Document:

Exhibit 4.1

 

Execution Version

 

 

WINNEBAGO INDUSTRIES, INC.

as Company

 

and each Guarantor named
herein

 

$300,000,000

 

6.250% Senior Secured
Notes due 2028

 

 

 

INDENTURE

 

Dated as of July 8,
2020

 

 

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee and Collateral Trustee

 

 

     

     

    

 

TABLE OF CONTENTS

 

	Article One
	 	 	 
	Definitions
    And Other Provisions Of General Application
	 	 	 
	Section 1.01	Rules of Construction and Incorporation
    by Reference of Trust Indenture Act	1
	Section 1.02	Definitions	2
	Section 1.03	Compliance Certificates and Opinions	60
	Section 1.04	Form of Documents Delivered to Trustee	61
	Section 1.05	Acts of Holders	61
	Section 1.06	Notices, Etc., to Trustee, Company, Any Guarantor
    and Agent	63
	Section 1.07	Notice to Holders; Waiver	63
	Section 1.08	Effect of Headings and Table of Contents	64
	Section 1.09	Successors and Assigns	64
	Section 1.10	Separability Clause	64
	Section 1.11	Benefits of Indenture	64
	Section 1.12	Governing Law	64
	Section 1.13	Legal Holidays	64
	Section 1.14	No Personal Liability of Directors, Officers,
    Employees and Stockholders	65
	Section 1.15	Waiver of Jury Trial	65
	Section 1.16	Counterparts	65
	Section 1.17	Force Majeure	65
	Section 1.18	USA PATRIOT Act	65
	 	 	 
	Article Two
	 	 	 
	Note
    Forms
	 	 	 
	Section 2.01	Form and Dating	66
	Section 2.02	Execution, Authentication, Delivery and Dating	66
	 	 	 
	Article Three
	 	 	 
	The
    Notes
	 	 	 
	Section 3.01	Title and Terms	67
	Section 3.02	Denominations	68
	Section 3.03	Temporary Notes	68
	Section 3.04	Note Registrar; Paying Agent; Registration of
    Transfer and Exchange	68
	Section 3.05	Mutilated, Destroyed, Lost and Stolen Notes	70
	Section 3.06	Payment of Interest; Interest Rights Preserved	70
	Section 3.07	Persons Deemed Owners	72
	Section 3.08	Cancellation	72
	Section 3.09	Computation of Interest	72
	Section 3.10	Transfer and Exchange	72
	Section 3.11	CUSIP Numbers	73
	Section 3.12	Issuance of Additional Notes	73

 

     

     

    

 

	Article Four
	 	 	 
	Satisfaction
    And Discharge
	 	 	 
	Section 4.01	Satisfaction and Discharge of Indenture	73
	Section 4.02	Application of Trust Money	75
	 	 	 
	Article Five
	 	 	 
	Remedies
	 	 	 
	Section 5.01	Events of Default	75
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	78
	Section 5.03	Collection of Indebtedness and Suits for Enforcement
    by Trustee	79
	Section 5.04	Trustee May File Proofs of Claim	79
	Section 5.05	Trustee May Enforce Claims Without Possession
    of Notes	80
	Section 5.06	Application of Money Collected	80
	Section 5.07	Limitation on Suits	81
	Section 5.08	Unconditional Right of Holders to Receive Principal
    Premium and Interest	81
	Section 5.09	Restoration of Rights and Remedies	81
	Section 5.10	Rights and Remedies Cumulative	82
	Section 5.11	Delay or Omission Not Waiver	82
	Section 5.12	Control by Holders	82
	Section 5.13	Waiver of Default	82
	Section 5.14	Waiver of Stay or Extension Laws	82
	Section 5.15	Undertaking for Costs	83
	 	 	 
	Article Six
	 	 	 
	The
    Trustee
	 	 	 
	Section 6.01	Duties of the Trustee	83
	Section 6.02	Notice of Defaults	84
	Section 6.03	Certain Rights of Trustee	84
	Section 6.04	Trustee Not Responsible for Recitals or Issuance
    of Notes	86
	Section 6.05	May Hold Notes	86
	Section 6.06	Money Held in Trust	86
	Section 6.07	Compensation and Reimbursement	86
	Section 6.08	Corporate Trustee Required; Eligibility	87
	Section 6.09	Resignation and Removal; Appointment of Successor	87
	Section 6.10	Acceptance of Appointment by Successor	88
	Section 6.11	Merger, Conversion, Consolidation or Succession
    to Business	89
	Section 6.12	Appointment of Authenticating Agent	89

 

     

     

    

 

	Article Seven
	 	 	 
	Holders
    Lists And Reports By Trustee And Company
	 	 	 
	Section 7.01	Holder Lists	91
	Section 7.02	Disclosure of Names and Addresses of Holders	91
	 	 	 
	Article Eight
	 	 	 
	Merger,
    Consolidation Or Sale Of All
	Or
    Substantially All Assets
	 	 	 
	Section 8.01	Company May Consolidate, Etc., Only on
    Certain Terms	91
	Section 8.02	Guarantors May Consolidate, Etc., Only
    on Certain Terms	92
	Section 8.03	Successor Substituted	93
	 	 	 
	Article Nine
	 	 	 
	Amendment,
    Supplement And Waiver
	 	 	 
	Section 9.01	Amendments or Supplements Without Consent of
    Holders	93
	Section 9.02	Amendments or Supplements with Consent of Holders	95
	Section 9.03	Execution of Amendments Supplements or Waivers	97
	Section 9.04	Effect of Amendments, Supplements or Waivers	97
	Section 9.05	[Reserved]	97
	Section 9.06	Reference in Notes to Supplemental Indentures	97
	Section 9.07	Notice of Supplemental Indentures	97
	 	 	 
	Article Ten
	 	 	 
	Covenants
	 	 	 
	Section 10.01	Payment of Principal, Premium, if Any, and Interest	97
	Section 10.02	Maintenance of Office or Agency	98
	Section 10.03	Paying Agent to Hold Money in Trust	98
	Section 10.04	Corporate Existence	99
	Section 10.05	Payment of Taxes and Other Claims	99
	Section 10.06	Statement by Officers as to Default	100
	Section 10.07	Reports and Other Information	100
	Section 10.08	Limitation on Restricted Payments	102
	Section 10.09	Limitation on Incurrence of Indebtedness and
    Issuance of Disqualified Stock and Preferred Stock	109
	Section 10.10	Liens	117
	Section 10.11	Limitations on Transactions with Affiliates	117
	Section 10.12	Limitations on Dividend and Other Payment Restrictions
    Affecting Restricted Subsidiaries	120
	Section 10.13	Limitation on Guarantees of Indebtedness by
    Restricted Subsidiaries	122
	Section 10.14	[Reserved]	123
	Section 10.15	Change of Control	123
	Section 10.16	Asset Sales	125
	Section 10.17	After-Acquired Property	130
	Section 10.18	[Reserved]	131
	Section 10.19	Suspension of Covenants	131
	Section 10.20	Maintenance of Property	132
	Section 10.21	Further Assurances	132

 

     

     

    

 

	Article Eleven
	 	 	 
	Redemption
    Of Notes
	 	 	 
	Section 11.01	Right of Redemption	132
	Section 11.02	Mandatory Redemption	134
	Section 11.03	Applicability of Article	134
	Section 11.04	Election to Redeem; Notice to Trustee	134
	Section 11.05	Selection of Notes to Be Redeemed	134
	Section 11.06	Notice of Redemption	135
	Section 11.07	Effect of Notice of Redemption	136
	Section 11.08	Deposit of Redemption Price	136
	Section 11.09	Notes Payable on Redemption Date	136
	Section 11.10	Notes Redeemed in Part	137
	 	 	 
	Article Twelve
	 	 	 
	Guarantees
	 	 	 
	Section 12.01	Guarantees	137
	Section 12.02	Severability	139
	Section 12.03	[Reserved]	139
	Section 12.04	Limitation of Guarantors’ Liability	139
	Section 12.05	Contribution	139
	Section 12.06	Subrogation	140
	Section 12.07	Reinstatement	140
	Section 12.08	Release of a Guarantor	140
	Section 12.09	Benefits Acknowledged	141
	 	 	 
	Article Thirteen
	 	 	 
	Legal
    Defeasance And Covenant Defeasance
	 	 	 
	Section 13.01	Company’s Option to Effect Legal Defeasance
    or Covenant Defeasance	141
	Section 13.02	Legal Defeasance and Discharge	141
	Section 13.03	Covenant Defeasance	142
	Section 13.04	Conditions to Legal Defeasance or Covenant Defeasance	142
	Section 13.05	Deposited Money and Government Securities to
    Be Held in Trust; Other Miscellaneous Provisions	144
	Section 13.06	Reinstatement	144
	Section 13.07	Repayment to Company	145

 

     

     

    

 

	Article Fourteen
	 	 	 
	Intercreditor
    Agreement and Collateral Trust Agreement
	 	 	 
	Section 14.01	Intercreditor Agreement	145
	Section 14.02	Collateral Trust Agreement	146
	 	 	 
	Article Fifteen
	 	 	 
	Collateral
	 	 	 
	Section 15.01	Security Documents	146
	Section 15.02	Collateral Trustee	146
	Section 15.03	Authorization of Actions to Be Taken	148
	Section 15.04	Release of Collateral	149
	Section 15.05	[Reserved]	151
	Section 15.06	Powers Exercisable by Receiver or Trustee	151
	Section 15.07	Voting	151
	Section 15.08	Post-Closing Collateral	151

 

APPENDIX & EXHIBITS

 

Rule 144A / Regulation S Appendix

EXHIBIT 1 to Rule 144A / Regulation
S Appendix—Form of Initial Note

EXHIBIT 2
to Rule 144A / Regulation S Appendix—Form of Transferee Letter of Representation

EXHIBIT 3
to Rule 144A/Regulation S Appendix—Form of Non-U.S. Beneficial Ownership Certification by Euroclear or Clearstream
Luxembourg

EXHIBIT A—Form of
Supplemental Indenture

 

     

     

    

 

INDENTURE dated as of July 8, 2020
(this “Indenture”), among WINNEBAGO INDUSTRIES, INC., an Iowa corporation (the “Company”),
the guarantors named in Schedule I hereto (the “Guarantors”), and U.S. BANK NATIONAL ASSOCIATION, as Trustee
(in such capacity, the “Trustee”) and as Collateral Trustee (in such capacity, the “Collateral Trustee”).

 

RECITALS

 

The Company has duly authorized the creation
of an issue of 6.250% Senior Secured Notes Due 2028 issued on the date hereof (the “Initial Notes”), and to
provide therefor the Company and each Guarantor have duly authorized the execution and delivery of this Indenture.

 

Each Guarantor has duly authorized its
Guarantee of the Initial Notes and to provide therefor each Guarantor has duly authorized the execution and delivery of this Indenture.

 

All things necessary have been done to
make the Notes, when executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid
and legally binding obligations of the Company and to make this Indenture a valid and legally binding agreement of the Company,
in accordance with their and its terms.

 

All things necessary have been done to
make each Guarantee, upon execution and delivery of this Indenture, the valid obligations of each Guarantor and to make this Indenture
a valid and legally binding agreement of each Guarantor, in accordance with their and its terms.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises
and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and ratable benefit
of all Holders, as follows:

 

Article One

 

Definitions
And Other Provisions Of General Application

 

Section 1.01          Rules of
Construction and Incorporation by Reference of Trust Indenture Act. For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires:

 

(1)          the
terms defined in this Article One have the meanings assigned to them in this Article One, and words in the singular
include the plural and words in the plural include the singular;

 

(2)          all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP (as herein defined);
provided that for clarity purposes, determination of whether an action is for speculative purposes is not an accounting
term;

 

     

     

    

 

(3)          the
words “herein,” “hereof and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision;

 

(4)          all
references to Articles, Sections, Exhibits and Appendices shall be construed to refer to Articles and Sections of, and Exhibits
and Appendices to, this Indenture;

 

(5)          “including”
means including without limitation;

 

(6)          all
references to the date the Notes were originally issued shall refer to the Issue Date;

 

(7)          the
phrase “in writing” as used herein shall be deemed to include .pdf attachments and other electronic means of transmission,
unless otherwise indicated; and

 

(8)          the
term “all or substantially all” of the assets of the Company and its Subsidiaries, taken as a whole, shall not be
deemed to refer to “any” assets of the Company as a result of the Company or a Subsidiary being in the “zone
of insolvency.”

 

This Indenture is not subject to the mandatory
provisions of the TIA (as herein defined) which are not incorporated by reference in or made a part of this Indenture unless specifically
provided herein.

 

Section 1.02          Definitions.

 

“ABL Administrative Agent”
means JPMorgan Chase Bank, N.A., as administrative agent under the ABL Facility, or if there is no ABL Facility, the “ABL
Administrative Agent” designated pursuant to the terms of the Permitted ABL Debt.

 

“ABL Collateral Agent”
means JPMorgan Chase Bank, N.A., as collateral agent under the ABL Collateral Documents, or any successor collateral agent under
any Permitted ABL Debt.

 

“ABL Collateral Documents”
means, collectively, the Intercreditor Agreement, the security agreements, pledge agreements, mortgages, collateral assignments,
deeds of trust and all other pledges, agreements, financing statements, patent, trademark or copyright filings, mortgages or other
filings or documents that create or purport to create a Lien on the Collateral in favor of the ABL Administrative Agent for the
benefit of ABL Secured Parties, in each case as they may be amended from time to time, and any instruments of assignment, control
agreements, lockbox letters or other instruments or agreements executed pursuant to the foregoing.

 

“ABL Facility” means
the Amended and Restated Credit Agreement, dated as of October 22, 2019, by and among the Company, Winnebago of Indiana,
LLC, Grand Design RV, LLC, Newmar Corporation, the other loan parties thereto, the lenders party thereto in their capacities as
lenders thereunder and the ABL Administrative Agent, including any guarantees, collateral documents, instruments and agreements
executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, replacements,
refundings or refinancings thereof and any indentures or credit facilities or commercial paper facilities with banks or other
institutional lenders or investors that replace, refund or refinance any part of the loans, notes, other credit facilities or
commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount
borrowable thereunder or alters the maturity thereof; provided that such increase in borrowings is permitted under the terms of
the Intercreditor Agreement.

 

    	 	2	 

     

    

 

“ABL Secured Parties”
means, collectively, (a) the ABL Administrative Agent, (b) each Permitted ABL Representative, and (c) the holders
of Permitted ABL Obligations, including all of the other Secured Parties (as defined in the ABL Facility).

 

“Account(s)” has the
meaning specified in the UCC, and if defined in more than one Article of the UCC, the meaning given in Article 9 thereof.

 

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

 

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

 

(2)          Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person;

 

provided
that any Indebtedness of such other Person that is extinguished, redeemed, defeased, retired or otherwise repaid at
the time of or immediately upon consummation of the transaction pursuant to which such other Person becomes a Subsidiary of the
specified Person shall not be Acquired Indebtedness.

 

“Act of Required Debtholders”
means, as to any matter at any time,

 

(1) prior to the Discharge of Priority
Lien Notes Obligations, a direction in writing delivered to the Collateral Trustee by or with the written consent of, the holders
of (or the Priority Lien Representatives representing the holders of) Priority Lien Notes Debt representing the Required Priority
Lien Debtholders; and

 

(2) at any time after the Discharge
of Priority Lien Notes Obligations, a direction in writing delivered to the Collateral Trustee by or with the written consent
of the holders of (or the Parity Lien Representatives representing the holders of) Parity Lien Notes Debt representing the Required
Parity Lien Debtholders.

 

For purposes of this definition, (a) Priority
Lien Notes Debt or Parity Lien Notes Debt registered in the name of, or beneficially owned by, the Company or any Subsidiaries
of the Company will be deemed not to be outstanding and (b) votes will be determined in accordance with the Collateral Trust
Agreement.

 

“Act,”
when used with respect to any Holder, has the meaning specified in Section 1.05.

 

“Additional
Notes” means any Notes issued by the Company pursuant to Section 3.12.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”), as used
with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.

 

    	 	3	 

     

    

 

“Affiliate
Transaction” has the meaning specified in Section 10.11(a).

 

“After-Acquired
Property” means any and all assets or property (other than Excluded Assets) acquired after the Issue Date, including
any property or assets acquired by the Company or a Guarantor from another Guarantor or, in the case of a Guarantor, from the
Company, which in each case constitutes Collateral or would have constituted Collateral had such assets or property been owned
by the Company or Guarantor on the Issue Date.

 

“Applicable Pledge Percentage”
means (a) in the case of a pledge by the Company or any Subsidiary of its voting Equity Interests in an Excluded Domestic
Subsidiary or an Excluded Foreign Subsidiary, 65%, and (b) in all other cases, 100%.

 

“Aggregate Payments”
has the meaning specified in Section 12.05.

 

“Appendix”
has the meaning specified in Section 2.01.

 

“Applicable
Premium” means, with respect to a Note at any Redemption Date (or date of deposit), the greater of (i) 1.0%
of the principal amount of such Note and (ii) the excess of (A) the present value at such Redemption Date (or date of
deposit) of (1) the Redemption Price of such Note on July 15, 2023 (such Redemption Price being that set forth in the
table set forth in Section 11.01(b)), plus (2) all required remaining scheduled interest payments (calculated based
on the cash interest rate payable on the Notes) due on such Note through such date (excluding accrued but unpaid interest to the
Redemption Date), computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (B) the principal
amount of such Note on such Redemption Date (or date of deposit), as calculated by the Company or on behalf of the Company by
such Person as the Company shall designate; provided that such calculation shall not be a duty or obligation of the Trustee.

 

“Asset Sale” means

 

(1)          the
sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions, of property
or assets outside the ordinary course of business of the Company or any Restricted Subsidiary (each referred to in this definition
as a “disposition”); and

 

(2)          the
issuance or sale of Equity Interests of any Restricted Subsidiary, whether in a single transaction or a series of related transactions.

 

Notwithstanding the preceding, none of
the following items will be deemed to be an Asset Sale:

 

(a)          a
disposition of cash, Cash Equivalents or Investment Grade Securities or excess, damaged, obsolete, used, surplus, fully depreciated
or worn out property or assets in the ordinary course of business or any sale or disposition of property or assets in connection
with scheduled turnarounds, maintenance and equipment and facility updates or any disposition of inventory or goods held for sale
in the ordinary course of business;

 

    	 	4	 

     

    

 

(b)          the
disposition of all or substantially all of the assets of the Company or any Guarantor in a manner permitted pursuant to the provisions
set forth in Section 8.01 or any disposition that constitutes a Change of Control pursuant to this Indenture;

 

(c)          the
making of any Permitted Investment or the making of any Restricted Payment that is not prohibited by Section 10.08;

 

(d)          any
disposition of property or other assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction
or series of transactions with an aggregate fair market value of less than the greater of (x) $10.0 million and (y) 0.75%
of the Consolidated Total Assets;

 

(e)          any
disposition of property or assets or issuance of securities by a Restricted Subsidiary to the Company or by the Company or a
Restricted Subsidiary to a Restricted Subsidiary;

 

(f)           to
the extent allowable under Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for use in
a Similar Business; provided that to the extent
the property exchanged by the Company or any Restricted Subsidiary constituted Collateral, then all property
acquired by the Company or such Restricted Subsidiary in such exchange shall be pledged as Collateral (and with the same priority)
as that of the exchanged property as required and provided under the Security Documents;

 

(g)          the
lease, assignment, license, sub-license or sub-lease of any real or personal property in the ordinary course of business or property
constituting closed or unused facilities (including any fixtures or equipment therein);

 

(h)          any
issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

 

(i)           foreclosures
or governmental Condemnations on assets;

 

(j)           sales
or factoring of accounts receivable, or participations therein in the ordinary course of business or in connection with any Receivables
Facility;

 

(k)          the
unwinding of any Hedging Obligations;

 

(l)           the
sale, lease, assignment, license, sub-license or sub-lease of equipment, inventory, accounts receivable or other assets in
the ordinary course of business;

 

(m)         the
licensing or sub-licensing of intellectual property in the ordinary course of business or consistent with past practice or the
lapse or abandonment in the ordinary course of business of any registrations or applications for registration of any patents,
trademarks, servicemarks, tradenames, copyrights and other intellectual property rights not necessary in the conduct of the business
of the Company and its Restricted Subsidiaries;

 

    	 	5	 

     

    

 

(n)          any
sale or other disposition deemed to occur with creating, granting or perfecting a Lien not otherwise prohibited by this Indenture;

 

(o)          the
surrender or waiver of contract rights or settlement, release or surrender of a contract, tort or other litigation claim in the
ordinary course of business;

 

(p)          the
issuance and sale of equity interests of the Company and the issuance of employee stock options or stock awards pursuant to benefit
plans of the Company or any of its Restricted Subsidiaries;

 

(q)          any
sale, lease, transfer or other disposition in connection with any industrial revenue bond or similar program that does not result
in the recognition of the sale or the asset transfer in accordance with GAAP, or any similar transaction;

 

(r)           the
sale of interests in a joint venture pursuant to customary put-call or buy-sell arrangements, provided that any net cash
proceeds therefrom are applied as Net Proceeds of an Asset Sale pursuant to Section 10.16; and

 

(s)          the
settlement or early termination of any Permitted Bond Hedge Transaction and the settlement or early termination of any related
Permitted Warrant Transaction.

 

“Asset
Sale Offer” has the meaning specified in Section 10.16(d).

 

“Asset
Sale Payment Date” has the meaning specified in Section 10.16(j)(2).

 

“Attributable
Debt” in respect of a Sale and Lease-Back Transaction means, as at the time of determination, the present value
(discounted at the cash interest rate borne by the Notes, compounded annually) of the total obligations of the lessee for rental
payments during the remaining term of the lease included in such Sale and Lease-Back Transaction (including any period for which
such lease has been extended); provided, however, that if such Sale and Lease-Back Transaction results in a Capitalized
Lease Obligation, the amount of Indebtedness represented thereby shall be determined in accordance with the definition of “Capitalized
Lease Obligation.”

 

“Authenticating
Agent” has the meaning specified in Section 6.12.

 

“Bankruptcy Code” means
Title 11, U.S.C., as now or hereafter in effect, or any successor thereto.

 

“Bankruptcy
Law” means Title 11, United States Bankruptcy Code of 1978, as amended, or any similar United States federal
or state or foreign law relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief of
debtors or any amendment to succession to or change in any such law.

 

    	 	6	 

     

    

 

“Board of Directors”
means:

 

(1)          with
respect to a corporation, the board of directors of the corporation;

 

(2)          with
respect to a partnership, the board of directors of the general partner of the partnership; and

 

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

 

“Board
Resolution” means, with respect to the Company, a duly adopted resolution of the Board of Directors of the Company
or any committee thereof.

 

“Borrowing
Base” means the sum of (A) 90% of the net book value of accounts receivable of the Company and its Restricted
Subsidiaries and (B) 75% of the net book value of inventory of the Company and its Restricted Subsidiaries (with accounts
receivable and inventory calculated on the basis that all Investments, acquisitions, dispositions, mergers, consolidations and
disposed operations that have been made by the Company and its Restricted Subsidiaries prior to or substantially contemporaneous
with the date of any calculation shall be included or excluded, as the case may be, on a pro forma basis with such calculations
made in good faith by a responsible financial or accounting officer of the Company).

 

“Business
Day” means each day that is not a Legal Holiday.

 

“Capital Stock” means

 

(1)          in
the case of a corporation, capital stock,

 

(2)          in
the case of an association or other business entity, any and all shares, interests, participations, rights or other equivalents
(however designated) of capital stock,

 

(3)          in
the case of a partnership, partnership interests (whether general or limited),

 

(4)          in
the case of a limited liability company, membership interests,

 

(5)          any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of the issuing Person, and

 

(6)          all
rights, warrants or options exchangeable for or convertible into any of the items described in clauses (1) through (5) above;

 

provided
that with respect to the foregoing, Capital Stock shall exclude any debt securities convertible into Capital Stock,
whether or not such debt securities include any right to vote or participation with Capital Stock.

 

“Capitalized
Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in
respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet
(excluding the footnotes thereto) in accordance with GAAP.

 

    	 	7	 

     

    

 

“Cash
Equivalents” means, as to any Person,

 

(1)          securities
issued or directly and fully guaranteed or insured by the United States, the United Kingdom, Canada,
Switzerland, and any other member state of the European Union or any agency, instrumentality or sponsored corporation thereof
and backed by the full faith and credit of the applicable government, and in each
case having maturities of not more than 24 months from the date of acquisition;

 

(2)          U.S.
dollar denominated time deposits, certificates of deposit, overnight bank deposits and bankers’ acceptances having maturities
within one year from the date of acquisition thereof issued by any lender under the ABL Facility or any commercial bank of recognized
standing, having capital and surplus in excess of $500,000,000;

 

(3)          repurchase
obligations for underlying securities of the types set forth in clauses (1) and (2) above and entered into with any
commercial bank meeting the qualifications specified in clause (2) above;

 

(4)          other
investment instruments having maturities within 180 days from the date of acquisition thereof offered or sponsored by financial
institutions having capital and surplus in excess of $500,000,000;

 

(5)          readily
marketable direct obligations issued by any state of the United States or any political subdivision thereof having maturities
within 180 days from the date of acquisition thereof and having, at the time of acquisition thereof, one of the two highest rating
categories obtainable from either Moody’s or S&P (or if at such time neither
is issuing ratings, then a comparable rating of another nationally recognized rating agency);

 

(6)          commercial
paper rated, at the time of acquisition thereof, at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent
thereof by Moody’s (or if at such time neither
is issuing ratings, then a comparable rating of another nationally recognized rating agency), in each case maturing within one
year after the date of acquisition;

 

(7)          investments
in money market funds which invest substantially all their assets in securities of the types described in clauses (1) through
(6) above;

 

(8)          in
the case of any Foreign Subsidiary of the Company, (x) certificates of deposit or bankers’
acceptances of any bank organized under the laws of Canada, Japan or any country that is a member of the European economic and
monetary union pursuant to the Treaty whose short-term commercial paper, at the time of acquisition thereof, is rated at least
A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s (or if at such time neither
is issuing ratings, then a comparable rating of another nationally recognized rating agency), or, if no
such commercial paper rating is available, a long-term debt rating, at the time of acquisition thereof, of at least A or the equivalent
thereof by S&P or at least A-2 or the equivalent thereof by Moody’s (or if at such
time neither is issuing ratings, then a comparable rating of another nationally recognized
rating agency), in each case maturing not more than one year from the date of acquisition by such Foreign Subsidiary, (y) overnight
deposits and demand Deposit Accounts maintained with any bank that such Foreign Subsidiary regularly transacts business and (z) securities
of the type and maturity described in clause (1) above but issued by the principal governmental
authority in the jurisdiction in which such Foreign Subsidiary is organized so long as such
security has the highest rating available from either S&P or Moody’s;

 

    	 	8	 

     

    

 

(9)          Indebtedness
or Preferred Stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from
Moody’s with maturities of one year or less from the date of acquisition;

 

(10)        U.S.
dollars; and

 

(11)        Canadian
dollars, Japanese yen, pounds sterling, Euros or, in the
case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by it from time to time in the
ordinary course of business.

 

“Casualty”
means any casualty, loss or damage with respect to real or personal property or improvements.

 

“CFC” means any Subsidiary
organized under the laws of any jurisdiction other than the United States of America, any state thereof or the District of Columbia,
that is a “controlled foreign corporation” for purposes of Section 957 of the Code.

 

“Change
of Control” means the occurrence of any of the following:

 

(1)          the
sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Company
and its Subsidiaries, taken as a whole, to any Person other than a Permitted Holder or a group (as
defined in clause (2) below) of which Permitted Holders control more than 50% of the
total voting power of the Voting Stock of the Company owned by such group, or

 

(2)          the
Company becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy,
vote, written notice or otherwise) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring,
holding or disposing of securities (within the meaning of Rule 13d-5(b)(l) under the Exchange Act, or any successor
provision), other than the Permitted Holders, or a group of which Permitted Holders control more than 50% of the total voting
power of the Voting Stock of the Company owned by such group, in a single transaction or in a series of related transactions,
by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3
under the Exchange Act, or any successor provision) of 50% or more of the total voting power of the Voting Stock of the Company
or any of its direct or indirect parent companies.

 

    	 	9	 

     

    

 

Notwithstanding
the foregoing, (i) a transaction in which the Company or any direct or indirect parent of the Company becomes a Subsidiary
of another Person (other than a Person that is an individual, such Person that is not an individual,
the “New Parent”) shall not constitute a Change of Control if (a) the shareholders of the Company or such
parent immediately prior to such transaction “beneficially own” (as such term
is defined in Rule 13d-3 and Rule 13d-5 under
the Exchange Act), directly or indirectly through one or more intermediaries, at least a majority of the voting power of the outstanding
voting stock of such parent immediately following the consummation of such transaction or (b) immediately following the consummation
of such transaction, no Person, other than a Permitted Holder or a group (as defined in clause (2) above) of Permitted Holders
which control more than 50% of the total voting power of the Voting Stock of the Company and the New Parent, “beneficially
owns” (as such term is defined above), directly or indirectly through one or more intermediaries, more than 50% of the voting
power of the outstanding Voting Stock of the Company or the New Parent; (ii) any holding
company whose only significant asset is Capital Stock of the Company or any other direct or indirect parent of the Company shall
not itself be considered a Person or “group” for purposes of this definition; (iii) the transfer of assets between
or among the Restricted Subsidiaries and the Company in accordance with the terms of this Indenture shall not itself constitute
a Change of Control; (iv) a Person or “group” shall not be deemed to have beneficial ownership of securities
(or “beneficially own” (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act)) subject
to a stock purchase agreement, merger agreement or similar agreement (or voting or option agreement related thereto) until the
consummation of the transactions contemplated by such agreement; (v) any of the events described above in clauses (1) and
(2) shall not constitute a “Change of Control” during a Fall-Away Period unless in connection therewith the ratings
assigned to the Notes are withdrawn or downgraded so that the Notes no longer have an Investment Grade Rating; and (vi) any
change in the relative beneficial ownership of the Permitted Holders that does not alter the overall beneficial ownership of the
Permitted Holders shall not constitute a Change of Control.

 

“Change
of Control Offer” has the meaning specified in Section 10.15.

 

“Change
of Control Payment” has the meaning specified in Section 10.15.

 

“Change
of Control Payment Date” has the meaning specified in Section 10.15.

 

“Chattel Paper”
has the meaning specified in the UCC, and if defined in more than one Article of the UCC, the meaning given in Article 9
thereof.

 

“Class”
means (1) in the case of Parity Lien Notes Obligations, every Series of Parity Lien Notes Debt and all other Parity
Lien Notes Obligations, taken together, and (2) in the case of Priority Lien Notes Obligations, every Series of Priority
Lien Notes Debt and all other Priority Lien Notes Obligations, taken together.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued
thereunder.

 

“Collateral”
means all of the assets and properties at any time owned or acquired by any Grantor that constitute Priority Fixed Assets
Collateral or the Priority ABL Collateral.

 

“Collateral
Documents” means the ABL Collateral Documents and the Permitted Notes Collateral Documents;
provided, however, that for purposes of the Collateral Trust Agreement, in no event shall the term “Collateral Documents”
include or refer to any documents to which the Collateral Trustee is not a party as collateral trustee, collateral agent or similar
title, or, with the knowledge of the Collateral Trustee, a named beneficiary of a document or instrument which the Company or
any other Grantor is required to deliver or cause to be delivered pursuant to a Collateral Document or this Indenture.

 

    	 	10	 

     

    

 

“Collateral Trust Agreement”
means that certain Collateral Trust Agreement, dated as of the Issue Date, by and among the Company, the Guarantors, the Collateral
Trustee and the Trustee, as it may be amended from time to time.

 

“Collateral Trustee”
means U.S. Bank National Association, in its capacity as Collateral Trustee for the Holders
of Notes and holders of Parity Lien Notes Debt under the Collateral Trust Agreement, the Intercreditor Agreement and the other
Security Documents, together with its successors in such capacity.

 

“Commercial
Tort Claim” has the meaning specified in the UCC, and if defined in more than one Article of
the UCC, the meaning given in Article 9 thereof.

 

“Company”
means the Person named as the “Company” in
the first paragraph of this Indenture, until a successor Person shall have become such pursuant to the applicable provisions of
this Indenture, and thereafter, “Company” shall mean such successor Person; provided
that when used in the context of determining the fair market value of an asset or liability
under this Indenture, “Company” shall, unless otherwise expressly stated, be deemed to mean the Board of Directors
of the Company when the fair market value of such asset or liability is equal to or in excess
of $5.0 million.

 

“Company
Request” or “Company Order” means a written request or order signed in the name of the Company
by one Officer and delivered to the Trustee.

 

“Condemnation”
means any taking by a government of the United States
or any other nation, or of 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 (including any supra national bodies such as the European Union or the European
Central Bank) of property or assets, or any part thereof or interest therein, for public or quasi-public use under the power of
eminent domain, by reason of any public improvement or condemnation or in any other manner.

 

“Condemnation
Award” means all proceeds of any Condemnation
or transfer in lieu thereof.

 

“Convertible Indebtedness”
means Indebtedness of the Company permitted to be incurred under the terms of this Indenture that is either (a) convertible
into common stock of the Company (and cash in lieu of fractional shares) and/or cash (in an amount determined by reference to
the price of such common stock) or (b) sold as units with call options, warrants or rights to purchase (or substantially
equivalent derivative transactions) that are exercisable for common stock of the Company and/or cash (in an amount determined
by reference to the price of such common stock).

 

“Contributing
Guarantors” has the meaning specified in Section 12.05.

 

“consolidated”
means, with respect to any Person, such Person consolidated with its Restricted Subsidiaries, and excludes from such consolidation
any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person.

 

    	 	11	 

     

    

 

“Consolidated
Depreciation and Amortization Expense”
means with respect to any Person for any period, the total amount of depreciation and amortization
expense, including the amortization of deferred financing fees and other related noncash charges of such Person and its Restricted
Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.

 

“Consolidated
Interest Expense” means, with respect to any Person for any period, the sum, without duplication, of:

 

(a)          consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such
expense was deducted in computing Consolidated Net Income, including

 

(1)          amortization
of original issue discount resulting from the issuance of Indebtedness at less than par,

 

(2)          all
commissions, discounts and other fees and charges owed with respect to letters of credit or bankers’ acceptances,

 

(3)          noncash
interest payments (but excluding any noncash interest expense attributable to the movement in
the mark-to-market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP),

 

(4)          the
interest component of Capitalized Lease Obligations, and

 

(5)          net
payments, if any, pursuant to interest rate Hedging Obligations with respect to Indebtedness,

 

and excluding: (i) amortization of
deferred financing fees, debt issuance costs, commissions, fees and expenses, (ii) any expensing of bridge, commitment and
other financing fees and (iii) commissions, discounts, yield and other fees and charges (including any interest expense)
related to any Receivables Facility; plus

 

(a)          consolidated
capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; less

 

(b)          interest
income for such period.

 

For purposes of this definition, interest
on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the
rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

 

Notwithstanding the foregoing, any additional
charges arising from (i) the application of Accounting Standards Codification Topic 480-10-25-4 “Distinguishing Liabilities
from Equity—Overall—Recognition” to any series of preferred stock other
than Disqualified Stock or (ii) the application of Accounting Standards Codification Topic 470-20 “Debt—Debt
with Conversion Options—Recognition,” in each case, shall be disregarded in the
calculation of Fixed Charges.

 

    	 	12	 

     

    

 

“Consolidated
Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person
and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided
that, without duplication:

 

(1)          any
net after-tax extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) and any restructuring
expenses, including any severance expenses, relocation expenses, one-time compensation charges, curtailments or modifications
to pension and post-retirement employee benefit plans, any expenses related to any reconstruction, decommissioning, recommissioning
or reconfiguration of fixed assets for alternate uses and fees, expenses or charges relating to facilities closing costs, acquisition
integration costs, facilities opening costs, business optimization costs, signing, retention or completion bonuses or expenses
(including relating to severance, relocation, one-time compensation charges, the acquisition transaction and reconstruction,
decommissioning, recommissioning or reconfiguration of fixed assets for alternate uses, facilities closing costs, acquisition
integration costs, facilities opening costs, business optimization costs, costs or charges associated with reductions in force
and signing, retention or completion bonuses) shall be excluded;

 

(2)          the
Net Income for such period shall not include the cumulative effect of a change in accounting principles during such period, whether
effected through a cumulative effect adjustment or a retroactive application in each
case in accordance with GAAP;

 

(3)          any
net after-tax income (loss) from disposed or discontinued operations and any net after-tax gains or losses on disposal of disposed
or discontinued operations shall be excluded;

 

(4)          any
net after-tax gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions or the sale or
other disposition of any Capital Stock of any Person other than in the ordinary course of business, as determined in good faith
by the Company, shall be excluded;

 

(5)          the
Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that
is accounted for by the equity method of accounting,
shall be excluded; provided that Consolidated Net Income of such Person shall be increased by the amount of dividends or
distributions or other payments that are actually paid in cash (or to the extent converted into cash) to the referent Person or
a Restricted Subsidiary thereof in respect of such period (subject in the case of dividends, distributions or other payments made
to a Restricted Subsidiary to the limitations contained in clause (6) below);

 

(6)          solely
for the purpose of determining the amount available for Restricted Payments under clause (4)(C)(1) of Section 10.08(a),
the Net Income for such period of any Restricted Subsidiary (other than any
Guarantor) shall be excluded if the declaration or payment of dividends or similar distributions
by that Restricted Subsidiary of its Net Income is not at the date of determination wholly permitted without any prior governmental
approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement,
instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that Restricted Subsidiary or its
stockholders, unless such restriction with respect to the payment of dividends or similar distributions has been legally waived:
provided that Consolidated Net Income of the Company shall be increased by the amount of dividends or other distributions
or other payments actually paid in cash (or to the extent converted into cash) to the Company or a Restricted Subsidiary thereof
in respect of such period, to the extent not already included therein;

 

    	 	13	 

     

    

 

(7)          any
increase in amortization or depreciation or other noncash charges resulting from the application of purchase accounting in relation
to any acquisition that is consummated
after the Issue Date, net of taxes, shall be excluded;

 

(8)          any
net after-tax income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments
shall be excluded;

 

(9)          any
impairment charge or asset write-off, in each case pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP
shall be excluded;

 

(10)        any
unrealized gain or loss resulting in such period from
(i) Hedging Obligations and (ii) the application of Accounting Standards Codification Topic 815 shall be excluded;

 

(11)        any
net gain or loss (or similar changes) resulting in such
period from currency translation gains or losses (or similar charges) on currency remeasurements of Indebtedness, including intercompany
Indebtedness, shall be excluded;

 

(12)        any
charges resulting from the application of Accounting Standards Codification Topic 805 “Business Combinations,” Accounting
Standards Codification Topic 350 “Intangibles—Goodwill and Other,” Accounting Standards Codification Topic 360-10-35-15
 “Impairment or Disposal of Long-Lived
Assets,” Accounting Standards Codification Topic 480-10 25-4 “Distinguishing Liabilities from Equity—Overall—Recognition”
or Accounting Standards Codification Topic 820 “Fair Value Measurements and Disclosures” shall be excluded;

 

(13)        noncash
interest expense resulting from the application of Accounting Standards Codification Topic 470-20 “Debt—Debt
with Conversion Options—Recognition” shall be excluded;

 

(14)        any
expenses or charges related to any
Equity Offering, Permitted Investment, acquisition, disposition, recapitalization or
the incurrence of Indebtedness permitted to be incurred by this Indenture
including a refinancing thereof (whether or not successful) and any amendment or modification to the terms of
any such transactions shall be excluded;

 

(15)        all
net after-tax charges, expenses, gain or income with respect to curtailments, discontinuations or modifications to pension and
post-retirement employee benefit plans shall be excluded;

 

(16)        any
noncash compensation expense recorded from grants of stock appreciation or similar rights, stock options, restricted stock or
other rights or expense relating to any payment made to holders of equity based securities or rights in respect of any dividend
sharing provisions of such securities or rights to officers, directors or employees shall be excluded;

 

    	 	14	 

     

    

 

(17)        to
the extent covered by insurance and actually reimbursed
in such period, expenses incurred in respect of the event giving rise to reimbursement with business interruption insurance shall
be excluded; and

 

(18)        any
proceeds from business interruption insurance received as compensation for lost profits or income during such period shall be
included (to the extent not already included in net income).

 

Notwithstanding
the foregoing, for the purpose of Section 10.08 only (other than clause (4)(C)(4) thereof),
there shall be excluded from Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments
made by the Company and the Restricted Subsidiaries, any repurchases and redemptions of Restricted Investments from the
Company and the Restricted Subsidiaries, any repayments to the Company or a Restricted Subsidiary
of loans and advances that constitute Restricted Investments, any sale of the stock of an Unrestricted Subsidiary or any distribution
or dividend from an Unrestricted Subsidiary, in each case only to the extent such amounts increase the amount of Restricted Payments
permitted under Section 10.08 pursuant to clause (4)(C)(4) of Section 10.08(a).

 

“Consolidated
Total Assets” means, as of any date of determination, the total assets, net, reflected on the consolidated balance
sheet of the Company and its Restricted Subsidiaries as at the end of the most recent fiscal quarter for which financial statements
are available, determined on a consolidated basis in accordance with GAAP, with such pro forma adjustments as are appropriate
and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio”.

 

“Consolidated
Total Indebtedness” means, as at any date of determination, an amount equal to the sum of (1) the aggregate
amount of all outstanding Indebtedness of the Company and the Restricted Subsidiaries on a consolidated
basis consisting of Indebtedness for borrowed money, Obligations in respect of Capitalized Lease Obligations, Attributable Debt
in respect of Sale and Lease-Back Transactions and debt obligations evidenced by bonds, notes, debentures or similar instruments
or letters of credit or bankers’ acceptances (and excluding (w) any guarantees or other Contingent Obligations, (x) any
undrawn letters of credit, (y) all obligations relating to Receivables Facilities and (z) any intercompany Indebtedness)
and (2) the aggregate amount of all outstanding Disqualified Stock of the Company and all Disqualified Stock and Preferred
Stock of the Restricted Subsidiaries (excluding items eliminated in consolidation), with the amount of such Disqualified Stock
and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences and Maximum Fixed
Repurchase Prices, in each case determined on a consolidated
basis, and only to the extent required to be recorded on a balance sheet, in accordance with GAAP.

 

For purposes hereof, the “Maximum
Fixed Repurchase Price” of any Disqualified Stock or Preferred Stock that does not have a fixed repurchase price shall be
calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred
Stock were purchased on any date on which Consolidated Total Indebtedness shall be required to be determined pursuant to this
Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Stock or Preferred Stock,
such fair market value shall be determined reasonably and in good faith by the Company.

 

    	 	15	 

     

    

 

“Consolidated Total Secured Indebtedness”
means, as at any date of determination, an amount equal to the aggregate amount of Consolidated Total Indebtedness that is secured
by a Lien on assets of the Company or any Restricted Subsidiary.

 

“Contingent
Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends
or other obligations that do not constitute Indebtedness (the “primary obligations”) of any other Person (the
 “primary obligor”) in any manner, whether directly or indirectly, including any obligation of such Person,
whether or not contingent,

 

(1)          to
purchase any such primary obligation or any property constituting direct or indirect security therefor,

 

(2)          to
advance or supply funds,

 

(a)          for
the purchase or payment of any such primary obligation, or

 

(b)         to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor, or

 

(3)          to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

 

“Corporate
Trust Office” means the principal corporate trust office of the Trustee, at which at any particular time its
corporate trust business shall be principally administered, which office at the date of execution of this Indenture is located
at 190 S. LaSalle Street, 10th Floor, Chicago, Illinois 60603, Attention: Corporate Trust-Winnebago Industries,
except that with respect to presentation of the Notes for payment or for registration of transfer or exchange, such term shall
mean the office or agency of the Trustee at which, at any particular
time, its corporate agency business shall be conducted.

 

“Covenant
Defeasance” has the meaning specified in Section 13.03.

 

“Credit
Facilities” means, with respect to any Grantor or any of its Restricted Subsidiaries, one or more of (1) any
ABL Facility and (2) any other facilities, indentures or other arrangements (including commercial paper facilities and overdraft
facilities), in each case, with one or more banks, other financial institutions, lenders or investors providing for revolving
credit loans, term loans, notes, receivables financing (including through the sale of receivables to such institutions or to special
purpose entities formed to borrow from such institutions against such receivables or the creation of any Liens in respect of such
receivable in favor of such institutions), letters of credit or other Indebtedness, in each case, as amended, restated, amended
and restated, supplemented or otherwise modified or renewed, refunded, replaced, restructured, refinanced, repaid, increased or
extended in whole or in part from time to time (and whether in whole or in part and whether or not with the original administrative
agent and lenders or another administrative agent or agents or other banks or institutions and whether provided under the original
credit agreement or one or more other credit agreements, indentures, financing agreements or otherwise) and in each case including
all agreements, instruments and documents executed and delivered pursuant to or in connection with the foregoing (including any
notes, any letters of credit and reimbursement obligations related thereto, any guarantee and collateral agreement, patent and
trademark security agreement, mortgages or letter of credit applications and other guarantees, pledges, agreements, security agreements
and collateral documents). Without limiting the generality of the foregoing, the term “Credit Facility” shall include
any agreement or instrument (a) changing the maturity of any Indebtedness incurred thereunder or contemplated thereby, (b) adding
Subsidiaries of a Grantor as additional borrowers or guarantors thereunder, (c) increasing the amount of Indebtedness incurred
thereunder or available to be borrowed thereunder or (d) otherwise altering the terms and conditions thereof, in each case
to the extent otherwise permitted under all applicable Secured Debt Documents.

 

    	 	16	 

     

    

 

“Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Defaulted
Interest” has the meaning specified in Section 3.06(b).

 

“Deposit Account”
has the meaning specified in the UCC, and if defined in more than one Article of the UCC, the meaning given in Article 9
thereof.

 

“Depository”
means The Depository Trust Company, its nominees and their
respective successors.

 

“Designated
Noncash Consideration” means the fair market value of noncash consideration received by the Company or a Restricted
Subsidiary in connection with an Asset Sale that is so designated as Designated Noncash Consideration pursuant to an Officer’s
Certificate, setting forth the basis of such valuation, executed by an executive vice president and the principal financial officer
of the Company (or a parent company thereof), less the amount of cash or Cash Equivalents received in connection with a subsequent
sale of such Designated Noncash Consideration.

 

“Discharge of
Priority Lien Notes Obligations” means the occurrence of all of the following:

 

(1) with respect to
each Series of Priority Lien Notes Debt, either (x) payment in full in cash of the principal of and interest and premium
(if any) on all Priority Lien Notes Debt of such Series of Priority Lien Notes Debt or (y) there has been a legal defeasance
or covenant defeasance pursuant to the terms of the applicable Priority Lien Documents for such Series of Priority Lien Notes
Debt; and

 

(2) payment in full
in cash of all other Priority Lien Notes Obligations that are outstanding and unpaid at the time the Priority Lien Notes Debt
is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities
in respect of which no claim or demand for payment has been made at such time).

 

“Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person which,
by its terms, or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable, or upon
the happening of any event, matures or is mandatorily redeemable (other than solely for Capital Stock that is not Disqualified
Stock), other than as a result of a change of control or asset sale, pursuant to a sinking fund obligation or otherwise, or is
redeemable at the option of the holder thereof, other than as a result of a change of control or asset sale, in whole or in part,
in each case prior to the date that is 91 days after the earlier of the maturity date of the Notes and the date
the Notes are no longer outstanding; provided that if such Capital Stock is issued to any plan for the benefit of employees
of the Company or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified
Stock solely because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory
or regulatory obligations.

 

    	 	17	 

     

    

 

“Document”
has the meaning specified in the UCC, and if defined in more than one Article of the UCC, the meaning given in Article 9
thereof.

 

“Domestic Foreign
Holdco Subsidiary” means any Domestic Subsidiary substantially all of the assets of which consist of the Equity Interests
(or Equity Interests and Indebtedness) of one or more CFCs.

 

“Domestic
Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person other than (i) a
Foreign Subsidiary or (ii) a Domestic Subsidiary of a Foreign Subsidiary that is a controlled foreign corporation for U.S.
federal income tax purposes, but, in each case, including any Subsidiary that guarantees or otherwise provides direct credit support
for any indebtedness of the Company.

 

“EBITDA”
means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period,

 

(1)          increased
by (without duplication):

 

(a)          provision
for taxes based on income or profits, plus franchise or similar taxes, of such Person for such period deducted in computing Consolidated
Net Income; plus

 

(b)          consolidated
Fixed Charges of such Person for such period to the extent the same was deducted in computing Consolidated Net Income; plus

 

(c)          Consolidated
Depreciation and Amortization Expense of such Person for such period to the extent deducted in computing Consolidated Net Income;
plus

 

(d)          non-recurring
restructuring charges (including, without limitation, relocation costs and costs relating to the opening, closure and/or consolidation
of facilities) that are paid or to be paid in cash; plus

 

(e)          any
write offs, write downs or other noncash charges, expenses or losses reducing Consolidated Net Income for such period, excluding
any such charge that represents an accrual or reserve for a cash expenditure for a future period; plus

 

(f)           the
amount of any minority interest expense deducted in computing Consolidated Net Income; plus

 

    	 	18	 

     

    

 

(g)          any
costs or expenses incurred and deducted in computing Consolidated Net Income by the Company
or a Restricted Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit
plan or agreement or any stock subscription or stockholders agreement, to the extent that such costs or expenses are funded with
cash proceeds contributed to the capital of the Company or net cash proceeds of issuance of Equity Interests of the Company (other
than Disqualified Stock that is Preferred Stock) in each case, solely to the extent that such cash proceeds are excluded from
the calculation set forth in clause (4)(C) of Section 10.08(a); plus

 

(h)          expenses
deducted in computing Consolidated Net Income to the extent covered by contractual indemnification
or refunding provisions in favor of the Company or any of its Restricted Subsidiaries in connection with any acquisition or other
Investment or any disposition of assets permitted under this Indenture, to the extent actually paid or refunded in cash by a third
party other than the Company or a Restricted Subsidiary during such period; plus

 

(i)           the
amount of any other expense reductions and cost savings related to operational efficiencies, strategic initiatives or purchasing
improvements and other synergies (without duplication of any cost savings or expense reductions made pursuant to the definition
of Fixed Charge Coverage Ratio), in each case that have occurred prior to the Calculation Date or are reasonably expected to occur
within 24 months of the Calculation Date, in the reasonable judgment of the chief financial or accounting officer of the Company
in good faith (regardless of whether those cost savings or operating improvements could then be reflected in pro forma financial
statements in accordance with Regulation S-X promulgated under the 1933 Act or any other regulation or policy of the SEC related
thereto); provided that such net cost savings, initiatives, improvements and synergies are reasonably identifiable and quantifiable;
plus

 

(j)           any
losses for such period attributable to early extinguishment of Indebtedness or obligations under any Hedging Agreement and any
unrealizes losses for such period attributable to the application of “mark to market” accounting in respect of Hedging
Agreements; plus

 

(k)          the
cumulative effect for such period of a change in accounting principles; plus

 

(l)           non-recurring
out-of-pocket transactional fees, costs and expenses relating to any acquisitions (or any failed acquisitions), Investments, Indebtedness
(including the issuance of the Notes), securities offerings and dispositions, including legal fees, advisory fees and upfront
financing fees; plus

 

(m)         fees,
costs and expenses incurred in connection with the implementation of enterprise resource planning; provided that, for purposes
of determining EBITDA for any period of four (4) consecutive fiscal quarters of the Company, the aggregate amount added back
under this clause (m) shall not exceed $8,000,000; plus

 

(n)          all
adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in the Offering
Memorandum to the extent such adjustments, without duplication, continue to be applicable to the reference period.

 

(2)          decreased
by (without duplication) noncash gains increasing Consolidated Net Income of such Person for such period, excluding any gains
that represent the accrual of revenue in the ordinary course of business and the reversal of any accrual of, or cash reserve for,
anticipated cash charges in any prior period (other than such cash charges that have been added back to Consolidated Net Income
in computing EBITDA in accordance with this definition); and

 

    	 	19	 

     

    

 

(3)          increased
or decreased, as applicable, by (without duplication) the amount of gain or loss resulting in such period from a sale of receivables
and related assets to a Receivables Subsidiary in connection
with a Receivables Facility.

 

For purposes of determining EBITDA for
any period of four consecutive fiscal quarters, the aggregate amount added back in clause (i) above in respect of such period,
when taken together with any adjustments made pursuant to the third paragraph of the definition of “Fixed Charge Coverage
Ratio,” shall not exceed 25% of EBITDA (as calculated before giving effect to clause (i) above).

 

“Equipment” has the
meaning specified in the UCC, and if defined in more than one Article of the UCC, the meaning given in Article 9 thereof.

 

“Equity
Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding
any debt security that is convertible into, or exchangeable for. Capital Stock.

 

“Equity
Offering” means any public or private sale of common stock or Preferred Stock of the Company or any of its direct
or indirect parent companies (excluding Disqualified Stock), other than:

 

(a)          public
offerings with respect to the Company’s or any direct or indirect parent company’s common stock registered on Form S-4
or Form S-8;

 

(b)          any
such public or private sale that constitutes an Excluded Contribution; and

 

(c)          an
issuance to any Subsidiary of the Company.

 

“Event
of Default” has the meaning specified in Section 5.01.

 

“Excess
Proceeds” has the meaning specified in Section 10.16.

 

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

 

“Excluded Accounts”
means, collectively, (a) payroll accounts, trust accounts, employee benefit accounts and zero-balance disbursement accounts
(that are not collection accounts) and (b) deposit accounts that have balances of no more than $250,000 individually or $1,000,000
in the aggregate for any period of thirty (30) consecutive days.

 

“Excluded
Assets” means, collectively:

 

(1) any
fee-owned real property that does not constitute Material Real Property and all leasehold interests in real property;

 

    	 	20	 

     

    

 

(2) any “intent
to use” application for registration of a trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C.
 § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an
 “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the
extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the
validity or enforceability of any registration that issues from such intent to use application under applicable federal law;

 

(3) assets in respect
of which pledges and security interests are prohibited by applicable U.S. law, rule or regulation or agreements with any
U.S. governmental authority (other than to the extent that such prohibition would be rendered ineffective pursuant to Sections
9 406, 9 407, 9 408, 9 409 or other applicable provisions of the UCC of any relevant jurisdiction or any other applicable law);
provided that, immediately upon the ineffectiveness, lapse or termination of any such prohibitions, such assets shall automatically
cease to constitute Excluded Assets;

 

(4) margin
stock (within the meaning of Regulation U issued by the Federal Reserve Board);

 

(5) Equity Interests
in any entity other than wholly-owned Material Subsidiaries and, to the extent not requiring the consent of one or more unaffiliated
third parties or prohibited by the terms of any applicable organizational documents, joint venture agreement or shareholders’
agreement, other Material Subsidiaries and joint ventures;

 

(6) letter of credit
rights with a value of less than $5,000,000 (other than to the extent the security interest in such letter of credit right may
be perfected by the filing of UCC financing statements) and commercial tort claims with a value of less than $5,000,000;

 

(7) any lease, license,
capital lease obligation or other agreement or any property subject to a purchase money security interest, similar agreement or
other contractual restriction to the extent that a grant of a security interest therein would violate or invalidate such lease,
license, capital lease obligation or agreement or purchase money arrangement or other contraction restriction or create a right
of termination in favor of any other party thereto (other than the Company or a Guarantor) (other than (x) proceeds and receivables
thereof, the assignment of which is expressly deemed effective under the UCC notwithstanding such prohibition, (y) to the
extent that any such term has been waived or (z) to the extent that any such term would be rendered ineffective pursuant
to Sections 9 406, 9 407, 9 408, 9 409 or other applicable provisions of the UCC of any relevant jurisdiction or any other applicable
law); provided that, immediately upon the ineffectiveness, lapse or termination of any such term, such assets shall automatically
cease to constitute Excluded Assets;

 

(8) any foreign assets (including
foreign intellectual property) (other than pledges of the Applicable Pledge Percentage of the issued and outstanding Equity Interests
in any First Tier Foreign Subsidiary which is a Material Foreign Subsidiary as contemplated by this Agreement) or credit support;

 

    	 	21	 

     

    

 

(9) those assets as to which the Company
determines in good faith in a writing delivered to the Collateral Trustee that the cost of obtaining such a security interest
or perfection thereof are excessive in relation to the benefit to the Priority Lien Secured Parties of the security to be afforded
thereby; provided that any asset that is an “Excluded Asset” pursuant to the ABL Facility and/or the ABL Collateral
Documents shall constitute an “Excluded Asset” under the security agreement dated as of the Issue Date among the Company,
the Collateral Trustee and certain other grantors;

 

(10) any aircrafts and aircraft engines;
and

 

(11) Excluded Accounts.

 

Notwithstanding the foregoing, “Excluded
Assets” shall not include any proceeds, products, substitutions or replacements of Excluded Assets (unless such proceeds,
products, substitutions or replacements would otherwise constitute Excluded Assets).

 

“Excluded
Contribution” means net cash proceeds, marketable securities or Qualified Proceeds received by the Company from:

 

(a)          contributions
to its common equity capital; and

 

(b)          the
sale (other than to a Subsidiary of the Company or to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement of the Company) of Capital Stock (other than Disqualified Stock and
Designated Preferred Stock) of the Company,

 

in each case as designated as Excluded Contributions pursuant
to an Officer’s Certificate on the date such capital contributions are made or the date such Equity Interests are sold,
as the case may be, which are excluded from the calculation set forth in clause (4)(C) of Section 10.08(a).

 

“Excluded Domestic Subsidiary”
means (a) any Domestic Subsidiary whose Equity Interests are owned directly or indirectly by a CFC and (b) any Domestic
Foreign Holdco Subsidiary.

 

“Excluded Foreign Subsidiary”
means a Foreign Subsidiary which is (a) a CFC or (b) a direct or indirect Foreign Subsidiary owned by a CFC or Domestic
Foreign Holdco Subsidiary.

 

“Existing Indebtedness”
means Indebtedness of the Company or the Restricted Subsidiaries in existence on the Issue Date, plus interest accruing thereon.

 

“First Lien Claimholders”
means the holders of any Fixed Asset Obligations.

 

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

 

“Fixed Asset Obligations”
means, collectively, the Permitted Notes Obligations and any Additional Fixed Asset Obligations (as such term is used in the Intercreditor
Agreement).

 

    	 	22	 

     

    

 

“Fixed Asset Secured Parties”
means the Permitted Notes Secured Parties and any Parity Lien Secured Parties.

 

“Fair
Share” has the meaning specified in Section 12.05.

 

“Fair
Share Contribution Amount” has the meaning specified in Section 12.05.

 

“Fall-Away
Period” has the meaning specified in Section 10.19(b).

 

“Fixed
Charge Coverage Ratio” means, with respect to any Person for any period, the ratio
of EBITDA of such Person for such period to the Fixed Charges of such Person for such period.
In the event that the Company or any Restricted Subsidiary incurs, assumes, guarantees, redeems,
retires or extinguishes any Indebtedness (other than Indebtedness incurred under any revolving credit facility that has been permanently
repaid and has not been replaced) or issues or redeems Disqualified Stock or Preferred Stock subsequent to the commencement
of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to or
simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation
Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption,
guarantee, redemption, retirement or extinguishing of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred
Stock, as if the same had occurred at the beginning of the applicable four-quarter period (the “reference period”).

 

For purposes of making the computation
referred to above, Investments, acquisitions, dispositions, mergers, consolidations and disposed operations (as determined
in accordance with GAAP) that have been made by the Company or any Restricted Subsidiary during the four-quarter reference period
or subsequent to such reference period and on or prior to or simultaneously with the Calculation Date shall be calculated on a
pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations and disposed operations
(and the change in any associated fixed charges and the change in EBITDA resulting therefrom) had occurred on the first day of
the reference period. If since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was
merged with or into the Company or any Restricted Subsidiary since the beginning of such period) shall have made any Investment,
acquisition, disposition, merger, consolidation or disposed operation that would have required adjustment pursuant to this definition,
then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment,
acquisition, disposition, merger, consolidation or disposed operation had occurred at the beginning of the reference period.

 

For
purposes of this definition, whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be made
in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculation may include, without
duplication, adjustments appropriate to reflect operating expense reductions and other operating improvements or synergies, in
each case that have occurred prior to the Calculation Date or are reasonably expected to occur within 24 months of the Calculation
Date, in the reasonable judgment of the chief financial officer of the Company in good faith (regardless of whether those cost
savings or operating improvements could then be reflected in pro forma financial statements in accordance with Regulation S-X
promulgated under the 1933 Act or any other regulation or policy of the SEC related thereto);
provided that (i) such net cost savings, initiatives, improvements and synergies are reasonably identifiable and quantifiable
and (ii) the aggregate amount of net cost savings, initiatives, improvements and synergies added back in respect of any period
of four consecutive fiscal quarters shall not exceed 25% of EBITDA (as calculated before giving effect to such addbacks).

 

    	 	23	 

     

    

 

If the Company so elects,
pro forma effect shall be given to any entity, division, plant, unit or line of business that commenced and completed at least
one full fiscal quarter of operations during such reference period as if such entity, division, plant, unit or line of business
had commenced commercial operations on the first day of such reference period and such pro forma calculation shall be based on
the annualized results of commercial operations of such entity, plant, unit, division or line of business since the date it so
commenced commercial operations.

 

When calculating the availability
under any basket or ratio under this Indenture, in each case in connection with a Limited Condition Acquisition, the Calculation
Date of such basket or ratio and determination as to whether any Default or Event of Default shall have occurred and be continuing
may, at the option of the Company, be the date the definitive agreements for such Limited Condition Acquisition are entered into
and, if the Company so elects, such baskets or ratios shall be calculated on a pro forma basis after giving effect to such Limited
Condition Acquisition and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness
and the use of proceeds thereof) as if they occurred at the beginning of the applicable reference period for purposes of determining
the ability to consummate any such Limited Condition Acquisition (and not for purposes of any availability, subsequent to the
consummation of such Limited Condition Acquisition, of any basket or ratio), and, for the avoidance of doubt, (x) if any
of such baskets or ratios are exceeded as a result of fluctuations in such basket or ratio (including due to fluctuations in EBITDA
or Consolidated Total Assets of the Company or the target company) subsequent to such Calculation Date at or prior to the consummation
of the relevant Limited Condition Acquisition, such baskets or ratios will not be deemed to have been exceeded as a result of
such fluctuations solely for purposes of determining whether the Limited Condition Acquisition is permitted hereunder and (y) such
baskets or ratios need not be tested at the time of consummation of such Limited Condition Acquisition or related transactions;
provided, however, that if the Company elects to have such Calculation Date and determination occur at the time of entry into
such definitive agreement, any such transactions (including any incurrence of Indebtedness and the use of proceeds thereof) shall
be deemed to have occurred on the date the definitive agreements are entered into for purposes of calculating any baskets or ratios
under this Indenture after the date of such agreement and before the consummation of such Limited Condition Acquisition.

 

Notwithstanding anything to the contrary
herein, in the event an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) is incurred or issued,
any Lien is incurred or other transaction is undertaken in reliance on a ratio basket based on the Fixed Charge Coverage Ratio,
Secured Net Leverage Ratio or Total Net Leverage Ratio, such ratio(s) shall be calculated with respect to such incurrence,
issuance or other transaction without giving effect to amounts being utilized under any other basket (other than a ratio basket
based on the Fixed Charge Coverage Ratio, Secured Net Leverage Ratio or Total Net Leverage Ratio) on the same date. Each item
of Indebtedness, Disqualified Stock or Preferred Stock that is incurred or issued, each Lien incurred and each other transaction
undertaken will be deemed to have been incurred, issued or taken first, to the extent available, pursuant to the relevant Fixed
Charge Coverage Ratio, Secured Net Leverage Ratio or Total Net Leverage Ratio test.

 

    	 	24	 

     

    

 

If
any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall
be calculated as if the rate in effect on the Calculation Date had been the applicable rate
for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized
Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a
responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capitalized Lease Obligation
in accordance with GAAP. For purposes of making the computation
referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed
based upon the average daily balance of such Indebtedness during the applicable
period. Interest on Indebtedness that may optionally be determined at an
interest rate based upon a factor of a prime or similar
rate, a eurocurrency interbank offered rate, or other
rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen
as the Company may designate.

 

“Fixed
Charges” means, with respect to any Person for any period, the sum of

 

(a)          Consolidated
Interest Expense of such Person for such period,

 

(b)          all
cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred Stock made during such period,
and

 

(c)          all
cash dividend payments (excluding items eliminated in consolidation) on any
series of Disqualified Stock made during such period;

 

provided,
however, that, notwithstanding the foregoing, any charges arising from (i) the
application of Accounting Standards Codification Topic 480-10-25-4 “Distinguishing Liabilities
from Equity—Overall—Recognition” to
any series of Preferred Stock other than Disqualified Stock or (ii) the application
of Accounting Standards Codification Topic 470-20 “Debt—Debt
with Conversion Options—Recognition,” in each case,
shall be disregarded in the calculation of Fixed Charges.

 

“Fixtures” has the meaning
specified in the UCC, and if defined in more than one Article of the UCC, the meaning given in Article 9 thereof.

 

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

 

“Funding
Guarantor” has the meaning specified in Section 12.05.

 

    	 	25	 

     

    

 

“GAAP” means generally
accepted accounting principles in the United States of America that are applicable to the Company as of the Issue Date. At any
time after the Issue Date, the Company may elect to apply IFRS accounting principles in lieu of GAAP and, upon any such election,
references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise provided in this Indenture); provided
that any calculation or determination in this Indenture that requires the application of GAAP for periods that include fiscal
quarters ended prior to the Company’s election to apply IFRS shall remain as previously calculated or determined in accordance
with GAAP; provided, further, that any term phrased in a manner customary under GAAP shall be interpreted to refer to the equivalent
accounting or financial concept under IFRS and, if there is no such equivalent accounting or financial concept, shall be interpreted
in a manner that best approximates the effect that such term would have if it were construed in accordance with GAAP as in effect
on the Issue Date.

 

“Government
Securities” means securities that are:

 

(a)          direct
obligations of the United States of America for the timely payment of which its full faith and credit is pledged; or

 

(b)          obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which,
in either case, are not callable or redeemable at the option
of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act), as custodian with respect to any such Government Securities, or a specific payment of principal of or interest
on any such Government Securities held by such custodian for the account of the holder of such depository receipt; provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder
of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment
of principal of or interest on the Government Securities evidenced by such depository receipt.

 

“Grantor”
means each of, and “Grantors” means collectively, the Company and each Subsidiary of the Company that shall have granted
any Lien in favor of the Collateral Trustee on any of its assets or properties to secure any of the Permitted Notes Obligations.

 

“guarantee”
means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct
or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of
any Indebtedness or other obligations, and, when used as a verb, shall have a corresponding meaning.

 

“Guarantee”
means the guarantee by any Guarantor of the Indenture Obligations.

 

“Guarantor”
means any Restricted Subsidiary of the Company that executes this Indenture as a guarantor on the Issue Date and each other
Restricted Subsidiary of the Company that thereafter guarantees the Notes pursuant to the terms of this Indenture; provided, however,
that upon the release or discharge of such Restricted Subsidiary from its Guarantee in accordance with this Indenture, such Restricted
Subsidiary will cease to be a Guarantor.

 

“Hedge
Agreement” means any agreement governing Hedging Obligations.

 

    	 	26	 

     

    

 

“Hedging
Obligations” means, with respect to any Person, the obligations of such Person under currency exchange, interest
rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency exchange, interest
rate or commodity collar agreements and other agreements or arrangements pursuant to a Hedge Agreement, in each case designed
to manage fluctuations in currency exchange, interest rates or commodity prices. For the avoidance of doubt, any Permitted Convertible
Indebtedness Call Transaction will not constitute Hedging Obligations.

 

“Holder”
means the Person in whose name a Note is registered on
the books of the Note Registrar.

 

“IFRS”
means the International Financial Reporting Standards, as promulgated by the International
Accounting Standards Board (or any successor board or agency), as in effect on the date of the election, if any, by the Company
to change GAAP to IFRS; provided that IFRS shall not include any provision of such
standards that would require a lease that would be classified as an operating lease under GAAP to be classified as indebtedness
or a finance or capital lease.

 

“Increased
Amount” has the meaning specified in Section 10.10(c).

 

“incur”
has the meaning specified in Section 10.09.

 

“incurrence”
has the meaning specified in Section 10.09.

 

“Indebtedness”
means, with respect to any Person, without duplication:

 

(a)          any
indebtedness (including principal and premium) of such Person, whether or not contingent:

 

(1)          in
respect of borrowed money;

 

(2)          evidenced
by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without double counting,
reimbursement agreements in respect thereof);

 

(3)          representing
the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), except any such
balance that constitutes a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course
of business; or

 

(4)          representing
any Hedging Obligations, in each case to the extent not otherwise included in this definition;

 

if and to the extent that any of the foregoing Indebtedness
(other than letters of credit and other Hedging Obligations) would appear as a liability upon a balance sheet (excluding the footnotes
thereto) of such Person prepared in accordance with GAAP;

 

(b)          to
the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise,
on the obligations of the type referred to in clause (a) of another Person (whether or not such items would appear upon the
balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary
course of business;

 

    	 	27	 

     

    

 

(c)          to
the extent not otherwise included, the obligations of the type referred to in clause (a) of another Person secured by a Lien
on any asset owned by such Person, whether or not such obligations are assumed by such Person and whether or not such obligations
would appear upon the balance sheet of such Person; provided that the amount of-such Indebtedness shall be the lesser of
the fair market value of such asset at the date of determination and the amount of Indebtedness so secured; and

 

(d)          Attributable
Debt in respect of Sale and Lease-Back Transactions;

 

provided,
however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include (A) Contingent Obligations
incurred in the ordinary course of business, (B) Obligations under, or in respect of, Receivables Facilities, (C) any
operating leases as such an instrument would be determined in accordance with GAAP on the date of this Indenture, (D) in
connection with the purchase by the Company or its Restricted Subsidiaries of any business, post-closing payment adjustments to
which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment
depends on the performance of such business after the closing unless such payments are required under GAAP to appear as a liability
on the balance sheet (excluding the footnotes), (E) deferred or prepaid revenues, (F) any Capital Stock other than Disqualified
Stock, (G) purchase price hold-backs in respect of a portion of the purchase price of an asset to satisfy warranty or other
unperformed obligations of the respective seller. (H) any contingent obligations in respect of workers’ compensation
claims, early retirement or termination obligations, pension fund obligations or contributions or similar claims, obligations
or social security or wage taxes, or (I) liabilities in respect of obligations (other than in connection with the borrowing
of money) related to standby letters of credit, performance guarantees, warranty guarantees, advanced payment guarantees, bid
guarantees or bonds or surety bonds provided by or at the request of the Company or any Restricted Subsidiary in the ordinary
course of business (whether or not secured) to the extent such letters of credit, guarantees or bonds are not drawn upon or, if
and to the extent drawn upon are honored in accordance with their terms and if, to be reimbursed, are reimbursed no later than
30 days following receipt by such Person of a demand for reimbursement following payment on the letter of credit, guarantee or
bond; provided that if such amounts due are not reimbursed on or prior to 30 days following receipt by such Person of a demand
for reimbursement, then such amounts due shall become Indebtedness incurred on the date such amounts became due.

 

“Indenture”
means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof.

 

“Indenture
Obligations” means the Obligations of the Company
and any other obligor under this Indenture or under the Notes, including any Guarantor, to pay principal of, premium, if any,
and interest when due and payable (including, to the extent legally permitted, all interest accrued thereon after the commencement
of any insolvency or liquidation proceeding at the rate, including any applicable post-default rate, specified in the applicable
agreement whether or not a claim for post-petition interest is allowed in such proceeding), and all other amounts due or to become
due under or in connection with this Indenture, the Notes, the Guarantees and the Security Documents and the performance of all
other obligations to the Trustee, the Collateral Trustee and the Holders under this Indenture, the Notes, the Guarantees and the
Security Documents, according to the respective terms thereof.

 

    	 	28	 

     

    

 

“Independent
Financial Advisor” means an accounting, appraisal, investment banking firm or consultant
to Persons engaged in Similar Businesses of nationally recognized standing that is, in the
good faith judgment of the Company, qualified to perform the task for which it has been engaged and that is independent of the
Company and its Affiliates.

 

“Initial
Notes” has the meaning stated in the first recital
of this Indenture.

 

“Initial
Purchasers” has the meaning specified in the
Appendix.

 

“Instrument”
has the meaning specified in the UCC, and if defined in more than one Article of the UCC, the meaning given in Article 9
thereof.

 

“Insolvency
or Liquidation Proceeding” means:

 

(1) any case commenced
by or against any Grantor under Title 11, U.S. Code or any similar federal or state law for the relief of debtors, any other proceeding
for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of any Grantor, any receivership
or assignment for the benefit of creditors relating to any Grantor or any similar case or proceeding relative to any Grantor or
its creditors, as such, in each case whether or not voluntary;

 

(2) any liquidation,
dissolution, marshalling of assets or liabilities or other winding up of or relating to any Grantor, in each case whether or not
voluntary and whether or not involving bankruptcy or insolvency; or

 

(3) any other proceeding
of any type or nature in which substantially all claims of creditors of any Grantor are determined and any payment or distribution
is or may be made on account of such claims.

 

“Intellectual
Property” means all intellectual property of a Person including (a) inventions, designs,
patents, patent applications, copyrights, trademarks, service marks, trade names, trade secrets, confidential or proprietary information,
customer lists, know-how, software, and databases; (b) all embodiments or fixations thereof and all related documentation,
applications, registrations, and franchises; (c) all licenses or other rights to use any of the foregoing; and (d) all
books and records relating to the foregoing.

 

“Intercompany
Loan” shall mean a debt owed at any time to a Grantor by a Grantor or any affiliate of
a Grantor, whether resulting from an extension of credit or otherwise, whether secured or unsecured, and irrespective of the currency
in which such debt is owed.

 

    	 	29	 

     

    

 

“Intercreditor
Agreement” means that certain Lien Subordination and Intercreditor Agreement, dated
as of the Issue Date, by and among the Collateral Trustee, JPMorgan Chase, N.A., as ABL Administrative
Agent, the Company and the Guarantors, as it may be amended from time to time.

 

“Interest
Payment Date” means the Stated Maturity of an installment of interest on the Notes. The first Interest Payment
Date with respect to Notes issued on the Issue Date shall be January 15, 2021.

 

“Investment
Grade Rating” has the meaning specified in Section 10.19.

 

“Investment
Grade Securities” means:

 

(1)          securities
issued or directly and fully guaranteed or insured by the government of the United States of America or any agency or instrumentality
thereof (other than Cash Equivalents);

 

(2)          debt
securities or debt instruments with a rating of BBB- or higher by S&P or Baa3 or higher by Moody’s or the
equivalent of such rating by such rating organization, or, if no rating of S&P or Moody’s
then exists, the equivalent of such rating by any other nationally recognized securities rating agency, but excluding any debt
securities or instruments constituting loans or advances among the Company and its Subsidiaries;

 

(3)          investments
in any fund that invests exclusively in investments of the type set forth in clauses (1) and (2), which fund may also hold
immaterial amounts of cash pending investment or distribution; and

 

(4)          corresponding
instruments in countries other than the United States of America customarily utilized for high quality investments.

 

“Investments”
 means, with respect to any Person, all investments by such Person in other Persons (including
Affiliates) in the form of loans (including guarantees), advances or capital contributions (including by means of any transfer
of cash or other property to others or any payment for property or services for the account or use of others, but excluding accounts
receivable, trade credit, advances to customers, commission, travel and similar advances to officers and employees, in each case
made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests
or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet
(excluding the footnotes) of such Person in the same manner as the other investments included
in this definition to the extent such transactions involve the transfer of cash or other property.
For purposes of the definition of “Unrestricted Subsidiary” and Section 10.08:

 

    	 	30	 

     

    

 

(1)          “Investments”
shall include the portion (proportionate to the Company’s equity interest in such Subsidiary) of the fair market value of
the net assets of a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided
that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue to have a
permanent “Investment” in an Unrestricted Subsidiary in an amount
(if positive) equal to:

 

(x)          the
Company’s “Investment” in such Subsidiary at the time of such redesignation; less

 

(y)          the
portion (proportionate to the Company’s equity interest in such Subsidiary) of the fair market value of the net assets of
such Subsidiary at the time of such redesignation; and

 

(2)          any
property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer,
in each case as determined in good faith by the Company.

 

The
amount of any Investment outstanding at any time shall be the original amount of such Investment, reduced by any dividend, distribution,
interest payment, return of capital, repayment or other amount received by the Company or
a Restricted Subsidiary in respect of such Investment.

 

“Issue
Date” means July 8, 2020.

 

“Junior Obligations”
will mean (a) with respect to any Priority ABL Collateral, all Fixed Asset Obligations and (b) with respect to any Priority
Fixed Asset Collateral, all Permitted ABL Obligations.

 

“Junior Representative”
will mean (a) with respect to any Permitted ABL Obligations or any Priority ABL Collateral, the Collateral Trustee and (b) with
respect to any Fixed Asset Obligations or any Priority Fixed Asset Collateral, the ABL Administrative Agent.

 

“Junior Secured
Parties” will mean (a) with respect to the Priority ABL Collateral, all Permitted Notes Secured Parties and (b) with
respect to the Priority Fixed Asset Collateral, all ABL Secured Parties.

 

“Legal
Defeasance” has the meaning specified in Section 13.02.

 

“Legal
Holiday” means a Saturday, a Sunday or a day on which banking institutions are not
required to be open in the State of New York, or with respect to payments on the Notes, in
the place of payment.

 

“Letter-of-Credit
Right” has the meaning specified in the UCC, and if defined in more than one Article of
the UCC, the meaning given in Article 9 thereof.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such asset, whether or not filed, recorded
or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the
nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any
financing statement under the UCC (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating
lease be deemed to constitute a Lien.

 

    	 	31	 

     

    

 

“Limited
Condition Acquisition” means any Investment or acquisition, in each case, by the Company
or any Restricted Subsidiary of the Company whose consummation is not conditioned on the availability of, or on obtaining, third-party
financing for such Investment or acquisition (whether by merger, amalgamation, consolidation or other business combination or
the acquisition of Capital Stock or otherwise) as applicable.

 

“Material Foreign Subsidiary”
means each Foreign Subsidiary that constitutes a Material Subsidiary.

 

“Material
Real Property” means real property located in the United States with a book value (as reflected
in the financial statements delivered pursuant to the covenant titled “Reports and Other Information”) of more than
$10.0 million that is owned by the Company or any Domestic Subsidiary that is the Company or a Guarantor.

 

“Material Subsidiary”
means each Subsidiary (i) which, as of the most recent fiscal quarter of the Company during the most recently ended four
full fiscal quarters for which internal financial statements are available, contributed greater than five percent (5%) of the
Company’s EBITDA for such period or (ii) which contributed greater than five percent (5%) of Consolidated Total Assets
as of such date; provided that, if at any time the aggregate amount of EBITDA or Consolidated Total Assets attributable to all
Subsidiaries that are not Material Subsidiaries exceeds twenty percent (20%) of EBITDA for any such period or twenty percent (20%)
of Consolidated Total Assets as of the end of any such fiscal quarter, the Company shall designate sufficient Subsidiaries as
 “Material Subsidiaries” to eliminate such excess, and such designated Subsidiaries shall constitute Material Subsidiaries.

 

“Mortgaged
Properties” mean the Company or any Guarantor’s fee or leasehold interest in the
Material Real Property, together with all buildings, fixtures, improvements and personal property located thereon, and all proceeds
of any of the foregoing.

 

“Mortgages”
means, as applicable, the first priority (subject to Permitted Liens) mortgages, deeds of trust, deeds to secure debt or other
similar security instruments to be duly executed and delivered on or prior to the deadline indicated on in Section 15.08
(each as amended, restated, supplemented or otherwise modified from time to time) entered into by the Company or any Guarantor,
encumbering the Company’s or such Guarantor’s Mortgaged Properties in favor of the Collateral Trustee, for its benefit
and the benefit of the Trustee and the holders of the Securities, evidencing the first priority lien (subject to Permitted Liens)
on such Mortgaged Properties that secure the Secured Obligations.

 

“Maturity,”
when used with respect to any Note, means the date on which
the principal of such Note or an installment of principal becomes due and payable as therein or herein provided, whether at the
Stated Maturity or by declaration of acceleration, notice of redemption or otherwise.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor to its rating agency business.

 

    	 	32	 

     

    

 

“Net
Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with
GAAP and before any reduction in respect of Preferred Stock dividends.

 

“Net
Proceeds” means the aggregate cash proceeds received by the Company or any Restricted Subsidiary in respect
of any Asset Sale, including any cash received upon the sale or other disposition of any Designated Noncash Consideration received
in any Asset Sale, net of the direct costs relating to such Asset Sale and the sale or disposition
of such Designated Noncash Consideration, including legal, accounting and investment banking fees, and brokerage and sales commissions,
any relocation expenses incurred as a result thereof, other fees and expenses, including title and recordation expenses, taxes
or repatriation costs paid or payable as a result thereof (after taking into account any available tax or other credits or deductions
and any tax sharing arrangements), amounts required to be applied to the repayment of principal, premium, if any, and interest
on Indebtedness required (other than by Section 10.16(b)(1)) and 10.16(c)(1) to be paid as a result of such transaction
and any deduction of appropriate amounts to be provided by the Company or a Restricted Subsidiary as a reserve in accordance with
GAAP against any liabilities associated with the asset disposed of in such transaction and
retained by the Company or a Restricted Subsidiary after such sale or other disposition thereof,
including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any
indemnification obligations associated with such transaction.

 

“Non-U.S.
Person” means a Person who is not a U.S. Person.

 

“Note
Liens” means all Liens in favor of the Collateral Trustee for its benefit and
for the benefit of the Trustee, the Holders of the Notes and holders of any Parity Lien Notes Debt
on Collateral securing the Indenture Obligations and any Parity Lien Notes Debt.

 

“Note
Register” and “Note Registrar” have the respective meanings specified in Section 3.04.

 

“Notes”
means any 6.250% Senior Secured Notes due 2028 of the Company authenticated and delivered
under this Indenture. The Initial Notes and any Additional Notes shall be treated as a single
class for all purposes of this Indenture, including waivers, amendments, redemptions and offers to purchase, and shall vote and
consent together as one class on all matters with respect to the Notes (except that any series of Notes that is not fungible with
the Initial Notes for U.S. federal income tax purposes may be treated for purposes of provisions of this Indenture relating to
transfer and exchange as a separate class that does not trade fungibly with Notes that have differing treatment under U.S. federal
income tax law and will be assigned a different CUSIP or other identification number), and unless the context otherwise requires,
all references to the Notes shall include the Initial Notes and any Additional Notes.

 

“Obligations”
means any principal (including reimbursement obligations with respect to letters of credit
whether or not drawn), interest (including, to the extent legally permitted, all interest accrued thereon after the commencement
of any insolvency or liquidation proceeding at the rate, including any applicable post-default
rate, specified in the applicable agreement whether or not a claim for post-petition interest is allowed in such proceeding),
premium (if any), guarantees of payment, fees, indemnifications, reimbursements, expenses, damages and other liabilities payable
under the documentation governing any Indebtedness; provided that Obligations with respect to the Notes shall not include
fees or indemnification in favor of third parties other than the Trustee, the Collateral Trustee and the Holders.

 

    	 	33	 

     

    

 

“Offering
Memorandum” means the Offering Memorandum dated June 30, 2020 relating to the Notes.

 

“Officer”
means, with respect to any Person, the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President,
any Executive Vice President, Senior Vice President or Vice President, Treasurer, Controller or the Secretary of such Person.

 

“Officer’s
Certificate” means a certificate signed on behalf of the Company by one Officer of the Company, who must be the
principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company,
that meets the requirements set forth in this Indenture.

 

“Opinion
of Counsel” means a written opinion from legal counsel. The counsel may be an employee of or counsel to the Company.
Opinions of Counsel required to be delivered under this Indenture may have assumptions, exclusions and qualifications customary
for opinions of the type required and counsel delivering such Opinions of Counsel may rely on certificates of the Company or government
or other officials customary for opinions of the type required, including certificates certifying as to matters of fact, including
that various covenants have been complied with.

 

“Outstanding,”
when used with respect to Notes, means, as of the date of determination, all Notes theretofore authenticated and delivered
under this Indenture, except:

 

(1)          Notes
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(2)          Notes,
or portions thereof, for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set
aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders
of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given pursuant
to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(3)          Notes,
except to the extent provided in Section 13.02 and 13.03, with respect to which the Company has effected Legal Defeasance
or Covenant Defeasance as provided in Article Thirteen;
and

 

(4)          Notes
which have been paid pursuant to this Indenture or in exchange for or in lieu of which other Notes have been authenticated and
delivered pursuant to Section 3.05, other than any
such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held
by a Protected Purchaser in whose hands the Notes are valid obligations of the Company;

 

    	 	34	 

     

    

 

provided,
however, that in determining whether the Holders of the requisite principal amount of Outstanding Notes have given any
request, demand, authorization, direction, consent, notice or waiver hereunder, Notes owned by the Company or any Guarantor or
by any Person directly or indirectly controlled by the Company or any Guarantor, shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Notes which a Responsible Officer of the Trustee actually knows
to be so owned shall be so disregarded.

 

“Parity Lien” means
a Lien granted, or purported to be granted, by a Collateral Document to the Collateral Trustee, at any time, upon any property
of any Grantor to secure Parity Lien Notes Obligations.

 

“Parity Lien Collateral Documents”
means all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements,
control agreements or other grants or transfers for security executed and delivered by any Grantor creating (or purporting to
create) a Lien upon Collateral in favor of the Collateral Trustee, for the benefit of any of the Parity Lien Secured Parties,
in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with
its terms and the Collateral Trust Agreement. In no event shall “Parity Lien Collateral Documents” refer to or include
any document to which the Collateral Trustee is not a party as collateral trustee, collateral agent or similar title or, with
the knowledge of the Collateral Trustee, a named beneficiary of a document or instrument which the Company or any other Grantor
is required to deliver or cause to be delivered pursuant to a Collateral Document.

 

“Parity Lien Notes Debt”
means any Indebtedness (excluding Permitted ABL Debt) that is secured by (or is secured equally and ratably with) Parity Liens
securing Obligations in respect of a Series of Parity Lien Notes Debt, in each case that was permitted to be incurred and
so secured under each applicable Permitted Notes Document; provided that either:

 

(a) such Indebtedness is permitted
by the Indenture; or

 

(b) such Indebtedness is Refinancing
Indebtedness the entire net proceeds of which are used to refund, refinance, replace, defease, discharge or otherwise acquire
or retire any such Permitted Notes Debt (or to pay related fees, expenses, premiums and accrued interest);

 

provided further, that:

 

(a) on or before the date on which
such Indebtedness is incurred by the Grantors, such Indebtedness is designated by the Company, in an additional permitted notes
debt designation executed and delivered in accordance with the Collateral Trust Agreement, as “Parity Lien Notes Debt”
for the purposes of the Permitted Notes Documents; provided, that no Indebtedness may be designated as both Parity Lien Notes
Debt and Priority Lien Notes Debt;

 

(b) unless such Indebtedness is issued
under an existing Permitted Notes Document for any Series of Parity Lien Notes Debt whose Parity Lien Representative is already
party to the Collateral Trust Agreement, the Parity Lien Representative for such Indebtedness executes and delivers a collateral
trust joinder in accordance with the Collateral Trust Agreement;

 

    	 	35	 

     

    

 

(c) such Indebtedness is governed
by an indenture, credit agreement or other agreement that includes a lien sharing and priority confirmation contemplated by the
Collateral Trust Agreement; and

 

(d) all requirements set forth in
Collateral Trust Agreement have been complied with (the satisfaction of which will be conclusively established if the Company
delivers an officer’s certificate to the Permitted Notes Representatives and the Collateral Trustee stating that such requirements
and other provisions of the Collateral Trust Agreement have been satisfied and that such Indebtedness is “Parity Lien Notes
Debt” under the Permitted Notes Documents).

 

“Parity Lien Notes Obligations”
means Parity Lien Notes Debt and all other Obligations in respect thereof including, without limitation interest and premium (if
any) (including post-petition interest whether or not allowable), and all guarantees of any of the foregoing.

 

“Parity Lien Representative”
means, in the case of any Series of Parity Lien Notes Debt, the trustee, agent or representative of the holders of such Series of
Parity Lien Notes Debt who maintains the transfer register for such Series of Parity Lien Notes Debt and (A) is appointed
as a Parity Lien Representative (for purposes related to the administration of the Parity Lien Collateral Documents) pursuant
to the indenture, credit agreement or other agreement governing such Series of Parity Lien Notes Debt, together with its
successors in such capacity, and (B) who has executed a collateral trust joinder contemplated by the Collateral Trust Agreement.

 

“Parity Lien Secured Parties”
means the holders of Parity Lien Notes Obligations and each Parity Lien Representative.

 

“Permitted ABL Debt”
means Indebtedness of Grantors under a Credit Facility (including letters of credit and reimbursement obligations with respect
thereto) as in effect on the date of incurrence or the date of execution of the relevant document in respect of the Credit Facility
(whether or not the amounts thereunder are actually drawn on such date), not to exceed the amount permitted to be incurred under
this Indenture and each other applicable Secured Debt Document); provided that, in the case of any Indebtedness incurred
under a Credit Facility other than the ABL Facility:

 

(1) on or before the date on which
such Indebtedness is incurred by the Grantors, such Indebtedness is designated by the Grantors, as “Additional Debt”
in a designation executed and delivered in accordance with the Intercreditor Agreement (it being understood that no series of
Indebtedness may be designated as both Permitted ABL Debt and Permitted Notes Debt);

 

(2) the Permitted ABL Representative
on behalf of all holders of such Permitted ABL Debt for the enforceable benefit of each existing and future Collateral Trustee
and each existing and future holder of Permitted Liens executes and delivers an agreement in accordance with the Intercreditor
Agreement; and

 

(3) all other requirements set forth
in the Intercreditor Agreement have been complied with.

 

For the avoidance of doubt it is understood
and agreed that the ABL Facility is “revolving” in nature and the amounts thereunder can be drawn, repaid and redrawn.

 

    	 	36	 

     

    

 

“Permitted ABL Documents”
means, collectively, (a) the ABL Facility, (b) the ABL Collateral Documents, (c) if the ABL Facility is no longer
outstanding, any other indenture, credit agreement or other agreement pursuant to which any Permitted ABL Debt is incurred and/or
established and (d) the related security documents with respect to the foregoing.

 

“Permitted ABL Liens”
means any Lien in favor of the ABL Administrative Agent or any ABL Secured Party, including any Lien granted by an ABL Collateral
Document to the ABL Administrative Agent, at any time, upon any property of any Grantor, in each case, only to the extent securing
Permitted ABL Obligations.

 

“Permitted ABL Obligations”
means the Permitted ABL Debt and all other obligations in respect thereof, subject to the Intercreditor Agreement, and shall include
all principal, interest, fees and other amounts payable in connection therewith (including all interest and fees that, but for
the filing of a petition in an Insolvency or Liquidation Proceeding with respect to any Grantor, would have accrued on any such
obligations, whether or not a claim is allowed against such Grantor in such Insolvency or Liquidation Proceeding).

 

“Permitted ABL Representative”
means:

 

(1) in the case of the ABL Facility,
the ABL Administrative Agent; and

 

(2) in the case of any other Series of
Permitted ABL Debt, solely to the extent that the ABL Facility is no longer outstanding, the trustee, agent or representative
of the holders of such Series of Permitted ABL Debt who maintains the transfer register for such Series of Permitted
ABL Debt and is appointed as a representative of the Permitted ABL Debt (for purposes related to the administration of the ABL
Collateral Documents) pursuant to the credit agreement or other agreement governing such Series of Permitted ABL Debt.

 

“Paying
Agent” means any Person (including the Company acting as Paying Agent) authorized by the Company to pay the principal
of (and premium, if any) or interest on any Notes on behalf of the Company.

 

“Permitted
Additional Pari Passu Obligations” means obligations under any Additional Notes or any other Indebtedness (whether
or not consisting of Additional Notes but excluding the Notes issued on the Issue Date) secured by the Note Liens in an aggregate
principal amount not to exceed the sum of (x) $150.0 million plus (y) an additional amount such that, as of the date
such Permitted Additional Pari Passu Obligations were Incurred, and after giving pro forma effect thereto and the application
of the net proceeds therefrom, the Secured Net Leverage Ratio of the Company would not exceed 3.00 to 1.00; provided, that (A) the
applicable representative with respect to such Permitted Additional Pari Passu Obligation executes a joinder agreement to the
Collateral Trust Agreement in the relevant form attached thereto agreeing to be bound thereby and (B) the Company has designated
such Indebtedness as “Additional Fixed Asset Obligations” under the Intercreditor Agreement and has appropriately
designated such Indebtedness pursuant to a “Designation” under the Collateral Trust Agreement.

 

“Permitted
Asset Swap” means the substantially concurrent purchase and sale or exchange of Related
Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Company or any of its Restricted
Subsidiaries and another Person that is not the Company or any of its Restricted Subsidiaries; provided that any cash or
Cash Equivalents received must be applied in accordance with Section 10.16; provided further that the assets received
are pledged as Collateral as required and provided under the Security Documents (except, in the case
of Priority ABL Collateral, to the extent the Lien thereon is released by the lenders under the ABL Facility) to the extent that
(and with the same priority as) the assets disposed of constituted Collateral.

 

    	 	37	 

     

    

 

“Permitted Bond Hedge Transaction”
means any call or capped call option (or substantively equivalent derivative transaction) on the Company’s common stock
purchased by the Company in connection with the issuance of any Convertible Indebtedness; provided that the purchase price for
such Permitted Bond Hedge Transaction, less the proceeds received by the Company from the sale of any related Permitted Warrant
Transaction, does not exceed the net proceeds received by the Company from the sale of such Convertible Indebtedness issued in
connection with the Permitted Bond Hedge Transaction.

 

“Permitted
Collateral Liens” means “Permitted Liens” other than Liens
set forth under clauses (7), (8), (9), (17) (in relation to Liens otherwise set forth in the clauses (8) and (9) of
the definition of “Permitted Liens”), (18), (19) and (27) (as it relates to any of the foregoing, to the extent such
Lien is junior or pari passu to the Liens securing the Notes and the Guarantees) of
the definition thereof, in each case to the extent and for
so long as the documentation relating to any such Liens prohibit such assets from being Collateral and only for so long as such
Liens remain outstanding.

 

“Permitted Convertible Indebtedness
Call Transaction” means any Permitted Bond Hedge Transaction and any Permitted Warrant Transaction.

 

“Permitted
Debt” has the meaning specified in Section 10.09(b).

 

“Permitted
Holders” means members of senior management of the Company (or its direct or indirect parent) on the Issue Date
(the “Management Investors”); provided, that the Management Investors, collectively, have beneficial
ownership of at least 50% of the total voting power of the Voting Stock of the Company or any of its direct or indirect parent
companies. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a
Change of Control Offer is made in accordance with the requirements of this Indenture shall thereafter, together with its Affiliates,
constitute an additional Permitted Holder.

 

“Permitted Investments”
means:

 

(a)          (i) any
Investment in the Company or any Restricted Subsidiary that is a Guarantor and (ii) any Investment (including by way of capital
contributions) in the Company or any Restricted Subsidiary that is not a Guarantor; provided, in the case of clause (ii),
that the aggregate amount of Investments made by the Company or any Restricted Subsidiary in any Restricted Subsidiary that is
not a Guarantor in reliance on this clause (a), shall not exceed the greater of (x) $50.0 million and (y) 3.0%
of Consolidated Total Assets;

 

(b)          any
Investment in cash and Cash Equivalents or Investment Grade Securities;

 

    	 	38	 

     

    

 

(c)          (i) any
Investment by the Company or any Restricted Subsidiary of the Company in a
Person that is engaged in a Similar Business if as a result
of such Investment:

 

(1)          such
Person becomes a Restricted Subsidiary of the Company; or

 

(2)          such
Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers
or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company (which
shall be the Company or a Guarantor, to the extent such Person is a wholly owned Domestic Subsidiary); and

 

(ii)          any
Investment held by such Person at the time such Person becomes a Restricted Subsidiary or is merged, consolidated or amalgamated
with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary
of the Company, in each case, not created in anticipation thereof;

 

(d)          any
Investment in securities or other assets not constituting cash, Cash Equivalents or Investment Grade Securities and received in
connection with an Asset Sale made pursuant to the provisions of Section 10.16 or any other disposition of assets not constituting
an Asset Sale;

 

(e)          any
Investment existing on the Issue Date or made pursuant to legally binding written commitments in existence on the Issue Date,
and any extension, modification or renewal of such existing Investments, to the extent not involving any additional Investment
other than as the result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities,
in each case, pursuant to the terms of such Investments as in effect on the Issue Date;

 

(f)           loans
and advances to, and guarantees of Indebtedness of, directors,
officers, employees, managers or consultants of the Company (or any of its direct or indirect parent companies) or a Restricted
Subsidiary not in excess of $5.0 million outstanding at any one time, in the aggregate;

 

(g)          any
Investments received in compromise or resolution of (i) obligations of trade creditors or customers that were incurred in
the ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization
or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (ii) litigation, arbitration
or other disputes;

 

(h)          any
Investment acquired by the Company or any Restricted Subsidiary.

 

(1)          (x) in
exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with
or as a result of a bankruptcy, workout, reorganization or recapitalization of the Person in which such other Investment is made
or which is the obligor with respect to such accounts receivable or (y) in good faith settlement of delinquent obligations
of, and other disputes with, customers, trade debtors, licensors, licensees and suppliers arising in the ordinary course of business;
or

 

    	 	39	 

     

    

 

(2)          as
a result of a foreclosure by the Company or any Restricted Subsidiary with respect to any secured Investment or other transfer
of title with respect to any secured Investment in default;

 

(i)           Hedging
Obligations permitted under Section 10.09(b)(10);

 

(j)           Reserved.;

 

(k)          Investments
the payment for which consists of Equity Interests of the Company, or any of its direct or indirect parent companies (exclusive
of Disqualified Stock); provided that such Equity Interests shall not increase the amount available for Restricted Payments
under clause (4)(C) of Section 10.08(a);

 

(l)           guarantees
of Indebtedness of the Company and the Restricted Subsidiaries permitted under Section 10.09 and performance guarantees in
the ordinary course of business;

 

(m)         any
transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions of Section 10.11(b) (except
transactions set forth in clauses (2), (6), (10) and (16) of Section 10.11(b));

 

(n)          Investments
consisting of purchases and acquisitions of inventory, supplies, material or equipment or the licensing or contribution of intellectual
property pursuant to joint marketing arrangements with other Persons;

 

(o)          Investments
relating to a Receivables Facility; provided that in the case of Receivables Facilities established after the Issue Date,
such Investments are necessary or advisable (in the good faith
determination of the Company) to effect such Receivables Facility;

 

(p)          additional
Investments having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (p) that
are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such
sale do not consist of cash or marketable securities), not to exceed the greater of (x) $75.0 million and (y) 3.5% of
Consolidated Total Assets (with the fair market value of each Investment being measured at the time made and without giving effect
to subsequent changes in value);

 

(q)          Investments
in joint ventures having an aggregate fair market value, taken together with all other Investments made pursuant to this clause
(q) that are at that time outstanding, not to exceed the greater of (x) $75.0 million
and (y) 3.5% of Consolidated Total Assets (with the fair market value of each Investment being
measured at the time made and without giving effect to subsequent changes in value);

 

(r)           advances,
loans, rebates and extensions of credit (including the creation of receivables) to suppliers, customers and vendors, and performance
guarantees, in each case in the ordinary course of business;

 

(s)          the
acquisition of assets or Capital Stock solely in exchange for the issuance of common Equity Interests of the Company;

 

    	 	40	 

     

    

 

(t)          prepaid
expenses incurred in the ordinary course of business;

 

(u)          guarantees
by the Company or any of its Restricted Subsidiaries of operating leases or of other obligations that do not constitute Indebtedness,
in each case in the ordinary course of business;

 

(v)          Investments
in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4
customary trade arrangements with customers consistent with past practices;

 

(w)          to
the extent constituting an Investment, escrow deposits to secure indemnification obligations in connection with (i) disposition
that is not an Asset Sale or (ii) an acquisition of any business, assets or a Subsidiary not prohibited by this Indenture;

 

(x)          any
Investments in Unrestricted Subsidiaries, without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds
of such sale do not consist of, or have not been subsequently sold or transferred for, Cash Equivalents or marketable securities,
not to exceed (as of the date such Investment is made, $15.0 million (with the fair market value of each Investment being measured
at the time made and without giving effect to subsequent changes in value));

 

(y)          any
Investments; provided, after giving pro forma effect thereto for the most recently ended four full fiscal quarters for which internal
financial statements are available, the Total Net Leverage Ratio would be no greater than 3.50 to 1.00; and

 

(z)          Permitted
Bond Hedge Transactions which constitute Investments.

 

“Permitted
Liens” means, with respect to any Person:

 

(1)          Liens
to secure Indebtedness incurred under Section 10.09(b)(1), (10) and (22) (and, in each case, any related Obligations);
provided that any such Lien on Priority Fixed Assets Collateral pursuant to clause (a)(i) thereof or in respect of
Obligations with respect to the ABL Facility in the cause of clauses (j) and (y), shall be secured on a junior basis to the
Liens securing the Notes and the Guarantees pursuant to the terms of the Intercreditor Agreement;

 

(2)          pledges
or deposits by such Person under workmen’s compensation laws, unemployment insurance laws or similar legislation, or good
faith deposits, prepayments or cash pledges to secure bids, tenders, contracts (other than for the payment of Indebtedness) or
leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash
or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested
taxes or import duties or for the payment of rent, in each case incurred in the ordinary course of business;

 

(3)          Liens
imposed by law, such as landlords’, carriers’, warehousemen’s and mechanics’ Liens and other similar Liens,
in each case, for sums not yet overdue for a period of more than 30 days or being contested in good faith by appropriate proceedings
or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding
with an appeal or other proceedings for review, if adequate reserves with respect thereto are maintained on the books of such
Person in accordance with GAAP;

 

    	 	41	 

     

    

 

(4)          Liens
for taxes, assessments or other governmental charges or claims not yet overdue for a period of more than 30 days or payable or
subject to penalties for nonpayment or which are being contested in good faith by appropriate proceedings diligently conducted,
if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP;

 

(5)          Liens
to secure the performance of tenders, completion guarantees, statutory obligations, surety, environmental or appeal bonds, bids,
leases, government contracts, performance bonds or other obligations of a like nature incurred in the ordinary course of business;

 

(6)          minor
survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real
properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties, in each case,
which were not incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value
of said properties or materially impair their use in the operation of the business of such Person;

 

(7)          Liens
existing on the Issue Date (other than those set forth under clauses (1) and
(32) hereof);

 

(8)          Liens
on property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided that such Liens are not
created or incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided,
further, that such Liens may not extend to any other property owned by the Company or any Restricted Subsidiary (other
than the proceeds or products of such property or shares of stock or improvements thereon);

 

(9)          Liens
on property at the time the Company or a Restricted Subsidiary
acquired the property, including any acquisition by means of a merger or consolidation with or into the Company or any Restricted
Subsidiary; provided that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition;
provided, further, that the Liens may not extend to any other property owned by the Company or any Restricted Subsidiary
(other than the proceeds or products of such property or shares of stock or improvements thereon)

 

(10)        Liens
on assets (other than Collateral, except to the extent such Liens are junior to the Liens securing the Notes and the Guarantees)
securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Company or another Restricted Subsidiary (other
than a Receivables Subsidiary) permitted to be incurred in accordance with Section 10.09;

 

(11)        Liens
on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in
respect of bankers’ acceptances issued or created for the account
of such Person to facilitate the purchase, shipment or storage of such inventory or other goods;

 

    	 	42	 

     

    

 

(12)        leases,
licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual property rights)
entered into in the ordinary course of business which do not secure any Indebtedness;

 

(13)        Liens
arising from financing statement filings under the UCC or similar state laws regarding (i) operating leases entered into
by the Company and its Restricted Subsidiaries in the ordinary course of business and (ii) goods consigned or entrusted to
or bailed with a Person in connection with the processing,
reprocessing, recycling or tolling of such goods;

 

(14)        Liens
on assets (other than Collateral, except to the extent such Liens are junior to the Liens securing the Notes and the Guarantees)
in favor of the Company or any Guarantor;

 

(15)        Liens
on inventory or equipment of the Company or any Restricted Subsidiary granted in the ordinary course of business to the Company’s
client at which such inventory or equipment is located;

 

(16)        Liens
on accounts receivable and related assets incurred in connection with a Receivables Facility;

 

(17)        Liens
to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding, extensions, renewals
or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in
the foregoing clauses (7), (8) and (9) and the following clauses (18), (32) and (33); provided
that (w) such new Lien shall have the same priority as the original Lien, (x) such new Lien shall be limited to
all or part of the same property that secured the original Lien (plus proceeds or products
of such property or improvements on such property), (y) the Indebtedness secured by such Lien at such time is not increased
to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness
set forth under the foregoing clauses (7), (8), (9) and the following clauses (18), (32) and (33) at the time
the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any accrued and unpaid
interest and any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement
and (z) any refinancing, refunding, extension, renewal, amendment or replacement (or successive refinancing, refunding,
extensions, renewals, amendments or replacements) of any Indebtedness secured by a Lien referred to in clause (32) and (33) complies
with sub-clauses (A) and (B) of Section 10.09(b)(14);

 

(18)        Liens
securing Indebtedness permitted to be incurred pursuant to clauses (4), (17) and (19)
of Section 10.09(b); provided that (A) Liens securing Indebtedness permitted
to be incurred pursuant to Section 10.09(b)(17) are solely on acquired property or assets of the acquired entity (and proceeds
or products of such property or assets or improvements of such property or assets), as the case may be, and (B) Liens securing
Indebtedness permitted to be incurred pursuant to Section 10.09(b)(19) extend only to the assets of Foreign Subsidiaries;

 

(19)        deposits
in the ordinary course of business to secure liability to insurance carriers;

 

    	 	43	 

     

    

 

(20)        Liens
securing judgments for the payment of money not constituting an Event of Default under Section 5.01(5), so long as such Liens
are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment
have not been finally terminated or the period within which such proceedings may be initiated has not expired;

 

(21)        Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation or exportation of goods in
the ordinary course of business;

 

(22)        Liens
(i) of a collection bank arising under Section 4-210 of the UCC on items in
the course of collection, (ii) attaching to commodity trading accounts or other commodity brokerage
accounts incurred in the ordinary course of business and (iii) in favor of banking institutions arising as a matter of law
encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry;

 

(23)        Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in
connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Company or any of
its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business
of the Company and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with
customers of the Company or any of its Restricted Subsidiaries in the ordinary course of business;

 

(24)        Liens
encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts
or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes:

 

(25)        Liens
deemed to exist in connection with Investments in repurchase
agreements permitted under Section 10.09; provided that such Liens do not extend to any assets other than those assets
that are the subject of such repurchase agreement;

 

(26)        other
Liens securing Obligations which Obligations at the time
outstanding do not exceed the greater of (x) $100.0 million and (y) 5.0% of Consolidated Total Assets;

 

(27)        Liens
securing Hedging Obligations;

 

(28)        restrictions
on dispositions of assets to be disposed of pursuant to merger agreements, stock or asset purchase agreements and similar agreements;

 

(29)        customary
options, put and call arrangements, rights of first refusal and similar rights relating to Investments in joint ventures and partnerships;

 

(30)        any
amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of the
Company or any Restricted Subsidiary;

 

(31)        Liens
incurred in connection with Treasury Services Agreements and other Indebtedness in respect of netting services, automatic clearinghouse
arrangements, overdraft protections and similar arrangements in each case in connection with Deposit Accounts in the ordinary
course of business;

 

    	 	44	 

     

    

 

(32)            Liens
securing the Notes issued on the Issue Date and the related Guarantees;

 

(33)            (x) subject
to the Collateral Trust Agreement and the Intercreditor Agreement, Hedging Obligations that have been cash collateralized in an
amount not to exceed $10.0 million;

 

(34)            Liens
on the assets of a Restricted Subsidiary that is not a Guarantor securing Indebtedness or other Obligations of such Restricted
Subsidiary permitted by this Indenture;

 

(35)            Liens
solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries in connection with any letter
of intent or purchase agreement permitted hereunder;

 

(36)            
Liens on specific items of inventory or other goods and the proceeds thereof securing such Person’s obligations in respect
of documentary letters of credit or banker’s acceptances issued or created for the account of such Person to facilitate
the purchase, shipment or storage of such inventory or goods; and

 

(37)            subject
to the Collateral Trust Agreement and the Intercreditor Agreement, Liens on the Collateral in favor of the Collateral Trustee,
which Liens secure Indebtedness in an aggregate principal amount not to exceed an amount such that as of the date such Liens were
incurred, and after giving pro forma effect thereto and the application of the net proceeds therefrom, the Secured Net Leverage
Ratio of the Company would not exceed 3.00 to 1.00; provided, that (A) if applicable, Permitted Notes Representative with
respect to such Indebtedness executes a joinder agreement to the Collateral Trust Agreement in the relevant form attached thereto,
in each case, agreeing to be bound thereby, and (B) the Company has designated such Indebtedness as “Permitted Notes
Debt” for the purposes of the Secured Debt Documents under the Intercreditor Agreement and has appropriately designated
such Indebtedness pursuant to a “Designation” under the Collateral Trust Agreement.

 

To the extent provided to do so in the
Collateral Trust Agreement, upon delivery to the Collateral Trustee of an Officer’s Certificate requesting the same and
certifying that executing such document is permitted, the Collateral Trustee will enter into any subordination, non-disturbance,
easement, estoppel or similar document or agreement for the purpose of creating, acknowledging, or confirming any Lien (or the
priority thereof) otherwise permitted hereunder.

 

“Permitted Notes Collateral Documents”
means all security agreements, pledge agreements, mortgages, collateral assignments, deeds of trust and all other pledges, agreements,
financing statements, patent, trademark or copyright filings, mortgages or other filings or documents that create or purport to
create a Lien on the Collateral in favor of the Collateral Trustee and/or the Trustee (for the benefit of Holders of Notes and
other Permitted Notes Obligations), the Intercreditor Agreement and the Collateral Trust Agreement, in each case as they may be
amended from time to time, and any instruments of assignment, control agreements, lockbox letters or other instruments or agreements
executed pursuant to the foregoing. In no event shall “Permitted Notes Collateral Documents” include or refer to any
document to which the Collateral Trustee is not a party as collateral trustee, collateral agent or similar title, or, with the
knowledge of the Collateral Trustee, a named beneficiary of a document or instrument which the Company or any other Grantor is
required to deliver or cause to be delivered pursuant to a Collateral Document or this Indenture.

 

    	 	45	 

     

    

 

“Permitted Notes Debt”
means:

 

(1)            the
Notes issued on the Issue Date and all other obligations under this Indenture owed to the Trustee and the Holders of the Notes;
and

 

(2)            any
other Indebtedness of the Grantors under any other Credit Facility (including Additional Notes but excluding Permitted ABL Debt)
that is secured by (or is secured equally and ratably with) either(i) Permitted Notes Liens constituting Parity Liens (as
defined in the Collateral Trust Agreement) securing Permitted Notes Obligations in respect of a Series of Permitted Notes
Debt constituting a Series of Parity Lien Notes Debt (as defined in the Collateral Trust Agreement) or (ii) Permitted
Notes Liens constituting Priority Liens (as defined in the Collateral Trust Agreement) securing Permitted Notes Obligations in
respect of a Series of Permitted Notes Debt constituting a Series of Priority Lien Notes Debt (as defined in the Collateral
Trust Agreement), in each case that was permitted to be incurred and so secured under each applicable Secured Debt Document (and
in any event not to exceed the amount permitted to be incurred under the ABL Facility); provided that:

 

(a)            if
the Permitted Notes Representative is not already a party to the Collateral Trust Agreement, such Permitted Notes Representative,
on behalf of all holders of such Permitted Notes Debt for the enforceable benefit of each existing and future ABL Administrative
Agent and each existing and future holder of Permitted Liens executes and delivers a Lien Sharing and Priority Confirmation Joinder
in accordance with the Intercreditor Agreement and such Indebtedness is Permitted Refinancing Indebtedness the net proceeds of
which are used to refund, refinance, replace, defease, discharge or otherwise acquire or retire Permitted Notes Debt (or to pay
related fees, expenses, premiums and accrued interest);

 

provided further, in the case of any Indebtedness
referred to in clause (2) hereof, that:

 

(a) on or before the date on which
such Indebtedness is incurred by the Grantors, such Indebtedness is appropriately designated by the Company, in a “Designation”
(as defined in the Collateral Trust Agreement) executed and delivered in accordance with the provisions of the Collateral Trust
Agreement, as “Permitted Notes Debt” for the purposes of the Secured Debt Documents and as either “Priority
Lien Notes Debt” or “Parity Lien Notes Debt” for the purposes of the Permitted Notes Documents; provided, that
(i) no series of Indebtedness may be designated as both Permitted Notes Debt and Permitted ABL Debt and (ii) no Indebtedness
may be designated as both Parity Lien Notes Debt and Priority Lien Notes Debt;

 

(b) if applicable, the Permitted Notes
Representative for such Indebtedness executed and delivered a Collateral Trust Joinder (as defined in the Collateral Trust Agreement)
in accordance with the provisions of the Collateral Trust Agreement; and

 

(c) all requirements set forth in
the Collateral Trust Agreement (including as to the confirmation, grant or perfection of the Collateral Trustee’s Lien to
secure such Indebtedness or Obligations in respect thereof) are satisfied (the satisfaction of which will be conclusively established
if the Company delivers an Officer’s Certificate to the Permitted Notes Representatives and the Collateral Trustee stating
that such requirements and other provisions have been satisfied and that such Indebtedness is “Permitted Notes Debt”
under the Secured Debt Documents and either “Priority Lien Notes Debt” or “Priority Lien Notes Debt” under
the Permitted Notes Documents).

 

    	 	46	 

     

    

 

“Permitted
Notes Documents” means, collectively, this Indenture, the Notes and the Permitted Notes Collateral Documents and any
other indenture, credit agreement or other agreement pursuant to which any Permitted Notes Debt is incurred and the related security
documents (other than any security documents that do not secure Permitted Notes Obligations). In no event shall “Permitted
Notes Documents” refer to or include any document to which the Collateral Trustee is not a party as collateral trustee,
collateral agent or similar title or, with the knowledge of the Collateral Trustee, a named beneficiary of a document or instrument
which the Company or any other Grantor is required to deliver or cause to be delivered pursuant to a Collateral Document or this
Indenture.

 

“Permitted
Notes Lien” means any Lien in favor of the Collateral Trustee or any Permitted Notes Secured Party, including any Lien
granted by a Permitted Notes Collateral Document to the Collateral Trustee, at any time, upon any property of any Grantor, in
each case, only to the extent securing Permitted Notes Obligations.

 

“Permitted
Notes Obligations” means the Permitted Notes Debt and all other obligations in respect thereof and shall include all
principal, interest, fees and other amounts payable in connection therewith (including all interest and fees that, but for the
filing of a petition in Insolvency or Liquidation Proceeding with respect to any Grantor, would have accrued on any such obligations,
whether or not a claim is allowed against such Grantor in such Insolvency or Liquidation Proceeding).

 

“Permitted Notes Representative”
means:

 

(1) in the case of the Notes, the
Trustee; and

 

(2) in the case of any other Series of
Permitted Notes Debt, the trustee, agent or representative of the holders of such Series of Permitted Notes Debt who maintains
the transfer register for such Series of Permitted Notes Debt and is appointed as a representative of the Permitted Notes
Debt (for purposes related to the administration of the Permitted Notes Collateral Documents) pursuant to the credit agreement
or other agreement governing such Series of Permitted Notes Debt; it being understood that the Collateral Trustee may rely
on representations from such party that it has the power and authority to act as a Permitted Notes Representative.

 

“Permitted
Notes Secured Parties” means, at any time, (a) the Trustee, (b) each Permitted Notes Representative, (c) the
Holders, (d) the beneficiaries of each indemnification obligation undertaken by any Grantor under any Permitted Notes Documents
and (e) the successors and assigns of each of the foregoing.

 

“Permitted
Purchase Money Debt” means Purchase Money Debt which is either unsecured or secured by only a Purchase Money Lien.

 

    	 	47	 

     

    

 

“Permitted
Refinancing Indebtedness” means any Indebtedness, Disqualified Stock or Preferred Stock of the Company or any of its
Restricted Subsidiaries that serves to extend, replace, refund, refinance, renew, defease or retire any Indebtedness (other than
intercompany Indebtedness), provided that:

 

(a)            the
principal amount of such Permitted Refinancing Indebtedness (or accreted value) does not exceed the principal amount (or accreted
value) of the Indebtedness, Disqualified Stock or Preferred Stock extended, replaced, refunded, refinanced, renewed, defeased
or retired (plus all accrued interest on the Indebtedness, Disqualified Stock or Preferred Stock and the amount of all fees, costs
and expenses, including premiums (including tender premiums) and defeasance costs, incurred in connection therewith);

 

(b)            such
Permitted Refinancing Indebtedness has a Weighted Average Life to Maturity at the time such Permitted Refinancing Indebtedness
is incurred which is not less than (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified
Stock or Preferred Stock being extended, replaced, refunded, refinanced, renewed, defeased or retired or (y) after the final
stated maturity of the Notes;

 

(c)            to
the extent such Permitted Refinancing Indebtedness extends, replaces, refunds, refinances, renews or defeases (i) Indebtedness
subordinated in right of payment to the Notes or any Guarantee, such Permitted Refinancing Indebtedness is subordinated in right
of payment to the Notes or such Guarantee at least to the same extent as the Indebtedness being extended, replaced, refunded,
refinanced, renewed or defeased or (ii) Disqualified Stock or Preferred Stock, such Permitted Refinancing Indebtedness must
be Disqualified Stock or Preferred Stock, respectively; and

 

(d)            shall
not include:

 

(i)             Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary that is not a Guarantor that refinances Indebtedness, Disqualified Stock
or Preferred Stock of the Company;

 

(ii)           Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary that is not a Guarantor that refinances Indebtedness, Disqualified Stock
or Preferred Stock of a Guarantor; or

 

(iii)          Indebtedness,
Disqualified Stock or Preferred Stock of the Company or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock
or Preferred Stock of an Unrestricted Subsidiary.

 

“Permitted Warrant Transaction”
means any call option, warrant or right to purchase (or substantively equivalent derivative transaction) on the Company’s
common stock sold by the Company substantially concurrently with any purchase by the Company of a related Permitted Bond Hedge
Transaction.

 

“Person”
means any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company,
trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity.

 

    	 	48	 

     

    

 

“Predecessor
Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced
by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 3.05
in exchange for a mutilated Note or in lieu of a lost, destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

 

“Preferred
Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation, dissolution
or winding up.

 

“Premises” means owned
real properties required to be subject to a mortgage lien that form a portion of the Collateral (including all after-acquired
real property that is not an Excluded Asset).

 

“Priority
ABL Collateral” means all Collateral consisting of the following:

 

(1)            all
accounts and credit card receivables;

 

(2)            all
inventory;

 

(3)            all
deposit accounts;

 

(4)            all
cash and cash equivalents;

 

(5)            to
the extent evidencing or governing any of the items referred to in the preceding clauses (1), (2), (3) and (4), all
chattel paper, documents, instruments, general intangibles and securities accounts related thereto; provided that to the extent
any of the foregoing also relates to Priority Fixed Asset Collateral only that portion related to the items referred to in the
preceding clauses (1), (2), (3) and (4) shall be included in the Priority ABL Collateral;

 

(6)            all
books and records relating to the foregoing (including without limitation all books, databases, customer lists and records, whether
tangible or electronic which contain any information relating to any of the foregoing); and

 

(7)            all
proceeds of and supporting obligations, including, without limitation, letter of credit rights, with respect to any of the foregoing
and all collateral security and guarantees given by any Person in favor of the Company or any Guarantor with respect to any of
the foregoing.

 

“Priority ABL Collateral Transition
Date” means the earlier of (a) the date on which all the Permitted ABL Obligations shall have been paid in full
or all commitments to extend credit thereunder are terminated or have otherwise expired and (b) the date on which all Senior
Liens on the Priority ABL Collateral shall have been released from the Permitted ABL Liens.

 

“Priority Fixed Assets Collateral”
shall mean all Collateral (other than the Priority ABL Collateral) and all proceeds thereof; provided, however,
 “Priority Fixed Asset Collateral” shall not include proceeds from the disposition of any Priority Fixed Asset Collateral
that otherwise constitute Priority ABL Collateral (such as, but not limited to, cash proceeds) to the extent such proceeds are
not required to be applied to the mandatory prepayment of the Fixed Asset Obligations, unless such proceeds either (x) arise
from a disposition of Priority Fixed Assets Collateral resulting from an enforcement action taken by the Permitted Notes Secured
Parties permitted by the Intercreditor Agreement or (y) are deposited in a segregated cash collateral account with the Collateral
Trustee (in its capacity as an agent in respect of the Notes) to the extent required by the Notes Collateral Documents.

 

    	 	49	 

     

    

 

“Priority
Lien” means a Lien granted, or purported to be granted, by a Collateral Document to the Collateral Trustee, at any time,
upon any property of any Grantor to secure Priority Lien Notes Obligations.

 

“Priority
Lien Collateral Documents” means all security agreements, pledge agreements, collateral assignments, mortgages, deeds
of trust, collateral agency agreements, control agreements or other grants or transfers for security executed and delivered by
any Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Collateral Trustee, for the benefit of any
of the Priority Lien Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part,
from time to time, in accordance with its terms and the Collateral Trust Agreement. In no event shall “Priority Lien Collateral
Documents” refer to or include any document to which the Collateral Trustee is not a party as collateral trustee, collateral
agent or similar title or, with the knowledge of the Collateral Trustee, a named beneficiary of a document or instrument which
the Company or any other Grantor is required to deliver or cause to be delivered pursuant to a Collateral Document or this Indenture.

 

“Priority
Lien Documents” means, collectively, the Note Documents and any other indenture, credit agreement or other agreement
pursuant to which any Priority Lien Notes Debt is incurred and the Priority Lien Collateral Documents. In no event shall “Priority
Lien Documents” refer to or include any document to which the Collateral Trustee is not a party as collateral trustee, collateral
agent or similar title or, with the knowledge of the Collateral Trustee, a named beneficiary of a document or instrument which
the Company or any other Grantor is required to deliver or cause to be delivered pursuant to a Collateral Document or this Indenture.

 

“Priority
Lien Notes Debt” means:

 

(1) the Notes issued on the Issue
Date and all other obligations under this Indenture owed to the Trustee and the Holders of the Notes; and

 

(2) Additional Notes and any other
Indebtedness of the Grantors under any Credit Facility (excluding Permitted ABL Debt) that is secured by (or is secured equally
and ratably with) Priority Liens securing Obligations in respect of a Series of Priority Lien Notes Debt, in each case that
was permitted to be incurred and so secured under each applicable Permitted Notes Document; provided that either (a) such
Indebtedness constituted “Permitted Additional Pari Passu Obligations” or (b) such Indebtedness is Permitted
Refinancing Indebtedness the net proceeds of which are used to refund, refinance, replace, defease, discharge or otherwise acquire
or retire such Permitted Additional Pari Passu Obligations (or to pay related fees, expenses, premiums and accrued interest);
provided further, in the case of any Indebtedness referred to in clause (2) hereof, that:

 

(a) on or before the date on which
such Indebtedness is incurred by the Grantors, such Indebtedness is designated by the Company, in an Additional Permitted Notes
Debt Designation executed and delivered in accordance with the Intercreditor Agreement hereof, as “Priority Lien Notes Debt”
for the purposes of the Permitted Notes Documents; provided, that no Indebtedness may be designated as both Priority Lien Notes
Debt and Parity Lien Notes Debt;

 

    	 	50	 

     

    

 

(b) unless such Indebtedness is issued
under an existing Permitted Notes Document for any Series of Priority Lien Notes Debt whose Priority Lien Representative
is already party to the Collateral Trust Agreement, the Priority Lien Representative for such Indebtedness executes and delivers
a collateral trust joinder in accordance with the Collateral Trust Agreement;

 

(c) such Indebtedness is governed
by an indenture, credit agreement or other agreement that includes a lien sharing and priority confirmation contemplated by the
Collateral Trust Agreement; and

 

(d) relevant requirements set forth
in the Collateral Trust Agreement have been complied with (the satisfaction of which will be conclusively established if the Company
delivers an officer’s certificate to the Permitted Notes Representatives and the Collateral Trustee stating that such requirements
and other provisions of the Collateral Trust Agreement have been satisfied and that such Indebtedness is “Priority Lien
Notes Debt” under the Permitted Notes Documents).

 

“Priority
Lien Notes Obligations” means Priority Lien Notes Debt and all other Obligations in respect thereof, including, without
limitation interest and premium (if any) (including post-petition interest whether or not allowable), together with all guarantees
of any of the foregoing.

 

“Priority
Lien Representative” means,

 

(1) in the case of the Notes, the
Trustee; and

 

(2) in the case of any other Series of
Priority Lien Notes Debt, the trustee, agent or representative of the holders of such Series of Priority Lien Notes Debt
who maintains the transfer register for such Series of Priority Lien Notes Debt and (A) is appointed as a Priority Lien
Representative (for purposes related to the administration of the Collateral Documents) pursuant to the indenture, credit agreement
or other agreement governing such Series of Priority Lien Notes Debt, together with its successors in such capacity, and
(B) who has executed a collateral trust joinder contemplated by the Collateral Trust Agreement.

 

“Priority
Lien Secured Parties” means the holders of Priority Lien Notes Obligations, each Priority Lien Representative.

 

“Proceeds”
has the meaning specified in the UCC, and if defined in more than one Article of the UCC, the meaning given in Article 9
thereof.

 

“Purchase
Money Debt” means Indebtedness (other than the Permitted ABL Debt and Permitted Notes Debt), including Capitalized Lease
Obligations, for the purpose of financing all or a portion of the purchase price of any Real Estate Asset or Equipment, which
Indebtedness does not exceed the cost of acquiring such Real Estate Asset or Equipment, including any related transaction costs.

 

    	 	51	 

     

    

 

“Purchase Money Lien”
means a Lien which secures Purchase Money Debt, encumbering only the fixed assets acquired with such Indebtedness and constituting
a capital lease or a purchase money security interest under the UCC.

 

“Protected
Purchaser” has the meaning specified in Section 3.05.

 

“Qualified
Proceeds” means assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business;
provided that the fair market value of any such assets or Capital Stock shall be determined by the Company in good faith.

 

“Qualifying
Trustee” has the meaning specified in Section 13.05.

 

“Real
Estate Asset” means, at any time of determination, any interest (fee, leasehold or otherwise) then owned by any Grantor
in any real property.

 

“Receivables
Facility” means one or more receivables financing facilities, as amended, supplemented, modified, extended, renewed,
restated, refunded, replaced or refinanced from time to time, the Indebtedness of which is non-recourse (except for standard representations,
warranties, covenants and indemnities made in connection with such facilities) to the Company and its Restricted Subsidiaries
pursuant to which the Company or any of its Restricted Subsidiaries sells its accounts receivable to either (a) a Person
that is not a Restricted Subsidiary or (b) a Receivables Subsidiary that in turn sells its accounts receivable to a Person
that is not a Restricted Subsidiary.

 

“Receivables
Fees” means distributions or payments made directly or by means of discounts with respect to any participation
interest issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection
with, any Receivables Facility.

 

“Receivables
Subsidiary” means any Subsidiary formed solely for the purpose of engaging, and that engages only, in one or
more Receivables Facilities.

 

“Redemption
Date,” when used with respect to any Note to be redeemed, in whole or in part, means the date fixed for such
redemption by or pursuant to this Indenture.

 

“Redemption
Price” when used with respect to any Note to be redeemed, means the price at which it is to be redeemed pursuant
to this Indenture.

 

“Regular
Record Date” has the meaning specified in Section 3.01.

 

“Related
Business Assets” means assets (other than cash or Cash Equivalents) used or useful in a Similar Business; provided
that any assets received by the Company or a Restricted Subsidiary in exchange for assets transferred by the Company or a
Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon
receipt of the securities of such Person, such Person would become a Restricted Subsidiary.

 

“Required Parity Lien Debtholders”
means, at any time, the holders of a majority in aggregate principal amount of all Parity Lien Notes Debt then outstanding, calculated
in accordance with the provisions of Collateral Trust Agreement. For purposes of this definition, Parity Lien Notes Debt registered
in the name of, or beneficially owned by, the Company or any Subsidiary of the Company will be deemed not to be outstanding.

 

    	 	52	 

     

    

 

“Required Priority Lien Debtholders”
means, at any time, the holders of a majority in aggregate principal amount of all Priority Lien Notes Debt then outstanding,
calculated in accordance with the provisions of the Collateral Trust Agreement. For purposes of this definition, Priority Lien
Notes Debt registered in the name of, or beneficially owned by, the Company or any Subsidiary of the Company will be deemed not
to be outstanding.

 

“Responsible
Officer,” when used with respect to the Trustee or the Collateral Trustee, means any vice president, any assistant
treasurer, any trust officer or assistant trust officer, or any other officer of the Trustee or Collateral Trustee (or any successor
group of the Trustee or Collateral Trustee) customarily performing functions similar to those performed by any of the above-designated
officers, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred
because of his knowledge of and familiarity with the particular subject, and who in each case shall have direct responsibility
for the administration of this Indenture.

 

“Restricted
Cash” means cash and Cash Equivalents held by the Company or any Restricted Subsidiary that would appear as “restricted”
on a consolidated balance sheet of the Company or any Restricted Subsidiary.

 

“Restricted
Investment” means an Investment other than a Permitted Investment.

 

“Restricted
Payments” has the meaning specified in Section 10.08(a)(4).

 

“Restricted
Subsidiary” means, at any time, any direct or indirect Subsidiary of the Company (including any Foreign Subsidiary)
that is not then an Unrestricted Subsidiary; provided that upon the occurrence of an Unrestricted Subsidiary ceasing to
be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted Subsidiary.”

 

“Retired
Capital Stock” has the meaning specified in Section 10.08(b)(2).

 

“Reversion
Date” has the meaning specified in Section 10.19.

 

“S&P”
means Standard and Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc., and any successor
to its rating agency business.

 

“Sale
and Lease-Back Transaction” means any arrangement with any Person providing for the leasing by the Company or
any Restricted Subsidiary of any real or tangible personal property, which property has been or is to be sold or transferred by
the Company or such Restricted Subsidiary to such Person in contemplation of such leasing.

 

“Sanctioned
Assets” means (a) any Account, Instrument, Chattel Paper, or other obligation or property of any kind due
from, owed by, or belonging to, a Sanctioned Person or Sanctioned Country and (b) any lease under which the lessee is a Sanctioned
Person or Sanctioned Country.

 

    	 	53	 

     

    

 

“Sanctioned
Country” means (a) a country, territory or a government of a country or territory, (b) an agency of the government
of a country or territory, or (c) an organization directly or indirectly owned or controlled by a country, territory or its
government, that is subject to Sanctions.

 

“Sanctioned
Person” means (a) a Person named on the list of “Specially Designated Nationals” or any other Sanctions
related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the
European Union or any European Union member state, (b) any Person operating, organized or resident in a Sanctioned Country
or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).

 

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

 

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

 

“Secured
Debt” means Permitted ABL Debt and Permitted Notes Debt.

 

“Secured Debt Documents”
means, collectively, the Permitted ABL Documents and the Permitted Notes Documents.

 

“Secured
Indebtedness” means any Indebtedness secured by a Lien.

 

“Secured
Net Leverage Ratio” means, with respect to any Person, at any date, the ratio of (i) Consolidated Total Secured
Indebtedness of the Company and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis
in accordance with GAAP) less the amount of cash and Cash Equivalents in excess of any Restricted Cash and Permitted Investments
that would be stated on the balance sheet of such Person and its Restricted Subsidiaries and held by such Person and its Restricted
Subsidiaries as of such date of determination (other than cash proceeds of Secured Indebtedness incurred on the date of determination
to be held on the balance sheet for working capital or general corporate purposes) to (ii) EBITDA of such Person for the
four full fiscal quarters for which financial statements have been delivered to the Trustee immediately preceding such date on
which such additional Indebtedness is incurred, in each case on a pro forma basis with such pro forma adjustments as are appropriate
and consistent with the pro forma provisions set forth in the definition of Fixed Charge Coverage Ratio.

 

“Secured
Obligations” has the meaning set forth in the Security Agreement.

 

“Secured
Parties” means the ABL Secured Parties and the Permitted Notes Secured Parties.

 

“Securities”
has the meaning specified in the UCC, and if defined in more than one Article of the UCC, the meaning given in Article 9
thereof.

 

    	 	54	 

     

    

 

“Securities
Account” has the meaning specified in the UCC, and if defined in more than one Article of the UCC, the meaning
given in Article 9 thereof.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder.

 

“Security
Agreement” means the Priority Lien Security Agreement, dated as of the Issue Date by and among the Company, the
Guarantors and the Collateral Trustee, as the same may be amended, modified, restated, supplemented or replaced from time to time.

 

“Security
Documents” means the Security Agreement, the mortgages, the Intercreditor Agreement, the Collateral Trust Agreement
and all of the security agreements, pledges, collateral assignments, mortgages, deeds of trust, trust deeds or other instruments
evidencing or creating or purporting to create any security interests in favor of the Collateral Trustee for its benefit and for
the benefit of the Trustee and the Holders of the Notes and the holders of any Parity Lien Notes Debt, in all or any portion of
the Collateral, as amended, modified, restated, supplemented or replaced from time to time. For purposes of the Collateral Trust
Agreement, in no event shall “Security Documents” refer to any document to which the Collateral Trustee is not a party
as collateral trustee, collateral agent or similar title, or, with the knowledge of the Collateral Trustee, a named beneficiary
of a document or instrument which the Company or any other Grantor is required to deliver or cause to be delivered pursuant to
a Collateral Document or this Indenture.

 

“Security
Entitlement” has the meaning specified in the UCC, and if defined in more than one Article of the UCC, the meaning
given in Article 9 thereof.

 

“Senior Collateral”
means with respect to any Senior Secured Party, any Collateral on which it has a Senior Lien.

 

“Senior Documents” means
(a) in respect of the Priority Fixed Assets Collateral, the Permitted Notes Documents, and (b) in respect of the Priority
ABL Collateral, the Permitted ABL Documents.

 

“Senior
Indebtedness” means with respect to any Person:

 

(1)            all
Indebtedness of such Person, whether outstanding on the Issue Date or thereafter incurred; and

 

(2)            all
other Obligations of such Person (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization
relating to such Person whether or not post-filing interest is allowed in such proceeding) in respect of Indebtedness set forth
in clause (1) above unless, in the case of clauses (1) and (2), the instrument creating or evidencing the same or pursuant
to which the same is outstanding expressly provides that such Indebtedness or other Obligations are subordinate in right of payment
to the Notes or the Guarantee of such Person, as the case may be; provided that Senior Indebtedness shall not include:

 

(1)            any
obligation of such Person to the Company or any Subsidiary or to any joint venture in which the Company or any Restricted Subsidiary
has an interest;

 

    	 	55	 

     

    

 

(2)            any
liability for federal, state, local or other taxes owed or owing by such Person;

 

(3)            any
accounts payable or other liability to trade creditors in the ordinary course of business (including guarantees thereof as instruments
evidencing such liabilities);

 

(4)            any
Indebtedness or other Obligation of such Person that is subordinate or junior in right of payment with respect to any other Indebtedness
or other Obligation of such Person; or

 

(5)            that
portion of any Indebtedness that at the time of incurrence is incurred in violation of this Indenture.

 

“Senior Liens” means
(a) with respect to the Priority ABL Collateral, all Liens securing the ABL Obligations and (b) with respect to the
Priority Fixed Asset Collateral, all Liens securing the Fixed Asset Obligations. “Senior Obligations” means,
(a) with respect to any Priority ABL Collateral, all ABL Obligations and (b) with respect to any Priority Fixed Asset
Collateral, all Fixed Asset Obligations.

 

“Senior Secured Parties”
will mean (a) with respect to the Priority ABL Collateral, the ABL Secured Parties and (b) with respect to the Priority
Fixed Asset Collateral, the Permitted Notes Secured Parties.

 

“Series of
Parity Lien Notes Debt” means, severally, each issue or series of Parity Lien Notes Debt for which a single transfer
register is maintained.

 

“Series of
Permitted ABL Debt” means, severally, the Indebtedness outstanding under the ABL Facility and, if the ABL Facility is
no longer outstanding, each other issue or series of Permitted ABL Debt for which a single transfer register is maintained.

 

“Series of Permitted Notes
Debt” means, severally, the Notes and each other issue or series of Permitted Notes Debt for which a single transfer
register is maintained.

 

“Series of Priority Lien Notes
Debt” means, severally, each issue or series of Priority Lien Notes Debt for which a single transfer register is maintained.

 

“Significant
Subsidiary” means any Restricted Subsidiary of the Company that would be a “significant subsidiary”
as defined in Article One, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation
is in effect on the date hereof.

 

“Similar
Business” means any business or other activities conducted, or proposed to be conducted (as described in the
Offering Memorandum or in the documents incorporated by reference therein), by the Company and its Subsidiaries on the Issue Date
or any business or other activities conducted by any entity that is similar, reasonably related, complementary, incidental or
ancillary thereto or a reasonable extension, development or expansion thereof.

 

“Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.06.

 

    	 	56	 

     

    

 

“Stated
Maturity,” when used with respect to any Note or any installment of principal thereof or interest thereon, means
the date specified in such Note as the fixed date on which the principal of such Note or such installment of principal or interest
is due and payable.

 

“Subordinated Indebtedness”
means

 

(a)            with
respect to the Company, any Indebtedness of the Company that is by its terms subordinated in right of payment to the Notes, and

 

(b)            with
respect to any Guarantor, any Indebtedness of such Guarantor that is by its terms subordinated in right of payment to the Guarantee
of such Guarantor.

 

“Subsidiary”
means, with respect to any Person,

 

(1)           any
corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar
entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof;
and

 

(2)           any
partnership, joint venture, limited liability company or similar entity of which

 

(x)            more
than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests,
as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that
Person or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise, and

 

(y)            such
Person or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

 

“Successor
Company” has the meaning specified in Section 8.01(a)(1).

 

“Successor
Guarantor” has the meaning specified in Section 8.02(1)(A).

 

“Suspended
Covenants” has the meaning specified in Section 10.19.

 

“Total
Net Leverage Ratio” means, as of any date of determination, the ratio of (a) an amount equal to (i) Consolidated
Total Indebtedness as of such date of calculation (determined on a consolidated basis in accordance with GAAP), minus (ii) the
aggregate amount of unrestricted and unencumbered cash and Permitted Investments included in the consolidated balance sheet of
the Company and its Subsidiaries as of such date of determination to (b) EBITDA for the most recently ended four full fiscal
quarters for which internal financial statements are available, all calculated for the Company and its Subsidiaries on a consolidated
basis in accordance with GAAP.

 

    	 	57	 

     

    

 

“Treasury
Rate” means, as of any Redemption Date or date of deposit, the yield to maturity as of such Redemption Date or
date of deposit of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal
Reserve Statistical Release Hl 5 (519) that has become publicly available at least two Business Days prior to the Redemption Date
or date of deposit (or, if such Statistical Release is no longer published, any publicly available source of similar market data))
most nearly equal to the period from the Redemption Date or date of deposit to July 15, 2023; provided, however,
that if the period from the Redemption Date or date of deposit to July 15, 2023, is less than one year, the weekly average
yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used.

 

“Treasury Services Agreement”
means any agreement between the Company or any Subsidiary and any approved counterparty relating to treasury, depository, credit
card, debit card, stored value cards, purchasing or procurement cards and cash management services or automated clearinghouse
transfer of funds or any similar services.

 

“Trust
Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force at the date as of
which this Indenture was executed.

 

“Trust Estates” means,
collectively, the Junior Trust Estate together with the Senior Trust Estate.

 

“Trust
Monies” means, subject to the Intercreditor Agreement, all cash and Cash Equivalents:

 

(1)            received
by the Company upon the release of Collateral from the Lien of this Indenture or the Security Documents in connection with any
Asset Sale; provided that any such cash or Cash Equivalents remaining after consummation of an Asset Sale Offer pursuant
to Section 10.16 shall cease to be Trust Monies; or

 

(2)            received
by the Collateral Trustee as proceeds of any sale or other disposition of all or any part of the Collateral by or on behalf of
the Collateral Trustee or any collection, recovery, receipt, appropriation or other realization of or from all or any part of
the Collateral pursuant to this Indenture or any of the Security Documents;

 

provided,
however, that Trust Monies shall in no event include (i) any property deposited with the Trustee for any redemption,
legal defeasance or covenant defeasance of Notes, for the satisfaction and discharge of this Indenture or to pay the purchase
price of the Notes and any Parity Lien Notes Debt pursuant to an Asset Sale Offer in accordance with the terms of this Indenture,
(ii) any cash received or applicable by the Trustee or Collateral Trustee in payment of its fees and expenses or (iii) prior
to the Priority ABL Collateral Transition Date, any amounts that constitute Priority ABL Collateral or identifiable Proceeds of
Priority ABL Collateral, or are otherwise directly attributable to Priority ABL Collateral. (it being understood and agreed no
cash received in payment of fees and expenses described in the preceding clause (ii) shall be deemed amounts that constitute
Priority ABL Collateral or identifiable Proceeds of Priority ABL Collateral, or are otherwise directly attributable to Priority
ABL Collateral).

 

    	 	58	 

     

    

 

“Trustee”
means U.S. Bank National Association, until a successor replaces it and, thereafter, means the successor.

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that,
at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Trustee’s
security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction
other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time,
in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions
relating to such provisions.

 

“Unrestricted Subsidiary”
means:

 

(a)           any
Subsidiary of the Company that at the time of determination is an Unrestricted Subsidiary (as designated by the Company, as provided
below); and

 

(b)           any
Subsidiary of an Unrestricted Subsidiary.

 

The Company may designate any Subsidiary
of the Company (including any existing Subsidiary and any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary
unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on,
any property of, the Company or any Restricted Subsidiary of the Company (other than any Subsidiary of the Subsidiary to be so
designated); provided that:

 

(a)           any
Unrestricted Subsidiary must be an entity of which shares of the Capital Stock or other Equity Interests (including partnership
interests) entitled to cast at least a majority of the votes that may be cast by all shares of Capital Stock or Equity Interests
having ordinary voting power for the election of directors or other governing body are owned, directly or indirectly, by the Company,

 

(b)           such
designation complies with Section 10.08, and

 

(c)           each
of:

 

(1)            the
Subsidiary to be so designated and

 

(2)            its
Subsidiaries

 

has not at the time of designation, and does not
thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness
pursuant to which the lender has recourse to any of the assets of the Company or any Restricted Subsidiary.

 

    	 	59	 

     

    

 

The Company may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving effect to such designation no Default
shall have occurred and be continuing and either:

 

(1)            the
Company could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 10.09(a) or

 

(2)            the
Fixed Charge Coverage Ratio for the Company and its Restricted Subsidiaries would be equal to or greater than such ratio for the
Company and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account
such designation.

 

Any such designation by the Company shall
be notified by the Company to the Trustee by promptly filing with the Trustee a copy of any applicable Board Resolution giving
effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions.

 

“U.S.
Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act.

 

“Vice
President,” when used with respect to the Company or the Trustee, means any vice president, whether or not designated
by a number or a word or words added before or after the title “vice president.”

 

“Voting
Equity Interest” means, with respect to any Person, those classes of Equity Interests issued by such Person (however
designated), the holders of which are at the time entitled, as such holders, to vote for the election of a majority of the directors
or managers (or persons performing similar functions) of such Person, whether or not the right so to vote exists by reason of
the happening of a contingency.

 

“Voting
Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote
in the election of the Board of Directors of such Person.

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as
the case may be, at any date, the quotient obtained by dividing

 

(1)            the
sum of the products of the number of years from the date of determination to the date of each successive scheduled principal payment
of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by
the amount of such payment, by

 

(2)            the
sum of all such payments.

 

“Wholly
Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one
or more Wholly Owned Subsidiaries of such Person.

 

Section 1.03    Compliance
Certificates and Opinions. Upon any application or request by the Company to the Trustee to take or refrain from taking
any action under this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions
precedent, if any, provided for in this Indenture (including any covenant compliance with which constitutes a condition precedent)
relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel
all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as
to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular
application or request, no additional certificate or opinion need be furnished.

 

    	 	60	 

     

    

 

Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 10.06(a)) shall
include:

 

(1)            a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;

 

(2)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)            a
statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(4)            a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section 1.04    Form of
Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only
one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion
with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents.

 

Any certificate or opinion of an officer
of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by,
counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his
certificate or opinion is based are erroneous. Any such certificate or opinion may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information
with respect to such factual matters is in the possession of the Company, unless such counsel knows that the certificate or opinion
or representations with respect to such matters are erroneous.

 

Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.

 

Section 1.05    Acts
of Holders. Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agents duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01)
conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.

 

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The fact and date of the execution by any
Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of
a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such
instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other
than his or her individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact
and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved
in any other manner that the Trustee deems sufficient.

 

The principal amount and serial numbers
of Notes held by any Person, and the date of holding the same, shall be proved by the Note Register.

 

If the Company shall solicit from the Holders
any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, fix in advance
a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent,
waiver or other Act, but the Company shall have no obligation to do so. Such record date shall be a date not earlier than the
date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation
is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other
Act may be given before or after such record date, but only the Holders of record at the close of business on such record date
shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Notes
have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act,
and for that purpose the Outstanding Notes shall be computed as of such record date; provided that no such authorization,
agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to
the provisions of this Indenture not later than eleven months after the record date. Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same Note and the Holder
of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything
done, omitted or suffered to be done by the Trustee, the Company or any Guarantor in reliance thereon, whether or not notation
of such action is made upon such Note.

 

Without limiting the foregoing, a Holder
entitled to take any action hereunder with regard to any particular Note may do so with regard to all or any part of the principal
amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard
to all or any part of such principal amount. Any notice given or action taken by a Holder or its agents with regard to different
parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders
of each such different part.

 

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Without
limiting the generality of the foregoing, a Holder, including the Depository that is the Holder of a Global Note, may make, give
or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver
or other action provided in this Indenture to be made, given or taken by Holders, and the Depository that is the Holder
of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such depositary’s
standing instructions and customary practices.

 

The Company may fix a record date for the
purpose of determining the Persons who are beneficial owners of interests in any Global Note held by the Depository entitled under
the procedures of such depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders.

 

Section 1.06      Notices,
Etc., to Trustee, Company, Any Guarantor and Agent. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with.

 

(1)            the
Trustee by any Holder or by the Company or any Guarantor shall be sufficient for every purpose hereunder if made, given, furnished
or delivered in writing or mailed, first-class postage prepaid, or delivered by recognized overnight courier to or with the Trustee
at U.S. Bank National Association, 190 S. LaSalle Street, 10th Floor, Chicago, Illinois 60603, Attention: Corporate
Trust - Winnebago Industries; or

 

(2)            the
Company or any Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if made, given, furnished or delivered in writing or mailed, first-class postage prepaid, or delivered by
recognized overnight courier, to the Company or such Guarantor addressed to it at Winnebago Industries, Inc., 13200 Pioneer
Trail, Eden Prairie, Minnesota 55347, Attention: General Counsel, or at any other address previously furnished in writing to the
Trustee by the Company or such Guarantor.

 

Section 1.07      Notice
to Holders; Waiver. Where this Indenture provides for notice of any event to Holders by the Company or the Trustee,
such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and either (1) provided
or mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Note Register,
within the time prescribed for the giving of such notice, or (2) in the case of Notes held through the Depository sent or
transmitted to Holders in any manner that is in accordance with the procedures of the Depository. In any case where notice to
Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder
shall affect the sufficiency of such notice with respect to other Holders. Notices given by publication shall be deemed given
on the first date on which publication is made and notices given by first-class mail, postage prepaid, shall be deemed given five
calendar days after mailing.

 

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Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the
event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Notwithstanding anything herein to the
contrary where this Indenture provides for notice in any manner, such notice may be sent or transmitted to Holders in any manner
that is in accordance with the procedures of the Depository and shall be deemed to be a sufficient giving of such notice for every
purpose hereunder.

 

Section 1.08      Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are
for convenience of reference only, are not intended to be considered a part hereof and shall in no way affect the construction
of, or modify or restrict, any of the terms or provisions hereof.

 

Section 1.09      Successors
and Assigns. All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements
of the Trustee in this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its
successors, except as otherwise provided in Section 12.08 hereof.

 

Section 1.10      Separability
Clause. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 1.11      Benefits
of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the
parties hereto, any Paying Agent, any Note Registrar and their successors hereunder and the Holders any benefit or any legal or
equitable right, remedy or claim under this Indenture.

 

Section 1.12      Governing
Law; Submission to Jurisdiction. This Indenture,
the Notes and any Guarantee shall be governed by and construed in accordance with the laws of the State of New York. This Indenture
is not subject to the provisions of the Trust Indenture Act that are required to be part of this Indenture and shall not be governed
by such provisions unless expressly incorporated. THE PARTIES HERETO AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES
FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS INDENTURE OR THE NOTES.

 

Section 1.13      Legal
Holidays. In any case where any Interest Payment Date, Redemption Date or Stated Maturity or Maturity of any Note shall
not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of principal (or premium,
if any) or interest need not be made on such date, but may be made on the next succeeding Business Day with the same force and
effect as if made on the Interest Payment Date, Redemption Date, or at the Stated Maturity or Maturity; provided that no
interest shall accrue for purposes of such payment for the period from and after such Interest Payment Date, Redemption Date,
Stated Maturity or Maturity, as the case may be.

 

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Section 1.14      No
Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer,
employee, incorporator or stockholder of the Company or any Guarantor (other than in the case of stock-holders of any Guarantor,
the Company or another Guarantor) or any of their parent companies shall have any liability for any obligations of the Company
or the Guarantors under the Notes, the Guarantees and this Indenture or for any claim based on, in respect of, or by reason of
such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes and the Guarantees.

 

Section 1.15      Waiver
of Jury Trial. EACH OF THE COMPANY, EACH GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE GUARANTEES AND FOR ANY COUNTERCLAIM THEREIN.

 

Section 1.16      Counterparts.
This Indenture may be executed in any number of counterparts, each of which shall be original; but such counterparts shall together
constitute but one and the same instrument. One signed copy is enough to prove this Indenture. The exchange of copies of this
Indenture and of signature pages by facsimile, .pdf transmission or other electronic means shall constitute effective execution
and delivery of this Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or .pdf transmission
or other electronic means shall be deemed to be their original signatures for all purposes.

 

All notices, approvals, consents, requests
and any communications hereunder must be in writing (provided that any communications sent to Trustee hereunder must be in the
form of a document that is signed manually or by way of a digital signature (as long as such digital signature provider has been
specified in writing to the Trustee by the authorized representative), in English. Company agrees to assume all risks arising
out of the use of using digital signatures and electronic methods to submit communications to Trustee, including without limitation
the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

Section 1.17      Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, pandemics or epidemics, and interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 1.18      USA
PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee
and Collateral Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering,
is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship
or opens an account. The Company agrees that it will provide the Trustee and Collateral Trustee with information about the Company
as the Trustee may reasonably request in order for the Trustee and Collateral Trustee to satisfy the requirements of the USA PATRIOT
Act.

 

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Article Two

 

Note
Forms

 

Section 2.01      Form and
Dating. Provisions relating to the Initial Notes are set forth in the Rule 144A / Regulation S Appendix attached
hereto (the “Appendix”) which is hereby incorporated in, and expressly made part of, this Indenture. The Initial
Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit 1 to the Appendix
which is hereby incorporated in, and expressly made a part of, this Indenture. The Notes may have notations, legends or endorsements
required by law, stock exchange rule, agreements to which the Company is subject, if any, or usage (provided that any such
notation, legend or endorsement is in a form reasonably acceptable to the Company). Each Note shall be dated the date of its authentication.
The terms of the Note set forth in the Appendix are part of the terms of this Indenture.

 

Section 2.02      Execution,
Authentication, Delivery and Dating. The Notes shall be executed on behalf of the Company by any Officer. The signature
of an Officer on the Notes may be manual or via facsimile, .pdf transmission or other electronic means of the present or any future
such authorized officer and may be imprinted or otherwise reproduced on the Notes.

 

Notes bearing the signature of an individual
who was at any time a proper Officer of the Company shall bind the Company, notwithstanding that such individual ceased to hold
such office prior to the authentication and delivery of such Notes or did not hold such office at the date of such Notes.

 

At any time and from time to time after
the execution and delivery of this indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company
Order shall authenticate and deliver such Notes.

 

On the Issue Date, the Company shall deliver
the Initial Notes in the aggregate principal amount of $300,000,000 executed by the Company to the Trustee for authentication,
together with a Company Order directing the Trustee to authenticate the Notes and certifying in an Officer’s Certificate
that all conditions precedent to the issuance of Notes contained herein have been fully complied with, and the Trustee in accordance
with such Company Order shall authenticate and deliver such Initial Notes. At any time and from time to time after the Issue Date,
the Company may deliver Additional Notes executed by the Company to the Trustee for authentication, together with a Company Order
for the authentication and delivery of such Additional Notes, directing the Trustee to authenticate the Additional Notes and certifying
that the issuance of such Additional Notes is in compliance with Article Ten hereof and that all other conditions precedent
to the issuance of Notes contained herein have been fully complied with, and the Trustee in accordance with such Company Order
shall authenticate and deliver such Additional Notes.

 

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Each Note shall be dated the date of its
authentication.

 

No Note shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication
substantially in the form provided for in Exhibit 1 to the Appendix, duly executed by the Trustee by manual or electronic
signature of an authorized officer, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that
such Note has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.

 

In case the Company or any Guarantor, pursuant
to Article Eight, shall be consolidated or merged with or into any other Person or shall convey, transfer, lease or otherwise
dispose of its properties and assets substantially as an entirety to any Person, and the successor Person resulting from such
consolidation, or surviving such merger, or into which the Company or such Guarantor shall have been merged, or the Person which
shall have received a conveyance, transfer, lease or other disposition as aforesaid, shall have executed a supplemental indenture
hereto with the Trustee pursuant to Article Eight, any of the Notes authenticated or delivered prior to such consolidation,
merger, conveyance, transfer, lease or other disposition may, from time to time, at the request of the successor Person, be exchanged
for other Notes executed in the name of the successor Person with such changes in phraseology and form as may be appropriate,
but otherwise in substance of like tenor as the Notes surrendered for such exchange and of like principal amount; and the Trustee,
upon Company Request of the successor Person, shall authenticate and deliver Notes as specified in such request for the purpose
of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a successor Person pursuant to
this Section in exchange or substitution for or upon registration of transfer of any Notes, such successor Person, at the
option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time outstanding for Notes
authenticated and delivered in such new name.

 

Article Three

 

The
Notes

 

Section 3.01      Title
and Terms. The aggregate principal amount of Notes which may be authenticated and issued under this Indenture is not
limited; provided, however, that any Additional Notes issued under this Indenture rank pari passu with the
Initial Notes, are issued in accordance with Section 2.02, Section 3.12 and Section 10.09 hereof, form a single
class with the Initial Notes and shall have the same terms as to status, redemption or otherwise as the Initial Notes. Any Additional
Notes shall be issued pursuant to a supplemental indenture to this Indenture.

 

The Notes shall be known and designated
as the “6.250% Senior Secured Notes Due 2028” of the Company. The Stated Maturity of the Notes shall be July 15,
2028, and the Notes shall bear interest at the rate set forth below from July 8, 2020, or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, payable on January 15, 2021 and semi-annually thereafter on July 15
and January 15 in each year (although Additional Notes may accrue interest from another date, to the extent permitted herein)
and at said Stated Maturity, until the principal thereof is paid or duly provided for and to the Person in whose name the Note
(or any predecessor Note) is registered at the close of business on the January 1 and July 1 immediately preceding such
Interest Payment Date (each, a “Regular Record Date”).

 

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The principal of (and premium, if any),
and interest on the Notes shall be payable at the office or agency of the Company maintained for such purpose in the contiguous
United States or, at the option of the Company, payment of interest may be made by check mailed to the Holders of the Notes at
their respective addresses set forth in the Note Register of Holders; provided that all payments of principal, premium,
if any, and interest, if any, with respect to Notes represented by one or more permanent global notes registered in the name of
or held by the Depository or its nominee shall be made by wire transfer of immediately available funds to the accounts specified
by the Holder or Holders thereof.

 

Holders shall have the right to require
the Company to purchase their Notes, in whole or in part, in the event of a Change of Control pursuant to Section 10.15.
The Notes shall be subject to repurchase pursuant to an Asset Sale Offer as provided in Section 10.16.

 

The Notes shall be redeemable as provided
in Article Eleven and Paragraph 6 of the Notes.

 

The due and punctual payment of principal
of, premium, if any, and interest on the Notes payable by the Company is irrevocably unconditionally guaranteed, to the extent
set forth herein, by each of the Guarantors.

 

Section 3.02      Denominations.
The Notes shall be issuable only in registered form without coupons and only in minimum denominations of $2,000 and any integral
multiple of $1,000 in excess thereof.

 

Section 3.03      Temporary
Notes. Pending the preparation of definitive Notes, the Company may execute, and upon receipt of a Company Order the
Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise
produced, in any authorized denomination, substantially of the tenor of the definitive Notes in lieu of which they are issued
and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Notes may determine,
as conclusively evidenced by their execution of such Notes.

 

If temporary Notes are issued, the Company
shall cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary
Notes shall be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Company
designated for such purpose pursuant to Section 10.02, without charge to the Holder. Upon surrender for cancellation of any
one or more temporary Notes, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like
principal amount of definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects
be entitled to the same benefits under this Indenture as definitive Notes.

 

Section 3.04      Note
Registrar; Paying Agent; Registration of Transfer and Exchange. The Company shall cause to be kept at the Corporate
Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency designated pursuant
to Section 10.02 being herein sometimes referred to as the (“Note Register”) in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes.
The Note Register shall be in written form or any other form capable of being converted into written form within a reasonable
time. At all reasonable times, the Note Register shall be open to inspection by the Trustee. The Trustee is hereby initially appointed
as note registrar (the “Note Registrar”) for the purpose of registering Notes and transfers of Notes as herein
provided. The Trustee is hereby initially appointed to act as the Paying Agent and to act as Custodian with respect to the Global
Notes.

 

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Upon surrender for registration of transfer
of any Note at the office or agency of the Company designated pursuant to Section 10.02, the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any
authorized denomination or denominations of a like aggregate principal amount.

 

At the option of the Holder, Notes may
be exchanged for other Notes of any authorized denomination and of a like aggregate principal amount, upon surrender of the Notes
to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the
Trustee shall authenticate and deliver, the Notes which the Holder making the exchange is entitled to receive.

 

All Notes issued upon any registration
of transfer or exchange of Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

 

Every Note presented or surrendered for
registration of transfer or for exchange shall (if so required by the Company or the Note Registrar) be duly endorsed, or be accompanied
by written instruments of transfer, in form satisfactory to the Company and the Note Registrar, duly executed by the Holder thereof
or his attorney duly authorized in writing.

 

No
service charge shall be made for any registration of transfer or exchange or redemption of Notes, but the Company may require
payment of a sum sufficient to cover any taxes, fees or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of Notes, other than exchanges pursuant to Section 2.02, 3.03, 9.06, 10.15, 10.16, or 10.18
not involving any transfer.

 

In case the Company, pursuant to Article Eight,
shall, in one or more related transactions, be consolidated or merged with or into any other Person or shall sell, assign, transfer,
lease, convey or otherwise dispose of all or substantially all the assets of the Company and its Restricted Subsidiaries taken
as a whole to any Person, and the surviving Person resulting from such consolidation or surviving such merger, or into which the
Company shall have been merged, or the surviving Person which shall have participated in the sale, assignment, transfer, conveyance
or other disposition as aforesaid, shall have assumed all of the obligations of the Company under the Notes and this Indenture
pursuant to agreements pursuant to Article Eight, any of the Notes authenticated or delivered prior to such consolidation,
merger, sale, assignment, transfer, conveyance or other disposition may, from time to time, at the request of the surviving Person,
be exchanged for other Notes executed in the name of the surviving Person with such changes in phraseology and form as may be
appropriate, but otherwise in substance of like tenor as the Notes surrendered for such exchange and of like principal amount;
and the Trustee, upon the request of the surviving Person, shall authenticate and deliver Notes as specified in such request for
the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a surviving Person
pursuant to this Section 3.04 in exchange or substitution for or upon registration of transfer of any Notes, such Successor
Company, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time outstanding
for Notes authenticated and delivered in such new name.

 

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Section 3.05     Mutilated,
Destroyed, Lost and Stolen Notes. If (1) any mutilated
Note is surrendered to the Trustee or (2) the Company and the Trustee receive evidence to their satisfaction of the destruction,
loss or theft of any Note, and there is delivered to the Company and the Trustee such security or indemnity as may be required
to protect the Company, the Trustee, any agent and any authenticating agent from any loss that any of them may suffer if a Note
is replaced, then, in the absence of notice to the Company or the Trustee that such Note has been acquired by a Protected Purchaser
(as defined in Section 8-303 of the UCC) (a “Protected Purchaser”), the Company shall execute and
upon Company Order the Trustee shall authenticate and deliver, in exchange for any such mutilated Note or in lieu of any such
destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed,
lost or stolen Note has become or is about to become due and payable, the Company in its discretion may, instead of issuing a
new Note, pay such Note.

 

Upon the issuance of any new Note under
this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) in replacing a Note.

 

Every new Note issued pursuant to this
Section in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation
of the Company and each Guarantor, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable
by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly
issued hereunder.

 

The provisions of this Section are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Notes.

 

Section 3.06     Payment
of Interest; Interest Rights Preserved.

 

(a)            Interest
on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person
in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for
such interest at the office or agency of the Company maintained for such purpose pursuant to Section 10.02; provided,
however, that, subject to Section 3.01 hereof, each installment of interest may at the Company’s option be paid
by (1) mailing a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to
Section 3.07, to the address of such Person as it appears in the Note Register or (2) transfer to an account located
in the United States maintained by the payee.

 

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(b)           Any
interest on any Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith
cease to be payable to the Holder on the Regular Record Date by virtue of having been such Holder, and such defaulted interest
and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes (such defaulted interest and interest
thereon herein collectively called “Defaulted Interest”) may be paid by the Company, at its election in each
case, as provided in clause (1) or (2) below:

 

(1)            The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective Predecessor
Notes) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall
be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed
to be paid on each Note and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee
an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in
trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall
fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10
days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such Special Record Date, and in the name and at the expense
of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to
be given in the manner provided for in Section 1.07, not less than 10 days prior to such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor having been so given, such Defaulted Interest
shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business
on such Special Record Date and shall no longer be payable pursuant to the following clause (2).

 

(2)            The
Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by
the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable
by the Trustee.

 

(c)           Subject
to the foregoing provisions of this Section, each Note delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue interest, which were carried
by such other Note.

 

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Section 3.07      Persons
Deemed Owners. Prior to the due presentment of a Note for registration of transfer, the Company, any Guarantor, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Note is registered as the owner of
such Note for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 3.04 and Section 3.06)
interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Company, the
Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

Section 3.08      Cancellation.
All Notes surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the
Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any
manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Notes
previously authenticated hereunder which the Company has not issued and sold, and all Notes so delivered shall be promptly cancelled
by the Trustee. If the Company shall so acquire any of the Notes, however, such acquisition shall not operate as a redemption
or satisfaction of the indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation.
No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as
expressly permitted by this Indenture. All cancelled Notes held by the Trustee shall be disposed of by the Trustee in accordance
with its customary procedures (subject to the record retention requirements of the Exchange Act). Upon request, certification
of the destruction or disposition of all cancelled Notes shall be delivered to the Company by the Trustee. The Trustee shall maintain
a record of all cancelled Notes. The Trustee shall provide the Company a list of all Notes that have been cancelled from time
to time as requested by the Company.

 

Section 3.09      Computation
of Interest. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 3.10      Transfer
and Exchange. The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note
for registration of transfer. When a Note is presented to the Note Registrar or a co-registrar with a request to register a transfer,
the Note Registrar shall register the transfer as requested if the requirements of this Indenture and Section 8-401(a) of
the UCC are met. When Notes are presented to the Note Registrar or a co-registrar with a request to exchange them for an equal
principal amount of Notes of other denominations, the Note Registrar shall make the exchange as requested if the same requirements
are met.

 

The Company shall not be required and without
the prior written consent of the Company, the Note Registrar shall not be required to register the transfer of or exchange of
any Note (i) during a period beginning at the opening of business 15 days before providing of a notice of redemption of Notes
and ending at the close of business on the day such notice is provided, (ii) selected for redemption in whole or in part,
(iii) that has been tendered in a Change of Control Offer and (iv) beginning at the opening of business on any record
date and ending on the close of business on the related Interest Payment Date.

 

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Section 3.11      CUSIP
Numbers. The Company in issuing the Notes may use “CUSIP” numbers, ISINs and “Common Code”
numbers (in each case, if then generally in use) in addition to serial numbers, and, if so, the Trustee shall use such “CUSIP”
numbers, ISINs and “Common Code” numbers in addition to serial numbers in notices of redemption, repurchase or
other notices to Holders as a convenience to Holders; provided that any such notice may state that no representation is
made as to the correctness of such “CUSIP” numbers, ISINs and “Common Code” numbers either as printed
on the Notes or as contained in any notice of a redemption or repurchase and that reliance may be placed only on the serial or
other identification numbers printed on the Notes, and any such redemption or repurchase shall not be affected by any defect in
or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in the “CUSIP”
numbers, ISINs and “Common Code” numbers applicable to the Notes.

 

Section 3.12      Issuance
of Additional Notes. The Company may, subject to Section 10.09,
issue additional Notes having identical terms and conditions to the Initial Notes issued on the Issue Date, other than with respect
to the date of issuance, the issue price and the date from which interest first begins to accrue (the “Additional Notes”).
The Initial Notes issued on the Issue Date and any Additional Notes subsequently issued shall be treated as a single class for
all purposes under this Indenture, including waivers, amendments, redemptions and offers to purchase, (except that any series
of Notes that is not fungible with the Initial Notes for U.S. federal income tax purposes may be treated for purposes of provisions
of this Indenture relating to transfer and exchange as a separate class that does not trade fungibly with Notes that have differing
treatment under U.S. federal income tax law and will be assigned a different CUSIP or other identification number).

 

Article Four

 

Satisfaction
And Discharge

 

Section 4.01      Satisfaction
and Discharge of Indenture. This Indenture shall upon Company Request and at the Company’s expense cease to be
of further effect as to all Notes issued hereunder and then outstanding (except as set forth in the last paragraph of this Section and
as to surviving rights of registration of transfer or exchange of Notes expressly provided for herein or pursuant hereto) and
all the Note Liens granted under the Security Documents will be automatically released and the Trustee, at the expense of the
Company, shall execute such instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture
when:

 

(1)           either

 

(A)            all
Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which have
been replaced or paid as provided in Section 3.05 and (ii) Notes for whose payment money has theretofore been deposited
in trust with the Trustee or any Paying Agent or segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee for cancellation; or

 

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(B)          all
such Notes not theretofore delivered to the Trustee for cancellation,

 

(i)             have
become due and payable by reason of the making of a notice of redemption pursuant to Section 11.06 or otherwise, or

 

(ii)            shall
become due and payable at their Stated Maturity within one year, or

 

(iii)           are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company,

 

and
the Company or any Guarantor, in the case of (i), (ii) or (iii) of this clause (B), has irrevocably deposited or caused
to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination thereof, in such amounts as shall be sufficient without consideration of any reinvestment
of interest to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation
for principal, premium, if any, and accrued interest to the date of maturity or redemption, as the case may be (for the avoidance
of doubt, in the case of a discharge that occurs in connection with a redemption that is to occur on a Redemption Date, the amount
to be deposited shall be the amount that, as of the date of such deposit, is deemed reasonably sufficient to make such payment
and discharge on the redemption date, in the good faith determination of the Board of Directors of the Company pursuant to a resolution
of the Board of Directors of the Company and as evidenced by an Officer’s Certificate);

 

(2)            no
Default (other than that resulting from borrowing funds to be applied to make such deposit and the granting of Liens in connection
therewith) with respect to this Indenture or the Notes issued hereunder shall have occurred and be continuing on the date of such
deposit or shall occur as a result of such deposit and such deposit shall not result in a breach or violation of, or constitute
a default under, any Credit Facility or any other material agreement or instrument (other than this Indenture) to which the Company
or any Guarantor is a party or by which the Company or any Guarantor is bound (other than resulting from any borrowing of funds
to be applied to make such deposit and the granting of Liens in connection therewith);

 

(3)            the
Company has paid or caused to be paid all sums payable by it to the Trustee and Collateral Trustee under this Indenture and the
Security Documents;

 

(4)            the
Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of such Notes at Maturity or the Redemption Date, as the case may be; and

 

(5)            the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein to the satisfaction and discharge of this Indenture have been satisfied.

 

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Notwithstanding the satisfaction and discharge
of this Indenture, if money or Government Securities shall have been deposited with the Trustee pursuant to sub-clause (B) of
clause (1) of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.03
shall survive such satisfaction and discharge. In addition, nothing in this Section 4.01 shall be deemed to discharge the
obligations of the Company to the Trustee under Section 6.07 and the obligations of the Company to any Authenticating Agent
under Section 6.12 that, by their terms, survive the satisfaction and discharge of this Indenture.

 

Section 4.02     Application
of Trust Money. Subject to the provisions of the last paragraph of Section 10.03, all money or Government Securities
deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the provisions
of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as
its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium) and interest
for whose payment such money or Government Securities has been deposited with the Trustee, but such money or Government Securities
need not be segregated from other funds except to the extent required by law.

 

If the Trustee or Paying Agent is unable
to apply any money or Government Securities in accordance with Section 4.01 by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Company’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as
though no deposit had occurred pursuant to Section 4.01 until such time as the Trustee or Paying Agent is permitted to apply
all such money or Government Securities in accordance with Section 4.01; provided that if the Company has made any
payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Company
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities
held by the Trustee or Paying Agent.

 

Article Five

 

Remedies

 

Section 5.01       Events
of Default. “Event of Default” wherever used herein, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1)           default
in payment when due and payable, upon redemption, acceleration or otherwise, of payments of principal of, or premium, if any,
on the Notes issued under this Indenture;

 

(2)           default
for 30 days or more in the payment when due of interest on or with respect to the Notes issued under this Indenture;

 

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(3)          failure
by the Company or any Guarantor for 60 days (or 120 days with respect to a default under Section 10.07) after receipt of
written notice given by the Trustee or the Holders of at least 25.0% in principal amount of the then Outstanding Notes issued
under this Indenture to comply with any of its other obligations, covenants or agreements contained in this Indenture or the Notes;

 

(4)           default
under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness
for money borrowed by the Company or any Restricted Subsidiary or the payment of which is guaranteed by the Company or any Restricted
Subsidiary, other than Indebtedness owed to the Company or a Restricted Subsidiary, whether such Indebtedness or guarantee now
exists or is created after the issuance of the Notes, if both:

 

(A)          such
default either:

 

(i)            results
from the failure to pay any principal of such Indebtedness at its stated final maturity (after giving effect to any applicable
grace periods); or

 

(ii)            relates
to an obligation other than the obligation to pay principal of any such Indebtedness at its stated final maturity and results
in the holder or holders of such Indebtedness causing such Indebtedness to become due prior to its stated maturity; and

 

(B)          the
principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure
to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has
been so accelerated, aggregates to $35.0 million or more at any one time outstanding;

 

(5)           failure
by the Company or any Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant Subsidiary)
to pay final judgments entered by a court of competent jurisdiction aggregating in excess of $35.0 million, which final judgments
remain unpaid, undischarged and unstayed for a period of more than 60 days after such judgment becomes final, and in the event
such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree
which is not promptly stayed;

 

(6)           any
of the following events with respect to the Company or any Significant Subsidiary:

 

(A)          the
Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(i)            commences
a voluntary case;

 

(ii)            consents
to the entry of an order for relief against it in an involuntary case;

 

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(iii)            consents
to the appointment of a custodian of it or for any substantial part of its property;

 

(iv)            takes
any comparable action under any foreign laws relating to insolvency; or

 

(B)          a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)              is
for relief against the Company or any Significant Subsidiary in an involuntary case;

 

(ii)            appoints
a custodian of the Company or any Significant Subsidiary or for any substantial part of its property; or

 

(iii)           orders
the liquidation of the Company or any Significant Subsidiary;

 

and the order or decree remains
unstayed and in effect for 90 days;

 

provided,
that for the purposes of this clause (6), a Significant Subsidiary shall include any group of Subsidiaries that together would
constitute a Significant Subsidiary;

 

(7)            the
Guarantee of any Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant Subsidiary)
shall for any reason (except as contemplated by the terms thereof or of this Indenture) cease to be in full force and effect or
be declared null and void or any responsible officer of any Guarantor that is a Significant Subsidiary (or the responsible officers
of any group of Subsidiaries that together would constitute a Significant Subsidiary), as the case may be, denies in writing that
it has any further liability under its Guarantee or gives notice to such effect, other than by reason of the termination of this
Indenture or the release of any such Guarantee in accordance with this Indenture, and such Default continues for 30 days; or

 

(8)            unless
all of the Collateral has been released from the Note Liens in accordance with the provisions of this Indenture and the Security
Documents, (x) default by the Company or any Subsidiary in the performance of their obligations under of the Security Documents
which materially adversely affects the enforceability, validity, perfection or priority of the Note Liens on a material portion
of the Collateral, (y) the repudiation or disaffirmation by the Company or any Guarantor of its material obligations under
the Security Documents or (z) the determination in a judicial proceeding that the Security Documents are unenforceable or
invalid against the Company or any Guarantor party thereto for any reason with respect to a material portion of the Collateral
and, in the case of any event set forth in sub-clauses (x) through (z), such default, repudiation, disaffirmation or determination
is not rescinded, stayed, or waived by the Persons having such authority pursuant to the Security Documents or otherwise cured
within 60 days after the Company receives written notice thereof specifying such occurrence from the Trustee or the Holders of
at least 25% of the outstanding principal amount of the Notes and demanding that such default be remedied and, in the case of
any event described in subclauses (x) through (z), other than (a) to the extent that any such loss of perfection or
priority results from the failure of the Collateral Trustee to maintain possession of certificates or instruments actually delivered
to it representing securities pledged under the Security Documents or (b) to the extent any such loss is covered by title
insurance for which the insurer has not denied coverage.

 

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Section 5.02     Acceleration
of Maturity; Rescission and Annulment.

 

(a)            If
any Event of Default (other than an Event of Default specified in Section 5.01(6) with respect to the Company) occurs
and is continuing under this Indenture, the Trustee or the Holders of at least 25.0% in principal amount of the Outstanding Notes
issued under this Indenture may declare the principal, premium, if any, interest and any other monetary Obligations on all the
Outstanding Notes issued under this Indenture to be due and payable immediately by a notice in writing to the Company (and to
the Trustee and the Collateral Trustee if given by the Holders).

 

(b)            Upon
the effectiveness of such declaration, such principal of and premium, if any, and interest on the Notes shall be due and payable
immediately. Notwithstanding the foregoing, if an Event of Default specified in Section 5.01(6) with respect to the
Company occurs and is continuing, then the principal amount of all Outstanding Notes shall ipso facto become and be immediately
due and payable without any notice, declaration or other act on the part of the Trustee or any Holder.

 

(c)            At
any time after a declaration of acceleration has been made and before a judgment or decree for payment of the money due has been
obtained by the Trustee as hereinafter provided in this Article Five, the Holders of a majority in aggregate principal amount
of the Outstanding Notes, by written notice to the Trustee, may rescind and annul such declaration and its consequences if:

 

(1)           the
Company has paid or deposited with the Trustee a sum sufficient to pay:

 

(A)            all
overdue interest on all Outstanding Notes,

 

(B)            all
unpaid principal of (and premium, if any, on) any Outstanding Notes which has become due otherwise than by such declaration of
acceleration, and interest on such unpaid principal at the rate borne by the Notes,

 

(C)            to
the extent that payment of such interest is lawful, interest on overdue interest at the rate borne by the Notes, and

 

(D)            all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and

 

(2)           Events
of Default, other than the non-payment of amounts of principal of (or premium, if any, on) or interest on Notes which have become
due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

 

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No such rescission shall affect any subsequent
default or impair any right consequent thereon.

 

(d)            Notwithstanding
the preceding clause (c), in the event of any Event of Default specified in Section 5.01(4) above, such Event of Default
and all consequences thereof (excluding any resulting payment default) shall be annulled, waived and rescinded automatically and
without any action by the Trustee or the Holders if, within 20 days after such Event of Default arose,

 

(1)            the
Indebtedness or guarantee that is the basis for such Event of Default has been discharged;

 

(2)            the
holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of
Default; or

 

(3)            the
default that is the basis for such Event of Default has been cured.

 

Section 5.03       Collection
of Indebtedness and Suits for Enforcement by Trustee. Subject to the terms of the Intercreditor Agreement, if an Event
of Default specified in Section 5.01(1) or (2) occurs and is continuing, the Trustee, in its own name as trustee
of an express trust, may institute a judicial proceeding for the collection of the sums due hereunder pursuant to this Article Five
and unpaid, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. The Trustee
may prosecute such proceeding to judgment or final decree and may enforce the same against the Company, any Guarantor or any other
obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property
of the Company, any Guarantor or any other obligor upon the Notes, wherever situated.

 

If an Event of Default occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders under this Indenture
and the Guarantees by the judicial proceedings discussed above as the Trustee shall deem necessary to protect and enforce any
such rights, including seeking recourse against any Guarantor.

 

Section 5.04      Trustee
May File Proofs of Claim. Subject to the terms of the Intercreditor Agreement, in case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding
relative to the Company or any other obligor including any Guarantor, upon the Notes or the property of the Company or of such
other obligor or their creditors, the Trustee (irrespective of whether the principal of the Notes shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the
Company for the payment of overdue principal, premium, if any, or interest) shall be entitled and empowered, by intervention in
such proceeding or otherwise,

 

(1)            to
file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the
Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, Collateral Trustee, their agents
and counsel) and of the Holders allowed in such judicial proceeding, and

 

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(2)            to
collect, receive and distribute any moneys or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to
the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay the
Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, Collateral Trustee,
their agents and counsel, and any other amounts due the Trustee or Collateral Trustee under Section 6.07.

 

Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof,
or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section 5.05     Trustee
May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or the Notes
may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name and as trustee of an express
trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment
has been recovered.

 

Section 5.06     Application
of Money Collected. Subject to the terms of the Intercreditor Agreement and the Security Agreement, any money or property
collected by the Trustee pursuant to this Article Five (including any amounts received from the Collateral Trustee) shall
be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal (or premium, if any) or interest, upon presentation of the Notes and the notation thereon of the payment
if only partially paid and upon surrender thereof if fully paid:

 

FIRST:            To
the payment of all amounts due the Trustee and the Collateral Trustee, and their agents and attorneys, under Section 6.07;

 

SECOND:       To
the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest on the Notes in respect of
which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the amounts due and payable on such Notes for principal (and premium, if any) and interest, respectively; and

 

THIRD:          The
balance, if any, to the Company or as a court of competent jurisdiction may direct in writing; provided that all sums due
and owing to the Holders, the Collateral Trustee and the Trustee have been paid in full as required by this Indenture.

 

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The Trustee may fix a record date and payment
date for any payment to Holders of Notes pursuant to this Section 5.06.

 

Section 5.07         Limitation
on Suits. Subject to Section 5.08 and subject to compliance with the Intercreditor Agreement, no Holder of any
Notes shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless:

 

(1)            such
Holder has previously given the Trustee and the Collateral Trustee notice that an Event of Default is continuing;

 

(2)            Holders
of at least 25% in principal amount of the Outstanding Notes have requested the Trustee and the Collateral Trustee to pursue the
remedy;

 

(3)            such
Holders have offered the Trustee and the Collateral Trustee reasonable security or indemnity satisfactory to each of the Trustee
and Collateral Trustee, as applicable, in its sole discretion, against any loss, liability or expense;

 

(4)            the
Trustee and the Collateral Trustee have not complied with such request within 60 days after the receipt thereof and the offer
of security or indemnity; and

 

(5)            Holders
of a majority in principal amount of the Outstanding Notes have not given the Trustee and the Collateral Trustee a direction inconsistent
with such request within such 60-day period,

 

it being understood and intended that no one or more Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or the Guarantees
to affect, disturb or prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference over
any other Holders or to enforce any right under this Indenture or the Guarantees, except in the manner herein provided and for
the equal and ratable benefit of all the Holders (it being further understood that the Trustee does not have an affirmative duty
to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders).

 

Section 5.08     Unconditional
Right of Holders to Receive Principal Premium and Interest. Notwithstanding any other provision in this Indenture,
the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment, as provided herein (including,
if applicable, Article Eleven) and in such Note of the principal of (and premium, if any) and (subject to Section 3.06)
interest on such Note on the respective Stated Maturities expressed in such Note (or, in the case of redemption, on the Redemption
Date), and to institute suit for the enforcement of any such payment on or after such respective dates, and such rights shall
not be impaired without the consent of such Holder.

 

Section 5.09     Restoration
of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under
this Indenture or the Guarantees and such proceeding has been discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the
Company, any Guarantor, any other obligor of the Notes, the Trustee and the Holders shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.

 

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Section 5.10     Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes in the last paragraph of Section 3.05, no right or remedy herein conferred upon or reserved to the Trustee
or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy, given hereunder or now or hereafter existing at law or
in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

 

Section 5.11     Delay
or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein. Every right and remedy given by this Article Five or by law to the Trustee or to the Holders may
be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section 5.12     Control
by Holders. Subject to the terms of the Intercreditor Agreement and the Collateral Trust Agreement, the Holders of
not less than a majority in principal amount of the Outstanding Notes shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee,
provided that:

 

(1)          such
direction shall not be in conflict with any rule of law or with this Indenture or the Security Documents,

 

(2)          the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and

 

(3)          the
Trustee need not take any action which might involve it in personal liability or be unduly prejudicial to any Holders not consenting.

 

Section 5.13     Waiver
of Default. Subject to Section 5.08 and Section 9.02, the Holders of not less than a majority in principal
amount of the Outstanding Notes may on behalf of the Holders of all such Notes waive any Default hereunder and its consequences,
except a continuing Default or Event of Default (1) in respect of the payment of interest on, premium, if any, or the principal
of any such Note held by a non-consenting Holder, or (2) in respect of a covenant or provision hereof which under Article Nine
cannot be modified or amended without the consent of the Holder of each Outstanding Note affected.

 

Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture,
but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

Section 5.14     Waiver
of Stay or Extension Laws. Each of the Company, the Guarantors and any other obligor on the Notes covenants (to the
extent that it may lawfully do so) that it shall not at any time insist upon, or plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force that would prohibit
or forgive the Company or a Guarantor from paying any portion of the principal of, and premium, if any, and interest on the Notes.

 

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Section 5.15     Undertaking
for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee
for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in
the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. This Section 5.15 does not apply to a suit by the Trustee, a
suit by a Holder of a Note pursuant to Section 5.08 hereof, or a suit by Holders of more than 10% in principal amount of
the then outstanding Notes.

 

Article Six

 

The
Trustee

 

Section 6.01     Duties
of the Trustee.

 

(a)            Except
during the continuance of an Event of Default,

 

(1)            The
duties of the Trustee will be determined solely by the express provisions of this Indenture, and the Trustee undertakes to perform
such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall
be read into this Indenture against the Trustee; and

 

(2)            in
the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to
the requirements of this Indenture; but in the case of any such certificates or opinions specifically required by any provision
hereof to be provided to it, the Trustee shall be under a duty to examine the same to determine whether or not they conform on
their face to the requirements of this Indenture, but not to verify the contents thereof.

 

(b)            In
case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it
by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under
the circumstances in the conduct of his or her own affairs.

 

(c)            No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its
own grossly negligent failure to act, or its own willful misconduct, except that

 

(1)            this
paragraph (c) shall not be construed to limit the effect of paragraph (a) of this Section;

 

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(2)            the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that
the Trustee was grossly negligent in ascertaining the pertinent facts;

 

(3)            the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with a direction
received by it pursuant to the terms of this Indenture; and

 

(4)            no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers.

 

(d)            Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of
or affording protection to the Trustee shall be subject to the provisions of this Section.

 

Section 6.02     Notice
of Defaults. If a Default or Event of Default occurs and is continuing and if it is known to a Responsible Officer
of the Trustee, the Trustee shall transmit notice of such Default or Event of Default within 90 days after receipt of notice of
the Event of Default unless such Default or Event of Default shall have been cured or waived. Except in the case of a Default
or Event of Default in the payment of the principal of (or premium, if any, on) or interest on any Note, the Trustee shall be
protected in withholding such notice if it determines that the withholding of such notice is in the interest of the Holders.

 

Section 6.03     Certain
Rights of Trustee.

 

(1)            the
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document (whether in original, facsimile or .pdf form) believed by it to be genuine and to have been signed
or presented by the proper party or parties;

 

(2)            any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and
any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;

 

(3)            whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the
absence of bad faith on its part, rely upon an Officer’s Certificate and an Opinion of Counsel;

 

(4)            the
Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in
accordance with the advice or opinion of such counsel;

 

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(5)            the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture, the Security Documents
or any related documents at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall
have offered to the Trustee and/or the Collateral Trustee security or indemnity satisfactory to the Trustee or Collateral Trustee,
as the case may be, against the costs, expenses, losses and liabilities which might be incurred by it in compliance with such
request or direction;

 

(6)            the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and
shall incur no liability of any kind by reason of such inquiry or investigation;

 

(7)            the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder;

 

(8)            the
Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s
conduct does not constitute willful misconduct or gross negligence;

 

(9)            the
rights, privileges, protections, immunities and benefits given to the Trustee pursuant to this Indenture, including its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder;

 

(10)            in
no event shall the Trustee be responsible or liable for special, punitive, indirect, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action;

 

(11)            the
Trustee shall not be charged with knowledge of any fact, Default or Event of Default with respect to the Notes unless written
notice of such fact, Default or Event of Default shall have been received by a Responsible Officer of the Trustee at its Corporate
Trust Office from an Officer of the Company, any other obligor of the Notes or from Holders of at least 25% of the aggregate principal
amount of the Notes and references this Indenture and the Notes;

 

(12)            the
permissive right of the Trustee to take actions permitted by this Indenture shall not be construed as an obligation or duty to
do so; and

 

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(13)            the
Trustee shall be entitled to receive from the Company such reasonable information as the Company has in its possession to enable
the Trustee to determine whether any payments pursuant to the Indenture are subject to the withholding requirements described
in Section 1471(b) of the US Internal Revenue Code of 1986 (the “Code”) or otherwise imposed pursuant to
Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof.

 

Section 6.04         Trustee
Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, except for the Trustee’s
certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for
their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes, except
that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Notes and perform
its obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of Notes or the proceeds
thereof.

 

Section 6.05         May Hold
Notes. The Trustee, any Paying Agent, any Note Registrar or any other agent of the Company or of the Trustee, in its
individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company with the same
rights it would have if it were not the Trustee, Paying Agent, Note Registrar or such other agent; provided, however,
that, if it acquires any conflicting interest, it must eliminate such conflict within 90 days, or apply to the SEC for permission
to continue or resign.

 

Section 6.06        Money
Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise
agreed in writing with the Company.

 

Section 6.07       Compensation
and Reimbursement. The Company and the Guarantors, jointly and severally, agree:

 

(1)          to
pay to the Trustee from time to time such compensation as shall be agreed in writing between the Company and the Trustee for all
services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust);

 

(2)         except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable out-of-pocket expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall be determined
to have been caused by its own gross negligence or willful misconduct; and

 

(3)         to
indemnify the Trustee and any predecessor Trustee for, and to hold it harmless against, any and all loss, liability, claim, damage
or reasonable out-of-pocket expenses, including taxes (other than the taxes based on the income of the Trustee) incurred without
gross negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this
trust, including the costs and expenses of defending itself against any claim regardless of whether the claim is asserted by the
Company, a Guarantor, a Holder or any other Person or liability in connection with the exercise or performance of any of its powers
or duties hereunder. The Company will defend any such claim, and the Trustee will cooperate in the defense. The Trustee may have
separate counsel, and the Company will pay the reasonable costs and expenses of such counsel.

 

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The obligations of the Company under this
Section to compensate the Trustee, to pay or reimburse the Trustee for reasonable out-of-pocket expenses, disbursements and
advances and to indemnify and hold harmless the Trustee shall constitute additional indebtedness hereunder and shall survive the
satisfaction and discharge of this Indenture, including any termination or rejection hereof under any Bankruptcy Law, and resignation
or removal of the Trustee. As security for the performance of such obligations of the Company, the Trustee shall have a lien prior
to the Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment
of principal of (and premium, if any) or interest on particular Notes. Any such claim will survive the satisfaction and discharge
of this Indenture.

 

When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 5.01(6), the expenses (including the reasonable charges
and expenses of its counsel) of and the compensation for such services are intended to constitute expenses of administration under
any applicable Bankruptcy Law.

 

The provisions of this Section shall
survive the termination of this Indenture and resignation or removal of the Trustee.

 

Section 6.08     Corporate
Trustee Required; Eligibility. There shall be at all times a Trustee hereunder which shall be eligible to act as Trustee
under TIA Section 3.10(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of federal, state, territorial or District
of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article Six.

 

Section 6.09     Resignation
and Removal; Appointment of Successor.

 

(a)            No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article Six shall become
effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.10.

 

(b)            The
Trustee may resign at any time by giving written notice thereof within 30 days of such resignation to the Company and be
discharged from the trust created hereby by so notifying the Company. Upon receiving such notice of resignation, the Company shall
promptly appoint a successor trustee by written instrument executed by authority of the Board of Directors, a copy of which shall
be delivered to the resigning Trustee and a copy to the successor Trustee. If the instrument of acceptance by a successor Trustee
required by Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation,
the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of
a successor Trustee.

 

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(c)            The
Trustee may be removed at any time by Act of the Holders of not less than a majority in principal amount of the Outstanding Notes,
delivered to the Trustee and to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.10
shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee
may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee.

 

(d)            The
Trustee shall comply with TIA Section 3.10(b); provided, however, that there shall be excluded from the operation
of TIA Section 3.10(b)(1) any indenture or indentures under which other securities or certificates of interest or participation
in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA Section 3.10(b)(1) are
met.

 

(e)            If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, the Company, by a Board Resolution, shall promptly appoint a successor Trustee. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Notes delivered to the Company and the retiring Trustee, the successor Trustee
so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee and supersede the successor
Trustee appointed by the Company. If no successor Trustee shall have been so appointed by the Company or the Holders and accepted
appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder of a Note for at least six months may,
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a
successor Trustee.

 

(f)            The
Company shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to the
Holders in the manner provided for in Section 1.07. Each notice shall include the name of the successor Trustee and the address
of its Corporate Trust Office.

 

Section 6.10     Acceptance
of Appointment by Successor.

 

(a)            Every
successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the
retiring Trustee; but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee
and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.
Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting
in and confirming to such successor Trustee all such rights, powers and trusts.

 

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(b)            No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article Six.

 

Section 6.11     Merger,
Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted
or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall
be the successor of the Trustee hereunder; provided that such corporation shall be otherwise qualified and eligible under
this Article Six, without the execution or filing of any paper or any further act on the part of any of the parties hereto.
In case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the
same effect as if such successor Trustee had itself authenticated such Notes. In case at that time any of the Notes shall not
have been authenticated, any successor Trustee may authenticate such Notes either in the name of any predecessor hereunder or
in the name of the successor Trustee. In all such cases such certificates shall have the full force and effect which this Indenture
provides for the certificate of authentication of the Trustee; provided, however, that the right to adopt the certificate
of authentication of any predecessor Trustee or to authenticate Notes in the name of any predecessor Trustee shall apply only
to its successor or successors by merger, conversion or consolidation.

 

Section 6.12     Appointment
of Authenticating Agent. At any time when any of the Notes remain Outstanding, the Trustee may appoint an authenticating
agent or agents with respect to the Notes which shall be authorized to act on behalf of the Trustee to authenticate Notes (an
 “Authenticating Agent”) and the Trustee shall give written notice of such appointment to all Holders of Notes
with respect to which such Authenticating Agent shall serve, in the manner provided for in Section 1.07. Notes so authenticated
shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by
the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of
the Trustee, and a copy of such instrument shall be promptly furnished to the Company. Wherever reference is made in this Indenture
to the authentication and delivery of Notes by the Trustee or the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to
the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America,
any state thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital
and surplus of not less than $50,000,000 and subject to supervision or examination by federal or state authority. If such corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the
effect specified in this Section.

 

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Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all
the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent; provided
that such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any
further act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the
Company and shall give written notice of such appointment to all Holders of Notes, in the manner provided for in Section 1.07.
Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section.

 

The Company agrees to pay to each Authenticating
Agent from time to time such compensation for its services under this Section as shall be agreed in writing between the Company
and such Authenticating Agent.

 

If an appointment is made pursuant to this
Section, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate
of authentication in the following form:

 

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

 

	 	U.S. BANK NATIONAL ASSOCIATION,
    

    as Trustee
	 	 
	 	By:	 
	 	 	as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	as Authorized Officer

 

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Article Seven

 

Holders
Lists And Reports By Trustee And Company

 

Section 7.01     Holder
Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of all Holders. If the Trustee is not the Note Registrar, the Company shall furnish to the Trustee
at least two Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a
list in such form and as of such date as the Trustee may require of the names and addresses of the Holders of Notes.

 

Section 7.02     Disclosure
of Names and Addresses of Holders. Every Holder, by receiving and holding Notes, agrees with the Company and the Trustee
that none of the Company or the Trustee or any agent of either of them shall be held accountable by reason of the disclosure of
any such information as to the names and addresses of the Holders, regardless of the source from which such information was derived.

 

Article Eight

 

Merger,
Consolidation Or Sale Of All

Or Substantially All Assets

 

Section 8.01     Company
May Consolidate, Etc., Only on Certain Terms.

 

(a)            The
Company may not consolidate or merge with or into or wind up into (whether or not the Company is the surviving entity), or sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related
transactions, to any Person unless:

 

(1)            the
Company is the surviving corporation or the Person formed by or surviving any such consolidation or merger (if other than the
Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is (i) a
corporation or (ii) a limited partnership or a limited liability company and is (or has previously been) joined by a corporation
as a co-issuer of the Notes, in each case organized or existing under the laws of the United States of America, any state thereof,
the District of Columbia, or any territory thereof (the Company or such Person, as the case may be, being herein called the “Successor
Company”);

 

(2)            the
Successor Company, if other than the Company, expressly assumes all the obligations of the Company under this Indenture, the Notes,
the Security Documents pursuant to supplemental indentures or other documents or instruments;

 

(3)            immediately
after such transaction, no Default exists;

 

(4)            immediately
after giving pro forma effect to such transaction and any related financing transactions, as if such transactions had occurred
at the beginning of the applicable four-quarter period; and

 

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(A)            the
Successor Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 10.09(a); or

 

(B)            the
Fixed Charge Coverage Ratio for the Successor Company and the Restricted Subsidiaries on a consolidated basis would be equal to
or greater than such ratio for the Company and the Restricted Subsidiaries immediately prior to such transaction;

 

(5)            each
Guarantor, unless it is the other party to the transactions set forth above, in which case Section 8.02(1)(B) shall
apply, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under
this Indenture, the Notes and the Security Documents; and

 

(6)            the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or transfer and such supplemental indentures, if any, are permitted by this Indenture.

 

(b)           Notwithstanding
clauses (a)(3) and (a)(4) above,

 

(1)            any
Restricted Subsidiary may consolidate with, liquidate or dissolve into, merge into or transfer all or part of its properties and
assets to the Company and

 

(2)            the
Company may merge with an Affiliate of the Company incorporated solely for the purpose of reincorporating the Company in another
State of the United States, the District of Columbia or any territory thereof, so long as the amount of Indebtedness of the Company
and the Restricted Subsidiaries is not increased thereby.

 

The foregoing covenant shall not apply
to any sale, assignment, transfer, lease, conveyance or other disposition of assets between or among the Company and the Guarantors;
provided, however, that a Guarantor that is a transferee under this provision may not subsequently release its Guarantee
unless such Guarantor has consolidated with or merged into the Company.

 

Section 8.02     Guarantors
May Consolidate, Etc., Only on Certain Terms. Subject to Sections 10.16 and 12.08, each Guarantor shall not, and
the Company shall not permit any Guarantor to, consolidate or merge with or into or wind up into (whether or not such Guarantor
is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties
or assets in one or more related transactions to, any Person unless:

 

(1)            (A) such
Guarantor is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other than such Guarantor)
or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, a limited
partnership, a limited liability company or similar entity organized or existing under the laws of the United States of America,
any state thereof, the District of Columbia, or any territory thereof (such Guarantor or such Person, as the case may be, being
herein called the “Successor Guarantor”);

 

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(B)            the
Successor Guarantor, if other than such Guarantor, expressly assumes all the obligations of such Guarantor under this Indenture,
such Guarantor’s Guarantee and the Security Documents, pursuant to supplemental indentures or other documents or instruments;

 

(C)            immediately
after such transaction, no Default exists; and

 

(D)            the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or transfer and such supplemental indentures, if any, are permitted under this Indenture; or

 

(2)            the
transaction is made in compliance with Section 10.16.

 

Notwithstanding the foregoing, (a) any
Guarantor may consolidate with, liquidate or dissolve into, merge into or transfer all or part of its properties and assets to
another Guarantor or the Company and (b) any Guarantor may convert into a corporation, partnership, limited partnership,
limited liability company or trust organized under the laws of the jurisdiction of organization of such Guarantor.

 

Section 8.03     Successor
Substituted. Subject to Section 12.08 hereof (with respect to any Guarantor only), upon any consolidation or merger,
or any sale, assignment, conveyance, transfer, lease or disposition of all or substantially all of the assets of the Company or
any Guarantor in accordance with Section 8.01 and Section 8.02 hereof, the successor Person formed by such consolidation
or into which the Company or such Guarantor, as the case may be, is merged or the successor Person to which such sale, assignment,
conveyance, transfer, lease or disposition is made, shall succeed to, and be substituted for, and may exercise every right and
power of, the Company or such Guarantor, as the case may be, under this Indenture or the Guarantees, as the case may be, and the
Security Documents, with the same effect as if such successor Person had been named as the Company or such Guarantor, as the case
may be, under this Indenture or the Guarantees, as the case may be, and the Security Documents; provided that the predecessor
Company or any Guarantor shall not be relieved from the obligation to pay the principal of and interest, if any, on the Notes
except in the case of a sale, assignment, transfer, conveyance or other disposition of all of the assets of the Company or such
Guarantor, as the case may be, that meets the requirements of Section 8.01 and Section 8.02 hereof, as applicable.

 

Article Nine

 

Amendment,
Supplement And Waiver

 

Section 9.01     Amendments
or Supplements Without Consent of Holders. Notwithstanding Section 9.02 hereof, without the consent of any Holder,
the Company, any Guarantor (with respect to a Guarantee or this Indenture to which it is a party), the Trustee and the Collateral
Trustee, at any time and from time to time, may amend or supplement this Indenture, the Security Documents, any Guarantee or the
Notes, for any of the following purposes:

 

(1)            to
cure any ambiguity, omission, mistake, defect or inconsistency;

 

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(2)            to
provide for uncertificated Notes in addition to or in place of certificated Notes, provided, that the uncertificated Notes are
issued in registered form for purposes of Section 163(f) of the Code;

 

(3)            to
comply with Article Eight hereof and to provide for the assumption of the Company’s or such Guarantor’s obligations
to Holders in connection therewith;

 

(4)            to
make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal
rights of any such Holder under this Indenture in any material respect;

 

(5)            to
add covenants for the benefit of the Holders or to surrender any right or power conferred in this Indenture upon the Company or
a Guarantor;

 

(6)            to
evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee or Collateral Trustee pursuant
to the requirements of Section 6.09 and 6.10 hereof;

 

(7)            to
add a Guarantor or any other obligor under this Indenture;

 

(8)            to
conform the text of this Indenture, the Guarantees, the Security Documents or the Notes to any provision of the “Description
of Notes” section of the Offering Memorandum to the extent that such provision in this Indenture, the Guarantees, the Security
Documents or the Notes was intended to be a substantially verbatim recitation of the “Description of Notes” section
of the Offering Memorandum;

 

(9)            to
mortgage, pledge, hypothecate or grant any other Lien in favor of the Collateral Trustee for the benefit of itself, the Trustee,
the Holders of the notes (and the holders or lenders of ABL Liens or Parity Lien Notes Debt), as security for the payment and
performance of all or any portion of the Indenture Obligations or any Parity Lien Notes Debt in any property or assets and to
add any Parity Lien Notes Debt to any Security Document;

 

(10)            to
comply with the rules of any applicable securities depositary;

 

(11)            to
make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes; provided, however,
that (A) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities
Act or any applicable securities law and (B) such amendment does not materially and adversely affect the rights of Holders
to transfer Notes;

 

(12)            to
provide for the release of a Guarantor when permitted or required by this Indenture;

 

(13)            to
provide for the release of Collateral from the Note Lien and the Security Documents when permitted or required by any of the Security
Documents or this Indenture; or

 

    	 	94	 

     

    

 

 

 

(14)            to
add customary provisions allowing for the issuance of Additional Notes into escrow.

 

For the avoidance of doubt, the term “all
or substantially all,” when applied to the Collateral, as set forth herein shall not be read to mean “any” of
the Collateral as a result of the Company or the relevant Subsidiary being in the “zone of insolvency.”

 

In addition, without the consent of any
Holder, the Trustee and the Collateral Trustee will be authorized to amend the Intercreditor Agreement or the Security Documents
(i) to add additional secured parties holding, and to secure any, Parity Lien Notes Debt or Permitted ABL Obligations permitted
by this Indenture with the same Lien priorities and rights as provided in the Intercreditor Agreement, (ii) to enter into
intercreditor arrangements with the holders of any such Indebtedness set forth in clause (i) so long as the terms of such
intercreditor arrangements are not less favorable to the Holders of Notes (as evidenced by an officer’s certificate) than
the intercreditor provisions contained in the Security Agreement and the Intercreditor Agreement, (iii) to add parties (including
collateral agents, administrative and other agents, trustees and lenders) to the Security Documents or Intercreditor Agreement
in respect of the incurrence of Indebtedness secured by Permitted Liens set forth in clause (35) of the definition thereof and
(iv) to release any Guarantors when such Guarantors are released from their Guarantee.

 

Upon the request of the Company accompanied
by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee
of the documents set forth in Section 6.03 hereof, the Trustee shall join with the Company and the Guarantors in the execution
of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.02              Amendments
or Supplements with Consent of Holders. With the written consent of the Holders of not less than a majority in principal
amount of the Outstanding Notes, delivered to the Company and the Trustee, the Company, any Guarantor (with respect to any Guarantee
or this Indenture to which it is a party), the Trustee and Collateral Trustee may (a) amend or supplement this Indenture,
any Guarantee, the Security Documents or the Notes (including consents obtained in connection with a purchase of, or tender offer
or exchange offer for, the Notes) and (b) waive any existing Default or Event of Default or compliance with any provision
of this Indenture, any Guarantee, the Notes (including consents obtained in connection with a purchase of, or tender offer or
exchange offer for, the Notes) or any Security Document. Notwithstanding the foregoing sentence, no such amendment, supplement
or waiver shall, without the consent of each Holder of the Outstanding Notes affected thereby:

 

(1)               reduce
the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver,

 

(2)               reduce
the principal of or change the Maturity of any such Note or alter or waive the provisions with respect to the redemption of the
Notes (other than Section 10.15, Section 10.16 and Section 10.18 or the minimum notice required in connection with
the redemption of the notes, which shall only require consent of Holders of a majority of the outstanding principal amount of
the Notes),

 

    	 	95	 

     

    

 

(3)               reduce
the rate of or change the time for payment of interest on any Note,

 

(4)               waive
a Default or Event of Default (a) in the payment of principal of or premium, if any, or interest on the Notes issued under
this Indenture, except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal
amount of the Outstanding Notes and a waiver of the payment default that resulted from such acceleration, or in respect of a covenant
or provision contained in this Indenture or (b) any Guarantee that cannot be amended or modified without the consent of all
affected Holders,

 

(5)               make
any Note payable in money other than that stated in the Notes,

 

(6)               make
any change in the provisions of Section 5.08 or Section 5.13,

 

(7)               make
any change in the ranking of this Indenture and the Notes as to a contractual right of payment that would adversely affect the
Holders,

 

(8)               except
as otherwise expressly permitted by this Indenture, modify or release the Guarantee of any
Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant Subsidiary) in any manner adverse
to the Holders,

 

(9)               make
any change in these amendment and waiver provisions, or

 

(10)             impair
the right of any Holder to receive payment of principal of, or interest on such Holder’s Notes on or after the due dates
therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes (based on an
Officer’s Certificate to such effect).

 

Notwithstanding the foregoing, any amendment
to, or waiver of, the provision of this Indenture or any Security Document that has the effect of releasing all or substantially
all of the Collateral from the Note Liens will require consent of the Holders of at least 66 2/3% in aggregate principal
amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange offer for the
Notes).

 

In determining whether the Holders of the
required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by any affiliate of by the
Company or any Guarantor, shall be considered as though not outstanding.

 

The consent of the Holders is not necessary
under this Indenture to approve the particular form of any proposed amendment. It is sufficient if such consent approves the substance
of the proposed amendment, waiver or consent. The consent of the Collateral Trustee shall not be necessary for any amendment,
supplement or waiver to this Indenture, except for any amendment, supplement, waiver or consent to Article Six, Article Fourteen
or Article Fifteen or as to this sentence.

 

    	 	96	 

     

    

 

Section 9.03              Execution
of Amendments Supplements or Waivers. The Trustee and the Collateral Trustee shall sign any amendment, supplement or waiver
authorized pursuant to this Article Nine if the amendment or supplement does not adversely affect the rights, duties, liabilities
or immunities of the Trustee or the Collateral Trustee. The Company may not sign an amendment, supplement or waiver that requires
consent of Holders until the Board of Directors approves it. In executing any amendment, supplement or waiver, the Trustee or
the Collateral Trustee, as applicable, shall be entitled to receive and (subject to Section 6.01 hereof) shall be fully protected
in relying upon, in addition to the documents required by Section 1.03 hereof, an Officer’s Certificate and an Opinion
of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and
complies with the provisions hereof.

 

Section 9.04              Effect
of Amendments, Supplements or Waivers. Upon the execution of any supplemental indenture under this Article Nine, this
Indenture shall be modified in accordance therewith, and such amendment, supplement or waiver shall form a part of this Indenture
for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

 

Section 9.05              [Reserved].

 

Section 9.06              Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article Nine may, and shall if required by the Trustee, bear a notation in form approved by the Trustee
as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Notes so modified as to conform,
in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company
and authenticated and delivered by the Trustee in exchange for Outstanding Notes.

 

Section 9.07              Notice
of Supplemental Indentures. Promptly after the execution by the Company, any Guarantor and the Trustee of any supplemental
indenture pursuant to the provisions of Section 9.02, the Company shall give notice thereof to the Holders, in the manner
provided for in Section 1.07, setting forth in general terms the substance of such supplemental indenture. Any failure of
the Company to give such notice to the Holders, or any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.

 

Article Ten

 

Covenants

 

Section 10.01            Payment
of Principal, Premium, if Any, and Interest. The Company shall pay or cause to be paid the principal of, premium, if any,
and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall
be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary, holds as of 12:00 noon (Eastern
Time) on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all
principal, premium, if any, and interest then due.

 

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The Company shall pay interest on overdue
principal at the rate equal to the then applicable interest rate on the Notes, and it shall pay interest on overdue installments
of interest at the same rate, in any case to the extent lawful.

 

Section 10.02            Maintenance
of Office or Agency. The Company shall maintain an office or agency in the United States where Notes may be presented
or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and where notices and demands
to or upon the Company in respect of the Notes and this Indenture may be served. The Corporate Trust Office of the Trustee shall
be such office or agency of the Company, unless the Company shall designate and maintain some other office or agency for one or
more of such purposes. The Company shall give prompt written notice to the Trustee of any change in the location of any such office
or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices
and demands; provided that the Corporate Trust Office of the Trustee shall not be an office or agency of the Company for the purposes
of service of legal process against the Company or any Guarantor.

 

The Company may also from time to time
designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and
may from time to time rescind any such designation. The Company shall give prompt written notice to the Trustee of any such designation
or rescission and any change in the location of any such other office or agency.

 

Section 10.03            Paying
Agent to Hold Money in Trust. If the Company shall at any time act as its own Paying Agent, it shall, on or before each due
date of the principal of (or premium, if any) or interest on any of the Notes, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay the principal of (or premium, if any) or interest so becoming due until such
sums shall be paid to such Persons or otherwise disposed of as herein provided and shall promptly notify the Trustee in writing
of its action or failure so to act.

 

Whenever the Company shall have one or
more Paying Agents for the Notes, it shall, on or before each due date of the principal of (or premium, if any) or interest on
any Notes, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due,
such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such
Paying Agent is the Trustee) the Company shall promptly notify the Trustee in writing of such action or any failure so to act.

 

The Company shall cause each Paying Agent
(other than the Trustee) to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee,
subject to the provisions of this Section, that such Paying Agent shall:

 

(1)               hold
all sums held by it for the payment of the principal of (and premium, if any) or interest on Notes in trust for the benefit of
the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;

 

    	 	98	 

     

    

 

(2)               give
the Trustee notice of any Default by the Company (or any other obligor upon the Notes) in the making of any payment of principal
(and premium, if any) or interest; and

 

(3)               at
any time during the continuance of any such Default, upon the written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent.

 

The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.

 

Subject to applicable laws relating to
abandoned property, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment
of the principal of (or premium, if any) or interest on any Note and remaining unclaimed for two years after such principal, premium
or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as Trustee thereof, shall thereupon cease.

 

Section 10.04            Corporate
Existence. Subject to Article Eight, the Company shall do or cause to be done all things necessary to preserve
and keep in full force and effect its corporate existence and the corporate, limited liability company, partnership or other existence
of each Guarantor that is a Significant Subsidiary, in accordance with the respective organizational documents (as the same may
be amended from time to time) of the Company or any such Guarantor; provided, however, that the Company shall not
be required to preserve any such corporate, limited liability company, partnership or other existence if the Board of Directors
of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company
and its Restricted Subsidiaries as a whole.

 

Section 10.05            Payment
of Taxes and Other Claims. The Company shall pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, all material taxes, assessments and governmental charges levied or imposed upon the Company or any Restricted
Subsidiary or upon the income, profits or property of the Company or any Restricted Subsidiary; provided, however,
that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment or charge
whose amount, applicability or validity is being contested in good faith by appropriate proceedings or negotiations or where the
failure to effect such payment is not adverse in any material respect to the Holders of the Notes. Notwithstanding anything to
the contrary contained in this Indenture, the Company and its Restricted Subsidiaries may, to the extent required to do so by
law, deduct or withhold income or other similar taxes imposed by the United States of America from principal or interest payments
under this Indenture.

 

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Section 10.06            Statement
by Officers as to Default.

 

(a)            The
Company shall deliver to the Trustee within 120 days after the end of each fiscal year, an Officer’s Certificate stating
that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made
under the supervision of the signing Officers with a view to determining whether it has kept, observed, performed and fulfilled,
and has caused each of its Restricted Subsidiaries to keep, observe, perform and fulfill its obligations under this Indenture
and further stating, as to each such Officer signing such certificate, that, to the best of his or her knowledge, the Company
during such preceding fiscal year has kept, observed, performed and fulfilled, and has caused each of its Restricted Subsidiaries
to keep, observe, perform and fulfill each and every such covenant contained in this Indenture and no Default occurred during
such year and at the date of such certificate there is no Default which has occurred and is continuing or, if such signers do
know of such Default that is continuing, the certificate shall specify such Default and that, to the best of his or her knowledge,
no event has occurred and remains by reason of which payments on the account of the principal of or interest, if any, on the Notes
is prohibited or if such event has occurred, a description of the event. The Officer’s Certificate shall also notify the
Trustee in writing should the Company elect to change the manner in which it fixes its fiscal year-end.

 

(b)            When
any Default has occurred and is continuing under this Indenture, the Company shall deliver to the Trustee and the Collateral Trustee
an Officer’s Certificate specifying such event, notice or other action within ten Business Days of becoming aware of its
occurrence.

 

Section 10.07            Reports
and Other Information.

 

(a)            If,
at any time, the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company
will file with the SEC, subject to the following sentence, and provide the Trustee (and, upon written request, the holders of
the Notes, to the extent not publicly available on the SEC’s EDGAR system (or any successor system) or the Company’s
website) such annual and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a
U.S. corporation subject to such Sections, such reports to be so filed and provided at the times specified for the filings by
the Company of such reports under such Sections and containing, in all material respects, the information and audit reports required
for such reports. If, at any time, the Company is not subject to the periodic reporting requirements of the Exchange Act for any
reason, the Company will provide the Trustee and make available to the holders of the Notes, prospective investors, market makers
affiliated with any Initial Purchaser and securities analysts the reports specified in the preceding sentence by posting such
reports to its website or on IntraLinks or any comparable password protected online data system, in each case, within 15 days
after the time the Company would be required to file such information with the SEC if it were a non accelerated filer subject
to Section 13 or 15(d) of the Exchange Act. Notwithstanding the foregoing, (1) none of the foregoing reports (A) will
be required to comply with Section 302, Section 404 or Section 906 of the Sarbanes Oxley Act of 2002, or related
Items 307 and 308 of Regulation S-K promulgated by the SEC, (B) will be required to comply with Regulation G or Item 10(e) of
Regulation S-K promulgated by the SEC (with respect to any non GAAP financial measures contained therein), (C) will be required
to contain the separate financial information for Guarantors and non-Guarantor subsidiaries contemplated by Rule 3 10 of
Regulation S-X promulgated by the SEC, (D) will be required to present compensation or beneficial ownership information and
(E) will be required to contain information required by Item 601 of Regulation S-K and (2) if any parent of the Company
becomes a guarantor of the Notes, the reports, information and other documents required to be filed and provided as described
above may be those of the parent, rather than those of the Company, so long as such filings would satisfy the SEC’s requirements;
provided that such reports include a reasonable explanation of the material differences between the assets, liabilities and results
of operations of such parent and its consolidated Subsidiaries on the one hand, and the Company and its Restricted Subsidiaries
on the other hand.

 

    	 	100	 

     

    

 

(b)            In
addition, at any time when the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act, the Company will agree that, for so long as any Notes remain outstanding, it will furnish to the holders of the Notes and
to prospective investors, upon their written request, the information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act.

 

(c)            Delivery
of reports, information and documents to the Trustee under this Indenture is for informational purposes only and the information
and such Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein,
or determinable from information contained therein including our compliance with any of its covenants thereunder (as to which
such trustee is entitled to rely exclusively on an Officer’s Certificate).

 

(d)           Any
subsequent restatement of financial statements shall have no retroactive effect for purposes of calculations previously made pursuant
to the covenants contained in this Indenture.

 

(e)            The
Company shall:

 

(1)               at
any time after the Company releases its earnings for any annual or quarterly period, but in no event later than 10 Business Days
after furnishing to the Trustee (or filing with the SEC) the annual and quarterly reports required by clause (a) above, hold
a conference call to discuss such reports and the results of operations for the relevant reporting period (which conference call
may, at the option of the Company, be the same conference call that the Company’s shareholders and/or equity research analysts
are invited to); and

 

(2)               issue
a press release to an internationally recognized wire service no fewer than three Business Days prior to the date of the conference
call required to be held in accordance with this paragraph, announcing the time and date of such conference call and either including
all information necessary to access the call or directing noteholders, prospective investors, broker-dealers and securities analysts
to contact the appropriate person at the Company to obtain such information.

 

(f)            The
Trustee shall have no obligation to determine if and when the Company’s financial statements or reports are available to
Holders and accessible electronically. Delivery of reports, information and documents to the Trustee under this Indenture is for
informational purposes only and the information and the Trustee’s receipt of the foregoing shall not constitute constructive
notice of any information contained therein, or determinable from information contained therein, including the Company’s
compliance with any of the Company’s covenants set forth herein (as to which the Trustee is entitled to rely exclusively
on Officer’s Certificates).

 

    	 	101	 

     

    

 

(g)            The
subsequent filing or making available of any materials or conference call required by this covenant shall be deemed automatically
to cure any Event of Default resulting from the failure to file or make available such materials or conference call within the
required timeframe.

 

Section 10.08            Limitation
on Restricted Payments.

 

(a)            The
Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly:

 

(1)               declare
or pay any dividend or make any distribution on account of the Company’s or any Restricted Subsidiary’s Equity Interests,
including any dividend or distribution payable in connection with any merger or consolidation, other than:

 

(A)            dividends
or distributions by the Company payable in Equity Interests (other than Disqualified Stock) of the Company or in options, warrants
or other rights to purchase such Equity Interests (other than Disqualified Stock); or

 

(B)            dividends
or distributions by a Restricted Subsidiary so long as, in the
case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary
other than a Wholly Owned Subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata share of such dividend
or distribution in accordance with its Equity Interests in such class or series of securities;

 

(2)               purchase,
redeem, defease or otherwise acquire or retire for value any Equity Interests of the Company or any other direct or indirect parent
of the Company, including in connection with any merger or consolidation;

 

(3)               make
any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value in each case, prior to any scheduled
repayment, sinking fund payment or maturity, any Subordinated Indebtedness of the Company or a Guarantor, other than:

 

(x)            Indebtedness
permitted under clause (7) or (8) of Section 10.09(b); or

 

(y)            the
purchase, redemption, defeasance, repurchase, retirement or other acquisition of Subordinated Indebtedness purchased in anticipation
of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date
of purchase, redemption, defeasance, repurchase, retirement or other acquisition; or

 

    	 	102	 

     

    

 

(4)               make
any Restricted Investment (all such payments and other actions set forth in clauses (1) through (4) above being collectively
referred to as “Restricted Payments”), unless, at the time of such Restricted Payment:

 

(A)            no
Default shall have occurred and be continuing or would occur as a consequence thereof;

 

(B)            immediately
after giving effect to such transaction on a pro forma basis, the Company could incur $1.00 of additional Indebtedness under Section 10.09(a);
and

 

(C)            such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and the Restricted
Subsidiaries after the Issue Date pursuant to this Section 10.08(a) or clauses (1), (2) (with respect to Retired
Capital Stock), (6) and (11) of Section 10.08(b) (and excluding, for the avoidance of doubt, all other Restricted
Payments made pursuant to Section 10.08(b)), is less than the sum, without duplication, of:

 

(1)            (x) $35.0
million plus (y) 50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) from the
first day of the fiscal quarter in which the Issue Date occurs to the end of the Company’s most recently ended fiscal quarter
for which internal financial statements of the Company are available at the time
of such Restricted Payment, or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such
deficit, plus

 

(2)            100%
of the aggregate net cash proceeds and the fair market value, as determined in good faith by the Company, of marketable securities
or other property received by the Company after the Issue Date (less the amount of such net cash proceeds to the extent
such amount has been relied upon to permit (A) the incurrence of Indebtedness, or issuance of Disqualified Stock or Preferred
Stock pursuant to Section 10.09(b)(21)(B))) or (B) the payment of Excluded Contributions from the issue or sale of:

 

(x)            (i) Equity
Interests of the Company (other than any Permitted Warrant Transactions), but excluding cash proceeds and the fair market value,
as determined in good faith by the Company, of marketable securities or other property received from the sale of Equity Interests
to any future, present or former employees, directors, managers or consultants of the Company, any direct or indirect parent company
of the Company or any of the Company’s Subsidiaries after the Issue Date to the extent such amounts have been applied to
Restricted Payments made in accordance with Section 10.08(b)(4); and

 

    	 	103	 

     

    

 

(ii)            to
the extent actually contributed to the Company, Equity Interests of the Company’s direct or indirect parent companies; or

 

(y)            debt
securities of the Company that have been converted into or exchanged for such Equity Interests of the Company or for Equity Interests
of the Company’s direct or indirect parent companies;

 

provided
that this clause (2) shall not include the proceeds from (a) Equity Interests of the Company or debt securities
of the Company that have been converted into or exchanged for Equity Interests of the Company sold to a Restricted Subsidiary
or the Company, as the case may be, (b) Disqualified Stock or debt securities that have been converted into or exchanged
for Disqualified Stock or (c) Excluded Contributions, plus

 

(3)            100%
of the aggregate amount of cash and the fair market value, as determined in good faith by the Company, of marketable securities
or other property contributed to the capital of the Company after the Issue Date (less the amount of such net cash proceeds
to the extent such amount has been relied upon to permit the incurrence of Indebtedness or issuance of Disqualified Stock or Preferred
Stock pursuant to Section 10.09(b)(21)(B) (other than any contribution made by a Restricted Subsidiary and other than
any Excluded Contribution), plus

 

(4)            to
the extent not already included in Consolidated Net Income, 100% of the aggregate amount received in cash and the fair market
value, as determined in good faith by the Company, of marketable securities or other property received after the Issue Date by
means of;

 

(A)            the
sale or other disposition (other than to the Company or a Restricted Subsidiary) of Restricted Investments made by the Company
or any Restricted Subsidiary and repurchases and redemptions of such Restricted Investments from the Company or any Restricted
Subsidiary and repayments to the Company or a Restricted Subsidiary of loans or advances that constitute Restricted Investments;
or

 

(B)            the
sale (other than to the Company or a Restricted Subsidiary) of the Capital Stock of an Unrestricted Subsidiary or a distribution
from an Unrestricted Subsidiary or other equity investee (other than in each case to the extent the Investment in such Unrestricted
Subsidiary or other equity investee was made by the Company or a Restricted Subsidiary pursuant to Section 10.08(b)(13) or
(14) or to the extent such Investment constituted a Permitted Investment) or a dividend from an Unrestricted Subsidiary or other
equity investee.

 

    	 	104	 

     

    

 

(b)           The
foregoing provisions shall not prohibit:

 

(1)            the
payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration
thereof, if at the date of declaration such payment would have complied with the provisions of this Indenture;

 

(2)            the
redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”) or
Subordinated Indebtedness of the Company or any Equity Interests of any direct or indirect parent company of the Company, in exchange
for, or out of the proceeds of the sale, within 60 days of such redemption, repurchase, retirement
or other acquisition (other than to a Restricted Subsidiary) of, Equity Interests of the Company (in each case, other than any
Disqualified Stock);

 

(3)            the
defeasance, redemption, repurchase or other acquisition or retirement of (a) Subordinated Indebtedness of the Company or
a Restricted Subsidiary made by exchange for, or out of the proceeds of the sale, within 90 days of such, redemption, repurchase,
retirement or other acquisition of, new Indebtedness of such Person or (b) Disqualified Stock of the Company or a Restricted
Subsidiary made by exchange for, or out of the proceeds of the sale, within 60 days of such redemption, repurchase, retirement
or other acquisition of, Disqualified Stock of such Person that, in each case, is incurred in compliance with Section 10.09
so long as:

 

(A)            the
principal amount (or accreted value, if applicable) of such new Indebtedness or liquidation preference of such new Disqualified
Stock does not exceed the principal amount (or accreted value, if applicable) of the Subordinated Indebtedness or the liquidation
preference of the Disqualified Stock being so defeased, redeemed, repurchased, acquired or retired for value, plus the amount
of any accrued and unpaid interest and premium required to be paid under the terms of the instrument governing the Subordinated
Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, acquired or retired, any tender premiums and any
reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness or Disqualified Stock;

 

(B)            such
Indebtedness is subordinated to the Notes in right of payment at least to the same extent as such Subordinated Indebtedness so
defeased, redeemed, repurchased, acquired or retired;

 

(C)            such
Indebtedness or Disqualified Stock has a final scheduled maturity date equal to or later than (x) the final scheduled maturity
date of the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, acquired or retired or (y) one
year after the final stated maturity of the Notes; and

 

(D)            such
Indebtedness or Disqualified Stock has a Weighted Average Life to Maturity equal to or greater than (x) the remaining Weighted
Average Life to Maturity of the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, acquired
or retired or (y) one year after the final stated maturity of the Notes;

 

    	 	105	 

     

    

 

(4)               a
Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests (other
than Disqualified Stock) of the Company or any of the Company’s direct or indirect parent companies held by any future,
present or former employee, director, manager or consultant of the Company, any of its Subsidiaries or any of its direct or indirect
parent companies, or their estates or the beneficiaries of such estates, pursuant to any management equity plan or stock option
plan or any other management or employee benefit plan or agreement;

 

provided,
however, that the aggregate Restricted Payments made under this clause (4) do not exceed in any calendar year
$10.0 million (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without
giving effect to the following proviso) of $15.0 million in any calendar year); provided, further, however, that such amount
in any calendar year may be increased by an amount not to exceed

 

(A)            the
cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Company and, to the extent contributed
to the Company, Equity Interests of any of the Company’s other direct or indirect parent companies, in each case to members
of management, directors, managers or consultants of the Company, any of its Subsidiaries or any of its direct or indirect parent
companies that occurs after the Issue Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise
been applied to the payment of Restricted Payments by virtue of clause (4)(C) of Section 10.08(a); plus

 

(B)            the
amount of cash bonuses otherwise payable to members of management, directors or consultants of the Company that are foregone in
exchange for the receipt of Equity Interests of the Company pursuant to any compensation arrangement; plus

 

(C)            the
cash proceeds of key man life insurance policies received by the Company and the Restricted Subsidiaries after the Issue Date,
less

 

(D)            the
amount of any Restricted Payments previously made pursuant to sub-clauses (A) and (B) of this clause (4);

 

and provided, further, that cancellation of Indebtedness
owing to the Company from members of management, directors, managers or consultants of the Company, any of its direct or indirect
parent companies or any Restricted Subsidiary in connection with a repurchase of Equity Interests of the Company or any of its
direct or indirect parent companies will not be deemed to constitute a Restricted Payment for purposes of this covenant or any
other provision of this Indenture;

 

(5)               the
declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Company or any Restricted
Subsidiary issued in accordance with Section 10.09 to the extent such dividends are included in the definition of “Fixed
Charges”;

 

    	 	106	 

     

    

 

(6)               repurchases
of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of
the exercise price of such options or warrants and repurchases of Equity Interests in connection with the exercise of stock options
or warrants to the extent necessary to pay applicable withholding or similar taxes;

 

(7)               cash
payments in lieu of the issuance of fractional shares in connection with the exercise, conversion, redemption or exchange of warrants,
options or other securities convertible into or exchangeable for Capital Stock of the Company or a Restricted Subsidiary;

 

(8)               the
declaration and payment of dividends by the Company to, or the making of loans to, its direct or indirect parent companies in
amounts required for the Company’s direct or indirect parent companies to pay:

 

(A)            franchise
taxes and other fees, taxes and expenses, in each case, required to maintain their corporate existence;

 

(B)            consolidated,
combined or similar federal, state, local and non-U.S. income taxes of any direct or indirect parent company, to
the extent such income taxes are attributable to the income of the Company and the Restricted Subsidiaries and, to the
extent of the amount actually received from its Unrestricted Subsidiaries, in amounts required to pay such taxes to the extent
attributable to the income of such Unrestricted Subsidiaries; provided that in each case the amount of such payments in
any fiscal year does not exceed the amount that the Company and its Restricted Subsidiaries would be required to pay in respect
of foreign, federal, state and local taxes for such fiscal year were the Company, its Restricted Subsidiaries and its Unrestricted
Subsidiaries (to the extent set forth above) to pay such taxes separately from any such parent company;

 

(C)            customary
salary, bonus and other benefits payable to officers and employees of any direct or indirect parent company of the Company to
the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Company and the Restricted
Subsidiaries;

 

(D)            general
corporate overhead expenses of any direct or indirect parent company of the Company (including indemnification claims made by
directors or officers of any direct or indirect parent company of the Company) to the extent such expenses are attributable to
the ownership or operation of the Company and the Restricted Subsidiaries;

 

(E)            reasonable
fees and expenses incurred in connection
with any unsuccessful debt or equity offering by such direct or indirect parent company of
the Company;

 

    	 	107	 

     

    

 

(F)            reasonable
fees and expenses incurred in connection with any unsuccessful merger, acquisition or divestiture by such direct or indirect parent
company of the Company (provided that any dividends or loans made pursuant to this clause (F) do not exceed $2.0 million
in the aggregate); and

 

(G)            any
noncash “deemed dividend” resulting from a parent company offsetting income against losses of the Company which does
not involve any cash distribution by the Company;

 

(9)               the
repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness in connection with events
similar to those set forth under Section 10.15 and Section 10.16; provided that, prior to such repurchase, redemption
or other acquisition, the Company (or a third party to the extent permitted by this Indenture) shall have made a Change of Control
Offer or Asset Sale Offer, as the case may be, with respect to the Notes and shall have repurchased all Notes validly tendered
and not withdrawn in connection with such Change of Control Offer or Asset Sale Offer;

 

(10)             distributions
or payments of Receivables Fees;

 

(11)             payments
or distributions to dissenting stockholders of Capital Stock of the Company pursuant to applicable law, pursuant to or in connection
with a consolidation, amalgamation, merger or transfer or assets that complies with the provisions of this Indenture applicable
to amalgamations, mergers, consolidations and transfer of all or substantially all of the property and assets of the Company or
any of its Restricted Subsidiaries;

 

(12)             other
Restricted Payments in an amount which, when taken together with all other Restricted Payments made pursuant to this clause (12)
and then outstanding, does not exceed the greater of (x) $40.0 million per fiscal year of the Company and (y) 2.5% of
Consolidated Total Assets;

 

(13)             Restricted
Payments that are made with Excluded Contributions;

 

(14)             any
Restricted Payments; provided, after giving pro forma effect thereto for the most recently ended four full fiscal quarters for
which internal financial statements are available, the Total Net Leverage Ratio would be no greater than 3.00 to 1.00;

 

(15)             the
making of cash payments in connection with any conversion of Convertible Indebtedness in an aggregate amount since the date of
the indenture not to exceed the sum of (a) the principal amount of such Convertible Indebtedness plus (b) any payments
received by the Company or any of its Restricted Subsidiaries pursuant to the exercise, settlement or termination of any related
Permitted Bond Hedge Transaction; and

 

(16)             (a) any
payments in connection with a Permitted Bond Hedge Transaction and (b) the settlement of any related Permitted Warrant Transaction
(i) by delivery of shares of the Company’s common stock upon settlement thereof or (ii) by (A) set off against
the related Permitted Bond Hedge Transaction or (B) payment of an early termination amount thereof in common stock upon any
early termination thereof;

 

    	 	108	 

     

    

 

provided,
however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (12) and (16)
above, no Default shall have occurred and be continuing or would occur as a consequence thereof.

 

In determining whether any Restricted Payment
is permitted by this Section 10.08, the Company and its Restricted Subsidiaries may allocate all or any portion of such Restricted
Payment among the categories (or portions thereof) set forth in clauses (1) through (16) of Section 10.08(b) or
among such categories (or portions thereof) and the types of Restricted Payments set forth in Section 10.08(a) (including
categorization in whole or in part as a Permitted Investment); provided that, at the time of such allocation, all such
Restricted Payments, or allocated portions thereof, would be permitted under the various provisions of this Section 10.08
and provided further that the Company and its Restricted Subsidiaries may reclassify all or a portion of such Restricted
Payment or Permitted Investment in any manner that complies with this Section 10.08 (based on circumstances existing at the
time of such reclassification), and following such reclassification such Restricted Payment or Permitted Investment shall be treated
as having been made pursuant to only the clause or clauses of this Section 10.08 (or portions thereof) to which such Restricted
Payment or Permitted Investment has been reclassified.

 

As of the time of issuance of the Notes,
none of the Company’s Subsidiaries shall be Unrestricted Subsidiaries. The Company shall not permit any Unrestricted Subsidiary
to become a Restricted Subsidiary except pursuant to the penultimate paragraph of the definition of “Unrestricted Subsidiary.”
For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Company
and the Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Restricted
Payments in an amount determined as set forth in the last sentence of the definition of “Investments.” Such designation
shall be permitted only if a Restricted Payment in such amount would be permitted at such time, whether pursuant to Section 10.08(a),
Section 10.08(b) or pursuant to the definition of “Permitted Investments,” and if such Subsidiary otherwise
meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries shall not be subject to any of the restrictive covenants
set forth in this Indenture.

 

Section 10.09             Limitation
on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.

 

(a)            The
Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur, issue, assume, guarantee
or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur” and collectively,
an “incurrence”) with respect to any Indebtedness (including Acquired Indebtedness), and the Company shall
not issue any shares of Disqualified Stock and shall not permit any Restricted Subsidiary to issue any shares of Disqualified
Stock or Preferred Stock; provided, however, that the Company may incur Indebtedness (including Acquired Indebtedness)
or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness),
issue shares of Disqualified Stock or issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio on a consolidated
basis for the Company’s and its Restricted Subsidiaries’ most recently ended four full fiscal quarters for which internal
financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified
Stock or Preferred Stock is issued would have been at least 2.00 to 1.00 in each case, determined on a pro forma basis (including
a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified
Stock or Preferred Stock had been issued, as the case may be, and the application of the proceeds therefrom had occurred at the
beginning of such four-quarter period; provided, further, that the amount of Indebtedness (including Acquired Indebtedness),
Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable, pursuant to the foregoing by Restricted
Subsidiaries that are not Guarantors shall not exceed the greater of (i) $50.0 million and (ii) 3.5% of the Consolidated
Total Assets at any one time outstanding.

 

    	 	109	 

     

    

 

(b)            The
foregoing limitations shall not apply to any of the following items (collectively, “Permitted Debt”):

 

(1)               Indebtedness
incurred pursuant to Credit Facilities by the Company or any Restricted Subsidiary (i) in an amount such that immediately
after giving pro forma effect to any such incurrence (including a pro forma application of the net proceeds therefrom), the aggregate
principal amount of all Indebtedness incurred under this clause (1) and then outstanding does not exceed an amount equal
to the greater of (x) $325.0 million, and (y) the Borrowing Base as of the date of such incurrence and (ii) consisting
of Permitted Additional Pari Passu Obligations;

 

(2)               the
incurrence by the Company and any Guarantor of Indebtedness represented by the Notes issued on the Issue Date and the Guarantees
thereof;

 

(3)               Existing
Indebtedness (other than Indebtedness set forth in clauses (1) and (2) of this Section 10.09(b));

 

(4)               Indebtedness
(including Attributable Debt incurred by the Company or any Restricted Subsidiary pursuant to Sale and Lease-Back Transactions
of property (real or personal), and Capitalized Lease Obligations), Disqualified Stock and Preferred Stock incurred by the Company
or any of the Restricted Subsidiaries, to finance the development, construction, purchase, lease of property (real or personal),
equipment or other fixed or capital assets owned by the Company or any Restricted Subsidiary as of the Issue Date or acquired
by the Company or any Restricted Subsidiary after the Issue Date in exchange for, or with the proceeds of the sale of, such assets
owned by the Company or any Restricted Subsidiary as of the Issue Date), repairs, additions or improvement of property (real or
personal), equipment or other fixed or capital assets that are used or useful in a Similar Business which incurrence occurs within
365 days of such financing, construction, purchase, lease, repair, addition or improvement, whether through the direct purchase
of assets or the Capital Stock of any Person owning such assets and any Permitted Refinancing Indebtedness incurred to refund,
replace or refinance any Indebtedness, Disqualified Stock and Preferred Stock incurred pursuant to this clause (4); provided
that the aggregate amount of Indebtedness, Disqualified Stock and Preferred Stock incurred pursuant to this clause (4) (including
any such Permitted Refinancing Indebtedness) does not exceed the greater of (x) $50.0 million and (y) 3.5% of Consolidated
Total Assets at any one time outstanding;

 

    	 	110	 

     

    

 

(5)               Indebtedness
incurred by the Company or any Restricted Subsidiary constituting reimbursement obligations with respect to letters of credit
and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’
compensation claims, health, disability or other benefits to employees or former employees or their families or property or other
Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims;

 

(6)               Indebtedness
arising from agreements of the Company or a Restricted Subsidiary providing for indemnification, adjustment of purchase price
or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets
or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets
or Subsidiary for the purpose of financing such acquisition; provided that

 

(A)            such
Indebtedness is not reflected on the balance sheet of the Company or any Restricted Subsidiary (contingent obligations referred
to in a footnote to financial statements and not otherwise reflected on the balance sheet shall not be deemed to be reflected
on such balance sheet for purposes of this clause (6)(A); and

 

(B)            the
maximum assumable liability in respect of all such Indebtedness shall at no time exceed the gross proceeds including noncash proceeds
(the fair market value of such noncash proceeds being measured at the time received and without giving effect to any subsequent
changes in value) actually received by the Company and the Restricted Subsidiaries in connection with such disposition;

 

(7)               Indebtedness
of the Company to a Restricted Subsidiary; provided that (except in respect of intercompany current liabilities incurred
in the ordinary course of business in connection with the cash management, tax and accounting operations of the Company and its
Subsidiaries) any such Indebtedness owing to a Restricted Subsidiary that is not a Guarantor is expressly subordinated in right
of payment to the Notes; provided, further, that any subsequent issuance or transfer of any Capital Stock or any
other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer
of any such Indebtedness (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an incurrence
of such Indebtedness not permitted by this clause (7);

 

(8)               Indebtedness
of a Restricted Subsidiary to the Company or another Restricted Subsidiary; provided that, if a Guarantor incurs such Indebtedness
to a Restricted Subsidiary that is not a Guarantor (except in respect of intercompany current liabilities incurred in the ordinary
course of business in connection with the cash management, tax and accounting operations of the Company and its Subsidiaries),
such Indebtedness is expressly subordinated in right of payment to the Guarantee of such Guarantor; provided, further,
that any subsequent issuance or transfer of Capital Stock or any other event that results in any such Restricted Subsidiary holding
such Indebtedness ceasing to be a Restricted Subsidiary or any subsequent transfer of any such Indebtedness (except to the Company
or another Restricted Subsidiary) shall be deemed, in each case, to be an incurrence of such Indebtedness not permitted by this
clause (8);

 

    	 	111	 

     

    

 

(9)               Preferred
Stock of a Restricted Subsidiary issued to the Company or another Restricted Subsidiary; provided that any subsequent issuance
or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary that holds such shares of
Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any
such shares of Preferred Stock (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an
issuance of such shares of Preferred Stock not permitted by this clause (9);

 

(10)             Hedging
Obligations (excluding Hedging Obligations entered into for speculative purposes) (A) for the purpose of fixing or hedging
interest rate risk with respect to any Indebtedness that is permitted by the terms of this Indenture to be outstanding, (B) for
the purpose of fixing or hedging currency exchange rate risk with respect to any currency exchange or (C) for the purpose
of fixing or hedging commodity pricing risk with respect to any commodity purchases or sales and, in each case, extensions or
replacements thereof;

 

(11)             Indebtedness
and obligations in respect of (v) the financing of insurance premiums, (w) property, casualty or liability insurance
or self-insurance and obligations in respect of performance, bid, appeal and surety bonds and completion guarantees and similar
obligations provided by the Company or any Restricted Subsidiary in the ordinary course of business, (x) deferred compensation
or other similar arrangements incurred by the Company or any of its Restricted Subsidiaries, (y) unemployment, health, disability
or other employee benefits incurred in the ordinary course of business and (z) the financing of insurance premiums or take-or-pay
obligations contained in supply arrangements incurred in the ordinary course of business;

 

(12)             (x) any
guarantee by the Company or a Restricted Subsidiary of Indebtedness or other Obligations of any Restricted Subsidiary, so long
as the incurrence of such Indebtedness by such Restricted Subsidiary is permitted under the terms of this Indenture or (y) any
guarantee by a Restricted Subsidiary of Indebtedness of the Company permitted to be incurred under the terms of this Indenture;
provided that such guarantee is incurred in accordance with Section 10.13;

 

(13)             the
incurrence by the Company or any Restricted Subsidiary of any Permitted Refinancing Indebtedness in exchange for, or the net proceeds
of which are used to extend, replace, refund, refinance, renew, defease or retire any Indebtedness, Disqualified Stock or Preferred
Stock incurred as permitted under Section 10.09(a) and clauses (2), (3) and (4) above, this clause (13), and
clauses (14), (19) and (21)(B) below of this Section 10.09(b):

 

    	 	112	 

     

    

 

(14)             Indebtedness,
Disqualified Stock or Preferred Stock (x) of the Company or any of its Restricted Subsidiaries incurred to finance or assumed
in connection with the acquisition of any Person or assets or (y) of Persons that are acquired by the Company or any Restricted
Subsidiary or merged, consolidated or amalgamated with or into the Company or a Restricted Subsidiary in accordance with the terms
of this Indenture; provided that either

 

(A)            After
giving effect to such acquisition or merger, consolidation or amalgamation, either:

 

(i)            the
Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test
set forth in Section 10.09(a); or

 

(ii)            the
Fixed Charge Coverage Ratio of the Company and the Restricted Subsidiaries on a consolidated basis is greater than immediately
prior to such acquisition or merger, consolidation or amalgamation; or

 

(B)            such
Indebtedness, Disqualified Stock or Preferred Stock (i) is not Secured Indebtedness and is Subordinated Indebtedness with
then current customary subordination terms, as attested to by a Board Resolution, (ii) is incurred at a time when no Default
exists and no Default shall result therefrom, (iii) does not mature (and is not mandatorily redeemable in the case of Disqualified
Stock or Preferred Stock) and does not require any payment of principal prior to the final maturity
of the Notes, (iv) is incurred by the Company or a Guarantor and (v) in the case of sub-clause (y) above only,
is not incurred in contemplation of such acquisition or merger, consolidation or amalgamation;

 

(15)             Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of
its incurrence;

 

(16)             Indebtedness
of the Company or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued pursuant to a Credit Facility,
in a principal amount not in excess of the stated amount of such letter of credit;

 

(17)             Indebtedness,
Disqualified Stock or Preferred Stock of a Restricted Subsidiary incurred to finance or assumed in connection with an acquisition
and any Permitted Refinancing Indebtedness incurred to refund, replace or refinance any Indebtedness, Disqualified Stock and Preferred
Stock incurred pursuant to this clause (17) which, when aggregated with the principal amount of all other Indebtedness, Disqualified
Stock and Preferred Stock incurred pursuant to this clause (17) and then outstanding (including any such Permitted Refinancing
Indebtedness) does not exceed (x) $75.0 million and (y) 3.5% of Consolidated Total Assets (it being understood that
any Indebtedness, Disqualified Stock and Preferred Stock incurred pursuant to this clause (17) shall cease to be deemed incurred
or outstanding for purposes of this clause (17) but shall be deemed incurred pursuant to Section 10.09(a) from
and after the first date on which the Company or such Restricted Subsidiary could have incurred such Indebtedness, Disqualified
Stock or Preferred Stock pursuant to Section 10.09(a) without reliance on this clause (17));

 

    	 	113	 

     

    

 

(18)             Indebtedness
owed on a short-term basis of no longer than 30 days to banks and other financial institutions incurred in the ordinary course
of business of the Company and its Restricted Subsidiaries with such banks or financial institutions that arises in connection
with ordinary banking arrangements to manage cash balances of the Company and its Restricted Subsidiaries;

 

(19)             Indebtedness
incurred by a Foreign Subsidiary and any Permitted Refinancing Indebtedness incurred to refund, replace or refinance any Indebtedness
incurred pursuant to this clause which, when aggregated with the principal amount of all other Indebtedness incurred pursuant
to this clause (19) and then outstanding, does not exceed the greater of (x) $50.0 million and (y) 3.5% of Consolidated
Total Assets (it being understood that any Indebtedness, Disqualified Stock and Preferred Stock incurred pursuant to this clause
(19) shall cease to be deemed incurred or outstanding for purposes of this clause (19) but shall be deemed incurred pursuant to
Section 10.09(a) from and after the first date on which the Company or such Restricted Subsidiary could have incurred
such Indebtedness, Disqualified Stock or Preferred Stock pursuant to Section 10.09(a) without reliance on this clause
(19));

 

(20)             Indebtedness
issued by the Company or any Restricted Subsidiary to current or former employees, directors, managers and consultants thereof,
their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of
the Company, or any direct or indirect parent company of the Company to the extent set forth in Section 10.08(b)(4);

 

(21)             so
long as no Default or Event of Default has occurred and is continuing or would result from the incurrence thereof. Indebtedness,
Disqualified Stock and Preferred Stock of the Company or any Restricted Subsidiary not otherwise permitted hereunder
in an aggregate principal amount or liquidation preference, which, when aggregated with the
principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock incurred pursuant
to this clause (21) and then outstanding, does not at any one time outstanding exceed
the greater of (x) $150.0 million and (y) 10.0% of Consolidated Total Assets, plus the net cash received from the sale
of Equity Interests; and

 

(22)             obligations
in respect of Treasury Services Agreements and other Indebtedness in respect of netting services, automatic clearinghouse arrangements,
overdraft protections and similar arrangements in each case in connection with Deposit Accounts.

 

    	 	114	 

     

    

 

(c)          For
purposes of determining compliance with this Section 10.09:

 

(1)            in
the event that an item of Indebtedness, Disqualified Stock or Preferred Stock meets the criteria of more than one of the categories
(or portions thereof) set forth in clauses (1) through (22) of Section 10.09(b) or is entitled to be incurred
pursuant to Section 10.09(a), the Company, in its sole discretion, shall be permitted to classify or reclassify, or later
divide, classify or reclassify (based on circumstances existing at the time of such reclassification), such item of Indebtedness,
Disqualified Stock or Preferred Stock (or any portion thereof), in each case to any category of Permitted Debt set forth in clauses
(1) through (22) of Section 10.09(b) above or Section 10.09(a) in a manner that complies with this Section 10.09,
including by allocating the amount and type of such Indebtedness, Disqualified Stock or Preferred Stock in one or more of the
above clauses (or portions thereof) or under Section 10.09(a); provided that all Indebtedness outstanding or commitments
to extend credit established, in each case, under the ABL Facility on the Issue Date shall be deemed to have been incurred on
such date in reliance on the exceptions in Section 10.09(b)(1)(i), (10) and (22), as applicable;

 

(2)            with
respect to Indebtedness incurred under a Credit Facility pursuant to Section 10.09(b)(1), reborrowings of amounts previously
repaid pursuant to “cash sweep” provisions or any similar provisions under such Credit Facility that provide that
Indebtedness is deemed to be repaid daily or upon receipt of collateral proceeds (or otherwise periodically) shall only be deemed
for purposes of this Section 10.09 to have been incurred on the date such Indebtedness was first incurred and not on the
date of any subsequent reborrowing thereof, in each case unless actually repaid other than pursuant to such “cash sweep”,
receipt of collateral proceeds or other similar provisions;

 

(3)            any
Credit Facility incurred under Section 10.09(b)(1) may be refinanced at any time if the aggregate principal amount of
such refinancing does not exceed the greater of (i) the aggregate principal amount of Indebtedness permitted to be incurred
pursuant to such clause (1) and (ii) the aggregate principal amount of the Credit Facility being refinanced (together
with accrued and unpaid interests and any premiums or fees associated with such refinancing) and, in the case of a refinancing
of Indebtedness outstanding under the ABL Facility in effect on the Issue Date, such refinancing shall be treated for all purposes
as incurred under such clause (1)(i);

 

(4)            the
principal amount of amount of Indebtedness outstanding under any clause of this covenant will be determined after giving effect
to the application of proceeds of such Indebtedness to refinance such other Indebtedness substantially concurrently with or reasonably
thereafter;

 

(5)            at
the time of Incurrence, division, classification or reclassification, the Company will be entitled to divide and classify an item
of Indebtedness in more than one of the categories of Indebtedness described in the Section 10.09(a) hereof or clauses
(1) through (21) above of the definition of “Permitted Debt” (or any portion thereof) without giving pro forma
effect to the Indebtedness Incurred, divided, classified or reclassified pursuant to any other clause or paragraph above (or any
portion thereof) when calculating the amount of Indebtedness that may be Incurred, divided, classified or reclassified pursuant
to any such clause or paragraph (or any portion thereof) at such time; and

 

    115 

     

    

 

(6)            in
connection with the Incurrence or issuance, as applicable, of (x) revolving loan Indebtedness, including under the ABL Facility,
under this covenant or (y) any commitment relating to the Incurrence or issuance of Indebtedness, Disqualified Stock or Preferred
Stock under this Section 10.09 and the granting of any Lien to secure such Indebtedness, the Company or applicable Restricted
Subsidiary may designate such Incurrence or issuance and the granting of any Lien therefor as having occurred on the date of first
Incurrence of such revolving loan Indebtedness or commitment (such date, the “Deemed Date”), and any related subsequent
actual Incurrence or issuance and granting of such Lien therefor will be deemed for all purposes under this Indenture to have
been Incurred or issued and granted on such Deemed Date, including, without limitation, for purposes of calculating the Fixed
Charge Coverage Ratio, usage of any baskets hereunder (if applicable) and EBITDA (and all such calculations on and after the Deemed
Date until the termination or funding of such commitment shall be made on a pro forma basis giving effect to the deemed Incurrence
or issuance, the granting of any Lien therefor and related transactions in connection therewith).

 

(d)         The
accrual of interest, the accretion of accreted value and the payment of interest in the form of additional Indebtedness, Disqualified
Stock or Preferred Stock shall not be deemed to be an incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes
of this Section 10.09.

 

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

 

(f)         The
principal amount of any Indebtedness incurred to extend, replace, refund, refinance, renew or defease other Indebtedness, if incurred
in a different currency from the Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased, shall be calculated
based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is
in effect on the date of such extension, replacement, refunding, refinancing, renewal or defeasance.

 

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Section 10.10    Liens.

 

(a)           The
Company shall not, and shall not permit any of its Restricted Subsidiaries, directly or indirectly, to, enter into, create, incur
or assume any Liens that secure obligations under any Indebtedness of any kind, on or with respect to the Collateral except Permitted
Collateral Liens. Subject to the immediately preceding sentence, the Company will not, and will not permit any of the Restricted
Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Lien that secures obligations under any
Indebtedness on any asset or property of the Company or any Restricted Subsidiary (other than the Collateral) now owned or hereafter
acquired, or any income or profits therefrom, or assign or convey any right to receive income therefrom,
except Permitted Liens.

 

(b)           For
purposes of determining compliance with this Section 10.10, (A) a Lien securing an item of Indebtedness need not be
permitted solely by reference to clause (a) above or to one category (or portion thereof) of Permitted Liens set forth in
clauses (1) through (36) of the definition of “Permitted Liens” but may be permitted in part under any combination
thereof and (B) in the event that a Lien securing an item of Indebtedness, Disqualified Stock or Preferred Stock (or any
portion thereof) meets the criteria of the above paragraph or one or more of the categories (or portions thereof) of Permitted
Liens set forth in clauses (1) through (36) of the definition of “Permitted Liens,” the Company shall, in its
sole discretion, divide, classify or reclassify, or later divide, classify, or reclassify, such Lien securing such item of Indebtedness
(or any portion thereof) in any manner that complies (based on circumstances existing at the time of such division, classification
or reclassification) with this Section 10.10.

 

(c)           With
respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount”
of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the
accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness
with the same terms or in the form of common equity of the Company or any direct or indirect parent of the Company, the payment
of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue
discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations
in the exchange rate of currencies or increases in the value of property securing Indebtedness set forth in the definition of
 “Indebtedness.”

 

Section 10.11    Limitations
on Transactions with Affiliates.

 

(a)           The
Company shall not, and shall not permit any Restricted Subsidiary to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each
of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $15.0
million, unless

 

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(1)            such
Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Restricted Subsidiary
than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated
Person, and

 

(2)            the
Company delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate payments or consideration in excess of $15.0 million, a Board Resolution adopted by the majority of the members of the
Board of Directors of the Company approving such Affiliate Transaction and set forth in an
Officer’s Certificate certifying that such Affiliate Transaction complies with clause (a) above.

 

(b)          The
foregoing provisions shall not apply to the following:

 

(1)            transactions
between or among the Company or any of the Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary as a result
of such transaction):

 

(2)            Restricted
Payments permitted by Section 10.08 and the definition of “Permitted Investments”;

 

(3)            transactions
pursuant to compensatory, benefit and incentive plans and agreements with officers, directors, managers or employees of the Company
or any of its Restricted Subsidiaries approved by a majority of the Board of Directors of the Company (or a parent company thereof)
in good faith;

 

(4)            the
payment of reasonable and customary fees and reimbursements paid to, and indemnities provided on behalf of, officers, directors,
managers, employees or consultants of the Company, any of its direct or indirect parent companies or any Restricted Subsidiary;

 

(5)            transactions
in which the Company or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from an Independent Financial
Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or meets
the requirements of Section 10.11(a)(1);

 

(6)            payments
or loans (or cancellations of loans) to officers, directors, employees or consultants of the Company, any of its direct or indirect
parent companies or any Restricted Subsidiary and employment agreements, employee benefit plans, stock option plans and other
compensatory or severance arrangements with such employees or consultants that are, in each case, approved by the Company (or
a parent company thereof) in good faith;

 

(7)            any
agreement, instrument or arrangement as in effect as of the Issue Date, or any amendment thereto (so long as any such amendment
is not disadvantageous to the Holders in any material respect as compared to the applicable agreement as in effect on the Issue
Date as reasonably determined by the Company in good faith, as evidenced by an Officer’s Certificate);

 

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(8)            the
existence of, or the performance by the Company or any of the Restricted Subsidiaries of its obligations under the terms of, any
stockholders agreement or its equivalent (including any registration rights agreement or purchase agreement related thereto) to
which it is a party as of the Issue Date and any similar agreements which it may enter into thereafter; provided, however,
that the existence of, or the performance by the Company or any Restricted Subsidiary of obligations under any future amendment
to any such existing agreement or under any similar agreement entered into after the Issue Date shall only be permitted by this
clause (8) to the extent that the terms of any such existing agreement together with all amendments thereto, taken as a whole,
or new agreement are not otherwise more disadvantageous to the Holders in any material respect than the terms of the original
agreement in effect on the Issue Date as reasonably determined in good faith by the Company, as evidenced by an Officer’s
Certificate;

 

(9)            transactions
with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services (including pursuant to
joint venture agreements), in each case in the ordinary course of business and otherwise in compliance with the terms of this
Indenture that are fair to the Company and the Restricted Subsidiaries, in the reasonable determination of the Board of Directors
or the senior management of the Company (or a parent company thereof), or are on terms at least as favorable as might reasonably
have been obtained at such time from an unaffiliated party;

 

(10)          the
issuance of Equity Interests (other than Disqualified Stock) of the Company;

 

(11)          sales
of accounts receivable, or participations therein, in connection with any Receivables Facility;

 

(12)          transactions
with Affiliates solely in their capacity as holders of Indebtedness or Equity Interests of the Company or any of its Subsidiaries,
so long as such transaction is with (or is offered to) all holders of such class (and there are such non-Affiliate holders) and
such Affiliates are treated no more favorably than all other holders of such class generally;

 

(13)          any
transaction in which the only consideration paid by the Company or any Restricted Subsidiary consists of Equity Interests (other
than Disqualified Stock) of the Company;

 

(14)          transactions
with any joint venture engaged in a Similar Business; provided that all the outstanding ownership interests of such joint
venture are owned only by the Company, its Restricted Subsidiaries and Persons that are not Affiliates of the Company;

 

(15)          any
merger, consolidation or reorganization of the Company with an Affiliate of the Company solely for the purpose of reincorporating
the Company in a new jurisdiction;

 

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(16)          any
agreement that provides customary registration rights to the equityholders of the Company or any parent of the Company and the
performance of such agreements;

 

(17)          transactions
between the Company or any Restricted Subsidiary and any person that is an Affiliate of the Company or any Restricted Subsidiary
solely because a director of such Person is also a director of the Company or any direct or indirect parent of the Company; provided
that such director abstains from voting as a director of the Company or any direct or indirect parent, as the case may be,
on any matter involving such other Person; and

 

(18)          credit
support arrangements where the Company is not required to make cash payments to the credit support provider other than the reimbursement
of direct obligations and expenses of the credit support provider.

 

Section 10.12    Limitations
on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. The Company shall not, and shall not permit
any Restricted Subsidiary that is not a Guarantor to, directly or indirectly, create or otherwise cause or suffer to exist or
become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to:

 

(a)          (1) pay
dividends or make any other distributions to the Company or any Restricted Subsidiary on its Capital Stock or with respect to
any other interest or participation in, or measured by, its profits;

 

(2)            pay
any Indebtedness owed to the Company or any Restricted Subsidiary; or

 

(3)            make
loans or advances to the Company or any Restricted Subsidiary; provided that (x) the priority of any Preferred Stock in receiving
dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock and (y) the
subordination of (including the application of any standstill period to) loans or advances made to the Company or any Restricted
Subsidiary to other Indebtedness incurred by the Company or any Restricted Subsidiary, in each case, shall not be deemed to constitute
such an encumbrance or restriction; or

 

(b)          sell,
lease or transfer any of its properties or assets to the Company or any Restricted Subsidiary; except (in each case) for such
encumbrances or restrictions existing under or by reason of:

 

(1)            contractual
encumbrances or restrictions in effect on the Issue Date, including pursuant to the ABL Facility and the related documentation
(including security documents and intercreditor agreements) and Hedging Obligations;

 

(2)            this
Indenture, the Notes, any Additional Notes permitted to be incurred under this Indenture and the Guarantees;

 

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(3)            purchase
money obligations for property acquired in the ordinary course of business and Capitalized Lease Obligations that impose restrictions
of the nature discussed in clause (b) above on the property so acquired;

 

(4)            applicable
law or any applicable rule, regulation or order;

 

(5)            any
agreement or other instrument of a Person acquired by the Company or any Restricted Subsidiary in existence at the time of such
acquisition (but not created in connection therewith or in contemplation thereof), which encumbrance or restriction is not applicable
to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired;

 

(6)            contracts
or agreements for the sale of assets, including customary restrictions with respect to a Subsidiary of the Company pursuant to
an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets
of such Subsidiary;

 

(7)            Secured
Indebtedness otherwise permitted to be incurred pursuant to Section 10.09 and Section 10.11 that limit the right of
the debtor to dispose of the assets securing such Indebtedness;

 

(8)            restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

 

(9)            other
Indebtedness, Disqualified Stock or Preferred Stock of Restricted Subsidiaries permitted to be incurred after the Issue Date pursuant
to the provisions of Section 10.09;

 

(10)          customary
provisions in joint venture agreements, asset sale agreements, sale and leaseback agreements and other similar agreements;

 

(11)          customary
provisions contained in leases and other agreements entered into in the ordinary course of business;

 

(12)          restrictions
created in connection with any Receivables Facility; provided that in the case of Receivables Facilities established after
the Issue Date, such restrictions are necessary or advisable, in the good faith determination of the Company, to effect such Receivables
Facility;

 

(13)          restrictions
or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or other agreement to
which the Company or any of its Restricted Subsidiaries is a party entered into in the ordinary course of business; provided
that such agreement prohibits the encumbrance of solely the property or assets of the Company or such Restricted Subsidiary
that are the subject of such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any
other asset or property of the Company or such Restricted Subsidiary or the assets or property of any other Restricted Subsidiary;

 

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(14)          any
Restricted Investment not prohibited by the Section 10.08 and any Permitted Investment; and

 

(15)          any
encumbrances or restrictions of the type referred to in clauses (a) and (b) above imposed by any amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations
referred to in clauses (1) through (14) above; provided that such amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, not materially
more restrictive with respect to such encumbrance and other restrictions than those prior to such amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing; provided, further, that with respect to contracts,
instruments or obligations existing on the Issue Date, any amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings are not materially more restrictive with respect to such encumbrances and other restrictions
than those contained in such
contracts, instruments or obligations as in effect on the Issue Date.

 

Section 10.13    Limitation
on Guarantees of Indebtedness by Restricted Subsidiaries. The Company shall cause each existing and subsequently
acquired or organized direct or indirect Wholly Owned Subsidiary that is a Restricted Subsidiary that incurs or guarantees any
Indebtedness under the ABL Facility or any other Indebtedness for borrowed money in a principal amount in excess of $5.0 million
to guarantee the Notes and such Restricted Subsidiary shall:

 

(1)            within
30 days (i) execute and deliver a supplemental indenture to this Indenture providing for a Guarantee by such Restricted Subsidiary,
except that with respect to a guarantee of Indebtedness of the Company or any Guarantor, that is by its express terms subordinated
in right of payment to the Notes or such Guarantor’s Guarantee, any such guarantee by such Restricted Subsidiary with respect
to such Indebtedness shall be subordinated in right of payment to such Guarantee substantially to the same extent as such Indebtedness
is subordinated in right of payment to the Notes and (ii) execute and deliver joinders to the Security Documents or additional
Security Documents and take all actions required thereunder to grant a perfected first priority Lien to the Collateral Trustee
on all Notes Collateral and a second priority Lien on all Priority ABL Collateral of such Restricted Subsidiary;

 

(2)            waive
and shall not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation
or any other rights against the Company or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary
under its Guarantee; and

 

(3)            deliver
to the Trustee an Opinion of Counsel to the effect that such Guarantee constitutes a valid, binding and enforceable obligation
of such Restricted Subsidiary, except insofar as enforcement thereof may be limited by bankruptcy, insolvency or similar laws
(including, without limitation, all laws relating to fraudulent transfers) and except insofar as enforcement thereof is subject
to general principles of equity.

 

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Section 10.14    [Reserved].

 

Section 10.15    Change
of Control.

 

(a)           If
a Change of Control occurs, the Company shall make an offer to purchase all of the Notes pursuant to the offer set forth below
(the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal
to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to (but not including) the date of
purchase, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest
Payment Date, except to the extent the Company has elected to redeem all of the Notes under Section 11.01. Within 30 days
following any Change of Control, except to the extent the Company has elected to redeem all of the Notes under Section 11.01,
the Company shall send notice of such Change of Control Offer electronically or by first class mail, with a copy to the Trustee,
to each Holder to the address of such Holder appearing in the security register or otherwise in accordance with the procedures
of DTC, with the following information:

 

(1)            that
a Change of Control Offer is being made pursuant to this Section 10.15 and that all Notes properly tendered pursuant to such
Change of Control Offer shall be accepted for payment;

 

(2)            that
the purchase price and the purchase date, which shall be no earlier than 15 days nor later than 60 days from the date such notice
is delivered (the “Change of Control Payment Date”), except in the case of a conditional Change of Control
Offer made in advance of a Change of Control as described below in clause (8) of this paragraph;

 

(3)            that
any Note not properly tendered shall remain outstanding and continue to accrue interest;

 

(4)            that
unless the Company (or third-party offeror) defaults in the payment of the Change of Control Payment, all Notes accepted for payment
pursuant to the Change of Control Offer shall cease to accrue interest on the Change of Control Payment Date;

 

(5)            that
Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender such Notes,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying
Agent specified in the notice at the address specified in the notice prior to the close of business on the third Business Day
preceding the Change of Control Payment Date;

 

(6)            that
Holders shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase such Notes, provided
that the Paying Agent receives, not later than the close of business on the third Business Day preceding the Change of Control
Payment Date, facsimile transmission, electronic transmission or letter or other notice in accordance with DTC procedures setting
forth the name of the Holder, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing
its tendered Notes and its election to have such Notes purchased;

 

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(7)            that
Holders whose Notes are being purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered, which unpurchased portion must be equal to $2,000 or an integral multiple of $1,000 in excess thereof;

 

(8)      
      if such notice is sent prior to the occurrence of a Change of Control,
stating the Change of Control Offer is conditional on the occurrence of such Change of Control, and, if applicable, stating that,
in the Company’s discretion, the Change of Control Payment Date may be delayed until such time as the Change of Control
shall have occurred, or that such purchase may not occur and such notice may be rescinded in the event that the Change of Control
shall not have occurred by the Change of Control Payment Date, or by the Change of Control Payment Date as so delayed; and

 

(9)            the
other instructions determined by the Company, consistent with this covenant, that a Holder must follow in order to have its Notes
purchased.

 

(b)          While
the Notes are in global form and the Company makes a Change of Control Offer, a Holder may exercise its option to elect for the
purchase of the Notes through the facilities of DTC, subject to its rules and regulations.

 

(c)    
      The Company shall comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to a
Change of Control Offer. To the extent that the provisions of any securities laws or regulations
conflict with the provisions of this Indenture, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations set
forth in this Indenture by virtue thereof.

 

(d)          On
the Change of Control Payment Date, the Company shall, to the extent permitted by law,

 

(1)            accept
for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer,

 

(2)            deposit
with the Paying Agent an amount equal to the aggregate Change of Control Payment in, respect of all Notes or portions thereof
so tendered, and

 

(3)            deliver,
or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate stating
that such Notes or portions thereof have been tendered to and purchased by the Company.

 

(e)           The
Paying Agent shall promptly transmit to each Holder the Change of Control Payment for such Notes, and the Trustee shall promptly
authenticate and transmit to each Holder a new Note equal in principal amount to any unpurchased
portion of the Notes surrendered, if
any; provided that each such new Note shall be in a minimum principal amount of $2,000 or
an integral multiple of $1,000 in excess thereof.
The Company shall publicly announce the results of the Change of
Control Offer on or as soon as practicable after the Change of Control Payment Date.

 

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(f)            The
Company shall not be required to make a Change of
Control Offer following a Change of Control if (1) a third party (including an
Affiliate of the Company) makes the Change of Control
Offer in the manner, at the time and otherwise in compliance with the requirements set forth
in this Indenture applicable to a Change of Control Offer made by the Company and
purchases all Notes validly tendered and not withdrawn under such Change of
Control Offer or (2) a notice of redemption has been given for all of the Notes
pursuant to Section 11.06, unless and until there
is a default in payment of the applicable Redemption Price.
A Change of Control Offer may be made in advance of a Change of Control, and may be made conditional
upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of
the Change of Control Offer and the Change of Control Payment Date may be extended
automatically until such Change of Control occurs.

 

Section 10.16    Asset
Sales.

 

(a)           The
Company shall not, and shall not permit any Restricted
Subsidiary to, cause, make or otherwise consummate an
Asset Sale, unless:

 

(1)          the
Company or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal
to the fair market value (as determined in good faith
by the Company) of the assets sold or otherwise disposed of (notwithstanding the foregoing,
the consideration received by the Company or any of its
Restricted Subsidiaries from sales, transfers and other dispositions of Investments in joint ventures to
the extent required by, or made pursuant to, customary buy/sell arrangements between
the joint venture parties set forth in joint venture agreements and similar binding
agreements, shall, in each case, be deemed to be fair market value for purposes of
this Section 10.16(a)); and

 

(2)          except
in the case of a Permitted Asset Swap, at least 75% of the consideration therefor received by the Company or such Restricted Subsidiary,
as the case may be, together with all other Asset Sales since the Issue Date on a cumulative basis, is in the form of cash or
Cash Equivalents; provided that, for purposes of this provision, each of the following will be deemed to be cash for purposes
of this clause (2) and for no other purpose

 

(A)            any
liabilities (as shown on the Company’s or a Restricted Subsidiary’s most recent balance sheet or in the notes thereto)
of the Company or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated
to the Notes) that are (i) assumed by the transferee of any such assets (or a third party on behalf of the transferee) and
as a result of which the Company or any such Restricted Subsidiary is no longer obligated with respect to such liabilities or
are indemnified against further liabilities or (ii) retired, cancelled or otherwise terminated in connection with such Asset
Sale;

 

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(B)            any
securities, notes or other obligations or assets received
by the Company or such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary
into cash (to the extent of the cash received) or Cash
Equivalents within 180 days following the closing of such Asset Sale; and

 

(C)            any
Designated Noncash Consideration received by the Company or such Restricted Subsidiary in such Asset Sale having an aggregate
fair market value (as determined in good faith by the Company), taken together with all other Designated Noncash Consideration
received pursuant to this clause (C) that has not previously been converted to cash, not to exceed the greater of (x) $50.0
million and (y) 2.5% of Consolidated Total Assets at the time of receipt of such Designated Noncash Consideration, with the
fair market value of each item of Designated Noncash Consideration being measured at the time received and without giving effect
to subsequent changes in value,.

 

(b)          Subject
to the Intercreditor Agreement, the Collateral Trust Agreement and the other Security Documents, the Company or the affected Restricted
Subsidiary, as the case may be, within 365 days after the receipt of any Net Proceeds from any Asset Sale of Priority Fixed Assets
Collateral may apply those Net Proceeds at its option:

 

(1)            to
acquire all or substantially all of the assets of, or any Capital Stock of, a Similar Business, if, after giving effect to any
such acquisition, such Similar Business is owned by the Company or a Guarantor; provided that the assets (including Capital
Stock) acquired with the Net Proceeds of a disposition of Collateral are pledged as Collateral as required and as provided under
this Indenture and the Security Documents;

 

(2)            to
make capital expenditures on assets that constitute Priority Fixed Assets Collateral;

 

(3)            to
acquire other assets (including all or substantially all of the assets of, or any Capital Stock of, a Similar Business) that are
subsequently pledged as Priority Fixed Assets Collateral and designated to the Collateral Trustee as such, and that are used or
useful in a Similar Business or that replace the properties and assets that are the subject of such Asset Sale;

 

(4)            to
repay Notes (by redeeming pursuant to Section 11.01, making open market purchases at a price equal to or above 100% of the
principal amount thereof or making an offer to all holders in accordance with the procedures set forth below for an Asset Sale
Offer) and/or Priority Lien Notes Debt such that the amount of Priority Lien Notes Debt repaid does not exceed the product of
(x) the quotient equal to the principal amount of Priority Lien Notes Debt then outstanding divided by the principal amount
of Indenture Obligations and Priority Lien Notes Debt then outstanding, times (y) the Net Proceeds received from such sale
of Priority Fixed Assets Collateral; and/or

 

(5)            any
combination of the foregoing.

 

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(c)           Within
365 days after the receipt of any Net Proceeds from an Asset Sale (other than from an Asset Sale of Priority Fixed Assets Collateral),
the Company (or the applicable Restricted Subsidiary, as the case may be) may apply such Net Proceeds at its option:

 

(1)            (A) in
the case of Net Proceeds from any Asset Sales of assets that do not constitute Collateral, to repay Indebtedness of a Restricted
Subsidiary that is not a Guarantor, other than obligations owed to the Company or another Restricted Subsidiary or (B) to
repay (i) Permitted ABL Obligations (and, if applicable, to correspondingly reduce the
commitments with respect thereto) or (ii) Priority Lien Notes Debt; provided that, in the case of this clause (ii),
the Company shall equally and ratably reduce Indenture Obligations (based on the respective amount of outstanding Priority Lien
Notes Debt and Indenture Obligations) as provided under Section 11.01 through open-market purchases or otherwise;

 

(2)            to
acquire all or substantially all of the assets of, or any Capital Stock of, another Similar Business, if, after giving effect
to any such acquisition of Capital Stock, the Similar Business is or becomes a Restricted Subsidiary of the Company;

 

(3)            to
make capital expenditures;

 

(4)            to
acquire other assets that are used or useful in a Similar Business or that replace the properties and assets that are the subject
of such Asset Sale; provided that the assets (including Capital Stock) acquired with the Net Proceeds of a disposition
of Priority ABL Collateral are pledged as Collateral as required and as provided under this Indenture and the Security Documents
(except to the extent the Lien thereon is released by the lenders under the ABL Facility); and/or

 

(5)            any
combination of the foregoing.

 

(d)           Any
Net Proceeds from any Asset Sale that are not invested or applied in accordance with the preceding paragraphs within 365 days
from the date of the receipt of such Net Proceeds (it being understood that any portion of the Net Proceeds used to make an offer
to purchase notes as described above shall be deemed to have been invested whether or not such offer is accepted) shall be deemed
to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $15.0 million, the Company
shall make an offer to all Holders and, if required by the terms of any Priority Lien Notes Debt, to the holders thereof (an “Asset
Sale Offer”), to purchase the maximum aggregate principal amount of Notes and such Priority Lien Notes Debt that is
in an amount equal to at least $2,000 that may be purchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to (but not including) the date
fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture. The Company shall commence
an Asset Sale Offer with respect to Excess Proceeds within 15 Business Days after the date that Excess Proceeds exceed $15.0 million
by mailing or electronically sending the notice required pursuant to the terms of this Indenture, with a copy to the Trustee.
The Company may satisfy the foregoing obligations with respect to any Net Proceeds from an Asset Sale by making an Asset Sale
Offer with respect to such Net Proceeds prior to the expiration of the relevant 365 days (or such longer period provided above)
or with respect to Excess Proceeds of $15.0 million or less.

 

    127 

     

    

 

(e)           Notwithstanding
the foregoing, (i) to the extent that any or all of the Net Proceeds of any Asset Sale by a Foreign Subsidiary (a “Foreign
Disposition”) are prohibited or delayed by applicable local law from being repatriated to the United States, the amount
equal to the portion of such Net Proceeds so affected will not be required to be applied in compliance with this covenant, and
such amounts may be retained by the applicable Foreign Subsidiary so long, but only so long, as the applicable local law will
not permit repatriation to the United States (the Company hereby agreeing to use reasonable efforts to cause the applicable Foreign
Subsidiary to take all actions reasonably required by the applicable local law to permit such repatriation), and if such repatriation
of any of such affected Net Proceeds is permitted under the applicable local law, an amount equal to such Net Proceeds permitted
to be repatriated will be applied (whether or not repatriation actually occurs) in compliance with this covenant (net of any additional
taxes that are or would be payable or reserved against as a result thereof) and (ii) to the extent that the Company has determined
in good faith that repatriation of any or all of the Net Proceeds of any Foreign Disposition could have a material adverse tax
consequence (which for the avoidance of doubt, includes, but is not limited to, any purchase whereby doing so the Company, any
Restricted Subsidiary or any of their Affiliates and/or equity partners would incur a material tax liability, including as a result
of a material deemed dividend pursuant to Code Section 956 or material withholding tax), the amount equal to the Net Proceeds
so affected will not be required to be applied in compliance with this covenant.

 

(f)           To
the extent that the aggregate amount of Notes and such Priority Lien Notes Debt tendered pursuant to an Asset Sale Offer is less
than the Excess Proceeds, the Company may use any remaining Excess Proceeds for any purpose not prohibited by this Indenture.
If the aggregate principal amount of Notes or Priority Lien Notes Debt surrendered by such holders thereof exceeds the amount
of Excess Proceeds, the Trustee shall select, or cause to be selected, the Notes and the Company shall select, or cause to be
selected such Priority Lien Notes Debt to be purchased on a pro rata basis based on the accreted value or principal amount of
the Notes or such Priority Lien Notes Debt tendered. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds
related to such Asset Sale Offer shall be reset at zero and in the case of an Asset Sale Offer being effected in advance of being
required to do so by this Indenture, the amount of Net Proceeds the Company is offering to apply in such Asset Sale Offer shall
be excluded in subsequent calculations of Excess Proceeds.

 

(g)          Pending
the final application of any Net Proceeds pursuant to this Section 10.16, the Company or the applicable Restricted Subsidiary
may apply such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest
such Net Proceeds in any manner not prohibited by this Indenture.

 

(h)          The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of Notes pursuant to an Asset
Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture,
the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations
set forth in this Indenture by virtue thereof.

 

    128 

     

    

 

(i)           If
the Company is repurchasing less than all of the Notes at any time, the Company shall select the Notes to be repurchased (a) if
the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities
exchange on which such Notes are listed or (b) if such Notes are not so listed, on a pro rata basis to the extent practicable;
provided that no Notes of $2,000 or less shall be repurchased in part.

 

(j)           Within
30 days after the Company becomes obligated to make an Asset Sale Offer, the Company shall send notice of that Asset Sale Offer
electronically or by first class mail, with a copy to the Trustee, to each Holder to the address of that Holder appearing in the
security register with the following information:

 

(1)            that
an Asset Sale Offer is being made pursuant to this Section 10.16, the total amount of the Asset Sale Offer, and that all
Notes properly tendered pursuant to the Asset Sale Offer shall be accepted for payment, subject to prorating if the aggregate
principal amount of Notes tendered is greater than the amount of the Asset Sale Offer, as contemplated by Section 10.16(b);

 

(2)            the
purchase price and the purchase date, which shall be no earlier than 30 days nor later than 60 days from the date such notice
is provided (the “Asset Sale Payment Date”);

 

(3)            any
Note not properly tendered shall remain outstanding and continue to accrue interest;

 

(4)            unless
the Company defaults in the payment of the Asset Sale Offer, all Notes accepted for payment pursuant to the Asset Sale Offer shall
cease to accrue interest on the Asset Sale Payment Date;

 

(5)            Holders
electing to have any Notes purchased pursuant to an Asset Sale Offer shall be required to surrender the Notes, with the form entitled
 “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent specified in the notice
at the address specified in the notice prior to the close of business on the third Business Day preceding the Asset Sale Payment
Date;

 

(6)            Holders
shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase such Notes; provided
that the Paying Agent receives, not later than the close of business on the last day of the offer period, a telegram, telex,
facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes tendered for purchase, and
a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; and

 

(7)            Holders
whose Notes are being purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of
the Notes surrendered, which unpurchased portion must be equal to $2,000 or an integral multiple of $1,000 in excess thereof.

 

    129 

     

    

 

(k)          While
the Notes are in global form and the Company makes an Asset Sale Offer, a Holder may exercise its option to elect for the purchase
of the Notes through the facilities of DTC, subject to its rules and regulations.

 

(l)           On
the Asset Sale Payment Date, the Company shall, to the extent permitted by law,

 

(1)           accept
for payment all Notes or portions thereof properly tendered pursuant to the Asset Sale Offer,

 

(2)           deposit
with the Paying Agent an amount equal to the aggregate payment of the Asset Sale Offer, and

 

(3)           deliver,
or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate stating
that such Notes or portions thereof have been tendered to and purchased by the Company.

 

(m)          The
Paying Agent shall promptly transmit to each Holder the payment for such Notes in respect of the Asset Sale Offer, and the Trustee
shall promptly authenticate and cause to be delivered to each Holder a new Note equal in principal amount to any unpurchased portion
of the Notes surrendered, if any; provided that each such new Note shall be in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof. The Company shall publicly announce the results of the Asset Sale Offer on or as soon as
practicable after the Asset Sale Payment Date. The Paying Agent, if not the Company, shall return to the Company any cash that
remains unclaimed, together with interest, if any, thereon, held by the Paying Agent for the payment of the amount required pursuant
to the Asset Sale Offer.

 

For
purposes of this Section 10.16, the Net Proceeds attributable to the sale of (i) Priority Fixed Assets Collateral consisting
of Equity Interests of a Person that is not a Guarantor shall be deemed to be equal to the equity value of such Equity Interests
and (ii) a group of assets consisting of both Priority Fixed Assets Collateral and assets that are not Priority Fixed Assets
Collateral shall be deemed to be Net Proceeds from Priority Fixed Assets Collateral and such other assets, respectively, based
on the fair market value of the Priority Fixed Assets Collateral and such other assets (as determined in good faith by the Company,
which determination shall be conclusive absent manifest error).

 

Section 10.17    After-Acquired
Property. Promptly following the acquisition by the Company or any Guarantor of any After-Acquired Property
(but subject to the limitations, if applicable, set forth under Article Fifteen) the Company or such Guarantor shall execute,
deliver and file, if applicable, such mortgages, deeds of trust, security instruments, title insurance policies, surveys, financing
statements and certificates and opinions of counsel, as shall be necessary to vest in the Collateral Trustee either a first priority
or a second priority perfected security (subject to Permitted Liens) interest in such After-Acquired Property depending on whether
such After-Acquired Property consists of Priority Fixed Assets Collateral or Priority ABL Collateral and to have such After-Acquired
Property added to the Priority Fixed Assets Collateral or the Priority ABL Collateral, as applicable, and thereupon all provisions
of this Indenture relating to the Priority Fixed Assets Collateral or the Priority ABL Collateral, as applicable, shall be deemed
to relate to such After-Acquired Property to the same extent and with the same force and effect.

 

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Section 10.18    [Reserved].

 

Section 10.19    Suspension
of Covenants. If on any date following the Issue Date;

 

(a)          the
Notes are rated Baa3 (or its equivalent) or better by Moody’s and BBB- (or its equivalent) or better by S&P (or, if
either such entity ceases to rate the Notes for reasons outside of the control of the Company, the equivalent investment grade
credit rating from any other “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62)
under the Exchange Act selected by the Company as a replacement agency) (each, an “Investment Grade Rating”);
and

 

(b)          no
Default or Event of Default shall have occurred and be continuing,

 

then, beginning on that day and
subject to the provision in the following paragraphs, the Company and its Restricted Subsidiaries will no longer be subject to
the Notes and any related default provisions of this Indenture set forth under the following:

 

(1)            Section 10.16;

 

(2)            Section 10.08;

 

(3)            Section 10.09;

 

(4)            Section 8.01(a)(4);

 

(5)            Section 10.11;

 

(6)            Section 10.12;
and

 

(7)            Section 10.13:
(collectively, the “Suspended Covenants”).

 

If
the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the
previous sentence (a “Fall-Away Period”) and, on any subsequent date (the “Reversion Date”),
one or more of the ratings assigned to the Notes are withdrawn or downgraded so that the Notes no longer have an Investment Grade
Rating or an Event of Default (other than with respect to a Suspended Covenant) occurs and is continuing, then the Company and
its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants. The ability of the Company and its Restricted
Subsidiaries to make Restricted Payments after the time of such withdrawal, downgrade or Event of Default will be calculated as
if Section 10.08 had been in effect during the entire period of time from the Issue Date. Notwithstanding the foregoing,
the continued existence after the end of the Fall-Away Period of facts and circumstances or obligations arising from transactions
that occurred during a Fall-Away Period shall not constitute a breach of any covenant set forth in this Indenture or cause an
Event of Default hereunder. During the Fall-Away Period, the Company’s Board of Directors may not designate any Restricted
Subsidiary to be an Unrestricted Subsidiary.

 

    131 

     

    

 

On
and after each Reversion Date, the Company and its Subsidiaries will be permitted to consummate the transactions contemplated
by any contract entered into during the Fall-Away Period so long as such contract and such consummation would have been permitted
during such Fall-Away Period.

 

For
purposes of Section 10.12, on the Reversion Date, any contractual encumbrances or restrictions entered into during the Fall-Away
Period will be deemed to have been in effect on the Issue Date so that they are permitted under Section 10.12(b)(1).

 

For
purposes of Section 10.16, on the Reversion Date, the unutilized Excess Proceeds amount will be reset to zero.

 

For
purposes of Section 10.11, any Affiliate Transaction entered into after the Reversion Date pursuant to a contract, agreement,
loan, advance or guaranty with, or for the benefit of, any Affiliate of the Company entered into during the Fall-Away Period will
be deemed to have been in effect as of the Issue Date for purposes of Section 10.11(b)(1).

 

The
Trustee shall have no duty to monitor the rating of the Notes or whether a Fall-Away Period or Reversion Date has occurred, or
notify Holders of the same.

 

Section 10.20    Maintenance
of Property. The Company will, and will cause each of the Guarantors, to (i) at all times maintain, preserve
and protect all property material to the conduct of its business and keep such property in good repair, working order and condition
(other than wear and tear occurring in the ordinary course of business), (ii) from time to time make, or cause to be made,
all necessary and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business
carried on in connection therewith may be properly conducted at all times and (iii) keep its insurable property insured at
all times by financially sound and reputable insurers.

 

Section 10.21    Further
Assurances. The Company will, and will cause each of the Guarantors to, at their expense, duly execute and deliver
or cause to be duly executed and delivered, such further agreements, documents and instruments and do or cause to be done such
further acts as may be necessary or proper to create, evidence, perfect, maintain and enforce the security interests and the priority
thereof in the Collateral in favor of the Collateral Trustee for its benefit and for the benefit of the Trustee and the Holders
of the Notes and any Parity Lien Notes Debt, and to otherwise effectuate the provisions and purposes of this Indenture and the
Security Documents.

 

Article Eleven

 

Redemption
Of Notes

 

Section 11.01    Right
of Redemption.

 

(a)           At
any time prior to July 15, 2023, the Company may redeem all or a part of the Notes, upon not less than 15 nor more than 60
days’ prior notice, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium
as of, and accrued and unpaid interest, if any, to (but not including) the Redemption Date, subject to the rights of Holders on
the relevant record date to receive interest due on the relevant Interest Payment Date.

 

    132 

     

    

 

(b)           From
and after July 15, 2023, the Company may redeem the Notes, in whole or in part, upon not less than 15 nor more than 60 days’
prior notice at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid
interest, if any, thereon to (but not including) the applicable Redemption Date, subject to the right of Holders of record on
the relevant record date to receive interest due on the relevant Interest Payment Date, if redeemed during the twelve-month period
beginning on July 15 of each of the years indicated below:

 

	Year	 	Percentage	 
	2023	 	 	103.125	%
	2024	 	 	101.563	%
	2025 and thereafter	 	 	100.000	%

 

(c)           Prior
to July 15, 2023, the Company may, at its option, redeem up to 40% of the sum of the original aggregate principal amount
of the Notes (including the original principal amount of any Additional Notes) issued under this Indenture at a redemption price
equal to 106.250% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, thereon to (but not including)
the applicable Redemption Date, subject to the right of Holders on the relevant record date to receive interest due on the relevant
Interest Payment Date, with the net cash proceeds of one or more Equity Offerings of the Company or any direct or indirect parent
of the Company to the extent such net proceeds are contributed to the Company; provided that at least 60% of the sum of
the aggregate principal amount of Notes originally issued under this Indenture and the aggregate principal amount of any Additional
Notes issued under this Indenture after the Issue Date remains Outstanding immediately after the occurrence of each such redemption
(unless all Notes are redeemed concurrently); provided, further, that each such redemption occurs within 180 days
of the date of closing of each such Equity Offering.

 

(d)           In
the event that Holders of not less than 90% of the aggregate principal amount of the outstanding Notes validly tender and do not
withdraw such Notes in a Change of Control Offer, Asset Sale Offer or other tender offer and the Company (or a third party making
the offer) purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company or third party offeror,
as applicable, will have the right, upon not less than 15 nor more than 60 days’ prior notice to the Holders and the Trustee,
given not more than 30 days following the purchase pursuant to such offer described above, to redeem (in the case of the Company)
or purchase (in the case of a third party offeror) all of the Notes that remain outstanding following such purchase at a redemption
price or purchase price, as the case may be, equal to the price paid to each other Holder in such offer (which may be less than
par) plus, to the extent not included in such price, accrued and unpaid interest on the Notes that remain outstanding, to but
excluding the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due
on an interest payment date that is on or prior to the Redemption Date).

 

    133 

     

    

 

(e)            Unless
the Company (or third-party offeror) defaults in the payment of the redemption price, interest will cease to accrue on the Notes
or portions thereof called for redemption on the applicable Redemption Date.

 

(f)            The
Company may provide in such notice that payment of the redemption price and the
performance of the Company’s obligations with respect to such redemption may be performed by
another Person.

 

(g)            The
Company or its Affiliates may from time to time acquire Notes by means other than a
redemption, whether by tender offer, exchange offer, in open market purchases, through negotiated
transactions or otherwise, in accordance with applicable securities laws, upon such terms and at such prices as the Company or
its Affiliates may determine.

 

Section 11.02    Mandatory
Redemption. The Company shall not be required to make any mandatory redemption or sinking fund payments with respect
to the Notes.

 

Section 11.03    Applicability
of Article. Redemption of Notes at the election of the Company or otherwise, as permitted or required by any provision
of this Indenture or the Notes, shall be made in accordance with such provision and this Article Eleven.

 

Section 11.04    Election
to Redeem; Notice to Trustee. If the Company elects to redeem Notes pursuant to Section 11.01 hereof, it shall
furnish to the Trustee, at least five Business Days before notice of redemption is required to be provided or caused to be provided
to Holders pursuant to Section 11.06 hereof (unless a shorter notice shall be agreed to by the Trustee), an Officer’s
Certificate setting forth (i) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to
which the redemption shall occur, (ii) the Redemption Date, (iii) the principal amount of the Notes to be redeemed and
(iv) the Redemption Price. Any notice to the Trustee delivered pursuant to this Section 11.04 may be revoked by the
Company prior to the delivery of any notice of redemption to Holders.

 

Section 11.05    Selection
of Notes to Be Redeemed.

 

(a)            If
the Company is redeeming less than all of the Notes at any time, the Notes to be redeemed shall be selected in accordance with
the applicable procedures of DTC; provided that no Notes of $2,000 or less shall be redeemed in part.

 

(b)            If
any Note is to be redeemed in part only, any notice of redemption that relates to such Note shall state the portion of the principal
amount thereof to be redeemed.

 

(c)            A
new Note in
principal amount equal to the unredeemed portion
of any Note redeemed in
part shall be issued in the name of the Holder thereof
upon cancellation of the original Note.
Notes called
for redemption become
due and payable on the date fixed
for redemption. On and after the Redemption Date, unless
the Company (or a third-party offeror) defaults
in the redemption
payment, interest shall cease to accrue on the Note or portions thereof called for
redemption.

 

    134 

     

    

 

 

 

(d)            For
Notes that are represented by global certificates held on behalf of DTC, notices may be given by delivery of the relevant notices
to DTC for communication to entitled account holders in substitution of the aforementioned delivery.

 

Section 11.06     Notice
of Redemption. Notices of redemption shall be delivered
electronically or mailed by first class mail, postage prepaid, or otherwise provided in accordance with the procedures
of the Depository, at least 15 days but not more than 60 days before
the Redemption Date to each Holder at such Holder’s
registered address or otherwise in accordance with the procedures of DTC, except that
notices of redemption may be sent or delivered more than 60 days prior to a Redemption Date
if the notice is issued in connection with a defeasance of the Notes or a satisfaction
and discharge of this Indenture. In connection with any redemption of Notes (including
with the net cash proceeds of
an Equity Offering), any such redemption may, at the Company’s
discretion, be subject to the satisfaction or waiver of one or more
conditions precedent, including any related Equity Offering or a
Change of Control.

 

All notices of redemption shall state:

 

(1)            the
Redemption Date,

 

(2)            the
Redemption Price and the amount of accrued interest to the
Redemption Date payable as provided in Section 11.08,
if any,

 

(3)            if
less than all Outstanding Notes are to be redeemed, the
identification (and in the case
of a partial redemption, the principal amounts) of the particular Notes to be redeemed,

 

(4)            in
case any Note is to be
redeemed in part only, the notice which relates to such
Note shall state that on and after
the Redemption Date, upon surrender of such Note, the Holder shall receive, without
charge, a new Note or Notes of authorized denominations
for the principal amount thereof remaining unredeemed,

 

(5)            that
on the Redemption Date the Redemption Price (and accrued interest, if any, to the Redemption
Date payable as provided in Section 11.08) shall become
due and payable upon each such Note, or the portion thereof, to
be redeemed, and that interest thereon shall cease to accrue on and after said date,
subject to any condition precedent in that notice,

 

(6)            the
place or places where such Notes are to be surrendered for payment of
the Redemption Price and accrued interest, if any,

 

(7)            the
name and address of the Paying Agent,

 

(8)            that
Notes called for redemption must be surrendered to the Paying
Agent to collect the Redemption Price,

 

(9)            that,
unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and
after the Redemption Date,

 

    135 

     

    

 

(10)            the
 “CUSIP” number, ISIN or “Common Code” number and that no representation is made as to the accuracy
or correctness of the “CUSIP” number, ISIN or “Common Code” number, if any, listed in such notice
or printed on the Notes,

 

(11)            the
paragraph of the Notes or Section of this Indenture pursuant to which the Notes are to be
redeemed, and

 

(12)            any
conditions precedent to which the redemption or notice is subject to and that, in the Company’s discretion, the Redemption
Date may be delayed until such time as any or all such conditions shall be satisfied or waived, or such redemption may not occur
and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the Redemption
Date, or by the Redemption Date so delayed, including any related Equity Offering.

 

At the Company’s request, the Trustee
shall give the notice of redemption in the Company’s name and at its expense; provided that the Company shall have
delivered to the Trustee, at least five Business Days before notice of redemption is required to be provided or caused to be provided
to Holders pursuant to this Section 11.06 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided
in Section 11.04.

 

Section 11.07     Effect
of Notice of Redemption. Once notice of redemption is provided in accordance with Section 11.06 hereof, Notes called
for redemption become irrevocably due and payable on the Redemption Date at the Redemption Price, subject to any condition precedent
set forth in that notice. The notice, if provided in a manner herein provided, shall be conclusively presumed to have been given,
whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder
of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption
of any other Note. Subject to Section 11.08 hereof, on and after the Redemption Date, interest shall cease to accrue on Notes
or portions of Notes called for redemption.

 

Section 11.08     Deposit
of Redemption Price. Prior to 12:00 noon (Eastern Time) on any Redemption Date, the Company shall deposit with the Trustee
or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03)
an amount of money, in immediately available funds, sufficient to pay the Redemption Price of, and accrued interest, if any, on,
all the Notes that are to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money
deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of,
and accrued and unpaid interest, if any, on, all Notes to be redeemed or purchased. In addition, all money, if any, earned on
funds held by the Trustee or the Paying Agent shall be remitted to the Company.

 

    136 

     

    

 

Section 11.09     Notes
Payable on Redemption Date.

 

(a)            Notice
of redemption having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date and assuming the satisfaction
or waiver of any conditions precedent, become due and payable at the Redemption Price therein specified (together with accrued
interest, if any, to the Redemption Date), and from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest) such Notes shall cease to bear interest. Upon surrender of any such Note for redemption
in accordance with said notice, such Note shall be paid by the Company at the Redemption Price, together with accrued interest,
if any, to the Redemption Date and such Notes shall be canceled by the Trustee; provided, however, that installments
of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Notes, or one
or more Predecessor Notes, registered as such at the close of business on the relevant record dates according to their terms and
the provisions of Section 3.06.

 

(b)            If
any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any)
shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes.

 

Section 11.10     Notes
Redeemed in Part. Any Note which is to be redeemed only in part (pursuant to the provisions of this Article Eleven) shall
be surrendered at the office or agency of the Company maintained for such purpose pursuant to Section 10.02 (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company
and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Company
shall execute, and the Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new Note or
Notes, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for
the unredeemed portion of the principal of the Note so surrendered; provided that no Note of $2,000 or less will be redeemed
in part.

 

Article Twelve

 

Guarantees

 

Section 12.01     Guarantees.
Each Guarantor hereby jointly and severally, irrevocably and unconditionally irrevocably guarantees, as primary obligor and not
merely as surety, the Notes and obligations of the Company hereunder and thereunder, and guarantees to each Holder of a Note authenticated
and delivered by the Trustee, and to the Trustee for itself and on behalf of such Holder, the Collateral Trustee for itself and
on behalf of such Holder, that: (1) the principal of (and premium, if any) and interest on the Notes shall be paid in full
when due, whether at Stated Maturity, by acceleration or otherwise (including the amount that would become due but for the operation
of the automatic stay under Section 362(a) of the Bankruptcy Law), subject to any applicable grace period, together
with interest on the overdue principal, if any, and interest on any overdue interest, to the extent lawful, and all other obligations
of the Company to the Holders, the Trustee or the Collateral Trustee hereunder or thereunder shall be paid in full or performed,
all in accordance with the terms hereof and thereof; and (2) in case of any extension of time of payment or renewal of any
Notes or of any such other obligations, the same shall be paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at Stated Maturity, by acceleration or otherwise, subject to any applicable grace period, and subject,
however, in the case of clauses (1) and (2) above, to the limitation set forth in Section 12.04 hereof.

 

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(a)            Each
Guarantor hereby agrees that (to the extent permitted by law) its obligations hereunder shall be unconditional, irrespective of
the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder with respect to any provisions hereof or thereof, any release of any other Guarantor, the recovery
of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute
a legal or equitable discharge or defense of a Guarantor.

 

(b)            Each
Guarantor hereby waives (to the extent permitted by law) the benefits of diligence, presentment, demand for payment, filing of
claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the
Company or any other Person, protest, notice and all demands whatsoever and covenants that the Guarantee of such Guarantor shall
not be discharged as to any Note except by complete performance of the obligations contained in such Note, this Indenture and
such Guarantee. Each Guarantor acknowledges that the Guarantee is a guarantee of payment, performance and compliance when due
and not of collection. Each of the Guarantors hereby agrees that, in the event of a default in payment of principal (or premium,
if any) or interest on such Note, whether at its Stated Maturity, by acceleration, purchase or otherwise, legal proceedings may
be instituted by the Trustee on behalf of, or by, the Holder of such Note, subject to the terms and conditions set forth in this
Indenture, directly against each of the Guarantors to enforce such Guarantor’s Guarantee without first proceeding against
the Company or any other Guarantor. Each Guarantor agrees that if, after the occurrence and during the continuance of an Event
of Default, the Trustee, the Collateral Trustee or any of the Holders are prevented by applicable law from exercising their respective
rights to accelerate the Maturity of the Notes, to collect interest on the Notes, or to enforce or exercise any other right or
remedy with respect to the Notes, such Guarantor shall pay to the Trustee for the account of the Holder, upon demand therefor,
the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee,
Collateral Trustee or any of the Holders.

 

(c)            If
any Holder, the Trustee or Collateral Trustee is required by any court or otherwise to return to the Company or any Guarantor,
or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or any Guarantor, any
amount paid by any of them to the Trustee, Collateral Trustee or such Holder, the Guarantee of each of the Guarantors, to the
extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor further agrees that, as between each
Guarantor, on the one hand, and the Holders, the Trustee and Collateral Trustee on the other hand, (1) subject to this Article Twelve,
the Maturity of the obligations guaranteed hereby may be accelerated as provided in Article Five hereof for the purposes
of the Guarantee of such Guarantor notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect
of the obligations guaranteed hereby, and (2) in the event of any acceleration of such obligation as provided in Article Five
hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose
of the Guarantee of such Guarantor. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so
long as the exercise of such right does not impair the rights of the Holders under the Guarantees.

 

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(d)            Each
Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Company for liquidation, reorganization, should the Company become insolvent or make an assignment
for the benefit of creditors or should a receiver or trustee
be appointed for all or any significant part of the Company’s assets, and shall, to the fullest extent permitted by law,
continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant
to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any
obligee on the Notes, whether as a “voidable preference,” “fraudulent transfer”
or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof,
is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed
reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 

Section 12.02     Severability.
In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby to the extent permitted by applicable law.

 

Section 12.03     [Reserved].

 

Section 12.04     Limitation
of Guarantors’ Liability. Each Guarantor, and by its acceptance of Notes, each Holder hereby confirms that it is the
intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes
of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state
law to the extent applicable to any Guarantee or the provisions of its local law relating to fraudulent transfer or conveyance.
To effectuate the foregoing intention, the Trustee, Collateral Trustee, the Holders and each such Guarantor hereby irrevocably
agree that the obligations of such Guarantor under its Guarantee shall be limited to the maximum amount as will, after giving
effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws
and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under this Article Twelve, result in the obligations of such
Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law.

 

Section 12.05     Contribution.
All Guarantors desire to allocate among themselves (collectively, the “Contributing Guarantors”), in a fair
and equitable manner, their obligations arising under this Indenture. Accordingly, in the event any payment or distribution is
made on any date by a Guarantor (a “Funding Guarantor”) under its Guarantee such that its Aggregate Payments
exceed its Fair Share as of such date, such Funding Guarantor shall be entitled to a contribution from each of the other Contributing
Guarantors in an amount sufficient to cause each Contributing Guarantor’s Aggregate Payments to equal its Fair Share as
of such date. “Fair Share” means, with respect to a Contributing Guarantor as of any date of determination,
an amount equal to (a) the ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Guarantor,
to (ii) the aggregate of the Fair Share Contribution Amounts with respect to all Contributing Guarantors, multiplied by (b) the
aggregate amount paid or distributed on or before such date by all Funding Guarantors under their respective Guarantees in respect
of the obligations guaranteed. “Fair Share Contribution Amount” means, with respect to a Contributing Guarantor
as of any date of determination, the maximum aggregate amount of the obligations of such Contributing Guarantor under its Guarantee
that would not render its obligations hereunder or thereunder subject to avoidance as a fraudulent transfer or conveyance under
Section 548 of the Bankruptcy Code or any comparable applicable provisions of state law; provided that solely for
purposes of calculating the Fair Share Contribution Amount with respect to any Contributing Guarantor for purposes of this Section 12.05,
any assets or liabilities of such Contributing Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification
or any rights to or obligations of contribution hereunder shall not be considered as assets or liabilities of such Contributing
Guarantor.

 

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“Aggregate
Payments” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to
(1) the aggregate amount of all payments and distributions made on or before such date by such Contributing Guarantor in
respect of its Guarantee (including in respect of this Section 12.05), minus (2) the aggregate amount of all payments
received on or before such date by such Guarantor from the other Contributing Guarantors as contributions under this Section 12.05.
The amounts payable as contributions hereunder shall be determined as of the date on which the related payment or distribution
is made by the applicable Funding Guarantor. Each Contributing Guarantor is a third party beneficiary to the contribution agreement
set forth in this Section 12.05. For the avoidance of doubt, nothing in this Section 12.05 shall limit or impair, by
implication or otherwise, each Guarantor’s obligations under its Guarantee.

 

Section 12.06     Subrogation.
Each Guarantor shall be subrogated to all rights of Holders against the Company in respect of any amounts paid by any Guarantor
pursuant to the provisions of Section 12.01; provided, however, that, if a Default or Event of Default has
occurred and is continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such
right of subrogation until all amounts then due and payable by the Company under this Indenture or the Notes shall have been paid
in full.

 

Section 12.07     Reinstatement.
Each Guarantor hereby agrees (and each Person who becomes a Guarantor shall agree) that the Guarantee provided for in Section 12.01
shall continue to be effective or be reinstated, as the case may be, if at any time, payment, or any part thereof, of any obligations
or interest thereon is properly rescinded or must otherwise be restored by a Holder to the Company upon the bankruptcy or insolvency
of the Company or any Guarantor.

 

Section 12.08     Release
of a Guarantor. The Guarantee of a Guarantor shall automatically and unconditionally be released and discharged, and no further
action by such Guarantor, the Company or the Trustee is required for the release of such Guarantor’s Guarantee, upon:

 

(A)            the
sale, exchange, disposition or other transfer (including through merger, consolidation, amalgamation or dissolution) of all of
the Capital Stock (including any sale, disposition or other transfer of Capital Stock following which
such Guarantor is no longer a Restricted Subsidiary), or all or substantially all of the assets, of such Guarantor (other than
a sale, disposition or other transfer to the Company or a Restricted Subsidiary) if such sale, disposition, exchange or other
transfer is not prohibited by the applicable provisions of this Indenture;

 

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(B)            the
designation by the Company of such Guarantor as an Unrestricted Subsidiary in accordance with Section 10.08 and the definition
of “Unrestricted Subsidiary”;

 

(C)            the
release or discharge of such Guarantor from each guarantee that would result in the obligation of such Subsidiary to guarantee
the Notes (if such Subsidiary were not already a Guarantor) pursuant to Section 10.13 (treating any guarantees of such Guarantor
that remain outstanding as incurred at least 30 days prior to such release or discharge), except
a discharge or release by or as a result of payment under such guarantee or direct obligation;

 

(D)            the
release of such Guarantor from its guarantee with the consent of the Holders of the requisite percentage of Notes in accordance
with the provisions described in Article Nine hereof; or

 

(E)            the
exercise by the Company of its Legal Defeasance of the Notes under Section 13.02 or its Covenant Defeasance of the Notes
under Section 13.03 or if the Company’s obligations under this Indenture are satisfied and discharged in accordance
with Section 4.01.

 

Section 12.09     Benefits
Acknowledged. Each Guarantor acknowledges that it shall receive direct and indirect benefits from the financing arrangements
contemplated by this Indenture and from its guarantee and waivers pursuant to its Guarantees under this Article Twelve.

 

Article Thirteen

 

Legal
Defeasance And Covenant Defeasance

 

Section 13.01     Company’s
Option to Effect Legal Defeasance or Covenant Defeasance. The Company may, at its option,
and at any time, elect to have either Section 13.02 or Section 13.03 be applied to all Outstanding Notes upon compliance
with the conditions set forth below in this Article Thirteen.

 

Section 13.02     Legal
Defeasance and Discharge. Upon the Company’s exercise under
Section 13.01 of the option applicable to this Section 13.02, each of the Company and the Guarantors shall be deemed
to have been discharged from its respective obligations with respect to all Outstanding Notes on the date the conditions set forth
in Section 13.04 are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance
means that each of the Company and the Guarantors shall be deemed to have paid and discharged the entire indebtedness represented
by the Outstanding Notes, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 13.05
and the other Sections of this Indenture referred to in (1) and (2) below, and to have satisfied all its other obligations
under such Notes and this Indenture insofar as such Notes and their related Guarantees are concerned (and the Trustee, at the
expense of the Company, shall execute such instruments reasonably requested by the Company acknowledging the same),
except for the following which shall survive until otherwise terminated or discharged hereunder:

 

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(1)            the
rights of Holders of Outstanding Notes to receive payments in respect of the principal of (and premium, if any, on) and interest
on such Notes when such payments are due, solely out of the trust created pursuant to this Indenture (as set forth in Section 13.04
and Section 13.05),

 

(2)            the
Company’s obligations with respect to such Notes under Section 3.03, Section 3.04, Section 3.05, Section 10.02
and Section 10.03,

 

(3)            the
rights, powers, trusts, duties and immunities of the Trustee, the Collateral Trustee, hereunder, and the obligations of each of
the Company and the Guarantors in connection therewith and

 

(4)            this
Article Thirteen.

 

Subject to compliance with this Article Thirteen,
the Company may exercise its option under this Section 13.02 notwithstanding the prior exercise of its option under Section 13.03
with respect to the Notes.

 

Section 13.03     Covenant
Defeasance. Upon the Company’s exercise under Section 13.01 of the option applicable to this Section 13.03,
each of the Company and the Guarantors shall be released from its respective obligations under any covenant contained in Section 8.01
and 8.02 and in Section 10.05 and 10.07 through and including 10.18 and in 10.20 with respect to the Outstanding Notes on
and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the
Notes shall thereafter be deemed not to be “Outstanding” for the purposes of any direction, waiver, consent or declaration
or Act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding”
for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Notes,
the Company or any Guarantor, as applicable, may omit to comply with and shall have no liability in respect of any term, condition
or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any
such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under Section 5.01(3), 5.01(4), 5.01(5), 5.01(7) and
5.01(8) and, with respect to only any Significant Subsidiary and not the Company, Section 5.01(6), but, except as specified
above, the remainder of this Indenture and such Notes shall be unaffected thereby.

 

Section 13.04     Conditions
to Legal Defeasance or Covenant Defeasance. The following shall be the conditions to application of either Section 13.02
or Section 13.03 to the Outstanding Notes:

 

(1)            the
Company shall irrevocably have deposited with the Trustee (or another trustee satisfying the requirements of Section 6.08
who shall agree to comply with the provisions of this Article Thirteen applicable to it) in trust for the benefit of Holders
of such Notes; (A) cash in U.S. dollars, or (B) non-callable Government Securities, or
(C) a combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally recognized firm of independent
public accountants to pay, and which shall be applied by the Trustee (or other qualifying trustee) to pay, the principal of, premium,
if any, and interest due on the Outstanding Notes on the Stated Maturity or Redemption Date, as the case may be; provided
that the Trustee shall have been irrevocably instructed to apply such cash or the proceeds of such Government Securities to said
payments with respect to the Notes; before such a deposit, the Company may give to the Trustee, in accordance with Section 11.04
hereof, a notice of its election to redeem all of the
Outstanding Notes at a future date in accordance with Article Eleven hereof, which notice
shall be irrevocable; such irrevocable redemption notice, if given, shall be given effect in applying the foregoing;

 

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(2)            in
the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States confirming
that, subject to customary assumptions and exclusions,

 

(A)            the
Company has received from, or there has been published by, the United States Internal Revenue Service a ruling, or

 

(B)            since
the issuance of the Notes, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect that, and based thereon such Opinion
of Counsel in the United States shall confirm that, subject to customary assumptions and exclusions, the beneficial owners of
the Outstanding Notes shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal
Defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Legal Defeasance had not occurred;

 

(3)            in
the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States confirming
that, subject to customary assumptions and exclusions, the beneficial owners of the Outstanding Notes shall not recognize income,
gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and shall be subject to such tax on
the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(4)            no
Default (other than that resulting from borrowing funds to be applied to make such deposit and the granting of Liens in connection
therewith) shall have occurred and be continuing on the date of such deposit;

 

(5)            such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any Credit
Facility or any other material agreement or instrument (other than this Indenture) to which, the Company or any Guarantor is a
party or by which the Company or any Guarantor is bound;

 

(6)            the
Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company
with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or any Guarantor or others; and

 

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(7)            the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel in the United States of America
(which Opinion of Counsel may be subject to customary assumptions
and exclusions) each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance, as the
case may be, have been complied with.

 

Notwithstanding the foregoing, the Opinion
of Counsel required by clause (2) above with respect to Legal Defeasance need not be delivered if all Notes not theretofore
delivered to the Trustee for cancellation (A) have become due and payable by reason of the making of a notice of redemption
or otherwise, (B) will become due and payable within one year or (C) are to be called for redemption within one year
under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense,
of the Company.

 

Section 13.05     Deposited
Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. All cash and Government Securities (including
the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 13.05,
the “Qualifying Trustee”) pursuant to Section 13.04 in respect of the Outstanding Notes shall be held
in trust and applied by the Qualifying Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company or a Subsidiary acting as its own Paying Agent) as the Qualifying
Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal (and premium,
if any) and interest, but such money or Government Securities need not be segregated from other funds except to the extent required
by law.

 

The Company shall pay and indemnify the
Qualifying Trustee against any tax, fee or other charge imposed on or assessed against the Government Securities deposited pursuant
to Section 13.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the beneficial owners of the Outstanding Notes.

 

Anything in this Article Thirteen
to the contrary notwithstanding, the Qualifying Trustee shall deliver or pay to the Company from time to time upon Company Request
any money or Government Securities held by it as provided in Section 13.04 which, in the opinion of a nationally recognized
firm of independent public accountants, expressed in a written certification thereof delivered to the Qualifying Trustee, are
in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant
Defeasance, as applicable, in accordance with this Article Thirteen.

 

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Section 13.06     Reinstatement.
If the Trustee or any Paying Agent is unable to apply any money or Government Securities in accordance with Section 13.05
by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company’s and each Guarantor’s obligations under this Indenture and the Outstanding Notes shall
be revived and reinstated as though no deposit had occurred pursuant to Section 13.02 or 13.03, as the case may be, until
such time as the Trustee or Paying Agent is permitted to apply all such money or Government Securities in accordance with Section 13.05;
provided, however, that (a) if the Company makes any payment of principal of (or premium, if any) or interest
on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such
Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent; and (b) unless
otherwise required by any legal proceeding or any other order or judgment of any court or governmental authority, the Trustee
or Paying Agent (if other than the Company) shall return all such money and Government Securities to the Company promptly after
receiving a written request therefor at any time, if such reinstatement of the Company’s obligations has occurred and continues
to be in effect.

 

Section 13.07     Repayment
to Company. Subject to any laws relating to abandoned property, any money deposited with the Trustee or any Paying Agent,
or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining
unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the
Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall
thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, shall thereupon cease.

 

Article Fourteen

 

Intercreditor
Agreement AND COLLATERAL TRUST AGREEMENT

 

Section 14.01     Intercreditor
Agreement.

 

(a)            Each
Holder by accepting a Note agrees that the Note Liens are subject to the terms of the Intercreditor Agreement. The Holders by
accepting a Note hereby authorize and direct the Collateral Trustee to enter into the Intercreditor Agreement on behalf of the
Holders and the Trustee and agree that the Holders shall comply with the provisions of the Intercreditor Agreement applicable
to them in their capacities as such to the same extent as if the Holders were parties thereto. In the event of any conflict or
inconsistency among the provisions of this Indenture or the Security Agreement or the Mortgages, on the one hand, and the Intercreditor
Agreement, on the other hand, the provisions of the Intercreditor Agreement shall control.

 

(b)            So
long as no Event of Default has occurred and is continuing, the Collateral Trustee shall, upon written request of the Company
(and upon receipt of an Officer’s Certificate and Opinion of Counsel complying with Sections 1.03 and 9.03), enter into
amendments or joinders to the Intercreditor Agreement or an additional intercreditor agreement, in each case without the consent
of any Holder, with the agent for the holders of any Permitted ABL Obligations on terms and conditions that, in the good faith
determination of the Company, are not less favorable, taken as a whole, to the Holders of Notes than the terms of the Intercreditor
Agreement and thereafter such amended or new intercreditor agreement shall be deemed to be the Intercreditor Agreement for all
purposes of this Indenture.

 

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Section 14.02     Collateral
Trust Agreement.

 

(a)            Each
Holder by accepting a Note agrees that the Note Liens are subject to the terms of the Collateral Trust Agreement. The Holders
by accepting a Note hereby authorize the Trustee and the Collateral Trustee to enter into the Collateral Trust Agreement on behalf
of the Holders and agree that the Holders shall comply with the provisions of the Collateral Trust Agreement applicable to them
in their capacities as such to the same extent as if the Holders were parties thereto. In the event of any conflict or inconsistency
among the provisions of this Indenture or the Security Agreement or the Mortgages, on the one hand, and the Collateral Trust Agreement,
on the other hand, the provisions of the Collateral Trust Agreement shall control.

 

So long as no Event of Default has occurred
and is continuing, the Trustee shall, upon written request of the Company enter into and/or direct the Collateral Trustee to enter
into amendments or joinders to the Collateral Trust Agreement in accordance with its terms and Article Nine hereof.

 

Article Fifteen

 

Collateral

 

Section 15.01     Security
Documents. The Indenture Obligations are secured as provided in the Security Documents and will be secured by Security Documents
hereafter delivered as required or permitted by this Indenture. The Company shall, and shall cause each Guarantor to, and each
Guarantor shall, make all filings (including filings of continuation statements and amendments to UCC financing statements that
may be necessary to continue the effectiveness of such UCC financing statements) as are required by the Security Documents to
maintain (at the sole cost and expense of the Company and the Guarantors) the security interest created by the Security Documents
in the Collateral as a perfected security interest to the extent perfection is required by the Security Documents, subject only
to Permitted Liens.

 

Each Holder, by accepting a Note, acknowledges
that, as more fully set forth in the Security Documents, the Collateral as now or hereafter constituted shall be held for the
benefit of all the Holders subject to and qualified and limited in all respects by the Intercreditor Agreement, Collateral Trust
Agreement and the other the Security Documents and actions that may be taken thereunder.

 

Section 15.02     Collateral
Trustee.

 

(a)            U.S.
Bank National Association is hereby designated and appointed as the Collateral Trustee of
the Holders under the Security Documents, and is authorized as the Collateral Trustee for such Holders to execute and enter into
each of the Security Documents and all other instruments relating to the Security Documents and (i) to take action and exercise
such powers and remedies as are expressly required or permitted hereunder and under the Security Documents and all instruments
relating hereto and thereto and (ii) to exercise such powers and perform such duties as are, in each case, expressly delegated
to the Collateral Trustee by the terms hereof and thereof, together with such other powers as are reasonably incidental hereto
and thereto. The Collateral Trustee shall have all the rights and protections provided in the Security Documents and, additionally,
shall have all the rights and protections provided to the “Trustee” under Article Six (it being understood that
the standard of care of the Collateral Trustee shall be as set forth in Section 5.5 of the Collateral Trust Agreement).

 

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(b)            Subject
to Section 5.5 of the Collateral Trust Agreement, and subject to Section 6.01 hereof, none of the Collateral Trustee,
Trustee, Paying Agent, Note Registrar, such other agent nor any of their respective officers, directors, employees, attorneys
or agents will be responsible or liable for the existence, genuineness, value or protection of any Collateral, for the legality,
enforceability, effectiveness or sufficiency of the Security Documents or the Intercreditor Agreement or for the creation, perfection,
maintenance, priority, sufficiency or protection of any Note Liens. Neither the Trustee nor the Collateral Trustee shall be responsible
for filing any financing statement, continuation statement or other document, agreement or instrument to perfect or maintain the
perfection of the Note Liens.

 

(c)            Except
as required or permitted by this Indenture, the Collateral Trust Agreement or the other Security Documents, the Holders, by accepting
a Note, acknowledge that the Collateral Trustee will not be obligated to take any action whatsoever
with regard to any or all of the Note Liens, Security Documents or Collateral.

 

(d)            Beyond
the exercise of reasonable care in the custody of Collateral in its possession, neither the Collateral Trustee nor the Trustee
shall have any duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or
any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto, and neither the
Collateral Trustee nor the Trustee will be responsible for filing any financing or continuation statements or recording any documents
or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any Liens on
the Collateral. The Collateral Trustee and Trustee will be deemed to have exercised reasonable care in the custody of the Collateral
in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property, and the
Collateral Trustee and Trustee will not be liable or responsible for any loss or diminution in the value of any of the Collateral
by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral Trustee
of Trustee in good faith.

 

(e)            Neither
the Collateral Trustee nor the Trustee will be responsible for the existence, genuineness or value of any of the Collateral or
for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation
of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes
gross negligence or willful misconduct on the part of the Collateral Trustee of Trustee, for the validity or sufficiency of the
Collateral or any agreement or assignment contained therein, for the validity of the title of any Grantor to the Collateral, for
insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the
maintenance of the Collateral. Each of the Trustee and the Collateral Trustee hereby disclaims any representation or warranty
to the current and future holders of the Permitted Notes Obligations concerning the perfection of the security interests granted
to it or in the value of any Collateral.

 

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(f)            The
parties hereto and the Holders hereby agree and acknowledge that neither the Trustee nor the Collateral Trustee shall assume,
be responsible for or otherwise be obligated for any liabilities, claims, causes of action, suits, losses, allegations, requests,
demands, penalties, fines, settlements, damages (including foreseeable and unforeseeable), judgments, expenses and costs (including
but not limited to, any remediation, corrective action, response, removal or remedial action, or investigation, operations and
maintenance or monitoring costs, for personal injury or property damages, real or personal) of any kind whatsoever, pursuant to
any environmental law as a result of this Indenture, the Intercreditor Agreement, the Security Documents or any actions taken
pursuant hereto or thereto. Further, the parties hereto and the Holders hereby agree and acknowledge that in the exercise of its
rights under this Indenture, the Intercreditor Agreements and the Security Documents, the Trustee and the Collateral Trustee may
hold or obtain indicia of ownership primarily to protect the security interest of the Trustee and the Collateral Trustee in the
Collateral and that any such actions taken by the Trustee or the Collateral Trustee shall not be construed as or otherwise constitute
any participation in the management of such Collateral. In the event that the Trustee or the Collateral Trustee is required to
acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any
fiduciary or trust obligation for the benefit of another, which in the Trustee’s or the Collateral Trustee’s sole
discretion may cause the Trustee or the Collateral Trustee to be considered an “owner or operator” under the provisions
of the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), 42 U.S.C. §9601, et seq.,
or otherwise cause the Trustee or the Collateral Trustee to incur liability under CERCLA or any other federal, state or local
law, the Trustee and the Collateral Trustee reserve the right, instead of taking such action, to either resign as Trustee or Collateral
Trustee or arrange for the transfer of the title or control of the asset to a court-appointed receiver. Neither the Trustee or
the Collateral Trustee shall be liable to the Company, the Guarantors or any other Person for any environmental claims or contribution
actions under any federal, state or local law, rule or regulation by reason of the Trustee’s or the Collateral Trustee’s
actions and conduct as authorized, empowered and directed hereunder or under the Security Documents or relating to the discharge,
release or threatened release of hazardous materials into the environment. If at any time it is necessary or advisable for property
to be possessed, owned, operated or managed by any Person (including the Trustee or the Collateral Trustee) other than the Company
or the Guarantors, the Holders of a majority in aggregate principal amount of the then outstanding Notes affected thereby shall
direct the Trustee or the Collateral Trustee to appoint an appropriately qualified Person (excluding the Trustee or the Collateral
Trustee) who they shall designate to possess, own, operate or manage, as the case may be, the property.

 

Section 15.03     Authorization
of Actions to Be Taken.

 

(a)            Each
Holder of Notes, by its acceptance thereof, consents and agrees to the terms of each Security Document, as originally in effect
and as amended, supplemented or replaced from time to time in accordance with its terms or the terms of this Indenture, authorizes
and directs the Collateral Trustee to enter into the Security Documents to which it is a party, authorizes and empowers the Collateral
Trustee to execute and deliver the Intercreditor Agreement, the Collateral Trust Agreement and authorizes and empowers the Collateral
Trustee to bind the Holders of Notes as set forth in the Security Documents to which the Collateral Trustee is a party and the
Intercreditor Agreement and to perform its obligations and exercise its rights and powers thereunder.

 

    148 

     

    

 

(b)            The
Trustee is authorized and empowered to receive for the benefit of the Holders of Notes any funds collected or distributed to the
Collateral Trustee under the Security Documents to which the Collateral Trustee is a party and, subject to the terms of the Security
Documents, to make further distributions of such funds to the Holders of Notes according to the provisions of this Indenture.

 

(c)            Subject
to the provisions of Section 6.01, Section 6.03, and the Security Documents, the Trustee may, without the consent of
the Holders, direct, on behalf of the Holders, the Collateral Trustee to take all actions it deems necessary or appropriate in
order to:

 

(1)            foreclose
upon or otherwise enforce any or all of the Note Liens;

 

(2)            enforce
any of the terms of the Security Documents to which the Collateral Trustee is a party;

 

(3)            collect
and receive payment of any and all Obligations; or

 

(4)            give
effect to any Permitted Lien or to cause or permit such Permitted Lien to have the priority provided herein.

 

(d)            Subject
to the Intercreditor Agreement, the Collateral Trust Agreement and the other Security Documents and at the Company’s sole
cost and expense, the Trustee is hereby authorized and empowered by each Holder of Notes (by its acceptance thereof) to institute
and maintain, or direct the Collateral Trustee to institute and maintain, such suits and proceedings as it may deem reasonably
expedient to protect or enforce the Note Liens or the Security Documents to which the Collateral Trustee or Trustee is a party
or to prevent any impairment of Collateral by any acts that may be unlawful or in violation of the Security Documents or this
Indenture, and such suits and proceedings as the Trustee may deem reasonably expedient, at the Company’s sole cost and expense,
to preserve or protect its interests and the interests of the Holders of Notes in the Collateral, including power to institute
and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment,
rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment,
rule or order would impair the Note Liens or be prejudicial to the interests of Holders or the Trustee.

 

Section 15.04     Release
of Collateral. The Collateral Trustee will not release or subordinate any Lien of the Collateral Trustee or consent to the
release or subordination of any Lien of the Collateral Trustee, except:

 

(1)            in
whole, upon (A) payment in full and discharge of all outstanding Permitted Notes Debt and all other Permitted Notes Obligations
that are outstanding, due and payable at the time all of the Permitted Notes Debt is paid in full and discharged and (B) termination
or expiration of all commitments to extend credit under all Permitted Notes Documents;

 

(2)            as
to any Collateral that is sold, transferred or otherwise disposed of by the Company or any other Guarantor to a Person that is
not (either before or after such sale, transfer or disposition) the Company or a Restricted Subsidiary in a transaction or other
circumstance that is not prohibited by the terms hereof, at the time of such sale, transfer or other disposition or to the extent
of the interest sold, transferred or otherwise disposed of;

 

    149 

     

    

 

(3)            as
to a release of less than all or substantially all of the Collateral, if consent to the release of all Permitted Notes Liens on
such Collateral has been given by an Act of Required Debtholders accompanied by an Officer’s Certificate and Opinion of
Counsel to the effect that the release is permitted by the terms hereof;

 

(4)            as
to a release of all or substantially all of the Collateral, if (A) consent to release of that Collateral has been given by
the requisite percentage or number of holders of each Series of Permitted Notes Debt at the time outstanding as provided
for in the applicable Permitted Notes Documents and (B) the Company has delivered an Officer’s Certificate and Opinion
of Counsel to the Collateral Trustee certifying that any such necessary consents have been obtained;

 

(5)            as
provided in the Intercreditor Agreement with respect to Priority ABL Collateral;

 

(6)            notwithstanding
any of the foregoing, if the Collateral Trustee is exercising its rights or remedies with respect to the Collateral under the
Priority Lien Collateral Documents pursuant to an Act of Required Debtholders, and the Collateral Trustee releases any of the
Priority Liens on any part of the Collateral or any Grantor is released from its obligations under its guarantee of the Priority
Lien Notes Obligations in connection therewith, then the Parity Liens on such Collateral and the obligations of such Grantor under
its guarantee of the Parity Lien Notes Obligations, shall be automatically, unconditionally and simultaneously released. If in
connection with any exercise of rights and remedies by the Collateral Trustee under the Priority Lien Collateral Documents pursuant
to an Act of Required Debtholders, the equity interests of any Person are foreclosed upon or otherwise disposed of and the Collateral
Trustee releases Priority Lien on the property or assets of such Person then the Parity Liens with respect to the property or
assets of such Person will be concurrently and automatically released to the same extent as the Priority Liens on such property
or assets are released;

 

(7)            as
directed by an Act of Required Debtholders accompanied by an Officer’s Certificate to the effect that the release or subordination
was permitted by each applicable Permitted Notes Document; and

 

(8)            as
ordered pursuant to applicable law under a final and nonappealable order or judgment of a court of competent jurisdiction;

 

(9)            for
the subordination of the Junior Trust Estate and the Parity Liens to the Senior Trust Estate and the Priority Liens; and

 

(10)            for
the release or subordination of the Trust Estates and the Permitted Notes Liens to the extent required by the Intercreditor Agreement.

 

    150 

     

    

 

In connection with the execution of any release by the Collateral
Trustee, the Company shall provide the Collateral Trustee an Opinion of Counsel and an Officer’s Certificate.

 

Section 15.05     [Reserved].

 

Section 15.06     Powers
Exercisable by Receiver or Trustee. In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed,
the powers conferred in this Article Fifteen upon the Company or a Guarantor with respect to the release, subordination,
sale or other disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver
or trustee shall be deemed the equivalent of any similar instrument of the Company or a Guarantor or of any officer or officers
thereof required by the provisions of this Article Fifteen; and if the Trustee or the Collateral Trustee shall be in the
possession of the Collateral under any provision of this Indenture, then such powers may be exercised by the Trustee or the Collateral
Trustee, as the case may be.

 

Section 15.07     Voting.
In connection with any matter under the Security Documents or the Intercreditor Agreement requiring a vote of holders of Secured
Obligations (as defined in the Security Agreement), the holders of such Secured Obligations shall be treated as a single class
and the Holders shall cast their votes in accordance with this Indenture. The amount of the Notes to be voted by the Holders will
equal the aggregate outstanding principal amount of the Notes. Following and in accordance with the outcome of the applicable
vote under this Indenture, the Trustee shall vote the total amount of the Notes as a block in respect of any vote under the Security
Documents or the Intercreditor Agreement.

 

Section 15.08     Post-Closing
Collateral.

 

(a)            The
Company and applicable Guarantors shall deliver to the Collateral Trustee, as promptly as practical but in no event later than
one hundred eighty (180) days after the Issue Date or as soon as practicable thereafter using commercially reasonable efforts,
the following:

 

(1)            Executed
counterparts of one or more Mortgages on the Material Real Property duly executed and acknowledged by the Company or such Guarantor,
and otherwise in form for recording in the recording office of each applicable political subdivision where each Premises is situated,
together with such certificates, affidavits, questionnaires or returns as shall be reasonably required in connection with the
recording or filing thereof and evidence of the completion (or satisfactory arrangements for the completion) of all recordings
and filings of such Mortgage (and payment of any taxes or fees in connection therewith), together with any necessary fixture filings,
as may be necessary to create a valid, perfected first priority Lien subject only to Permitted Liens, against Premises purported
to be covered thereby;

 

    151 

     

    

 

(2)            mortgagee’s
title insurance policies (or a binding pro forma title insurance policy on marked up unconditional binder of title insurance)
in favor of the Collateral Trustee, and its successors and/or assigns, in the form necessary, with respect to the Premises purported
to be covered by the applicable Mortgages, which shall insure that the interests created by the Mortgages constitute valid Liens
on the applicable Premises, free and clear of all Liens, defects and encumbrances, other than Permitted Liens. All such title
policies to be in amounts equal to the estimated fair market value of the Premises covered thereby, and such policies shall also
include, to the extent available, all such endorsements as shall be reasonably required in transactions of similar size and purpose
and shall be accompanied by evidence of the payment in full by the Company or the applicable Guarantor of all premiums thereon
(or that satisfactory arrangements for such payment have been made) and that all charges for mortgage recording taxes, filing
and recording fees and all related expenses, if any, have been paid;

 

(3)            (i) customary
local counsel opinions regarding the enforceability and perfection of the Mortgages and (ii) customary opinions of counsel
in the jurisdiction of organization of the owner of the applicable Premises regarding due authorization, execution and delivery
of the Mortgages;

 

(4)            an
ALTA survey or other survey of the sites of the Premises (and the title insurance company issuing the policy referred to in clause
(2) above (the “Title Insurance Company”) shall have received the same) certified to the Collateral Trustee and
the Title Insurance Company in a manner customary for the type of real property subject to such survey, dated as of a date that
is reasonably satisfactory to the Title Insurance Company by an independent professional licensed land surveyor reasonably satisfactory
to the Title Insurance Company, or in lieu thereof, existing surveys, together with any affidavits on certificates required by
the Title Insurance Company as shall be sufficient to enable the Title Insurance Company to remove any standard survey exceptions
from the applicable title insurance policy and issue customary survey-dependent endorsements to the applicable title insurance
policy;

 

(5)            an
Officer’s Certificate from the Company certifying that the above requirements have been satisfied and the Company is in
compliance with such provisions; and

 

(6)            such
other evidence that all other actions that are reasonably necessary in order to create a valid first priority lien (subject to
Permitted Liens) on such Material Real Property have been taken.

 

(b)            The
Company and applicable Guarantors shall deliver to the Collateral Trustee, as promptly as practical but in no event later than
one-hundred-eighty (180) days after the Issue Date, or as soon as practicable thereafter using commercially reasonable efforts,
the following:

 

(1)            Copies
of certificates of liability and property insurance of the Company and the Guarantors, including evidence of property insurance
coverage for the Mortgaged Properties, together with an endorsement which shall name the Collateral Trustee as additional insured
under the liability policies and lenders’ loss payee and mortgagee under the property policies;

 

(2)            The
Company and applicable Guarantors shall have entered into a securities account control agreement (to among other things, perfect
the Collateral Trustee’s security interest) in respect of the Company's and applicable Guarantor’s accounts (including
securities accounts) other than the Excluded Accounts (as defined in the Security Agreement), except to the extent that the ABL
Collateral Agent or ABL Administrative Agent acts as the security intermediary for such account (and the Intercreditor Agreement
remains in effect); and

 

(3)            an
Officer’s Certificate from the Company certifying that the above requirements have been satisfied and the Company is in
compliance with such provisions.

 

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IN WITNESS WHEREOF, the parties hereto
have caused this Indenture to be duly executed as of the day and year first above written.

 

	 	Winnebago Industries, Inc.
	 	 
	 	 
	 	 	By:	/s/ Bryan L. Hughes
	 	 	Name: 	Bryan L. Hughes
	 	 	Title:	Vice President and Chief Financial Officer

 

 

	 	 	Winnebago of Indiana, LLC, as a Guarantor
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Bert Jameson
	 	 	Name: Bert Jameson
	 	 	Title: Treasurer
	 	 	 	 
	 	 	 	 
	 	 	Grand Design RV LLC, as a Guarantor
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Bert Jameson
	 	 	Name: Bert Jameson
	 	 	Title: Treasurer
	 	 	 	 
	 	 	 	 
	 	 	Octavius Corporation, as a Guarantor
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Bryan L. Hughes
	 	 	Name: Bryan L. Hughes
	 	 	Title: Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	Newmar Corporation, as a Guarantor
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Bert Jameson
	 	 	Name: Bert Jameson
	 	 	Title: Treasurer

 

[Signature Page to Indenture]

 

     

     

    

 

	 	 	U.S. Bank National Association,
	 	 	as Trustee and Collateral Trustee
	 	 	 
	 	 	 
	 	 	By:	/s/ Linda Garcia
	 	 	Name: Linda Garcia
	 	 	Title: Vice President

 

[Signature Page to Indenture]

 

     

     

    

 

SCHEDULE
I

 

Guarantors

 

		1.	Winnebago of Indiana, LLC

 

		2.	Grand Design RV LLC

 

		3.	Octavius Corporation

 

		4.	Newmar Corporation

 

     

     

    

 

Rule 144A /
Regulation S Appendix

 

PROVISIONS RELATING TO INITIAL NOTES

 

		1.	Definitions.

 

1.1            Definitions.

 

For
the purposes of this Appendix the following terms shall have the meanings indicated below:

 

“Applicable Procedures” means,
with respect to any transfer or transaction involving a Temporary Regulation S Global Note or beneficial interest therein, the
rules and procedures of the Depository for such a Temporary Regulation S Global Note, to the extent applicable to such transaction
and as in effect from time to time.

 

“Certificated Note” means a
certificated Initial Note (other than a Global Note) bearing, if required, the appropriate restricted notes legend set forth in
Section 2.3(e) of this Appendix.

 

“Depository” means The Depository
Trust Company, its nominees and their respective successors.

 

“Distribution Compliance Period,”
with respect to any Notes, means the period of 40 consecutive days beginning on and including the later of (i) the day on
which such Notes are first offered to Persons other than distributors (as defined in Regulation S under the Securities Act) in
reliance on Regulation S and (ii) the issue date with respect to such Notes.

 

“Initial Notes” means (1) $300,000,000
aggregate principal amount of 6.250% Senior Secured Notes Due 2028 issued on the Issue Date and (2) Additional Notes, if
any, issued in a transaction exempt from the registration requirements of the Securities Act.

 

“Initial Purchasers” means
(1) with respect to the Initial Notes issued on the Issue Date each of J.P. Morgan Securities LLC, Goldman Sachs &
Co. LLC and BMO Capital Markets Cop. and (2) with respect to each issuance of Additional Notes, the Persons purchasing such
Additional Notes under the related Purchase Agreement.

 

“Notes” means the Initial Notes
and any Additional Notes, treated as a single class.

 

“Notes Custodian” means the
custodian with respect to a Global Note (as appointed by the Depository), or any successor Person thereto and shall initially
be the Trustee.

 

“Purchase Agreement” means
(1) with respect to the Initial Notes issued on the Issue Date, the Purchase Agreement dated June 30, 2020, among the
Company and the Initial Purchasers, and (2) with respect to each issuance of Additional Notes, the purchase agreement or
underwriting agreement among the Company and the Persons purchasing such Additional Notes.

 

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

 

    1 

     

    

 

“Securities Act” means the
Securities Act of 1933, as amended.

 

“Transfer
Restricted Notes” means Notes that bear or are required to bear the legend relating to restrictions on transfer relating
to the Securities Act set forth in Section 2.3(e) hereto.

 

1.2            Other
Definitions.

 

	Term	 	Defined
    in Section:	 
	“Agent Members”	 	 	2.1	(b)
	“Global Notes”	 	 	2.1	(a)
	“OID Legend”	 	 	2.3	(e)(i)
	“Permanent Regulation S Global Note”	 	 	2.1	(a)
	“Regulation S”	 	 	2.1	(a)
	“Regulation S Global Note”	 	 	2.1	(a)
	“Rule 144A”	 	 	2.1	(a)
	“Rule 144A Global Note”	 	 	2.1	(a)
	“Temporary Regulation S Global Note”	 	 	2.1	(a)

 

1.3            Capitalized
terms used in this Appendix, but not defined, have the meanings ascribed to such terms in the Indenture to which this Appendix
is attached.

 

		2.	The Notes.

 

2.1            (a) Form and
Dating. The Initial Notes shall be offered and sold by the Company pursuant to the Purchase Agreement. The Initial Notes shall
be resold initially only to (i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”)
and (ii) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S under the Securities Act
(“Regulation S”). Initial Notes may thereafter be transferred to, among others, QIBs and purchasers in
reliance on Regulation S, subject to the restrictions on transfer set forth herein. Initial Notes initially resold pursuant to
Rule 144A shall be issued initially in the form of one or more permanent global Notes in definitive, fully registered form
(collectively, the “Rule 144A Global Note”); and Initial Notes initially resold pursuant to Regulation
S shall be issued initially in the form of one or more temporary global notes in fully registered form (collectively, the “Temporary
Regulation S Global Note”), in each case without interest coupons and with the global notes legend and the applicable
restricted notes legend set forth in Exhibit 1 hereto, which shall be deposited on behalf of the purchasers of the Initial
Notes represented thereby with the Notes Custodian and registered in the name of the Depository or a nominee of the Depository,
duly executed by the Company and authenticated by the Trustee as provided in this Indenture. Except as set forth in this Section 2.1(a),
beneficial ownership interests in the Temporary Regulation S Global Note shall be held only through the Euroclear System (“Euroclear”)
and Clearstream Banking, S.A. (“Clearstream”) (as indirect participants in the Depository) and shall not be
exchangeable for interests in the Rule 144A Global Note, a permanent Regulation S global note in fully registered form (the
 “Permanent Regulation S Global Note” and together with the Temporary Regulation S Global Note, the “Regulation
S Global Note”) or any other Note prior to the expiration of the Distribution Compliance Period and then, after the
expiration of the Distribution Compliance Period, may be exchanged for interests in a Rule 144A Global Note or the Permanent
Regulation S Global Note only upon certification in the form attached hereto as Exhibit 3 or otherwise in a form satisfactory
to the Trustee that beneficial ownership interests in such Temporary Regulation S Global Note are owned either by Non-U.S. Persons
or U.S. Persons who purchased such interests in a transaction that is exempt from the registration requirements under the Securities
Act.

 

    2 

     

    

 

Prior to the expiration of the Distribution
Compliance Period, beneficial interests in Temporary Regulation S Global Notes may be exchanged for interests in Rule 144A
Global Notes if (1) such exchange occurs in connection with a transfer of Notes in compliance with Rule 144A and (2) the
transferor of the beneficial interest in the Temporary Regulation S Global Note first delivers to the Trustee a written certificate
(in a form substantially similar to that attached hereto as Exhibit 2) to the effect that the beneficial interest in the
Temporary Regulation S Global Note is being transferred (a) to a Person who the transferor reasonably believes to be
a QIB that is purchasing for its own account or the account of a QIB in a transaction meeting the requirements of Rule 144A,
and (b) in accordance with all applicable securities laws of the States of the United States and other jurisdictions.

 

Beneficial interests in a Rule 144A
Global Note may be transferred to a Person who takes delivery in the form of an interest in a Regulation S Global Note, whether
before or after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written
certificate (in a form substantially similar to that attached hereto as Exhibit 2) to the effect that such transfer is being
made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable).

 

The Rule 144A Global Note, the Temporary
Regulation S Global Note and the Permanent Regulation S Global Note are collectively referred to herein as “Global Notes.”
The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the
records of the Trustee and the Depository or its nominee as hereinafter provided.

 

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

 

The Company shall execute and the Trustee
shall, in accordance with this Section 2.1(b), authenticate and deliver initially one or more Global Notes that (a) shall
be registered in the name of the Depository or the nominee of the Depository and (b) shall be delivered by the Trustee to
the Depository or pursuant to the Depository’s instructions or held by the Trustee as custodian for the Depository.

 

Members of, or participants in, the Depository
(“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf
by the Depository or by the Trustee as the custodian of the Depository or under such Global Note, and the Company, the Trustee
and any agent of the Company or the Trustee shall be entitled to treat the Depository as the absolute owner of such Global Note
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent
of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository
or impair, as between the Depository and its Agent Members, the operation of customary practices of such Depository governing
the exercise of the rights of a Holder of a beneficial interest in any Global Note.

 

    3 

     

    

 

(c)            Certificated
Notes. Except as provided in this Section 2.1 or Section 2.3 or 2.4, owners of beneficial interests in Global Notes
shall not be entitled to receive physical delivery of Certificated Notes.

 

2.2            Authentication.
The Trustee shall upon receipt of a Company Order specified in Section 2.02 of the Indenture authenticate and deliver: (1) on
the Issue Date, an aggregate principal amount of $300,000,000 of 6.250% Senior Secured Notes Due 2028 and (2) any Additional
Notes for an original issue in an aggregate principal amount specified in the written order of the Company pursuant to Section 2.02
of the Indenture, in each case upon a Company Order signed by one Officer of the Company. Such Company Order shall specify the
amount of the Notes to be authenticated and the date on which the original issue of Notes is to be authenticated and, in the case
of any issuance of Additional Notes pursuant to Section 3.12 of the Indenture, shall certify that such issuance is in compliance
with Section 10.09 of the Indenture.

 

2.3            Transfer
and Exchange.

 

(a)            Transfer
and Exchange of Certificated Notes. When Certificated Notes are presented to the Note Registrar with a request:

 

(x)            to
register the transfer of such Certificated Notes; or

 

(y)            to
exchange such Certificated Notes for an equal principal amount of Certificated Notes of other authorized denominations,

 

the Note Registrar shall register the transfer or make the
exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Certificated
Notes surrendered for transfer or exchange:

 

(i)            shall
be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Note
Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and

 

(ii)            if
such Certificated Notes are required to bear a restricted notes legend, they are being transferred or exchanged pursuant to an
effective registration statement under the Securities Act, pursuant to Section 2.3(b) or pursuant to clause (A), (B) or
(C) below, and are accompanied by the following additional information and documents, as applicable:

 

(A)            if
such Certificated Notes are being delivered to the Note Registrar by a Holder for registration in the name of such Holder, without
transfer, a certification from such Holder to that effect; or

 

    4 

     

    

 

(B)            if
such Certificated Notes are being transferred to the Company, a certification to that effect; or

 

(C)            if
such Certificated Notes are being transferred (x) pursuant to an exemption from registration in accordance with Rule 144A,
Regulation S or Rule 144 under the Securities Act; or (y) in reliance upon another exemption from the requirements of
the Securities Act: (i) a certification to that effect (in the form set forth on the reverse of the Note) and (ii) if
the Company so requests, an Opinion of Counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions
set forth in the legend set forth in Section 2.3(e)(i).

 

(b)            Restrictions
on Transfer of a Certificated Note for a Beneficial Interest in a Global Note. A Certificated Note may not be exchanged for
a beneficial interest in a Rule 144A Global Note or a Permanent Regulation S Global Note except upon satisfaction of the
requirements set forth below. Upon receipt by the Trustee of a Certificated Note, duly endorsed or accompanied by appropriate
instruments of transfer, in form satisfactory to the Trustee, together with:

 

(i)            certification,
in a form substantially similar to that attached hereto as Exhibit 2, that such Certificated Note is either (A) being
transferred to a QIB in accordance with Rule 144A or (B) being transferred after expiration of the Distribution Compliance
Period by a Person who initially purchased such Note in reliance on Regulation S to a buyer who elects to hold its interest in
such Note in the form of a beneficial interest in the Permanent Regulation S Global Note; and

 

(ii)            written
instructions directing the Trustee to make, or to direct the Notes Custodian to make, an adjustment on its books and records with
respect to such Rule 144A Global Note (in the case of a transfer pursuant to clause (b)(i)(A)) or Permanent Regulation S
Global Note (in the case of a transfer pursuant to clause (b)(i)(B)) to reflect an increase in the aggregate principal amount
of the Notes represented by the Rule 144A Global Note or Permanent Regulation S Global Note, as applicable, such instructions
to contain information regarding the Depository account to be credited with such increase, then the Trustee shall cancel such
Certificated Note and cause, or direct the Notes Custodian to cause, in accordance with the standing instructions and procedures
existing between the Depository and the Notes Custodian, the aggregate principal amount of Notes represented by the Rule 144A
Global Note or Permanent Regulation S Global Note, as applicable, to be increased by the aggregate principal amount of the Certificated
Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial
interest in the Rule 144A Global Note or Permanent Regulation S Global Note, as applicable, equal to the principal amount
of the Certificated Note so canceled. If no Rule 144A Global Notes or Permanent Regulation S Global Notes, as applicable,
are then outstanding, the Company shall issue and the Trustee shall authenticate, upon receipt of a Company Order, a new Rule 144
A Global Note or Permanent Regulation S Global Note, as applicable, in the appropriate principal amount.

 

    5 

     

    

 

(c)            Transfer
and Exchange of Global Notes.

 

(i)            The
transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depository, in accordance
with this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depository
therefor. A transferor of a beneficial interest in a Global Note shall deliver to the Note Registrar a written order given in
accordance with the Depository’s procedures containing information regarding the participant account of the Depository to
be credited with a beneficial interest in the Global Note. The Note Registrar shall, in accordance with such instructions instruct
the Depository to credit to the account of the Person specified in such instructions a beneficial interest in the Global Note
and to debit the account of the Person making the transfer the beneficial interest in the Global Note being transferred.

 

(ii)            If
the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global Note,
the Note Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note
to which such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and
the Note Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the
Global Note from which such interest is being transferred.

 

(iii)            Notwithstanding
any other provisions of this Appendix (other than the provisions set forth in Section 2.4), a Global Note may not be transferred
as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another
nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository.

 

(iv)            In
the event that Global Note is exchanged for Certificated Notes pursuant to Section 2.4 of this Appendix, such Notes may be
exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3
(including the certification requirements set forth on the reverse of the Initial Notes (as set forth in Exhibit 2, hereto)
intended to ensure that such transfers comply with Rule 144A, Regulation S or another applicable exemption under the Securities
Act, as the case may be) and such other procedures as may from time to time be adopted by the Company.

 

(d)            Restrictions
on Transfer of Temporary Regulation S Global Notes. During the Distribution Compliance Period, beneficial ownership interests
in Temporary Regulation S Global Notes may only be sold, pledged or transferred in accordance with the Applicable Procedures
and only (i) to the Company, (ii) in an offshore transaction in accordance with Regulation S (other than a transaction
resulting in an exchange for an interest in a Permanent Regulation S Global Note), (iii) pursuant to an effective registration
statement under the Securities Act, in each case in accordance with any applicable securities laws of any State of the United
States.

 

    6 

     

    

 

(e)            Legend.

 

(i)            Except
as permitted by the following paragraphs (ii), (iii) and (iv), each Note certificate evidencing the Global Notes (and all
Notes issued in exchange therefor or in substitution thereof), in the case of Notes offered otherwise than in reliance on Regulation
S shall bear a legend in substantially the following form:

 

THE SECURITY (OR ITS PREDECESSOR)
EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY
EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5
OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF
THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (l)(a) INSIDE THE UNITED
STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A UNDER THE SECURITIES ACT. (b) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY IF THE COMPANY SO REQUESTS),
(2) TO THE COMPANY OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER
WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS
SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144
FOR RESALE OF THE SECURITY EVIDENCED HEREBY.

 

    7 

     

    

 

Each certificate evidencing a Note offered
in reliance on Regulation S shall, in addition to the foregoing, bear a legend in substantially the following form:

 

THE SECURITY EVIDENCED HEREBY WAS
ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
 “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY
U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE
STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

 

Each Certificated Note shall also bear
the following additional legend:

 

IN CONNECTION WITH ANY TRANSFER,
THE HOLDER WILL DELIVER TO THE NOTE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT
MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

To the extent required by Section 1275(c)(1)(A) of
the Internal Revenue Code of 1986, as amended, and Treasury Regulation Section 1.1275-3(b)(l), each Note issued at a discount
to its stated redemption price at maturity shall bear a legend (the “OID Legend”) in substantially the following form
(with any necessary amendments thereto to reflect any amendments occurring after the Issue Date to the applicable sections):

 

FOR THE PURPOSES OF SECTIONS 1272,
1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT. YOU
MAY CONTACT THE COMPANY AT WINNEBAGO INDUSTRIES, INC., 13200 PIONEER TRAIL, EDEN PRAIRIE, MINNESOTA 55347, ATTENTION:
GENERAL COUNSEL, AND THE COMPANY WILL PROVIDE YOU WITH THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE
AND THE YIELD TO MATURITY OF THIS SECURITY.

 

(ii)            Upon
any sale or transfer of a Transfer Restricted Note (including any Transfer Restricted Note represented by a Global Note) pursuant
to Rule 144 under the Securities Act, the Note Registrar shall permit the transferee thereof to exchange such Transfer Restricted
Note for a certificated Note that does not bear the legend set forth above and rescind any restriction on the transfer of such
Transfer Restricted Note, if the transferor thereof certifies in writing to the Note Registrar that
such sale or transfer was made in reliance on Rule 144 (such certification to be in the form set forth on the
reverse of the Note).

 

    8 

     

    

 

(f)            Cancellation
or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have been exchanged for Certificated
Notes, redeemed, purchased or canceled, such Global Note shall be returned to the Depository for cancellation or retained and
canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for
certificated Notes, redeemed, purchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced
and an adjustment shall be made on the books and records of the Trustee (if it is then the Notes Custodian for such Global Note)
with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction.

 

(g)            No
Obligation of the Trustee.

 

(i)            The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in
the Depository or other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant
or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member,
beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment
of any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all payments
to be made to Holders under the Notes shall be given or made only to or upon the order of the registered Holders (which shall
be the Depository or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised
only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall
be fully protected in relying upon information furnished by the Depository with respect to its members, participants and any beneficial
owners.

 

(ii)            The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depository participants, members or beneficial owners in any Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by,
the terms of the Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

(h)            To
the extent that any Notes are issued at a discount to their stated redemption price at maturity and bears the OID Legend, each
group of Notes bearing a given amount of original issue discount shall be treated as a separate series only for purposes of the
transfer and exchange provisions of this Section 2.3 and may trade under a separate CUSIP number.

 

    9 

     

    

 

2.4            Certificated
Notes.

 

(a)            A
Global Note deposited with the Depository or with the Trustee as Notes Custodian for the Depository pursuant to Section 2.1
shall be transferred to the beneficial owners thereof in the form of Certificated Notes in an aggregate principal amount equal
to the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.3
hereof and (i) the Depository notifies the Company that it is unwilling or unable to continue as depository for such Global
Note and the Depository fails to appoint a successor depository or if at any time such Depository ceases to be a “clearing
agency” registered under the Exchange Act, in either case, and a successor depository is not appointed by the Company within
90 days of such notice, or (ii) a Default has occurred and is continuing or (iii) if requested by a Holder of beneficial
interest in a Global Note.

 

(b)            Any
Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the
Depository to the Trustee located at its principal Corporate Trust Office to be so transferred, in whole or from time to time
in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note,
an equal aggregate principal amount of Certificated Notes of authorized denominations. Any portion of a Global Note transferred
pursuant to this Section 2.4 shall be executed, authenticated and delivered only in minimum denominations of $2,000 principal
amount and any integral multiple of $1,000 in excess thereof and registered in such names as the depository shall direct. Any
Certificated Note delivered in exchange for an interest in the Transfer Restricted Note shall, except as otherwise provided by
Section 2.3(e) hereof, bear the applicable restricted notes legend and certificated notes legend set forth in Exhibit I
hereto.

 

(c)            Subject
to the provisions of Section 2.4(b) hereof, the registered Holder of a Global Note shall be entitled to grant proxies
and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take
any action which a Holder is entitled to take under this Indenture or the Notes.

 

(d)            In
the event of the occurrence of one of the events specified in Section 2.4(a) hereof, the Company shall promptly make
available to the Trustee a reasonable supply of Certificated Notes in definitive, fully registered form without interest coupons.
In the event that such Certificated Notes are not issued, the Company expressly acknowledges, with respect to the right of any
Holder to pursue a remedy pursuant to this Indenture, including pursuant to Section 5.07, the right of any beneficial owner
of Notes to pursue such remedy with respect to the portion of the Global Note that represents such beneficial owner’s Notes
as if such Certificated Notes had been issued.

 

    10 

     

    

 

eXHIBIT
1

to Rule 144A / Regulation S Appendix

 

[FORM OF
FACE OF INITIAL NOTE]

 

[Global Notes Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK,
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[[FOR REGULATION S GLOBAL NOTE ONLY] UNTIL
40 DAYS AFTER THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED STATES
BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER
OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.]

 

[Restricted Notes Legend for Notes offered
otherwise

than in Reliance on Regulation S]

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED. (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION
HEREOF, THE HOLDER (I) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE
WITH RULE 904 UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO
WINNEBAGO INDUSTRIES, INC. (THE “COMPANY”) OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED
INVESTOR (AS DEFINED IN RULE 501(A)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT) (AN “ACCREDITED INVESTOR”)
THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF
WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION
IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144
UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS) OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A
NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND, AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED
STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

 

    1 

     

    

 

[Restricted Notes Legend for Notes Offered
in Reliance on Regulation S]

 

THIS SECURITY WAS ORIGINALLY ISSUED IN
A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933. AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES
LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

 

[Temporary Regulation S Global Note Legend]

 

EXCEPT AS SET FORTH BELOW, BENEFICIAL OWNERSHIP
INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL
NOTE OR ANY OTHER NOTE REPRESENTING AN INTEREST IN THE NOTES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS
ON TRANSFER, UNTIL THE EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(2) OF
REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE THAT
SUCH BENEFICIAL INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH INTERESTS IN A TRANSACTION THAT
DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP
INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED (I) TO THE COMPANY, (II) OUTSIDE
THE UNITED STATES IN A TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (III) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, HOLDERS OF INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL
NOTE WILL NOTIFY ANY PURCHASER OF THIS NOTE OF THE RESALE RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE.

 

    2 

     

    

 

AFTER THE EXPIRATION OF THE DISTRIBUTION
COMPLIANCE PERIOD BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE EXCHANGED FOR INTERESTS IN A RULE
144A GLOBAL NOTE ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE NOTES IN COMPLIANCE WITH RULE 144A
AND (2) THE TRANSFEROR OF THE REGULATION S GLOBAL NOTE FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED
TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL NOTE IS BEING TRANSFERRED (A) TO A PERSON WHO THE TRANSFEROR
REASONABLY BELIEVES TO BE A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, (B) TO A PERSON WHO IS PURCHASING
FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
AND (C) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.

 

BENEFICIAL INTERESTS IN A RULE 144A GLOBAL
NOTE MAY BE TRANSFERRED TO A PERSON WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN THE REGULATION S GLOBAL NOTE, WHETHER
BEFORE OR AFTER THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR FIRST DELIVERS TO THE TRUSTEE
A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT SUCH TRANSFER IS BEING MADE IN ACCORDANCE
WITH RULE 903 OR 904 OF REGULATION S OR RULE 144 (IF AVAILABLE).

 

[Certificated Notes Legend]

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE NOTE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

[OID Legend]

 

FOR THE PURPOSES OF SECTIONS 1272, 1273
AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT. YOU MAY CONTACT
THE COMPANY AT WINNEBAGO INDUSTRIES, INC., 13200 PIONEER TRAIL, EDEN PRAIRIE, MINNESOTA 55347 ATTENTION: GENERAL COUNSEL,
AND THE COMPANY WILL PROVIDE YOU WITH THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE AND THE YIELD TO
MATURITY OF THIS SECURITY.

 

    3 

     

    

 

	No.	$	

 

 

6.250% Senior Secured Notes Due 2028

 

CUSIP
No. [       ]

ISIN
No. [          ]

 

Winnebago Industries, Inc., an Iowa
corporation, promises to pay to [Cede & Co.], or registered assigns, the principal sum of  ___________ U.S.
Dollars [as may be increased or decreased on the attached Schedule of Increases or Decreases in Global Note] on July 15,
2028.

 

Interest Payment Dates: January 15 and July 15.

 

Record Dates: January 1 and July 1.

 

Additional provisions of this Note are set forth on the other
side of this Note.

 

    4 

     

    

 

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

 

	 	 	WINNEBAGO INDUSTRIES, INC.
	 	 	 	 
	 	 	By:	 
	 	 		Name:
	 	 		Title:
	 	 	 	 
	 	 	Dated:

 

    5 

     

    

 

This is one of the Notes referred to in the within-mentioned
Indenture.

 

	U.S. BANK NATIONAL ASSOCIATION, as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signatory	 
	 	 	 
	Dated:	 

 

    6 

    

 

 

[FORM OF REVERSE SIDE OF INITIAL NOTE]

 

6.250% Senior Secured
Note Due 2028

 

Capitalized terms used herein but not defined
herein shall have the meanings given to such terms in the Indenture.

 

		1.	Principal
                                         and Interest.

 

Winnebago Industries, Inc. (the “Company”)
shall pay the principal of this Note on July 15, 2028.

 

The Company promises to pay interest, if
any, on the principal amount of this Note on each Interest Payment Date, as set forth below, at the rate set forth below (subject
to adjustment as provided below).

 

Interest on the Notes shall accrue at the
rate of 6.250% per annum and be payable in cash.

 

Interest, if any, shall be payable semi-annually
(to the Holders of the Notes at the close of business on January 1 and July 1 (whether or not a Business Day) immediately
preceding the Interest Payment Date) on each Interest Payment Date, commencing January 15, 2021.

 

Interest on this Note shall accrue from
the most recent date to which interest has been paid or, if no interest has been paid, from July 8, 2020 (although any Additional
Notes may accrue interest starting at other dates, and the first Interest Payment Date may be a different date); provided
that, if there is no existing Default in the payment of interest and if this Note is authenticated between a Regular Record Date
referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding
Interest Payment Date. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

 

The Company shall pay interest, if any,
on overdue principal and premium, if any, and interest on overdue installments of interest, to the extent lawful, at a rate per
annum equal to the rate of interest applicable to the Notes.

 

		2.	Method
                                         of Payment.

 

The Company shall pay interest (except
Defaulted Interest) on the principal amount of the Notes on each January 15 and July 15 to the Persons who are Holders
(as reflected in the Note Register at the close of business on January 1 and July 1 immediately preceding the Interest
Payment Date), in each case, even if the Note is transferred or exchanged after such Regular Record Date, except as provided in
Section 3.06(b) with respect to Defaulted Interest; provided that, with respect to the payment of principal,
the Company shall make payment to the Holder that surrenders this Note to any Paying Agent on or after July 15, 2028.

 

The Company shall pay principal (premium,
if any) and interest in money of the United States that at the time of payment is legal tender for payment of public and private
debts.

 

    3 

     

    

 

However, the Company may pay principal
(premium, if any) and interest by its check payable in such money. The Company may pay interest on the Notes either (a) by
mailing a check for such interest to a Holder’s registered address (as reflected in the Note Register) or (b) by wire
transfer to an account located in the United States maintained by the payee. If a payment date is a date other than a Business
Day at a place of payment, payment may be made at that place on the next succeeding day that is a Business Day and no interest
shall accrue on such payment for the intervening period.

 

		3.	Paying Agent and Note Registrar.

 

Initially, U.S. Bank National Association
(the “Trustee”) shall act as Paying Agent and Note Registrar. The Company may change any Paying Agent or Note Registrar
upon written notice thereto and without notice to the Holders. The Company, any Subsidiary or any Affiliate of any of them may
act as Paying Agent, Note Registrar or co-registrar.

 

		4.	Indenture.

 

The Company issued the Notes under an Indenture
dated as of July 8, 2020 (the “Indenture”), among the Company, the Guarantors, the Trustee and the Collateral
Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are
referred to the Indenture for a statement of all such terms. In the event of any inconsistency between the terms of this Note
and the terms of the Indenture, the terms of the Indenture shall control. In the event of any inconsistency between (x) the
terms of the Security Documents and (y) the terms of this Note, the terms of the Security Documents shall control.

 

The Notes are secured senior obligations
of the Company. The Indenture does not limit the aggregate principal amount of the Notes. Subject to the conditions set forth
in the Indenture, the Company may issue Additional Notes.

 

		5.	Mandatory Redemption.

 

The Company is not required to make any
mandatory redemption or sinking fund payments with respect to the Notes.

 

		6.	Optional Redemption.

 

At any time prior to July 15, 2023,
the Company may also redeem all or a part of the Notes, upon not less than 15 nor more than 60 days’ prior notice, at a
redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid
interest, if any, to (but not including) the Redemption Date, subject to the rights of Holders on the relevant record date to
receive interest due on the relevant Interest Payment Date.

 

From
and after July 15, 2023, the Company may redeem the Notes, in whole or in part, upon not less than 15 nor more than 60 days’
prior notice at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid
interest, if any, thereon to (but not including) the applicable Redemption Date, subject to the right of Holders on the relevant
record date to receive interest due on the relevant Interest Payment Date, if redeemed during
the twelve-month period beginning on July 15 of each of the years indicated below:

 

    4 

     

    

 

 

	Year	 	Percentage	 
	2023	 	 	103.125	%
	2024	 	 	101.563	%
	2025 and thereafter	 	 	100.000	%

 

Prior to July 15, 2023, the Company
may, at its option, redeem up to 40% of the sum of the original aggregate principal amount of the Notes (including the original
principal amount of any Additional Notes) issued under the Indenture at a redemption price equal to 106.250% of the aggregate
principal amount thereof, plus accrued and unpaid interest thereon to (but not including) the applicable Redemption Date, subject
to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date, with the net
proceeds of one or more Equity Offerings of the Company or any direct or indirect parent of the Company to the extent such net
cash proceeds are contributed to the Company; provided that at least 60% of the sum of the aggregate principal amount of
Notes originally issued under the Indenture and the aggregate principal amount of any Additional Notes issued under the Indenture
after the Issue Date remains Outstanding immediately after the occurrence of each such redemption (unless all Notes are redeemed
concurrently); provided, further, that each such redemption occurs within 180 days of the date of closing of each
such Equity Offering.

 

		7.	Repurchase upon a Change of Control, Asset Sales and Loss Proceeds
                                         Sales.

 

Upon the occurrence of (a) a Change
of Control, the Holders shall have the right, pursuant to Section 10.15 of the Indenture, to require that the Company purchase
such Holder’s Outstanding Notes, in whole or in part, at a purchase price of 101% of the principal amount thereof, plus
accrued and unpaid interest, if any, to (but not including) the date of purchase and (b) Asset Sales, the Company may be
obligated, pursuant to Section 10.16 of the Indenture, to make offers to purchase Notes and Senior Indebtedness of the Company
with a portion of the Net Proceeds of such Asset Sales at a purchase price of 100% of the principal amount thereof plus accrued
and unpaid interest, if any, to (but not including) the date of purchase.

 

		8.	Denominations; Transfer; Exchange.

 

The Notes are in registered form without
coupons in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. A Holder may transfer
or exchange Notes in accordance with the Indenture. The Note Registrar and the Trustee may require a Holder, among other things,
to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required
by law or permitted by the Indenture. The Note Registrar need not register the transfer or exchange of a Note or portion of a
Note selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed)
or any Note or portion of a Note for a period of 15 days before a selection of Notes to be redeemed or 15 days before an Interest
Payment Date.

 

    5 

     

    

 

		9.	Persons Deemed Owners.

 

A registered Holder may be treated as the
owner of a Note for all purposes.

 

		10.	Unclaimed Money.

 

Subject to any laws relating to abandoned
property, if money for the payment of principal (premium, if any) or interest remains unclaimed for two years, the Trustee and
the Paying Agent shall pay the money back to the Company at its request or (if then held by the Company) shall be discharged from
such trust. After that, Holders entitled to the money must look to the Company for payment and all liability of the Trustee and
such Paying Agent with respect to such money, and all liability of the Company as trustee thereof, shall cease.

 

		11.	Discharge and Defeasance Prior to Redemption or Maturity.

 

Subject to satisfaction of conditions set
forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes pursuant to Article Four
of the Indenture.

 

		12.	Amendment; Supplement; Waiver.

 

The Indenture, the Notes and the Security
Documents may be amended as provided in Article Nine of the Indenture.

 

		13.	Successor Persons.

 

When a successor Person or other entity
assumes all the obligations of its predecessor under the Notes and the Indenture, the predecessor Person shall be released from
those obligations, subject to certain exceptions.

 

		14.	Remedies for Events of Default.

 

This Note is subject to certain Events
of Default and the remedy provisions of Article Five of the Indenture.

 

		15.	Guarantees.

 

The Company’s obligations under the
Notes are fully, irrevocably and unconditionally guaranteed on a secured senior basis, to the extent set forth in the Indenture,
by each of the Guarantors.

 

		16.	Trustee Dealings with Company.

 

The Trustee under the Indenture, in its
individual or any other capacity, may become the owner or pledgee of Notes and may make loans
to, accept deposits from, perform services for, and otherwise deal with, the Company and its Affiliates as if it were not the
Trustee.

 

    6 

     

    

 

		17.	Authentication.

 

This Note shall not be valid until the
Trustee signs the certificate of authentication on the other side of this Note.

 

		18.	Abbreviations.

 

Customary abbreviations may be used in
the name of a Holder or an assignee, such as: TEN COM (= tenants
in common), TEN ENT (= tenants by the entireties), JT TEN (=
joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian)
and U/G/M/A (= Uniform Gifts to Minors Act).

 

		19.	CUSIP and ISIN Numbers.

 

Pursuant to a recommendation promulgated
by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to
be printed on the Notes and has directed the Trustee to use CUSIP and ISIN numbers in notices of redemption as a convenience
to Holders. No representation is made as to the accuracy of such numbers either as printed
on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed
thereon.

 

		20.	Governing Law.

 

THIS SECURITY AND INDENTURE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

The Company shall furnish to any Holder
upon written request and without charge a copy of the Indenture. Requests may be made to Winnebago Industries, Inc., 13200
Pioneer Trail Eden Prairie, MN 55347, Attention: General Counsel.

 

    7 

     

    

 

eXHIBIT
2

to Rule 144A / Regulation S Appendix

 

ASSIGNMENT/TRANSFER FORM

 

To assign and transfer this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

(Print or
type assignee’s name, address and zip code)

 

(Insert
assignee’s soc. sec. or tax I.D. No.)

 

and irrevocably appoint _____________________ agent to transfer
this Note on the books of the Company. The agent may substitute another to act for him.

 

		Date:_______________	Your
                                         Signature:_______________

 

Sign exactly as your name appears on the other side of this
Note.

 

In connection with any transfer of any
of the Notes evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144(d) under
the Securities Act after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes
were owned by the Company or any Affiliate of the Company, the undersigned confirms that such Notes are being transferred in accordance
with its terms:

 

CHECK ONE BOX BELOW

 

to the Company; or

 

 ̈
pursuant to an effective registration statement under the Securities Act of 1933, as amended; or

 

 ̈
inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities
Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to
whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance
with Rule 144A under the Securities Act of 1933, as amended; or

 

 ̈
outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance
with Rule 904 under the Securities Act of 1933, as amended; or

 

    1 

     

    

 

 ̈
pursuant to the exemption from registration provided by Rule 144 under the Securities Act of 1933, as amended.

 

Unless one of the boxes is checked, the
Trustee shall refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered
holder thereof; provided, however, that if box (4) is checked, the Trustee shall be entitled to require, prior
to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Company has reasonably
requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such Act.

 

	Signature:  	

 

	Signature Guarantee:  	

 

	 	 	 
	Signature must be guaranteed	 	Signature

 

Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may
be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED.

 

The undersigned represents and warrants that it is purchasing
this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of
1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received
such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request
such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in
order to claim the exemption from registration provided by Rule 144A.

 

Dated:_______________

   Notice: To be executed by an executive
officer

 

    2 

     

    

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

 

The following increases or decreases in
this Global Note have been made:

 

	Date
    of Exchange	Amount
    of decrease in

    Principal amount of this 

    Global Note	Amount
    of increase in

    Principal amount of this 

    Global Note	Principal
    amount of this 

    Global Note following such

    decrease or increase	Signature
    of authorized 

    officer of Trustee or Notes

    Custodian
	 	 	 	 	 

 

    3 

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If
you want to elect to have this Note purchased by the Company pursuant to Section 10.15 or 10.16 of the Indenture, check the
box:  ̈

 

If you want to elect to have only part
of this Note purchased by the Company pursuant to Section 10.15 or 10.16 of the Indenture, state the amount in principal
amount: $

 

	Dated:__________________________	Your Signature:________________________________
	 	(Sign exactly as your name appears on the other side of this Note.)

 

 

Signature Guarantee:________________________________

(Signature must be guaranteed)

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    4 

     

    

 

eXHIBIT
3

to Rule 144A / Regulation S Appendix

 

FORM OF NON-U.S. BENEFICIAL OWNERSHIP

CERTIFICATION BY EUROCLEAR OR CLEARSTREAM LUXEMBOURG

 

[Date]

 

U.S.
Bank National Association

 

Re: 6.250% Senior Secured Notes due 2028
(the “Notes”) of Winnebago Industries, Inc. (the “Company”)

 

Reference
is hereby made to the Indenture, dated as of July 8, 2028 (as amended and supplemented from time to time, the “Indenture”),
among the Company, the Guarantors named therein and U.S. Bank National Association,
as Trustee and as Collateral Trustee. Capitalized terms used but not defined herein shall have the meanings given them in the
Indenture.

 

This is to certify with respect to $__________
principal amount of the Notes that, except as set forth below, we have received in writing, by tested telex or by electronic transmission,
from member organizations appearing in our records as persons being entitled to a portion of such principal amount (our “Member
Organizations”) certifications with respect to such portion, that such portion is beneficially owned by (a) Non-U.S.
Person(s) or (b) U.S. Person(s) who purchased the portion beneficially owned by such U.S. Person(s) in transactions
that did not require registration under the Securities Act of 1933, as amended (the “Act”). As used in this
paragraph the term “U.S. Person” has the meaning given to it by Regulation S under the Act.

 

We further certify:

 

(i)            that
we are not making available herewith for exchange (or, if relevant, exercise of any rights
or collection of any interest) any portion of the Regulation S Temporary Global Note excepted in such certifications; and

 

(ii)            that
as of the date hereof we have not received any notification from any of our Member Organizations to the effect that the statements
made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, exercise
of any rights or collection of any interest) are no longer true and cannot be relied upon as the date hereof.

 

We understand that this certification is
required in connection with certain securities laws of the United States. In connection therewith, if
administrative or legal proceedings are commenced or threatened in connection with which this certification is or would
be relevant, we irrevocably authorize you or the Company to produce this certification to any interested party in such proceedings.

 

Dated: _____________, 20__

 

    1 

     

    

 

EXHIBIT A

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

__________
SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of _______________, 20__
among (the “Guaranteeing Subsidiary”), a subsidiary of Winnebago Industries, Inc. (or its permitted
successor), an Iowa corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture
referred to herein) and U.S. Bank National Association, as trustee under the Indenture
referred to below (in such capacity, the “Trustee”) and as collateral trustee (in such capacity, the “Collateral
Trustee”).

 

WITNESSETH

 

WHEREAS, the Company has heretofore executed
and delivered to the Trustee a senior secured indenture (the “Indenture”), dated as of July 8,
2020 providing for the issuance of 6.250% Senior Secured Notes Due 2028 (the “Notes”);

 

WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to
which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the
Indenture on the terms and conditions set forth herein (the “Guarantee”); and

 

WHEREAS, pursuant to Section 9.01
of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture without the consent of Holders
of the Notes.

 

NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary
and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

CAPITALIZED TERMS. Capitalized terms
used herein without definition shall have the meanings assigned to them in the Indenture.

 

AGREEMENT TO GUARANTEE. The Guaranteeing
Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Guarantee
and in the Indenture including but not limited to Article Twelve thereof.

 

NO RECOURSE AGAINST OTHERS. No past,
present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall
have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Guarantees, the Indenture
or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the
view of the SEC that such a waiver is against public policy.

 

    1 

     

    

 

GOVERNING LAW. THIS SUPPLEMENTAL
INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

COUNTERPARTS. The parties may sign
any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile, .pdf transmission
or other electronic means shall constitute effective execution and delivery of this Supplemental Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or .pdf transmission or other electronic means shall be deemed to be their original
signatures for all purposes.

 

EFFECT OF HEADINGS. The Section headings
herein are for convenience only and shall not affect the construction hereof.

 

THE TRUSTEE. The Trustee shall not
be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for
or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

 

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

 

Dated: _____________, 20__

 

	 	[GUARANTEEING SUBSIDIARY]
	 	 
	 	By:	                
	 	 	Name:
	 	 	Title:
	 	 
	 	WINNEBAGO INDUSTRIES, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	2	 

     

    

 

	 	[Existing Guarantors]
	 	 
	 	By:	                
	 	 	Name:
	 	 	Title:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    3Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 2 TO AMENDED AND RESTATED

CREDIT AGREEMENT

 

THIS AMENDMENT NO. 2
TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of July 8, 2020, is entered into
by and among Winnebago Industries, Inc., an Iowa corporation (the “Company”), Winnebago of Indiana, LLC,
an Iowa limited liability company (“Winnebago of Indiana”), Grand Design RV, LLC, an Indiana limited liability
company (“Grand Design”), Newmar Corporation, an Indiana corporation (“Newmar”; and together
with the Company, Winnebago of Indiana and Grand Design, the “Borrowers”), the other Loan Parties party hereto,
the financial institutions party hereto as Lenders, and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative
Agent”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Credit
Agreement referenced below.

 

WITNESSETH

 

WHEREAS, the Borrowers,
the other Loan Parties party thereto (including Octavius Corporation), the financial institutions from time to time party thereto
as Lenders (collectively, the “Lenders”) and the Administrative Agent are parties to an Amended and Restated
Credit Agreement, dated as of October 22, 2019 (as amended, restated, supplemented or otherwise modified prior to the date
hereof, the “Existing Credit Agreement”; and as further amended by this Amendment, the “Credit Agreement”);

 

WHEREAS, the Borrowers
have requested that the Lenders and the Administrative Agent agree to make certain amendments to the Existing Credit Agreement;
and

 

WHEREAS, the Lenders
party hereto and the Administrative Agent have agreed to such amendments on the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration
of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Borrowers, the other Loan Parties party hereto, the Lenders party hereto
and the Administrative Agent hereby agree as follows:

 

Section 1.     Amendments
to the Existing Credit Agreement. The parties hereto agree that, effective as of the date of satisfaction of the
condition precedent set forth in Section 2 below (such date, the “Effective Date”), (i) the
Existing Credit Agreement and Exhibits thereto shall be amended to delete the stricken text (indicated textually in the same manner
as the following example: stricken text) and to add the double-underlined text
(indicated textually in the same manner as the following example: double-underlined text)
as set forth in the pages of the Credit Agreement and Exhibits thereto attached as Annex A hereto; and (ii) Schedule
6.05 to the Credit Agreement is hereby amended and restated in its entirety to read as set forth on Annex B attached hereto.

 

Section 2.     Conditions
of Effectiveness. The effectiveness of this Amendment is subject to the condition precedent that the Administrative
Agent shall have received counterparts to this Amendment, duly executed by each of the Borrowers, the other Loan Parties, the
Required Lenders and the Administrative Agent.

 

Section 3.     Representations
and Warranties of the Loan Parties. Each Loan Party hereby represents and warrants as follows:

 

(a)            This
Amendment has been duly executed and delivered by it and constitutes its legal, valid and binding obligations, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at
law.

 

    	 	1	 

     

    

 

(b)            Immediately
after giving effect to this Amendment, the representations and warranties of the Loan Parties set forth in the Loan Documents
shall be true and correct in all material respects (provided that any representation or warranty that is qualified by
materiality, Material Adverse Effect or similar language shall be true and correct in all respects) on and as of the date
hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case
they shall be true and correct in all material respects (provided that any representation or warranty that is
qualified by materiality, Material Adverse Effect or similar language shall be true and correct in all respects) as of such
earlier date.

 

(c)            Immediately
after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing.

 

Section 4.     Reaffirmation.
Except as specifically set forth in this Amendment, the Loan Documents shall remain in full force and effect and are
hereby reaffirmed, ratified and confirmed. To the extent that any provision of this Amendment conflicts with any terms or conditions
set forth in the Loan Documents, the provisions of this Amendment shall supersede and control. Except as expressly provided herein,
the execution and delivery of this Amendment shall not: (i) constitute an extension, modification, or waiver of any aspect
of the Loan Documents or any right or remedy thereunder; (ii) extend the terms of the Loan Documents or the due date of any
of the loans set forth therein; (iii) establish a course of dealing between the Administrative Agent, the Issuing Bank and/or
the Lenders and the Loan Parties or give rise to any obligation on the part of the Administrative Agent, the Issuing Bank and/or
any Lender to extend, modify or waive any term or condition of the Loan Documents; or (iv) give rise to any defenses or counterclaims
to the Administrative Agent’s, the Issuing Bank’s and/or any Lender’s right to compel payment of any loan or
to otherwise enforce its rights and remedies under the Loan Documents. Each of the Loan Parties restates, acknowledges and agrees
that the Secured Obligations are outstanding without claim, offset, counterclaim, defense or affirmative defense of any kind and
the Secured Obligations remain the continuing and individual obligations of the Loan Parties, until the termination of all Commitments,
payment and satisfaction in full in cash of all Secured Obligations (other than Unliquidated Obligations), and the cash collateralization
of all Unliquidated Obligations in a manner satisfactory to the Administrative Agent.

 

Section 5.     Effect
on Credit Agreement.     Upon the effectiveness of this Amendment, on and after the
date hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,”
 “herein” or words of like import shall mean and be a reference to the Credit Agreement, as amended and modified hereby.
This Amendment is a Loan Document.

 

Section 6.     Governing
Law. This Amendment shall be governed by and construed in accordance with THE LAWS of the State of new york.

 

Section 7.     Headings.
Section headings in this Amendment are included herein for convenience of reference only and shall not constitute
a part of this Amendment for any other purpose.

 

Section 8.     Counterparts.
This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts
and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A facsimile or PDF copy
of any signature hereto shall have the same effect as the original thereof.

 

[The remainder of this page is intentionally
blank.]

 

    	 	2	 

     

    

 

 

IN WITNESS WHEREOF,
this Amendment has been duly executed as of the day and year first above written.

 

	 	Winnebago
    Industries, Inc.
	 	 
	 	 
	 	By:
    	/s/
    Bryan Hughes
	 	 	Name:
    Bryan Hughes
	 	 	Title:
    Chief Financial Officer
	 	 

        Winnebago of
        Indiana, LLC

	 	 
	 	 
	 	By:
    	/s/
    Bert Jameson
	 	 	Name:
    Bert Jameson
	 

         
	 	Title:
    Treasurer
	 	Grand
    design rv, llc
	 	 
	 	 
	 	By:
    	/s/
    Bert Jameson
	 	 	Name:
    Bert Jameson
	 

         
	 	Title:
    Treasurer
	 	NEWMAR
    CORPORATION
	 	 
	 	 
	 	By:
    	/s/
    Bert Jameson
	 	 	Name:
    Bert Jameson
	 	 	Title: Treasurer

         

	 	OCTAVIUS
    CORPORATION
	 	 
	 	 
	 	By:
    	/s/
    Bryan Hughes
	 	 	Name:
    Bryan Hughes
	 	 	Title: Chief Financial Officer

         

 

Signature Page to Amendment No. 2 to Amended
 & Restated Credit Agreement

Winnebago Industries, Inc.

 

    	 		 

     

    

 

	 	 

        JPMORGAN CHASE BANK, N.A., individually as 

	 	a Lender,
        as Swingline Lender, as an Issuing Bank
	 	and as Administrative Agent
	 	 
	 	By:	/s/
    John Morrone
	 	 	Name:
    John Morrone
	 	 	Title:
    Authorized Officer

 

Signature Page to Amendment No. 2
to Amended and Restated Credit Agreement 

Winnebago Industries, Inc.

 

    	 		 

     

    

 

	 	 

        GOLDMAN SACHS BANK USA, individually as a 

	 	Lender
	 	 
	 	By:	/s/
    Charles Johnston
	 	 	Name:
    Charles Johnston
	 	 	Title:
    Authorized Signatory

 

Signature Page to Amendment No. 2
to Amended and Restated Credit Agreement 

Winnebago Industries, Inc.

 

    	 		 

     

    

 

	 	 

        BMO HARRIS BANK N.A., individually as a 

	 	Lender
	 	 
	 	By:	/s/
    Stephanie Bach
	 	 	Name:
    Stephanie Bach
	 	 	Title:
    Vice President

 

Signature Page to Amendment No. 2
to Amended and Restated Credit Agreement 

Winnebago Industries, Inc.

 

    	 		 

     

    

 

 

Annex A

 

[see attached]

 

     

     

    

 

CONFORMED COPY FOR AMENDMENT NO. 1 DATED
AS OF OCTOBER

22NOVEMBER
15, 2019

AND
AMENDMENT NO. 2 DATED AS OF JULY 8, 2020

 

 

AMENDED AND RESTATED

CREDIT AGREEMENT

 

dated as of

 

October 22, 2019

 

among

 

WINNEBAGO INDUSTRIES, INC.

 

WINNEBAGO OF INDIANA, LLC

 

GRAND DESIGN RV, LLC

 

NEWMAR CORPORATION

 

The Other Loan Parties Party Hereto

 

The Lenders Party Hereto

 

JPMORGAN CHASE BANK, N.A.

as Administrative Agent

 

and

 

BMO HARRIS BANK N.A.

as Syndication Agent

 

 

 

JPMORGAN CHASE BANK, N.A.

as Sole Bookrunner and Sole Lead Arranger

 

ASSET BASED LENDING

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I
    Definitions	1
	 	 	 
	Section 1.01.	Defined Terms	1
	Section 1.02.	Classification of Loans and Borrowings	46
	Section 1.03.	Terms Generally	47
	Section 1.04.	Accounting Terms; GAAP; Pro Forma Calculations	47
	Section 1.05.	Status of Obligations	48
	Section 1.06.	Interest Rates; LIBOR Notifications	49
	Section 1.07.	Amendment and Restatement of the Existing
    Credit Agreement	49
	 	 	 
	Article II
    The Credits	50
	 	 	 
	Section 2.01.	Commitments	50
	Section 2.02.	Loans and Borrowings	50
	Section 2.03.	Requests for Borrowings	52
	Section 2.04.	Protective Advances	53
	Section 2.05.	Swingline Loans and Overadvances	54
	Section 2.06.	Letters of Credit	56
	Section 2.07.	Funding of Borrowings	64
	Section 2.08.	Interest Elections	65
	Section 2.09.	Termination and Reduction of Commitments;
    Increase in Commitments	67
	Section 2.10.	Repayment of Loans; Evidence of Debt	69
	Section 2.11.	Prepayment of Loans	70
	Section 2.12.	Fees	71
	Section 2.13.	Interest	72
	Section 2.14.	Alternate Rate of Interest; Illegality	74
	Section 2.15.	Increased Costs	75
	Section 2.16.	Break Funding Payments	77
	Section 2.17.	Taxes	78
	Section 2.18.	Payments Generally; Allocation of Proceeds;
    Pro Rata Treatment; Sharing of Set-offs	82
	Section 2.19.	Mitigation Obligations; Replacement of Lenders	86
	Section 2.20.	Defaulting Lenders	87
	Section 2.21.	Returned Payments	90
	Section 2.22.	Banking Services and Swap Agreements	90

 

    	 	i	 

     

    

 

	Article III
    Representations and Warranties	90
	 	 	 
	Section 3.01.	Organization; Powers	91
	Section 3.02.	Authorization; Enforceability	91
	Section 3.03.	Governmental Approvals; No Conflicts	91
	Section 3.04.	Financial Condition; No Material Adverse
    Change	91
	Section 3.05.	Properties	92
	Section 3.06.	Litigation and Environmental Matters	92
	Section 3.07.	Compliance with Laws and Agreements; No Default	93
	Section 3.08.	Investment Company Status	93
	Section 3.09.	Taxes	93
	Section 3.10.	ERISA	93
	Section 3.11.	Disclosure	93
	Section 3.12.	Material Agreements	94
	Section 3.13.	Margin Stock	94
	Section 3.14.	Liens	94
	Section 3.15.	Capitalization and Subsidiaries	94
	Section 3.16.	No Burdensome Restrictions	94
	Section 3.17.	Solvency	94
	Section 3.18.	Insurance	95
	Section 3.19.	Security Interest in Collateral	95
	Section 3.20.	Employment Matters	96
	Section 3.21.	Anti-Corruption Laws and Sanctions	96
	Section 3.22.	EEA Financial Institutions	96
	Section 3.23.	Use of Proceeds	96
	Section 3.24.	Plan Assets; Prohibited Transactions	96
	 	 	 
	Article IV
    Conditions	96
	 	 	 
	Section 4.01.	Effective Date	96
	Section 4.02.	Each Other Credit Event	98
	 	 	 
	Article V
    Affirmative Covenants	98
	 	 	 
	Section 5.01.	Financial Statements; Borrowing Base and
    Other Information	98
	Section 5.02.	Notices of Material Events	102
	Section 5.03.	Existence; Conduct of Business	103
	Section 5.04.	Payment of Obligations	103
	Section 5.05.	Maintenance of Properties	103
	Section 5.06.	Books and Records; Inspection Rights	103
	Section 5.07.	Compliance with Laws and Material Contractual
    Obligations	104
	Section 5.08.	Use of Proceeds	104
	Section 5.09.	Insurance	104
	Section 5.10.	Casualty and Condemnation	105
	Section 5.11.	Appraisals	105
	Section 5.12.	Field Examinations	105
	Section 5.13.	Accuracy of Information	105
	Section 5.14.	Additional Collateral; Further Assurances	106

 

    	 	ii	 

     

    

 

	Article VI
    Negative Covenants	108
	 	 	 
	Section 6.01.	Indebtedness	109
	Section 6.02.	Liens	112
	Section 6.03.	Fundamental Changes	116
	Section 6.04.	Investments, Loans, Advances, Guarantees
    and Acquisitions	117
	Section 6.05.	Asset Sales	122
	Section 6.06.	Sale and Leaseback Transactions	125
	Section 6.07.	Swap Agreements	125
	Section 6.08.	Transactions with Affiliates	125
	Section 6.09.	Restricted Payments	127
	Section 6.10.	Subordinated Indebtedness and Amendments
    to Subordinated Indebtedness Documents	129
	Section 6.11.	Restrictive Agreements	130
	Section 6.12.	Fixed Charge Coverage Ratio	132
	Section 6.13.	[Intentionally Omitted]	132
	Section 6.14.	Depository Banks	132
	 	 	 
	Article VII
    Events of Default	132
	 	 	 
	Article VIII
    The Administrative Agent	136
	 	 	 
	Section 8.01.	Authorization and Action	136
	Section 8.02.	Administrative Agent’s Reliance, Indemnification,
    Etc.	139
	Section 8.03.	Posting of Communications	140
	Section 8.04.	The Administrative Agent Individually	142
	Section 8.05.	Successor Administrative Agent	143
	Section 8.06.	Acknowledgements of Lenders and Issuing Bank	144
	Section 8.07.	Collateral Matters	145
	Section 8.08.	Credit Bidding	147
	Section 8.09.	Certain ERISA Matters	147
	Section 8.10.	Flood Laws	149
	 	 	 
	Article IX
    Miscellaneous	149
	 	 	 
	Section 9.01.	Notices	149
	Section 9.02.	Waivers; Amendments	151
	Section 9.03.	Expenses; Indemnity; Damage Waiver	155
	Section 9.04.	Successors and Assigns	158
	Section 9.05.	Survival	164
	Section 9.06.	Counterparts; Integration; Effectiveness;
    Electronic Execution	164
	Section 9.07.	Severability	165
	Section 9.08.	Right of Setoff	165
	Section 9.09.	Governing Law; Jurisdiction; Consent to Service
    of Process	166
	Section 9.10.	WAIVER OF JURY TRIAL	167
	Section 9.11.	Headings	167
	Section 9.12.	Confidentiality	167
	Section 9.13.	USA PATRIOT Act	168
	Section 9.14.	Several Obligations; Nonreliance; Violation
    of Law	168
	Section 9.15.	Disclosure	169
	Section 9.16.	Appointment for Perfection	169
	Section 9.17.	Interest Rate Limitation	169
	Section 9.18.	Release of Loan Guarantors	169
	Section 9.19.	Intercreditor Agreements	170
	Section 9.20.	Marketing Consent	170
	Section 9.21.	Acknowledgement and Consent to Bail-In of
    EEA Financial Institutions	170
	Section 9.22.	No Fiduciary Duty, etc.	171
	Section 9.23.	Acknowledgement Regarding Any Supported QFCs	172

 

    	 	iii	 

     

    

 

	Article X
    Loan Guaranty	173
	 	 	 
	Section 10.01.	Guaranty	173
	Section 10.02.	Guaranty of Payment	173
	Section 10.03.	No Discharge or Diminishment of Loan Guaranty	173
	Section 10.04.	Defenses Waived	174
	Section 10.05.	Rights of Subrogation	175
	Section 10.06.	Reinstatement; Stay of Acceleration	175
	Section 10.07.	Information	175
	Section 10.08.	Termination	175
	Section 10.09.	Taxes	175
	Section 10.10.	Maximum Liability	176
	Section 10.11.	Contribution	176
	Section 10.12.	Liability Cumulative	177
	Section 10.13.	Keepwell	177
	 	 	 
	Article XI
    The Borrower Representative	177
	 	 	 
	Section 11.01.	Appointment; Nature of Relationship	177
	Section 11.02.	Powers	178
	Section 11.03.	Employment of Agents	178
	Section 11.04.	Notices	178
	Section 11.05.	Successor Borrower Representative	178
	Section 11.06.	Execution of Loan Documents; Borrowing Base
    Certificate	178
	Section 11.07.	Reporting	179

 

SCHEDULES:

 

Commitment Schedule

	Schedule 3.15	–	Capitalizations
    and Subsidiaries
	Schedule 3.18	–	Insurance
	Schedule 6.01	–	Existing Indebtedness
	Schedule 6.02	–	Existing Liens
	Schedule 6.04	–	Existing Investments
	Schedule 6.05	–	Dispositions
	Schedule 6.08	–	Transactions with
    Affiliates
	Schedule 6.11	–	Restrictive Agreements

 

EXHIBITS:

 

	Exhibit A	–	Form of
    Assignment and Assumption
	Exhibit B-1	–	Form of Borrowing
    Base Certificate
	Exhibit B-2	–	Form Aggregate
    Borrowing Base Certificate
	Exhibit C	–	Form of Compliance
    Certificate
	Exhibit D	–	List of Closing
    Documents
	Exhibit E	–	Form of Joinder
    Agreement
	Exhibit F-1	–	U.S. Tax Certificate
    (For Foreign Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit F-2	–	U.S. Tax Certificate
    (For Foreign Participants that are not Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit F-3	–	U.S. Tax Certificate
    (For Foreign Participants that are Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit F-4	–	U.S. Tax Certificate
    (For Foreign that are Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit G-1	–	Form of Borrowing
    Request
	Exhibit G-2	–	Form of Interest
    Election Request

 

    	 	iv	 

     

    

 

 

 

CONFORMED COPY FOR AMENDMENT NO. 1 DATED
AS OF OCTOBER 22NOVEMBER
15, 2019

AND
AMENDMENT NO. 2 DATED AS OF JULY 8, 2020

 

AMENDED AND RESTATED
CREDIT AGREEMENT (this “Agreement”) dated as of October 22, 2019 among Winnebago Industries, Inc.,
Winnebago of Indiana, LLC, GRAND DESIGN RV, LLC and NEWMAR CORPORATION, as Borrowers, the other LOAN PARTIES from time to time
party hereto, the LENDERS from time to time party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent.

 

WHEREAS, the Loan
Parties, certain of the Lenders and the Administrative Agent are currently party to the Credit Agreement, dated as of November 8,
2016 (as amended prior to the date hereof, the “Existing Credit Agreement”);

 

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

 

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

 

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

 

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

 

Article I

 

Definitions

 

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

 

“ABR”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest
at a rate determined by reference to the REVLIBOR30 Rate.

 

“ABL Priority
Collateral” has the meaning assigned thereto in the ABL/Term LoanFixed
Asset Intercreditor Agreement, and is intended to indicate that portion of the Collateral subject to a prior Lien
in favor of the Administrative Agent on behalf of the Secured Parties.

 

    

     

    

 

“ABL/Term
LoanFixed
Asset Intercreditor Agreement” means the Intercreditor Agreement, dated as of NovemberJuly 8,
20162020,
by and among the Administrative Agent, as ABL Representative, the Term Loan Agent, as Term
Loan RepresentativeU.S.
Bank National Association, as collateral trustee for the Fixed Asset Secured Parties (as defined therein), and each
of the Loan Parties party thereto.

 

“Acceptable
Field Examination” means, with respect to any assets of any Loan Party, a field examination conducted by the Administrative
Agent or its designee of such assets and related working capital matters and of such Loan Party’s related data processing
and other systems, the results of which shall be satisfactory to the Administrative Agent in its Permitted Discretion.

 

“Acceptable
Inventory Appraisal” means, with respect to any Inventory, an appraisal of such Inventory from one or more firms satisfactory
to the Administrative Agent, which appraisals shall be satisfactory to the Administrative Agent in its Permitted Discretion.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Agent Indemnitee”
has the meaning assigned to it in Section 9.03(c).

 

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

 

“Aggregate
Availability” means, at any time, the aggregate Availability of all the Borrowers.

 

“Aggregate
Borrowing Base” means the aggregate of the Borrowing Bases of all the Borrowers.

 

“Aggregate
Borrowing Base Certificate” means a certificate, signed and certified as accurate and complete by a Financial Officer
of the Borrower Representative, in substantially the form of Exhibit B-2 or another form which is acceptable to
the Administrative Agent in its sole discretion.

 

    2

     

    

 

“Aggregate
Commitment” means the aggregate of the Commitments of all of the Lenders, as reduced or increased from time to time
pursuant to the terms and conditions hereof. Subject to the other terms set forth herein, as of the Effective Date, the Aggregate
Commitment is $192,500,000.

 

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

 

“Alternate
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day,
(b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest
Period in Dollars on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided
that, for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if
the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London
time on such day, subject to the interest rate floors set forth therein. Any change in the Alternate Base Rate due to a change
in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change
in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate
rate of interest pursuant to Section 2.14 hereof, then the Alternate Base Rate shall be the greater of clause (a) and
(b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if
the Alternative Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00%
for purposes of this Agreement.

 

“Amendment
No. 1 Effective Date” means November 15, 2019.

 

“Amendment
No. 2 Effective Date” means July 8, 2020.

 

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

 

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

 

“Applicable
Pledge Percentage” means (a) in the case of a pledge by the Company or any Subsidiary of its voting Equity Interests
in an Excluded Domestic Subsidiary or an Excluded Foreign Subsidiary, 65%, and (b) in all other cases, 100%.

 

“Applicable
Rate” means, for any day, with respect to any Loan, the applicable rate per annum set forth below under the caption
 “Eurodollar or REVLIBOR30 Spread” or “Alternate Base Rate Spread”, as the case may be, based
upon the Average Quarterly Availability during the most recently ended fiscal quarter of the Company (it being understood and
agreed, for purposes of clarity, that the “Eurodollar or REVLIBOR30 Spread” shall be applicable to ABR Loans at all
times that ABR Loans bear interest by reference to the REVLIBOR30 Screen Rate and the “Alternate Base Rate Spread”
shall be applicable to ABR Loans at all times that ABR Loans bear interest by reference to the Alternate Base Rate); provided
that, the “Applicable Rate” shall be the applicable rates per annum set forth below in Category 1 during the period
from the Effective Date to, but excluding, the first day following the end of the first full fiscal quarter of the Company ending
after the Effective Date:

 

    3

     

    

 

	Average
    Quarterly Availability	Eurodollar
    or 

REVLIBOR30 Spread	Alternate
    Base Rate

 Spread
	Category 1

        >
        66% of the Aggregate Commitment
	1.25%	0.25%
	Category 2

        <
        66% of the Aggregate Commitment but > 33% of the Aggregate Commitment
	1.50%	0.50%

	Category 3

        < 33% of the Aggregate Commitment
	1.75%	0.75%

 

 

For purposes of the foregoing, each change
in the Applicable Rate shall be effective during the period commencing on and including the first day of each fiscal quarter of
the Company and ending on the last day of such fiscal quarter, it being understood and agreed that, for purposes of determining
the Applicable Rate on the first day of any fiscal quarter of the Company, the Average Quarterly Availability during the most
recently ended fiscal quarter of the Company shall be used.

 

Notwithstanding the foregoing, the Average
Quarterly Availability shall be deemed to be in Category 3 at the option of the Administrative Agent or at the
request of the Required Lenders if the Borrowers fail to deliver any Aggregate Borrowing Base Certificate or Borrowing Base Certificate
required to be delivered by them pursuant to Section 5.01, during the period from the expiration of the time for delivery
thereof until five (5) days after the date each such Aggregate Borrowing Base Certificate or Borrowing Base Certificates,
as applicable, are so delivered.

 

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

 

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

 

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

 

“Availability”
means, at any time:

 

(a)            with
respect to the Company, an amount equal to the lesser of (i) an amount equal to (x) the Aggregate Commitment minus
(y) the Aggregate Revolving Exposure and (ii) an amount equal to (x) the Aggregate Borrowing Base minus
(y) the Aggregate Revolving Exposure;

 

(b)            with
respect to Winnebago of Indiana, an amount equal to the lesser of (i) an amount equal to (x) the Aggregate Commitment
minus (y) the Aggregate Revolving Exposure and (ii) an amount equal to (x) the sum of Winnebago of Indiana’s
Borrowing Base plus the Company’s Borrowing Base minus (y) the sum of (A) the Winnebago of Indiana
Revolving Exposures of all Lenders plus (B) the excess, if any, of the aggregate Company Revolving Exposures of all
Lenders over an amount equal to the sum of (x) the Excess Grand Design Borrowing Base plus (y) the Excess Newmar
Borrowing Base plus (C) an amount equal to the sum of (x) the Grand Design Utilization and (y) the Newmar
Utilization;

 

    4

     

    

 

(c)            with
respect to Grand Design, an amount equal to the lesser of (i) an amount equal to (x) the Aggregate Commitment minus
(y) the Aggregate Revolving Exposure and (ii) an amount equal to (x) the sum of Grand Design’s Borrowing
Base plus the Company’s Borrowing Base minus (y) the sum of (A) the Grand Design Revolving Exposures
of all Lenders plus (B) the excess, if any, of the aggregate Company Revolving Exposures of all Lenders over
an amount equal to the sum of (x) the Excess Winnebago of Indiana Borrowing Base plus (y) the Excess Newmar Borrowing
Base plus (C) an amount equal to the sum of (x) the Winnebago of Indiana Utilization and (y) the Newmar
Utilization; and

 

(d)            with
respect to Newmar, an amount equal to the lesser of (i) an amount equal to (x) the Aggregate Commitment minus
(y) the Aggregate Revolving Exposure and (ii) an amount equal to (x) the sum of Newmar’s Borrowing Base plus the
Company’s Borrowing Base minus (y) the sum of (A) the Newmar Revolving Exposures of all Lenders plus
(B) the excess, if any, of the aggregate Company Revolving Exposures of all Lenders over an amount equal to the
sum of (x) the Excess Winnebago of Indiana Borrowing Base plus (y) the Excess Grand Design Borrowing Base plus (C) an
amount equal to the sum of (x) the Winnebago of Indiana Utilization and (y) the Grand Design Utilization.

 

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

 

“Available
Commitment” means, with respect to any Lender at any time, such Lender’s Commitment minus such Lender’s
Revolving Exposure.

 

“Average
Quarterly Availability” means, for any fiscal quarter of the Company, an amount equal to the average daily Aggregate
Availability during such fiscal quarter, as determined by the Administrative Agent; provided that, in order to determine
Aggregate Availability on any day for purposes of this definition, the Aggregate Borrowing Base and each Borrower’s Borrowing
Base for such day shall be determined by reference to the most recent Aggregate Borrowing Base Certificate and each other Borrowing
Base Certificate delivered to the Administrative Agent pursuant to Section 5.01(f) as of such day.

 

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

 

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

 

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

 

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

 

“Banking
Services Obligations” means any and all obligations of the Company and its Subsidiaries, whether absolute or contingent
and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof
and substitutions therefor) in connection with Banking Services; provided, however, that Banking Services Obligations
in respect of Lease Financing shall be limited to Lease Deficiency Obligations.

 

    5

     

    

 

“Banking
Services Reserves” means all Reserves which the Administrative Agent from time to time establishes in its Permitted
Discretion for Banking Services then provided or outstanding.

 

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

 

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

 

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

 

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

 

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

 

“Bond Hedge
Transaction” has the meaning assigned to such term in the definition of “Permitted Call Spread Swap Agreement”.

 

“Borrower”
or “Borrowers” means, individually or collectively, (a) the Company, (b) Winnebago of Indiana, (c) Grand
Design and (d) Newmar.

 

“Borrower
Representative” has the meaning assigned to such term in Section 11.01.

 

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

 

    6

     

    

 

“Borrowing
Base” means, at any time, with respect to each Borrower, the sum of (a) 90% (less the Dilution Percentage then
in effect) of an amount equal to (i) such Borrower’s Eligible Accounts at such time minus (ii) the Specified
Reserves with respect to such Borrower at such time plus (b) the lesser of (i) 75% of such Borrower’s Eligible
Inventory (other than any Eligible Non-Perpetual Inventory and any Eligible Non-U16 Inventory), at such time, valued at
the lower of cost or market value, determined on a first-in-first-out basis and (ii) the product of 85% multiplied
by the Net Orderly Liquidation Value percentage identified in the most recent inventory appraisal ordered by the Administrative
Agent multiplied by such Borrower’s Eligible Inventory (other than any Eligible Non-Perpetual Inventory and any
Eligible Non-U16 Inventory), valued at the lower of cost or market value, determined on a first-in-first-out basis
plus (c) the lesser of (i) 55% of such Borrower’s Eligible Non-Perpetual Inventory and Eligible Non-U16
Inventory, at such time, valued at the lower of cost or market value, determined on a first-in-first-out basis and
(ii) the product of 65% multiplied by the Net Orderly Liquidation Value percentage identified in the most recent inventory
appraisal ordered by the Administrative Agent multiplied by such Borrower’s Eligible Non-Perpetual Inventory
and Eligible Non-U16 Inventory, valued at the lower of cost or market value, determined on a first-in-first-out
basis minus (d) Reserves (other than the Specified Reserves or any Reserves related to dilution of Accounts that are
captured in the definition of Dilution Percentage) related to such Borrower, such Eligible Accounts or such Eligible Inventory.

 

Notwithstanding
the foregoing, no assets acquired pursuant to any Acquisition shall be included in the calculation of any Borrowing Base
until such time as the Administrative Agent shall have received an Acceptable Inventory Appraisal and an Acceptable Field
Examination shall have been completed with respect to such assets; provided that, Eligible Accounts and Eligible
Inventory acquired pursuant to any Acquisition but for which no Acceptable Inventory Appraisal has been received or no
Acceptable Field Examination has been completed may be included in a Borrowing Base for a period of up to ninety (90) days
following such Acquisition (or such longer period as the Administrative Agent may agree to in its sole discretion), so long
as (i) the aggregate amount of such acquired assets included in such Borrowing Base shall not exceed an amount equal to
20% of such Borrowing Base (prior to giving effect to such acquired assets) at any time and (ii) subject to clause
(i) of this proviso, such Eligible Accounts and Eligible Inventory shall be included in such Borrowing Base with the
following adjustments: (A) the advance rate set forth in clause (a) shall be 75% and (B) in lieu of
including such Eligible Inventory in any Borrowing Base in accordance with clauses (b) and (c) above,
the applicable Borrowing Base shall include an amount equal to 50% of such Eligible Inventory, valued at the lower of cost or
market value, determined on a first-in-first-out basis. For purposes of clarity, any such assets included in any
Borrowing Base pursuant to the proviso of the preceding sentence shall be subject to all future appraisals and field
examinations conducted pursuant to Section 5.11 or 5.12, as applicable, after the acquisition thereof.

 

“Borrowing
Base Certificate” means a certificate, signed and certified as accurate and complete by a Financial Officer of the Borrower
Representative, in substantially the form of Exhibit B-1 or another form which is acceptable to the Administrative
Agent in its sole discretion.

 

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

 

“Burdensome
Restrictions” means any consensual encumbrance or restriction of the type described in clause (a) or
(b) of Section 6.11 (without giving effect to any exceptions described in clauses (i) and
(ii) of the proviso to Section 6.11).

 

“Business
Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized
or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan or a Loan accruing interest
at REVLIBOR30 Rate without giving effect to the proviso contained in the definition for “REVLIBOR30 Rate, the term “Business
Day” shall also exclude any day on which banks are not open for general business in London.

 

“Canadian
Dollars” and “Cdn.$” means dollars in the lawful currency of Canada.

 

    7

     

    

 

“Capital
Expenditures” means, for any period, (a) the additions to property, plant and equipment and other capital expenditures
of the Company and its Subsidiaries that are (or should be) set forth in a consolidated statement of cash flows of the Company
and its Subsidiaries for such period prepared in accordance with GAAP, excluding (i) any such expenditures made to restore,
replace or rebuild assets to the condition of such assets immediately prior to any casualty or other insured damage to, or any
taking under power of eminent domain or by condemnation or similar proceeding of, such assets to the extent such expenditures
are made with insurance proceeds, condemnation awards or damage recovery proceeds relating to any such casualty, damage, taking,
condemnation or similar proceeding, (ii) any such expenditures constituting Permitted Acquisitions or any other acquisition
of all the Equity Interests in, or all or substantially all the assets of (or the assets constituting a business unit, division,
product line or line of business of), any Person and related costs and expenses and (iii) any such expenditures in the form
of a substantially contemporaneous exchange of similar property, plant, equipment or other capital assets, except to the extent
of cash or other consideration (other than the assets so exchanged), if any, paid or payable by the Company and its Subsidiaries,
and (b) such portion of principal payments on Capital Lease Obligations made by the Company and its Subsidiaries during such
period as is attributable to additions to property, plant and equipment that have not otherwise been reflected on the consolidated
statement of cash flows as additions to property, plant and equipment for such period.

 

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

 

“CFC”
means any Subsidiary organized under the laws of any jurisdiction other than the United States of America, any state thereof or
the District of Columbia, that is a “controlled foreign corporation” for purposes of Section 957 of the Code.

 

“Change
in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any
Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in
effect on the date hereof), of Equity Interests representing more than 35% of the aggregate ordinary voting power represented
by the issued and outstanding Equity Interests of the Company; (b) occupation at any time of a majority of the seats
(other than vacant seats) on the board of directors of the Company by Persons who were neither (i) nominated, appointed
or approved for consideration by shareholders for election by the board of directors of the Company nor (ii) appointed
by the directors of the Company so nominated, appointed or approved; (c) the acquisition of direct or indirect Control
of the Company by any Person or group; (d) the occurrence of a change in control, or other similar provision, as defined
in any agreement or instrument evidencing any Material Indebtedness (triggering a default or mandatory prepayment, which
default or mandatory prepayment has not been waived in writing); or (e) the Company ceases to own, directly or
indirectly, and Control 100% (other than directors’ qualifying shares) of the ordinary voting and economic power of any
Borrower.

 

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

 

    8

     

    

 

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

 

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

 

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

 

“Collateral”
means any and all property owned by a Person covered by the Collateral Documents and any and all other property of any Loan Party,
now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of the Administrative
Agent, on behalf of itself and the Secured Parties, to secure the Secured Obligations; provided that in no case shall the
 “Collateral” include any Excluded Assets.

 

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

 

“Collateral
Documents” means, collectively, the Security Agreement, the Mortgages and all other agreements, instruments and documents
executed in connection with this Agreement that are intended to create, perfect or evidence Liens to secure the Secured Obligations,
including, without limitation, all other security agreements, pledge agreements, mortgages, deeds of trust, loan agreements, notes,
guarantees, subordination agreements, pledges, powers of attorney, consents, assignments, contracts, fee letters, notices, leases,
financing statements and all other written matter whether heretofore, now, or hereafter executed by the Company or any of its
Subsidiaries and delivered to the Administrative Agent.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Company”
means Winnebago Industries, Inc., an Iowa corporation.

 

    9

     

    

 

“Company
Revolving Exposures” means, with respect to any Lender at any time, and without duplication, the sum of (a) the
outstanding principal amount of the Revolving Loans made by such Lender to the Company at such time plus (b) such
Lender’s LC Exposure with respect to Letters of Credit issued for the account of the Company at such time plus (c) such
Lender’s Swingline Exposure with respect to Swingline Loans made to the Company at such time plus (d) an amount
equal to its Applicable Percentage of the aggregate principal amount of outstanding Protective Advances made to the Company at
such time plus (e) an amount equal to its Applicable Percentage of the aggregate principal amount of outstanding Overadvances
made to the Company at such time.

 

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

 

“Consolidated
EBITDA” means Consolidated Net Income plus, to the extent deducted from revenues in determining Consolidated
Net Income, (i) Consolidated Interest Expense, (ii) expense for taxes paid or accrued, (iii) depreciation,
(iv) amortization, (v) extraordinary losses incurred other than in the ordinary course of business,
(vi) non-cash charges, expenses or losses, (vii) any losses for such period attributable to early
extinguishment of Indebtedness or obligations under any Swap Agreement, (viii) any unrealized losses for such period
attributable to the application of “mark to market” accounting in respect of Swap Agreements, (ix) the
cumulative effect for such period of a change in accounting principles, (x) non-recurring out-of-pocket
transactional fees, costs and expenses relating to Permitted Acquisitions (or any failed
Acquisitions), Investments, Indebtedness, securities offerings and Dispositions, including legal fees, advisory
fees and upfront financing fees, (xi) non-recurring out-of-pocket fees, costs and expenses relating to the
incurrence, refinancing, amendment or modification of Indebtedness on or prior to the Effective Date,
(xii) (A) non-recurring restructuring charges (including, without limitation, relocation costs and costs
relating to the opening, closure and/or consolidation of facilities) that are paid or to be paid in cash and (B) with
respect to any acquisition or disposition, or issuance, incurrence or assumption of Indebtedness, or other transaction
occurring during such period, (1) any projected cost savings (net of continuing associated expenses) expected to be
realized as a result of such event, to the extent such cost savings would be permitted to be reflected in financial
statements prepared in compliance with Article 11 of Regulation S-X under the Securities Act and (2) any other
demonstrable cost-savings (net of continuing associated expenses) not included in the foregoing subclause
(B)(1) of this clause (xii) that are reasonably projected in good faith by the Borrower Representative
to be achieved in connection with any such event within the 18-month period following the consummation of such event,
that are reasonably identifiable, quantifiable and factually supportable in the good faith judgment of the Company and that
are set forth in reasonable detail in a certificate of a Financial Officer of the Company (in the case of each of the
foregoing subclauses (B)(1) and (B)(2), calculated on a pro forma basis as though such cost savings had
been realized on the first day of such period, net of the amount of actual benefits realized during such period from such
event); provided that, (x) for purposes of determining Consolidated EBITDA for any period of four
(4) consecutive fiscal quarters, the aggregate amount added back under subclauses (A) and (B)(2) of
this clause (xii) in respect of such period shall not exceed fifteen percent (15%) of Consolidated EBITDA (as
calculated without giving effect to subclauses (A) and (B)(2) of this clause (xii)),
(y) all adjustments pursuant to the foregoing subclause (B) of this clause (xii) will be without
duplication of any amounts that are otherwise included or added back in computing Consolidated EBITDA in accordance with this
definition and (z) with respect to the foregoing subclause (B)(2) of this clause (xii), if any cost
savings included in any pro forma calculations based on the anticipation that such cost savings will be achieved within such
18-month period shall at any time cease to be reasonably anticipated by the Company to be so achieved, then on and after
such time, such cost savings shall no longer be added to Consolidated EBITDA pursuant to this clause (xii) and
(xiii) fees, costs and expenses incurred in connection with the Company’s implementation of enterprise resource
planning (ERP); provided that, for purposes of determining Consolidated EBITDA for any period of four
(4) consecutive fiscal quarters of the Company, the aggregate amount added back under this clause (xiii) in
respect of such period shall not exceed $8,000,000 minus, to the extent included in Consolidated Net Income,
(1) interest income, (2) any cash payments made during such period in respect of items described in clause
(vi) above subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were incurred,
(3) extraordinary gains realized other than in the ordinary course of business, (4) any non-cash gains for such
period, including with respect to write-ups of assets or goodwill, determined on a consolidated basis in accordance with
GAAP, (5) any gains attributable to the early extinguishment of Indebtedness or obligations under any Swap Agreement,
determined on a consolidated basis in accordance with GAAP, (6) the cumulative effect for such period of a change in
accounting principles and (7) any unrealized gains for such period attributable to the application of “mark to
market” accounting in respect of Swap Agreements, all calculated for the Company and its Subsidiaries in accordance
with GAAP on a consolidated basis. For the purposes of calculating Consolidated EBITDA for any period of four consecutive
fiscal quarters (each such period, a “Reference Period”), (i) if at any time during such Reference
Period the Company or any Subsidiary shall have made any Material Disposition, the Consolidated EBITDA for such Reference
Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property that is the
subject of such Material Disposition for such Reference Period or increased by an amount equal to the Consolidated EBITDA (if
negative) attributable thereto for such Reference Period, and (ii) if during such Reference Period the Company or any
Subsidiary shall have made a Material Acquisition, Consolidated EBITDA for such Reference Period shall be calculated after
giving pro forma effect thereto (in the manner described in Section 1.04(b)) as if such Material Acquisition
occurred on the first day of such Reference Period. As used in this Agreement, “Material Acquisition”
means any acquisition of property or series of related acquisitions of property that (a) constitutes (i) assets
comprising all or substantially all or any significant portion of a business or operating unit of a business, or
(ii) all or substantially all of the common stock or other Equity Interests of a Person, and (b) involves the
payment of consideration by the Company and its Subsidiaries in excess of $10,000,000; and “Material
Disposition” means any Disposition of property or series of related sales, transfers, or dispositions of property
that yields gross proceeds to the Company or any of its Subsidiaries in excess of $10,000,000.

 

    10

     

    

 

“Consolidated
Interest Expense” means, with reference to any period, the interest expense (including without limitation interest expense
under Capital Lease Obligations that is treated as interest in accordance with GAAP) of the Company and its Subsidiaries calculated
on a consolidated basis for such period with respect to all outstanding Indebtedness of the Company and its Subsidiaries allocable
to such period in accordance with GAAP (including, without limitation, all commissions, discounts and other fees and charges owed
with respect to letters of credit and bankers’ acceptance financing and net costs under interest rate Swap Agreements to
the extent such net costs are allocable to such period in accordance with GAAP). In the event that the Company or any Subsidiary
shall have completed a Material Acquisition or a Material Disposition since the beginning of the relevant period, Consolidated
Interest Expense shall be determined for such period on a pro forma basis as if such acquisition or disposition, and any related
incurrence or repayment of Indebtedness, had occurred at the beginning of such period.

 

“Consolidated
Net Income” means, with reference to any period, the net income (or loss) of the Company and its Subsidiaries calculated
in accordance with GAAP on a consolidated basis (without duplication) for such period; provided that, there shall be excluded
any income (or loss) of any Person other than the Company or a Subsidiary, but any such income so excluded may be included in
such period or any later period to the extent of any cash dividends or distributions actually paid in the relevant period to the
Company or any Subsidiary of the Company.

 

“Consolidated
Total Assets” means, as of the date of any determination thereof, total assets of the Company and its Subsidiaries calculated
in accordance with GAAP on a consolidated basis as of the last day of the most recent Test Period, determined on a pro forma basis.

 

“Consolidated
Total Indebtedness” means at any time the sum, without duplication, of (a) the aggregate Indebtedness of the Company
and its Subsidiaries calculated on a consolidated basis as of such time in accordance with GAAP, (b) the aggregate amount
of Indebtedness of the Company and its Subsidiaries relating to the maximum drawing amount of all letters of credit outstanding
and bankers’ acceptances and (c) Indebtedness of the type referred to in clauses (a) or (b) hereof
of another Person guaranteed by the Company or any of its Subsidiaries; provided that Consolidated Total Indebtedness shall
exclude the aggregate amount of Indebtedness of the Company and its Subsidiaries in respect of undrawn performance and commercial
letters of credit, Guarantees related thereto, obligations with respect to deposits and advances in the ordinary course of business,
and obligations in respect of Repurchase Agreements.

 

“Consolidated
Total Secured Indebtedness” means, as of any date of determination, any Consolidated Total Indebtedness that is secured
by Liens on any assets or property of the Company or any of its Subsidiaries.

 

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

 

“Covered
Entity” means any of the following:

 

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

 

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

 

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

 

“Covered
Party” has the meaning assigned to it in Section 9.23.

 

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

 

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

 

“DDA Access
Product” means the bank service provided to any Loan Party by JPMCB in its sole discretion consisting of direct access
to schedule payments from the Funding Account by electronic, internet or other access mechanisms that may be agreed upon from
time to time by JPMCB and the funding of such payments under the Loan Borrowing Option in the DDA Access Product Agreement.

 

    11

     

    

 

“DDA Access
Product Agreement” means JPMCB’s Treasury Services End of Day Investment & Loan Sweep Service Terms,
as in effect on the date of this Agreement, as the same may be amended from time to time.

 

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

 

“Defaulting
Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be
funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of
Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder,
unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such
failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically
identified and including the particular default, if any) has not been satisfied, (b) has notified the Company or any
Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any
of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is
based on such Lender’s good faith determination that a condition precedent (specifically identified and including the
particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements
in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit
Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will
comply with its obligations (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 become the subject of
(A) a Bankruptcy Event or (B) a Bail-In Action.

 

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

 

“Dilution
Percentage” means, with respect to each Borrower at any time, for any twelve-month period, a percentage (rounded to
the nearest tenth of one percent) determined by the Administrative Agent, based on information contained in the most recent field
examination conducted by or on behalf of the Administrative Agent (or, in the Permitted Discretion of the Administrative Agent,
based on updated information provided to the Administrative Agent by the Borrowers), that reflects the amount of dilution of such
Borrower’s Accounts expressed as a percentage of gross sales for the applicable twelve-month measurement period.

 

“Disposition”
has the meaning assigned to such term in Section 6.05.

 

“Disqualified
Equity Interest” means, with respect to any Person, any Equity Interest in such Person that by its terms (or by the
terms of any security into which it is convertible or for which it is exchangeable, either mandatorily or at the option of the
holder thereof), or upon the happening of any event or condition:

 

(a)            matures
or is mandatorily redeemable (other than solely for Equity Interests in such Person that do not constitute Disqualified Equity
Interests and cash in lieu of fractional shares of such Equity Interests), whether pursuant to a sinking fund obligation or otherwise;

 

(b)            is
or becomes convertible or exchangeable, either mandatorily or at the option of the holder thereof, for Indebtedness or Equity
Interests (other than solely for Equity Interests in such Person that do not constitute Disqualified Equity Interests and cash
in lieu of fractional shares of such Equity Interests); or

 

(c)            is
redeemable (other than solely for Equity Interests in such Person that do not constitute Disqualified Equity Interests and cash
in lieu of fractional shares of such Equity Interests) or is required to be repurchased by the Company or any Subsidiary, in whole
or in part, at the option of the holder thereof;

 

in each case, on or prior to the date
that is ninety one (91) days after the Maturity Date (determined as of the date of issuance thereof or, in the case of any
such Equity Interests outstanding on the Effective Date, the Effective Date); provided, however, that
(i) an Equity Interest in any Person that would not constitute a Disqualified Equity Interest but for terms thereof
giving holders thereof the right to require such Person to redeem or purchase such Equity Interest upon the occurrence of an
 “asset sale” or a “change of control” (or similar event, however denominated) shall not constitute a
Disqualified Equity Interest if any such requirement becomes operative only after repayment in full of all the Loans and all
other Secured Obligations that are accrued and payable, the cancellation or expiration of all Letters of Credit and the
termination or expiration of the Commitments and (ii) an Equity Interest in any Person that is issued to any employee or
to any plan for the benefit of employees or by any such plan to such employees shall not constitute a Disqualified Equity
Interest solely because it may be required to be repurchased by such Person or any of its subsidiaries in order to satisfy
applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability.

 

    12

     

    

 

“Disqualified
Lenders” means (a) entities that have been specifically identified by the Company to the Administrative Agent in
writing prior to October 2, 2016, or after October 2, 2016 and prior to November 8, 2016 with the reasonable consent
of the Lead Arranger, (b) entities that are reasonably determined by the Company to be competitors of the Company or its
subsidiaries (including Grand Design and its subsidiaries) and which are specifically identified by the Company to the Administrative
Agent in writing prior to November 8, 2016 and (c) in the case of the foregoing clauses (a) and (b),
any of such entities’ Affiliates to the extent such Affiliates (x)(i) are clearly identifiable as Affiliates of such
entities based solely on the similarity of such Affiliates’ and such entities’ names and (ii) are not bona fide
debt investment funds or (y)(i) upon reasonable notice to the Administrative Agent after the Effective Date, are identified
as Affiliates in writing after the Effective Date in a written supplement to the list of “Disqualified Lenders”,
which supplement shall become effective three (3) Business Days after delivery to the Administrative Agent and the Lenders,
but which shall not apply retroactively to disqualify any parties that have previously acquired an assignment or participation
interest in the Loans and (ii) are not bona fide debt investment funds. It is understood and agreed that (i) any supplement
to the list of Persons that are Disqualified Lenders contemplated by the foregoing clause (c) shall not apply retroactively
to disqualify any Persons that have previously acquired an assignment or participation interest in the Loans (but solely with
respect to such Loans), (ii) the Administrative Agent shall have no responsibility or liability to determine or monitor whether
any Lender or potential Lender is a Disqualified Lender, (iii) the Company’s failure to deliver such list (or supplement
thereto) in accordance with Section 9.01 shall render such list (or supplement) not received and not effective and
(iv) “Disqualified Lender” shall exclude any Person that the Company has designated as no longer being
a “Disqualified Lender” by written notice delivered to the Administrative Agent from time to time in accordance
with Section 9.01.

 

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

 

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

 

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

 

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

 

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

 

“Domestic
Foreign Holdco Subsidiary” means any Domestic Subsidiary substantially all of the assets of which consist of the Equity
Interests (or Equity Interests and Indebtedness) of one or more CFCs.

 

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

 

    13

     

    

 

“DQ List”
has the meaning assigned to such term in Section 9.04(e)(iv).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Eligible
Accounts” means, at any time, the Accounts of any Borrower which the Administrative Agent determines in its Permitted
Discretion are eligible as the basis for the extension of Revolving Loans and Swingline Loans and the issuance of Letters of Credit.
Without limiting the Administrative Agent’s discretion provided herein, Eligible Accounts shall not include any Account
of a Borrower:

 

(a)            other
than to the extent a Reserve is established pursuant to clause (b), which is not subject to a first priority perfected
security interest in favor of the Administrative Agent;

 

(b)            which
is subject to any Lien, unless (i) such Lien constitutes (x) a Lien in favor of the Administrative Agent, (y) a
Permitted Encumbrance which does not have priority over the Lien in favor of the Administrative Agent or (z) a Lien permitted
under Section 6.02(a)(ii) or (ii) the Administrative Agent shall have established a Reserve in its Permitted
Discretion for liabilities of such Borrower that are secured by such Lien;

 

(c)            (i) which
is unpaid more than ninety (90) days after the date of the original invoice therefor or more than sixty (60) days after the original
due date therefor (“Overage”) (when calculating the amount under this clause (i), for the same Account
Debtor, the Administrative Agent shall include the net amount of such Overage and add back any credits, but only to the extent
that such credits do not exceed the total gross receivables from such Account Debtor), or (ii) which has been written off
the books of such Borrower or otherwise designated as uncollectible;

 

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(d)            which
is owing by an Account Debtor for which more than 50% of the Accounts owing from such Account Debtor and its Affiliates are ineligible
under clause (c) above;

 

(e)            which
is owing by an Account Debtor to the extent the aggregate amount of Accounts owing from such Account Debtor and its Affiliates
to the Borrowers exceeds 20% or such greater percentage as the Administrative Agent may determine from time to time in its Permitted
Discretion of the aggregate amount of Eligible Accounts of all Borrowers (but will only be ineligible to the extent of such excess);

 

(f)            with
respect to which any covenant, representation or warranty contained in any Loan Document has been breached or is not true in any
material respect (or, with respect to any covenant, representation or warranty which is subject to any materiality qualifier,
has been breached or is not true in any respect);

 

(g)            which
(i) does not arise from the sale of goods or performance of services in the ordinary course of business, (ii) is not
evidenced by an invoice or other documentation reasonably satisfactory to the Administrative Agent which has been sent to the
Account Debtor, (iii) represents a progress billing, (iv) is contingent upon such Borrower’s completion of any
further performance, (v) represents a sale on a bill-and-hold, guaranteed sale, sale-and-return, sale on
approval, consignment or cash-on-delivery basis (other than general product warranties given in the ordinary course of
business) or (vi) relates to payments of interest (but only to the extent thereof);

 

(h)            for
which the goods giving rise to such Account have not been shipped to the Account Debtor or for which the services giving rise
to such Account have not been performed by such Borrower or if such Account was invoiced more than once;

 

(i)            with
respect to which any check or other instrument of payment has been returned uncollected for any reason;

 

(j)            which
is owed by an Account Debtor which has (i) applied for, suffered, or consented to the appointment of any receiver, custodian,
trustee, administrative receiver, administrator, compulsory manager, liquidator or other similar officer of its assets, (ii) had
possession of all or a material part of its property taken by any receiver, custodian, trustee, administrative receiver, administrator,
compulsory manager, liquidator or other similar officer, (iii) filed, or had filed against it, any request or petition for
liquidation, reorganization, arrangement, adjustment of debts, adjudication as bankrupt, administration, winding-up, or voluntary
or involuntary case under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (iv) admitted
in writing its inability, or is generally unable to, pay its debts as they become due or has had a moratorium declared in respect
of it, (v) become insolvent, or (vi) ceased operation of its business (other than, in any such case, post-petition
accounts payable of an Account Debtor that is a debtor-in-possession under the United States Bankruptcy Code and reasonably
acceptable to the Administrative Agent);

 

(k)            which
is owed by any Account Debtor which has sold all or substantially all of its assets;

 

(l)            which
is owed by an Account Debtor which (i) does not maintain its chief executive office in the U.S. or Canada or (ii) is
not organized under applicable laws of the U.S., any state of the U.S., Canada or any province of Canada, unless, in any such
case, such Account is backed by a letter of credit or bank guarantee reasonably acceptable to the Administrative Agent;

 

(m)            which
is owed in any currency other than U.S. dollars or Canadian Dollars;

 

    15

     

    

 

(n)            which
is owed by (i) any Governmental Authority of any country other than Canada (or any province or territory thereof) or the
U.S. unless such Account is backed by a letter of credit or bank guarantee reasonably acceptable to the Administrative Agent
or (ii) any Governmental Authority of the U.S., or any department, agency, public corporation, or instrumentality thereof,
unless the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727 et seq. and 41 U.S.C.
 § 15 et seq.), and any other steps necessary to perfect the Lien of the Administrative Agent in such Account have
been complied with to the Administrative Agent’s satisfaction;

 

(o)            which
is owed by any Affiliate of any Loan Party or any employee, officer, or director of any Loan Party or any of its Affiliates;

 

(p)            which
is owed by an Account Debtor or any Affiliate of such Account Debtor to which any Loan Party is indebted, but only to the extent
of such indebtedness, or is subject to any security, deposit, progress payment, retainage or other similar advance made by or
for the benefit of an Account Debtor, in each case to the extent thereof;

 

(q)            which
is subject to any counterclaim, deduction, defense, setoff or dispute, but only to the extent of any such counterclaim, deduction,
defense, setoff or dispute;

 

(r)            which
is evidenced by any promissory note, chattel paper or instrument;

 

(s)            which
is owed by an Account Debtor (i) located in any State of the U.S. which requires filing of a “Notice of Business
Activities Report” or other similar report in order to permit such Borrower to seek judicial enforcement in such jurisdiction
of payment of such Account, unless such Borrower has filed such report or qualified to do business in such jurisdiction (or may
do so at a later date without material penalty or prejudice and without affecting the collectability of such Account) or (ii) which
is a Sanctioned Person;

 

(t)            with
respect to which such Borrower has made any agreement with the Account Debtor for any reduction thereof, other than discounts
and adjustments given in the ordinary course of business (but only to the extent of any such reduction), or any Account which
was partially paid and such Borrower created a new receivable for the unpaid portion of such Account;

 

(u)            which
does not comply in all material respects with the requirements of all applicable laws and regulations, whether Federal, state,
foreign, provincial or local, including without limitation the Federal Consumer Credit Protection Act, the Federal Truth in Lending
Act and Regulation Z of the Board;

 

(v)            unless
the Administrative Agent has established a Reserve in its Permitted Discretion, which is for goods that have been sold under a
purchase order or pursuant to the terms of a contract or other agreement or understanding (written or oral) that indicates or
purports that any Person other than such Borrower has or has had an ownership interest in such goods (including but not limited
to by way of retention of title), or which indicates any party other than such Borrower as payee or remittance party;

 

(w)            which
was created on cash on delivery terms; or

 

(x)            which
is subject to any limitation on assignment or other restriction (whether arising by operation of law, by agreement or otherwise)
which would under the local governing law of the contract have the effect of restricting the assignment for or by way of security
or the creation of security, in each case, unless the Administrative Agent has determined that such limitation is not enforceable.

 

    16

     

    

 

In the event that
an Account of a Borrower which was previously an Eligible Account ceases to be an Eligible Account hereunder, such Borrower or
the Borrower Representative shall notify the Administrative Agent thereof on and at the time of submission to the Administrative
Agent of the next Aggregate Borrowing Base Certificate and the Borrowing Base Certificate of such Borrower. In determining the
amount of an Eligible Account of a Borrower, the face amount of an Account may, in the Administrative Agent’s Permitted
Discretion, be reduced by, without duplication and to the extent not reflected in such face amount, (i) the amount of all
accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges
or other allowances (including any amount that such Borrower may be obligated to rebate to an Account Debtor pursuant to the terms
of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect of such
Account but not yet applied by such Borrower to reduce the amount of such Account. Notwithstanding the foregoing, the eligibility
criteria for “Eligible Accounts” may not be made more restrictive or newly established after the Effective Date (i) without
at least three (3) Business Days’ prior notice to the Borrower Representative and (ii) in response to circumstances
or events in existence on the Effective Date and disclosed to the Administrative Agent prior to the Effective Date (including
under any field examinations or appraisals conducted prior to the Effective Date); provided that, the foregoing limitation
in clause (ii) shall not apply in the event of a material change in the scope or magnitude of any such circumstances
or events.

 

“Eligible
Inventory” means, at any time, the Inventory of any Borrower which the Administrative Agent determines in its Permitted
Discretion is eligible as the basis for the extension of Revolving Loans and Swingline Loans and the issuance of Letters of Credit.
Without limiting the Administrative Agent’s discretion provided herein, Eligible Inventory of a Borrower shall not include
any Inventory:

 

(a)            other
than to the extent a Reserve is established pursuant to clause (b), which is not subject to a first priority perfected
security interest in favor of the Administrative Agent;

 

(b)            which
is subject to any Lien, unless (i) such Lien constitutes (x) a Lien in favor of the Administrative Agent, (y) a
Permitted Encumbrance which does not have priority over the Lien in favor of the Administrative Agent or (z) a Lien permitted
under Section 6.02(a)(ii) or (ii) the Administrative Agent shall have established a Reserve in its Permitted
Discretion for liabilities of such Borrower that are secured by such Lien;

 

(c)            which
is, in the Administrative Agent’s Permitted Discretion, slow moving, obsolete, unmerchantable, defective, used, unfit for
sale, not salable at prices approximating at least the cost of such Inventory in the ordinary course of business or unacceptable
due to age, type, category and/or quantity;

 

(d)            with
respect to which any covenant, representation or warranty contained in any Loan Document has been breached or is not true in any
material respect (or, with respect to any covenant, representation or warranty which is subject to any materiality qualifier,
has been breached or is not true in any respect) and which does not conform to all applicable standards imposed by any Governmental
Authority;

 

(e)            in
which any Person other than such Borrower shall (i) have any direct or indirect ownership, interest or title (including,
without limitation, any interest that a customer may have in any chassis included in such Inventory that were acquired by such
customer using financing provided by any Loan Party) or (ii) be indicated on any purchase order or invoice with respect to
such Inventory as having or purporting to have an interest therein;

 

(f)            which
constitutes work-in-process (other than U16 Inventory), spare or replacement parts, subassemblies, packaging and shipping material,
manufacturing supplies, samples, prototypes, displays or display items, bill-and-hold or ship-in-place goods,
goods that are returned or marked for return (unless undamaged and able to be resold in the ordinary course of business), repossessed
goods, repurchased goods, defective or damaged goods, goods held by such Borrower on consignment, or goods which are not of a
type held for sale in the ordinary course of business; provided that up to $70,000,000 of work-in-process Inventory
(other than U16 Inventory) of the Borrowers that otherwise constitutes “Eligible Inventory” may be included as Eligible
Inventory (such Inventory (subject to such cap), “Eligible Non-U16 Inventory”) despite the foregoing provisions
of this clause (f);

 

    17

     

    

 

(g)            which
is not located in the U.S. (including any territory thereof) or Canada or in transit with a common carrier from vendors and
suppliers, provided that, up to $7,500,000 of Inventory in transit from vendors and suppliers may be included as Eligible
Inventory despite the foregoing provision of this clause (g) so long as:

 

(i)            the
Administrative Agent shall have received (1) a true and correct copy of the bill of lading and other shipping documents for
such Inventory and (2) evidence of satisfactory casualty insurance naming the Administrative Agent as lender loss payee and
otherwise covering such risks as the Administrative Agent may reasonably request,

 

(ii)            if
the bill of lading is non-negotiable, the Inventory must be in transit within the U.S., and the Administrative Agent shall
have received, if requested, a duly executed Collateral Access Agreement, in form and substance satisfactory to the Administrative
Agent, from the applicable customs broker, freight forwarder or carrier for such Inventory,

 

(iii)            if
the bill of lading is negotiable, the Inventory must be in transit from outside the U.S., and the Administrative Agent shall have
received (1) confirmation that the bill is issued in the name of such Borrower and consigned to the order of the Administrative
Agent, and an acceptable agreement has been executed with such Borrower’s customs broker, in which the customs broker agrees
that it holds the negotiable bill as agent for the Administrative Agent and has granted the Administrative Agent access to the
Inventory, (2) confirmation that such Borrower has paid for the goods, and (3) an estimate from such Borrower of the
customs duties and customs fees associated with the Inventory in order to establish an appropriate Reserve,

 

(iv)            the
common carrier is not an Affiliate of the applicable vendor or supplier, and

 

(v)            the
customs broker is not an Affiliate of such Borrower;

 

(h)            which
is located in any location leased by such Borrower unless (i) the lessor has delivered to the Administrative Agent a Collateral
Access Agreement or (ii) a Reserve for rent, charges and other amounts due or to become due with respect to such facility
has been established by the Administrative Agent in its Permitted Discretion;

 

(i)            which
is located in any third party warehouse or is in the possession of a bailee (other than a third party processor) and is not evidenced
by a Document, unless (i) such warehouseman or bailee has delivered to the Administrative Agent a Collateral Access Agreement
and such other documentation as the Administrative Agent may require or (ii) an appropriate Reserve has been established
by the Administrative Agent in its Permitted Discretion;

 

(j)            which
is being processed offsite at a third party location or outside processor, or is in-transit to or from such third party location
or outside processor, unless (i) such processor has delivered to the Administrative Agent a Collateral Access Agreement and
such other documentation as the Administrative Agent may require or (ii) an appropriate Reserve has been established by the
Administrative Agent in its Permitted Discretion;

 

(k)            which
is a discontinued product or component thereof (unless such discontinuance does not adversely impact the salability of the remaining
Inventory);

 

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(l)            which
is the subject of a consignment by such Borrower as consignor; provided that, consigned Inventory may be eligible if the
applicable consignee has delivered to the Administrative Agent a Collateral Access Agreement and such other documentation and
the Administrative Agent may reasonably require;

 

(m)            which
contains or bears any intellectual property rights licensed to such Borrower unless the Administrative Agent is satisfied that
it may sell or otherwise dispose of such Inventory without (i) infringing the rights of such licensor, (ii) violating
any contract with such licensor, or (iii) incurring any liability with respect to payment of royalties other than royalties
incurred pursuant to sale of such Inventory under the current licensing agreement;

 

(n)            which
is not reflected in a current perpetual inventory report of such Borrower (unless such inventory (i) is reflected in a report
to the Administrative Agent as “in transit” inventory or (ii) constitutes Eligible Non-U16 Inventory); provided
that, notwithstanding the foregoing provisions of this clause (n), up to $20,000,000 of Inventory of the Borrowers
not reflected in a current perpetual inventory report, which $20,000,000 limitation shall not apply to Eligible Non-U16 Inventory
or “in-transit” inventory, and otherwise constituting “Eligible Inventory” may be included as Eligible
Inventory (such Inventory (subject to such cap), “Eligible Non-Perpetual Inventory”);

 

(o)            for
which reclamation rights have been asserted by the seller;

 

(p)            for
which any contract or related documentation (such as invoices or purchase orders) relating to such Inventory includes retention
of title rights in favor of the vendor or supplier thereof; provided that, Inventory of a Borrower which may be subject
to any rights of retention of title shall not be excluded from Eligible Inventory solely pursuant to this clause (p) in
the event that (A) the Administrative Agent shall have received evidence satisfactory to it that the full purchase price
of such Inventory has or will have been paid or (B) a Letter of Credit has been issued under and in accordance with the terms
of this Agreement for the purchase of such Inventory;

 

(q)            which
has been acquired from a Sanctioned Person; or

 

(r)            other
than to the extent permitted by the Administrative Agent in its Permitted Discretion, which constitutes raw materials of Winnebago
of Indiana.

 

In the event that
Inventory of any Borrower which was previously Eligible Inventory ceases to be Eligible Inventory hereunder, such Borrower or
the Borrower Representative shall notify the Administrative Agent thereof on and at the time of submission to the Administrative
Agent of the next Aggregate Borrowing Base Certificate and the Borrowing Base Certificate of such Borrower. Notwithstanding the
foregoing, the eligibility criteria for “Eligible Inventory” may not be made more restrictive or newly established
after the Effective Date (i) without at least three (3) Business Days’ prior notice to the Borrower Representative
and (ii) in response to circumstances or events in existence on the Effective Date and disclosed to the Administrative Agent
prior to the Effective Date (including under any field examinations or appraisals conducted prior to the Effective Date); provided
that, the foregoing limitation in clause (ii) shall not apply in the event of a material change in the scope or
magnitude of any such circumstances or events.

 

“Eligible
Non-Perpetual Inventory” has the meaning assigned to such term in clause (n) of the definition of “Eligible
Inventory”.

 

“Eligible
Non-U16 Inventory” has the meaning assigned to such term in clause (f) of the definition of “Eligible
Inventory”.

 

    19

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    20

     

    

 

“Excess Grand Design Borrowing Base” means,
at any time, the excess, if any, of (a) Grand Design’s Borrowing Base at such time over (b) the aggregate Grand
Design Revolving Exposures of all Lenders at such time.

 

“Excess Newmar
Borrowing Base” means, at any time, the excess, if any, of (a) Newmar’s Borrowing Base at such time over
(b) the aggregate Newmar Revolving Exposures of all Lenders at such time.

 

“Excess Winnebago
of Indiana Borrowing Base” means, at any time, the excess, if any, of (a) Winnebago of Indiana’s Borrowing
Base at such time over (b) the aggregate Winnebago of Indiana Revolving Exposures of all Lenders at such time.

 

“Excluded
Accounts” means, collectively, (a) payroll accounts, trust accounts, employee benefit accounts and zero-balance
disbursement accounts (that are not collection accounts) and (b) deposit accounts that have balances of no more than $250,000
individually or $1,000,000 in the aggregate for any period of thirty (30) consecutive days.

 

“Excluded
Assets” means, collectively:

 

(a)            any
fee-owned real property that does not constitute Material Real Property and all leasehold interests in real property;

 

(b)            any
 “intent-to-use” application for registration of a trademark filed pursuant to Section 1(b) of the
Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of
the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto,
solely to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would
impair the validity or enforceability of any registration that issues from such intent-to-use application under applicable
federal law;

 

(c)            assets
in respect of which pledges and security interests are prohibited by applicable U.S. law, rule or regulation or agreements
with any U.S. governmental authority (other than to the extent that such prohibition would be rendered ineffective pursuant
to Sections 9-406, 9-407, 9-408, 9-409 or other applicable provisions of the UCC of any relevant jurisdiction
or any other applicable law); provided that, immediately upon the ineffectiveness, lapse or termination of any such prohibitions,
such assets shall automatically cease to constitute Excluded Assets;

 

(d)            margin
stock (within the meaning of Regulation U issued by the Board);

 

(e)            Equity
Interests in any entity other than wholly-owned Material Subsidiaries and, to the extent not requiring the consent of one
or more unaffiliated third parties or prohibited by the terms of any applicable organizational documents, joint venture agreement
or shareholders’ agreement, other Material Subsidiaries and joint ventures;

 

(f)            letter
of credit rights with a value of less than $5,000,000 (other than to the extent the security interest in such letter of credit
right may be perfected by the filing of UCC financing statements) and commercial tort claims with a value of less than $5,000,000;

 

(g)            any
lease, license, capital lease obligation or other agreement or any property subject to a purchase money security interest, similar
agreement or other contractual restriction to the extent that a grant of a security interest therein would violate or invalidate
such lease, license, capital lease obligation or agreement or purchase money arrangement or other contraction restriction or create
a right of termination in favor of any other party thereto (other than a Loan Party) (other than (x) proceeds and receivables
thereof, the assignment of which is expressly deemed effective under the UCC notwithstanding such prohibition, (y) to the
extent that any such term has been waived or (z) to the extent that any such term would be rendered ineffective pursuant
to Sections 9-406, 9-407, 9-408, 9-409 or other applicable provisions of the UCC of any relevant jurisdiction
or any other applicable law); provided that, immediately upon the ineffectiveness, lapse or termination of any such term,
such assets shall automatically cease to constitute Excluded Assets;

 

    21

     

    

 

(h)            any
foreign assets (including foreign intellectual property) (other than pledges of the Applicable Pledge Percentage of the issued
and outstanding Equity Interests in any First Tier Foreign Subsidiary which is a Material Foreign Subsidiary as contemplated by
this Agreement) or credit support;

 

(i)            those
assets as to which the Administrative Agent and the Company reasonably agree that the cost of obtaining such a security interest
or perfection thereof are excessive in relation to the benefit to the Lenders of the security to be afforded thereby;

 

(j)            any
aircrafts and aircraft engines; and

 

(k)            Excluded
Accounts.

 

Notwithstanding the foregoing, “Excluded
Assets” shall not include any proceeds, products, substitutions or replacements of Excluded Assets (unless such proceeds,
products, substitutions or replacements would otherwise constitute Excluded Assets).

 

“Excluded
Domestic Subsidiary” means (a) any Domestic Subsidiary whose Equity Interests are owned directly or indirectly
by a CFC and (b) any Domestic Foreign Holdco Subsidiary.

 

“Excluded
Foreign Subsidiary” means a Foreign Subsidiary which is (a) a CFC or (b) a direct or indirect Foreign Subsidiary
owned by a CFC or Domestic Foreign Holdco Subsidiary.

 

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

 

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

 

    22

     

    

 

“Extenuating
Circumstance” means any period during which the Administrative Agent has determined in its sole discretion (a) that
due to unforeseen and/or nonrecurring circumstances, it is impractical and/or not feasible to submit or receive a Borrowing Request
or Interest Election Request by email or fax or through Electronic System, and (b) to accept a Borrowing Request or Interest
Election Request telephonically.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation,
rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities
and implementing such Sections of the Code.

 

“FCCR Test
Period” means any period (a) commencing on the last day of the most recently ended Test Period on or prior to the
date Aggregate Availability is less than the greater of $16,500,000 and 10% of the Aggregate Commitment at any time and (b) ending
on the day after Aggregate Availability has exceeded the greater of $16,500,000 and 10% of the Aggregate Commitment for thirty
(30) consecutive days.

 

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

 

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

 

“Final Release
Conditions” has the meaning assigned to such term in Section 9.19(c).

 

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

 

“First
Lien Net Leverage Ratio” means, as of any date of determination, the ratio of (a) an amount equal
to (i) Consolidated Total Secured Indebtedness, but excluding any secured indebtedness to the extent the Liens with respect
thereto are subordinated to the Liens securing the Secured Obligations or the Term Loan Obligations, as of the last day of the
most recent Test Period on or prior to such date of determination minus (ii) the
aggregate amount of unrestricted and unencumbered cash and Permitted Investments included in the consolidated balance sheet of
the Company and its Subsidiaries as of such date, which aggregate amount shall be determined without giving pro forma effect to
the proceeds of Indebtedness incurred on such date to (ii) Consolidated EBITDA of the Company and its Subsidiaries for such
Test Period.

 

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

 

    23

     

    

 

“Fixed
Asset Priority Collateral” has the meaning assigned thereto in the ABL/Fixed Asset Intercreditor Agreement, and is intended
to indicate that portion of the Collateral subject to a prior Lien in favor of the Term Loans/Notes Agent.

 

“Fixed Charge
Coverage Ratio” means, for any period, the ratio of (a) Consolidated EBITDA minus Capital Expenditures (other
than Capital Expenditures (i) financed with Indebtedness (other than Revolving Loans), (ii) made to restore, replace
or rebuild assets subject to casualty or condemnation events to the extent made with the cash proceeds of insurance or condemnation
awards, (iii) to the extent made with the cash proceeds of permitted asset dispositions and/or (iv) constituting capital
assets acquired in a Permitted Acquisition) to (b) Fixed Charges, all calculated for the Company and its Subsidiaries on
a consolidated basis in accordance with GAAP.

 

“Fixed Charges”
means, for any period, without duplication, (a) cash Consolidated Interest Expense plus (b) to the extent positive,
expenses for income taxes paid in cash plus (c) scheduled cash principal payments made on Indebtedness for borrowed
money plus (d) cash dividends paid by the Company, plus (e) cash contributions to any Plan (to the extent
not accounted for in the calculation of Consolidated EBITDA), all calculated for the Company and its Subsidiaries (except as provided
in clause (d)) on a consolidated basis in accordance with GAAP; provided that, for purposes of determining satisfaction
of the Payment Condition, “Fixed Charges” shall also include, without duplication (i) all Restricted Payments
paid in cash by the Company and its Subsidiaries on a consolidated basis during such period pursuant to Section 6.09(g) and
(ii) cash payments of earn-out obligations.

 

“Flood Laws”
has the meaning assigned to such term in Article VIII.

 

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

 

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

 

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

 

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

 

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

 

“Grand Design”
means Grand Design RV, LLC, an Indiana limited liability company.

 

“Grand Design
Revolving Exposures” means, with respect to any Lender at any time, and without duplication, the sum of (a) the
outstanding principal amount of the Revolving Loans made by such Lender to Grand Design at such time plus (b) such
Lender’s LC Exposure with respect to Letters of Credit issued for the account of Grand Design at such time plus (c) such
Lender’s Swingline Exposure with respect to Swingline Loans made to Grand Design at such time plus (d) an amount
equal to its Applicable Percentage of the aggregate principal amount of outstanding Protective Advances made to Grand Design at
such time plus (e) an amount equal to its Applicable Percentage of the aggregate principal amount of outstanding Overadvances
made to Grand Design at such time.

 

    24

     

    

 

“Grand Design
Utilization” means, at any time, the excess, if any, of (a) the aggregate Grand Design Revolving Exposures of all
Lenders over (b) the Grand Design Borrowing Base.

 

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

 

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

 

“Hostile
Acquisition” means (a) the acquisition of the Equity Interests of a Person through a tender offer or similar solicitation
of the owners of such Equity Interests which has not been approved (prior to such acquisition) by the board of directors (or any
other applicable governing body) of such Person or by similar action if such Person is not a corporation and (b) any such
acquisition as to which such approval has been withdrawn.

 

“IBA”
has the meaning assigned to such term in Section 1.06.

 

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

 

“Incremental
Term  LoanLoans/Notes
Amount” means, at any time, an amount of Indebtedness such that, as of the most recently completed
Test Period ending prior to the date of the incurrence of such Indebtedness, after giving pro forma effect to such incurrence
and such acquisition in accordance with Section 1.04(b), the First LienSecured
Net Leverage Ratio calculated is less than or equal to 2.503.00
to 1.00.

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits
or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations
of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred
in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether
or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all
Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party
in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in
respect of bankers’ acceptances and (k) obligations of such Person under Sale and Leaseback Transactions (other than
such obligations constituting operating lease obligations). The Indebtedness of any Person shall include the Indebtedness of any
other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms
of such Indebtedness provide that such Person is not liable therefor. Notwithstanding the foregoing, the term “Indebtedness”
shall not include (i) purchase price adjustments, earnouts, holdbacks or deferred payments of a similar nature (including
deferred compensation representing consideration or other contingent obligations incurred in connection with an acquisition),
except in each case to the extent that such amount payable is, or becomes, reasonably determinable and contingencies have been
resolved or such amount would otherwise be required to be reflected on a balance sheet prepared in accordance with GAAP; (ii) current
accounts payable incurred in the ordinary course of business; (iii) obligations in respect of non-competes and similar
agreements; (iv) Swap Obligations; (v) Banking Services Obligations; (vi) licenses and operating leases; or (vii) Permitted
Call Spread Swap Agreements, and any obligations thereunder.

 

    25

     

    

 

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

 

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

 

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

 

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

 

“Intercreditor
Agreement” means (a) in respect of the Term LoanLoans/Notes
Facility, the ABL/Term LoanFixed
Asset Intercreditor Agreement (b) in respect of any other Indebtedness intended to be secured by some or all
of the Collateral on a pari passu basis with the Obligations, an intercreditor agreement reasonably acceptable to the Administrative
Agent, the terms of which are consistent with market terms governing security arrangements for the sharing of Liens on a pari
passu basis at the time such intercreditor agreement is proposed to be established in light of the type of Indebtedness to be
secured by such Liens, as reasonably determined by the Administrative Agent and the Borrower Representative and,
(c) in respect of any other Indebtedness intended to be secured by some or all of the Collateral on a junior
priority basis with the Obligations, an intercreditor agreement reasonably acceptable to the Administrative Agent the terms of
which are consistent with market terms governing security arrangements for the sharing of Liens on a junior basis at the time
such intercreditor agreement is proposed to be established in light of the type of Indebtedness to be secured by such Liens, as
reasonably determined by the Administrative Agent and the Borrower Representative. and
(d) in respect of any other Indebtedness intended to be secured (x) by the ABL Priority Collateral on a junior priority
basis with the Obligations and (y) by the Fixed Asset Priority Collateral on a senior priority basis to the Obligations,
an intercreditor agreement reasonably acceptable to the Administrative Agent the terms of which are consistent with market terms
governing security arrangements for the sharing of Liens on such a basis at the time such intercreditor agreement is proposed
to be established in light of the type of Indebtedness to be secured by such Liens, as reasonably determined by the Administrative
Agent and the Borrower Representative.

 

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

 

“Interest
Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the first Business Day of January,
April, July and October and the Maturity Date and (b) with respect to any Eurodollar Loan, the last day of the
Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest
Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals
of three months’ duration after the first day of such Interest Period and the Maturity Date of the Facility under which
such Eurodollar Loan was made.

 

    26

     

    

 

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

 

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

 

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

 

“Investment”
means, with respect to a specified Person, (a) any direct or indirect acquisition of or investment by such Person in any
Equity Interests, evidences of Indebtedness or other securities (including any option, warrant or other right to acquire any of
the foregoing) of, or any capital contribution or loans or advances (other than advances made in the ordinary course of business
that would be recorded as accounts receivable on the balance sheet of the specified Person prepared in accordance with GAAP) to,
Guarantees of any Indebtedness or other obligations of, or any other investment in, any other Person that are held or made by
the specified Person and (b) the purchase or acquisition (in one transaction or a series of related transactions) of all
or substantially all the property and assets or business of another Person or assets constituting a business unit, line of business,
division or product line of such other Person. The amount, as of any date of determination, of (i) any Investment in the
form of a loan or an advance shall be the principal amount thereof outstanding on such date (excluding any portion thereof representing
paid-in-kind interest or principal accretion), without any adjustment for write-downs or write-offs (including
as a result of forgiveness of any portion thereof) with respect to such loan or advance after the date thereof, (ii) any
Investment in the form of a Guarantee shall be determined in accordance with the definition of the term “Guarantee”,
(iii) any Investment in the form of a transfer of Equity Interests or other non-cash property by the investor to the
investee, including any such transfer in the form of a capital contribution, shall be the fair value (as determined reasonably
and in good faith by the Company in accordance with GAAP) of such Equity Interests or other property as of the time of the transfer,
minus any payments actually received in cash, or other property that has been converted into cash or is readily marketable
for cash, by such specified Person representing a return of capital of, or dividends or other distributions in respect of, such
Investment, but without any adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs
with respect to, such Investment after the date of such transfer, (iv) any Investment (other than any Investment referred
to in clause (i), (ii) or (iii) above) by the specified Person in the form of a purchase or other
acquisition for value of any Equity Interests, evidences of Indebtedness, other securities or assets of any other Person shall
be the original cost of such Investment (including any Indebtedness assumed in connection therewith), plus the cost of
all additions, as of such date, thereto, and minus the amount, as of such date, of any portion of such Investment repaid
to the investor in cash as a repayment of principal or a return of capital, and of any payments or other amounts actually received
by such investor representing dividends, returns, interest, profits, distributions, income or similar amount, in respect of such
Investment, as the case may be, but without any other adjustment for increases or decreases in value of, or write-ups, write-downs
or write-offs with respect to, such Investment after the date of such Investment, and (v) any Investment (other than
any Investment referred to in clause (i), (ii), (iii) or (iv) above) by the specified Person in any other Person
resulting from the issuance by such other Person of its Equity Interests to the specified Person shall be the fair value (as determined
reasonably and in good faith by a Financial Officer of the Company) of such Equity Interests at the time of the issuance thereof.
For purposes of Section 6.04, if an Investment involves the acquisition of more than one Person, the amount of such
Investment shall be allocated among the acquired Persons in accordance with GAAP; provided that pending the final determination
of the amounts to be so allocated in accordance with GAAP, such allocation shall be as reasonably determined by a Financial Officer
of the Company.

 

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“IRS”
means the United States Internal Revenue Service.

 

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

 

“Issuing
Bank Sublimits” means, as of the Effective Date, (i) in the case of JPMCB, $5,000,000 and (ii) in the case
of any other Issuing Bank, such amount as shall be designated to the Administrative Agent and the Borrower Representative in writing
by such Issuing Bank; provided that, any Issuing Bank shall be permitted at any time, with the consent of the Borrower
Representative and the Administrative Agent, to increase or reduce its Issuing Bank Sublimit in its discretion (it being understood
and agreed that any such increase may be limited to the issuance of a particular Letter of Credit).

 

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

 

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

 

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

 

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

 

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

 

“Lead Arranger”
means JPMorgan Chase Bank, N.A. in its capacity as the sole lead arranger and bookrunner for the credit facility evidenced by
this Agreement.

 

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“Lease Deficiency
Obligation” means after default, repossession and disposition of the Equipment which is the subject of or which secures
a Lease Financing, the amount, if any, by which (i) any and all obligations of the Loan Parties or their Subsidiaries to
a Lessor, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor)
in connection with a specific Lease Financing, exceeds (ii) the Net Proceeds realized by the Lessor upon the disposition
of the Equipment which is the subject of or which secures the specific Lease Financing.

 

“Lease Financing”
means (i) a lease of specific Equipment as defined in Article 2-A of the UCC, and (ii) a secured financing
transaction secured by specific Equipment, whether that transaction is called a lease or a loan, entered into by any Loan Party
or its Subsidiaries with any Lender or any of its Affiliates (in this context, the “Lessor”).

 

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

 

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

 

“Lessor”
has the meaning assigned to such term in the definition of “Lease Financing”.

 

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

 

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

 

“LIBO
Rate” means, with respect to any Eurodollar Borrowing for any applicable Interest Period or for any ABR Borrowing,
the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the
administration of such rate for Dollars) for a period equal in length to such Interest Period as displayed on
pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a
Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the
appropriate page of such other information service that publishes such rate from time to time as shall be selected by
the Administrative Agent in its reasonable discretion, in each case (the “LIBO Screen Rate”) at
approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period; provided
that, (x) if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this
Agreement and (y) if the LIBO Screen Rate shall not be available at such time for a period equal in length to such
Interest Period (an “Impacted Interest Period”), then the LIBO Rate shall be the Interpolated Rate at such
time, subject to Section 2.14 in the event that the Administrative Agent shall conclude that it shall not be
possible to determine such Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error); provided
further, that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of
this Agreement. Notwithstanding the above, to the extent that “LIBO Rate” or “Adjusted LIBO
Rate” is used in connection with an ABR Borrowing, such rate shall be determined as modified by the definition of
Alternate Base Rate.

 

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

 

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

 

    29

     

    

 

“Loan Borrowing
Option” has the meaning assigned to such term in the DDA Access Product Agreement.

 

“Loan Documents”
means, collectively, this Agreement, the Collateral Documents, the Loan Guaranty, the Intercreditor Agreements, any promissory
notes executed and delivered pursuant to Section 2.10(e), any Letter of Credit applications and any agreements between
the Borrower Representative and the Issuing Bank regarding the Issuing Bank’s Issuing Bank Sublimit or the respective rights
and obligations between any Borrower and the Issuing Bank in connection with the issuance of Letters of Credit, and any and all
other instruments and documents executed and delivered in connection with any of the foregoing.

 

“Loan Guarantor”
means each Loan Party.

 

“Loan Guaranty”
means Article X of this Agreement.

 

“Loan Parties”
means, collectively, the Borrowers, the Company’s Material Domestic Subsidiaries and any other Person who becomes a party
to this Agreement pursuant to a Joinder Agreement and their successors and assigns, and the term “Loan Party” shall
mean any one of them or all of them individually, as the context may require.

 

“Loans”
means the loans and advances made by the Lenders pursuant to this Agreement, including Swingline Loans, Overadvances and Protective
Advances.

 

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

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, operations, or financial condition
of the Company and the Subsidiaries taken as a whole, (b) the ability of the Loan Parties, taken as a whole, to perform any
of their respective payment obligations under this Agreement, (c) the validity or enforceability of this Agreement or any
and all other Loan Documents, or (d) the material rights or remedies of the Administrative Agent or the Lenders under the
Loan Documents.

 

“Material
Domestic Subsidiary” means each Domestic Subsidiary (other than an Excluded Domestic Subsidiary) that constitutes a
Material Subsidiary.

 

“Material
Foreign Subsidiary” means each Foreign Subsidiary that constitutes a Material Subsidiary.

 

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

 

“Material
Real Property” means real property located in the United States with a book value (as reflected in the financial statements
delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of any such financial
statements, the financial statements referred to in Section 3.04)) of more than $7,500,00010,000,000
that is owned by the Company or any Domestic Subsidiary that is a Loan Party.

 

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“Material
Subsidiary” means each Subsidiary (i) which, as of the most recent fiscal quarter of the Company during the Test
Period, contributed greater than five percent (5%) of the Company’s Consolidated EBITDA for such period or (ii) which
contributed greater than five percent (5%) of Consolidated Total Assets as of such date; provided that, if at any
time the aggregate amount of Consolidated EBITDA or Consolidated Total Assets attributable to all Subsidiaries that are not Material
Subsidiaries exceeds twenty percent (20%) of Consolidated EBITDA for any such period or twenty percent (20%) of Consolidated
Total Assets as of the end of any such fiscal quarter, the Company (or, in the event the Company has failed to do so within ten
days, the Administrative Agent) shall designate sufficient Subsidiaries as “Material Subsidiaries” to eliminate such
excess, and such designated Subsidiaries shall for all purposes of this Agreement constitute Material Subsidiaries.

 

“Maturity
Date” means the earliest to occur of (i) October 22, 2024, (ii) the date on which the Commitments are
reduced to zero or otherwise terminated pursuant to the terms hereof, (iii) the date that is ninety-one (91) days prior to
the maturity date of the Term LoanLoans/Notes
Facility, if any Term Loans/Notes
are outstanding on such date, (iv) the date that is ninety-one (91) days prior to the earliest maturity date of any outstanding
Incremental EquivalentPriority
Lien Notes Debt (as defined in the Term LoanLoans/Notes
Agreement as of the date hereofAmendment
No. 2 Effective Date), if any Incremental EquivalentPriority
Lien Notes Debt is outstanding on such date and (v) the date that is ninety-one (91) days prior to the earliest
maturity date of any outstanding Permitted Convertible Notes, if any Permitted Convertible Notes are outstanding on such date;
provided further that, in each case, if such date is not a Business Day, the Maturity Date shall be the immediately preceding
Business Day.

 

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

 

“MNPI”
means material information concerning the Company and the Subsidiaries and their securities that has not been disseminated in
a manner making it available to investors generally, within the meaning of Regulation FD under the Securities Act and the Securities
Exchange Act of 1934.

 

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

 

“Monthly
Reporting Period” means any period of time commencing on any day that the Aggregate Revolving Exposure (other than the
aggregate LC Exposure) has exceeded $50,000,000 for more than five (5) consecutive days and continuing until such subsequent
day, if any, on which the Aggregate Revolving Exposure (other than the aggregate LC Exposure) has not exceeded $0 for more than
sixty (60) consecutive days.

 

“Mortgage”
means each mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of the Administrative Agent,
for the benefit of the Administrative Agent and the Secured Parties, on real property of a Loan Party, including any amendment,
restatement, modification or supplement thereto; provided that no Mortgage shall contain any defaults other than by reference
to the defaults set forth in this Agreement; and further provided, in the event the Mortgage shall be recorded in a jurisdiction
which charges mortgage recording taxes, intangible taxes or documentary taxes or other similar taxes and/or charges, such Mortgage
shall only secure such an amount not to exceed the fair market value (as reasonably determined by Borrower Representative and
as reasonably acceptable to the Administrative Agent) of the Material Real Property secured by such Mortgage.

 

“Mortgage
Instruments” means with respect to any Material Real Property for which a Mortgage is being recorded, (a) such
title reports and ALTA title insurance policies (or unconditional commitment to issue such policy or policies) reasonably acceptable
to Administrative Agent, in an amount not to exceed 110% of the fair market value (as reasonably acceptable to the Administrative
Agent) of such Material Real Property (with endorsements reasonably requested by Administrative Agent and as are available in
the applicable jurisdiction) and with all premiums fully paid, (b) either (i) an ALTA survey reasonably acceptable to
Administrative Agent or (ii) previously obtained ALTA survey and affidavits of “no-change” with respect to
each such survey, such survey and affidavit to be in form and substance reasonably acceptable to the Administrative Agent and
to be sufficient to issue title insurance policies to the Administrative Agent providing all reasonably required survey coverage
and survey endorsements and zoning endorsements, (c) acquisition of FEMA standard life-of-loan flood hazard determinations
for such Material Real Property, and if any building located on such Material Real Property is determined to be in a special hazard
area, delivery of (i) a notice with respect to such flood insurance and (ii) evidence of flood insurance, (d) a
local counsel opinion as to the enforceability of each Mortgage in the state in which the Material Real Property described in
such Mortgage is located and other matters customarily covered in real estate enforceability opinions in form and substance reasonably
acceptable to Administrative Agent, except with respect to the Material Real Property located in Oregon, written confirmation
from local counsel that is in form and substance reasonably acceptable to Administrative Agent that such Mortgage Instrument satisfies
the basic requirements for amending a deed of trust under Oregon law and is suitable for recording, (e) mortgage tax affidavits
and declarations and other similar information and related certifications that are required in the jurisdiction in which a Mortgage
is being filed in order to permit such filing and such affidavits and certificates as are required to issue the title insurance
policies, provided, appraisals shall not be required to be delivered in connection with any Mortgage (in each case, other than
such documentation already in the possession of any Loan Party) and (f) environmental assessments and reports and zoning
reports in form and substance reasonably acceptable to the Administrative Agent.

 

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

 

“Net Orderly
Liquidation Value” means, with respect to Inventory of any Person, the orderly liquidation value thereof as determined
in a manner reasonably acceptable to the Administrative Agent by an appraiser acceptable to the Administrative Agent, net of all
costs of liquidation thereof.

 

“Newmar”
means Newmar Corporation, an Indiana corporation.

 

“Newmar Revolving
Exposures” means, with respect to any Lender at any time, and without duplication, the sum of (a) the outstanding
principal amount of the Revolving Loans made by such Lender to Newmar at such time plus (b) such Lender’s LC
Exposure with respect to Letters of Credit issued for the account of Newmar at such time plus (c) such Lender’s
Swingline Exposure with respect to Swingline Loans made to Newmar at such time plus (d) an amount equal to its Applicable
Percentage of the aggregate principal amount of outstanding Protective Advances made to Newmar at such time plus (e) an
amount equal to its Applicable Percentage of the aggregate principal amount of outstanding Overadvances made to Newmar at such
time.

 

“Newmar Utilization”
means, at any time, the excess, if any, of (a) the aggregate Newmar Revolving Exposures of all Lenders over (b) the
Newmar Borrowing Base.

 

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

 

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

 

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

 

    32

     

    

 

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

 

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

 

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

 

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

 

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

 

“Overadvance”
has the meaning assigned to such term in Section 2.05(b).

 

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

 

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

 

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

 

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

 

“Payment
Condition” means, with respect to any proposed designated action on any date, a condition that is satisfied if (a) after
giving effect to such proposed designated action as if it occurred on the first day of the applicable Pro Forma Period, the pro
forma Aggregate Availability shall be greater than the greater of $33,000,000 and 20% of the Aggregate Commitment at all times
during such Pro Forma Period or (b) both (i) after giving effect to such proposed designated action as if it occurred
on the first day of such Pro Forma Period, the pro forma Aggregate Availability shall be greater than the greater of $24,750,000
and 15% of the Aggregate Commitment at all times during such Pro Forma Period and (ii) the Fixed Charge Coverage Ratio, computed
on a pro forma basis for the period of four consecutive fiscal quarters ending on the most recent fiscal quarter of the Company
for which financial statements have been delivered pursuant to Section 5.01, shall be greater than 1.10 to 1.00.

 

    33

     

    

 

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

 

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

 

(a)            such
Acquisition is not a Hostile Acquisition;

 

(b)            such
Person or division or line of business is engaged in the same or a similar line of business as the Company or any of its Subsidiaries
or any business activities reasonably related or ancillary thereto;

 

(c)            no
Default exists at the time of such Acquisition or would result therefrom;

 

(d)            if
such Acquisition constitutes a Material Acquisition, the Administrative Agent shall have received a description of the material
terms of such Acquisition and the audited financial statements (or, if unavailable, management-prepared financial statements)
of such Person or division or line of business of such Person for its two most recently ended fiscal years and for any fiscal
quarters ended within the fiscal year to-date for which such financial statements are available;

 

(e)            if
such Acquisition involves a merger, amalgamation or a consolidation involving the Company or any other Loan Party, the Company
or a Loan Party, as applicable, shall be the surviving entity in compliance with Section 6.03 (subject to any grace
periods specified in Section 5.14); and

 

(f)            the
Company shall have delivered to the Administrative Agent final executed material documentation relating to such Acquisition promptly
after request therefor by the Administrative Agent.

 

“Permitted
Call Spread Swap Agreements” means (a) any Swap Agreement (including, but not limited to, any bond hedge transaction
or capped call transaction) pursuant to which the Company acquires an option requiring the counterparty thereto to deliver to
the Company shares of common stock of the Company (or other securities or property following a merger event or other change of
the common stock of the Company), the cash value thereof or a combination thereof from time to time upon exercise of such option
entered into by the Company in connection with the issuance of Permitted Convertible Notes (such transaction, a “Bond
Hedge Transaction”) and (b) any Swap Agreement pursuant to which the Company issues to the counterparty thereto
warrants to acquire common stock of the Company (or other securities or property following a merger event or other change of the
common stock of the Company) (whether such warrant is settled in shares, cash or a combination thereof) entered into by the Company
in connection with the issuance of Permitted Convertible Notes (such transaction, a “Warrant Transaction”);
provided that (i) the terms, conditions and covenants of each such Swap Agreement shall be acceptable to the Administrative
Agent in its Permitted Discretion), (ii) the purchase price for such Bond Hedge Transaction, less the proceeds received by
the Company from the sale of any related Warrant Transaction, does not exceed the net proceeds received by the Company from the
issuance of the related Permitted Convertible Notes and (iii) in the case of clause (b) above, such Swap Agreement
would be classified as an equity instrument in accordance with GAAP.

 

“Permitted
Convertible Notes” means any unsecured notes issued by the Company that are convertible into a fixed number
(subject to customary anti-dilution adjustments, “make-whole” increases and other customary changes
thereto) of shares of common stock of the Company (or other securities or property following a merger event or other change
of the common stock of the Company), cash or any combination thereof (with the amount of such cash or such combination
determined by reference to the market price of such common stock or such other securities); provided that, the
Indebtedness thereunder must satisfy each of the following conditions: (i) both immediately prior to and after giving
effect (including pro forma effect) thereto, no Default or Event of Default shall exist or result therefrom, (ii) such
Indebtedness matures after, and does not require any scheduled amortization or other scheduled or otherwise required payments
of principal prior to, and does not permit any Loan Party to elect optional redemption or optional acceleration that would be
settled on a date prior to, the date that is ninety-one (91) days after the Maturity Date (it being understood that
neither (x) any provision requiring an offer to purchase such Indebtedness as a result of change of control or other
fundamental change nor (y) any early conversion of any Permitted Convertible Notes in accordance with the terms thereof,
in either case, shall violate the foregoing restriction), (iii) such Indebtedness is not guaranteed by any Subsidiary of
the Company other than a Loan Party (which guarantees, if such Indebtedness is subordinated, shall be expressly subordinated
to the Secured Obligations on terms not less favorable to the Lenders than the subordination terms of such Subordinated
Indebtedness) and (iv) the terms, conditions and covenants of such Indebtedness must be customary for convertible
Indebtedness of such type (as determined by the board of directors of the Company, or a committee thereof, in good
faith).

 

    34

     

    

 

“Permitted
Discretion” means a determination made in good faith and in the exercise of reasonable (from the perspective of a secured
asset-based lender) business judgment.

 

“Permitted
Encumbrances” means:

 

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

 

(b)            carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in
the ordinary course of business and securing obligations that are not overdue by more than sixty (60) days or are being contested
in compliance with Section 5.04;

 

(c)            (i) pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations and (ii) pledges and deposits in the ordinary course of business securing liability
for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees
for the benefit of) insurance carriers providing property, casualty or liability insurance to the Company or any Subsidiary;

 

(d)            deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety, stay, customs and appeal bonds, performance
bonds and other obligations of a like nature (including (i) those to secure health, safety and environmental obligations
and (ii) letters of credit and bank guarantees required or requested by any Governmental Authority in connection with any
contract or law), in each case in the ordinary course of business;

 

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

 

(f)            matters
of record affecting title to any real or leased property and any survey exceptions, encroachments, rights of parties in possession
under written leases or occupancy agreements, title defects, easements, zoning restrictions, rights-of-way and similar
encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations
that are substantial in amount and do not materially detract from the value of the affected property or interfere in any material
respect with the ordinary conduct of business of the Company or any Subsidiary;

 

    35

     

    

 

(g)            Liens
in favor of a banking or other financial institution arising as a matter of law or in the ordinary course of business under customary
general terms and conditions encumbering deposits or other funds maintained with a financial institution (including the right
of set-off) and that are within the general parameters customary in the banking industry or arising pursuant to such banking
institution’s general terms and conditions;

 

(h)            Liens
on specific items of inventory or other goods and proceeds thereof of any Person securing such Person’s obligations in respect
of bankers’ acceptances or letters of credit issued or created for the account of such Person to facilitate the purchase,
shipment or storage of such inventory or other goods in the ordinary course of business;

 

(i)            Liens
encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts
or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

(j)            (i) leases,
licenses, subleases or sublicenses granted to others in the ordinary course of business that do not (A) interfere in any
material respect with the business of the Company and its Subsidiaries, taken as a whole or (B) secure any Indebtedness or
(ii) the rights reserved or vested in any Person (including any Governmental Authority) by the terms of any lease, license,
franchise, grant or permit held by the Company or any of its Subsidiaries or by a statutory provision, to terminate any such lease,
license, franchise, grant or permit, or to require annual or periodic payments as a condition to the continuance thereof;

 

(k)            ground
leases or subleases, licenses or sublicenses in respect of real property on which facilities owned or leased by the Company or
any Subsidiary are located;

 

(l)            (i) zoning,
building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of the business
complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate
the use of any real property that does not materially interfere with the ordinary conduct of the business of the Company and its
Subsidiaries, taken as a whole;

 

(m)            Liens
arising from precautionary UCC financing statement or similar filings;

 

(n)            licenses,
sublicenses and cross-licenses of Intellectual Property in the ordinary course of business; and

 

(o)            any
interest or title of a lessor, sublessor, lessee or sublessee under any lease in existence on the day hereof or permitted by this
Agreement and the Collateral Documents.

 

“Permitted
Investments” means:

 

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

 

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

 

    36

     

    

 

(c)            investments
in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition
thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital
and surplus and undivided profits of not less than $500,000,000;

 

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

 

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

 

(f)            other
investments made in accordance with the Company’s investment policy as disclosed to the Administrative Agent prior to the
Effective Date and with such amendments or modifications thereto as are from time to time approved by the Administrative Agent;

 

(g)            investments
in Indebtedness that is (x) issued by Persons with (i) a short term credit rating of “P-1”
or higher from Moody’s or “A-1” or higher from S&P or (ii) a long term rating of
 “A2” or higher from Moody’s or “A” or higher from S&P, in each case for clauses
(i) and (ii) with maturities not more than twelve (12) months after the date of acquisition and
(y) of a type customarily used by companies for cash management purposes;

 

(h)            securities
with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory
of the United States of America, by any political subdivision or taxing authority of any such state, commonwealth or territory
or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority
or foreign government (as the case may be) receive at least (i) a short term credit rating of “P-1”
or higher from Moody’s or “A-1” or higher from S&P or (ii) a long term rating of “A2”
or higher from Moody’s or “A” or higher from S&P;

 

(i)            investments
in money market funds substantially all the assets of which are comprised of securities of the types described in clauses (a) through
(h) above;

 

(j)            securities
with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or
any commercial bank satisfying the requirements of clause (c) above; and

 

(k)            in
the case of any Foreign Subsidiary, other short-term investments that are analogous to the foregoing, are of comparable credit
quality and are customarily used by companies in the jurisdiction of such Foreign Subsidiary for cash management purposes.

 

“Permitted
Unsecured Indebtedness” means Indebtedness of the Company or any Subsidiary (a) that is not (and any Guarantees
thereof by the Company or Subsidiaries are not) secured by any collateral (including the Collateral), (b) that does not mature
earlier than the date that is ninety-one (91) days after the Maturity Date, and has a Weighted Average Life to Maturity no
shorter than the Maturity Date in effect at the time of incurrence of such Indebtedness, (c) that, in the case of such Indebtedness
in the form of bonds, debentures, notes or similar instrument, does not provide for any amortization, mandatory prepayment, redemption
or repurchase (other than upon a change of control, fundamental change, customary asset sale or event of loss mandatory offers
to purchase and customary acceleration rights after an event of default and, for the avoidance of doubt, rights to convert or
exchange in the case of convertible or exchangeable Indebtedness) prior to the Maturity Date, (d) that contains covenants,
events of default, guarantees and other terms that are customary for similar Indebtedness in light of then-prevailing market
conditions (it being understood and agreed that such Indebtedness shall not include any financial maintenance covenants and that
applicable negative covenants shall be incurrence-based to the extent customary for similar Indebtedness) and, when taken
as a whole (other than interest rates, rate floors, fees and optional prepayment or redemption terms), are not more favorable
(as reasonably determined by the Company in good faith) to the lenders or investors providing such Permitted Unsecured Indebtedness,
as the case may be, than those set forth in the Loan Documents are with respect to the Lenders (other than covenants or other
provisions applicable only to periods after the Maturity Date); provided that a certificate of a Financial Officer of the
Company delivered to the Administrative Agent at least five (5) Business Days prior to the incurrence of such Indebtedness
or the modification, refinancing, refunding, renewal or extension thereof (or such shorter period of time as may reasonably be
agreed by the Administrative Agent), together with a reasonably detailed description of the material terms and conditions of such
resulting Indebtedness or drafts of the material definitive documentation relating thereto, stating that the Company has determined
in good faith that such terms and conditions satisfy the foregoing requirements shall be conclusive, and (e) that is not
guaranteed by any Person other than on an unsecured basis by the Company and/or Subsidiaries that are Loan Parties.

 

    37

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Pro Forma
Period” means the period commencing thirty (30) days prior to the date of any proposed designated action and ending
on the date of such proposed designated action.

 

“Projections”
has the meaning assigned to such term in Section 3.11.

 

“Protective
Advance” has the meaning assigned to such term in Section 2.04.

 

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

 

    38

     

    

 

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

 

“QFC Credit
Support” has the meaning assigned to it in Section 9.23.

 

“Qualified
Equity Interests” means Equity Interests of the Company other than Disqualified Equity Interests.

 

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

 

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

 

“Refinancing
Convertible Notes” has the meaning assigned to such term in Section 6.09.

 

“Refinancing
Indebtedness” means, in respect of any Indebtedness (the “Original Indebtedness”), any
Indebtedness that extends, renews or refinances such Original Indebtedness (or any Refinancing Indebtedness in respect
thereof); provided that (a) the principal amount (or accreted value, if applicable) of such Refinancing
Indebtedness shall not exceed the principal amount (or accreted value, if applicable) of such Original Indebtedness except by
an amount no greater than accrued and unpaid interest with respect to such Original Indebtedness and any reasonable fees,
premium and expenses relating to such extension, renewal or refinancing; (b) the stated final maturity of such
Refinancing Indebtedness shall not be earlier than that of such Original Indebtedness, and such stated final maturity shall
not be subject to any conditions that could result in such stated final maturity occurring on a date that precedes the stated
final maturity of such Original Indebtedness; (c) such Refinancing Indebtedness shall not be required to be repaid,
prepaid, redeemed, repurchased or defeased, whether on one or more fixed dates, upon the occurrence of one or more events or
at the option of any holder thereof (except, in each case, upon the occurrence of an event of default or a change in control,
fundamental change, or upon conversion or exchange in the case of convertible or exchangeable Indebtedness or as and to the
extent such repayment, prepayment, redemption, repurchase or defeasance would have been required pursuant to the terms of
such Original Indebtedness) prior to (i) if such Refinancing Indebtedness is secured on a pari passu basis with the
Revolving Loans, the maturity of such Original Indebtedness or (ii) otherwise, the date that is ninety one (91) days
after the Maturity Date; (d) the Weighted Average Life to Maturity of such Refinancing Indebtedness shall be longer than
the Weighted Average Life to Maturity of such Original Indebtedness remaining as of the date of such extension, renewal or
refinancing; (e) such Refinancing Indebtedness shall not constitute an obligation (including pursuant to a Guarantee) of
any Subsidiary, in each case that shall not have been (or, in the case of after-acquired Subsidiaries, shall not have
been required to become pursuant to the terms of the Original Indebtedness) an obligor in respect of such Original
Indebtedness, and shall not constitute an obligation of any Borrower if such Borrower shall not have been an obligor in
respect of such Original Indebtedness, and, in each case, shall constitute an obligation of such Subsidiary or of such
Borrower only to the extent of their obligations in respect of such Original Indebtedness; (f) if such Original
Indebtedness shall have been subordinated to the Obligations, such Refinancing Indebtedness shall also be subordinated to the
Obligations on terms not less favorable in any material respect to the Lenders; (g) if secured by the Collateral on a
junior lien basis or if unsecured, such Refinancing Indebtedness does not provide for any amortization, mandatory prepayment,
redemption or repurchase (other than upon a change of control, fundamental change, customary asset sale or event of loss
mandatory offers to purchase and customary acceleration rights after an event of default and, for the avoidance of doubt,
rights to convert or exchange in the case of convertible or exchangeable Indebtedness) prior to the latest maturity date of
the Indebtedness being refinanced, (h) such Refinancing Indebtedness does not contain covenants, events of default and
other terms customary for similar Indebtedness in light of then-prevailing market conditions that, when taken as a whole
(other than interest rates, rate floors, fees and optional prepayment or redemption terms), are more favorable (as reasonably
determined by the Borrower Representative in good faith) to the lenders, holders or investors, as the case may be, providing
such Refinancing Indebtedness than those applicable to the relevant Original Indebtedness (provided that a certificate
of a Financial Officer delivered to the Administrative Agent at least five (5) Business Days prior to the incurrence of
such Refinancing Indebtedness, together with a reasonably detailed description of the material terms and conditions of such
Refinancing Indebtedness or drafts of the material definitive documentation relating thereto, stating that the Borrower
Representative has determined in good faith that such terms and conditions satisfy the requirement of this clause
(h) shall be conclusive evidence that such terms and conditions satisfy such requirement unless the Administrative
Agent notifies the Borrower Representative within such five (5) Business Day period that it disagrees with such
determination (including a description of the basis upon which it disagrees)), and (i) such Refinancing Indebtedness
shall not be secured by any Lien on any asset other than the assets that secured such Original Indebtedness (or would have
been required to secure such Original Indebtedness pursuant to the terms thereof) or, in the event Liens securing such
Original Indebtedness shall have been contractually subordinated to any Lien securing the Obligations, by any Lien that shall
not have been contractually subordinated to at least the same extent (and, if such Original Indebtedness is subject to an
Intercreditor Agreement, such Refinancing Indebtedness shall, if secured, be subject to an Intercreditor Agreement).

 

    39

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Repurchase
Agreements” means, collectively, repurchase agreements, by and among one or more Loan Parties and a financial institution
that provides financing to a dealer who purchases vehicles from one or more Loan Parties, which repurchase agreements (i) provide
that, in the event of default by a dealer in its obligation to such financial institution, such Loan Party or Loan Parties will
repurchase vehicles sold to the dealer that have not been purchased by customers and (ii) are entered into by the applicable
Loan Parties in the ordinary course of business consistent with past practices (or are otherwise customarily entered into in the
ordinary course of business generally by manufacturers of recreational vehicles).

 

    40

     

    

 

“Required
Lenders” means, subject to Section 2.20, at any time, Lenders having Revolving Exposures and unused Commitments
representing at least 66 2/3% of the sum of the total Revolving Exposures and unused Commitments at such time; provided
that, at any time that there are two (2) or more Lenders, “Required Lenders” must include at least two
(2) Lenders (that are not Affiliates of one another).

 

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

 

“Reserves”
means any and all reserves which the Administrative Agent deems necessary, in its Permitted Discretion, to maintain (including,
without limitation, reserves for accrued and unpaid interest on the Secured Obligations, Banking Services Reserves, Specified
Reserves, Specified Reporting Reserves, reserves for rent at locations leased by any Loan Party and for consignee’s, warehousemen’s
and bailee’s charges, reserves for dilution of Accounts, reserves for Inventory shrinkage, reserves for customs charges
and shipping charges related to any Inventory in transit, reserves for Swap Agreement Obligations, reserves for contingent liabilities
of any Loan Party, reserves for uninsured losses of any Loan Party, reserves for uninsured, underinsured, un-indemnified or
under-indemnified liabilities or potential liabilities with respect to any litigation and reserves for taxes, fees, assessments,
and other governmental charges) with respect to the Collateral or any Loan Party; provided that, notwithstanding the foregoing,
(i) the Administrative Agent may not implement any new reserves or increase the amount of any existing Reserves without at
least three (3) Business Days’ prior notice to the Borrower Representative and (ii) Reserves shall not be in duplication
of eligibility criteria.

 

“Responsible
Officer” means the chief executive officer, president, a Financial Officer or a member of the senior management team
of the Company or any other Person designated by any such Person in writing to the Administrative Agent and reasonably acceptable
to the Administrative Agent.

 

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

 

“REVLIBOR30
Rate” means the London interbank offered rate administered by ICE Benchmark Administration (or any other Person that
takes over the administration of such rate for Dollars) for a one (1) month period as displayed on pages LIBOR01 or
LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen,
on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other
information service that publishes such rate from time to time as shall be selected by the Administrative Agent in its reasonable
discretion; in each case, the “REVLIBOR30 Screen Rate”) at approximately 11:00 a.m., London time, two (2) Business
Days prior to the first (1st) Business Day of each month, adjusted monthly on the first (1st) Business Day of each month; provided
that, (x) if the REVLIBOR30 Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of
this Agreement and (y) if the REVLIBOR30 Screen Rate shall not be available at such time for such a period, then the REVLIBOR30
Rate shall be equal to the Alternate Base Rate.

 

    41

     

    

 

“Revolving
Exposure” means, with respect to any Lender at any time, the sum of (a) the outstanding principal amount of such
Lender’s Revolving Loans, its LC Exposure and its Swingline Exposure at such time plus (b) an amount equal to
its Applicable Percentage of the aggregate principal amount of Protective Advances outstanding at such time plus (c) an
amount equal to its Applicable Percentage of the aggregate principal amount of Overadvances outstanding at such time.

 

“Revolving
Exposure Limitations” has the meaning set forth in Section 2.01.

 

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

 

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

 

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

 

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

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained
by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, any European Union member
state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority, (b) any Person operating,
organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described
in the foregoing clauses (a) or (b) or (d) any Person otherwise the subject of any Sanctions.

 

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

 

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

 

“Secured
Net Leverage Ratio” means, as of any date of determination, the ratio of (a) an amount equal to (i) Consolidated
Total Secured Indebtedness minus (ii) the aggregate amount of unrestricted and unencumbered cash and Permitted Investments
included in the consolidated balance sheet of the Company and its Subsidiaries as of such date, which aggregate amount shall be
determined without giving pro forma effect to the proceeds of Indebtedness incurred on such date to (ii) Consolidated EBITDA
of the Company and its Subsidiaries for such Test Period.

 

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

 

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

 

    42

     

    

 

“Securities
Act” means the United States Securities Act of 1933, as amended from time to time.

 

“Security
Agreement” means the Amended and Restated Pledge and Security Agreement (including any and all supplements thereto),
dated as of the date hereof, between the Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent
and the other Secured Parties, as the same may be amended, restated or otherwise modified from time to time.

 

“Settlement”
has the meaning assigned to such term in Section 2.05(d).

 

“Settlement
Date” has the meaning assigned to such term in Section 2.05(d).

 

“Specified
Reporting Reserve” means a Reserve established by the Administrative Agent during each fiscal quarter (the “current
fiscal quarter”) of the Company (other than during a Monthly Reporting Period or Weekly Reporting Period) in an amount equal
to $10,000,000 on the 45th day following the end of the immediately preceding fiscal quarter (the “prior fiscal quarter”),
which amount shall be increased to $20,000,000 on the 75th day following the end of the prior fiscal quarter and subsequently
decreased to $0 upon the Administrative Agent’s receipt of an Aggregate Borrowing Base Certificate and a Borrowing Base
Certificate for each Borrower for the current fiscal quarter.

 

“Specified
Reserves” means, with respect to any Borrower, Reserves established by the Administrative Agent in its Permitted Discretion
from time to time for (a) repurchase obligations of such Borrower, (b) warranty obligations of such Borrower, (c) accrued
sales rebates provided by such Borrower and (d) free on board (FOB) destination delivery terms provided by such Borrower.

 

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

 

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

 

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

 

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

 

    43

     

    

 

  

“Subordinated
Indebtedness” means any Indebtedness of the Company or any Subsidiary the payment of which is subordinated to payment
of the obligations under the Loan Documents.

 

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

 

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

 

“Subsidiary”
means any subsidiary of the Company.

 

“Supported
QFC” has the meaning assigned to it in Section 9.23.

 

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

 

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

 

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

 

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

 

“Swingline
Lender” means JPMCB, in its capacity as lender of Swingline Loans hereunder. Any consent required of the Administrative
Agent or the Issuing Bank shall be deemed to be required of the Swingline Lender and any consent given by JPMCB in its capacity
as Administrative Agent or Issuing Bank shall be deemed given by JPMCB in its capacity as Swingline Lender.

 

“Swingline
Loan” has the meaning assigned to such term in Section 2.05(a).

 

“Syndication
Agent” means BMO Harris Bank N.A.

 

    	 	43	 

     

    

 

“Target Balance”
has the meaning assigned to such term in the DDA Access Product Agreement.

 

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

 

“Term LoanLoans/Notes
Agent” means JPMCB,
initially, U.S. Bank National Association, in its capacity as administrative
agentindenture trustee under
the initial Term LoanLoans/Notes
Agreement (or any successor agent or trustee
thereunder or under any replacement thereof) and any other indenture
trustee, agent or other representative appointed as such under any Term Loans/Notes Agreement.

 

“Term Loans/Notes”
has the meaning assigned to itthe
term “Notes” or “Term Loans” in the Term LoanLoans/Notes
Agreement (as in effect on the Amendment No. 2
Effective Date) or any equivalent term in any Term
Loans/Notes Agreement (as in effect on the date of entry thereto so long as the entry thereto was permitted by the terms of the
Loan Documents).

 

“Term LoanLoans/Notes
Agreement” means that certain Loan Agreement, dated as of November 8,
2016, among Octavius Corporation, as borrower, the other Loan Parties from time to time party thereto, the Term Loan Agent and
the lenders from time to time party thereto,senior
secured notes indenture dated as of the Amendment No. 2 Effective Date, among Winnebago Industries, Inc., the guarantors
named therein and the Term Loans/Notes Agent, as the same may be amended, restated, supplemented or otherwise modified
from time to time and as,
in the event such agreement is replaced or refinanced in whole or in part (whether with the same group of lenders
or,
a different group of lenders, investors or any other holders of
any other Indebtedness) in accordance with the terms hereof and of the ABL/Term
LoanFixed Asset Intercreditor
Agreement, “Term Loans/Notes Agreement” shall mean the
credit agreement, loan agreement, indenture or other definitive document that replaces or refinances such agreement.

 

“Term LoanLoans/Notes
Documents” means, collectively, the Term LoanLoans/Notes
Agreement and all other agreements, instruments, documents and certificates executed and/or delivered in connection
therewith, as the same may be amended, restated, supplemented, refinanced,
replaced or otherwise modified from time to time in accordance with the terms hereof and of the ABL/Term
LoanFixed Asset Intercreditor
Agreement.

 

“Term LoanLoans/Notes
Facility” means theany
secured term loan facility, any senior secured note
issuance or any other Indebtedness or other financial accommodation incurred pursuant to the terms of the Term
LoanLoans/Notes
Agreement.

 

“Term LoanLoans/Notes
Obligations” means the Indebtedness and other obligations of the Company and its Subsidiaries under
the Term LoanLoans/Notes
Documents.

 

“Test Period”
means, for any date of determination under this Agreement, a single period consisting of the most recent four consecutive fiscal
quarters of the Company for which financial statements have been required to be delivered pursuant to Section 5.01(a) or
Section 5.01(b), as applicable (or, if prior to the date of the delivery of the first financial statements to be delivered
pursuant to Section 5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a)).

 

“Total Commitment
Utilization” means, at any time, a percentage equal to a fraction the numerator of which is the Aggregate Revolving
Exposure at such time and the denominator of which is the Aggregate Commitment at such time.

 

    	 	44	 

     

    

 

“Total Net
Leverage Ratio” means, as of any date of determination, the ratio of (a) an amount equal to (i) Consolidated
Total Indebtedness as of the last day of the most recently ended Test Period minus (ii) the aggregate amount of unrestricted
and unencumbered cash and Permitted Investments included in the consolidated balance sheet of the Company and its Subsidiaries
as of such date of determination to (b) Consolidated EBITDA for such Test Period, all calculated for the Company and its
Subsidiaries on a consolidated basis in accordance with GAAP.

 

“Transaction
Costs” means any fees or expenses incurred or paid by the Company or any Subsidiary in connection with the Transactions,
this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby.

 

“Transactions”
means, collectively, (a) the execution, delivery and performance by the Loan Parties of this Agreement, the borrowing of
Loans, the use of the proceeds thereof and the granting of Liens by the Loan Parties under the Loan Documents, (b) the consummation
of any other transactions in connection with the foregoing and (c) the payment of the fees and expenses incurred in connection
with any of the foregoing.

 

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

 

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

 

“U16 Inventory”
mean work-in-process Inventory of a Borrower constituting near-complete finished units that are categorized as “U16”
(or such other designation assigned to such near-complete finished units with notice to the Administrative Agent after completion
of the Company’s ERP implementation) in accordance with the Company’s accounting practices in the ordinary course
of business consistent with past practice prior to the Effective Date or otherwise acceptable to the Administrative Agent in its
Permitted Discretion.

 

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

 

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

 

“U.S. Special
Resolution Regime” has the meaning assigned to it in Section 9.23.

 

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

 

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

 

“Warrant
Transaction” has the meaning assigned to such term in the definition of “Permitted Call Spread Swap Agreement”.

 

    	 	45	 

     

    

 

“Weekly Reporting
Period” means any period of time (a) when an Event of Default has occurred and is continuing or (b) commencing
on any day that the Aggregate Availability is less than the greater of $16,500,000 and 10% of the Aggregate Commitment and continuing
until such subsequent date, if any, as when the Aggregate Availability has exceeded the greater of $16,500,000 and 10% of the
Aggregate Commitment for thirty (30) consecutive days.

 

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

 

“Winnebago
of Indiana” means Winnebago of Indiana, LLC, an Iowa limited liability company.

 

“Winnebago
of Indiana Revolving Exposures” means, with respect to any Lender at any time, and without duplication, the sum of
(a) the outstanding principal amount of the Revolving Loans made by such Lender to Winnebago of Indiana at such time plus
(b) such Lender’s LC Exposure with respect to Letters of Credit issued for the account of Winnebago of Indiana at
such time plus (c) such Lender’s Swingline Exposure with respect to Swingline Loans made to Winnebago of
Indiana at such time plus (d) an amount equal to its Applicable Percentage of the aggregate principal amount of
outstanding Protective Advances made to Winnebago of Indiana at such time plus (e) an amount equal to its
Applicable Percentage of the aggregate principal amount of outstanding Overadvances made to Winnebago of Indiana at such
time.

 

“Winnebago
of Indiana Utilization” means, at any time, the excess, if any, of (a) the aggregate Winnebago of Indiana Revolving
Exposures of all Lenders over (b) the Borrowing Base of Winnebago of Indiana.

 

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

 

“Withholding
Agent” means any Loan Party or the Administrative Agent.

 

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

 

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

 

    	 	46	 

     

    

 

Section 1.03.     Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
 “include”, “includes” and “including” shall be deemed to be followed by the phrase
 “without limitation”. The word “will” shall be construed to have the same meaning and effect as the
word “shall”. The word “law” shall be construed as referring to all statutes, rules, regulations,
codes and other laws (including official rulings and interpretations thereunder having the force of law or with which
affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated,
supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or
modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be
construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of
comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s
successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental
Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words
 “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to
refer to this Agreement in its entirety and not to any particular provision hereof, (e) all references herein to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Exhibits and Schedules to, this Agreement, (f) any reference in any definition to the phrase “at any
time” or “for any period” shall refer to the same time or period for all calculations or determinations
within such definition and (g) the words “asset” and “property” shall be construed to have the
same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights.

 

Section 1.04.     Accounting
Terms; GAAP; Pro Forma Calculations.

 

(a)           Except
as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP,
as in effect from time to time; provided that, if the Borrower Representative notifies the Administrative Agent that the
Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in
GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Company that
the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is
given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis
of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been
withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, (i) all
terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred
to herein shall be made (x) without giving effect to any election under Financial Accounting Standards Board Accounting Standards
Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar
result or effect) to value any Indebtedness or other liabilities of the Company or any Subsidiary at “fair value”,
as defined therein and (y) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments
under Financial Accounting Standards Board Accounting Standards Codification 470-20 (or any other Accounting Standards Codification
or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated
manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof and
(ii) notwithstanding the Company’s adoption of Financial Accounting Standards Board Accounting Standards Update No. 2016-02,
Leases (Topic 842) (“FAS 842”) any lease (or similar arrangement conveying the right to use) that was not required
to be treated as a capital lease under GAAP as in effect on December 31, 2015 shall not be considered a capital lease, and
all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in
accordance with the foregoing. For the avoidance of doubt, and without limitation of the foregoing, Permitted Convertible Notes
shall at all times be valued at the full stated principal amount thereof and shall not include any reduction or appreciation in
value of the shares deliverable upon conversion thereof.

 

    	 	47	 

     

    

 

(b)            All
pro forma computations required to be made hereunder giving effect to any acquisition or disposition, or issuance, incurrence
or assumption of Indebtedness, or other transaction shall in each case be calculated after giving pro forma effect thereto (and,
in the case of any pro forma computation made hereunder, to determine whether such acquisition, disposition, issuance, incurrence
or assumption of Indebtedness or other transaction is permitted to be consummated hereunder) immediately after giving effect to
such acquisition, disposition, issuance, incurrence or assumption of Indebtedness or other transaction consummated since the first
day of the period for which such pro forma computation is being made and on or prior to the date of such computation, as if such
transaction had occurred on the first day of the most recent Test Period, and, to the extent applicable, to the historical earnings
and cash flows associated with the assets acquired or disposed of (but without giving effect to any synergies or cost savings,
except as set forth in the definition of “Consolidated EBITDA”) and any related incurrence or reduction of
Indebtedness, all in accordance with Article 11 of Regulation S-X under the Securities Act. If any Indebtedness bears
a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the
rate in effect on the date of determination had been the applicable rate for the entire period for which such pro forma computation
is being made (taking into account any Swap Agreement applicable to such Indebtedness).

 

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

 

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Section 1.06.     Interest
Rates; LIBOR Notifications. The interest rate on Eurodollar Loans is determined by reference to the LIBO Rate, which
is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at
which contributing banks may obtain short-term borrowings from each other in the London interbank market. In
July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or
compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the
ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate.
As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no
longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurodollar Loans. In light of
this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative
reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate
is no longer available or in certain other circumstances as set forth in Section 2.14(c) of this Agreement,
such Section 2.14(c) provides a mechanism for determining an alternative rate of interest. The
Administrative Agent will notify the Borrower Representative, pursuant to Section 2.14, in advance of any change
to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not
warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or
any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or
with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether
the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be
adjusted pursuant to Section 2.14(c), will be similar to, or produce the same value or economic equivalence of,
the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or
unavailability.

 

Section 1.07.     Amendment
and Restatement of the Existing Credit Agreement. The parties to this Agreement agree that, on the Effective Date, the
terms and provisions of the Existing Credit Agreement shall be and hereby are amended, superseded and restated in their entirety
by the terms and provisions of this Agreement. This Agreement is not intended to and shall not constitute a novation. All loans
made and obligations incurred under the Existing Credit Agreement which are outstanding on the Effective Date shall continue as
Loans and Secured Obligations under (and shall be governed by the terms of) this Agreement and the other Loan Documents. Without
limiting the foregoing, upon the effectiveness hereof: (a) all references in the “Loan Documents” (as defined
in the Existing Credit Agreement) to the “Administrative Agent,” the “Credit Agreement” and the “Loan
Documents” shall be deemed to refer to the Administrative Agent, this Agreement and the Loan Documents, (b) Letters
of Credit which remain outstanding on the Effective Date shall continue as Letters of Credit under (and shall be governed by the
terms of) this Agreement, (c) all obligations constituting “Obligations” with any Lender or any Affiliate of
any Lender which are outstanding on the Effective Date shall continue as Obligations under this Agreement and the other Loan Documents,
(d) the liens and security interests in favor of the Administrative Agent for the benefit of the Secured Parties securing
payment of the Secured Obligations (and all filings with any Governmental Authority in connection therewith) are in all respects
continuing and in full force and effect with respect to all Secured Obligations, (e) the Administrative Agent shall, in consultation
with the Borrowers, make such reallocations, sales, assignments or other relevant actions in respect of each Lender’s credit
and loan exposure under the Existing Credit Agreement as are necessary in the judgment of the Administrative Agent in order that
each such Lender’s outstanding Revolving Loans hereunder reflect such Lender’s ratable share of the outstanding Revolving
Loans on the Effective Date and (f) each of the Loan Parties reaffirms the terms and conditions of the “Loan Documents”
(as referred to and defined in the Existing Credit Agreement) executed by it, as modified and/or restated by the “Loan Documents”
(as referred to and defined herein), and acknowledges and agrees that each “Loan Document” (as referred to and defined
in the Existing Credit Agreement) executed by it, as modified and/or restated by the “Loan Documents” (as referred
to and defined herein), remains in full force and effect and is hereby ratified, reaffirmed and confirmed. Furthermore,
the parties to this Agreement agree that, on and after the Amendment No. 2 Effective Date, all references in the “Loan
Documents” (as defined in the Existing Credit Agreement as in effect immediately prior to the Amendment No. 2 Effective
Date) to the “ABL Term Loan Intercreditor Agreement” shall be deemed to refer to the ABL/Fixed Asset Intercreditor
Agreement.

 

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Article II

 

The Credits

 

Section 2.01.    Commitments.
Subject to the terms and conditions set forth herein, each Lender (severally and not jointly) agrees to make Revolving Loans to
the Borrowers in Dollars from time to time during the Availability Period if, after giving effect thereto:

 

(i)           such
Lender’s Revolving Exposure would not exceed such Lender’s Commitment;

 

(ii)          the
aggregate Company Revolving Exposures would not exceed an amount equal to (x) the Aggregate Borrowing Base minus (y) the
sum of the Winnebago of Indiana Revolving Exposures of all Lenders plus the Grand Design Revolving Exposures of all Lenders
plus the Newmar Revolving Exposures of all Lenders;

 

(iii)         the
aggregate Winnebago of Indiana Revolving Exposures would not exceed an amount equal to (x) the sum of Winnebago of Indiana’s
Borrowing Base plus the Company’s Borrowing Base minus (y) the sum of (A) the excess, if any, of
the aggregate Company Revolving Exposures of all Lenders over an amount equal to the sum of (x) the Excess Grand Design Borrowing
Base and (y) the Excess Newmar Borrowing Base plus (B) an amount equal to the sum of (x) the Grand Design
Utilization and (y) the Newmar Utilization;

 

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(iv)         the
aggregate Grand Design Revolving Exposures would not exceed an amount equal to (x) the sum of Grand Design’s Borrowing
Base plus the Company’s Borrowing Base minus (y) the sum of (A) the excess, if any, of the aggregate
Company Revolving Exposures of all Lenders over the amount equal to the sum of (x) Excess Winnebago of Indiana Borrowing
Base plus (y) the Excess Newmar Borrowing Base plus (B) the amount equal to the sum of (x) the Winnebago
of Indiana Utilization plus (y) the Newmar Utilization; and

 

(v)          the
aggregate Newmar Revolving Exposures would not exceed an amount equal to (x) the sum of Newmar’s Borrowing Base plus
the Company’s Borrowing Base minus (y) the sum of (A) the excess, if any, of the aggregate Company
Revolving Exposures of all Lenders over the amount equal to the sum of (x) Excess Winnebago of Indiana Borrowing Base plus (y) the
Excess Grand Design Borrowing Base plus (B) the amount equal to the sum of (x) the Winnebago of Indiana
Utilization plus (y) the Grand Design Utilization; and

 

subject, in each case, to the
Administrative Agent’s authority, in its sole discretion, to make Protective Advances and Overadvances pursuant to the
terms of Sections 2.04 and 2.05. Within the foregoing limits and subject to the terms and conditions set
forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans. The limitations on Borrowings referred to in clauses
(i) through (iv) above are referred to collectively as the “Revolving Exposure
Limitations”.

 

Section 2.02.     Loans
and Borrowings.

 

(a)           Each
Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same Class and Type
made by the applicable Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure
of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided
that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to
make Loans as required. Any Protective Advance, any Overadvance and any Swingline Loan shall be made in accordance with the
procedures set forth in Sections 2.04 and 2.05.

 

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

 

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(c)            At
the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of $100,000 and not less than $1,000,000. ABR Borrowings may be in any amount. Borrowings of more
than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than
a total of six (6) Eurodollar Borrowings outstanding.

 

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

 

Section 2.03.     Requests
for Borrowings. To request a Revolving Borrowing, the Borrower Representative shall notify the Administrative Agent of
such request either in writing (delivered by hand or facsimile) in the form attached hereto as Exhibit G-1 or
such other form approved by the Administrative Agent and signed by a Responsible Officer of the Borrower Representative or by
telephone or through Electronic System, if arrangements for doing so have been approved by the Administrative Agent (or if an
Extenuating Circumstance shall exist, by telephone), not later than (a) in the case of a Eurodollar Borrowing, 10:00
a.m., Chicago time, three (3) Business Days before the date of the proposed Borrowing or (b) in the case of an ABR
Borrowing, 10:00 a.m., Chicago time, on the date of the proposed Borrowing; provided that any such notice of an ABR
Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may
be given not later than 9:00 a.m., Chicago time, on the date of such proposed Borrowing. Each such Borrowing Request shall be
irrevocable and each such telephonic Borrowing Request, if permitted, shall be confirmed immediately upon the cessation of
the Extenuating Circumstance by hand delivery, facsimile or a communication through Electronic System to the Administrative
Agent of a written Borrowing Request in the form attached hereto as Exhibit G-1 or such other form approved
by the Administrative Agent and signed by a Responsible Officer of the Borrower Representative. Each such written (or if
permitted, telephonic) Borrowing Request shall specify the following information in compliance with Section 2.02:

 

(a)           the
name of the applicable Borrower;

 

(b)           the
aggregate amount of the requested Borrowing and a breakdown of the separate wires comprising such Borrowing;

 

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

 

(d)           whether
such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

 

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

 

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

 

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Section 2.04.     Protective
Advances.

 

(a)           Subject
to the limitations set forth below, the Administrative Agent is authorized by the Borrowers and the Lenders, from time to
time in the Administrative Agent’s sole discretion (but shall have absolutely no obligation to), to make Loans to the
Borrowers, on behalf of all Lenders, which the Administrative Agent, in its Permitted Discretion, deems necessary or
desirable (i) to preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or
maximize the amount of, repayment of the Loans and other Obligations, or (iii) to pay any other amount chargeable to or
required to be paid by the Borrowers pursuant to the terms of this Agreement, including payments of reimbursable expenses
(including costs, fees, and expenses as described in Section 9.03) and other sums payable under the Loan
Documents (any of such Loans are herein referred to as “Protective Advances”); provided that, the
aggregate amount of Protective Advances outstanding at any time, when aggregated with the amount of Overadvances outstanding
at such time, shall not at any time exceed 10% of the Aggregate Commitment; provided further that, the Aggregate
Revolving Exposure after giving effect to the Protective Advances being made shall not exceed the Aggregate Commitment.
Protective Advances may be made even if the conditions precedent set forth in Section 4.02 have not been
satisfied. The Protective Advances shall be secured by the Liens in favor of the Administrative Agent in and to the
Collateral and shall constitute Obligations hereunder. All Protective Advances shall be ABR Borrowings. The making of a
Protective Advance on any one occasion shall not obligate the Administrative Agent to make any Protective Advance on any
other occasion. The Administrative Agent’s authorization to make Protective Advances may be revoked at any time by the
Required Lenders. Any such revocation must be in writing and shall become effective prospectively upon the Administrative
Agent’s receipt thereof. At any time that there is sufficient Aggregate Availability and the conditions precedent set
forth in Section 4.02 have been satisfied, the Administrative Agent may request the Lenders to make a Revolving
Loan to repay a Protective Advance. At any other time the Administrative Agent may require the Lenders to fund their risk
participations described in Section 2.04(b).

 

(b)            Upon
the making of a Protective Advance by the Administrative Agent (whether before or after the occurrence of a Default), each Lender
shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the Administrative
Agent, without recourse or warranty, an undivided interest and participation in such Protective Advance in proportion to its Applicable
Percentage. From and after the date, if any, on which any Lender is required to fund its participation in any Protective Advance
purchased hereunder, the Administrative Agent shall promptly distribute to such Lender, such Lender’s Applicable Percentage
of all payments of principal and interest and all proceeds of Collateral received by the Administrative Agent in respect of such
Protective Advance.

 

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Section 2.05.     Swingline
Loans and Overadvances.

 

(a)           The
Administrative Agent, the Swingline Lender and the Lenders agree that in order to facilitate the administration of this
Agreement and the other Loan Documents, promptly after the Borrower Representative requests an ABR Borrowing, the Swingline
Lender may elect to have the terms of this Section 2.05(a) apply to such Borrowing Request by advancing, on
behalf of the Lenders and in the amount requested, same day funds to the Borrowers, on the date of the applicable Borrowing
to the Funding Account(s) (each such Loan made solely by the Swingline Lender pursuant to this Section 2.05(a) is
referred to in this Agreement as a “Swingline Loan”), with settlement among them as to the Swingline Loans
to take place on a periodic basis as set forth in Section 2.05(d). Each Swingline Loan shall be subject to all
the terms and conditions applicable to other ABR Loans funded by the Lenders, except that all payments thereon shall be
payable to the Swingline Lender solely for its own account. In addition, the Borrower Representative hereby authorizes the
Swingline Lender to, and the Swingline Lender may, subject to the terms and conditions set forth herein (but without any
further written notice required), to the extent that from time to time on any Business Day funds are required under the DDA
Access Product to reach the Target Balance (a “Deficiency Funding Date”), make available to the Borrowers
the proceeds of a Swingline Loan in the amount of such deficiency up to the Target Balance, by means of a credit to the
Funding Account on or before the start of business on the next succeeding Business Day, and such Swingline Loan shall be
deemed made on such Deficiency Funding Date. The aggregate amount of Swingline Loans outstanding at any time shall not exceed
an amount equal to 10% of the Aggregate Commitment. The Swingline Lender shall not make any Swingline Loan if the
requested Swingline Loan results in the Borrowers failing to be in compliance with the Revolving Exposure Limitations (before
or after giving effect to such Swingline Loan). All Swingline Loans shall be ABR Borrowings.

 

(b)           Any
provision of this Agreement to the contrary notwithstanding, at the request of the Borrower Representative, the Administrative
Agent may in its sole discretion (but with absolutely no obligation), make Revolving Loans to the Borrowers, on behalf of the
Lenders, in amounts that exceed Aggregate Availability or any Borrower’s Availability (any such excess Revolving Loans are
herein referred to collectively as “Overadvances”); provided that, no Overadvance shall result in a
Default due to Borrowers’ failure to comply with Section 2.01 for so long as such Overadvance remains outstanding
in accordance with the terms of this paragraph, but solely with respect to the amount of such Overadvance. In addition, Overadvances
may be made even if the condition precedent set forth in Section 4.02(c) has not been satisfied. All Overadvances
shall constitute ABR Borrowings. The making of an Overadvance on any one occasion shall not obligate the Administrative Agent
to make any Overadvance on any other occasion. The authority of the Administrative Agent to make Overadvances is limited to an
aggregate amount not to exceed, when aggregated with the aggregate amount of Protective Advances outstanding at such time, 10%
of the Aggregate Commitment at any time, no Overadvance may remain outstanding for more than thirty (30) days and no Overadvance
shall cause any Lender’s Revolving Exposure to exceed its Commitment; provided that, the Required Lenders may at
any time revoke the Administrative Agent’s authorization to make Overadvances. Any such revocation must be in writing and
shall become effective prospectively upon the Administrative Agent’s receipt thereof.

 

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(c)            Upon
the making of a Swingline Loan or an Overadvance (whether before or after the occurrence of a Default and regardless of whether
a Settlement has been requested with respect to such Swingline Loan or Overadvance), each Lender shall be deemed, without further
action by any party hereto, to have unconditionally and irrevocably purchased from the Swingline Lender or the Administrative
Agent, as the case may be, without recourse or warranty, an undivided interest and participation in such Swingline Loan or Overadvance
in proportion to its Applicable Percentage of the Commitment. The Swingline Lender or the Administrative Agent may, at any time,
require the Lenders to fund their participations. From and after the date, if any, on which any Lender is required to fund its
participation in any Swingline Loan or Overadvance purchased hereunder, the Administrative Agent shall promptly distribute to
such Lender, such Lender’s Applicable Percentage of all payments of principal and interest and all proceeds of Collateral
received by the Administrative Agent in respect of such Swingline Loan or Overadvance.

 

(d)            The
Administrative Agent, on behalf of the Swingline Lender, shall request settlement (a “Settlement”) with the
Lenders on at least a weekly basis and on any date that the Administrative Agent elects, by notifying the Lenders of such requested
Settlement by facsimile, telephone, or e-mail no later than 12:00 noon, Chicago time, on the date of such requested Settlement
(the “Settlement Date”). Each Lender (other than the Swingline Lender, in the case of the Swingline Loans)
shall transfer the amount of such Lender’s Applicable Percentage of the outstanding principal amount of the applicable Loan
with respect to which Settlement is requested to the Administrative Agent, to such account of the Administrative Agent as the
Administrative Agent may designate, not later than 2:00 p.m., Chicago time, on such Settlement Date. Settlements may occur
during the existence of a Default and whether or not the applicable conditions precedent set forth in Section 4.02
have then been satisfied. Such amounts transferred to the Administrative Agent shall be applied against the amounts of the Swingline
Lender’s Swingline Loans and, together with Swingline Lender’s Applicable Percentage of such Swingline Loan, shall
constitute Revolving Loans of such Lenders, respectively. If any such amount is not transferred to the Administrative Agent by
any Lender on such Settlement Date, the Swingline Lender shall be entitled to recover from such Lender on demand such amount,
together with interest thereon, as specified in Section 2.07.

 

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Section 2.06.     Letters
of Credit.

 

(a)            General.
Subject to the terms and conditions set forth herein, the Borrower Representative may request the issuance of Letters of
Credit for its own account or for the account of another Borrower denominated in Dollars as the applicant thereof for the
support of its or its Subsidiaries’ obligations, in a form reasonably acceptable to the Administrative Agent and the
relevant Issuing Bank, at any time and from time to time during the Availability Period. In the event of any inconsistency
between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application
or other agreement submitted by the Borrowers to, or entered into by the Borrowers with, the relevant Issuing Bank relating
to any Letter of Credit, the terms and conditions of this Agreement shall control. Notwithstanding anything herein to the
contrary, the Issuing Bank shall have no obligation hereunder to issue, and shall not issue, any Letter of Credit
(i) the proceeds of which would be made available to any Person (A) to fund any activity or business of or with any
Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of any Sanctions or
(B) in any manner that would result in a violation of any Sanctions by any party to this Agreement, (ii) if any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the
Issuing Bank from issuing such Letter of Credit, or any Requirement of Law relating to the Issuing Bank or any 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 such Letter of
Credit in particular or shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve or
capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date,
or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Effective Date
and which the Issuing Bank in good faith deems material to it, or (iii) if the issuance of such Letter of Credit would
violate one or more policies of the Issuing Bank applicable to letters of credit generally; provided that,
notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act
and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in the
implementation thereof, and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed not to be in
effect on the Effective Date for purposes of clause (ii) above, regardless of the date enacted, adopted, issued
or implemented.

 

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(b)           Notice
of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the
amendment, renewal or extension of an outstanding Letter of Credit), the Borrower Representative shall hand deliver or
telecopy (or transmit through Electronic Systems, if arrangements for doing so have been approved by the relevant Issuing
Bank) to an Issuing Bank and the Administrative Agent (reasonably in advance of, but in any event no less than three
(3) Business Days prior to, the requested date of issuance, amendment, renewal or extension) a notice requesting the
issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the
date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is
to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the
name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or
extend such Letter of Credit. In addition, as a condition to any such Letter of Credit issuance, the applicable Borrower
shall have entered into a continuing agreement (or other letter of credit agreement) for the issuance of letters of credit
and/or shall submit a letter of credit application in each case, as required by the Issuing Bank and using such Issuing
Bank’s standard form (each, a “Letter of Credit Agreement”). If requested by such Issuing Bank, the
applicable Borrower also shall submit a letter of credit application on such Issuing Bank’s standard form in connection
with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon
issuance, amendment, renewal or extension of each Letter of Credit the Borrowers shall be deemed to represent and warrant
that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure shall not
exceed $19,250,000 and (ii) the Borrowers shall be in compliance with the Revolving Exposure Limitations.
Notwithstanding the foregoing or anything to the contrary contained herein, no Issuing Bank shall be obligated to issue or
modify any Letter of Credit if, immediately after giving effect thereto, the outstanding LC Exposure in respect of all
Letters of Credit issued by such Person and its Affiliates would exceed such Issuing Bank’s Issuing Bank Sublimit.
Without limiting the foregoing and without affecting the limitations contained herein, it is understood and agreed that the
Borrower Representative may from time to time request that an Issuing Bank issue Letters of Credit in excess of its
individual Issuing Bank Sublimit in effect at the time of such request, and each Issuing Bank agrees to consider any such
request in good faith. Any Letter of Credit so issued by an Issuing Bank in excess of its individual Issuing Bank Sublimit
then in effect shall nonetheless constitute a Letter of Credit for all purposes of the Credit Agreement, and shall not affect
the Issuing Bank Sublimit of any other Issuing Bank, subject to the limitations on the aggregate LC Exposure set forth in clause
(i) of this Section 2.06(b).

 

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(c)            Expiration
Date. Each Letter of Credit shall expire (or be subject to termination or non-renewal by notice from the relevant
Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year
after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, including,
without limitation, any automatic renewal provision, one year after such renewal or extension) and (ii) the date that is
five (5) Business Days prior to the Maturity Date.

 

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

 

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(e)            Reimbursement.
If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrowers shall reimburse such LC
Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement (i) not later than 11:00
a.m., Chicago time, on the date that such LC Disbursement is made, if the Borrower Representative shall have received notice
of such LC Disbursement prior to 9:00 a.m., Chicago time, on such date, or, (ii) if such notice has not been received by
the Borrower Representative prior to such time on such date, then not later than 11:00 a.m., Chicago time, on (A) the
Business Day that the Borrower Representative receives such notice, if such notice is received prior to 9:00 a.m., Chicago
time, on the day of receipt, or (B) the Business Day immediately following the day that the Borrower Representative
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 2.03
or 2.05 that such payment be financed with an ABR Revolving Borrowing or Swingline Loan in an equivalent amount and,
to the extent so financed, the Borrowers’ obligation to make such payment shall be discharged and replaced by the
resulting ABR Revolving Borrowing or Swingline Loan. If the Borrowers fail to make such payment when due, the Administrative
Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrowers in
respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each
Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrowers,
in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07
shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall
promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the
Administrative Agent of any payment from the Borrowers pursuant to this paragraph, the Administrative Agent shall distribute
such payment to the Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to
reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a
Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of
ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the
Borrowers of their obligation to reimburse such LC Disbursement.

 

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

 

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

 

(h)            Interim
Interest. If any Issuing Bank shall make any LC Disbursement, then, unless the 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 the Borrowers reimburse such LC
Disbursement, at the rate per annum then applicable to ABR Revolving Loans and such interest shall be payable on the date
when such reimbursement is due; provided that, if the Borrowers fail to reimburse such LC Disbursement when due
pursuant to paragraph (e) of this Section, then Section 2.13(d) shall apply. Interest
accrued pursuant to this paragraph shall be for the account of such Issuing Bank, except that interest accrued on and after
the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse such Issuing
Bank shall be for the account of such Lender to the extent of such payment.

 

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

 

(B)         Subject
to the appointment and acceptance of a successor Issuing Bank in accordance with the terms of this Agreement, any Issuing Bank
may resign as an Issuing Bank at any time upon thirty (30) days’ prior written notice to the Administrative Agent, the Borrower
Representative and the Lenders, in which case, such resigning Issuing Bank shall be replaced in accordance with Section 2.06(i)(A) above.

 

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(j)            Cash
Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower
Representative receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has
been accelerated, Revolving Lenders with LC Exposure representing greater than 66 2/3% of the aggregate LC Exposure)
demanding the deposit of cash collateral pursuant to this paragraph, the Borrowers shall deposit in an account with the
Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders (the “LC
Collateral Account”), an amount in cash equal to 103% of the amount of the LC Exposure as of such date plus
accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become
effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind,
upon the occurrence of any Event of Default with respect to any Borrower described in clause (h) or (i) of Article VII.
Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Secured
Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal,
over the LC Collateral Account and the Borrowers hereby grant the Administrative Agent a security interest in the LC
Collateral Account and all money or other assets on deposit therein or credited thereto. Other than any interest earned on
the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative
Agent and at the Borrowers’ risk and expense, such deposits shall not bear interest. Interest or profits, if any, on
such investments shall accumulate in the LC Collateral Account. Moneys in the LC Collateral 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 Revolving Lenders
with LC Exposure representing greater than 66 2/3% of the aggregate LC Exposure), be applied to satisfy other Secured
Obligations. 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 the Borrowers within three
(3) Business Days after all such Events of Default have been cured or waived as confirmed in writing by the
Administrative Agent.

 

(k)            Issuing
Bank Reports to the Administrative Agent. Unless otherwise agreed by the Administrative Agent, each Issuing Bank shall,
in addition to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative
Agent (i) periodic activity (for such period or recurrent periods as shall be requested by the Administrative Agent) in
respect of Letters of Credit issued by such Issuing Bank, including all issuances, extensions, amendments and renewals, all
expirations and cancelations and all disbursements and reimbursements, (ii) reasonably prior to the time that such
Issuing Bank issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment, renewal or
extension, and the stated amount of the Letters of Credit issued, amended, renewed or extended by it and outstanding after
giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed),
(iii) on each Business Day on which such Issuing Bank makes any LC Disbursement, the date and amount of such LC
Disbursement, (iv) on any Business Day on which any Borrower fails to reimburse an LC Disbursement required to be
reimbursed to such Issuing Bank on such day, the date of such failure and the amount of such LC Disbursement, and (v) on
any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of
Credit issued by such Issuing Bank.

 

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(l)            LC
Exposure Determination. For all purposes of this Agreement, the amount of a Letter of Credit that, by its terms or the terms
of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to
be 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 the time of determination.

 

(m)          Letters
of Credit Issued for Account of Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder supports
any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,” “applicant,”
 “customer,” “instructing party,” or the like, of or for such Letter of Credit, and without derogating
from any rights of the Issuing Bank (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect
of such Letter of Credit, the Borrowers (i) shall reimburse, indemnify and compensate the Issuing Bank hereunder for such
Letter of Credit (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been issued solely for
the account of a Borrower and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor
or surety of any or all of the obligations of such Subsidiary in respect of such Letter of Credit. Each Borrower hereby acknowledges
that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrowers, and that each Borrower’s
business derives substantial benefits from the businesses of such Subsidiaries.

 

Section 2.07.     Funding
of Borrowings.

 

(a)            Each
Lender shall make each Loan to be made by such Lender hereunder on the proposed date thereof solely by wire transfer of immediately
available funds by 1:00 p.m., Chicago time, to the account of the Administrative Agent most recently designated by it for such
purpose by notice to the Lenders in an amount equal to such Lender’s Applicable Percentage; provided that, Swingline
Loans shall be made as provided in Section 2.05. The Administrative Agent will make such Loans available to the Borrower
Representative by promptly crediting the funds so received in the aforesaid account of the Administrative Agent to the Funding
Account; provided that ABR Revolving Loans made to finance the reimbursement of (i) an LC Disbursement as provided
in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank and (ii) a Protective
Advance or an Overadvance shall be retained by the Administrative Agent.

 

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

 

Section 2.08.     Interest
Elections.

 

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

 

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(b)           To
make an election pursuant to this Section, the Borrower Representative shall notify the Administrative Agent of such election
either in writing (delivered by hand or fax) by delivering an Interest Election Request signed by a Responsible Officer of
the Borrower Representative or through Electronic System if arrangements for doing so have been approved by the
Administrative Agent (or if an Extenuating Circumstance shall exist, by telephone) by the time that a Borrowing Request would
be required under Section 2.03 if the Borrowers were requesting a Borrowing of the Type resulting from such
election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable each
such telephonic Interest Election Request, if permitted, shall be confirmed immediately upon the cessation of the Extenuating
Circumstance by hand delivery, Electronic System or facsimile to the Administrative Agent of a written Interest Election
Request in the form attached hereto as Exhibit G-2 (or such other form approved by the Administrative Agent)
and signed by a Responsible Officer of the Borrower Representative. Notwithstanding any contrary provision herein, this
Section shall not be construed to permit any Borrower to elect an Interest Period for Eurodollar Loans that does
not comply with Section 2.02(d).

 

(c)            Each
written (or if permitted, telephonic) Interest Election Request (including requests submitted through Electronic System) shall
specify the following information in compliance with Section 2.02:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)            The
Borrowers may at any time terminate the Commitments upon (i) the payment in full of all outstanding Loans, together with
accrued and unpaid interest thereon and on any Letters of Credit, (ii) the cancellation and return of all outstanding Letters
of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Administrative Agent of a cash
deposit (or at the discretion of the Administrative Agent a back-up standby letter of credit satisfactory to the Administrative
Agent and Issuing Bank) equal to 103% of the LC Exposure as of such date), (iii) the payment in full of the accrued and unpaid
fees, and (iv) the payment in full of all reimbursable expenses and other Obligations (other than Unliquidated Obligations),
together with accrued and unpaid interest thereon.

 

(c)            The
Borrowers may from time to time reduce the Commitments; provided that (i) each reduction of the Commitments shall
be in an amount that is an integral multiple of $10,000,000 and not less than $10,000,000; (ii) the Borrowers shall not terminate
or reduce the Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10,
the Borrowers shall not be in compliance with the Revolving Exposure Limitations; and (iii) any such reduction shall be permanent.

 

(d)            The
Borrower Representative shall notify the Administrative Agent of any election to terminate or reduce the Commitments under
the foregoing paragraphs of this Section at least three (3) Business Days prior to the effective date of such
termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such
notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower
Representative pursuant to this Section shall be irrevocable; provided that a notice of termination of the
Commitments delivered by the Borrower Representative may state that such notice is conditioned upon the effectiveness of
other credit facilities, in which case such notice may be revoked by the Borrower Representative (by notice to the
Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or
reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in
accordance with their respective Commitments.

 

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(e)            The
Borrowers shall have the right to increase the Commitments by obtaining additional Commitments, either from one or more of the
Lenders or another lending institution provided that (i) any such request for an increase shall be in a minimum amount
of $25,000,000 (or such lesser amount that represents all remaining availability hereunder), (ii) after giving effect thereto,
the sum of the total of the additional Commitments does not exceed $100,000,000, (iii) the Administrative Agent and the Issuing
Bank(s) have approved the identity of any such new Lender, such approvals not to be unreasonably withheld, (iv) any
such new Lender assumes all of the rights and obligations of a “Lender” hereunder, and (v) the procedure
described in Section 2.09(f) have been satisfied. Nothing contained in this Section 2.09 shall constitute,
or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment hereunder at any time.

 

(f)            Any
amendment hereto for such an increase or addition shall be in form and substance reasonably satisfactory to the
Administrative Agent and shall only require the written signatures of the Administrative Agent, the Borrowers and each Lender
being added or increasing its Commitment. As a condition precedent to such an increase or addition, the Borrowers shall
deliver to the Administrative Agent (i) a certificate of each Loan Party signed by an authorized officer of such Loan
Party (A) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase,
and (B) in the case of the Borrowers, certifying that, before and after giving effect to such increase or addition,
(1) the representations and warranties contained in Article III and the other Loan Documents are true and
correct in all material respects (provided that any representation or warranty that is qualified by materiality or
Material Adverse Effect is true and correct in all respects), except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct in all material respects (provided that
any representation or warranty that is qualified by materiality or Material Adverse Effect are true and correct in all
respects) as of such earlier date, (2) no Default exists and (3) the Borrowers are in compliance (on a pro forma
basis) with the covenant contained in Section 6.12 (calculated assuming an FCCR Test Period is then in effect)
and (ii) legal opinions and documents consistent with those delivered on the Effective Date, to the extent reasonably
requested by the Administrative Agent.

 

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(g)           On
the effective date of any such increase or addition, (i) any Lender increasing (or, in the case of any newly added Lender,
extending) its Commitment shall make available to the Administrative Agent such amounts in immediately available funds as the
Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving
effect to such increase or addition and the use of such amounts to make payments to such other Lenders, each Lender’s portion
of the outstanding Revolving Loans of all the Lenders to equal its revised Applicable Percentage of such outstanding Revolving
Loans, and the Administrative Agent shall make such other adjustments among the Lenders with respect to the Revolving Loans then
outstanding and amounts of principal, interest, commitment fees and other amounts paid or payable with respect thereto as shall
be necessary, in the opinion of the Administrative Agent, in order to effect such reallocation and (ii) the Borrowers shall
be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase (or addition) in the Commitments
(with such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified in a
notice delivered by the Borrower Representative, in accordance with the requirements of Section 2.03). The deemed
payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of
all accrued interest on the amount prepaid and, in respect of each Eurodollar Loan, shall be subject to indemnification by the
Borrowers pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the
related Interest Periods. Within a reasonable time after the effective date of any increase or addition, the Administrative Agent
shall, and is hereby authorized and directed to, revise the Commitment Schedule to reflect such increase or addition and
shall distribute such revised Commitment Schedule to each of the Lenders and the Borrower Representative, whereupon such
revised Commitment Schedule shall replace the old Commitment Schedule and become part of this Agreement.

 

Section 2.10.     Repayment
of Loans; Evidence of Debt.

 

(a)            The
Borrowers hereby unconditionally promise to pay (i) to the Administrative Agent for the account of each Lender the then
unpaid principal amount of each Revolving Loan on the Maturity Date, (ii) to the Administrative Agent the then unpaid
amount of each Protective Advance on the earlier of the Maturity Date and demand by the Administrative Agent and
(iii) to the Administrative Agent the then unpaid principal amount of each Overadvance on the earlier of the Maturity
Date and demand by the Administrative Agent.

 

(b)            At
all times that full cash dominion is in effect pursuant to Section 7.3 of the Security Agreement, on each Business Day, the
Administrative Agent shall apply all funds credited to the Collection Account on such Business Day or the immediately preceding
Business Day (at the discretion of the Administrative Agent, whether or not immediately available) first to prepay any Protective
Advances and Overadvances that may be outstanding, pro rata, and second to prepay the Revolving Loans (including Swingline Loans)
and to cash collateralize outstanding LC Exposure.

 

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

 

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

 

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

 

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

 

Section 2.11.     Prepayment
of Loans.

 

(a)            The
Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior
notice in accordance with paragraph (c) of this Section and, if applicable, payment of any break funding
expenses under Section 2.16.

 

(b)            Except
for Protective Advances and Overadvances permitted under Sections 2.04 and 2.05, if at any time the Borrowers
are not in compliance with the Revolving Exposure Limitations, the Borrowers shall prepay the Revolving Loans, LC Exposure and/or
Swingline Loans or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j),
as applicable, in an aggregate amount equal to such excess.

 

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(c)            The
Borrower Representative shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline
Lender) by telephone (confirmed by facsimile) or through Electronic System, if arrangements for doing so have been approved by
the Administrative Agent, of any prepayment hereunder not later than 10:00 a.m., Chicago time, (A) in the case of prepayment
of a Eurodollar Borrowing, three (3) Business Days before the date of prepayment or (B) in the case of prepayment of
an ABR Borrowing, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the
principal amount of each Borrowing or portion thereof to be prepaid; provided that if a notice of prepayment is given in
connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such
notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly
following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents
thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance
of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall
be applied ratably to the Revolving Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest
to the extent required by Section 2.13 and amounts due under Section 2.16.

 

Section 2.12.     Fees.

 

(a)            The
Borrowers agree to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at
0.25% per annum on the average daily amount of the Available Commitment of such Lender during the period from and including
the Effective Date to but excluding the date on which such Lender’s Commitment terminates. Accrued commitment fees
shall be payable in arrears on the first Business Day of January, April, July and October of each year and on the
date on which the Commitments terminate, commencing on the first such date to occur after the date hereof; provided
that any commitment fees accruing after the date on which the Commitments terminate shall be payable on demand. All
commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). For purposes of computing commitment fees, the Commitment of a
Lender shall be deemed to be used to the extent of the outstanding Loans and LC Exposure of such Lender.

 

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(b)            The
Borrowers agree to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to
its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable
to Eurodollar Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable
to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date
on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to
the applicable Issuing Bank, for its own account, a fronting fee, which shall accrue at the rate per annum separately agreed upon
by the Company and such Issuing Bank on the average daily amount of the LC Exposure (excluding any portion thereof attributable
to unreimbursed LC Disbursements) attributable to Letters of Credit issued by such Issuing Bank during the period from and including
the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases
to be any LC Exposure, as well as the Issuing Bank’s standard fees and commissions with respect to the issuance, amendment,
cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder.
Participation fees and fronting fees accrued through and including the last day of each calendar quarter shall be payable on the
first Business Day of each January, April, July and October following such last day, commencing on the first such date
to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Commitments terminate
and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable
to the Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand. All participation fees
and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day).

 

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

 

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

 

Section 2.13.     Interest.

 

(a)            The
Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the REVLIBOR30 Rate plus the
Applicable Rate.

 

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

 

(c)            Each
Protective Advance and each Overadvance shall bear interest at the Alternate Base Rate plus the Applicable Rate for Revolving
Loans plus 2%.

 

(d)            Notwithstanding
the foregoing, during the occurrence and continuance of an Event of Default, the Administrative Agent or the Required Lenders
may, at their option, by written notice to the Borrower Representative (which notice may be revoked at the option of the Required
Lenders notwithstanding any provision of Section 9.02 requiring the consent of “each Lender affected thereby”
for reductions in interest rates), declare that (i) all Loans shall bear interest at 2% plus the rate otherwise applicable
to such Loans as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount outstanding
hereunder, such amount shall accrue at 2% plus the rate applicable to such fee or other obligation as provided hereunder;
provided that no notice shall be required and the foregoing rates shall automatically take effect upon the occurrence of
an Event of Default under clause (a), (h), (i) or (j) of Article VII.

 

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

 

(f)            All
interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the
Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year
of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including
the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate, REVLIBOR30 Rate or LIBO Rate
shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 

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Section 2.14.     Alternate
Rate of Interest; Illegality.

 

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

 

(i)            the
Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that adequate and
reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including, without limitation,
by means of an Interpolated Rate or because the LIBO Screen Rate is not available or published on a current basis) for such Interest
Period; or

 

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

 

then the Administrative Agent shall give
notice thereof to the Borrower Representative and the Lenders through Electronic System as provided in Section 9.01
as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower Representative and the Lenders
that the circumstances giving rise to such notice no longer exist, (A) any Interest Election Request that requests the conversion
of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any such Eurodollar
Borrowing shall be repaid or converted into an ABR Borrowing on the last day of the then current Interest Period applicable thereto,
and (B) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing.

 

(b)            If
any Lender determines that any Requirement of Law has made it unlawful, or if any Governmental Authority has asserted that it
is unlawful, for any Lender or its applicable lending office to make, maintain, fund or continue any Eurodollar Borrowing, or
any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take
deposits of, dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower Representative
through the Administrative Agent, any obligations of such Lender to make, maintain, fund or continue Eurodollar Loans or to
convert ABR Borrowings to Eurodollar Borrowings will be suspended until such Lender notifies the Administrative Agent and the
Borrower Representative that the circumstances giving rise to such determination no longer exist. Upon receipt of such
notice, the Borrowers will upon demand from such Lender (with a copy to the Administrative Agent), either convert all
Eurodollar Borrowings of such Lender to ABR Borrowings or prepay all such Eurodollar Borrowings, either on the last day of
the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Borrowings to such day, or
immediately, if such Lender may not lawfully continue to maintain such Loans. Upon any such conversion or prepayment, the
Borrowers will also pay accrued interest on the amount so converted or prepaid.

 

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

 

Section 2.15.     Increased
Costs.

 

(a)            If
any Change in Law shall:

 

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

 

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

 

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

 

and the result of any of the foregoing
shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting into or maintaining any
Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Bank or such
other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or
receivable by such Lender, the Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then
the Borrowers will pay to such Lender, the Issuing Bank or such other Recipient, as the case may be, such additional amount or
amounts as will compensate such Lender, the Issuing Bank or such other Recipient, as the case may be, for such additional costs
incurred or reduction suffered as reasonably determined by the Administrative Agent, such Lender or such Issuing Bank (which determination
shall be made in good faith (and not on an arbitrary or capricious basis) and generally consistent with similarly situated customers
of the Administrative Agent, such Lender or such Issuing Bank, as applicable, under agreements having provisions similar to this
Section 2.15, after consideration of such factors as the Administrative Agent, such Lender or such Issuing Bank, as
applicable, then reasonably determines to be relevant).

 

(b)            If
any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would
have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital
of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement, the
Commitments of, or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit
issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing
Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or
the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with
respect to capital adequacy and liquidity), then from time to time the 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 as reasonably determined by the
Administrative Agent or such Lender (which determination shall be made in good faith (and not on an arbitrary or capricious
basis) and generally consistent with similarly situated customers of the Administrative Agent or such Lender, as applicable,
under agreements having provisions similar to this Section 2.15, after consideration of such factors as the
Administrative Agent or such Lender, as applicable, then reasonably determines to be relevant).

 

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(c)            A
certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing
Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall
be delivered to the Borrower Representative 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.

 

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 Borrower
Representative 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.

 

Section 2.16.     Break
Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last
day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment
pursuant to Section 2.11), (b) the conversion of any Eurodollar Loan other than on the last day of the
Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the
date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(a) and
is revoked in accordance therewith) or (d) the assignment of any Eurodollar Loan other than on the last day of the
Interest Period applicable thereto as a result of a request by the Borrower Representative pursuant to Section 2.19
or 9.02(e), then, in any such event, the Borrowers shall compensate each Lender for the loss, cost and expense
attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to
include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have
accrued on the principal amount of such Eurodollar Loan had such event not occurred, at the Adjusted LIBO Rate that would
have been applicable to such Eurodollar Loan (but not the Applicable Rate applicable thereto), for the period from the date
of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert
or continue, for the period that would have been the Interest Period for such Eurodollar Loan), over (ii) the amount of
interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it
to bid, at the commencement of such period, for deposits in Dollars of a comparable amount and period from other banks in the
eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive
pursuant to this Section shall be delivered to the Borrower Representative and shall be conclusive absent manifest
error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within ten (10) days after
receipt thereof.

 

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Section 2.17.     Taxes.

 

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

 

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

 

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

 

(d)            Indemnification
by the Loan Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within 10 days after demand
therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to
such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to the relevant Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

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

 

(f)            Status
of Lenders.

 

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

 

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

 

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

 

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

 

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

 

(B)            in
the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, executed
copies of IRS Form W-8ECI;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.18.     Payments
Generally; Allocation of Proceeds; Pro Rata Treatment; Sharing of Set-offs.

 

(a)            The
Borrowers shall make each payment required to be made by them hereunder (whether of principal, interest, fees or
reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or
otherwise) prior to 4:00 p.m., Chicago time, on the date when due, in immediately available funds, without set-off
or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be
deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such
payments shall be made to the Administrative Agent at its offices at 10 South Dearborn Street, Floor L2,
Chicago, Illinois, or to the account designated by Administrative Agent, except payments to be made directly to the
Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17
and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such
payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.
If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next
succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall accrue and be payable for
the period of such extension. All payments hereunder shall be made in Dollars.

 

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(b)            Any
proceeds of Collateral received by the Administrative Agent (i) not constituting either (A) a specific payment of
principal, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the
Borrowers), (B) a mandatory prepayment (which shall be applied in accordance with Section 2.11) or
(C) amounts to be applied from the Collection Account when full cash dominion is in effect (which shall be applied in
accordance with Section 2.10(b)) or (ii) after an Event of Default has occurred and is continuing and the
Administrative Agent so elects or the Required Lenders so direct, such funds shall be applied, subject to the terms of the
ABL/Term LoanFixed
Asset Intercreditor Agreement, ratably first, to pay any fees, indemnities, or expense reimbursements
including amounts then due to the Administrative Agent and the Issuing Bank from the Borrowers (other than in connection with
Banking Services Obligations or Swap Agreement Obligations), second, to pay any fees, indemnities, or expense
reimbursements then due to the Lenders from the Borrowers (other than in connection with Banking Services Obligations or Swap
Agreement Obligations), third, to pay interest due in respect of the Overadvances and Protective Advances, fourth,
to pay the principal of the Overadvances and Protective Advances, fifth, to pay interest then due and payable on the
Loans (other than the Overadvances and Protective Advances) ratably, sixth, to prepay principal on the Loans (other
than the Overadvances and Protective Advances) and unreimbursed LC Disbursements and to pay any amounts owing with respect to
Swap Agreement Obligations up to and including the amount most recently provided to the Administrative Agent pursuant to Section 2.22,
for which Reserves have been established ratably, seventh, to pay an amount to the Administrative Agent equal to one
hundred three percent (103%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the aggregate
amount of any unpaid LC Disbursements, to be held as cash collateral for such Obligations, eighth, to payment of any
amounts owing with respect to Banking Services Obligations and Swap Agreement Obligations up to and including the amount most
recently provided to the Administrative Agent pursuant to Section 2.22, and to the extent not paid pursuant to
clause sixth above, and ninth, to the payment of any other Secured Obligation due to the Administrative Agent or any
Lender by the Borrowers. Notwithstanding the foregoing amounts received from any Loan Party shall not be applied to any
Excluded Swap Obligation of such Loan Party. Notwithstanding anything to the contrary contained in this Agreement, unless so
directed by the Borrower Representative, or unless a Default is in existence, neither the Administrative Agent nor any Lender
shall apply any payment which it receives to any Eurodollar Loan of a Class, except (a) on the expiration date of the
Interest Period applicable thereto or (b) in the event, and only to the extent, that there are no outstanding ABR Loans
of the same Class and, in any such event, the Borrowers shall pay the break funding payment required in accordance with Section 2.16.
The Administrative Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any
and all such proceeds and payments to any portion of the Secured Obligations.

 

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(c)            At
the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable
expenses (including, without limitation, all reimbursement for fees, costs and expenses pursuant to Section 9.03),
and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder whether made following
a request by the Borrower Representative pursuant to Section 2.03 or a deemed request as provided in this Section or
may be deducted from any deposit account of any Borrower maintained with the Administrative Agent (and the Administrative Agent
will provide reasonably prompt notice of such deduction to the Borrower Representative, provided that failure to provide
such notice shall not limit the ability of the Administrative Agent to make such deduction). The Borrowers hereby irrevocably
authorize (i) the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest
and fees as it becomes due hereunder or any other amount due under the Loan Documents and agrees that all such amounts charged
shall constitute Loans (including Swingline Loans and Overadvances, but such a Borrowing may only constitute a Protective Advance
if it is to reimburse costs, fees and expenses as described in Section 9.03) and that all such Borrowings shall be
deemed to have been requested pursuant to Section 2.03, 2.04 or 2.05, as applicable, and (ii) the
Administrative Agent to charge any deposit account of any Borrower maintained with the Administrative Agent for each payment of
principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents.

 

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

 

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

 

(f)            If
any Lender shall fail to make any payment required to be made by it hereunder, then the Administrative Agent may, in its discretion
(notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for
the account of such Lender for the benefit of the Administrative Agent, the Swingline Lender or the Issuing Bank to satisfy such
Lender’s obligations to it under such Sections until all such unsatisfied obligations are fully paid and/or (ii) hold
any such amounts in a segregated account over which the Administrative Agent shall have exclusive control as cash collateral for,
and application to, any future funding obligations of such Lender under any such Section; in the case of each of clauses (i) and
(ii) above, in any order as determined by the Administrative Agent in its discretion.

 

(g)            The
Administrative Agent may from time to time provide the Borrowers with account statements or invoices with respect to any of the
Secured Obligations (the “Statements”). The Administrative Agent is under no duty or obligation to provide
Statements, which, if provided, will be solely for the Borrowers’ convenience. Statements may contain estimates of the amounts
owed during the relevant billing period, whether of principal, interest, fees or other Secured Obligations. If the Borrowers pay
the full amount indicated on a Statement on or before the due date indicated on such Statement, the Borrowers shall not be in
default of payment with respect to the billing period indicated on such Statement; provided, that acceptance by the Administrative
Agent, on behalf of the Lenders, of any payment that is less than the total amount actually due at that time (including but not
limited to any past due amounts) shall not constitute a waiver of the Administrative Agent’s or the Lenders’ right
to receive payment in full at another time.

 

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Section 2.19.     Mitigation
Obligations; Replacement of Lenders.

 

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

 

(b)            If
(i) any Lender requests compensation under Section 2.15, (ii) any Borrower is required to pay any Indemnified
Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17
or (iii) any Lender becomes a Defaulting Lender, then the Company may, at its sole expense and effort, upon notice to
such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and
subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights
to payments pursuant to Sections 2.15 or 2.17) and obligations under the Loan Documents to an assignee that
shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that
(i) the Company shall have received the prior written consent of the Administrative Agent (and if a Commitment is being assigned,
each Issuing Bank and the Swingline Lender), which consent shall not unreasonably be withheld, (ii) such Lender shall have
received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline
Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent
of such outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts) and (iii) in
the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to
be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. A Lender
shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. Each party hereto
agrees that (x) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption
executed by the Borrower Representative, the Administrative Agent and the assignee (or, to the extent applicable, an agreement
incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative
Agent and such parties are participants), and (y) the Lender required to make such assignment need not be a party thereto
in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided
that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver
such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided that any
such documents shall be without recourse to or warranty by the parties thereto.

 

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

 

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

 

(b)            any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Section 2.18(b) or otherwise) or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or
times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such
Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts
owing by such Defaulting Lender to any Issuing Bank or Swingline Lender hereunder; third, to cash collateralize the
Issuing Bank’s LC Exposure with respect to such Defaulting Lender in accordance with this Section; fourth, as
the Borrower Representative may request (so long as no Default or Event of Default exists), to the funding of any Loan in
respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined
by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower Representative, to
be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential
future funding obligations with respect to Loans under this Agreement and (y) cash collateralize the Issuing
Bank’s future LC Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under
this Agreement, in accordance with this Section; sixth, to the payment of any amounts owing to the Lenders, the
Issuing Bank or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the
Issuing Bank or Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement or under any other Loan Document; seventh, so long as no Default or Event of Default
exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction
obtained by any Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement or under any other Loan Document; and eighth, to such Defaulting Lender or as
otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the
principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded its
appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the
conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the
Loans of, and LC Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the
payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and
unfunded participations in the Borrowers’ obligations corresponding to such Defaulting Lender’s LC Exposure and
Swingline Loans are held by the Lenders pro rata in accordance with the Commitments without giving effect to clause
(d) below. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or
held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed
paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;

 

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(c)            such
Defaulting Lender shall not have the right to vote on any issue on which voting is required (other than to the extent expressly
provided in Section 9.02(b)) and the Commitment and Revolving Exposure of such Defaulting Lender shall not be included
in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment,
waiver or other modification pursuant to Section 9.02) or under any other Loan Document; provided, that, except
as otherwise provided in Section 9.02, this clause (b) shall not apply to the vote of a Defaulting
Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender directly
affected thereby;

 

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

 

(i)            all
or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting
Lenders in accordance with their respective Applicable Percentages but only (x) to the extent that the conditions set forth
in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrower Representative shall have
otherwise notified the Administrative Agent at such time, the Borrowers shall be deemed to have represented and warranted that
such conditions are satisfied at such time) and (y) to the extent that such reallocation does not, as to any non-Defaulting
Lender, cause such non-Defaulting Lender’s Revolving Exposure and to exceed its Commitment;

 

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(ii)            if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers shall
within one (1) Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and
(y) second, cash collateralize for the benefit of the relevant Issuing Banks only the Borrowers’ obligations corresponding
to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above)
in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;

 

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

 

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

 

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

 

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

 

If (i) a Bankruptcy
Event or a Bail-In Action with respect to a Lender Parent shall occur following the date hereof and for so long as such event
shall continue or (ii) any Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations
under one or more other agreements in which such Lender commits to extend credit, no Issuing Bank shall be required to issue,
amend or increase any Letter of Credit, unless such Issuing Bank shall have entered into arrangements with the Borrowers or such
Lender, satisfactory to such Issuing Bank to defease any risk to it in respect of such Lender hereunder.

 

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

 

Section 2.21.     Returned
Payments. If after receipt of any payment which is applied to the payment of all or any part of the Obligations (including
a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled
to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent,
set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any
other reason (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion),
then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue
in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender. The provisions
of this Section 2.21 shall be and remain effective notwithstanding any contrary action which may have been taken by
the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.21
shall survive the termination of this Agreement.

 

Section 2.22.     Banking
Services and Swap Agreements. Each Lender or Affiliate thereof providing Banking Services (excluding Lease Financing) for,
or having Swap Agreements with, any Loan Party or any Subsidiary or Affiliate of a Loan Party shall deliver to the Administrative
Agent, promptly after entering into such Banking Services or Swap Agreements, written notice setting forth the aggregate amount
of all Banking Services Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary or Affiliate thereof to such
Lender or Affiliate (whether matured or unmatured, absolute or contingent). In addition, each such Lender or Affiliate thereof
shall deliver to the Administrative Agent, from time to time after a significant change therein or upon a request therefor, a
summary of the amounts due or to become due in respect of such Banking Services Obligations and Swap Agreement Obligations. The
most recent information provided to the Administrative Agent shall be used in determining the amounts to be applied in respect
of such Banking Services Obligations and/or Swap Agreement Obligations pursuant to Section 2.18(b) and which
tier of the waterfall, contained in Section 2.18(b), such Banking Services Obligations and/or Swap Agreement Obligations
will be placed.

 

Article III

 

Representations and Warranties

 

Each Loan Party represents
and warrants to the Lenders that:

 

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

  

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

 

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

 

Section 3.04.     Financial
Condition; No Material Adverse Change.

 

(a)            The
Company has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and
cash flows (i) as of and for the fiscal year ended August 25, 2018 reported on by Deloitte & Touche LLP, independent
public accountants and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended May 25, 2019,
certified by a Financial Officer. Such financial statements present fairly, in all material respects, the financial position and
results of operations and cash flows of the Company and its consolidated Subsidiaries as of such dates and for such periods in
accordance with GAAP, subject to the year-end audit adjustments and the absence of footnotes in the case of statements referred
to in clause (ii) of the immediately preceding sentence.

 

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(b)            The
Company has heretofore furnished to the Lenders its pro forma consolidated balance sheet and related pro forma consolidated statement
of income for the twelve-month period ended August 25, 2018, prepared giving effect to the Transactions as if the Transactions
had occurred on such date (in the case of such balance sheet) or at the beginning of such period (in the case of such statement
of income). Such pro forma consolidated balance sheet and related pro forma consolidated statement of income (i) has been
prepared by the Company in good faith, based on assumptions believed by the Company to be reasonable at the time such assumptions
were made and (iii) presents fairly, in all material respects, the pro forma financial position of the Company and its consolidated
Subsidiaries as of such date as if the Transactions had occurred on such date.

 

(c)            Since
August 25, 2018, there has been no material adverse change in the business, assets, operations or condition, financial or
otherwise, of the Company and its Subsidiaries, taken as a whole.

 

Section 3.05.     Properties.

 

(a)            Except
for Liens permitted pursuant to Section 6.02, each of the Company and its Material Subsidiaries has good title to,
or (to the knowledge of the Company) valid leasehold interests in, all its real and personal property material to its business,
except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to
utilize such properties for their intended purposes.

 

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

 

Section 3.06.     Litigation
and Environmental Matters.

 

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

 

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

 

Section 3.07.       Compliance
with Laws and Agreements; No Default. Each of the Company and its Subsidiaries is in compliance with all laws, regulations
and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments
binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. No Default has occurred and is continuing.

 

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

 

Section 3.09.       Taxes.
Each of the Company and its Subsidiaries has timely filed or caused to be filed all federal income Tax returns and all other material
Tax returns and reports required to have been filed and has paid or caused to be paid or made a provision for the payment of all
federal income Taxes and all other material Taxes required to have been paid by it, except (a) Taxes that are being contested
in good faith by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has set aside on its books
adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be expected
to result in a Material Adverse Effect.

 

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

 

Section 3.11.       Disclosure.
As of the Effective Date, each Loan Party has disclosed to the Lenders all material agreements, instruments and corporate or other
restrictions to which it or any of its subsidiaries is subject, and all other matters known to it, that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Effect. All written information, other than any projections,
estimates, forecasts and other forward-looking information and information of a general economic or industry-specific
nature, furnished by or on behalf of the Company or any Subsidiary to the Administrative Agent or any Lender on or prior to the
Effective Date, when taken as a whole and after giving effect to all supplements and updates thereto, did not (when furnished)
contain any untrue statement of material fact or omit to state a material fact necessary in order to make the statements contained
therein not materially misleading (when taken as a whole and after giving effect to all such supplements and updates thereto)
in light of the circumstances under which such statements were made; provided that, with respect to the Projections furnished
by or on behalf of the Company or any Subsidiary to the Administrative Agent or any Lender on or prior to the Effective Date pursuant
to or in connection with the negotiation of this Agreement or any other Loan Document or included therein (the “Projections”),
the Company represents only that such information was prepared in good faith based upon assumptions believed by the Company to
be reasonable at the time prepared (it being understood by the Administrative Agent and the Lenders that any such Projections
are as to future events and are not to be viewed as facts and are subject to significant uncertainties and contingencies, many
of which are beyond the control of the Company or the Subsidiaries, that no assurances can be given that such Projections will
be realized and that actual results during the period or periods covered by any such Projections may differ materially from the
projected results contained therein and that such differences may be material).

 

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Section 3.12.       Material
Agreements. No Loan Party is in default in the performance, observance or fulfillment of any of the obligations, covenants
or conditions contained in (i) any material agreement to which it is a party or (ii) any agreement or instrument evidencing
or governing Material Indebtedness, in any such case of clause (i) or (ii) above, which default could
not reasonably be expected to have a Material Adverse Effect.

 

Section 3.13.       Margin
Stock. No Loan Party is engaged and will not engage, principally or as one of its important activities, in the
business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock,
and no part of the proceeds of any Borrowing or Letter of Credit hereunder will be used to buy or carry any Margin Stock.
Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the
value of the assets (either of any Loan Party individually or of the Loan Parties and their Subsidiaries on a consolidated
basis) will be Margin Stock.

 

Section 3.14.       Liens.
There are no Liens on any of the real or personal properties of the Company or any Subsidiary except for Liens permitted by Section 6.02.

 

Section 3.15.       Capitalization
and Subsidiaries. As of the Amendment No. 1 Effective Date, Schedule 3.15 sets forth (a) a correct
and complete list of the name and relationship to the Company of each Subsidiary, (b) a true and complete listing of each
class of each Borrower’s (other than the Company’s) issued and outstanding Equity Interests, all of which Equity Interests
are owned beneficially and of record by the Persons identified on Schedule 3.15, and (c) the type of entity of
the Company and each Subsidiary.

 

Section 3.16.       No
Burdensome Restrictions. On the date hereof, no Borrower is subject to any Burdensome Restrictions except Burdensome Restrictions
permitted under Section 6.11.

 

Section 3.17.       Solvency.

 

(a)            Immediately
after the consummation of the Transactions to occur on the Effective Date and the making of each Loan on the Effective Date and
the application of the proceeds of such Loans, (i) the sum of the liabilities of the Company and its Subsidiaries, taken
as a whole, shall not exceed the present fair saleable value of the assets of the Company and its Subsidiaries, taken as a whole;
(ii) the capital of the Company and its Subsidiaries, taken as a whole, shall not be unreasonably small in relation to the
business of the Company and its Subsidiaries, taken as a whole, contemplated on the date hereof and (iii) the Company and
its Subsidiaries, taken as a whole, do not intend to incur, or believe that they will incur, debts including current obligations
beyond their ability to pay such debt as they mature in the ordinary course of business. For the purposes hereof, the amount of
any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of
whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

 

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(b)            The
Company does not intend to, nor will it permit any of its Subsidiaries to, and the Company does not believe that it or any of
its Subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and
amounts of cash to be received by it or any such Subsidiary and the timing of the amounts of cash to be payable on or in respect
of its Indebtedness or the Indebtedness of any such Subsidiary.

 

Section 3.18.       Insurance.
Schedule 3.18 sets forth a description of all insurance maintained by or on behalf of the Loan Parties and their Subsidiaries
as of the Amendment No. 1 Effective Date. As of the Amendment No. 1 Effective Date, all premiums in respect of such
insurance due and payable on or prior to the Amendment No. 1 Effective Date have been paid. Each Borrower maintains, and
has caused each Subsidiary to maintain, with financially sound and reputable insurance companies, insurance on all their real
and personal property in such amounts, subject to such deductibles and self-insurance retentions and covering such properties
and risks as are adequate and customarily maintained by companies engaged in the same or similar businesses operating in the same
or similar locations.

 

Section 3.19.       Security
Interest in Collateral. The Collateral Documents, upon execution and delivery thereof by the parties thereto, will create
in favor of the Administrative Agent, for the benefit of the Secured Parties, a valid and enforceable security interest in the
Collateral covered thereby and (i) when the Collateral constituting certificated securities (as defined in the UCC) is delivered
to the Administrative Agent, together with instruments of transfer duly endorsed in blank, the Liens under the Collateral Documents
will constitute a fully perfected security interest in all right, title and interest of the respective Loan Parties thereunder
in such Collateral, prior and superior in right to any other Person, except for Liens permitted by Section 6.02 and
(ii) when financing statements in appropriate form are filed in the applicable filing offices, the security interest created
under the Collateral Documents will constitute a fully perfected security interest in all right, title and interest of the respective
Loan Parties in the remaining Collateral to the extent perfection can be obtained by filing UCC financing statements, prior and
superior to the rights of any other Person, except for Liens permitted by Section 6.02.

 

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Section 3.20.       Employment
Matters. As of the Effective Date, there are no strikes, lockouts or slowdowns against any Loan Party or any Subsidiary
pending or, to the knowledge of any Loan Party, threatened, that, in the aggregate, could reasonably be expected to result in
a Material Adverse Effect. The hours worked by and payments made to employees of the Loan Parties and their Subsidiaries have
not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with
such matters in a manner that, in the aggregate, could reasonably be expected to result in a Material Adverse Effect. All payments
due from any Loan Party or any Subsidiary, or for which any claim may be made against any Loan Party or any Subsidiary, on account
of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of
such Loan Party or such Subsidiary, except those that could not reasonably be expected to have a Material Adverse Effect.

 

Section 3.21.       Anti-Corruption
Laws and Sanctions. The Company has implemented and maintains in effect policies and procedures reasonably designed to
ensure compliance by the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption
Laws and applicable Sanctions, and the Company, its Subsidiaries and to the knowledge of the Company its officers, directors,
employees and agents that will act in any capacity in connection with or benefit from the credit facilities established hereby,
are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Company,
any Subsidiary or to the knowledge of the Company or such Subsidiary any of their respective directors, officers or employees,
or (b) to the knowledge of the Company, any agent of the Company or any Subsidiary that will act in any capacity in connection
with or benefit from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of
proceeds or other Transactions will violate any Anti-Corruption Law or applicable Sanctions.

 

Section 3.22.       EEA
Financial Institutions. No Loan Party is an EEA Financial Institution.

 

Section 3.23.       Use
of Proceeds. The proceeds of the Loans have been used and will be used, whether directly or indirectly as set forth in
Section 5.08.

 

Section 3.24.       Plan
Assets; Prohibited Transactions. No Loan Party or any of its Subsidiaries is an entity deemed to hold “plan assets”
(within the meaning of the Plan Asset Regulations), and neither the execution, delivery nor performance of the transactions contemplated
under this Agreement, including the making of any Loan and the issuance of any Letter of Credit hereunder, will give rise to a
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.

 

Article IV

 

Conditions

 

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

 

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(a)            Credit
Agreement and Other Loan Documents. The Administrative Agent (or its counsel) shall have received (i) from each
party hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory
to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of this Agreement)
that such party has signed a counterpart of this Agreement and (ii) each of the other documents, instruments, legal opinions
and other agreements listed on Exhibit D that are required to be delivered on or prior to the date hereof, all in
form and substance satisfactory to the Administrative Agent and its counsel.

 

(b)            Funding
Account. The Administrative Agent shall have received a notice setting forth the deposit account(s) of the Borrowers
(the “Funding Account”) to which the Administrative Agent is authorized by the Borrowers to transfer the proceeds
of any Borrowings requested or authorized pursuant to this Agreement.

 

(c)            Borrowing
Base Certificate. The Administrative Agent shall have received an Aggregate Borrowing Base Certificate and a Borrowing Base
Certificate for each Borrower, in each case, prepared as of the last day of the most recent month ended at least twenty (20) calendar
days prior to the Effective Date.

 

(d)            Closing
Availability. After giving effect to all Borrowings to be made on the Effective Date, the issuance of any Letters of Credit
on the Effective Date and the payment of all fees and expenses due hereunder, and with all of the Loan Parties’ indebtedness,
liabilities, and obligations current, the Aggregate Availability shall not be less than $38,500,000.

 

(e)            Fees
and Expenses. All fees and expenses due and payable to the Administrative Agent, the Lenders and their respective Affiliates
and required to be paid on or prior to the Effective Date shall have been paid or shall have been authorized to be deducted from
the proceeds of the initial Loans, so long as any such fees or expenses not expressly set forth in the fee letters entered into
by the Company in connection with the Transactions have been invoiced not less than two (2) Business Days prior to the Effective
Date (except as otherwise reasonably agreed by the Company).

 

(f)            Patriot
Act, Etc. At least three (3) Business Days prior to the Effective Date, the Administrative Agent and the Lead Arranger
shall have received all documentation and other information about the Company and the other Loan Parties as shall have been reasonably
requested in writing by either the Administrative Agent or by the Lead Arranger at least ten (10) days prior to the Effective
Date and required by U.S. regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including the Patriot Act.

 

(g)            Other
Documents. The Administrative Agent shall have received such other documents and information as the Administrative Agent,
the Issuing Bank, any Lender or their respective counsel may have reasonably requested.

 

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

 

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

 

(a)            The
representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in all material respects
(provided that any representation or warranty that is qualified by materiality, Material Adverse Effect or similar language
shall be true and correct in all respects) on and as of the date of such Borrowing or the date of issuance, amendment, renewal
or extension of such Letter of Credit, as applicable, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct in all material respects (provided that any representation
or warranty that is qualified by materiality, Material Adverse Effect or similar language shall be true and correct in all respects)
as of such earlier date.

 

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

 

(c)            After
giving effect to such Borrowing or the issuance, amendment, renewal or extension of any Letter of Credit, the Borrowers shall
be in compliance with the Revolving Exposure Limitations.

 

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

 

Article V

 

Affirmative Covenants

 

Until the Commitments
shall have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have
been paid in full (other than Unliquidated Obligations not yet due and payable and Obligations expressly stated to survive such
payment and termination) and all Letters of Credit shall have expired or terminated, in each case, without any pending draw (or
shall have been cash collateralized or backstopped pursuant to arrangements reasonably satisfactory to the Administrative Agent),
and all LC Disbursements shall have been reimbursed, each Loan Party executing this Agreement covenants and agrees, jointly and
severally with all of the other Loan Parties, with the Lenders that:

 

Section 5.01.       Financial
Statements; Borrowing Base and Other Information. The Company will furnish to the Administrative Agent for distribution
to each Lender:

 

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

 

(b)            within
forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Company,
its consolidated and consolidating balance sheet and related statements of operations, stockholders’ equity and cash
flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each
case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of
the end of) the previous fiscal year, all certified by one of a Financial Officer as presenting fairly in all material
respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of
footnotes;

 

(c)            [Intentionally
Omitted];

 

(d)            concurrently
with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial
Officer of the Borrower Representative in substantially the form of Exhibit C (i) certifying, in the case of
the financial statements delivered under clause (b), as presenting fairly in all material respects the financial condition
and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments and the absence of footnotes, (ii) certifying as to whether a Default
has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with
respect thereto, (iii) setting forth reasonably detailed calculations of the Fixed Charge Coverage Ratio as of the last day
of the most recently ended period of four (4) Fiscal Quarters (provided that the Fixed Charge Coverage Ratio shall
only be tested for compliance purposes during an FCCR Test Period) and (iv) stating whether any change in GAAP or in the
application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and,
if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;

 

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(e)            within
ninety (90) days after the end of each fiscal year of the Company, a copy of the plan and forecast of the Company and its
Subsidiaries in the form previously provided to, and approved by, the Administrative Agent;

 

(f)            (i) as
soon as available but in any event within twenty (20) days after the end of each fiscal quarter following the Effective Date (or,
(x) during any Monthly Reporting Period, within twenty (20) days after the end of each calendar month following the Effective
Date or (y) during any Weekly Reporting Period, by the Wednesday immediately following the end of each calendar week) and
(ii) at such other times as may be necessary to re-determine Aggregate Availability or Availability for any Borrower
or as may be reasonably requested by the Administrative Agent, as of the period then ended, an Aggregate Borrowing Base Certificate,
together with a Borrowing Base Certificate for each Borrower, and supporting information in connection therewith, together with
any additional reports with respect to the Aggregate Borrowing Base or the Borrowing Base of any Borrower as the Administrative
Agent may reasonably request;

 

(g)            as
soon as available but in any event within twenty (20) days of the end of each fiscal quarter (or, during any Monthly Reporting
Period or Weekly Reporting Period, within twenty (20) days of the end of each calendar month), as of the period then ended, all
delivered electronically in a text formatted file acceptable to the Administrative Agent:

 

(i)            a
detailed aging of the Borrowers’ Accounts, including all invoices aged by invoice date and due date (with an explanation
of the terms offered), prepared in a manner reasonably acceptable to the Administrative Agent, together with a summary specifying
the name, address, and balance due for each Account Debtor;

 

(ii)            a
schedule detailing the Borrowers’ Inventory, in form reasonably satisfactory to the Administrative Agent, (1) by location
(showing U16 Inventory, Inventory in transit, any Inventory located with a third party under any consignment, bailee arrangement,
or warehouse agreement), by class (raw material, work-in-process and finished goods), by product type, and by volume on
hand, which Inventory shall be valued at the lower of cost (determined on a first-in, first-out basis) or market and adjusted
for Reserves as the Administrative Agent has previously indicated to the Borrower Representative are deemed by the Administrative
Agent to be appropriate, and (2) including a report of any variances or other results of Inventory counts performed by the
Borrowers since the last Inventory schedule (including information regarding sales or other reductions, additions, returns, credits
issued by Borrowers and complaints and claims made against the Borrowers);

 

(iii)           if
a Monthly Reporting Period or Weekly Reporting Period is then in effect, a worksheet of calculations prepared by the Borrowers
to determine Eligible Accounts and Eligible Inventory, such worksheets detailing the Accounts and Inventory excluded from Eligible
Accounts and Eligible Inventory and the reason for such exclusion; and

 

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(iv)           a
reconciliation of the Borrowers’ Accounts and Inventory between (A) the amounts shown in the Borrowers’ general
ledger and financial statements and the reports delivered pursuant to clauses (i) and (ii) above and (B) the
amounts and dates shown in the reports delivered pursuant to clauses (i) and (ii) above and the Aggregate
Borrowing Base Certificate and the Borrowing Base Certificate of each Borrower delivered pursuant to clause (f) above
as of such date;

 

(h)            as
soon as available but in any event within twenty (20) days of the end of each fiscal quarter (or, during any Monthly Reporting
Period or Weekly Reporting Period, within twenty (20) days of the end of each calendar month) and at such other times as may be
requested by the Administrative Agent, as of the period then ended, a schedule and aging of the Borrowers’ accounts payable,
delivered electronically in a text formatted file acceptable to the Administrative Agent;

 

(i)            as
soon as available but in any event within twenty (20) days of the end of each fiscal year of the Company, and at such other times
as may be requested by the Administrative Agent, an updated customer list for each Borrower and its Subsidiaries, which list shall
state the customer’s name, mailing address and phone number, delivered electronically in a text formatted file acceptable
to the Administrative Agent and certified as true and correct by a Financial Officer of the Borrower Representative;

 

(j)            promptly
upon the Administrative Agent’s reasonable request:

 

(i)            copies
of invoices issued by the Borrowers in connection with any Accounts, credit memos, shipping and delivery documents, and other
information related thereto;

 

(ii)            copies
of purchase orders, invoices, and shipping and delivery documents in connection with any Inventory or Equipment purchased by any
Loan Party; and

 

(iii)            a
schedule detailing the balance of all intercompany accounts of the Loan Parties;

 

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

 

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

 

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Documents
required to be delivered pursuant to this Section 5.01 may be delivered electronically and if so delivered, shall
be deemed to have been delivered on the date on which such documents are filed for public availability on the SEC’s
Electronic Data Gathering and Retrieval System; provided that the Company shall notify (which may be by facsimile or
through Electronic Systems) the Administrative Agent of the filing of any such documents and provide to the Administrative
Agent through Electronic Systems electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall
have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any
event shall have no responsibility to monitor compliance by any Borrower with any such request by a Lender for delivery, and
each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such
documents to it and maintaining its copies of such documents. Notwithstanding anything contained herein, in every instance
the Company shall be required to provide paper copies of the compliance certificates required by clause (d) of
this Section 5.01 to the Administrative Agent.

 

Section 5.02.       Notices
of Material Events. The Company will furnish to the Administrative Agent (for distribution to each Lender) written notice
of the following, promptly after a Responsible Officer of the Company obtains actual knowledge thereof:

 

(a)            the
occurrence of any Default;

 

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

 

(c)            any
loss, damage, or destruction to the Collateral in the amount of $7,500,000 or more, whether or not covered by insurance;

 

(d)            any
and all default notices received under or with respect to any leased location or public warehouse where Inventory constituting
Collateral with a value in excess of $2,500,000 is located;

 

(e)            all
amendments to theany
Term LoanLoans/Notes
Agreement, together with a copy of each such amendment;

 

(f)            the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected
to result in a Material Adverse Effect; and

 

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

 

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

 

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Information required
to be delivered pursuant to clause (b), (e), (f) and (g) of this Section shall be deemed
to have been delivered if such information, or one or more annual, quarterly, current or other reports containing such information,
is (i) filed for public availability on the SEC’s Electronic Data Gathering and Retrieval System, (ii) posted
on www.winnebagoind.com or at another website identified in a notice from the Company and accessible by the Lenders without charge;
or (iii) posted on the Company’s behalf on an Internet or intranet website, if any, to which the Administrative Agent
and the Lenders have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent).
Information required to be delivered pursuant to this Section may also be delivered by electronic communications pursuant
to procedures approved by the Administrative Agent.

 

Section 5.03.       Existence;
Conduct of Business. Each Loan Party will, and will cause each of its Material Subsidiaries to, (a) do or cause
to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and (b) take,
or cause to be taken, all reasonable actions to preserve, renew and keep in full force and effect the rights, qualifications,
licenses, permits, privileges, franchises, governmental authorizations and intellectual property rights material to the
conduct of the business of the Company and its Subsidiaries, taken as a whole, and maintain all requisite authority to
conduct its business in each jurisdiction in which its business is conducted, except, in the case of this clause (b),
to the extent failure to do so could not reasonably be expected to result in a Material Adverse Effect; provided that,
the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03.

 

Section 5.04.       Payment
of Obligations. Each Loan Party will, and will cause each of its Subsidiaries to, pay its obligations, including Tax liabilities,
that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where
(a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) such Loan Party
or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the
failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.

 

Section 5.05.       Maintenance
of Properties. Each Loan Party will, and will cause each Subsidiary to, keep and maintain all property material to the
conduct of its business in good working order and condition, ordinary wear and tear and casualty and condemnation excepted, except
to the extent such failure could not reasonably be expected to have a Material Adverse Effect.

 

Section 5.06.       Books
and Records; Inspection Rights. The Loan Parties will, and will cause each of their Subsidiaries to, keep in all material
respects proper books of record and account in which full, true and correct entries in all material respects in conformity, in
all material respects, with GAAP and applicable law are made of all material dealings and material transactions in relation to
its business and activities. The Loan Parties will, and will cause each of the Subsidiaries to, permit any representatives designated
by the Administrative Agent, who may be accompanied by a Lender, upon no less than five (5) Business Days’ prior written
notice (provided that no such prior written notice shall be required during the occurrence and continuance of an Event
of Default) and at reasonable times during normal business hours, to visit and inspect its properties, to examine and make extracts
from its books and records, environmental assessment reports and Phase I or Phase II studies, and to discuss its affairs, finances
and condition with its officers, all at such reasonable times and as often as reasonably requested; provided, that so long
as no Event of Default has occurred and is continuing, the Loan Parties shall not be required to pay for any such inspection (but
may be obligated reimburse the Administrative Agent for field exams and appraisals as provided in Sections 5.11 and
5.12 below). The Loan Parties acknowledge that the Administrative Agent, after exercising its rights of inspection, may
prepare and distribute to the Lenders Reports pertaining to the Loan Parties’ assets for internal use by the Administrative
Agent and the Lenders. The Loan Parties and the Subsidiaries shall have no obligation to discuss or disclose to Administrative
Agent, any Lender, or any of their officers, directors, employees or agents, materials protected by attorney-client privilege
(including any attorney work product) materials that constitute non-financial trade secrets or non-financial proprietary
information, or materials that the Loan Parties or any of the Subsidiaries may not disclose without violation of a confidentiality
obligation binding upon it.

 

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Section 5.07.       Compliance
with Laws and Material Contractual Obligations. Each Loan Party will, and will cause each Subsidiary to, (i) comply
with all Requirements of Law applicable to it or its property (including without limitation applicable Environmental Laws) and
(ii) perform in all material respects its obligations under material agreements to which it is a party, except, in each case
for clauses (i) and (ii) above, where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. Each Loan Party will maintain in effect and enforce policies and
procedures designed to ensure compliance by such Loan Party, its Subsidiaries and their respective directors, officers and employees
with Anti-Corruption Laws and applicable Sanctions in all material respects.

 

Section 5.08.       Use
of Proceeds. The proceeds of the Revolving Loans and the Letters of Credit will be used only to finance the Transaction
Costs and to finance the working capital needs, and for general corporate purposes (including Restricted Payments and Permitted
Acquisitions as permitted hereunder), of the Company and its Subsidiaries. No part of the proceeds of any Loan and no Letter of
Credit will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the
Board, including Regulations T, U and X. No Borrower will request any Borrowing or Letter of Credit, and no Borrower shall use,
and each Borrower shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall
not use, the proceeds of any Borrowing or Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization
of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for
the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or
in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions, or (iii) in any
manner that would result in the violation of any Sanctions applicable to any party hereto.

 

Section 5.09.       Insurance.
Each Loan Party will, and will cause each Subsidiary to, maintain with financially sound and reputable carriers (a) insurance
in such amounts and against such risks (including, without limitation: loss or damage by fire and loss in transit; theft, burglary,
pilferage, larceny, embezzlement, and other criminal activities; business interruption; and general liability) and such other
hazards, as is customarily maintained by companies of established repute engaged in the same or similar businesses operating in
the same or similar locations and (b) all insurance required pursuant to the Collateral Documents. The Borrowers will furnish
to the Lenders, upon request of the Administrative Agent, information in reasonable detail as to the insurance so maintained.

 

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Section 5.10.       Casualty
and Condemnation. The Borrowers will (a) furnish to the Administrative Agent and the Lenders prompt written notice
upon obtaining knowledge of any casualty or other insured damage to any Collateral in excess of $7,500,000 or the commencement
of any action or proceeding for the taking of any Collateral or interest therein with a book value in excess of $7,500,000 under
power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether
in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with the applicable
provisions of this Agreement and the Collateral Documents.

 

Section 5.11.       Appraisals.
At any time that the Administrative Agent reasonably requests, each Loan Party will permit the Administrative Agent to conduct
appraisals or updates thereof of their Inventory with an appraiser engaged by the Administrative Agent, such appraisals and updates
to include, without limitation, information required by any applicable Requirement of Law and to be conducted with reasonable
prior notice and during normal business hours. Only one (1) such Inventory appraisal every other calendar year shall be at
the sole expense of the Loan Parties; provided that (i) an Inventory appraisal may be conducted during any calendar
year at the sole expense of the Loan Parties if the Aggregate Availability is less than $50,000,000 at any time during such calendar
year, (ii) two (2) such Inventory appraisals per calendar year shall be at the sole expense of the Loan Parties if the
Aggregate Availability is less than the greater of $16,500,000 and 10% of the Aggregate Commitment at any time during such calendar
year and (iii) during the occurrence and continuance of an Event of Default, there shall be no limitation on the number or
frequency of appraisals that shall be at the sole expense of the Loan Parties.

 

Section 5.12.      Field
Examinations. At any time that the Administrative Agent reasonably requests, each Loan Party will, and will cause each
Subsidiary to, permit, upon reasonable prior notice and during normal business hours, the Administrative Agent to conduct a
field examination to ensure adequacy of Collateral included in the Borrowing Bases and related reporting and control systems.
For purposes of this Section 5.12, it is understood and agreed that a single field examination may consist of
examinations conducted at multiple relevant sites and involve one or more relevant Loan Parties and their assets. Only one
(1) such field examinations per calendar year shall be at the sole expense of the Loan Parties; provided that
(i) two (2) such field examinations per calendar year shall be at the sole expense of the Loan Parties if the
Aggregate Availability is less than the greater of $16,500,000 and 10% of the Aggregate Commitment at any time during such
calendar year and (ii) during the occurrence and continuance of an Event of Default, there shall be no limitation on the
number or frequency of field examinations that shall be at the sole expense of the Loan Parties.

 

Section 5.13.       Accuracy
of Information. The Loan Parties will ensure that any information, including financial statements or other documents, furnished
to the Administrative Agent or the Lenders in writing in connection with this Agreement or any other Loan Document or any amendment
or modification hereof or thereof or waiver hereunder or thereunder contains no material misstatement of fact or omits to state
any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading, and the furnishing of such information shall be deemed to be a representation and warranty by the Borrowers on the
date thereof as to the matters specified in this Section 5.13; provided that, with respect to projected financial
information, the Loan Parties will only ensure that such information was prepared in good faith based upon assumptions believed
to be reasonable at the time.

 

    	 	105	 

     

    

 

Section 5.14.       Additional
Collateral; Further Assurances.

 

(a)            Within
sixty (60) days (or such later date as may be agreed upon by the Administrative Agent in its reasonable discretion) after
any wholly-owned Subsidiary qualifies as a Material Domestic Subsidiary pursuant to the definition of “Material Domestic
Subsidiary”, the Company shall provide the Administrative Agent with written notice thereof setting forth information
in reasonable detail describing the material assets of such Person and shall cause each such Subsidiary to deliver to the Administrative
Agent a Joinder Agreement and a joinder to the Security Agreement (in the form contemplated thereby) pursuant to which such Subsidiary
agrees to be bound by the terms and provisions hereof and thereof, such delivery to be accompanied by requisite resolutions, other
organizational documentation and legal opinions as may be reasonably requested by, and in form and substance reasonably satisfactory
to, the Administrative Agent and its counsel. Notwithstanding anything to the contrary in any Loan Document, (i) no Excluded
Domestic Subsidiary or Excluded Foreign Subsidiary shall be required to be a Loan Party and (ii) no Collateral constituting
fee-owned real property located in the State of New York shall secure any Commitments, Revolving Loans or Revolving Exposure.

 

(b)            Subject
the terms, limitations and exceptions set forth in the applicable Collateral Documents and this Section 5.14(b),
each Loan Party will cause all of its owned property (whether real, personal, tangible, intangible, or mixed but excluding
Excluded Assets and any real property that is not Material Real Property) to be subject at all times to perfected Liens in
favor of the Administrative Agent for the benefit of the Secured Parties to secure the Secured Obligations in accordance with
the terms and conditions of the Collateral Documents on a first priority basis, subject in any case to Liens permitted by Section 6.02.
Without limiting the generality of the foregoing, and subject to the terms, limitations and exceptions set forth in the
applicable Collateral Documents, the Company (i) will cause the Applicable Pledge Percentage of the issued and
outstanding Equity Interests of each Pledge Subsidiary directly owned by the Company or any other Loan Party (other than
Excluded Assets) to be subject at all times to a first priority perfected (subject in any case to Liens permitted by Section 6.02)
Lien in favor of the Administrative Agent to secure the Secured Obligations in accordance with the terms and conditions of
the Collateral Documents or such other pledge and security documents as the Administrative Agent shall reasonably request and
(ii) will deliver Mortgages and Mortgage Instruments with respect to Material Real Property owned by the Company or such
Loan Party to the extent, and within such time period as is, reasonably required by the Administrative Agent. Notwithstanding
anything to the contrary in this Section 5.14, (i) no such Mortgage or Mortgage Instruments are required to
be delivered hereunder until the date that is ninety (90) days (or such later date as may be agreed upon by the
Administrative Agent in its reasonable discretion) after (A) the Effective Date, with respect to Material Real Property
owned by the Company or any other Loan Party on the Effective Date or (B) the date of acquisition thereof, with respect
to Material Real Property acquired by the Company or any other Loan Party after the Effective Date and (ii) no foreign
pledge documentation in respect of the pledge of Equity Interests of a Pledge Subsidiary that is a Material Foreign
Subsidiary shall be required hereunder (A) until the date that is ninety (90) days after the Effective Date or such
later date as the Administrative Agent may agree in the exercise of its reasonable discretion with respect thereto,
(B) to the extent the Administrative Agent or its counsel determines that such pledge would not provide material credit
support for the benefit of the Secured Parties pursuant to legally valid, binding and enforceable pledge agreements, and
(C) to the extent the Company reasonably determines in its good faith judgment that such pledge would result in a
material adverse tax consequence to the Company or any Subsidiary.

 

    	 	106	 

     

    

 

(c)            If,
at any time after the Effective Date any Subsidiary of the Company that is not a Loan Party shall become party to a guaranty of,
or grant a Lien on any assets to secure, the Term LoanLoans/Notes
Obligations, any Subordinated Indebtedness or any other Material Indebtedness of a Loan Party, the Company shall
promptly notify the Administrative Agent thereof and, within ten (10) days thereof (or such later date as may be agreed upon
by the Administrative Agent) cause such Subsidiary to comply with Section 5.14(a) and (b) (but without giving
effect to the 30-day grace periods provided therein).

 

(d)            Without
limiting the foregoing, each Loan Party will, and will cause each Subsidiary to, execute and deliver, or cause to be executed
and delivered, to the Administrative Agent such documents, agreements and instruments, and take or cause to be taken such further
actions (including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents
and such other actions or deliveries of the type required by Section 4.01, as applicable), which may be required by
any Requirement of Law or which the Administrative Agent may, from time to time, reasonably request to carry out the terms and
conditions of this Agreement and the other Loan Documents and to ensure perfection and priority of the Liens created or intended
to be created by the Collateral Documents, subject to the terms, limitations, and exceptions set forth herein or in any Collateral
Document, all at the expense of the Loan Parties, in each case to the extent required by, and subject to the limitations and exceptions
of, this Agreement and the other Loan Documents.

 

    	 	107	 

     

    

 

(e)            If
any material assets (other than Excluded Assets or other assets not required to be Collateral) are acquired by any Loan Party
after the Effective Date (other than assets constituting Collateral under the applicable Collateral Documents that become subject
to the Lien granted by the Loan Parties in favor of the Administrative Agent in support of all of the Secured Obligations upon
acquisition thereof), the Borrower Representative will promptly (i) notify the Administrative Agent thereof and, if requested
by the Administrative Agent or the Required Lenders, cause such assets to be subjected to a Lien securing the Secured Obligations
and (ii) take such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect
such Liens, subject to clause (f) of this Section, all at the expense of the Loan Parties, subject, however, to the
terms, limitations and exceptions set forth herein or in any Collateral Document; provided that with respect to any Material
Real Property acquired by the Company or any other Loan Party after the Effective Date (including in connection with a Permitted
Acquisition), which property would not be automatically subject to any other Lien pursuant to an existing Collateral Document,
no Mortgage or Mortgage Instrument shall be required to be delivered hereunder prior to the date that is one hundred twenty (120)
days after the acquisition thereof as determined by the Borrower Representative (acting reasonably in good faith) (or such later
date as may be agreed upon by the Administrative Agent in its reasonable discretion).

 

(f)            Notwithstanding
the foregoing, the parties hereto acknowledge and agree that (i) in circumstances where the Administrative Agent
reasonably determines that the cost or effort of obtaining or perfecting a security interest in any asset that constitutes
Collateral is excessive in relation to the benefit afforded to the Secured Parties thereby, the Administrative Agent may
exclude such Collateral from the creation and perfection requirements set forth in this Agreement and the other Loan
Documents and (ii) the Administrative Agent may grant extensions of time for the creation or perfection of Liens in
particular property (including extensions of time beyond the Effective Date) where it determines that such creation or
perfection cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be
required by this Agreement or any other Loan Document.

 

Article VI

 

Negative Covenants

 

Until the Commitments
shall have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have
been paid in full (other than Unliquidated Obligations not yet due and payable and Obligations expressly stated to survive such
payment and termination) and all Letters of Credit shall have expired or terminated, in each case, without any pending draw (or
shall have been cash collateralized or backstopped pursuant to arrangements reasonably satisfactory to the Administrative Agent),
and all LC Disbursements shall have been reimbursed, each Loan Party executing this Agreement covenants and agrees, jointly and
severally with all of the other Loan Parties, with the Lenders that:

 

    	 	108	 

     

    

 

Section 6.01.       Indebtedness.
No Loan Party will, nor will it permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:

 

(a)            (i) the
Secured Obligations and any other Indebtedness created under the Loan Documents and (ii) (A) Indebtedness under theany
Term LoanLoans/Notes
Agreement and Incremental Equivalent DebtPermitted
Additional Pari Passu Obligations (as defined in the Term LoanLoans/Notes
Agreement as of the date hereofAmendment
No. 2 Effective Date) in an aggregate principal amount at any one time outstanding not to exceed the sum of
$425,000,000450,000,000
plus the Incremental Term LoanLoans/Notes
Amount and (B) any Refinancing Indebtedness thereof;

 

(b)            Indebtedness
existing on the Effective Date and set forth on Schedule 6.01 and Refinancing Indebtedness in respect of any of the
foregoing;

 

(c)            Indebtedness
of the Company or any Subsidiary to the Company or any Subsidiary; provided that (A) any such Indebtedness owing
by the Company or any other Loan Party shall be unsecured and shall be subordinated in right of payment to the Secured
Obligations on terms customary for intercompany subordinated Indebtedness, as reasonably determined by the Administrative
Agent, (B) any such Indebtedness owing to the Company or any other Loan Party shall be evidenced by a promissory note
which shall have been pledged pursuant to the Security Agreement and (C) any such Indebtedness owing by any Subsidiary
that is not a Loan Party to any Loan Party shall be incurred in compliance with Section 6.04(d);

 

(d)            Guarantees
incurred in compliance with Section 6.04;

 

(e)            [Intentionally
Omitted];

 

(f)            (i) Indebtedness
of the Company or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets,
including Capital Lease Obligations, purchase money Indebtedness and any Indebtedness assumed by the Company or any Subsidiary
in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof
and (ii) Refinancing Indebtedness in respect of Indebtedness incurred or assumed pursuant to clause (i) above;
provided that the aggregate principal amount of Indebtedness permitted by this clause (f) shall not exceed
the greater of (x) $30,000,000 and (y) 3% of Consolidated Total Assets (at the time of incurrence);

 

    	 	109	 

     

    

 

(g)            (i) Indebtedness
of any Person that becomes a Subsidiary (or of any Person not previously a Subsidiary that is merged or consolidated with or into
a Subsidiary in a transaction permitted hereunder) after the Effective Date, or Indebtedness of any Person that is assumed by
any Subsidiary in connection with an acquisition of assets by such Subsidiary in a Permitted Acquisition; provided that
such Indebtedness exists at the time such Person becomes a Subsidiary (or is so merged or consolidated) or such assets are acquired
and is not created in contemplation of or in connection with such Person becoming a Subsidiary (or such merger or consolidation)
or such assets being acquired, and (ii) Refinancing Indebtedness in respect of Indebtedness assumed pursuant to clause
(i) above; provided further that the aggregate principal amount of Indebtedness permitted by this clause (g) shall
not exceed the greater of (x) $50,000,000 and (y) 5% of Consolidated Total Assets (at the time of incurrence);

 

(h)            Permitted
Unsecured Indebtedness and Refinancing Indebtedness in respect thereof; provided that, (i) immediately prior to
and immediately after giving effect (including pro forma effect) to the incurrence of any Permitted Unsecured Indebtedness
under this clause (h), no Default shall have occurred and be continuing, (ii) immediately after giving effect
(including pro forma effect) to the incurrence of any Permitted Unsecured Indebtedness, the Total Net Leverage Ratio,
calculated on a pro forma basis for the most recently ended Test Period, shall not exceed 4.25 to 1.00, and (iii) the
Company will, on the date of incurrence of such Indebtedness, deliver to the Administrative Agent a certificate of a
Financial Officer of the Company, dated such date, confirming the satisfaction of the conditions set forth above and
attaching a reasonably detailed calculation evidencing compliance with the condition set forth in the preceding clause
(ii), identifying the Permitted Unsecured Indebtedness being incurred and specifying that it is being incurred pursuant
to this clause (h); provided further that the aggregate amount of Indebtedness incurred by a Subsidiary that is
not a Loan Party under this Section 6.01(h) shall not exceed the greater of (x) $30,000,000 and
(y) 3% of Consolidated Total Assets (at the time of incurrence);

 

(i)             Indebtedness
incurred in the ordinary course of business and owed in respect of any overdrafts and related liabilities arising from treasury,
depository and cash management services or in connection with any automated clearing-house transfers of funds;

 

(j)             Indebtedness
in respect of (1) letters of credit, bank guarantees and similar instruments issued for the account of, and (2) lines
of credit established for the account of, the Company or any Subsidiary, in the case of each of clauses (1) and (2) in
the ordinary course of business supporting or drawn to support, as applicable, obligations under (i) workers’ compensation,
health, disability or other employee benefits, casualty or liability insurance, unemployment insurance and other social security
laws and local state and federal payroll taxes, (ii) obligations in connection with self-insurance arrangements in the
ordinary course of business and (iii) bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance
and reclamation bonds and obligations of a like nature;

 

    	 	110	 

     

    

 

(k)            Indebtedness
consisting of (i) client advances or deposits received in the ordinary course of business and (ii) obligations in respect
of Repurchase Agreements;

 

(l)            Indebtedness
of the Company or any Subsidiary in the form of purchase price adjustments (including in respect of working capital), earnouts,
deferred compensation, indemnification or other arrangements representing acquisition consideration or deferred payments of a
similar nature incurred in connection with any Permitted Acquisition or other Investments permitted under Section 6.04
or Dispositions permitted under Section 6.05;

 

(m)            Indebtedness
of Foreign Subsidiaries and Refinancing Indebtedness in respect thereof; provided that, the aggregate principal amount
of Indebtedness permitted by this clause (m) shall not exceed the greater of (x) $50,000,000 and (y) 5%
of Consolidated Total Assets (at the time of incurrence);

 

(n)            Indebtedness
relating to premium financing arrangements for property and casualty insurance plans and health and welfare benefit plans
(including health and workers compensation insurance, employment practices liability insurance and directors and officers
insurance), if incurred in the ordinary course of business;

 

(o)            other
unsecured and Subordinated Indebtedness not otherwise described above, and Refinancing Indebtedness in respect thereof, in an
aggregate principal amount at any time outstanding not in excess of the greater of (x) $50,000,000 and (y) 5% of Consolidated
Total Assets;

 

(p)            unfunded
pension fund and other employee benefit plan obligations and liabilities to the extent they are permitted to remain unfunded under
applicable law;

 

(q)            Indebtedness
of the Company or any of its Subsidiaries in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations,
in each case provided in the ordinary course of business, including guarantees or obligations with respect to letters of credit
supporting such performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations;

 

(r)            Indebtedness
in respect to judgments or awards under circumstances not giving rise to an Event of Default;

 

(s)            Indebtedness
in respect of obligations that are being contested in accordance with Section 5.04;

 

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(t)            Indebtedness
representing deferred compensation, severance, pension, and health and welfare retirement benefits or the equivalent to current
and former employees of the Company and its Subsidiaries incurred in the ordinary course of business or existing on the Effective
Date; and

 

(u)            Indebtedness
consisting of promissory notes issued by the Company or any Subsidiary to present or former employees, officers, directors or
consultants (or their estates or beneficiaries under their estates) to finance the purchase or redemption of Equity Interests
of the Company permitted by ‎Section 6.09.

 

For purposes of determining compliance
with this Section 6.01, in the event that an item of Indebtedness (or any portion thereof) meets the criteria of more
than one of the categories of permitted Indebtedness described in clauses (a) through (u) above, the Company,
in its sole discretion, will be permitted to divide and classify such item of Indebtedness (or any portion thereof) on the date
of incurrence, and at any time and from time to time may later reclassify all or any portion of any item of Indebtedness as having
been incurred under any category of permitted Indebtedness described in clauses (a) through (u) above
so long as such Indebtedness is permitted to be incurred pursuant to such provision at the time of reclassification.

 

Section 6.02.       Liens.
No Loan Party will, nor will it permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or
asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights
in respect of any thereof, except:

 

(a)            (i) Liens
created under the Loan Documents and (ii) Lien on Collateral of the Loan Parties securing Indebtedness incurred pursuant
to Section 6.01(a)(ii) (which Liens shall be subject to an Intercreditor Agreement and, to the extent on ABL
Priority Collateral, shall be junior to the Liens securing the Secured Obligations);

 

(b)            Permitted
Encumbrances;

 

(c)            any
Lien on any asset of the Company or any Subsidiary existing on the Effective Date and set forth on Schedule 6.02;
provided that (i) such Lien shall not apply to any other asset of the Company or any Subsidiary other than (A) after-acquired
property that is affixed or incorporated into the property covered by such Lien or financed by Indebtedness permitted under Section 6.01
and (B) proceeds and products thereof and (ii) such Lien shall secure only those obligations that it secures on
the Effective Date and extensions, renewals, replacements and refinancings thereof so long as the principal amount of such extensions,
renewals, replacements and refinancings does not exceed the principal amount of the obligations being extended, renewed, replaced
or refinanced or, in the case of any such obligations constituting Indebtedness, that are permitted under Section 6.01(b) as
Refinancing Indebtedness in respect thereof;

 

    	 	112	 

     

    

 

(d)            any
Lien existing on any asset prior to the acquisition thereof by the Company or any Subsidiary or existing on any asset of any
Person that becomes a Subsidiary (or of any Person not previously a Subsidiary that is merged or consolidated with or into a
Subsidiary in a transaction permitted hereunder) after the Effective Date prior to the time such Person becomes a Subsidiary
(or is so merged or consolidated); provided that (i) such Lien is not created in contemplation of or in
connection with such acquisition or such Person becoming a Subsidiary (or such merger or consolidation), (ii) such Lien
shall not apply to any other asset of the Company or any Subsidiary (other than (A) the proceeds or products of such
assets, (B) after-acquired property subjected to a Lien securing Indebtedness and other obligations incurred prior
to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at
such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply
to any property to which such requirement would not have applied but for such acquisition, and (C) in the case of any
such merger or consolidation, the assets of any Subsidiary without significant assets that was formed solely for the purpose
of effecting such acquisition) and (iii) such Lien shall secure only those obligations that it secures on the date of
such acquisition or the date such Person becomes a Subsidiary (or is so merged or consolidated) and extensions, renewals,
replacements and refinancings thereof so long as the principal amount of such extensions, renewals and replacements does not
exceed the principal amount of the obligations being extended, renewed or replaced or, in the case of any such obligations
constituting Indebtedness, that are permitted under Section 6.01(g) as Refinancing Indebtedness in respect
thereof;

 

(e)            Liens
on fixed or capital assets acquired, constructed or improved (including any such assets made the subject of a Capital Lease Obligation
incurred) by the Company or any Subsidiary; provided that (i) such Liens secure Indebtedness incurred to finance such
acquisition, construction or improvement and permitted by clause (f)(i) of Section 6.01 or any Refinancing
Indebtedness in respect thereof permitted by clause (f)(ii) of Section 6.01, and (ii) such Liens
shall not apply to any other assets (except for replacements, additions and accessions to such assets) of the Company or any Subsidiary,
other than the proceeds and products of such fixed or capital assets; provided that individual financings of equipment
provided by one lender may be cross collateralized to other financings of equipment provided by such lender;

 

(f)            in
connection with the sale or transfer of any Equity Interests or other assets in a transaction permitted under Section 6.05,
customary rights and restrictions contained in agreements relating to such sale or transfer pending the completion thereof;

 

    	 	113	 

     

    

 

(g)            in
the case of (i) any Subsidiary that is not a wholly-owned Subsidiary or (ii) the Equity Interests in any Person
that is not a Subsidiary, any encumbrance or restriction, including any put and call arrangements, related to Equity Interests
in such Subsidiary or such other Person set forth in the organizational documents of such Subsidiary or such other Person or any
related joint venture, shareholders’ or similar agreement;

 

(h)            any
Lien on assets of any Foreign Subsidiary; provided that (i) such Lien shall not apply to any Collateral (including
any Equity Interests in any Subsidiary that constitute Collateral) or any other assets of the Company or any other Loan Party
and (ii) such Lien shall secure only Indebtedness or other obligations of such Foreign Subsidiary permitted hereunder;

 

(i)             Liens solely on any cash earnest money deposits, escrow arrangements or similar
arrangements made by the Company or any Subsidiary in connection with any letter of intent or purchase agreement for a
Permitted Acquisition or other transaction permitted hereunder;

 

(j)             Liens
granted (i) by a Subsidiary that is not a Loan Party in respect of Indebtedness permitted to be incurred under Section 6.01(c) and
(ii) by any Subsidiary in favor of any Loan Party;

 

(k)            Liens
securing judgments for the payment of money not constituting an Event of Default under Article VII;

 

(l)             other
Liens securing Indebtedness or other obligations in an aggregate principal amount not to exceed the greater of (x) $30,000,000
and (y) 3% of Consolidated Total Assets at any time outstanding;

 

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

 

(n)            Liens
securing Indebtedness permitted hereunder to finance insurance premiums solely to the extent of such premiums;

 

(o)            statutory
and common law rights of setoff and other Liens, similar rights and remedies arising as a matter of law encumbering deposits of
cash, securities, commodities and other funds in favor of banks, financial institutions, other depository institutions, securities
or commodities intermediaries or brokerage, and Liens of a collecting bank arising under Section 4-208 or 4-210 of
the UCC in effect in the relevant jurisdiction or any similar law of any foreign jurisdiction on items in the course of collection;

 

(p)            Liens
encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts
or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

    	 	114	 

     

    

 

(q)            Liens
that are contractual rights of set-off or rights of pledge (i) relating to the establishment of depository relations
with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of
the Company or any Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business
of the or (3) relating to purchase orders and other agreements entered into with customers of the Company or any of Subsidiary
in the ordinary course of business;

 

(r)             Liens
deemed to exist in connection with Investments in repurchase agreements under Section 6.04;

 

(s)            the
modification, replacement, renewal or extension of any Lien permitted by clauses ‎(d) and ‎(e) of
this ‎Section 6.02; provided that (i) the Lien does not extend to any additional property, other
than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds
and products thereof, and (ii) the renewal, extension or refinancing of the obligations secured or benefited by such Liens
is permitted by ‎Section 6.01 (to the extent constituting Indebtedness); and

 

(t)            (i) Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with
the importation of goods in the ordinary course of business and (ii) Liens on specific items of inventory or other goods
and proceeds thereof of any Person securing such Person’s obligations in respect of bankers’ acceptances or letters
of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or
other goods in the ordinary course of business; and.

 

(u) Liens on
the Collateral securing (i) Permitted First Priority Refinancing Indebtedness permitted under Section 6.01(e) of
the Term Loan Agreement (as in effect on the Effective Date) on a pari passu basis with the Liens on the Collateral securing the
Secured Obligations, and, if secured by the Collateral, Refinancing Indebtedness in respect thereof; provided
that a trustee, collateral agent, security agent or other Person acting on behalf of the holders of such
Indebtedness has entered into an Intercreditor Agreement and (ii) Permitted Second Priority Refinancing Indebtedness permitted
under Section 6.01(e) of the Term Loan Agreement (as in effect on the Effective Date) on a junior basis to the Liens
on the Collateral securing the Secured Obligations and, if secured by the Collateral, Refinancing Indebtedness in respect thereof;
provided that, a trustee, collateral agent, security agent or other Person acting on behalf
of the holders of such Indebtedness has entered into an Intercreditor Agreement.

 

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For purposes of determining compliance
with this Section 6.02, (A) a Lien securing an item of Indebtedness need not be permitted solely by reference
to one category of permitted Liens (or any portion thereof) described in clauses (a) through (ut)
but may be permitted in part under any combination thereof and (B) in the event that a Lien securing an item of Indebtedness
(or any portion thereof) meets the criteria of one or more of the categories of permitted Liens (or any portion thereof) described
in clauses (a) through (ut),
the Company may, in its sole discretion, classify or divide such Lien securing such item of Indebtedness (or any portion thereof)
in any manner that complies with this Section 6.02 and will be entitled to only include the amount and type of such
Lien or such item of Indebtedness secured by such Lien (or any portion thereof) in one of the above clauses and such Lien securing
such item of Indebtedness (or portion thereof) will be treated as being incurred or existing pursuant to only such clause or clauses
(or any portion thereof).

 

Section 6.03.       Fundamental
Changes.

 

(a)            None
of the Company or any Subsidiary will merge into or consolidate with any other Person, or permit any other Person to merge
into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately after giving
effect thereto no Default shall have occurred and be continuing:

 

(i)             any
Person (other than the Company or any Subsidiary) may merge or consolidate with the Company or any Subsidiary; provided
that any such merger or consolidation involving (A) the Company must result in the Company as the surviving entity, (B) any
Borrower must result in such Borrower as the surviving entity and (C) a Loan Party must result in such Loan Party as the
surviving entity or, if such Loan Party is not the surviving entity of such merger or consolidation, the Person surviving such
merger or consolidation becomes a Loan Party following the consummation of such merger or consolidation in accordance with Section 5.14(a);

 

(ii)            any
Subsidiary may merge into or consolidate with a Loan Party in a transaction in which the surviving entity is such Loan Party (provided
that any such merger involving (A) the Company must result in the Company as the surviving entity and (B) a Borrower
must result in such Borrower as the surviving entity);

 

(iii)           any
Subsidiary that is not a Loan Party may merge into or consolidate with another Subsidiary that is not a Loan Party;

 

(iv)            any
Subsidiary that is not a Loan Party may liquidate, wind up or dissolve if the Company determines in good faith that such liquidation,
winding up or dissolution is in the best interests of the Company and its Subsidiaries and is not materially disadvantageous to
the Lenders; and

 

(v)            any
Subsidiary may liquidate, wind up or dissolve if its assets are transferred to the Company or any Loan Party or, if such Subsidiary
is not a Loan Party, to any other Subsidiary.

 

(b)            No
Loan Party will, nor will it permit any of its Subsidiaries to, engage to any material extent in any business substantially different
from businesses of the type conducted by the Company and its Subsidiaries (taken as a whole) on the Effective Date and businesses
reasonably related, ancillary, similar, complementary or synergistic thereto or reasonable extensions, development or expansion
thereof.

 

    	 	116	 

     

    

 

(c)            No
Loan Party will, nor will it permit any of its Subsidiaries to, change its fiscal year from the basis in effect on the
Effective Date; provided that, the Loan Parties and their Subsidiaries may change their fiscal year from the basis in
effect on the Effective Date, subject to such adjustments to this Agreement as the Borrower Representative and the
Administrative Agent shall reasonably agree are necessary or appropriate in connection with such change (and the parties
hereto hereby authorize the Borrower Representative and the Administrative Agent to make any such amendments to this
Agreement as they jointly deem necessary to give effect to the foregoing).

 

(d)            No
Loan Party will, nor will it permit any of its Subsidiaries to, amend, modify or waive any of its rights under its certificate
of incorporation, bylaws or other organizational documents, in each case to the extent such amendment, modification or waiver
would be materially adverse to the Lenders.

 

(e)            No
Loan Party will, nor will it permit any Subsidiary to, consummate a Division as the Dividing Person, without the prior written
consent of Administrative Agent. Without limiting the foregoing, if any Loan Party that is a limited liability company consummates
a Division (with or without the prior consent of Administrative Agent as required above), each Division Successor shall be required
to comply with the obligations set forth in Section 5.14 and the other further assurances obligations set forth in
the Loan Documents and become a Loan Party under this Agreement and the other Loan Documents.

 

Section 6.04.     Investments,
Loans, Advances, Guarantees and Acquisitions. No Loan Party will, nor will it permit any Subsidiary to, purchase, hold,
acquire (including pursuant to any merger or consolidation with any Person that was not a wholly-owned Subsidiary prior thereto),
make or otherwise permit to exist any Investment in any other Person, except:

 

(a)            [reserved];

 

(b)            cash
and Permitted Investments;

 

(c)            (i) Investments
existing on the Effective Date in Subsidiaries and (ii) other Investments existing or contemplated on the Effective Date
and set forth on Schedule 6.04 and any modification, replacement, renewal, reinvestment or extension thereof provided
that the amount of any Investment permitted pursuant to this Section 6.04(c) is not increased from the amount
of such Investment on the Effective Date except pursuant to the terms of such Investment as of the Effective Date or as otherwise
permitted by this Section 6.04;

 

    	 	117	 

     

    

 

(d)            (i) additional
Investments by the Company in any Loan Party and by any Loan Party in the Company or in another Loan Party, and
(ii) Investments (including by way of capital contributions) by the Company and the Subsidiaries in Equity Interests in
their Subsidiaries; provided, in the case of clause (ii), that (x) any such Equity Interests held by the
Company or any Loan Party shall be pledged in accordance with the requirements of Section 5.14 and (y) the
aggregate amount of Investments made by the Company or any Loan Party in any Subsidiary that is not a Loan Party in reliance
on this clause (d), when combined with the aggregate amount of Guarantees made by the Company or any Loan Party of
Indebtedness (excluding, for the avoidance of doubt, Guarantees of obligations not constituting Indebtedness) of any
Subsidiary that is not a Loan Party in reliance on clause (e) below, shall not exceed the greater of
(x) $30,000,000 and (y) 3% of Consolidated Total Assets (at the time made);

 

(e)            Guarantees
by the Company or any Subsidiary of Indebtedness or other obligations of the Company or any Subsidiary (including any such Guarantees
arising as a result of any such Person being a joint and several co-applicant with respect to any letter of credit or letter
of guaranty); provided that (i) any such Guarantee of Subordinated Indebtedness is subordinated to the Secured Obligations
on terms no less favorable to the Lenders than those of the Subordinated Indebtedness, (ii) any such Guarantee constituting
Indebtedness is permitted by Section 6.01 (other than clause (d) thereof) and (iii) the aggregate
amount of Guarantees made by the Company or any Loan Party of Indebtedness (excluding, for the avoidance of doubt, Guarantees
of obligations not constituting Indebtedness) of any Subsidiary that is not a Loan Party in reliance on this clause (e),
when combined with the aggregate amount of Investments made by the Company or any Loan Party in any Subsidiary that is not a Loan
Party in reliance on clause (d) above, shall not exceed the greater of (x) $30,000,000 and (y) 3% of Consolidated
Total Assets (at the time made);

 

(f)             loans,
advances or other extensions of credit to officers, directors and employees of the Company or any Subsidiary (i) to finance
the purchase of Equity Interests of the Company pursuant to employee plans, (ii) for reasonable and customary business-related
travel, entertainment, and moving and relocation, business machines or supplies, automobiles and other similar expenses and advances,
in each case incurred in the ordinary course of business, and (iii) for purposes not described in the foregoing clauses
(i) and (ii), in an aggregate principal amount outstanding at any time under clause (iii) not
to exceed $5,000,000;

 

    	 	118	 

     

    

 

 

(g)            Investments
received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers
and suppliers, or consisting of securities acquired in connection with the satisfaction or enforcement of claims due or owing
to the Company or any Subsidiary, in each case in the ordinary course of business or upon the foreclosure with respect to any
secured Investment or other transfer of title with respect to any secured Investment;

 

(h)            Permitted
Acquisitions (including any intercompany investments, loans and advances used to consummate Permitted Acquisitions); provided
that, the Payment Condition shall be satisfied with respect to such Acquisition;

 

(i)            Investments
held by a Subsidiary acquired after the Effective Date or of a Person merged or consolidated with or into the Company or a Subsidiary
after the Effective Date, in each case as permitted hereunder, to the extent that such Investments were not made in contemplation
of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger
or consolidation;

 

(j)            Investments
constituting, or made as a result of the receipt of noncash consideration from a sale, transfer, lease or other disposition of
any asset in compliance with Section 6.05;

 

(k)            Investments
by the Company or any Subsidiary that result solely from the receipt by the Company or such Subsidiary from any of its subsidiaries
of a dividend or other Restricted Payment in the form of Equity Interests, evidences of Indebtedness or other securities (but
not any additions thereto made after the date of the receipt thereof);

 

(l)            Investments
in the form of Swap Agreements permitted under Section 6.07;

 

(m)            Investments
by Foreign Subsidiaries in other Foreign Subsidiaries or by any Subsidiary that is not a Loan Party in any other Subsidiary that
is not a Loan Party;

 

(n)            Investments
constituting deposits described in clauses (c) and (d) of the definition of “Permitted Encumbrances”;

 

(o)            Investments
consisting of (i) extensions of trade credit, (ii) deposits made in connection with the purchase of goods or services
or the performance of leases, licenses or contracts, in each case, in the ordinary course of business, (iii) notes receivable
of, or prepaid royalties and other extensions of credit to, customers and suppliers that are not Affiliates of the Company and
that are made in the ordinary course of business, (iv) Guarantees made in the ordinary course of business in support of obligations
of the Company or any of its Subsidiaries not constituting Indebtedness for borrowed money, including operating leases and obligations
owing to suppliers, customers and licensees and (v) loans, advances or other extensions of credit to one or more customers
by the Company or any Subsidiary pursuant to arm’s-length terms (or terms otherwise acceptable to the Administrative
Agent in its reasonable discretion) in order to finance such customer’s purchase of chassis that are used by the Company
or any Subsidiary to manufacture recreational  vehicles for such customer; provided that, the aggregate principal
amount of such loans, advances and extensions of credit outstanding at any time in reliance on this clause (o)(v) shall
not exceed $15,000,000;

 

    	 	119	 

     

    

 

(p)            mergers
and consolidations permitted under Section 6.03 that do not involve any Person other than the Company and Subsidiaries
that are wholly-owned Subsidiaries;

 

(q)            to
the extent constituting Investments, intercompany loans or other intercompany Investments made by Loan Parties in the ordinary
course of business to or in any Foreign Subsidiary to provide funds as necessary to enable the applicable Foreign Subsidiary to
comply with changes in statutory or contractual capital requirements (other than any contractual requirement that constitutes
a Guarantee);

 

(r)            Investments
consisting of Guarantees in the ordinary course of business to support the obligations of any Subsidiary under its worker’s
compensation and general insurance agreements;

 

(s)            the
Company’s entry into (including payments of premiums in connection therewith), and the performance of obligations under,
Permitted Call Spread Swap Agreements in accordance with their terms;

 

(t)            Investments
in joint ventures of the Company or any Subsidiary, taken together with all other Investments made pursuant to this clause
 ‎(t) that are at that time outstanding, not to exceed the greater of (x) $50,000,000 and (y) 5% of Consolidated
Total Assets (in each case, determined on the date such Investment is made, with the fair market value of each Investment being
measured at the time made and without giving effect to subsequent changes in value);

 

(u)            advances
of payroll payments to employees in the ordinary course of business;

 

(v)            Investments
to the extent that payment for such Investments is made solely with Equity Interests (other than Disqualified Equity Interests)
of the Company;

 

(w)            the
forgiveness or conversion to equity of any Indebtedness owed by the Company or any Subsidiary and permitted by Section 6.01;

 

    	 	120	 

     

    

 

(x)            to
the extent that they constitute Investments, purchases and acquisitions of inventory, supplies, materials or equipment or purchases,
acquisitions, licenses or leases of other assets, Intellectual

Property, or other rights, in
each case in the ordinary course of business; and

 

(y)            Investments
arising as a result of Sale and Leaseback Transactions;

 

(z)            Investments
in theany
Term Loans/Notes in accordance with
Section 9.04(f) of theany
Term LoanLoans/Notes
Agreement (as in effect on the Effective Datedate
of entry thereto so long as the entry thereto was permitted by the terms of the Loan Documents);

 

(aa)     [reserved];

 

(bb)     Investments
consisting of the acquisition of real property (and any improvements thereon) located at, and commonly known as, 11333 CR2, Middlebury, Indiana
46540 and Vacant Land, CR2, Middlebury, Indiana 46540, pursuant to the exercise by Grand Design of its right of first offer
to purchase such property pursuant to the terms of each Lease Agreement, dated as of the date hereof, by and between Three Oaks,
LLC, as landlord, and Grand Design, as tenant (or such other terms as may be reasonably acceptable to the Administrative Agent);
provided that, (i) both immediately before and immediately after giving pro forma effect to any such Investment pursuant
to this clause (bb), no Event of Default shall have occurred and be continuing and (ii) the aggregate amount of Investments
permitted in reliance on this clause (bb) shall not exceed $20,000,000 (at the time made); and

 

(cc)     any
other Investments (including Acquisitions) whether or not of a type described above; provided that, (i) both immediately
before and immediately after giving pro forma effect to any such Investment pursuant to this clause (cc), no Event of Default
shall have occurred and be continuing and the Payment Condition shall be satisfied with respect to such Investment and (ii) any
Acquisitions made pursuant to this clause (cc) must constitute a Permitted Acquisition.

 

Notwithstanding the foregoing, any Acquisition
made in reliance on any provision of this Section 6.04 must satisfy the requirements of a Permitted Acquisition.

 

Notwithstanding anything contrary set
forth above, if any Investment is denominated in a foreign currency, no fluctuation in currency values shall result in a breach
of this Section 6.04.

 

For purposes of determining compliance
with this Section 6.04, in the event that an Investment (or any portion thereof) meets the criteria of more than one
of the categories of permitted Investments described in clauses (a) through (cc) above, the Company and the
Subsidiaries, in their sole discretion, will be permitted to divide and classify such Investment (or any portion thereof) on the
date of incurrence, and at any time and from time to time may later reclassify all or any portion of any Investment as having
been incurred under any category of permitted Investments described in clauses (a) through (cc) above
so long as such Investment is permitted to be incurred pursuant to such provision at the time of reclassification. For the avoidance
of doubt, an Investment entered into in reliance on clause (cc) above that was permitted at the time entered into
shall continue to be permitted under such clause notwithstanding any failure to satisfy the Payment Condition (or any other condition
in such clause) at a later date with respect to any subsequent Investment.

 

    	 	121	 

     

    

 

For purposes of determining the amount
of any Investment outstanding, such amount shall be deemed to be the amount of such Investment when made, purchased or acquired
(without adjustment for subsequent increases or decreases in the value of such Investment) less any amount realized in respect
of such Investment upon the sale, collection or return of capital (not to exceed the original amount invested.

 

Section 6.05.     Asset
Sales. No Loan Party will, nor will it permit any Subsidiary to, sell, transfer, lease or otherwise dispose of any asset,
including any Equity Interest owned by it, nor will any Subsidiary issue any additional Equity Interest in such Subsidiary (other
than issuing directors’ qualifying shares and other than issuing Equity Interests to the Company or another Subsidiary in
compliance with Section 6.04(d)) (each, a “Disposition”), except:

 

(a)            Dispositions
of (i) inventory or goods held for sale (including, for the avoidance of doubt, such Dispositions made by the Company or
any other Loan Party to Subsidiaries that are not Loan Parties, so long as such Dispositions are at prices and on terms and conditions
at least substantially as favorable to the Company or such Loan Party as those that could be obtained at the time in a comparable
arm’s-length transaction with a Person that is not a Subsidiary), (ii) immaterial assets (including allowing any
registrations or any applications for registration of any immaterial intellectual property to lapse or go abandoned in the ordinary
course of business), (iii) used, obsolete, damaged or surplus property or equipment, whether now owned or hereafter acquired,
and (iv) cash and Permitted Investments, in each case in the ordinary course of business;

 

(b)            Dispositions
to the Company or a Subsidiary; provided that any such Disposition to a Subsidiary that is not a Loan Party (i) shall
be made in compliance with Sections 6.04 and 6.08 if and to the extent applicable and (ii) shall
not, in the case of any Disposition by the Company or any other Loan Party to Subsidiaries that are not Loan Parties in any fiscal
year that are not made as Investments permitted by Section 6.04, involve assets having an aggregate fair market value
for all such assets so Disposed in such fiscal year in excess of $7,500,000;

 

(c)            Dispositions
of accounts receivable in connection with the compromise, settlement or collection thereof in the ordinary course of business
consistent with past practice and not as part of any accounts receivables financing transaction;

 

(d)            (i) to
the extent constituting Dispositions, transactions permitted by Sections 6.01 and 6.03, (ii) Dispositions
of assets to the extent that such Disposition constitutes an Investment referred to in and permitted by Section 6.04
and (iii) Dispositions of assets to the extent that such Disposition constitute a Restricted Payment referred to in
and permitted by Section 6.09;

 

    	 	122	 

     

    

 

(e)            Sale
and Leaseback Transactions permitted by Section 6.06;

 

(f)            Licenses,
leases or subleases entered into in the ordinary course of business, including in connection with effectuating any tax subsidy
arrangement, including a payment-in-lieu of taxes arrangement, to the extent that they do not materially interfere with
the business of the Company or any Subsidiary;

 

(g)            Licenses
or sublicenses of intellectual property in the ordinary course of business, to the extent that they do not materially interfere
with the business of the Company or any Subsidiary;

 

(h)            Dispositions
resulting from any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar
proceeding of, any asset of any of the Company or any Subsidiary;

 

(i)            Dispositions
of assets (including as a result of like-kind exchanges) to the extent that (i) such assets are exchanged for credit
(on a fair market value basis) against the purchase price of similar or replacement assets or (ii) such asset is Disposed
of for fair market value and the proceeds of such Disposition are promptly applied to the purchase price of similar or replacement
assets;

 

(j)            Dispositions
of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint
venture parties set forth in joint venture arrangements;

 

(k)            the
abandonment, cancellation, non-renewal or discontinuance of use or maintenance of non-material intellectual property or
rights relating thereto (including registrations and applications for registration) that the Company determines in its reasonable
judgment to be desirable to the conduct of its business and not materially disadvantageous to the interests of the Lenders;

 

(l)            Dispositions
of assets acquired pursuant to or in order to effectuate a Permitted Acquisition which assets are not used or useful to the core
or principal business of the Company and its Subsidiaries in an aggregate amount not to exceed 30% of the aggregate consideration
in respect of such Permitted Acquisition;

 

(m)            Dispositions
of assets that the Company determines in its reasonable judgment to be no longer used or useful in the conduct of the business
of the Company or any Subsidiary outside the ordinary course of business (and for consideration complying with the requirements
applicable to Dispositions pursuant to clause (rs)
below) in an aggregate amount not to exceed $15,000,000;

 

    	 	123	 

     

    

 

(n)            any
swap of assets in exchange for services or other assets of comparable or greater value or usefulness to the business of the Company
and the Subsidiaries as a whole, as determined in good faith by the Company;

 

(o)            Dispositions
of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint
venture parties set forth in joint venture arrangements and similar binding arrangements;

 

(p)            the
unwinding of any Swap Contract pursuant to its terms;

 

(q)            sales
or other issuances of Equity Interests in the Company;

 

(r)            Dispositions
contemplated as of the Amendment No. 2 Effective
Date and listed on Schedule 6.05; and

 

(s)            any
other Disposition of assets (including Equity Interests); provided that (i) if the total fair market value of the
assets subject to any such Disposition or series of related Dispositions is in excess of $7,500,000, it shall be for fair market
value (or if not for fair market value, the shortfall is permitted as and treated as an Investment under Section 6.04),
(ii) at least 75% of the total consideration for any such Disposition in excess of $10,000,000 received by the Company and
its Subsidiaries is in the form of cash or Permitted Investments, (iii) no Default or Event of Default then exists or would
result after giving effect (including pro forma effect) thereto (except if such Disposition is made pursuant to an agreement entered
into at a time when no Default or Event of Default exists) and (iv) if the Dispositions since the delivery of the most recent
Borrowing Base Certificates results (on a pro forma basis) in a reduction of 10% or more of the Aggregate Borrowing Base (based
on the most recent Borrowing Base Certificates delivered to the Administrative Agent), the Borrower Representative shall be required
to deliver an updated Aggregate Borrowing Base Certificate, together with an updated Borrowing Base Certificate for each Borrower,
to the Administrative Agent; provided, however, that for purposes of clause (ii) above, the following
shall be deemed to be cash: (A) any liabilities (as shown on the Company’s or such Subsidiary’s most recent balance
sheet provided hereunder or in the footnotes thereto) of the Company or such Subsidiary (other than liabilities that are
by their terms subordinated to the Obligations) that are assumed by the transferee with respect to the applicable Disposition
and for which the Company and its Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any
securities received by the Company or such Subsidiary from such transferee that are converted by the Company or such Subsidiary
into cash or Permitted Investments (to the extent of the cash or Permitted Investments received in the conversion) within one
hundred eighty (180) days following the closing of the applicable Disposition and (C) aggregate non-cash consideration
received by the Company or such Subsidiary having an aggregate fair market value (determined in good faith by the Company as of
the closing of the applicable Disposition for which such non-cash consideration is received and without giving effect to subsequent
changes in value) not to exceed the greater of (x) $30,000,000 and (y) 3% of Consolidated Total Assets at any time since
the Effective Date (net of any non-cash consideration converted into cash and Permitted Investments).

 

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Section 6.06.     Sale
and Leaseback Transactions. No Loan Party will, nor will it permit any Subsidiary to, enter into any Sale and Leaseback
Transaction unless (a) any Capital Lease Obligations arising in connection therewith are permitted under Section 6.01
and (b) any Liens arising in connection therewith (including Liens deemed to arise in connection with any such Capital
Lease Obligations) are permitted under Section 6.02.

 

Section 6.07.     Swap
Agreements. No Loan Party will, nor will it permit any Subsidiary to, enter into any Swap Agreement, except (a) Swap
Agreements entered into to hedge or mitigate risks to which the Company or any Subsidiary has actual exposure (other than those
in respect of the Equity Interests or Indebtedness of the Company or any Subsidiary), (b) Swap Agreements entered into in
order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating
rate or otherwise) with respect to any interest-bearing liability or investment of the Company or any Subsidiary and (c) Permitted
Call Spread Swap Agreements.

 

Section 6.08.     Transactions
with Affiliates. No Loan Party will, nor will it permit any Subsidiary to, sell, lease or otherwise transfer any assets
to, or purchase, lease or otherwise acquire any assets from, or otherwise engage in any other transactions with, any of its Affiliates,
except:

 

(a)            transactions
that are at prices and on terms and conditions at least substantially as favorable to the Company or such Subsidiary (or, in the
case of a transaction between a Loan Party and a non-Loan Party, at least substantially as favorable to such Loan Party) as
those that could be obtained at the time in a comparable arm’s-length transaction with a Person that is not an Affiliate;

 

(b)            transactions
between or among the Company and the other Loan Parties or any Person that becomes a Loan Party as a result of or in connection
with such loan or other transaction to the extent permitted hereunder and not involving any other Affiliate;

 

(c)            (i) transactions
between or among Subsidiaries that are not Loan Parties and not involving any other Affiliate and (ii) transactions between
any Loan Party and any Subsidiary that is not a Loan Party to the extent permitted hereunder;

 

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(d)            any
Investment (including loans or advances to employees) permitted under Section 6.04;

 

(e)            the
payment of reasonable fees to directors of the Company or any Subsidiary who are not employees of the Company or any Subsidiary;

 

(f)            compensation,
expense reimbursement and indemnification of, and other employment arrangements (including severance arrangements and health,
disability and similar insurance or benefit plans) with, directors, officers, managers, employees and consultants of the Company
or any Subsidiary entered into in the ordinary course of business and transactions pursuant to equity-based plans and employee
benefit plans and arrangements in the ordinary course of business;

 

(g)            any
Restricted Payment permitted by Section 6.09;

 

(h)            any
issuance or sale of Equity Interests to, and any repurchase, retirement, redemption or other acquisition or retirement of Equity
Interests owned by, Affiliates to the extent not prohibited under this Agreement;

 

(i)            any
payments or other transactions pursuant to any tax sharing agreement among the Loan Parties and their subsidiaries; provided
that, any such tax sharing agreement is on arm’s-length terms usual and customary for agreements of that type;

 

(j)            the
consummation of the Transactions and the payment of the Transaction Costs;

 

(k)            the
payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, officers, managers,
employees and consultants of the Company or any Subsidiary in the ordinary course of business to the extent attributable to the
ownership or operation of the Company and its Subsidiaries;

 

(l)            transactions
pursuant to agreements in existence on the Effective Date and set forth on Schedule 6.08 or any amendment thereto
to the extent such an amendment is not adverse to the Lenders in any material respect;

 

(m)            a
joint venture which would constitute a transaction with an Affiliate solely as a result of the Company or any Subsidiary owning
an equity interest or otherwise controlling such joint venture or similar entity;

 

(n)            transactions
with joint ventures, customers, suppliers, contractors, joint venture partners (including physicians) or purchasers or sellers
of goods or services, in each case which are in the ordinary course of business (including pursuant to joint venture agreements)
and otherwise in compliance with the terms of the Loan Documents, and which are fair to the Company or its applicable Subsidiaries
in the reasonable determination of the board of directors, chief executive officer or chief financial officer of the Company or
its Subsidiaries, as applicable, or are on terms at least as favorable as might reasonably have been obtained at such time from
an unaffiliated party;

 

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(o)            existing
Indebtedness and any other obligations otherwise permitted hereunder pursuant to an agreement existing on the Effective Date as
set forth on Schedule 6.01, as such agreement may be amended pursuant to Section 6.01; and

 

(p)            any
lease or sublease entered into between the Company or any Subsidiary, as lessee, and any Affiliate of the Company, as lessor or
sublessor, which is approved by a majority of the disinterested members of the board of directors of the Company in good faith.

 

Section 6.09.     Restricted
Payments. No Loan Party will, nor will it permit any Subsidiary to, will declare or make, directly or indirectly, any Restricted
Payment, or incur any obligation (contingent or otherwise) to do so, except that:

 

(a)            any
Subsidiary may declare and pay dividends or make other distributions with respect to its Equity Interests, in each case ratably
to the holders of such Equity Interests (or if not ratably, on a basis more favorable to the Company and the Loan Parties);

 

(b)            the
Company may declare and pay dividends with respect to its Equity Interests payable solely in shares of Qualified Equity Interests
of the Company;

 

(c)            the
Company may repurchase, purchase, acquire, cancel or retire for value Equity Interests of the Company from present or former employees,
officers, directors or consultants (or their estates or beneficiaries under their estates) of the Company or any Subsidiary upon
the death, disability, retirement or termination of employment or service of such employees, officers, directors or consultants,
or to the extent required, pursuant to employee benefit plans, employment agreements, stock purchase agreements or stock purchase
plans, or other benefit plans; provided that the aggregate amount of Restricted Payments made pursuant to this Section 6.09(c) shall
not exceed $5,000,000 in any fiscal year (with unused amounts in any calendar year being carried over to succeeding calendar years
subject to a maximum of $10,000,000; provided, further, that such amount in any calendar year may be increased by
an amount not to exceed:

 

(i)            the
net cash proceeds from the sale of Equity Interests (other than Disqualified Equity Interests) of the Company or any Subsidiary
to members of management, managers, directors or consultants of the Company or any Subsidiary that occurs after the Effective
Date, to the extent net cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of
Restricted Payments by virtue of Section 6.09(b) or this Section 6.09(c); plus

 

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(ii)            the
net cash proceeds of key man life insurance policies received by the Company or any Subsidiary; less

 

(iii)            the
amount of any Restricted Payments previously made with the cash proceeds described in clauses ‎(i) and ‎(ii) of
this ‎Section 6.09(c);

 

(d)            the
Company may make cash payments in lieu of the issuance of fractional shares representing insignificant interests in the Company
in connection with (i) the exercise of warrants, options or other securities convertible into or exchangeable for Equity
Interests in the Company and (ii) any dividend, split or combination thereof or any Permitted Acquisition;

 

(e)            the
Company may acquire Equity Interests of the Company upon the exercise of stock options for such Equity Interests of the Company
if such Equity Interests represent a portion of the exercise price of such stock options or in connection with tax withholding
obligations arising in connection with the exercise of options by, or the vesting of restricted Equity Interests held by, any
current or former director, officer or employee of the Company or its Subsidiaries;

 

(f)            the
Company may convert or exchange any Equity Interests of the Company for or into Qualified Equity Interests of the Company;

 

(g)            the
Company and its Subsidiaries may declare or make, or agree to pay or make, directly or indirectly, any other Restricted Payments
(whether or not of a type described in the other paragraphs of this Section 6.09) so long as, both immediately before
and after giving effect (including pro forma effect) to such Restricted Payment (x) no Default or Event of Default shall
have occurred and be continuing and (y) the Payment Condition shall be satisfied with respect to such Restricted Payments;

 

(h)            the
Company may make Restricted Payments within sixty (60) days after the date of declaration thereof, if at the date of declaration
of such Restricted Payments, such Restricted Payments would have been permitted pursuant to another clause of this Section 6.09;

 

(i)            the
Company and its Subsidiaries may make Restricted Payments to effect the Transactions; and

 

(j)            the
Company and its Subsidiaries may declare or make, or agree to pay or make, directly or indirectly, any other Restricted Payments
(whether or not of the type described in the other paragraphs of this Section 6.09) so long as (i) both immediately
before and after giving effect (including pro forma effect) to such Restricted Payments, no Default or Event of Default has occurred
and is continuing and (ii) the aggregate amount of such Restricted Payments made in reliance on this clause (j) during
any fiscal year of the Company shall not exceed $20,000,000.

 

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Notwithstanding the
foregoing, the Company may also repurchase, exchange or induce the conversion of Permitted Convertible Notes by delivery of shares
of the Company’s common stock and/or a different series of Permitted Convertible Notes (which series (x) matures after,
and does not require any scheduled amortization or other scheduled payments of principal prior to, the analogous date under the
indenture governing the Permitted Convertible Notes that are so repurchased, exchanged or converted and (y) has terms, conditions
and covenants that are no less favorable to the Company than the Permitted Convertible Notes that are so repurchased, exchanged
or converted (as determined by the board of directors of the Company, or a committee thereof, in good faith)) (any such series
of Permitted Convertible Notes, “Refinancing Convertible Notes”) and/or by payment of cash (in an amount that
does not exceed the proceeds received by the Company from the substantially concurrent issuance of shares of the Company’s
common stock and/or a Refinancing Convertible Notes plus the net cash proceeds, if any, received by the Company pursuant
to the related exercise or early unwind or termination of the related Permitted Call Spread Swap Agreements pursuant to the immediately
following proviso); provided that, substantially concurrently with, or a commercially reasonable period of time before
or after, the related settlement date for the Permitted Convertible Notes that are so repurchased, exchanged or converted, the
Company shall (and, for the avoidance of doubt, shall be permitted under this Section 6.09 to) exercise or unwind
or terminate early (whether in cash, shares or any combination thereof) the portion of the Permitted Call Spread Swap Agreements,
if any, corresponding to such Permitted Convertible Notes that are so repurchased, exchanged or converted.

 

Section 6.10.     Subordinated
Indebtedness and Amendments to Subordinated Indebtedness Documents.

 

(a)            No
Loan Party will, nor will it permit any Subsidiary to, directly or indirectly voluntarily prepay, defease or in substance defease,
purchase, redeem, retire or otherwise acquire, any Subordinated Indebtedness or any Indebtedness from time to time outstanding
under the Subordinated Indebtedness Documents, except:

 

(i)            regularly
scheduled interest and principal payments as and when due in respect of any Subordinated Indebtedness, other than payments prohibited
by the subordination provisions thereof;

 

(ii)            refinancings
of Subordinated Indebtedness with the proceeds of Refinancing Indebtedness permitted in respect thereof under Section 6.01;

 

(iii)            payments
of or in respect of Subordinated Indebtedness made solely with Qualified Equity Interests in the Company or the conversion of
any Subordinated Indebtedness into Qualified Equity Interests of the Company;

 

(iv)            prepayments
of intercompany Subordinated Indebtedness permitted hereby owed by the Company or any Subsidiary to the Company or any Subsidiary,
other than prepayments prohibited by the subordination provisions governing such Subordinated Indebtedness; provided that,
for the avoidance of doubt, the prepayment of any Subordinated Indebtedness owed by the Company or any Loan Party to any Subsidiary
that is not a Loan Party shall be permitted so long as no Default shall have occurred and be continuing or would result after
giving effect (including pro forma effect) thereto; and

 

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(v)            so
long as no Default shall have occurred and be continuing or would result therefrom, the Company may on any date make payments
of or in respect of Subordinated Indebtedness if at the time of making such payment and immediately after giving effect (including
pro forma effect) thereto, the Payment Condition shall be satisfied.

 

(b)            Furthermore,
no Loan Party will, nor will it permit any Subsidiary to, amend the Subordinated Indebtedness Documents relating to any Subordinated
Indebtedness or any document, agreement or instrument evidencing any Indebtedness incurred pursuant to the Subordinated Indebtedness
Documents (or any replacements, substitutions, extensions or renewals thereof) or pursuant to which such Indebtedness is issued
where such amendment, modification or supplement amends, modifies or adds any provision thereof in a manner which (i) when
taken as a whole, is materially adverse the Lenders or (ii) is more onerous than the applicable provision in this Agreement
(except in each case to the extent permitted under the applicable subordination agreement governing such Subordinated Indebtedness).

 

Section 6.11.     Restrictive
Agreements. No Loan Party will, nor will it permit any Subsidiary to, directly or indirectly, enter into, incur or permit
to exist any agreement or other arrangement that restricts or imposes any condition upon (a) the ability of the Company or
any Subsidiary to create, incur or permit to exist any Lien upon any of its assets to secure the Secured Obligations or (b) the
ability of any Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests or to make or repay
loans or advances to the Company or any Subsidiary; provided that

 

(i)            the
foregoing shall not apply to:

 

(A)            restrictions
and conditions imposed by law or by this Agreement or any other Loan Document;

 

(B)            restrictions
and conditions contained in any agreement or document governing or evidencing Refinancing Indebtedness in respect of Indebtedness
referred to in clause (A) or Refinancing Indebtedness in respect thereof; provided that the restrictions and
conditions contained in any such agreement or document referred to in this clause (B) are not less favorable in any
material respect to the Lenders than the restrictions and conditions imposed by this Agreement;

 

(C)            restrictions
and conditions existing on the date hereof identified on Schedule 6.11, and restrictions and conditions contained
in any agreement evidencing any renewal, extension or refinancing permitted hereunder of any agreement identified on Schedule 6.11
so long as such renewal, extension or refinancing does not expand the scope of such restrictions or conditions;

 

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(D)            in
the case of any Subsidiary that is not a wholly-owned Subsidiary, restrictions and conditions imposed by its organizational
documents or any related joint venture or similar agreements; provided that such restrictions and conditions apply only
to such Subsidiary and to the Equity Interests of such Subsidiary;

 

(E)            restrictions
imposed by any agreement governing Indebtedness incurred by any Loan Party or any Subsidiary after the Effective Date and permitted
under Section 6.01 that are, taken as a whole, in the good faith judgment of the Company, no more restrictive with
respect to the Company or any Subsidiary than those contained in this Agreement;

 

(F)            customary
restrictions and conditions contained in agreements relating to the sale, transfer, lease or other Disposition of a Subsidiary
or any assets of the Company or any Subsidiary, in each case pending such transaction; provided that, such restrictions
and conditions apply only to such Subsidiary or the assets that are to be sold, leased or otherwise transferred and, in each case,
such transaction is permitted hereunder;

 

(G)            restrictions
relating to assets encumbered by a Lien permitted by Section 6.02;

 

(H)            [reserved];

 

(I)            restrictions
imposed by any agreement governing Indebtedness of a Subsidiary which is not a Loan Party to the extent such Indebtedness is permitted
by Section 6.01; and

 

(J)            restrictions
or conditions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business;
and

 

(ii)            clause
(a) of this Section 6.11 shall not apply to:

 

(A)            restrictions
and conditions imposed by any agreement relating to secured Indebtedness permitted by clause (f), (g), (h),
(j), (k), (m) and (n) of Section 6.01 if such restrictions and conditions apply
only to the assets securing such Indebtedness;

 

(B)            customary
provisions in leases, subleases, licenses and other agreements restricting the assignment thereof; and

 

(C)            restrictions
imposed by agreements relating to Indebtedness of any Subsidiary in existence at the time such Subsidiary became a Subsidiary
and otherwise permitted by Section 6.01(g); provided that such restrictions apply only to such Subsidiary and
its assets (or any special purpose acquisition Subsidiary without material assets acquiring such Subsidiary pursuant to a merger).

 

Nothing in this Section 6.11
shall be deemed to modify the obligations of the Loan Parties under Section 5.14 or under the Collateral Documents.

 

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Section 6.12.     Fixed
Charge Coverage Ratio. During any FCCR Test Period, the Borrowers will not permit the Fixed Charge Coverage Ratio as of
the last day of any period of four fiscal quarters ending during such FCCR Test Period, to be less than 1.00 to 1.00.

 

Section 6.13.     [Intentionally
Omitted].

 

Section 6.14.     Depository
Banks. Each Borrower and each Subsidiary will maintain the Administrative Agent as its principal depository bank, including
for the maintenance of operating, administrative, cash management, collection activity and other deposit accounts for the conduct
of its business; provided, however, that the Administrative Agent and the Lenders acknowledge and agree that the
Borrowers and their Subsidiaries will not be required to maintain with the Administrative Agent any Excluded Accounts or any accounts
governing controlled disbursement services provided by any financial institution other than the Administrative Agent.

 

Article VII

 

Events of Default

 

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

 

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

 

(b)            any
Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of
this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and
such failure shall continue unremedied for a period of three (3) Business Days;

 

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

 

(d)            any
Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), 5.03
(with respect to a Borrower’s existence), 5.08, 5.13, 5.14 or in Article VI;

 

(e)            any
Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those
which constitute a default under another Section of this Article), and such failure shall continue unremedied for a period
of (i) five (5) days after the earlier of any Loan Party’s knowledge of such breach or notice thereof from the
Administrative Agent (which notice will be given at the request of any Lender) if such breach relates to terms or provisions of
Section 5.01, 5.02 (other than Section 5.02(a)), 5.03, 5.04, 5.05, 5.07
or 5.09 of this Agreement or (ii) thirty (30) days after the earlier of any Loan Party’s knowledge of such
breach or notice thereof from the Administrative Agent (which notice will be given at the request of any Lender) if such breach
relates to terms or provisions of any other Section of this Agreement;

 

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(f)            any
Loan Party or any Material Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount)
in respect of any Material Indebtedness of such Loan Party or Material Subsidiary, as applicable, when and as the same shall become
due and payable, which is not cured within any applicable grace period therefor;

 

(g)            any
event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables
or permits, after giving effect to the expiration of any applicable grace period, and delivery of any applicable required notice,
provided in the applicable agreement or instrument under which such Indebtedness was created, the holder or holders of such Material
Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not
apply to (i) secured Material Indebtedness that becomes due as a result of the sale, transfer or other disposition (including
as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness (to the extent such sale,
transfer or other disposition is not prohibited under this Agreement), (ii) any Material Indebtedness that becomes due as
a result of a refinancing thereof permitted by Section 6.01, (iii) any reimbursement obligation in respect of
a letter of credit, bankers’ acceptance or similar obligation as a result of a drawing thereunder by a beneficiary thereunder
in accordance with its terms, (iv) any such Material Indebtedness that is mandatorily prepayable prior to the scheduled maturity
thereof with the proceeds of the issuance of capital stock, the incurrence of other Indebtedness or the sale or other disposition
of any assets, so long as such Material Indebtedness that has become due is so prepaid in full with such net proceeds required
to be used to prepay such Material Indebtedness when due (or within any applicable grace period) and such event shall not have
otherwise resulted in an event of default with respect to such Material Indebtedness, (v) any redemption, exchange, repurchase,
conversion or settlement with respect to any Permitted Convertible Notes, or satisfaction of any condition giving rise to or permitting
the foregoing, pursuant to their terms unless such redemption, repurchase, conversion or settlement results from a default thereunder
or an event of the type that constitutes an Event of Default or (vi) any early payment requirement or unwinding or termination
with respect to any Permitted Call Spread Swap Agreement, or satisfaction of any condition giving rise to or permitting the foregoing,
in accordance with the terms thereof where neither the Company nor any of its Affiliates is the “defaulting party”
(or substantially equivalent term) under the terms of such Permitted Call Spread Swap Agreement;

 

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

 

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

 

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

 

(k)            one
or more judgments for the payment of money in an aggregate amount in excess of $15,000,000 (to the extent not paid, fully bonded
or covered by a solvent and unaffiliated insurer that has not denied coverage) shall be rendered against any Loan Party or any
Material Subsidiary or any combination thereof and the same shall remain undischarged for a period of sixty (60) consecutive
days during which execution shall not be effectively stayed (by reason of pending appeal or otherwise), or any action shall be
legally taken by a judgment creditor to attach or levy upon any assets of any Loan Party or any Material Subsidiary to enforce
any such judgment and such action shall not have been stayed;

 

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

 

(m)            a
Change in Control shall occur;

 

(n)            the
occurrence of any “default” or “Event of Default”, as defined in any Loan Document (other than
this Agreement), or the breach of any of the terms or provisions of any Loan Document (other than this Agreement), which default
or breach continues beyond any period of grace therein provided (but if no specific grace period is provided therein, which default
or breach continues beyond thirty (30) days after the earlier of knowledge of such default or breach or notice thereof);

 

(o)            any
Loan Document, after execution thereof and for any reason other than as expressly permitted hereunder or thereunder or in satisfaction
in full of the Obligations, ceases to be valid, binding and enforceable against the Company or any other Loan Party party thereto
in accordance with its terms in all material respects (or any Loan Party shall challenge the enforceability of any Loan Document
or shall assert in writing, or engage in any action or inaction based on any such assertion, that any material provision of any
of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms in
any material respect, other than as expressly permitted hereunder or thereunder or the satisfaction in full in cash of the Obligations
then due and payable); or

 

(p)            except
as permitted by the terms of any Collateral Document or this Agreement, (i) any Collateral Document shall for any reason
fail to create or keep created a valid security interest in any material portion of the Collateral purported to be covered thereby,
or (ii) other than as a result of the failure of the Administrative Agent to take any action within its control to maintain
perfection of the Liens created in favor of the Administrative Agent for the benefit of the Secured Parties pursuant to the Loan
Documents (excluding any action based on facts or circumstances for which the Administrative Agent has not been notified in accordance
with the provisions of the Loan Documents), any Lien securing any material portion of the Secured Obligations shall cease to be
a perfected Lien having the priority required by the Loan Documents;

 

then, and in every such event (other than
an event with respect to any Borrower described in clause (h) or (i) of this Article), and at any
time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders
shall, by written notice to the Borrower Representative, take either or both of the following actions, at the same or different
times: (i) terminate the Commitments and thereupon the Commitments shall terminate immediately, (ii) declare the Loans
then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable
may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable,
together with accrued interest thereon and all fees and other Secured Obligations of the Borrowers accrued hereunder and under
the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Borrowers and (iii) require cash collateral for the LC Exposure in accordance
with Section 2.06(j); and in case of any event with respect to any Borrower described in clause (h) or
(i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding
and the cash collateral for the LC Exposure, together with accrued interest thereon and all fees and other Secured Obligations
accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrowers. Upon the occurrence and during the continuance
of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and
remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all remedies provided under
the UCC.

 

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Article VIII

 

The Administrative Agent

 

Section 8.01.     Authorization
and Action.

 

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

 

(b)            As
to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative
Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting
(and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless
and until revoked in writing, such instructions shall be binding upon each Lender and the Issuing Bank; provided, however,
that the Administrative Agent shall not be required to take any action that (i) the Administrative Agent in good faith believes
exposes it to liability unless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory
to it from the Lenders and the Issuing Bank with respect to such action or (ii) is contrary to this Agreement or any other
Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of
law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or
termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization
or relief of debtors; provided, further, that the Administrative Agent may seek clarification or direction from
the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification
or direction has been provided. Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Borrower, any other Loan
Party, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative
Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or
risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise
of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it.

 

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

 

(i)            the
Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship
as the agent, fiduciary or trustee of or for any Lender, Issuing Bank or Secured Party or holder of any other obligation
other than as expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default
has occurred and is continuing (and it is understood and agreed that the use of the term “agent” (or any similar term)
herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty
or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a
matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties);
additionally, each Lender agrees that it will not assert any claim against the Administrative Agent based on an alleged breach
of fiduciary duty by the Administrative Agent in connection with this Agreement and/or the transactions contemplated hereby; and

 

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

 

(d)            The
Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document
by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent
may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties.
The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative
Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement. The Administrative
Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent
jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or
willful misconduct in the selection of such sub-agent.

 

(e)            None
of the Lead Arranger nor the Syndication Agent shall have any obligations or duties whatsoever in such capacity under this Agreement
or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but shall have the benefit
of the indemnities provided for hereunder.

 

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

 

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

 

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

 

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

 

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(g)            The
provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Bank, and,
except solely to the extent of the Borrowers’ right to consent pursuant to and subject to the conditions set forth in this
Article, no Borrower nor any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary
under any such provisions. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits
of the Collateral and of the Guarantees of the Secured Obligations provided under the Loan Documents, to have agreed to the provisions
of this Article.

 

Section 8.02.     Administrative
Agent’s Reliance, Indemnification, Etc.

 

(a)            Neither
the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by
such party, the Administrative Agent or any of its Related Parties under or in connection with this Agreement or the other Loan
Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders
as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as
provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to
be presumed unless otherwise determined by a court of competent jurisdiction by a final and non-appealable judgment) or (ii) responsible
in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any
officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document
referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other
Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other
Loan Document or for any failure of any Loan Party to perform its obligations hereunder or thereunder.

 

(b)            The
Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof (stating that
it is a “notice of default”) is given to the Administrative Agent by the Borrower Representative, a Lender or the
Issuing Bank, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate,
report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default, (iv) the
sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or
document, (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other
than to confirm receipt of items (which on their face purport to be such items) expressly required to be delivered to the Administrative
Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory
to the Administrative Agent, or (vi) the creation, perfection or priority of Liens on the Collateral.

 

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

 

Section 8.03.     Posting
of Communications.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 8.05.     Successor
Administrative Agent.

 

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

 

(b)            Notwithstanding
paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall
have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its intent to resign, the
retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Bank and the
Borrowers, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents; provided that,
solely for purposes of maintaining any security interest granted to the Administrative Agent under any Collateral Document for
the benefit of the Secured Parties, the retiring Administrative Agent shall continue to be vested with such security interest
as collateral agent for the benefit of the Secured Parties and continue to be entitled to the rights set forth in such Collateral
Document and Loan Document, and, in the case of any Collateral in the possession of the Administrative Agent, shall continue to
hold such Collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment
in accordance with this Section (it being understood and agreed that the retiring Administrative Agent shall have no duty
or obligation to take any further action under any Collateral Document, including any action required to maintain the perfection
of any such security interest), and (ii) the Required Lenders shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent; provided that (A) all payments required to be made hereunder
or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent
shall be made directly to such Person and (B) all notices and other communications required or contemplated to be given or
made to the Administrative Agent shall directly be given or made to each Lender and Issuing Bank. Following the effectiveness
of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article, Section 2.17(d) and
Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan
Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent
was acting as Administrative Agent and in respect of the matters referred to in the proviso under clause (a) above.

 

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Section 8.06.     Acknowledgements
of Lenders and Issuing Bank.

 

(a)            Each
Lender represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and
that it has, independently and without reliance upon the Administrative Agent, the Lead Arranger, the Syndication Agent or any
other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold
Loans hereunder. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent,
the Lead Arranger, the Syndication Agent or any other Lender, or any of the Related Parties of any of the foregoing, and based
on such documents and information (which may contain material, non-public information within the meaning of the United States
securities laws concerning the Borrowers and their Affiliates) as it shall from time to time deem appropriate, continue to make
its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder.

 

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

 

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(c)            Each
Lender hereby agrees that (i) it has requested a copy of each Report prepared by or on behalf of the Administrative
Agent; (ii) the Administrative Agent (A) makes no representation or warranty, express or implied, as to the
completeness or accuracy of any Report or any of the information contained therein or any inaccuracy or omission contained in
or relating to a Report and (B) shall not be liable for any information contained in any Report; (iii) the Reports
are not comprehensive audits or examinations, and that any Person performing any field examination will inspect only specific
information regarding the Loan Parties and will rely significantly upon the Loan Parties’ books and records, as well as
on representations of the Loan Parties’ personnel and that the Administrative Agent undertakes no obligation to update,
correct or supplement the Reports; (iv) it will keep all Reports confidential and strictly for its internal use, not
share the Report with any Loan Party or any other Person except as otherwise permitted pursuant to this Agreement; and
(v) without limiting the generality of any other indemnification provision contained in this Agreement, (A) it
will hold the Administrative Agent and any such other Person preparing a Report harmless from any action the indemnifying
Lender may take or conclusion the indemnifying Lender may reach or draw from any Report in connection with any extension of
credit that the indemnifying Lender has made or may make to a Borrower, or the indemnifying Lender’s participation in,
or the indemnifying Lender’s purchase of, a Loan or Loans; and (B) it will pay and protect, and indemnify, defend,
and hold the Administrative Agent and any such other Person preparing a Report harmless from and against, the claims,
actions, proceedings, damages, costs, expenses, and other amounts (including reasonable attorneys’ fees) incurred by
the Administrative Agent or any such other Person as the direct or indirect result of any third parties who might obtain all
or part of any Report through the indemnifying Lender.

 

Section 8.07.     Collateral
Matters.

 

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

 

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

 

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

 

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

 

Section 8.09.     Certain
ERISA Matters.

 

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

 

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

 

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

 

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

 

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

 

(b)            In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a
Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in
the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person
became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such
Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Lead Arranger and their respective
Affiliates, and not, for the avoidance of doubt, to or for the benefit of any Borrower or any other Loan Party, that none of the
Administrative Agent, the Lead Arranger, the Syndication Agent or any of their respective Affiliates is a fiduciary with respect
to the Collateral or the assets of such Lender (including in connection with the reservation or exercise of any rights by the
Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).

 

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

 

Section 8.10.     Flood
Laws. JPMCB has adopted internal policies and procedures that address requirements placed on federally regulated lenders
under the National Flood Insurance Reform Act of 1994 and related legislation (the “Flood Laws”). JPMCB, as
administrative agent or collateral agent on a syndicated facility, will post on the applicable electronic platform (or otherwise
distribute to each Lender in the syndicate) documents that it receives in connection with the Flood Laws. However, JPMCB reminds
each Lender and Participant in the facility that, pursuant to the Flood Laws, each federally regulated Lender (whether acting
as a Lender or Participant in the facility) is responsible for assuring its own compliance with the flood insurance requirements.

 

Article IX

 

Miscellaneous

 

Section 9.01.     Notices.

 

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

 

(i)            if
to any Loan Party, to the Borrower Representative at:

 

Winnebago Industries, Inc.

13200 Pioneer Trail,
Suite 150

Eden Prairie, MN 55347

Attention: Bert Jameson,
Treasurer

 

(ii)            if
to the Administrative Agent (other than for purposes of a notification of the DQ List), JPMCB in its capacity as an Issuing Bank
or the Swingline Lender, to JPMCB at:

 

JPMorgan Chase Bank,
N.A.

10 S. Dearborn
St.

Chicago, Illinois
60603

Attention: John Morrone

Facsimile No: (312)
548-1943

 

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(iii)            if
to the Administrative Agent for purposes of a notification of the DQ List, to JPMDQ_Contact@jpmorgan.com; and

 

(iv)            if
to any other Lender or Issuing Bank, to it at its address or facsimile number set forth in its Administrative Questionnaire.

 

All such notices and
other communications (i) sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed
to have been given when received, (ii) sent by facsimile shall be deemed to have been given when sent, provided that
if not given during normal business hours of the recipient, such notice or communication shall be deemed to have been given at
the opening of business on the next Business Day of the recipient, or (iii) delivered through Electronic Systems or Approved
Electronic Platform, as applicable, to the extent provided in paragraph (b) below shall be effective as provided in
such paragraph.

 

(b)            Notices
and other communications to the Lenders and the Issuing Banks hereunder may be delivered or furnished by using Electronic Systems
or Approved Electronic Systems, as applicable, or 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 Systems or Approved Electronic Platforms, as applicable, pursuant to procedures approved
by it; provided that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon
the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), provided that if not given during the normal
business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on
the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing
clause (i), of notification that such notice or communication is available and identifying the website address therefor;
provided that, for both clauses (i) and (ii) above, if such notice, email or other communication
is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent
at the opening of business on the next business day for the recipient.

 

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

 

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Section 9.02.     Waivers;
Amendments.

 

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

 

(b)         Except
as provided in the first sentence of Section 2.09(f) (with respect to any commitment increase), Section 2.14(b) with
respect to an alternate rate of interest to the LIBO Rate or Section 6.03(c) with respect to changes in fiscal
year, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements
in writing entered into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent
of the Required Lenders; provided that no such agreement shall:

 

(i)            increase
the Commitment of any Lender without the written consent of such Lender (including any such Lender that is a Defaulting Lender);
provided that, a waiver of any condition precedent set forth in Section 4.02 or the waiver of any Default or
mandatory prepayment shall not constitute an increase of any Commitment of any Lender;

 

(ii)            reduce
or forgive the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce or forgive any
interest or fees payable hereunder, without the written consent of each Lender (including any such Lender that is a Defaulting
Lender) directly affected thereby; provided that (x) any amendment or modification of the financial covenants in this
Agreement (or defined terms used in the financial covenants in this Agreement) shall not constitute a reduction in the rate of
interest or fees for purposes of this clause (ii) and (y) only the consent of the Required Lenders shall be necessary
to reduce or waive any obligation of the Borrowers to pay interest or any other amount at the applicable default rate set forth
in Section 2.13(c) or to amend Section 2.13(c);

 

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(iii)            postpone
the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees
payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of
any Commitment, without the written consent of each Lender (including any such Lender that is a Defaulting Lender) directly
affected thereby (other than with respect to the matters set forth in clauses (ii)(x) and (ii)(y) above);

 

(iv)            change
Section 2.09(d) or Section 2.18(b) or (d) in a manner that would alter the pro rata
sharing of payments required thereby, without the written consent of each Lender (other than any Defaulting Lender);

 

(v)            change
the definition of any Borrowing Base (or any defined terms used therein) in a manner that makes more credit available, increase
the advance rates set forth in the definition of Borrowing Base or add new categories of eligible assets, in each case, without
the written consent of each Lender (other than any Defaulting Lender);

 

(vi)            change
any of the provisions of this Section or the definition of “Required Lenders” or any other provision of
any Loan Document specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify
any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender (other
than any Defaulting Lender);

 

(vii)            release
all or substantially all of the value of the Loan Guaranty (except as otherwise permitted herein or in the other Loan Documents,
including with respect to a sale, disposition or dissolution of a Loan Guarantor permitted herein), without the written consent
of each Lender (other than any Defaulting Lender); or

 

(viii)            except
as provided in clause (d) of this Section or in any Collateral Document, release all or substantially all
of the Collateral, without the written consent of each Lender (other than any Defaulting Lender);

 

provided
further that (A) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative
Agent, any Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, such
Issuing Bank or the Swingline Lender, as the case may be (it being understood that any change to Section 2.20 shall
require the consent of the Administrative Agent, each Issuing Bank and the Swingline Lender) and (B) no such agreement shall
amend or modify the provisions of Section 2.06 or any letter of credit application and any bilateral agreement between
the Borrower Representative and the Issuing Bank regarding the Issuing Bank’s Issuing Bank Sublimit or the respective rights
and obligations between any Borrower and the Issuing Bank in connection with the issuance of Letters of Credit without the prior
written consent of the Administrative Agent and the Issuing Bank, respectively. The Administrative Agent may also amend the Commitment
Schedule to reflect assignments entered into pursuant to Section 9.04.

 

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

 

(d)            The
Lenders and the Issuing Bank hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion,
to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral (i) upon satisfaction of
the Final Release Conditions, (ii) constituting property being sold or disposed of if the Loan Party disposing of such
property certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this
Agreement (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), and to the
extent that the property being sold or disposed of constitutes 100% of the Equity Interests of a Subsidiary, the
Administrative Agent is authorized to release any Loan Guaranty, (iii) constituting property leased to a Loan Party
under a lease which has expired or been terminated in a transaction permitted under this Agreement, (iv) constituting
Excluded Assets or (v) as required to effect any sale or other disposition of such Collateral in connection with any
exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII. Except as provided in
the preceding sentence, the Administrative Agent will not release any Liens on Collateral without the prior written
authorization of the Required Lenders; provided that, the Administrative Agent may in its discretion, release its
Liens on Collateral valued in the aggregate not in excess of $7,500,000 during any calendar year without the prior written
authorization of the Required Lenders(it being agreed that the Administrative Agent may rely conclusively on one or more
certificates of the Borrowers as to the value of any Collateral to be so released, without further inquiry). Any execution
and delivery by the Administrative Agent of documents in connection with any such release shall be without recourse to or
warranty by the Administrative Agent. In addition, each of the Lenders, on behalf of itself and any of its Affiliates that
are Secured Parties, irrevocably authorizes the Administrative Agent, at its option and in its discretion, (i) to
subordinate any Lien on any assets granted to or held by the Administrative Agent under any Loan Document to the holder of
any Lien on such property that is permitted by Section 6.02(e) or (ii) in the event that the Company
shall have advised the Administrative Agent that, notwithstanding the use by the Company of commercially reasonable efforts
to obtain the consent of such holder (but without the requirement to pay any sums to obtain such consent) to permit the
Administrative Agent to retain its liens (on a subordinated basis as contemplated by clause (i) above), the
holder of such other Indebtedness requires, as a condition to the extension of such credit, that the Liens on such assets
granted to or held by the Administrative Agent under any Loan Document be released, to release the Administrative
Agent’s Liens on such assets. Any such release shall not in any manner discharge, affect, or impair the
Obligations or any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of)
all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute
part of the Collateral. Any execution and delivery by the Administrative Agent of documents in connection with any such
release shall be without recourse to or warranty by the Administrative Agent.

 

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

 

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(f)            Notwithstanding
anything to the contrary herein the Administrative Agent may, with the consent of the Borrowers only, amend, modify or supplement
this Agreement or any of the other Loan Documents (i) to correct, amend, resolve or cure any ambiguity, omission, mistake,
defect or inconsistency or correct any typographical error or other manifest error in any Loan Document, (ii) to comply with
local law or advice of local counsel in any jurisdiction the laws of which govern any Collateral Document or that are relevant
to the creation, perfection, protection and/or priority of any Lien in favor of the Administrative Agent, (iii) to effect
the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property
to become Collateral for the benefit of the Secured Parties, (iv) to make administrative or operational changes not adverse
to any Lender or (v) to add a guarantor or collateral or otherwise enhance the rights and benefits of the Lenders.

 

Section 9.03.     Expenses;
Indemnity; Damage Waiver.

 

(a)            The
Loan Parties shall, jointly and severally, pay (i) all reasonable out-of-pocket expenses incurred by the
Administrative Agent and the Lead Arranger and their respective Affiliates (including the reasonable and documented fees,
disbursements and other charges of one primary counsel and one local counsel in each applicable jurisdiction for the
Administrative Agent and the Lead Arranger and their respective Affiliates, in each case, for all such parties taken
together) in connection with the syndication and distribution (including, without limitation, via the internet or through any
Electronic System or Approved Electronic Platform) of the credit facilities provided for herein, the preparation and
administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
reasonable out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance, amendment, renewal or
extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses
incurred by the Administrative Agent, any Issuing Bank or any Lender (including the reasonable and documented fees,
disbursements and other charges of one primary counsel and one local counsel in each applicable jurisdiction for the
Administrative Agent, the Issuing Banks and the Lenders taken as a whole (and, in light of actual or potential conflicts of
interest or the availability of different claims or defenses (as reasonably determined by the affected party), one additional
firm of counsel to each group of similarly affected parties)) in connection with the enforcement or protection of its rights
in connection with this Agreement and any other Loan Document, including its rights under this Section, or in connection with
the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of such Loans or Letters of Credit. Expenses being reimbursed by the Loan
Parties under this Section include, without limiting the generality of the foregoing, fees, costs and expenses incurred
in connection with:

 

    	 	155	 

     

    

 

(i)            subject
to the limits set forth in Sections 5.11 and 5.12, appraisals, field examinations and the preparation of Reports
based on the fees charged by a third party retained by the Administrative Agent or the internally allocated fees for each Person
employed by the Administrative Agent with respect to each appraisal and field examination;

 

(ii)            background
checks regarding senior management of the Loan Parties, as deemed necessary or appropriate in the sole discretion of the Administrative
Agent;

 

(iii)          Other
Taxes, fees and other charges for (A) lien and title searches and title insurance and (B) recording the Mortgages, filing
financing statements and continuations, and other actions to perfect, protect, and continue the Administrative Agent’s Liens;

 

(iv)          sums
paid or incurred to take any action required of any Loan Party under the Loan Documents that such Loan Party fails to pay or take;
and

 

(v)          forwarding
loan proceeds, collecting checks and other items of payment, and establishing and maintaining the accounts and lock boxes, and
costs and expenses of preserving and protecting the Collateral.

 

All of the foregoing fees, costs and expenses
may be charged to the Company as Revolving Loans or to another deposit account, all as described in Section 2.18(c).

 

(b)            The
Loan Parties shall, jointly and severally, indemnify the Administrative Agent, the Arranger, the Syndication Agent, each
Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an
 “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
penalties, incremental taxes, liabilities and related expenses (including the reasonable and documented fees, charges and
disbursements and other charges of (x) one primary counsel and one local counsel in each applicable jurisdiction, in
each case for the Indemnitees taken as a whole and (y) one additional counsel for each affected Indemnitee in light of
actual or potential conflicts of interest or the availability of different claims or defenses) incurred by or asserted
against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan
Document or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective
obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any
Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand
for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with
the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous Materials on or from
any property owned or operated by the Company or any of its Subsidiaries, or any Environmental Liability related in any way
to the Company or any of its Subsidiaries, (iv) the failure of a Loan Party to deliver to the Administrative Agent the
required receipts or other required documentary evidence with respect to a payment made by a Loan Party for Taxes pursuant to Section 2.17,
or (v) any actual or prospective claim, litigation, investigation, arbitration or proceeding relating to any of the
foregoing, whether or not such claim, litigation, investigation, arbitration or proceeding is brought by the Company or any
other Loan Party or its or their respective equity holders, Affiliates, creditors or any other third Person and whether based
on contract, tort or any other theory, and regardless of whether any Indemnitee is a party thereto; provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, penalties,
liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to
have resulted from (x) the gross negligence or willful misconduct of such Indemnitee or (y) the material breach in
bad faith by such Indemnitee of its express obligations under this Agreement pursuant to a claim initiated by the Company.
This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses,
claims or damages arising from any non-Tax claim.

 

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(c)            Each
Lender severally agrees to pay any amount required to be paid by any Loan Party under paragraph (a) or (b) of
this Section 9.03 to the Administrative Agent, each Issuing Bank and the Swingline Lender, and each Related Party
of any of the foregoing Persons (each, an “Agent Indemnitee”) (to the extent not reimbursed by a Loan
Party and without limiting the obligation of any Loan Party to do so), ratably according to their respective Applicable
Percentage in effect on the date on which indemnification is sought under this Section (or, if indemnification is sought
after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in
accordance with such Applicable Percentage immediately prior to such date), from and against any and all losses, claims,
damages, liabilities and related expenses, including the fees, charges and disbursements of any kind whatsoever that may at
any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent
Indemnitee in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents or any
documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action
taken or omitted by such Agent Indemnitee under or in connection with any of the foregoing; provided that the
unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or
asserted against such Agent Indemnitee in its capacity as such; provided, further, that no Lender shall be
liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent
jurisdiction to have resulted from such Agent Indemnitee’s gross negligence or willful misconduct. The agreements in
this Section until satisfaction of the Final Release Conditions.

 

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(d)            To
the extent permitted by applicable law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against any Indemnitee
(i) for any damages arising from the use by others of information or other materials obtained through telecommunications,
electronic or other information transmission systems (including the Internet) other than actual or direct damages that are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Indemnitee or any of its Related Parties. To the extent permitted by applicable law, no Indemnitee shall assert
against any Loan Party or its Related Parties and no Loan Party shall assert against any Indemnitee, and each Indemnitee and Loan
Party hereby waives, any claim, or (ii) on any theory of liability, for special, indirect, consequential or punitive damages
(as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the
use of the proceeds thereof; provided that, nothing contained in this sentence shall limit the Company’s indemnity
obligations to the extent set forth in Section 9.03(b).

 

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

 

Section 9.04.     Successors
and Assigns.

 

(a)            The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby (including any Affiliate of the relevant Issuing Bank that issues any Letter of
Credit), except that (i) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without
the prior written consent of each Lender (and any attempted assignment or transfer by any Borrower without such consent shall
be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in
accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the
relevant Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of
this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the
Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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

 

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

 

(B)            the
Administrative Agent;

 

(C)            each
Issuing Bank; and

 

(D)            the
Swingline Lender.

 

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

 

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

 

(B)            each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement;

 

(C)            the
parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to
the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which
the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation
fee of $3,500 (unless waived by the Administrative Agent), such fee to be paid by either the assigning Lender or the assignee
Lender or shared between such Lenders; provided that (1) only one such processing and recordation fee shall be payable
in the event of simultaneous assignments and delegations from any Lender or its Approved Funds to one or more other Approved Funds
of such Lender and (2) with respect to any assignment and delegation pursuant to Section 2.19(b) or 9.02(e),
the parties hereto agree that such assignment and delegation may be effected pursuant to an Assignment and Assumption executed
by the Company, the Administrative Agent and the assignee and that the Lender required to make such assignment and delegation
need not be a party thereto; and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)            Any
Lender may, without the consent of, or notice to, any Borrower, the Administrative Agent, the Issuing Banks or the Swingline
Lender, sell participations to one or more banks or other entities (a “Participant”), other than an
Ineligible Institution, in all or a portion of such Lender’s rights and obligations under this Agreement (including all
or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations
under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations and (C) the Borrowers, the Administrative Agent, the Issuing Banks and the other
Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or
waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender
will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first
proviso to Section 9.02(b) that affects such Participant. Each Lender that sells a participation agrees, at
any Borrower’s request and expense, to use reasonable efforts to cooperate with such Borrower to effectuate the
provisions of Section 2.19 with respect to any Participant. Each Borrower agrees that each Participant shall be
entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and
limitations therein, including the requirements under Section 2.17(f) and (g) (it being
understood that the documentation required under Section 2.17(f) shall be delivered to the participating
Lender and the information and documentation required under 2.17(g) will be delivered to the Borrowers and the
Administrative Agent)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of
this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18
and 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be
entitled to receive any greater payment under Sections 2.15 or 2.17, with respect to any participation,
than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater
payment results from a Change in Law that occurs after the Participant acquired the applicable participation. To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a
Lender, provided such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. Each
Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers,
maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated
interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the
 “Participant Register”); provided that no Lender shall have any obligation to disclose all or any
portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan Document)
to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of
Credit or other obligation is in registered form under Section 5f.103-1(c) or Proposed
Section 1.163-5(b) of the United States Treasury Regulations (or, in each case, any amended or successor
version). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity
as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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

 

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(e)            Disqualified
Lenders.

 

(i)            No
assignment or participation shall be made to any Person that was a Disqualified Lender as of the date (the “Trade Date”)
on which the assigning Lender entered into a binding agreement to sell and assign or grant a participation in all or a portion
of its rights and obligations under this Agreement to such Person (unless the Company has consented to such assignment or participation
in writing in its sole and absolute discretion, in which case such Person will not be considered a Disqualified Lender for the
purpose of such assignment or participation). For the avoidance of doubt, with respect to any assignee or Participant that becomes
a Disqualified Lender after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the
expiration of the notice period referred to in, the definition of “Disqualified Lender”), (x) such assignee
or Participant shall not retroactively be disqualified from being a Lender or Participant and (y) the execution by the Company
of an Assignment and Assumption with respect to such assignee will not by itself result in such assignee no longer being considered
a Disqualified Lender. Any assignment or participation in violation of this clause (e)(i) shall not be void, but the
other provisions of this clause (e) shall apply.

 

(ii)            If
any assignment or participation is made to any Disqualified Lender without the Company’s prior written consent in violation
of clause (i) above, or if any Person becomes a Disqualified Lender after the applicable Trade Date, the Company may,
at its sole expense and effort, upon notice to the applicable Disqualified Lender and the Administrative Agent, require such Disqualified
Lender to assign, without recourse (in accordance with and subject to the restrictions contained in this Section 9.04),
all of its interest, rights and obligations under this Agreement to one or more Persons (other than an Ineligible Institution)
at the lesser of (x) the principal amount thereof and (y) the amount that such Disqualified Lender paid to acquire such
interests, rights and obligations in each case plus accrued interest, accrued fees and all other amounts (other than principal
amounts) payable to it hereunder.

 

(iii)            Notwithstanding
anything to the contrary contained in this Agreement, Disqualified Lenders to whom an assignment or participation is made in
violation of clause (i) above (A) will not have the right to (x) receive information, reports or other
materials provided to Lenders by the Company, the Administrative Agent or any other Lender, (y) attend or participate in
meetings attended by the Lenders (or any of them) and the Administrative Agent, or (z) access any electronic site
established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent
or the Lenders and (B)(x) for purposes of any consent to any amendment, waiver or modification of, or any action under,
and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from
taking any action) under this Agreement or any other Loan Document, each Disqualified Lender will be deemed to have consented
in the same proportion as the Lenders that are not Disqualified Lenders consented to such matter, and (y) for purposes
of voting on any plan of reorganization, each Disqualified Lender party hereto hereby agrees (1) not to vote on such
plan of reorganization, (2) if such Disqualified Lender does vote on such plan of reorganization notwithstanding the
restriction in the foregoing clause (1), such vote will be deemed not to be in good faith and shall be
 “designated” pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other
applicable laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected
such plan of reorganization in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in
any other applicable laws) and (3) not to contest any request by any party for a determination by the Bankruptcy Court
(or other applicable court of competent jurisdiction) effectuating the foregoing clause (2).

 

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(iv)            The
Administrative Agent shall have the right, and the Company hereby expressly authorizes the Administrative Agent, to (A) post
the list of Disqualified Lenders provided by the Company and any updates thereto from time to time (collectively, the “DQ
List”) on an Approved Electronic Platform, including that portion of such Approved Electronic Platform that is designated
for “public side” Lenders and/or (B) provide the DQ List to each Lender or potential Lender requesting the same.

 

(v)            The
Administrative Agent and the Lenders shall not be responsible or have any liability for, or have any duty to ascertain, inquire
into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Lenders. Without limiting the generality
of the foregoing, neither the Administrative Agent nor any Lender shall ‎(x) be obligated to ascertain, monitor or
inquire as to whether any other Lender or Participant or prospective Lender or Participant is a Disqualified ‎Lender or
(y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential
information, by any other Person to any ‎Disqualified Lender.‎

 

Section 9.05.     Survival.
All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the
certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall
be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan
Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such
other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had
notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and
shall continue in full force and effect until the Final Release Conditions have been satisfied. The provisions of Sections 2.15, 2.16, 2.17 and 9.03
and Article VIII shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the
Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.

 

Section 9.06.     Counterparts;
Integration; Effectiveness; Electronic Execution. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to (i) fees payable
to the Administrative Agent and (ii) increases or reductions of the Issuing Bank Sublimit of the Issuing Bank constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement
shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have
received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of
an executed counterpart of a signature page of this Agreement by telecopy, e-mailed.pdf or any other electronic means
that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart
of this Agreement. The words “execution,” “signed,” “signature,” “delivery,” and
words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated
hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the
use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require
the Administrative Agent to accept electronic signatures in any form or format without its prior written consent.

 

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

 

Section 9.08.     Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Bank and each of their
respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off
and apply any and all deposits (general or special, time or demand, provisional or final) at any time held, and other obligations
at any time owing, by such Lender, the Issuing Bank or any such Affiliate, to or for the credit or the account of any Loan Party
against any and all of the Secured Obligations held by such Lender, the Issuing Bank or their respective Affiliates, irrespective
of whether or not such Lender, the Issuing Bank or their respective Affiliates shall have made any demand under the Loan Documents
and although such obligations may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender or the
Issuing Bank different from the branch office or Affiliate holding such deposit or obligated on such indebtedness; provided
that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall
be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.20
and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for
the benefit of the Administrative Agent,the Issuing Bank, and the Lenders, and (y) the Defaulting Lender shall provide promptly
to the Administrative Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting Lender
as to which it exercised such right of setoff. The applicable Lender, the Issuing Bank or such Affiliate shall notify the Borrower
Representative and the Administrative Agent of such setoff or application, provided that any failure to give or any delay
in giving such notice shall not affect the validity of any such setoff or application under this Section. 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 setoff) that such Lender, the Issuing Bank or their respective Affiliates may have.

 

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

 

(a)            The
Loan Documents (other than those containing a contrary express choice of law provision) shall be governed by and construed in
accordance with the internal laws of the State of New York, but giving effect to federal laws applicable to national banks.

 

(b)            Each
of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing
law provisions of any applicable Loan Document, any claims brought against the Administrative Agent by any Secured Party relating
to this Agreement, any other Loan Document, the Collateral or the consummation or administration of the transactions contemplated
hereby or thereby shall be construed in accordance with and governed by the law of the State of New York.

 

(c)            Each
of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of any U.S. federal or New York state court sitting in New York, New York, and any appellate court from any thereof, in any
action or proceeding arising out of or relating to any Loan Documents, the transactions relating hereto or thereto, or for recognition
or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may (and any such claims, cross-claims or third party claims brought against the
Administrative Agent or any of its Related Parties may only) be heard and determined in such New York State or, to the extent
permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or
any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against
any Loan Party or its properties in the courts of any jurisdiction.

 

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

 

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

 

Section 9.10.     WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (a) CERTIFIES THAT NO REPRESENTATIVE OR OTHER AGENT (INCLUDING ANY ATTORNEY) OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION.

 

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

 

Section 9.12.     Confidentiality.
Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees
and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure
is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential),
(b) to the extent requested by any Governmental Authority (including any self-regulatory authority, such as the National
Association of Insurance Commissioners), (c) to the extent required by any Requirement of Law or regulations or by any subpoena
or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies
under this Agreement or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan
Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially
the same as those of this Section, to (1) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement (it being understood that the DQ List may be disclosed to any assignee
or Participant, or prospective assignee or Participant, in reliance on this clause (f)) or (2) any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction relating to any Borrower and its obligations,(g) on
a confidential basis to (1) any rating agency in connection with rating the Company or its Subsidiaries or the credit facilities
provided for herein or (2) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring
of CUSIP numbers with respect to the credit facilities provided for herein, (h) with the consent of the Company or (i) to
the extent such Information (1) becomes publicly available other than as a result of a breach of this Section or (2) becomes
available to the Administrative Agent, the Issuing Banks or any Lender on a nonconfidential basis from a source other than the
Company. For the purposes of this Section, “Information” means all information received from the Company relating
to the Company or its business, whether or not identified at the time of delivery as confidential, other than (x) any such
information that is available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis prior to
disclosure by the Company, (y) any such information that is independently developed, discovered or arrived at by the Administrative
Agent, any Issuing Bank or any Lender and (z) information pertaining to this Agreement routinely provided by arrangers to
data service providers, including league table providers, that serve the lending industry; provided that, in the case of
information received from the Company after the date hereof, such information is clearly identified at the time of delivery as
confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered
to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality
of such Information as such Person would accord to its own confidential information.

 

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EACH LENDER ACKNOWLEDGES
THAT INFORMATION AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE
MNPI CONCERNING THE COMPANY AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE
PROCEDURES REGARDING THE USE OF MNPI AND THAT IT WILL HANDLE SUCH MNPI IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING
FEDERAL AND STATE SECURITIES LAWS.

 

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

 

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

 

Section 9.14.     Several
Obligations; Nonreliance; Violation of Law. The respective obligations of the Lenders hereunder are several and not joint
and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender
from any of its obligations hereunder. Each Lender hereby represents that it is not relying on or looking to any margin stock
(as defined in Regulation U of the Board) for the repayment of the Borrowings provided for herein. Anything contained in this
Agreement to the contrary notwithstanding, neither the Issuing Bank nor any Lender shall be obligated to extend credit to the
Borrowers in violation of any Requirement of Law.

 

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Section 9.15.     Disclosure.
Each Loan Party, each Lender and the Issuing Bank hereby acknowledges and agrees that the Administrative Agent and/or its
Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Loan
Parties and their respective Affiliates.

 

Section 9.16.     Appointment
for Perfection. Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the
benefit of the Administrative Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or
any other applicable law can be perfected only by possession or control. Should any Lender (other than the Administrative Agent)
obtain possession or control of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly
upon the Administrative Agent’s request therefor shall deliver such Collateral to the Administrative Agent or otherwise
deal with such Collateral in accordance with the Administrative Agent’s instructions.

 

Section 9.17.     Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively
the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted
for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest
payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum
Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable
as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect
of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with
interest thereon at the NYFRB Rate to the date of repayment, shall have been received by such Lender.

 

Section 9.18.     Release
of Loan Guarantors.

 

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

 

(b)            Further,
the Administrative Agent may (and is hereby irrevocably authorized by each Lender to), upon the request of the Company, release
any Loan Guarantor from its obligations under the Loan Guaranty if (i) such Loan Guarantor is no longer a Material Subsidiary
or is otherwise not required pursuant to the terms of this Agreement to provide a Loan Guaranty or (ii) such release is approved,
authorized or ratified by the requisite Lenders pursuant to Section 9.02.

 

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(c)            At
such time as (i) the principal and interest on the Loans, the fees, expenses and other amounts payable under the Loan Documents
and the other Secured Obligations (other than Banking Services Obligations, Swap Agreement Obligations and Unliquidated Obligations,
in each case, not then due and payable) shall have been paid in full in cash, (ii) the Commitments shall have been terminated,
and (iii) no Letters of Credit shall be outstanding (or any outstanding Letters of Credit shall have been cash collateralized
or backstopped pursuant to arrangements reasonably satisfactory to the Administrative Agent and the applicable Issuing Bank) (the
conditions set forth in the preceding clauses (i), (ii) and (iii), collectively, the “Final
Release Conditions”), the Loan Guaranty and all obligations (other than those expressly stated to survive such termination)
of each Loan Guarantor thereunder shall automatically terminate, all without delivery of any instrument or performance of any
act by any Person.

 

Section 9.19.     Intercreditor
Agreements. Without limiting the authority granted to the Administrative Agent in Article VIII hereof, each
Lender (and each Person that becomes a Lender hereunder pursuant to Section 9.04) hereby authorizes and directs the
Administrative Agent to enter into any Intercreditor Agreement on behalf of such Lender and agrees that the Administrative Agent
may take such actions on its behalf as is contemplated by the terms of such Intercreditor Agreement. In the event of any conflict
between the terms of any Intercreditor Agreement and this Agreement, the terms of such Intercreditor Agreement shall govern and
control.

 

Section 9.20.     Marketing
Consent. The Borrowers hereby authorize JPMCB and its affiliates (collectively, the “JPMCB Parties”),
at their respective sole expense, but without any prior approval by any Borrower, to include the Borrowers’ names and logos
in advertising slicks posted on their internet sites, in pitchbooks or sent in mailings to prospective customers and to give such
other publicity to this Agreement as each may from time to time determine in its sole discretion. Notwithstanding the foregoing,
JPMCB Parties shall not publish the Borrowers’ names in a newspaper or magazine without obtaining the Borrowers’ prior
written approval. The foregoing authorization shall remain in effect unless and until the Borrower Representative notifies JPMCB
in writing that such authorization is revoked.

 

Section 9.21.     Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document
or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of
an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

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

 

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

 

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

 

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

 

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

 

Section 9.22.     No
Fiduciary Duty, etc.

 

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

 

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

 

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

 

Section 9.23.     Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise,
for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support”,
and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special
Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or
of the United States or any other state of the United States):

 

In the event a Covered
Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special
Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation
in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC
Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property)
were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate
of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan
Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered
Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the
United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect
to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit
Support.

 

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Article X

 

Loan Guaranty

 

Section 10.01.     Guaranty.
Each Loan Guarantor (other than those that have delivered a separate Guaranty) hereby agrees that it is jointly and severally
liable for, and, as a primary obligor and not merely as surety, absolutely, unconditionally and irrevocably guarantees to the
Secured Parties, the prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter,
of the Secured Obligations and all costs and expenses, including, without limitation, all court costs and attorneys’ and
paralegals’ fees and expenses paid or incurred by the Administrative Agent, the Issuing Bank and the Lenders in endeavoring
to collect all or any part of the Secured Obligations from, or in prosecuting any action against, any Borrower, any Loan Guarantor
or any other guarantor of all or any part of the Secured Obligations (such costs and expenses, together with the Secured Obligations,
collectively the “Guaranteed Obligations”; provided, however, that the definition of “Guaranteed
Obligations” shall not create any guarantee by any Loan Guarantor of (or grant of security interest by any Loan Guarantor
to support, as applicable) any Excluded Swap Obligations of such Loan Guarantor for purposes of determining any obligations of
any Loan Guarantor). Each Loan Guarantor further agrees that the Guaranteed Obligations may be extended or renewed in whole or
in part without notice to or further assent from it, and that it remains bound upon its guarantee notwithstanding any such extension
or renewal. All terms of this Loan Guaranty apply to and may be enforced by or on behalf of any domestic or foreign branch or
Affiliate of any Lender that extended any portion of the Guaranteed Obligations.

 

Section 10.02.     Guaranty
of Payment. This Loan Guaranty is a guaranty of payment and not of collection. Each Loan Guarantor waives any right to
require the Administrative Agent, the Issuing Bank or any Lender to sue any Borrower, any Loan Guarantor, any other guarantor
of, or any other Person obligated for, all or any part of the Guaranteed Obligations (each, an “Obligated Party”),
or otherwise to enforce its payment against any collateral securing all or any part of the Guaranteed Obligations.

 

Section 10.03.     No
Discharge or Diminishment of Loan Guaranty.

 

(a)            Except
as otherwise provided for herein, the obligations of each Loan Guarantor hereunder are unconditional and absolute and not subject
to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of
the Guaranteed Obligations), including: (i) any claim of waiver, release, extension, renewal, settlement, surrender, alteration
or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the corporate existence,
structure or ownership of any Borrower or any other Obligated Party liable for any of the Guaranteed Obligations; (iii) any
insolvency, bankruptcy, reorganization or other similar proceeding affecting any Obligated Party or their assets or any resulting
release or discharge of any obligation of any Obligated Party; or (iv) the existence of any claim, setoff or other rights
which any Loan Guarantor may have at any time against any Obligated Party, the Administrative Agent, the Issuing Bank, any Lender
or any other Person, whether in connection herewith or in any unrelated transactions.

 

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(b)            The
obligations of each Loan Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment or
termination whatsoever by reason of the invalidity, illegality or unenforceability of any of the Guaranteed Obligations or
otherwise, or any provision of applicable law or regulation purporting to prohibit payment by any Obligated Party, of the
Guaranteed Obligations or any part thereof.

 

(c)            Further,
the obligations of any Loan Guarantor hereunder are not discharged or impaired or otherwise affected by: (i) the failure
of the Administrative Agent, the Issuing Bank or any Lender to assert any claim or demand or to enforce any remedy with respect
to all or any part of the Guaranteed Obligations; (ii) any waiver or modification of or supplement to any provision of any
agreement relating to the Guaranteed Obligations; (iii) any release, non-perfection or invalidity of any indirect or
direct security for the obligations of any Borrower for all or any part of the Guaranteed Obligations or any obligations of any
other Obligated Party liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the Administrative
Agent, the Issuing Bank or any Lender with respect to any collateral securing any part of the Guaranteed Obligations; or (v) any
default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed Obligations, or any other
circumstance, act, omission or delay that might in any manner or to any extent vary the risk of such Loan Guarantor or that would
otherwise operate as a discharge of any Loan Guarantor as a matter of law or equity (other than the indefeasible payment in full
in cash of the Guaranteed Obligations).

 

Section 10.04.     Defenses
Waived. To the fullest extent permitted by applicable law, each Loan Guarantor hereby waives any defense based on or arising
out of any defense of any Borrower or any Loan Guarantor or the unenforceability of all or any part of the Guaranteed Obligations
from any cause, or the cessation from any cause of the liability of any Borrower, any Loan Guarantor or any other Obligated Party,
other than the indefeasible payment in full in cash of the Guaranteed Obligations. Without limiting the generality of the foregoing,
each Loan Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by
law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against
any Obligated Party or any other Person. Each Loan Guarantor confirms that it is not a surety under any state law and shall not
raise any such law as a defense to its obligations hereunder. The Administrative Agent may, at its election, foreclose on any
Collateral held by it by one or more judicial or nonjudicial sales, accept an assignment of any such Collateral in lieu of foreclosure
or otherwise act or fail to act with respect to any collateral securing all or a part of the Guaranteed Obligations, compromise
or adjust any part of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any other
right or remedy available to it against any Obligated Party, without affecting or impairing in any way the liability of such Loan
Guarantor under this Loan Guaranty except to the extent the Guaranteed Obligations have been fully and indefeasibly paid in cash.
To the fullest extent permitted by applicable law, each Loan Guarantor waives any defense arising out of any such election even
though that election may operate, pursuant to applicable law, to impair or extinguish any right of reimbursement or subrogation
or other right or remedy of any Loan Guarantor against any Obligated Party or any security.

 

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Section 10.05.     Rights
of Subrogation. No Loan Guarantor will assert any right, claim or cause of action, including, without limitation, a claim
of subrogation, contribution or indemnification, that it has against any Obligated Party or any collateral, until the Loan Parties
and the Loan Guarantors have fully performed all their obligations to the Administrative Agent, the Issuing Bank and the Lenders.

 

Section 10.06.     Reinstatement;
Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations (including a payment effected
through exercise of a right of setoff) is rescinded, or must otherwise be restored or returned upon the insolvency, bankruptcy
or reorganization of any Borrower or otherwise (including pursuant to any settlement entered into by a Secured Party in its discretion),
each Loan Guarantor’s obligations under this Loan Guaranty with respect to that payment shall be reinstated at such time
as though the payment had not been made and whether or not the Administrative Agent, the Issuing Bank and the Lenders are in possession
of this Loan Guaranty. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency,
bankruptcy or reorganization of any Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement
relating to the Guaranteed Obligations shall nonetheless be payable by the Loan Guarantors forthwith on demand by the Administrative
Agent.

 

Section 10.07.     Information.
Each Loan Guarantor assumes all responsibility for being and keeping itself informed of the Borrowers’ financial condition
and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope
and extent of the risks that each Loan Guarantor assumes and incurs under this Loan Guaranty, and agrees that none of the Administrative
Agent, the Issuing Bank or any Lender shall have any duty to advise any Loan Guarantor of information known to it regarding those
circumstances or risks.

 

Section 10.08.     Termination.
Each of the Lenders and the Issuing Bank may continue to make loans or extend credit to the Borrowers based on this Loan Guaranty
until five (5) days after it receives written notice of termination from any Loan Guarantor. Notwithstanding receipt of any
such notice, each Loan Guarantor will continue to be liable to the Lenders for any Guaranteed Obligations created, assumed or
committed to prior to the fifth day after receipt of the notice, and all subsequent renewals, extensions, modifications and amendments
with respect to, or substitutions for, all or any part of such Guaranteed Obligations. Nothing in this Section 10.08
shall be deemed to constitute a waiver of, or eliminate, limit, reduce or otherwise impair any rights or remedies the Administrative
Agent or any Lender may have in respect of, any Default or Event of Default that shall exist under Article VII hereof
as a result of any such notice of termination.

 

Section 10.09.     Taxes.
Any obligation of any Borrower under Section 2.17 of this Agreement to pay any additional amounts to, or indemnify,
any Lender, Issuing Bank, or the Administrative Agent for any Taxes that are required to be withheld or deducted from payments
made to any Lender, Issuing Bank, or the Administrative Agent or to pay for, or indemnify any Lender, Issuing Bank,
or the Administrative Agent for, any Other Taxes, shall apply mutatis mutandis (and without duplication) to each Loan Guarantor
with respect to this Loan Guaranty and payments made with respect to Guaranteed Obligations.

 

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Section 10.10.     Maximum
Liability. Notwithstanding any other provision of this Loan Guaranty, the amount guaranteed by each Loan Guarantor hereunder
shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548
of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act, Uniform
Voidable Transactions Act or similar statute or common law. In determining the limitations, if any, on the amount of any Loan
Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any
rights of subrogation, indemnification or contribution which such Loan Guarantor may have under this Loan Guaranty, any other
agreement or applicable law shall be taken into account.

 

Section 10.11.     Contribution.

 

(a)            To
the extent that any Loan Guarantor shall make a payment under this Loan Guaranty (a “Guarantor Payment”) which,
taking into account all other Guarantor Payments then previously or concurrently made by any other Loan Guarantor, exceeds the
amount which otherwise would have been paid by or attributable to such Loan Guarantor if each Loan Guarantor had paid the aggregate
Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion as such Loan Guarantor’s “Allocable
Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable
Amounts of each of the Loan Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following
indefeasible payment in full in cash of the Guarantor Payment and the Guaranteed Obligations (other than Unliquidated Obligations
that have not yet arisen), and all Commitments and Letters of Credit have terminated or expired or, in the case of all Letters
of Credit, are fully collateralized on terms reasonably acceptable to the Administrative Agent and the Issuing Bank, and this
Agreement, the Swap Agreement Obligations and the Banking Services Obligations have terminated, such Loan Guarantor shall be entitled
to receive contribution and indemnification payments from, and be reimbursed by, each other Loan Guarantor for the amount of such
excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.

 

(b)            As
of any date of determination, the “Allocable Amount” of any Loan Guarantor shall be equal to the excess of
the fair saleable value of the property of such Loan Guarantor over the total liabilities of such Loan Guarantor (including the
maximum amount reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming
each other Loan Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to
all payments made by other Loan Guarantors as of such date in a manner to maximize the amount of such contributions.

 

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(c)            This
Section 10.11 is intended only to define the relative rights of the Loan Guarantors, and nothing set forth in this
Section 10.11 is intended to or shall impair the obligations of the Loan Guarantors, jointly and severally, to pay
any amounts as and when the same shall become due and payable in accordance with the terms of this Loan Guaranty.

 

(d)            The
parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Loan Guarantor
or Loan Guarantors to which such contribution and indemnification is owing.

 

(e)            The
rights of the indemnifying Loan Guarantors against other Loan Guarantors under this Section 10.11 shall be exercisable
upon satisfaction of the Final Release Conditions.

 

Section 10.12.     Liability
Cumulative. The liability of each Loan Party as a Loan Guarantor under this Article X is in addition to and
shall be cumulative with all liabilities of each Loan Party to the Administrative Agent, the Issuing Bank and the Lenders under
this Agreement and the other Loan Documents to which such Loan Party is a party or in respect of any obligations or liabilities
of the other Loan Parties, without any limitation as to amount, unless the instrument or agreement evidencing or creating such
other liability specifically provides to the contrary.

 

Section 10.13.     Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this
Guarantee in respect of a Swap Obligation (provided, however, that each Qualified ECP Guarantor shall only be liable
under this Section 10.13 for the maximum amount of such liability that can be hereby incurred without rendering its
obligations under this Section 10.13 or otherwise under this Loan Guaranty voidable under applicable law relating
to fraudulent conveyance or fraudulent transfer, and not for any greater amount). Except as otherwise provided herein, the obligations
of each Qualified ECP Guarantor under this Section 10.13 shall remain in full force and effect until satisfaction
of the Final Release Conditions. Each Qualified ECP Guarantor intends that this Section 10.13 constitute, and this
Section 10.13 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit
of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

Article XI

 

The Borrower Representative

 

Section 11.01.     Appointment;
Nature of Relationship. The Company is hereby appointed by each of the Borrowers as its contractual representative (herein
referred to as the “Borrower Representative”) hereunder and under each other Loan Document, and each of the
Borrowers irrevocably authorizes the Borrower Representative to act as the contractual representative of such Borrower with the
rights and duties expressly set forth herein and in the other Loan Documents. The Borrower Representative agrees to act as such
contractual representative upon the express conditions contained in this Article XI. Additionally, the Borrowers hereby
appoint the Borrower Representative as their agent to receive all of the proceeds of the Loans in the Funding Account(s), at which
time the Borrower Representative shall promptly disburse such Loans to the appropriate Borrower(s); provided that, in the
case of a Revolving Loan, such amount shall not cause the Borrowers to violate the Revolving Exposure Limitations. The Administrative
Agent and the Lenders, and their respective officers, directors, agents or employees, shall not be liable to the Borrower Representative
or any Borrower for any action taken or omitted to be taken by the Borrower Representative or the Borrowers pursuant to this Section 11.01.

 

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Section 11.02.     Powers.
The Borrower Representative shall have and may exercise such powers under the Loan Documents as are specifically delegated to
the Borrower Representative by the terms of each thereof, together with such powers as are reasonably incidental thereto. The
Borrower Representative shall have no implied duties to the Borrowers, or any obligation to the Lenders to take any action thereunder
except any action specifically provided by the Loan Documents to be taken by the Borrower Representative.

 

Section 11.03.     Employment
of Agents. The Borrower Representative may execute any of its duties as the Borrower Representative hereunder and under
any other Loan Document by or through authorized officers.

 

Section 11.04.     Notices.
Each Borrower shall immediately notify the Borrower Representative of the occurrence of any Default or Event of Default hereunder
referring to this Agreement describing such Default or Event of Default and stating that such notice is a “notice of default”.
In the event that the Borrower Representative receives such a notice, the Borrower Representative shall give prompt notice thereof
to the Administrative Agent and the Lenders. Any notice provided to the Borrower Representative hereunder shall constitute notice
to each Borrower on the date received by the Borrower Representative.

 

Section 11.05.     Successor
Borrower Representative. Upon the prior written consent of the Administrative Agent, the Borrower Representative may resign
at any time, such resignation to be effective upon the appointment of a successor Borrower Representative. The Administrative
Agent shall give prompt written notice of such resignation to the Lenders.

 

Section 11.06.     Execution
of Loan Documents; Borrowing Base Certificate. The Borrowers hereby empower and authorize the Borrower Representative,
on behalf of the Borrowers, to execute and deliver to the Administrative Agent and the Lenders the Loan Documents and all related
agreements, certificates, documents, or instruments as shall be necessary or appropriate to effect the purposes of the Loan Documents,
including, without limitation, the Aggregate Borrowing Base Certificate and the Borrowing Base Certificate of each Borrower and
the Compliance Certificates. Each Borrower agrees that any action taken by the Borrower Representative or the Borrowers in accordance
with the terms of this Agreement or the other Loan Documents, and the exercise by the Borrower Representative of its powers set
forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of
the Borrowers.

 

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Section 11.07.     Reporting.
Each Borrower hereby agrees that such Borrower shall furnish promptly after each fiscal month to the Borrower Representative a
copy of its Borrowing Base Certificate and any other certificate or report required hereunder or requested by the Borrower Representative
on which the Borrower Representative shall rely to prepare the Aggregate Borrowing Base Certificate and the Borrowing Base Certificate
of each Borrower and Compliance Certificate required pursuant to the provisions of this Agreement.

 

[Signature Pages Follow]

 

    	 	179	 

     

    

 

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

 

[Signature Page to Amended and Restated
Credit Agreement – Winnebago Industries, Inc.]

 

    

     

    

 

	 	WINNEBAGO INDUSTRIES, INC., as Borrower
	 	 
	 	 
	 	By:	                                       
	 	Name:	 
	 	Title:	 

 

	 	WINNEBAGO OF INDIANA, LLC, as Borrower
	 	 
	 	 
	 	By:	                                       
	 	Name:	 
	 	Title:	 

 

	 	GRAND DESIGN RV, LLC, as Borrower
	 	 
	 	 
	 	By:	                                       
	 	Name:	 
	 	Title:	 

 

[Signature Page to Amended and Restated
Credit Agreement – Winnebago Industries, Inc.]

 

    

     

    

 

	 	NEWMAR CORPORATION, as Borrower
	 	 
	 	 
	 	By:	                                       
	 	Name:	 
	 	Title:	 

 

	 	OCTAVIUS CORPORATION, as Loan Guarantor
	 	 
	 	 
	 	By:	                                       
	 	Name:	 
	 	Title:	 

 

[Signature Page to Amended and Restated
Credit Agreement – Winnebago Industries, Inc.]

 

    

     

    

 

	 	JPMORGAN CHASE BANK, N.A.,
individually as
	 	a Lender, as Swingline Lender, as an Issuing Bank and as Administrative Agent
	 	 
	 	By:	                                       
	 	Name:	 
	 	Title:	 

 

[Signature Page to Amended and Restated
Credit Agreement – Winnebago Industries, Inc.]

 

    

     

    

 

COMMITMENT SCHEDULE

 

	LENDER	COMMITMENTS
	JPMORGAN
    CHASE BANK, N.A.	$92,500,000
	BMO
    HARRIS BANK N.A.	$60,000,000
	GOLDMAN
    SACHS BANK USA	$40,000,000
	AGGREGATE
    COMMITMENTS	$192,500,000

 

    

     

    

 

 

EXHIBIT A

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and
Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee]
(the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the
Credit Agreement identified below (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 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.	Borrowers:	Winnebago
    Industries, Inc., Winnebago of Indiana, LLC, Grand Design RV, LLC and Newmar Corporation 
	 	 	 
	4.	Administrative
    Agent:	JPMorgan
    Chase Bank, N.A., as the administrative agent under the Credit Agreement
	 	 	 
	5.	Credit
    Agreement:	The
    Amended and Restated Credit Agreement dated as of October 22, 2019 among Winnebago Industries, Inc., Winnebago of
    Indiana, LLC, Grand Design RV, LLC and Newmar Corporation, as Borrowers, the other Loan Parties from time to time parties
    thereto, the Lenders parties thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent

 

 

 

1
Select as applicable.

 

    Exhibit A-1

     

    

 

	6.	Assigned
    Interest:	 

 

	Aggregate
    Amount of Commitment/Loans for all Lenders	Amount
    of 

    Commitment/ 

    Loans Assigned	Percentage
    Assigned 

    of 

    Commitment/Loans2
	$	$	%
	$	$	%
	$	$	%

 

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,
the other Loan Parties and their Related Parties or their respective securities) will be made available and who may receive such
information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state securities
laws.

 

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

 

 

 

1
Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

 

    Exhibit A-2

     

    

 

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

 

Consented to and Accepted:

 

    Exhibit A-3

     

    

 

JPMORGAN CHASE BANK, N.A., as

 

Administrative Agent, an Issuing Bank and Swingline Lender

 

	By:	 	 
	 	 
	Title:	 
	 	 
	[__________], as	 
	 	 
	an Issuing Bank	 
	 	 
	By:	 	 
	 	 
	Title:	 

 

[Consented to:]3

 

    Exhibit A-4

     

    

 

	WINNEBAGO INDUSTRIES, INC.	 
	 	 
	By:	 	 
	 	 
	Title:	 

 

 

 

1 To be added only if the consent of the Borrower
Representative is required by the terms of the Credit Agreement.

 

    Exhibit A-5

     

    

 

 

ANNEX I

 

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
Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, (iv) any requirements
under applicable law for the Assignee to become a lender under the Credit Agreement or to charge interest at the rate set forth
therein from time to time, or (v) the performance or observance by the Company, any of its Subsidiaries or Affiliates or
any other Person of any of their respective obligations under any Loan Document.

 

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

 

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

 

    Exhibit A-6

     

    

 

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

 

    Exhibit A-7

     

    

 

EXHIBIT B-1

 

FORM OF BORROWING BASE CERTIFICATE

 

[Attached]

 

    Exhibit B-1

     

    

 

EXHIBIT B-2

 

FORM OF AGGREGATE BORROWING BASE CERTIFICATE

 

[Attached]

 

    Exhibit B-2

     

    

 

EXHIBIT C

 

COMPLIANCE CERTIFICATE

 

To:         The
Lenders parties to the

 

Credit Agreement Described Below

 

This Compliance Certificate
is furnished pursuant to that certain Amended and Restated Credit Agreement, dated as of October 22, 2019 (as amended, restated,
supplemented or otherwise modified from time to time, the “Agreement”), among Winnebago Industries, Inc.
(the “Borrower Representative”), Winnebago of Indiana, LLC, Grand Design RV, LLC and Newmar Corporation, as
Borrowers (the “Borrowers”), the other Loan Parties from time to time party thereto, the Lenders from time
to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. Unless otherwise defined herein, capitalized terms
used in this Compliance Certificate have the meanings ascribed thereto in the Agreement.

 

THE UNDERSIGNED HEREBY
CERTIFIES, ON ITS BEHALF AND ON BEHALF OF THE BORROWERS, SOLELY IN SUCH PERSON’S CAPACITY AS AN OFFICER OF THE COMPANY AND
NOT IN AN INDIVIDUAL CAPACITY, THAT:

 

1.        
     I am the duly elected [__________] of the Borrower Representative;

 

2.         
    I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision,
a detailed review of the transactions and conditions of the Company and its Subsidiaries during the accounting period covered
by the attached financial statements [for quarterly or monthly financial statements add: and such financial statements
present fairly in all material respects the financial condition and results of operations of the Borrowers and their
consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of footnotes];

 

3.            The
examinations described in paragraph 2 did not disclose, except as set forth below, and I have no knowledge of (i) the existence
of any condition or event which constitutes a Default during or at the end of the accounting period covered by the attached financial
statements or as of the date of this Certificate or (ii) any change in GAAP or in the application thereof that has occurred
since the date of the audited financial statements referred to in Section 3.04 of the Agreement;

 

4.          
   I hereby certify that no Loan Party has changed (i) its name, (ii) its chief executive office,
(iii) principal place of business, (iv) the type of entity it is or (v) its state of incorporation or
organization without having given the Administrative Agent the notice required by Section 4.15 of the Security
Agreement;

 

5.       
      Schedule I attached hereto sets forth financial data and computations evidencing the
Borrowers’ compliance with certain covenants of the Agreement, all of which data and computations are true, complete
and correct;

 

6.        
     Schedule II hereto sets forth the computations necessary to determine the Applicable Rate
commencing on the date that is five (5) Business Days after the date this certificate is delivered; and

 

[for annual or quarterly financial
statements add:

 

7.       
      Schedule III hereto sets forth the computations necessary to determine the average daily
Total Commitment Utilization for the period referenced in paragraph 2 above.]

 

    Exhibit C-1

     

    

 

Described below are
the exceptions, if any, to paragraph 3 by listing, in detail, the (i) nature of the condition or event, the period
during which it has existed and the action which the Borrowers have taken, are taking, or propose to take with respect to each
such condition or event or (i) the change in GAAP or the application thereof and the effect of such change on the attached
financial statements:

 

		 	 
	 	 	 
	 	 	 

 

The foregoing certifications,
together with the computations set forth in Schedule I and Schedule II hereto and the financial statements delivered
with this Certificate in support hereof, are made and delivered this ___ day of __________, 20__.

 

	 	WINNEBAGO INDUSTRIES, INC., as
	 
	 	Borrower Representative
	 
	 	By:	                                 
	 
	 	Name:	 
	 
	 	Title:	 

 

    Exhibit C-2

     

    

 

EXHIBIT D

 

LIST OF CLOSING DOCUMENTS

 

WINNEBAGO INDUSTRIES, INC.

WINNEBAGO OF INDIANA, LLC

GRAND DESIGN RV, LLC

NEWMAR CORPORATION

 

ABL CREDIT FACILITY

 

October 22, 2019

 

LIST OF CLOSING DOCUMENTS4

 

A.            LOAN
DOCUMENTS

 

1.            Amended
and Restated Credit Agreement (the “Credit Agreement”) by and among Winnebago Industries, Inc., an Indiana
corporation (the “Company”), Winnebago of Indiana, LLC, Grand Design RV, LLC and Newmar Corporation, as Borrowers
(the “Borrowers”), the other Loan Parties from time to time parties thereto, the institutions from time to
time parties thereto as Lenders (the “Lenders”) and JPMorgan Chase Bank, N.A. (“JPMorgan”),
in its capacity as Administrative Agent (the “Administrative Agent”), evidencing an asset-based revolving
credit facility to the Borrowers from the Lenders in an initial aggregate principal amount of $192,500,000.

 

SCHEDULES

 

Commitment Schedule

 

Schedule 3.15     –     Capitalization
and Subsidiaries

Schedule 3.18     –     Insurance

Schedule 6.01     –     Existing
Indebtedness

Schedule 6.02     –     Existing
Liens

Schedule 6.04     –     Existing
Investments

Schedule 6.05     –     Dispositions

Schedule 6.08     –     Transactions
with Affiliates

Schedule 6.11     –     Restrictive
Agreements

 

EXHIBITS

 

Exhibit A     –      Form of
Assignment and Assumption

Exhibit B     –       Form of
Borrowing Base Certificate

Exhibit C     –       Form of
Compliance Certificate

Exhibit D     –       List
of Closing Documents

Exhibit E     –        Form of
Joinder Agreement

Exhibit F-1     –     Form of
U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)

Exhibit F-2     –     Form of
U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)

Exhibit F-3     –     Form of
U.S. Tax Certificate (Foreign Participants That Are Partnerships)

Exhibit F-4     –     Form of
U.S. Tax Certificate (Foreign Lenders That Are Partnerships)

Exhibit G-1     –     Form of
Borrowing Request

Exhibit G-2     –     Form of
Interest Election Request

 

 

4 Each capitalized term used herein and not
defined herein shall have the meaning assigned to such term in the above-defined Credit Agreement. Items appearing in bold
and italics shall be prepared and/or provided by the Company and/or Company’s counsel.

 

    Exhibit D-1

     

    

 

2.             Notes
executed by the Borrowers in favor of each of the Lenders, if any, which has requested a note pursuant to Section 2.10(e) of
the Credit Agreement.

 

3.             Amended
and Restated Pledge and Security Agreement executed by the Loan Parties in favor of the Administrative Agent, together with pledged
instruments and allonges, stock certificates, stock powers executed in blank, pledge instructions and acknowledgments, as appropriate.

 

4.             Confirmatory
Grant of Security Interest in United States Patents made by certain of the Loan Parties in favor of the Administrative Agent for
the benefit of the Secured Parties.

 

	Schedule A	--	Registered
    Patents; Patent Applications; Other Patents

 

5.             Confirmatory
Grant of Security Interest in United States Trademarks made by certain of the Loan Parties in favor of the Administrative Agent
for the benefit of the Secured Parties.

 

	Schedule A	--	Registered
    Trademarks; Trademark and Service Mark Applications; Other Trademarks

 

6.             Certificates
of Insurance listing the Administrative Agent as (x) lender loss payee for the property and casualty insurance policies of
the initial Loan Parties, together with long-form lender loss payable endorsements, as appropriate, and (y) additional
insured with respect to the liability insurance of the Loan Parties, together with additional insured endorsements.

 

B.            UCC
DOCUMENTS

 

7.             UCC,
tax lien and name variation search reports naming each Loan Party from the appropriate offices in relevant jurisdictions.

 

8.             UCC
financing statements naming each Loan Party as debtor and the Administrative Agent as secured party as filed with the appropriate
offices in applicable jurisdictions.

 

C.            CORPORATE
DOCUMENTS

 

9.             Certificate
of the Secretary or an Assistant Secretary of each Loan Party certifying (i) that there have been no changes in the
Certificate of Incorporation or other charter document of such Loan Party, as attached thereto and as certified as of a
recent date by the Secretary of State (or analogous governmental entity) of the jurisdiction of its organization, since the
date of the certification thereof by such governmental entity, (ii) the By-Laws or other applicable organizational
document, as attached thereto, of such Loan Party as in effect on the date of such certification, (iii) resolutions of
the Board of Directors or other governing body of such Loan Party authorizing the execution, delivery and performance of each
Loan Document to which it is a party and (iv) the names and true signatures of the incumbent officers of each Loan Party
authorized to sign the Loan Documents to which it is a party, and (in the case of each Borrower) authorized to request a
Borrowing or the issuance of a Letter of Credit under the Credit Agreement.

 

10.           Good
Standing Certificate (or analogous documentation if applicable) for each Loan Party from the Secretary of State (or analogous
governmental entity) of the jurisdiction of its organization, to the extent generally available in such jurisdiction.

 

D.            OPINIONS

 

11.           Favorable
written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Faegre Baker Daniels,
counsel for the Loan Parties, covering such matters relating to the Loan Parties, the Loan Documents or the Transactions as the
Administrative Agent shall reasonably request. The Company hereby requests such counsel to deliver such opinion.

 

    Exhibit D-2

     

    

 

E.            CLOSING
CERTIFICATES AND MISCELLANEOUS

 

12.           A
Certificate signed by the President, a Vice President or a Financial Officer of the Company certifying that: (i) no Default
has occurred and is continuing, (ii) setting forth reasonably detailed calculations demonstrating pro forma compliance with
Section 6.12 of the Credit Agreement, (iii) stating that the representations and warranties contained in Article III
of the Credit Agreement are true and correct in all material respects (provided that any representation or warranty that
is qualified by materiality, Material Adverse Effect or similar language is true and correct in all respects) on and as of the
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 in all material respects (provided that any representation or warranty that is qualified
by materiality, Material Adverse Effect or similar language are true and correct in all respects) as of such earlier date and
(iv) stating that the Borrower is in compliance with the Revolving Exposure Limitations.

 

13.           A
Solvency Certificate of the chief financial officer of the Company substantially in the form of Annex I hereto, certifying
that the Company and its Subsidiaries, on a consolidated basis after giving effect to the Transactions, are solvent.

 

14.           An
Aggregate Borrowing Base Certificate and a Borrowing Base Certificate for each Borrower, in each case, prepared as of the last
day of the most recent month ended at least twenty (20) calendar days prior to the Effective Date.

 

15.           Funding
Account Notice.

 

    Exhibit D-3

     

    

 

Annex I to Exhibit D

 

FORM OF SOLVENCY CERTIFICATE

 

[__________], 20[__]

 

This Solvency Certificate
is being executed and delivered pursuant to Section 4.01(a) of the Amended and Restated Credit Agreement (the
 “Credit Agreement”), dated as of October 22, 2019, among Winnebago Industries, Inc. (the “Company”),
the other loan parties party thereto from time to time, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A.,
as the administrative agent; the terms defined therein being used herein as therein defined.

 

I, [__________], the
chief financial officer of the Company, solely in such capacity and not in an individual capacity, hereby certify that I am the
chief financial officer of the Company and that I am generally familiar with the businesses and assets of the Company and its
Subsidiaries (taken as a whole), I have made such other investigations and inquiries as I have deemed appropriate and I am
duly authorized to execute this Solvency Certificate on behalf of the Company pursuant to the Credit Agreement.

 

I further certify,
solely in my capacity as chief financial officer of the Company, and not in my individual capacity, as of the date hereof and
after giving effect to the Transactions and the incurrence of the indebtedness and obligations being incurred in connection with
the Credit Agreement and the Transactions on the date hereof, that, with respect to the Company and its Subsidiaries on a consolidated
basis, (a) the sum of the liabilities of the Company and its Subsidiaries, taken as a whole, does not exceed the present
fair saleable value of the assets of the Company and its Subsidiaries, taken as a whole; (b) the capital of the Company and
its Subsidiaries, taken as a whole, is not unreasonably small in relation to the business of the Company and its Subsidiaries,
taken as a whole, contemplated on the date hereof and (c) the Company and its Subsidiaries, taken as a whole, do not intend
to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debt as they mature
in the ordinary course of business. For the purposes hereof, the amount of any contingent liability at any time shall be computed
as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably
be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for
accrual under Statement of Financial Accounting Standard No. 5).

 

[Remainder of page intentionally left
blank]

 

    Exhibit D-4

     

    

 

IN WITNESS WHEREOF, I
have executed this Solvency Certificate on the date first written above.

 

	 	By:	                   
	 
	 	Name:
	 
	 	Title: Chief Financial Officer

 

    Exhibit D-5

     

    

 

EXHIBIT E

 

JOINDER AGREEMENT

 

THIS JOINDER AGREEMENT
(this “Agreement”), dated as of [__________], 20__, is entered into between [__________], a [__________] (the
 “New Subsidiary”) and JPMORGAN CHASE BANK, N.A., in its capacity as administrative agent (the “Administrative
Agent”) under that certain Amended and Restated Credit Agreement dated as of October 22, 2019 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”) among Winnebago Industries, Inc.,
Winnebago of Indiana, LLC, Grand Design RV, LLC and Newmar Corporation, as Borrowers (the “Borrowers”), the
other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent for the Lenders. All capitalized terms
used herein and not otherwise defined herein shall have the meanings set forth in the Credit Agreement.

 

The New Subsidiary
and the Administrative Agent, for the benefit of the Lenders, hereby agree as follows:

 

1.            The
New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed
to be a Loan Party under the Credit Agreement and a “Loan Guarantor” for all purposes of the Credit Agreement
and shall have all of the obligations of a Loan Party and a Loan Guarantor thereunder as if it had executed the Credit Agreement.
The New Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions
contained in the Credit Agreement, including without limitation (a) all of the representations and warranties of the Loan
Parties set forth in Article III of the Credit Agreement, (b) all of the covenants set forth in Articles V and VI of
the Credit Agreement and (c) all of the guaranty obligations set forth in Article X of the Credit Agreement. Without
limiting the generality of the foregoing terms of this paragraph 1, the New Subsidiary, subject to the limitations set forth in
Sections 10.10 and 10.13 of the Credit Agreement, hereby guarantees, jointly and severally with the other Loan Guarantors,
to the Administrative Agent and the Lenders, as provided in Article X of the Credit Agreement, the prompt payment and performance
of the Guaranteed Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise)
in accordance with the terms thereof and agrees that if any of the Guaranteed Obligations are not paid or performed in full when
due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise), the New Subsidiary will, jointly and
severally together with the other Loan Guarantors, promptly pay and perform the same, without any demand or notice whatsoever,
and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly
paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration or otherwise) in accordance with
the terms of such extension or renewal.

 

2.             If
required, the New Subsidiary is, simultaneously with the execution of this Agreement, executing and delivering such Collateral
Documents (and such other documents and instruments) as requested by the Administrative Agent in accordance with the Credit Agreement.

 

3.            The
address of the New Subsidiary for purposes of Section 9.01 of the Credit Agreement is as follows:

 

		 	 
	 	 	 
	 	 	 

 

    Exhibit E-1

     

    

 

4.            The
New Subsidiary hereby waives acceptance by the Administrative Agent and the Lenders of the guaranty by the New Subsidiary upon
the execution of this Agreement by the New Subsidiary.

 

5.            This
Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but
all of which shall constitute one and the same instrument.

 

6.            THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

 

IN WITNESS WHEREOF,
the New Subsidiary has caused this Agreement to be duly executed by its authorized officer, and the Administrative Agent, for
the benefit of the Lenders, has caused the same to be accepted by its authorized officer, as of the day and year first above written.

 

    Exhibit E-2

     

    

 

	 	[NEW SUBSIDIARY]
	 
	 	By:	                       
	 
	 	Name:	 
	 
	 	Title:	 
	 
	 	Acknowledged and accepted:
	 
	 	JPMORGAN CHASE BANK, N.A., as 

Administrative Agent
	 
	 	By:	 
	 
	 	Name:	 
	 
	 	Title:	 

 

    Exhibit E-3

     

    

 

EXHIBIT F-1

 

[FORM OF]

 

U.S. TAX COMPLIANCE CERTIFICATE 

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

 

Reference is hereby
made to the Amended and Restated Credit Agreement dated as of October 22, 2019 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Winnebago Industries, Inc., Winnebago of Indiana,
LLC, Grand Design RV, LLC and Newmar Corporation as Borrowers (the “Borrowers”), the other Loan Parties party
thereto, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity,
the “Administrative Agent”).

 

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

 

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

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	Date: __________, 20[__]	 

 

    Exhibit F-1

     

    

 

EXHIBIT F-2

 

[FORM OF]

 

U.S. TAX COMPLIANCE CERTIFICATE 

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

 

Reference is hereby
made to the Amended and Restated Credit Agreement dated as of October 22, 2019 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Winnebago Industries, Inc., Winnebago of Indiana,
LLC, Grand Design RV, LLC and Newmar Corporation, as Borrowers (the “Borrowers”), the other Loan Parties party
thereto, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity,
the “Administrative Agent”).

 

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

 

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

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	Date: __________, 20[__]	 

 

    Exhibit F-2

     

    

 

EXHIBIT F-3

 

[FORM OF]

 

U.S. TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby
made to the Amended and Restated Credit Agreement dated as of October 22, 2019 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Winnebago Industries, Inc., Winnebago of Indiana,
LLC, Grand Design RV, LLC and Newmar Corporation, as Borrowers (the “Borrowers”), the other Loan Parties party
thereto, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity,
the “Administrative Agent”).

 

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

 

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

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	Date: __________, 20[__]	 

 

    Exhibit F-3

     

    

 

EXHIBIT F-4

 

[FORM OF]

 

U.S. TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby
made to the Amended and Restated Credit Agreement dated as of October 22, 2019 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Winnebago Industries, Inc., Winnebago of Indiana,
LLC, Grand Design RV, LLC and Newmar Corporation, as Borrowers (the “Borrowers”), the other Loan Parties party
thereto, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity,
the “Administrative Agent”).

 

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

 

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

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 
	Date: __________, 20[__]	 

 

    Exhibit F-4

     

    

 

EXHIBIT G-1

 

FORM OF BORROWING REQUEST

 

	JPMorgan Chase Bank, N.A.,	 	 
	as Administrative Agent	 	 
	for the Lenders referred to below	 	 
	 	 	 
	JPMorgan Chase Bank, N.A.	 	 
	10 S. Dearborn St.	 	 
	Chicago, Illinois 60603	 	 
	Attention: John Morrone	 	 
	Facsimile No: (312) 548-1943	 	 
	 	 	 
	 	Re: Winnebago Industries, Inc.	 	 

 

[Date]

Ladies and Gentlemen:

 

Reference is hereby
made to the Amended and Restated Credit Agreement dated as of October 22, 2019 (as the same may be amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among Winnebago Industries, Inc. (the
 “Borrower Representative”), Winnebago of Indiana, LLC, Grand Design RV, LLC and Newmar Corporation, as Borrowers
(the “Borrowers”), the other Loan Parties from time to time party thereto, the Lenders from time to time party
thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).
Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. The Borrower
Representative hereby gives you notice pursuant to Section 2.03 of the Credit Agreement that it requests a Borrowing
under the Credit Agreement, and in that connection the Borrower Representative specifies the following information with respect
to such Borrowing requested hereby:

 

1.            Name
of the applicable Borrower: __________

 

2.            Aggregate
principal amount of Borrowing:5 __________

 

3.            Date
of Borrowing (which shall be a Business Day): __________

 

4.            Type
of Borrowing (ABR or Eurodollar): __________

 

5.            Interest
Period and the last day thereof (if a Eurodollar Borrowing):6 __________

 

		6.	Location and number of the Borrower’s
                                         account or any other account agreed upon by the Administrative Agent and the Borrower
                                         to which proceeds of Borrowing are to be disbursed: __________

 

[Signature Page Follows]

 

 

5 Not less than applicable amounts specified in
Section 2.02(c).

6 Which must comply with the definition of “Interest
Period” and end not later than the Maturity Date.

 

    Exhibit G-1

     

    

 

The undersigned hereby
represents and warrants that the conditions to lending specified in Section[s] [4.01 and]7 4.02 of the
Credit Agreement are satisfied as of the date hereof.

 

		Very truly yours,
	 	 	 
	 	WINNEBAGO INDUSTRIES, INC.,
	 	 	 
	 	as the Borrower Representative
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 

 

 

 

7 To be included only for Borrowings on the Effective
Date.

 

    Exhibit G-2

     

    

 

EXHIBIT G-2

 

FORM OF INTEREST ELECTION REQUEST

 

	JPMorgan Chase Bank, N.A.,	 	 
	as Administrative Agent	 	 
	for the Lenders referred to below	 	 
	 	 	 
	JPMorgan Chase Bank, N.A.	 	 
	10 S. Dearborn St.	 	 
	Chicago, Illinois 60603	 	 
	Attention: John Morrone	 	 
	Facsimile No: (312) 548-1943	 	 
	 	 	 
	 	Re: Winnebago Industries, Inc.	 	 

 

[Date]

 

Ladies and Gentlemen:

 

Reference is hereby
made to the Amended and Restated Credit Agreement dated as of October 22, 2019 (as the same may be amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among Winnebago Industries, Inc. (the
 “Borrower Representative”), Winnebago of Indiana, LLC, Grand Design RV, LLC and Newmar Corporation, as Borrowers
(the “Borrowers”), the other Loan Parties from time to time party thereto, the Lenders from time to time party
thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).
Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. The Borrower
Representative hereby gives you notice pursuant to Section 2.08 of the Credit Agreement that it requests to [convert][continue]
an existing Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with
respect to such [conversion][continuation] requested hereby:

 

		1.	Name of Borrower: __________

 

		2.	List date, Type, Class, principal
                                         amount and Interest Period (if applicable) of existing Borrowing: __________

 

		3.	Aggregate principal amount of resulting
                                         Borrowing: __________

 

		4.	Effective date of interest election
                                         (which shall be a Business Day): __________

 

		5.	Type of Borrowing (ABR or Eurodollar):
                                         __________

 

		6.	Interest Period and the last day
                                         thereof (if a Eurodollar Borrowing):8 __________

 

[Signature Page Follows]

 

 

8Which must comply with the definition of “Interest
Period” and end not later than the Maturity Date.

 

    Exhibit G-3

     

    

 

		Very truly yours,
	 	 	 
	 	WINNEBAGO INDUSTRIES, INC.
	 	as Borrower Representative
	 	 	 
	 	By:	                     
	 	 	 
	 	Name:	 
	 	Title:	 

 

    Exhibit G-4

     

    

 

Annex B

 

Schedule 6.05

 

Dispositions

 

1. Proposed redemption of one or more of the Company or its
Subsidiaries’ corporation owned life insurance policies to the extent such amounts are held in trust for the payment of
employee benefits.

 

2. Disposition of real property owned by the Company in Junction
City, Oregon.

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