

 2 Fill in the appropriate
terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g. “Commitment,”
“Alternative Currency Sublimit,” etc.)

3
Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

 

    	- 2 -

    	 

    

 

[Consented to and]4 Accepted:

 

	HSBC Bank USA, National Association, as	 
	Administrative Agent	 
	 	 
	By	 	 
	Title:	 
	 	 
	[Consented to:]5	 
	 	 
	[NAME OF RELEVANT PARTY]	 
	 	 
	By	 	 
	Title:	 

 

 

4 To be added only if the consent
of the Administrative Agent is required by the terms of the Credit Agreement.

5 To be added only if the consent
of the Borrower and/or other parties (e.g. Swingline Lender, Issuing Bank) is required by the terms of the Credit Agreement.

 

    	- 3 -

    	 

    

 

ANNEX 1

to

Assignment and Assumption

 

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1.             Representations
and Warranties.

 

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

 

1.2.          Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under
the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied
by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound
by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations
of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned
Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative
Agent or any other Lender, (v) if it is a Non-U.S. Lender, attached to the Assignment and Assumption is any documentation required
to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (vi) it does
not bear a relationship to the Borrowers described in Section 108(e)(4) of the Code; and (b) agrees that (i) it will, independently
and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan
Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents
are required to be performed by it as a Lender.

 

    	 

    	 

    

 

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

 

3.          General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment
and Assumption by facsimile shall be effective as delivery of a manually executed counterpart of this
Assignment and Assumption. This Assignment and Assumption shall be construed in accordance
with and governed by the law of the State of New York, but giving effect to federal laws applicable to national banks.

 

    	- 2 -

    	 

    

 

EXHIBIT G

 

FORM OF DESIGNATED BORROWER

REQUEST AND ASSUMPTION AGREEMENT

 

Date: __________, _____

 

To:   HSBC Bank USA, National Association, as Administrative Agent

 

Ladies and Gentlemen:

 

This Designated Borrower Request and Assumption
Agreement is made and delivered pursuant to Section 2.22 of that certain Fourth Amended and Restated Loan Agreement, dated as of
March 28, 2013 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”),
among Moog Inc. (the “Company”), the Designated Borrowers from time to time a party thereto, HSBC USA, National Association,
as Administrative Agent, Swingline Lender and Issuing Bank, and reference is made thereto for full particulars of the matters described
therein. All capitalized terms used in this Designated Borrower Request and Assumption Agreement and not otherwise defined herein
shall have the meanings assigned to them in the Agreement.

 

Each of ______________________________ (the
“Additional Designated Borrower”) and the Company hereby confirms, represents and warrants to the Administrative Agent
and the Lenders that the Additional Designated Borrower is either (a) a Subsidiary of the Company and is a Guarantor or (b) a Foreign
Subsidiary and 65% of its Equity Interests have been pledged to the Administrative Agent in accordance with the Agreement (but
only if such Foreign Subsidiary is directly owned by the Company or a Guarantor) or (c) the Equity Interest in such Foreign Subsidiary
that is not directly owned by the Company or a Guarantor is subject to a negative pledge in favor of Administrative Agent.

 

The documents required to be delivered to
the Administrative Agent under Section 2.22 of the Agreement have been or will be furnished to the Administrative Agent in accordance
with the requirements of the Agreement.

 

The parties hereto hereby confirm that with
effect from the Effective Date (as defined below), the Additional Designated Borrower shall have the rights, obligations, duties
and liabilities toward each of the other parties to the Agreement identical to those which the Additional Designated Borrower would
have had if the Additional Designated Borrower has been an original party to the Agreement as a Borrower. The Additional Designated
Borrower confirms its acceptance of, and consents to, all representations and warranties, covenants, and other terms and provisions
of the Credit Agreement. In particular, the Additional Designated Borrower represents and warrants that entering into the Agreement
does not violate the terms of any agreement with respect to Material Indebtedness to which it is a party.

 

    	 

    	 

    

 

The Company acknowledges and confirms its
obligations as a guarantor of the Designated Borrower obligations incurred by the Additional Designated Borrower under the Agreement.
If the Designated Borrower is a Foreign Borrower, to the extent that any Foreign Borrower hereafter may acquire any immunity from
suit, execution, attachment, jurisdiction of any court or any legal process (whether through attachment prior to judgment, attachment
in aid of execution, execution of a judgment or from any other legal process or remedy) with respect to it or its property, such
Foreign Borrower hereby irrevocably waives such immunity in respect of its obligations under the Loan Documents.

 

The parties hereto hereby request that the
Additional Designated Borrower be entitled to receive Loans and Letters of Credit for its account under the Agreement, and understand,
acknowledge and agree that neither the Additional Designated Borrower nor the Company on its behalf shall have any right to request
any Loans or Letters of Credit for the Additional Designated Borrower’s account until the date two Business Days after the
effective date (the “Effective Date”) designated by the Administrative Agent in a Designated Borrower Notice delivered
to the Company and the Lenders pursuant to Section 2.22(a) of the Agreement.

 

[The Additional Designated Borrower irrevocably
designates and appoints the Company, as its authorized agent, to accept and acknowledge on its behalf, service of any and all
process which may be served in any suit, action or proceeding in connection with its capacity as an Additional Designated Borrower.
The Company hereby represents, warrants and confirms that the Company has agreed to accept such appointment. Said designation
and appointment shall be irrevocable by the Additional Designated Borrower until all obligations payable by the Additional Designated
Borrower under the Agreement shall have been paid in full in accordance with the provisions hereof and the Additional Designated
Borrower shall be been terminated as a Borrower hereunder. The Additional Designated Borrower hereby consents to process being
served in any such suit, action or proceeding by service of process upon the Company as provided in Section 11.6 of the Agreement.
The Additional Designated Borrower irrevocably waives, to the fullest extent permitted by law, all claim of error by reason of
any such service in such manner and agrees that such service shall be deemed in every respect effective service of process upon
the Additional Designated Borrower in any suit, action or proceeding and shall, to the fullest extent permitted by law, be taken
and held to be valid and personal service upon personal delivery to the Additional Designated Borrower.]1

 

This Designated Borrower Request and Assumption
Agreement shall constitute a Loan Document under the Agreement.

 

THIS DESIGNATED BORROWER REQUEST AND ASSUMPTION
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

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

 

 

1 Such language to be included
only in the case of a foreign Additional Designated Borrower

 

    	- 2 -

    	 

    

 

	 	[ADDITIONAL DESIGNATED BORROWER]
	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 
	 	MOOG INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	- 3 -

    	 

    

 

EXHIBIT H

 

FORM OF DESIGNATED BORROWER NOTICE

 

Date: __________, _____

 

		To:	MOOG INC. and

[applicable Designated Borrower]

 

The Lenders party to the Agreement referred
to below

 

Ladies and Gentlemen:

 

This Designated Borrower Notice is made
and delivered pursuant to Section 2.22 of that certain Fourth Amended and Restated Loan Agreement, dated as of March 28, 2013 (as
amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”), among
Moog Inc. (the “Company”), the Designated Borrowers from time to time a party thereto, the Lenders from time to time
party thereto, and HSBC USA, National Association, as Administrative Agent, Swingline Lender and Issuing Bank, and reference is
made thereto for full particulars of the matters described therein. All capitalized terms used in this Designated Borrower Notice
and not otherwise defined herein shall have the meanings assigned to them in the Agreement.

 

The Administrative Agent hereby notifies
the Company and the Lenders that (i) effective as of the date hereof (the “Effective Date”) [________________________]
(the “Subsidiary”) shall be a Designated Borrower and (ii) that after five Business Days from the Effective Date the
Subsidiary, or the Company on its behalf, may receive Loans and Letters of Credit for its account on the terms and conditions set
forth in the Agreement.

 

This Designated Borrower Notice shall constitute
a Loan Document under the Agreement.

 

	 	HSBC BANK USA, NATIONAL ASSOCIATION
	 	as Administrative Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

SCHEDULE 1.1

 

PENSION PLANS

 

		1.	The Moog Inc. Employees’ Retirement Plan; and

 

		2.	The Flo-Tork, Inc. Defined Benefit Plan and Trust.

 

    	 

    	 

    

 

SCHEDULE 2.1

 

LENDERS’ COMMITMENTS 

 

	Lender	 	 
Commitment
	 	 	Applicable
    
 Percentage	 
	 	 	 	 	 	 	 
	HSBC Bank USA, National Association	 	$	120,000,000.00	 	 	 	13.3333333333	%**
	Manufacturers and Traders Trust Company	 	$	120,000,000.00	 	 	 	13.3333333333	%
	Bank of America, N.A.	 	$	107,500,000.00	 	 	 	11.9444444444	%
	JPMorgan Chase Bank, N.A.	 	$	107,500,000.00	 	 	 	11.9444444444	%
	Citizens Bank of Pennsylvania	 	$	85,000,000.00	 	 	 	9.4444444444	%
	Wells Fargo Bank, N.A.	 	$	70,000,000.00	 	 	 	7.7777777777	%
	The Bank of Tokyo-Mitsubishi UFJ, Ltd.	 	$	70,000,000.00	 	 	 	7.7777777777	%
	PNC Bank, National Association	 	$	70,000,000.00	 	 	 	7.7777777777	%
	Fifth Third Bank	 	$	30,000,000.00	 	 	 	3.3333333333	%
	Northern Trust	 	$	30,000,000.00	 	 	 	3.3333333333	%
	First Niagara Bank, N.A.	 	$	30,000,000.00	 	 	 	3.3333333333	%*
	U.S. Bank National Association	 	$	30,000,000.00	 	 	 	3.3333333333	%
	Royal Bank of Canada	 	$	30,000,000.00	 	 	 	3.3333333333	%
	TOTAL	 	$	900,000,000.00	 	 	 	100	%

 

	Lender	 	Amount of Alternative

    Currency Sublimit	 	 	Applicable 

    Percentage	 
	 	 	 	 	 	 	 
	HSBC Bank USA, National Association	 	$	20,000,000.00	 	 	 	13.3333333333	%**
	Manufacturers and Traders Trust Company	 	$	20,000,000.00	 	 	 	13.3333333333	%
	Bank of America, N.A.	 	$	17,916,666.66	 	 	 	11.9444444444	%
	JPMorgan Chase Bank, N.A.	 	$	17,916,666.66	 	 	 	11.9444444444	%
	Citizens Bank of Pennsylvania	 	$	14,166,666.67	 	 	 	9.444444444	%
	Wells Fargo Bank, N.A.	 	$	11,666,666.67	 	 	 	7.777777777	%
	The Bank of Tokyo-Mitsubishi UFJ, Ltd.	 	$	11,666,666.67	 	 	 	7.777777777	%
	PNC Bank, National Association	 	$	11,666,666.67	 	 	 	7.777777777	%
	Fifth Third Bank	 	$	5,000,000.00	 	 	 	3.333333333	%
	Northern Trust	 	$	5,000,000.00	 	 	 	3.333333333	%
	First Niagara Bank, N.A.	 	$	5,000,000.00	 	 	 	3.333333333	%*
	U.S. Bank National Association	 	$	5,000,000.00	 	 	 	3.333333333	%
	Royal Bank of Canada	 	$	5,000,000.00	 	 	 	3.333333333	%
	TOTAL	 	$	150,000,000.00	 	 	 	100	%

 

* During the time period in which the organizational charter
of First Niagara Bank, N.A. (“FNB”) prohibits FNB from making Loans to or participating in Letters of Credit for the
account of a Foreign Borrower, FNB shall not be a Lender with respect to any such Loans or such Letters of Credit requested for
a Foreign Borrower and FNB’s Applicable Percentage of any such requested Loan or Letter of Credit shall be 0% and its Commitment
shall be reduced by the Dollar Equivalent of 3.333333333% of any such requested Loan or Letter of Credit.

 

** During the time period in which FNB’s Applicable Percentage
and Commitment are reduced as set forth above, HSBC Bank USA, National Association’s Applicable Percentage with respect to
such Loan or Letter of Credit requested for a Foreign Borrower shall increase by 3.333333333% and its Commitment shall increase
by the Dollar Equivalent of 3.333333333% of such requested Loan or Letter of Credit, provided in no event shall the aggregate amount
of all Loans and LC Exposure of HSBC Bank USA, National Association exceed $120,000,000.

 

    	 

    	 

    

 

Applicable Lending Offices:

 

	Lender	 	Domestic Lending Office	 	Libor Lending Office
	 	 	 	 	 
	
        HSBC Bank USA, National

        Association
	 	
        One HSBC Center

        Buffalo, NY 14203
	 	
        One HSBC Center

        Buffalo, NY 14203

	 	 	 	 	 
	
        Manufacturers and Traders

        Trust Company
	 	
        One Fountain Plaza

        12th Floor

        Buffalo, NY 14203
	 	
        One Fountain Plaza

        12th Floor

        Buffalo, NY 14203

	 	 	 	 	 
	Bank of America, N.A.	 	
        70 Batterson Park Road

        Farmington, CT 06032
	 	
        70 Batterson Park Road

        Farmington, CT 06032

	 	 	 	 	 
	JPMorgan Chase Bank, N.A.	 	
        10 South Dearborn

        Floor 07

        Chicago, IL 60603-2003
	 	
        10 South Dearborn

        Floor 07

        Chicago, IL 60603-2003

	 	 	 	 	 
	Citizens Bank of Pennsylvania	 	
        525 William Penn Place

        Room 153-2440

        Pittsburgh, PA 15219
	 	
        100 Sockanosett Crossroads

        Cranston, RI 02920

	 	 	 	 	 
	
        The Bank of Tokyo-

        Mitsubishi UFJ, Ltd.
	 	
        1251 Avenue of the Americas

        12th Floor

        New York, NY 10020
	 	
        1251 Avenue of the Americas

        12th Floor

        New York, NY 10022

	 	 	 	 	 
	Wells Fargo Bank, N.A.	 	
        7711 Plantation Road

        Roanoke, VA 24019
	 	
        7711 Plantation Road

        Roanoke, VA 24019

	 	 	 	 	 
	
        PNC Bank, National

        Association
	 	
        Two Tower Center Boulevard

        21st Floor

        East Brunswick, NJ 08816
	 	
        Two Tower Center Boulevard

        21st Floor

        East Brunswick, NJ 08816

	 	 	 	 	 
	Fifth Third Bank	 	
        600 Superior Avenue East

        3rd Floor

        Cleveland, OH 44114
	 	
        600 Superior Avenue East

        3rd Floor

        Cleveland, OH 44114

	 	 	 	 	 
	Northern Trust	 	
        50 S. LaSalle

        Chicago, IL 60675
	 	
        50 S. LaSalle

        Chicago, IL 60675

	 	 	 	 	 
	First Niagara Bank, N.A.	 	
        726 Exchange Street

        Suite 900

        Buffalo, NY 14210
	 	
        726 Exchange Street

        Suite 900

        Buffalo, NY 14210

	 	 	 	 	 
	
        U.S. Bank National Association

         
	 	
        800 Nicolle & Mall

        Minneapolis, MN 55402
	 	
        800 Nicolle & Mall

        Minneapolis, MN 55402

	 	 	 	 	 
	
        Royal Bank of Canada

         
	 	
        Three World Financial Center

        200 Vesey Street

        New York, NY 10281
	 	
        Three World Financial Center

        200 Vesey Street

        New York, NY 10281

 

    	- 2 -

    	 

    

 

SCHEDULE 2.4

EXISTING LETTERS OF CREDIT

 

Issuing Bank – HSBC Bank USA, National Association

 

	Letter of Credit No.	 	Current

    Amount*	 	 	Maturity

    Date	 	Beneficiary
	 	 	 	 	 	 	 	 
	SDCMTN560641	 	$	8,051.68	(1)	 	31JAN2014	 	HSBC
	 	 	 	 	 	 	 	 	 
	SDCMTN561583	 	$	41,998.81	(2)	 	17APR2013	 	BAE SYSTEMS INTEGRATED
    SYSTEMS
	 	 	 	 	 	 	 	 	 
	SDCMTN561748	 	$	915,675.47	(2)	 	31OCT2013	 	EMBRAER AVIATION
    INTERNATIONAL
	 	 	 	 	 	 	 	 	 
	SDCMTN559020	 	$	509,314.61	(3)	 	30OCT2014	 	HONG KONG SHANGHAI
    BANKING CORP.
	 	 	 	 	 	 	 	 	 
	SDCMTN559023	 	$	619,440.63	(3)	 	30OCT2014	 	HONG KONG SHANGHAI
    BANKING CORP.
	 	 	 	 	 	 	 	 	 
	SDCMTN559024	 	$	364,772.27	(3)	 	30OCT2014	 	HONG KONG SHANGHAI
    BANKING CORP.
	 	 	 	 	 	 	 	 	 
	SDCMTN559939	 	$	148,522.50	(3)	 	30APR2015	 	HONG KONG SHANGHAI
    BANKING CORP.
	 	 	 	 	 	 	 	 	 
	SDCMTN552285	 	$	20,000.00	 	 	31MAY2013	 	RRSL PORTFOLIO
    INC. AND
	 	 	 	 	 	 	 	 	 
	SDCMTN552666	 	$	5,255,000.00	 	 	15JUN2013	 	THE TRAVELERS INDEMNITY
    COMPANY
	 	 	 	 	 	 	 	 	 
	SDCMTN556792	 	$	57,750.00	 	 	01FEB2014	 	DEFENSE ACQUISITION
    PROGRAM
	 	 	 	 	 	 	 	 	 
	SDCMTN558762	 	$	269,400.00	 	 	15DEC2013	 	DEFENSE ACQUISITION
    PROGRAM
	 	 	 	 	 	 	 	 	 
	SDCMTN559678	 	$	265,500.00	 	 	31AUG2013	 	ASELSAN
	 	 	 	 	 	 	 	 	 
	SDCMTN547630	 	$	311,176.40	 	 	01OCT2013	 	DEFENSE ACQUISITION
    PROGRAM
	 	 	 	 	 	 	 	 	 
	SDCMTN548356	 	$	514,305.00	 	 	31MAR2014	 	ICICI
	 	 	 	 	 	 	 	 	 
	SDCMTN558760	 	$	1,236,161.00	 	 	15DEC2013	 	DEFENSE ACQUISITION
    PROGRAM
	 	 	 	 	 	 	 	 	 
	SDCMTN560442	 	$	239,235.60	 	 	04OCT2013	 	ASELSAN
	 	 	 	 	 	 	 	 	 
	SDCMTN560935	 	$	300,000.00	 	 	30JUL2014	 	HSBC FRANCE
	 	 	 	 	 	 	 	 	 
	SDCMTN560941	 	$	75,000.00	 	 	29AUG2013	 	HSBC FRANCE
	 	 	 	 	 	 	 	 	 
	SDCMTN561662	 	$	150,000.00	 	 	11SEP2016	 	HSBC FRANCE
	 	 	 	 	 	 	 	 	 
	SDCMTN562639	 	$	423,000.00	 	 	31DEC2013	 	PROCUREMENT CENTER
    OF ARMAMENT
	 	 	 	 	 	 	 	 	 
	SDCMTN543593	 	$	1,645,000.00	 	 	30JUN2013	 	LIBERTY MUTUAL
    INS. CO.

 

*In USD or USD equivalent

		(1)	LC issued in EUR

		(2)	LC issued in GBP

		(3)	LC issued in INR

 

    	 

    	 

    

 

SCHEDULE 4.1

SUBSIDIARIES

 

		(i)	AMC Delaware Inc., incorporated in Delaware, wholly-owned
subsidiary [inactive]

 

		(ii)	Animatics GmbH, incorporated in Germany, wholly-owned
subsidiary

 

		(iii)	Bradford Engineering B.V., incorporated in the Netherlands,
wholly-owned subsidiary

 

		(iv)	Broad Reach Engineering Company, incorporated in Delaware,
wholly-owned subsidiary

 

		(a)	Octant Technologies, Inc., incorporated in California,
wholly-owned subsidiary of Broad Reach Engineering Company

 

		(v)	CSA Engineering, Inc., incorporated in California, wholly-owned
subsidiary

 

		(vi)	Curlin Medical Inc. (“Curlin”), incorporated
in Delaware, wholly-owned subsidiary

 

		(a)	Moog MDG SRL, incorporated in Costa Rica, wholly-owned
subsidiary of Curlin

 

		(b)	Viltechmeda UAB, incorporated in Lithuania, wholly-owned
subsidiary of Curlin

 

		(c)	X.O. Tec Corporation (“X.O. Tec”), incorporated
in Delaware, wholly-owned subsidiary of Curlin

 

		(1)	Ethox (Beijing) Medical Devices Trading Inc., incorporated
in People’s Republic of China, wholly-owned subsidiary of X.O. Tec

 

		(2)	Ethox International, Inc., incorporated in New York,
wholly-owned subsidiary of X.O. Tec

 

		(2.a)	MMC Sterilization Services Group, Inc., incorporated in Pennsylvania, wholly-owned subsidiary of Ethox International, Inc.

 

		(d)	ZEVEX, Inc., incorporated in Delaware, wholly-owned subsidiary
of Curlin

 

		(vii)	Eurmotion Ltd. incorporated in England and Wales, wholly-owned
subsidiary [inactive]

 

    	 

    	 

    

 

		(viii)	Harmonic Linear Drives Ltd., incorporated in England
and Wales, 75% owned by Moog Inc. [inactive]

 

		(ix)	MCG Kingsport, Inc., incorporated in Delaware, wholly-owned
subsidiary

 

		(x)	Ingenieurburo Pieper GmbH, incorporated in Germany, wholly-owned
subsidiary

 

		(xi)	Mid-America Aviation, Inc., incorporated in North Dakota,
wholly-owned subsidiary

 

		(xii)	Moog Ireland Ltd, incorporated in Ireland, wholly-owned
subsidiary

 

		(xiii)	Moog Australia Pty. Ltd., incorporated in Australia,
wholly-owned subsidiary

 

		(ixv)	Moog do Brasil Controles Ltda., incorporated in Brazil,
wholly-owned subsidiary

 

		(a)	Moog de Argentina Srl, Incorporated in Argentina, wholly-owned
subsidiary of Moog do Brasil Controles Ltda.

 

		(xv)	Moog Controls Corporation, incorporated in Ohio, wholly-owned
subsidiary with branch operation in the Republic of the Philippines, and Moog Controls Corporation, incorporated in New York [inactive],
both wholly-owned subsidiaries

 

		(xvi)	Moog Controls Hong Kong Ltd., incorporated in Hong Kong,
wholly-owned subsidiary

 

		(a)	Moog Industrial Controls (Shanghai) Co., Ltd., incorporated
in Peoples Republic of China, wholly-owned subsidiary of Moog Controls Hong Kong Ltd.

 

		(b)	Moog Control Systems (Shanghai) Co., Ltd., incorporated
in Peoples Republic of China, wholly-owned subsidiary of Moog Controls Hong Kong Ltd.

 

		(xvii)	Moog Controls (India) Private Ltd., incorporated in India,
wholly-owned subsidiary

 

		(xviii)	Moog Controls Ltd., incorporated in the United Kingdom,
wholly-owned subsidiary

 

		(a)	Moog FCS Ltd., incorporated in the United Kingdom, wholly-owned
subsidiary of Moog Controls Ltd.

 

		(b)	Fernau Limited, incorporated in the United Kingdom, wholly-owned
subsidiary of Moog Controls Ltd.

 

    	- 2 -

    	 

    

 

		(1)	Moog Fernau Ltd., incorporated in the United Kingdom,
wholly-owned subsidiary of Fernau Limited

 

		(b)	Moog Components Group Limited, incorporated in the United
Kingdom, wholly-owned subsidiary of Moog Controls Ltd.

 

		(1)	Tritech Holdings Limited, incorporated in the United
Kingdom, wholly-owned subsidiary of Moog Components Group Limited

 

		(1.a)	Tritech International Limited, incorporated in the United Kingdom, wholly-owned subsidiary of Tritech Holdings Limited

 

		(c)	Moog Norden A.B., incorporated in Sweden, wholly-owned
subsidiary of Moog Controls Ltd.

 

		(d)	Moog OY, incorporated in Finland, wholly-owned subsidiary
of Moog Controls Ltd.

 

		(e)	Moog Wolverhampton Limited, incorporated in the United
Kingdom, wholly-owned subsidiary of Moog Controls Ltd.

 

		(xx)	Moog Europe Holdings I LLC, a New York limited liability
company, wholly-owned subsidiary

 

		(xxi)	Moog Europe Holdings II LLC, a New York limited liability
company, wholly-owned subsidiary

 

		(xxii)	Moog Europe Holdings Luxembourg SCS (“Moog SCS”),
incorporated in Luxembourg, owned by Moog Europe Holdings I LLC and Moog Europe Holdings II LLC

 

		(a)	Moog Holding GmbH & Co. KG (“Moog KG”),
a partnership organized in Germany, wholly-owned subsidiary of Moog SCS

 

		(1)	Insensys Holdings Ltd., incorporated in the United Kingdom,
wholly-owned subsidiary of Moog KG

 

		(1.a)	Moog Insensys Limited, incorporated in the United Kingdom,
wholly-owned subsidiary of Insensys Holdings Ltd.

 

		(1.b)	Aston Photonic Technologies Limited, incorporated in
the United Kingdom, wholly-owned subsidiary of Moog Insensys Limited

 

    	- 3 -

    	 

    

 

		(1.c)	Indigo Photonics Limited, incorporated in the United
Kingdom, wholly-owned subsidiary of Aston Photonic Technologies Limited

 

		(2)	Moog Unna GmbH, incorporated in Germany, wholly-owned
subsidiary of Moog KG

 

		(2.a)	Moog Control Equipment (Shanghai) Co. Ltd., incorporated
in People’s Republic of China, wholly-owned subsidiary of Moog Unna GmbH

 

		(3)	Moog BV, incorporated in the Netherlands, wholly-owned
subsidiary of Moog KG

 

		(4)	Moog GmbH, incorporated in Germany, wholly-owned subsidiary
of Moog KG

 

		(4.a)	Moog Italiana S.r.l., incorporated in Italy, wholly-owned subsidiary of Moog GmbH

 

		(5)	Moog Luxembourg S.a.r.l., incorporated in Luxembourg,
wholly-owned subsidiary of Moog KG

 

		(6)	Obshestwo s Ogranizennoi Otwetstwennostju Moog, incorporated
in Russia, wholly-owned subsidiary of Moog KG

 

		(7)	Pro Control AG, incorporated in Switzerland, wholly-owned
subsidiary of Moog KG

 

		(b)	Moog Luxembourg Finance S.A.R.L. (“Moog Finance”),
incorporated in Luxembourg, wholly-owned subsidiary of Moog SCS with branch operations in Switzerland

 

		(1)	Moog Ireland International Financial Services Centre
Limited, incorporated in Ireland, wholly-owned subsidiary of Moog Finance with branch operations in the Republic of the Philippines

 

		(c)	Focal Technologies Corporation, incorporated in Nova
Scotia, Canada, wholly-owned subsidiary of Moog SCS

 

		(d)	Moog Verwaltungs GmbH, incorporated in Germany, wholly-owned
subsidiary of Moog SCS

 

		(xxiii)	Moog Holland Aircraft Services BV, incorporated in The
Netherlands, wholly-owned subsidiary

 

		(xxiv)	Moog ISP Holdings Limited, incorporated in Ireland, wholly-owned
subsidiary

 

    	- 4 -

    	 

    

 

		(a)	Moog ISP Dublin Ltd., incorporated in Ireland, a wholly-owned
subsidiary of Moog ISP Holdings Limited

 

		(b)	Moog ISP UK Cheltenham Ltd., incorporated in the United
Kingdom, a wholly-owned subsidiary of Moog ISP Holdings Limited

 

		(xxv)	Moog ISP UK Wescott Limited, incorporated in the United
Kingdom, wholly-owned subsidiary

 

		(xxvi)	Moog Japan Ltd., incorporated in Japan, wholly-owned
subsidiary

 

		(xxxii)	Moog Korea Ltd., incorporated in South Korea, wholly-owned
subsidiary

 

		(xxviii)	Moog Receivables LLC, a Delaware limited liability company,
wholly-owned subsidiary

 

		(xxix)	Moog S.a.r.l., incorporated in France, wholly-owned subsidiary,
95% owned by Moog Inc.; 5% owned by Moog GmbH, with branch operations in Spain

 

		(xxx)	Moog Singapore Pte. Ltd., incorporated in Singapore,
wholly-owned subsidiary

 

		(a)	Moog Motion Controls Private Limited, incorporated in
India, wholly-owned subsidiary of Moog Singapore Pte. Ltd.

 

		(b)	Moog India Technology Center Pvt Ltd., incorporated in
India, wholly-owned subsidiary of Moog Singapore Pte. Ltd.

 

		(xxxi)	Moog Techtron Corp, incorporated in Florida, wholly-owned
subsidiary

 

		(xxxii)	QuickSet International, Inc., incorporated in Illinois,
wholly-owned subsidiary

 

		(xxxiii)	Videolarm, Inc., incorporated in Georgia, wholly-owned
subsidiary

 

    	- 5 -

    	 

    

 

SCHEDULE 4.3

PENDING LITIGATION

 

None

 

    	 

    	 

    

 

SCHEDULE 7.1

Permitted Indebtedness

(Note – Numbers Represent 02/28/13
Balances)

 

		1.	Existing loan advances from Borrower
                                                                                      to Foreign Subsidiaries ($ equivalent)1

	Location	 	Loan Advance	 
	-     Moog Controls Ltd (UK)**	 	$	30,192,103	 
	-     Moog Wolverhampton Ltd (UK)	 	$	46,294,923	 
	-     Moog Controls Corporation (Philippines)	 	$	159,353,928	 

 

		2.	Existing obligations related to building financing
($ equivalent)

	Location	 	Obligation	 
	-     None	 			 

 

		3.	Existing bank facilities other than with the Lenders

	Location	 	Type of Debt	 	 	Available Facilities	 	 	Outstanding	 
	-     Moog IFSC Ltd	 	 	Overdraft	 	 	$	13,024,000	 	 	$	1,208,243	 
	-     Moog GmbH	 	 	Overdraft	 	 	$	6,848,022	 	 	$	-	 
	-     Moog Italiana S.r.l.	 	 	Overdraft	 	 	$	325,601	 	 	$	-	 
	-     Moog S.A.R.L. (France)	 	 	Overdraft	 	 	$	651,200	 	 	$	-	 
	-     Moog Japan Ltd	 	 	 	 	 	$	8,013,676	 	 	$	7,479,432	 
	-     Moog Japan Ltd	 	 	Overdraft	 	 	$	1,068,490	 	 	$	-	 
	-     Moog do Brasil Controles Ltda	 	 	Overdraft	 	 	$	60,575	 	 	$	60,575	 
	-     Moog AG (Ireland)	 	 	Overdraft	 	 	$	412,861	 	 	$	-	 

 

		4.	Notes to Seller re: purchase price holdback

	-      Broad Reach Engineering Company	 	$	8,450,000	 

  

** - Loan was paid off subsequent to 02/28/13

 

 

1 Also permitted by Section 7.1(c)

 

    	 

    	 

    

 

SCHEDULE 7.2

 

Permitted Encumbrances

(Note – Numbers Represent 02/28/13
Balances)

  

	Liens	 	Type	 	Amount	 
	Bradford Engineering B.V.	 	Various	 	$	17,812	 
	Moog do Brasil Controles Ltda	 	Various	 	$	33,821	 
	Moog Controls (India) Private Ltd	 	Vehicles	 	$	3,897	 
	Broad Reach Engineering Company	 	Blanket Lien	 	$	20,000	 
	 	 	 	 	 	 	 
	Liens on assets of Foreign Subsidiaries securing various bank facilities	 	 	See item 3

on Sch. 7.1	 

 

    	 

    	 

    

 

SCHEDULE 7.3

 

Permitted Investments and Guarantees

(Note – Numbers Represent 02/28/13
Balances excluding any reserves)

 

	1.           First Wave Technologies, Inc.	 	$	350,000	 
	2.           Simulated Surgical Systems, LLC	 	$	200,000	 
	3.           Planet IQ	 	$	250,000Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this “Agreement”)
dated as of March 27, 2013, is made by and between Independence Bancshares, Inc., a South Carolina corporation (the “
Company”) and holding company of Independence National Bank, a national bank (the “Bank”), and Gordon A.
Baird, an individual resident of Darien, Connecticut (the “Executive”).

The Bank and its affiliates, including the Company, are engaged
in the business of commercial banking and are implementing an expansion of the Bank’s transaction and financial technology services
businesses (the “Relevant Business”). The Company desires to employ the Executive, and the Executive is willing to
serve, as Chief Executive Officer of the Company on the terms and conditions herein provided. Certain terms used in this Agreement
are defined in Section 20 hereof. The parties acknowledge that the Executive was appointed a member of the Company’s Board of
Directors (the “Company Board”) effective as of December 31, 2012 and also anticipate that the Executive will become a
member of the Bank’s board of directors.

In consideration of the foregoing, the mutual covenants
contained herein, and 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:

1.

Employment; Directorship. (a) Effective as of
March 27, 2013 (the “Effective Date”), the Company shall continue to employ the Executive, and the Executive shall
continue to serve the Company, as Chief Executive Officer of the Company upon the terms and conditions set forth herein; it being
understood that the Executive was appointed Chief Executive Officer of the Company effective as of December 31, 2012. The
Executive shall report directly and exclusively to the Company Board and shall have such authority and responsibilities consistent with
his positions as are set forth in the Company’s Bylaws or assigned by the Company Board from time to time and as is customary for
the position of chief executive officer of a bank holding company, and, as such, all employees of the Company and its subsidiaries shall
report, directly or indirectly, to the Executive. Without limiting the
generality of the foregoing, if the expansion of the Relevant Business is implemented through a separate subsidiary of the Company, the
Executive, subject to obtaining any necessary prior regulatory approval, shall serve as the chief executive officer of that subsidiary
and, as such, shall be the senior most officer of that subsidiary. The Executive shall devote his full business time, attention,
skill and efforts to the performance of his duties hereunder, except during periods of illness or periods of vacation and leaves of
absence consistent with Company policy. The Executive may devote reasonable periods to service as a director or advisor to other
organizations, to charitable and community activities, and to managing his personal investments; provided that such activities do
not materially interfere with the performance of his duties hereunder and are not in conflict or competitive with, or adverse to, the
interests of the Company or the Bank. The Company acknowledges that the
Executive has disclosed to the Company Board certain activities in which he is engaged and agrees that the Executive is expressly
permitted to continue those activities.

(b)

The Company shall nominate the Executive for election as a
director at such times as necessary so that the Executive will, if elected by shareholders, remain a director of the Company throughout
the Term (as defined below in Section 2). The Executive hereby consents to serving as a director and to being named as a director
of the Company in documents filed with the Securities and Exchange Commission. The Company Board shall (i) cause the Bank to seek
regulatory approval for the initial appointment of the Executive and, if such approval is obtained, (ii) undertake reasonable efforts to
ensure that he continues throughout the term of employment to be elected or reelected as a director of the 

   

   

Bank for so long as the
Executive retains his position as the Chief Executive Officer of the Company or other senior executive officer of the Company.

2.

Term; Location. (a) Unless
earlier terminated as provided herein, the Executive’s employment under this Agreement shall be for the period commencing upon the
Effective Date and ending on December 31, 2014 (the “Term”). On each December 31st beginning with
December 31, 2013, the Term shall automatically be extended for an additional one-year period beyond the then-effective expiration date
unless a written Notice of Termination from the Company or the Executive is received 90 days prior to such anniversary advising the other
that this Agreement shall not be further extended. If either party provides timely notice of non-renewal of the Agreement, but the
Executive continues to provide services to the Company as an employee, such post-expiration employment shall be deemed to be performed on
an “at-will” basis and either party may thereafter
terminate such employment with or without notice and for any or no reason and without any obligations determined by reference to this
Agreement.

(b)

The Company shall be based in Greenville, South Carolina
(unless the Company Board determines otherwise in its sole discretion), but shall maintain offices in the New York metropolitan area to
the extent recommended by the Executive and approved by the Company Board, in which case, at any given time, the Executive shall be
permitted to work out of either location.

3.

Compensation and Benefits.

(a)

Effective as of the Effective Date, the Company shall pay the
Executive an annual base salary rate of $360,000, which shall be paid in accordance with the Company’s standard payroll procedures.
 The Company Board (or an appropriate committee thereof (the “Committee”)) shall review the Executive’s annual
base salary at least annually for upward adjustment, as determined by the Company Board or the Committee based on its evaluation of the
Executive’s performance. “Base Salary” shall mean Executive’s annual base salary as it may be increased
from time to time.

(b)

The Executive shall be eligible each year to participate in the
Company’s short-term incentive plan, with an annual target bonus opportunity of 100% of Base Salary (the “Basic Target Bonus
Amount”) and a maximum bonus payout not to exceed 200% of the Basic Target Bonus Amount, provided that no such bonuses
will be paid until the later of such time as (i) the Company is no longer deemed to be in “troubled condition” (as designated
effective February 22, 2010 by the Federal Reserve Bank of Richmond) and (ii) the Bank has reported net income (after income taxes) for
two consecutive quarters. Payment of such annual bonus (the “Annual Bonus”) shall be based upon performance
relative to performance metrics and targets pre-established by the Company Board or the Committee. The Basic Target Bonus Amount
shall be reviewed annually by the Company Board or the Committee for
upward adjustment. Except as provided in this Section 3(b) or as may be payable pursuant to Section 4, the Executive is not
guaranteed the payment of any annual bonus. Any Annual Bonus pursuant to this Section 3(b) shall be paid by the Company on the
earlier of (i) 70 days after the previous year end for which the Annual Bonus was earned by the Executive or (ii) the first pay period
following the Company’s press release announcing its previous year’s financial performance.

(c)

The Executive shall be eligible to participate in the
Company’s long-term equity incentive program and for the grant of stock options, restricted stock and other awards thereunder or
under any similar plan adopted by the Company. Any options or similar awards shall be issued to the Executive at an exercise price
of not less than the stock’s current fair market value (as determined in compliance with Treasury Regulation §
1.409A-1(b)(5)(iv)) as of the date of grant, and the number of shares subject to such grant shall be fixed on the date of grant. 

   

   

(d)

In addition to the benefits specifically described in this
Agreement, the Executive shall be eligible to participate in all retirement, welfare, health or other benefits plans or programs of the
Company now or hereafter applicable generally to employees of the Company or to a class of employees that includes senior executives of
the Company. The parties agree that the benefits stated in this Section 3(d) shall be subject to the terms of such plans or
programs applicable generally to employees of the Company or to a class of employees that includes senior executives of the Company.
 In addition, the Company shall provide for the payment of any fees or expenses reasonably incurred in connection with the
Executive’s negotiation, execution and delivery any agreements ancillary to the Executive’s joining the Company (including this
Agreement and any amendments thereto).

(e)

The Company shall reimburse the Executive for travel and
out-of-pocket expenses subject to the Company’s Executive Travel and Expense Policy. In addition, the Company will cover the
Executive’s reasonable and necessary travel (including the cost of travel between New York and Greenville, South Carolina), mobile
cellular and data plan, and other business expenses related to the Executive’s duties. In addition,
the Company shall reimburse the Executive for educational expenses related to the Executive’s professional development and for
membership in professional and civic organizations to the extent such activities are consistent with the Company’s strategic
objectives, subject in each instance to advance approval by the Company Board.

All expenses eligible for reimbursements described in this
Agreement must be incurred by the Executive during the Term to be eligible for reimbursement. All in-kind benefits described in
this Section 3 must be provided by the Company during the Term. The amount of reimbursable expenses incurred, and the amount of
in-kind benefits provided, in one taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits provided, in
any other taxable year. Each category of reimbursement shall be paid as soon as administratively practicable, but in no event shall
any such reimbursement be paid after the last day of the calendar year following the calendar year in which the expense was incurred.
 Neither rights to reimbursement nor in-kind benefits are subject to liquidation or exchanges for other benefits.

(f)

The Company shall provide the Executive with four weeks’
paid vacation per year, which shall be taken in accordance with (i) any banking rules or regulations governing vacation and (ii) the
Company’s vacation or other paid time off policy. Any payments made by the Company to the Executive as compensation for paid
vacation shall be paid in accordance with the Company’s standard payroll procedures.

(g)

The Executive agrees to repay any compensation previously paid
or otherwise made available to the Executive under this Agreement that is subject to recovery under any applicable law (including any
rule of any exchange or service through which the securities of the Company are then traded), including, but not limited to, the
following circumstances: 

(i)

where such compensation was in excess of
what should have been paid or made available because the determination of the amount due was based, in whole or in part, on materially
inaccurate financial information of the Company;

(ii)

where such compensation constitutes
“excessive compensation” within the meaning of 12 C.F.R. Section 263;

(iii)

where the Executive has committed, is
substantially responsible for, or has violated, the respective acts, omissions, conditions, or offenses outlined under 12 C.F.R. Section
359.4(a)(4); and

   

   

(iv)

if, while the Executive is also a senior
executive officer of the Bank, the Bank becomes, and for so long as the Bank remains, subject to the provisions of 12 U.S.C. Section
1831o(f), where such compensation exceeds the restrictions imposed on the senior executive officers of such an institution.

The Executive agrees to return promptly any such compensation
identified by the Company by written notice provided pursuant to Section 13. If the Executive fails to return such compensation
promptly, the Executive agrees that the amount of such compensation may be deducted from any and all other compensation owed to the
Executive by the Company. If the Executive is then employed by the Company, the Executive acknowledges that the Company may take
appropriate disciplinary action (up to, and including, Termination of Employment) if the Executive fails to return such compensation.
 The Executive acknowledges the Company’s rights to engage in any legal or equitable action or proceeding in order to enforce
the provisions of this Section 3(g). The provisions of this Section 3(g) shall be modified to the extent, and remain in effect for
the period, required by applicable law.

4.

Termination and Severance Payments.

(a)

The Executive’s employment under this Agreement may be
terminated prior to the end of the Term, if applicable, only as follows (each a “Terminating Event”):

(i)

Upon the death of the Executive. If
the Executive’s employment is terminated because of the Executive’s death, the Company shall pay the Executive’s estate
any sums due him as Base Salary or reimbursement of expenses through the end of the month during which death occurred in accordance with
the Company’s standard payroll procedures. The Company shall also pay the Executive’s estate an Annual Bonus for the year
that death occurs, based on actual performance for such year and prorated to reflect the number of days employed during such year.
 Any Annual Bonus for previous years which was not yet paid shall be paid pursuant to the terms as set forth in Section 3(b).
 Any Annual Bonus for the year of death shall be paid by the Company on the earlier of (i) 70 days after the year end in which the
Executive died or (ii) the first pay period following the Company’s press
release announcing its financial performance for the year in which the Executive died. 

(ii)

Upon the Disability of the Executive for a
period of 90 days, which includes any period of payment under the Company’s accident and health plan. During the period of any
Disability leading up to the termination of the Executive’s employment under this provision, the Company shall continue to pay the
Executive his full Base Salary at the rate then in effect and all perquisites and other benefits (other than any Annual Bonus) in
accordance with the Company’s standard payroll procedures until the Executive becomes eligible for benefits under any long-term
disability plan or insurance program maintained by the Company; provided, however, that the amount of any such payments to
the Executive shall be reduced by the sum of the amounts, if any, payable to the Executive for the same period under any other disability
benefit or pension plan covering the Executive. Furthermore, the
Company shall pay the Executive any Annual Bonus earned through the date of onset of the physical or mental impairment that led to the
Disability, based on actual performance for the year which includes the date of onset of the physical or mental impairment that led to
the Disability and prorated to reflect the number of days employed through such date. Any Annual Bonus for previous years which was
not yet paid shall be paid pursuant to the terms as set forth in Section 3(b). Any Annual Bonus for the year which includes the
date of onset of the physical or mental impairment that led to the Disability shall be paid by the Company on the earlier of (i) 70 days
after the year end in which the Executive became Disabled or (ii) the first pay period following the Company’s press release
announcing its financial performance for the year in which the Executive became Disabled. 

   

   

(iii)

by the Company upon delivery of a Notice of
Termination to the Executive. If the Executive’s employment is terminated under this provision, the Executive shall receive
only any sums due him as base salary and reimbursement of expenses through the date of such termination, which shall be paid in
accordance with the Company’s standard payroll procedures.

 (iv)

By the Executive effective upon the 30th day
after delivery of a Notice of Termination. If the Executive resigns under this provision, the Executive shall receive any sums due
him as Base Salary or reimbursement of expenses through the date of such termination, which shall be paid in accordance with the
Company’s standard payroll procedures.

(b)

With the exceptions of the provisions of this Section 4, and
the express terms of any benefit plan under which the Executive is a participant, it is agreed that, upon termination of the
Executive’s employment, the Company shall have no obligation to the Executive for, and the Executive waives and relinquishes, any
further compensation or benefits (exclusive of COBRA benefits). Unless otherwise stated in this Section 4, the effect of
termination on any outstanding incentive awards, stock options, stock appreciation rights, performance units, or other incentives shall
be governed by the terms of the applicable benefit or incentive plan and/or the agreements governing such incentives. Within 60
days of termination of the Executive’s employment, and as a condition to the Company’s obligation to pay any severance
hereunder, the Company and the Executive shall enter into a mutual release in the form agreed to by
the parties, and neither party may revoke such release within the revocation period stated in such release, which shall acknowledge such
remaining obligations and discharge Executive on one hand and the Company and its officers, directors and employees on the other hand
with respect to their actions for or on behalf of the Company, from any other claims or obligations arising out of or in connection with
the Executive’s employment by the Company, including the circumstances of such termination. In addition, if such severance
payment is made by the Company, and if the 60 day period spans two calendar years, regardless of when such release is executed by the
Executive, such severance payment must be made in the subsequent calendar year, regardless of when the release is executed by the
Executive.

(c)

As a condition to the Company’s obligation to pay any
severance hereunder, regardless of the reason for the termination of the Executive’s employment, the Executive shall resign as a
director of the Company and any of its subsidiaries, if the Executive is then serving in any such position.

(d)

Notwithstanding anything contained in this Agreement to the
contrary,

(i) if the Executive is suspended or temporarily prohibited
from participating, in any way or to any degree, in the conduct of the Company’s affairs by (1) a notice served under Section 8(e)
or (g) of Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. Section 1818 (e) or (g)) or (2) as a result of any other
regulatory or legal action directed at the Executive by any regulatory or law enforcement agency having jurisdiction over the Executive
(each of the foregoing referred to herein as a “Suspension Action”), and if this Agreement is not terminated, the
Company’s obligations under this Agreement shall be suspended as of the earlier of the effective date of such Suspension Action or
the date on which the Executive was provided notice of the Suspension Action, unless stayed by appropriate proceedings. If the
charges underlying the Suspension Action are dismissed, the Company shall: (i) pay
on the first day of the first month following such dismissal of charges (or as provided elsewhere in this Agreement) the Executive all of
the compensation withheld while the obligations under this Agreement were suspended; and (ii) reinstate any such obligations which were
suspended.

(ii)

if the Executive is removed or permanently prohibited from
participating, in any way or to any degree, in the conduct of the Company’s affairs by (1) an order issued under Section 8(e)(4) or
(g)(1) of the FDIA (12 U.S.C. Section 1818 (e)(4) or (g)(1)) or (2) any other legal or law enforcement

   

   

action (each of the foregoing
referred to herein as a “Removal Action”), all obligations of the Executive under this Agreement shall terminate as of
the effective date of the Removal Action, but any vested rights of the parties hereto shall not be affected.

(iii)

if the Company is in default (as defined in Section 3(x)(1) of
the FDIA, 12 U.S.C. Section 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but this Section
(4)(d) shall not affect any vested rights of the parties hereto.

(iv)

if the FDIC is appointed receiver or conservator under Section
11(c) of the FDIA (12 U.S.C. Section 1821(c)) of any depository institution controlled by the Company, the Company shall have the right
to terminate all obligations of the Company under this Agreement as of the date of such receivership or conservatorship, other than any
rights of the Executive that vested prior to such appointment. Any vested rights of the Executive may be subject to such
modifications that are consistent with the authority of the FDIC.

(e)

If the FDIC provides open bank assistance under Section 13(c)
of the FDIA (12 U.S.C. 1823(c)) to the Company or any depository institution controlled by the Company, but excluding any such assistance
provided to the industry generally, the Company shall have the right to terminate all obligations of the Company under this Agreement as
of the date of such assistance, other than any rights of the Executive that vested prior to the FDIC action. Any vested rights of
the Executive may be subject to such modifications that are consistent with the authority of the FDIC.

(f)

If the FDIC requires a transaction under Section 13(f) or 13(k)
of the FDIA (12 U.S.C. 1823(f) and (k)) by the Company or any depository institution controlled by the Company, the Company shall have
the right to terminate all obligations of the Company under this Agreement as of the date of such transaction, other than any rights of
the Executive that vested prior to the transaction. Any vested rights of the Executive may be subject to such modifications that
are consistent with the authority of the FDIC.

(g)

Notwithstanding anything contained in this Agreement to the
contrary, any payments made to the Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their
compliance with 12 U.S.C. Section 1828(k) and Part 359 of the FDIC Rules and Regulations (12 C.F.R. Section 359, et seq.).
 In addition, all obligations under this Agreement are further subject to such conditions, restrictions, limitations and forfeiture
provisions as may separately apply pursuant to any applicable state banking laws. Any payments suspended by operation of this
Section 4(g) shall be paid as a lump sum within 30 days following receipt of the concurrence or consent of the appropriate federal or
state banking agency of the Company or as otherwise directed by such federal or state banking agency.

5.

Ownership of Work Product. The Company shall own
all Work Product arising during the course of the Executive’s employment. For purposes hereof, “Work Product”
shall mean all intellectual property rights, including all Trade Secrets, U.S. and international copyrights, patentable inventions, and
other intellectual property rights in any programming, documentation, technology or other work product that relates to the Company or any
Affiliates, their business or customers and that the Executive conceives, develops, or delivers to the Company at any time during his
employment, during or outside normal working hours, in or away from the facilities of the Company, and whether or not requested by the
Company. If the Work Product contains any materials, programming or intellectual property rights that the Executive conceived or
developed prior to, and independent of, the Executive’s work for
the Company, the Executive agrees to point out the pre-existing items to the Company.

6.

Protection of Trade Secrets. The Executive agrees
to maintain in strict confidence and, except as necessary to perform his duties for the Company, the Executive agrees not to use or
disclose 

   

   

any Trade Secrets of the Company or any Affiliates during or after his employment. “Trade Secret” means
information, including a formula, pattern, compilation, program, device, method, technique, process, drawing, cost data or customer list,
that (i) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper
means by other persons who can obtain economic value from its disclosure or use; and (ii) is the subject of efforts that are reasonable
under the circumstances to maintain its secrecy.

7.

Protection of Other Confidential Information. In
addition, the Executive agrees to maintain in strict confidence and, except as necessary to perform his duties for the Company, not to
use or disclose any Confidential Business Information of the Company or any Affiliates during his employment and for a period of 12
months following termination of the Executive’s employment. “Confidential Business Information” shall mean
any internal, non-public information (other than Trade Secrets already addressed above) concerning the Company’s or its
Affiliate’s financial position and results of operations (including revenues, assets, net income, etc.); annual and long-range
business plans, product or service plans; marketing plans and methods; training, education and administrative manuals; customer and
supplier information and purchase histories; and employee lists. The provisions of
Sections 6 and 7 shall also apply to protect Trade Secrets and Confidential Business Information of third parties provided to the Company
under an obligation of secrecy.

8.

Return of Materials. The Executive shall surrender
to the Company, promptly upon its request and in any event upon termination of the Executive’s employment, all media, documents,
notebooks, computer programs, handbooks, data files, models, samples, price lists, drawings, customer lists, prospect data, or other
material of any nature whatsoever (in tangible or electronic form) in the Executive’s possession or control, including all copies
thereof, relating to the Company or its Affiliates, their businesses or customers. Upon the request of the Company, the Executive
shall certify in writing compliance with the foregoing requirement.

9.

Restrictive Covenants.

(a)

No Solicitation of Customers. During the
Executive’s employment with the Company and for a period of 12 months thereafter, the Executive shall not (except on behalf of or
with the prior written consent of the Company or as specified in relevant agreements), either directly or indirectly, on the
Executive’s own behalf or in the service or on behalf of others, solicit, divert, or appropriate, or attempt to so, to or for a
competitor of the business of the Bank (other than the Relevant Business) any person or entity that is or was a customer of the
Bank.  For the avoidance of doubt, the Executive's activities pursuant to any approved licensing or equivalent agreements
shall be deemed not to breach this Section 9(a)). 

(b)

No Recruitment of Personnel. During the
Executive’s employment with the Company and for a period of 12 months thereafter, the Executive shall not, either directly or
indirectly, on the Executive’s own behalf or in the service or on behalf of others, (i) solicit, divert or hire away or (ii) attempt
to solicit, divert, or hire away to any Competing Business any employee of or consultant to the Company or any of its Affiliates engaged
or experienced in the Business, regardless of whether the employee or consultant is full-time or temporary, the employment or engagement
is pursuant to written agreement, or the employment is for a determined period or is at will.

10.

Independent Provisions; Enforcement; Consideration.
 The provisions in each of the above Sections 9(a) and 9(b) are independent, and the unenforceability of any one provision shall not
affect the enforceability of any other provision. The Executive agrees that in the event of any breach or threatened breach by the
Executive of any covenant contained in Section 9(a) or 9(b) hereof, the resulting injuries to the Company would be difficult or
impossible to estimate accurately, even though irreparable injury or damages would certainly result. Accordingly, an award of legal
damages, if without other relief, 

   

   

would be inadequate to protect the Company. The Executive therefore agrees that in the event of
any such breach, the Company shall be entitled to obtain from a court of competent jurisdiction an injunction to restrain the breach or
any attempted breach of any such covenant, and to obtain any other available
legal, equitable statutory or contractual relief. Should the Company have cause to seek such relief, no bond shall be required from
the Company, and the Executive shall pay reasonable attorney’s fees and court costs which the Company may incur to the extent the
Company prevails in its enforcement action. The Executive acknowledges and agrees that valid consideration has been given to
Executive by the Company in return for the promises of Executive set forth herein.

11.

Withholding. The Company may deduct from each
payment of compensation hereunder all amounts required to be deducted and withheld in accordance with applicable federal and state
income, FICA and other withholding requirements.

12.

Successors; Binding Agreement. The rights and
obligations of this Agreement shall bind and inure to the benefit of the surviving entity in any merger or consolidation in which the
Company is a party, or any assignee of all or substantially all of the Company’s business and properties. The Executive’s
rights and obligations under this Agreement may not be assigned by him, except that his right to receive accrued but unpaid compensation,
unreimbursed expenses and other rights, if any, provided under this Agreement, which survive termination of this Agreement shall pass
after death to the personal representatives of his estate. The Company represents and warrants that this Agreement has been
approved by the Company Board.

13.

Notice. For the purposes of this Agreement,
notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when
personally delivered or sent by certified mail, return receipt requested, postage prepaid, addressed to the respective addresses last
given by each party to the other; provided, however, that all notices to the Company shall be directed to the attention of
the Company with a copy to the Secretary of the Company. All notices and communications shall be deemed to have been received on
the date of delivery thereof.

14.

Governing Law. This Agreement and all rights
hereunder shall be governed by the laws of the State of South Carolina, except to the extent governed by the laws of the United States of
America in which case federal laws shall govern. The parties agree that any appropriate state court located in Greenville County,
South Carolina or federal court for the District of South Carolina shall have exclusive jurisdiction of any case or controversy arising
under or in connection with this Agreement shall be a proper forum in which to adjudicate such case or controversy. The parties
consent and waive any objection to the jurisdiction or venue of such courts.

15.

Non-Waiver. Failure of the Company to enforce any
of the provisions of this Agreement or any rights with respect thereto shall in no way be considered to be a waiver of such provisions or
rights, or in any way affect the validity of this Agreement.

16.

Saving Clause. The provisions of this Agreement
shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the
other provisions hereof. If any provision or clause of this Agreement, or portion thereof, shall be held by any court or other
tribunal of competent jurisdiction to be illegal, void, or unenforceable in such jurisdiction, the remainder of such provision shall not
be thereby affected and shall be given full effect, without regard to the invalid portion. It is the intention of the parties that,
if any court construes any provision or clause of this Agreement, or any portion thereof, to be illegal, void, or unenforceable because
of the duration of such provision or the area or matter covered thereby, such court shall reduce the duration, area, or matter of such
provision, and, in its reduced form, such provision shall then be
enforceable and shall be enforced. The Executive and the Company hereby agree that they will negotiate in good faith to amend 

   

   

this
Agreement upon receipt of written notice from the Federal Reserve Bank of Richmond that the Company is no longer deemed to be in
“troubled condition” (as designated effective February 22, 2010 by the Federal Reserve Bank of Richmond) and from time to time
thereafter as reasonably appropriate (including to modify the terms of Sections 9(a) and 9(b) and the definition of the term
“Business,” to reflect changes in the Company’s business affairs so that the scope of the limitations placed on the
Executive’s activities by Section 9 accomplishes the parties’ intent in relation to the then current facts and circumstances).
 Any such amendment shall be effective only when completed in writing and signed by the Executive and the Company.

17.

Compliance with Internal Revenue Code Section 409A.
 This Agreement is intended to meet the requirements of, to the maximum extent possible exemption from, Section 409A of the Code,
and shall be interpreted and construed consistent with that intent. In addition, each payment hereunder is intended to constitute a
separate payment from each other payment for purposes of Treasury Regulation § 1.409A-2(b)(2). Notwithstanding any provision
in the Agreement to the contrary, to the extent necessary to avoid the imposition of tax on the Executive under Section 409A, any
payments that are otherwise payable to the Executive within the first six months following the effective date of Termination of
Employment, shall be suspended and paid as soon as practicable following the end of the six-month period following such effective date
if, immediately prior to the Executive’s Termination of Employment, the Executive
is determined to be a “specified employee” (within the meaning of Section 409A(a)(2)(B)(i)) of the Company (or any related
“service recipient” within the meaning of Section 409A and the regulations thereunder). Any payments suspended by
operation of the foregoing sentence shall be paid as a lump sum within thirty days following the end of such six-month period. 

18.

Compliance with the Dodd–Frank Wall Street Reform and
Consumer Protection Act. Notwithstanding anything to the contrary herein, any incentive payments to the Executive shall be
limited to the extent required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act
”), including, but not limited to, clawbacks for such incentive payments as required by the Dodd-Frank Act. The Executive
agrees to such amendments, agreements, or waivers that are required by the Dodd-Frank Act or requested by the Company to comply with the
terms of the Dodd-Frank Act.

19.

Compliance with Regulatory Restrictions.
 Notwithstanding anything to the contrary herein, and in addition to any restrictions stated in this Agreement, any compensation or
other benefits paid to the Executive shall be limited only to the extent required by any federal or state regulatory agency having
authority over the Company or, if applicable, the Bank. The Executive agrees that compliance by the Company or the Bank with such
regulatory restrictions, even to the extent that compensation or other benefits paid to the Executive are limited, shall not be a breach
of this Agreement by the Company. In the event that the Company or the Bank is required to so limit the Executive’s
compensation or benefits, such limitation shall be implemented in a manner such that, to the maximum extent legally possible, the
Executive is put in the same economic position as the Executive would have been absent such regulatory
restriction.

20.

Certain Definitions.

(a)

“Affiliate” shall mean any business entity
controlled by, controlling or under common control with the Company, including but not limited to the Bank.

(b)

“Business” shall mean the operation of a
depository financial institution, including, without limitation, serving as a processing and servicing bank for mobile payments, as well
as the solicitation and acceptance of deposits of money and commercial paper, the solicitation and funding of loans and the provision of
other banking services, and any other related business engaged in by the Company or any of its Affiliates as of the date of termination.

   

   

(c)

“Code” shall mean the Internal Revenue Code of
1986, including the rules and regulations promulgated thereunder.

(d)

“Competing Business” shall mean any business
that, in whole or in part, is the same or substantially the same as the Business.

(e)

“Disability” or “Disabled”
shall mean as defined by Treasury Regulation § 1.409A-3(i)(4); provided, however, that for purposes of this
definition, the accident and health plan covering the Executive shall only be the long term disability plan and not any other the
accident and health plan.

(f)

“Notice of Termination” shall mean a written
notice of termination from the Company or the Executive which specifies an effective date of termination (not less than 30 days from the
date of the notice), indicates the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.

(g)

“Standard payroll procedures” shall mean
payment no less frequently than monthly.

(h)

“Terminate,” “terminated,”
“termination,” or “termination of the Executive’s employment” shall mean separation from service
as defined by Treasury Regulation § 1.409A-1(h).

21.

Entire Agreement. This Agreement and, to the
extent applicable, the licensing and option agreement referenced in Section 9(a) constitute the entire agreement between the parties
hereto and supersede all prior agreements, if any understandings and arrangements, oral or written, including that certain Consulting
Agreement dated August 14, 2012 between the parties hereto with respect the subject matter hereof.

22.

Survival. The obligations of the parties pursuant
to Sections 3(g), 4 through 9, and 14, as applicable, shall survive the Executive’s Termination of Employment hereunder for the
period designated under each of those respective sections.

23.

Counterparts. This Agreement may be executed in
one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same
instrument.

[signatures appear on following page.]

   

   

IN WITNESS WHEREOF, the Company has
caused this Agreement to be executed and its seal to be affixed hereunto by its officers thereunto duly authorized and the Executive has
signed and sealed this Agreement, effective as of the date first above written.

	 

	   	 

	   	   	   	INDEPENDENCE
BANCSHARES, INC.

	 

	   	 

	   	   	   	   

	ATTEST:

	 

	   	 

	   	   	   	   

	By:

	   	    

	   	   	   	By:

	   	/s/ H. Neel Hipp, Jr.

	Name:

	   	     

	   	   	   	Name:

	   	H. Neel Hipp, Jr.

	 

	   	 

	   	   	   	Title:

	   	Chairman of the Board

	 

	   	 

	   	   	   	   

	 

	   	 

	   	   	   	   

	 

	   	 

	   	   	   	EXECUTIVE

	 

	   	 

	   	   	   	   

	 

	   	 

	   	   	   	/s/ Gordon A. Baird

	 

	   	 

	   	   	   	Gordon A.
Baird

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