Document:

EXHIBIT 10.1

 

 

 

CREDIT AGREEMENT

dated as of

July 30, 2013

 

And as Amended by

Amendment No. 1 on July 31, 2014,

Amendment No. 2 on February 14, 2017

and

Amendment No. 3 on March 31, 2021

among

HEMISPHERE MEDIA HOLDINGS, LLC and

INTERMEDIA ESPAÑOL, INC.,

as Borrowers,

HMTV, LLC,

as Holdings,

THE LENDERS PARTY HERETO

and

JPMorgan Chase Bank, N.A.,

as Administrative Agent

_________________________

JPMorgan Chase Bank, N.A., Deutsche Bank Securities Inc. and RBC Capital Markets[1],

as Joint Lead Arrangers and Joint Bookrunners for Amendment No. 2,

 

 

Deutsche Bank Securities Inc.,

as Syndication Agent for Amendment No. 2,

 

and

 

CIT Finance LLC,

as Documentation Agent for Amendment No. 2

_________________________

JPMorgan Chase Bank, N.A. and BofA Securities, Inc.,

as Joint Lead Arrangers and Joint Bookrunners for Amendment No. 3

 

 

 

 

 

 

 
 [1]
RBC Capital Markets is a brand name for the capital markets business of Royal Bank of Canada and its affiliates.

 

    	 		 

     

    

 

Table of Contents

 

	 	 	

Page

	 	 	 
		ARTICLE I	 
	 	 	 
		Definitions	 
	 	 	 
	Section 1.01	Defined Terms	1
	Section 1.02	Terms Generally	43
	Section 1.03	Accounting Terms	43
	Section 1.04	Pro Forma Calculations	43
	Section 1.05	Classification of Loans and Borrowings	44
	Section 1.06	Currency Equivalents Generally	45
	Section 1.07	Rounding	45
	Section 1.08	References to Laws	45
	Section 1.09	Times of Day	45
	Section 1.10	Covenant Compliance Generally	45
	Section 1.11	Available Amount Transactions	45
	Section 1.12	Interest Rate Calculations	45
	 	 	 
		ARTICLE II	 
	 	 	 
		Term Loan Facilities	 
	 	 	 
	Section 2.01	Commitments	45
	Section 2.02	Term Loans	46
	Section 2.03	Borrowing Procedure	47
	Section 2.04	Evidence of Debt; Repayment of Term Loans	48
	Section 2.05	Fees	48
	Section 2.06	Interest on Loans	48
	Section 2.07	Default Interest	49
	Section 2.08	Alternate Rate of Interest	49
	Section 2.09	Termination of Term B-1 Commitments	49
	Section 2.10	Conversion and Continuation of Borrowings	49
	Section 2.11	Repayment of Term Borrowings	50
	Section 2.12	Voluntary Prepayment	51
	Section 2.13	Mandatory Prepayments	52
	Section 2.14	Reserve Requirements; Change in Circumstances	54
	Section 2.15	Change in Legality	54
	Section 2.16	Breakage	55
	Section 2.17	Pro Rata Treatment	55
	Section 2.18	Sharing of Setoffs	55
	Section 2.19	Payments	56
	Section 2.20	Taxes	56
	Section 2.21	Assignment of Commitments under Certain Circumstances; Duty to Mitigate	59
	Section 2.22	Incremental Term Loans and Incremental Revolving Facilities.	59
	Section 2.23	New Term Loan Facility	61
	Section 2.24	New Incremental Notes	63
	Section 2.25	Extensions of Term Loans	64
	Section 2.26	Refinancing Amendments	66
	Section 2.27	Lead Borrower	67

 

    	 	-i-	 

     

    

 

	 	 	Page
	 	 	 
		ARTICLE III	 
	 	 	 
		Representations and Warranties	 
	 	 	 
	Section 3.01	Organization; Powers	67
	Section 3.02	Authorization	67
	Section 3.03	Enforceability	67
	Section 3.04	Governmental Approvals	67
	Section 3.05	Financial Statements	68
	Section 3.06	No Material Adverse Effect	68
	Section 3.07	Title to Properties; Possession Under Leases	68
	Section 3.08	Subsidiaries	68
	Section 3.09	Litigation; Compliance with Laws	68
	Section 3.10	Designation of Indebtedness	69
	Section 3.11	Federal Reserve Regulations	69
	Section 3.12	Investment Company Act	69
	Section 3.13	Use of Proceeds	69
	Section 3.14	Tax Returns	69
	Section 3.15	No Material Misstatements	69
	Section 3.16	Employee Benefit Plans	70
	Section 3.17	Environmental Matters	70
	Section 3.18	[Reserved]	70
	Section 3.19	Security Documents	70
	Section 3.20	Location of Real Property and Leased Premises	71
	Section 3.21	Labor Matters	71
	Section 3.22	Solvency	71
	Section 3.23	[Reserved]	71
	Section 3.24	Anti-Corruption Laws and Sanctions	71
	Section 3.25	Intellectual Property	72
	Section 3.26	Special Representations Relating to FCC Licenses, Etc.	72
	 	 	 
		ARTICLE IV	 
	 	 	 
		Conditions of Lending	 
	 	 	 
	Section 4.01	All Credit Events	72
	Section 4.02	First Credit Event	73
	 	 	 
		ARTICLE V	 
	 	 	 
		Affirmative Covenants	 
	 	 	 
	Section 5.01	Existence; Compliance with Laws; Businesses and Properties	75
	Section 5.02	Insurance	75
	Section 5.03	Obligations and Taxes	76
	Section 5.04	Financial Statements, Reports, etc.	76
	Section 5.05	Litigation and Other Notices	78
	Section 5.06	Information Regarding Collateral	79
	Section 5.07	Maintaining Records; Access to Properties and Inspections; Maintenance of Ratings	79
	Section 5.08	Use of Proceeds	80
	Section 5.09	Employee Benefits	80
	Section 5.10	Covenant to Guarantee Obligations and Give Security	80
	Section 5.11	Compliance with Environmental Laws	82
	Section 5.12	[Reserved]	82

 

    	 	-ii-	 

     

    

 

	 	 	Page
	 	 	 
	Section 5.13	Further Assurances	82
	Section 5.14	Maintenance of Company Separateness of Unrestricted Subsidiaries	83
	Section 5.15	Designation of Subsidiaries	83
	Section 5.16	Post-Closing Items	83
	 	 	 
		ARTICLE VI	 
	 	 	 
		Negative Covenants	 
	 	 	 
	Section 6.01	Indebtedness	84
	Section 6.02	Liens	86
	Section 6.03	Sale and Lease-back Transactions	88
	Section 6.04	Investments, Loans and Advances	88
	Section 6.05	Mergers, Consolidations and Dispositions	90
	Section 6.06	Restricted Payments; Restrictive Agreements	93
	Section 6.07	Transactions with Affiliates	95
	Section 6.08	Change in Nature of Business	95
	Section 6.09	Other Indebtedness and Agreements	95
	Section 6.10	Revolving Facility Covenants	96
	Section 6.11	Certain Equity Securities	96
	Section 6.12	Holdings	96
	 	 	 
		ARTICLE VII	 
	 	 	 
		Events of Default	 
	 	 	 
	Section 7.01	Events of Default	96
	Section 7.02	Application of Proceeds	99
	Section 7.03	Borrowers’ Right to Cure.	100
	 	 	 
		ARTICLE VIII	 
	 	 	 
		The Administrative Agent and the Collateral Agent; etc.	 
	 	 	 
		ARTICLE IX	 
	 	 	 
		Miscellaneous	 
	 	 	 
	Section 9.01	Notices; Electronic Communications	106
	Section 9.02	Survival of Agreement	108
	Section 9.03	Binding Effect	109
	Section 9.04	Successors and Assigns	109
	Section 9.05	Expenses; Indemnity	114
	Section 9.06	Right of Setoff	115
	Section 9.07	Applicable Law	115
	Section 9.08	Waivers; Amendment	116
	Section 9.09	Interest Rate Limitation	117
	Section 9.10	Entire Agreement	118
	Section 9.11	Waiver of Jury Trial	118
	Section 9.12	Severability	118
	Section 9.13	Counterparts	118
	Section 9.14	Headings	118
	Section 9.15	Jurisdiction; Consent to Service of Process	118
	Section 9.16	Confidentiality	119
	Section 9.17	Lender Action	119

 

    	 	-iii-	 

     

    

 

 

	 	 	Page
	 	 	 
	Section 9.18	USA PATRIOT Act Notice	119
	Section 9.19	Accounting Matters	119
	Section 9.20	Electronic Execution of Assignments and Certain Other Documents	120
	Section 9.21	Use of Name, Logo, etc	120
	Section 9.22	Joint and Several Liability of the Borrowers	120
	Section 9.23	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	121
	Section 10.01	Revolving Commitments	121
	Section 10.02	Revolving Loans.	121
	Section 10.03	Borrowing Procedure for Revolving Borrowings	122
	Section 10.04	Fees.	122
	Section 10.05	Interest on Revolving Loans.	123
	Section 10.06	Letters of Credit.	123
	Section 10.07	Funding of Revolving Borrowings.	127
	Section 10.08	Conversion and Continuation of Revolving Borrowings.	128
	Section 10.09	Termination and Reduction of Revolving Commitments.	128
	Section 10.10	Repayment of Revolving Loans; Evidence of Debt.	128
	Section 10.11	Prepayment of Revolving Loans.	129
	Section 10.12	Other Mechanical Provisions Applicable to Revolving Loans.	129
	Section 10.13	Defaulting Lenders	129

 

SCHEDULES

 

	Schedule 1.01(b)	-	Subsidiary Guarantors
	Schedule 2.01	-	Term Lenders and Term Commitments
	Schedule 2.08	-	Alternate Rates of Interest (Effective upon payoff of all Term B-1 Loans)
	Schedule 3.08	-	Subsidiaries
	Schedule 3.09	-	Litigation
	Schedule 3.16	-	ERISA Events
	Schedule 3.17	-	Environmental Matters
	Schedule 3.19(a)	-	UCC Filing Offices
	Schedule 3.20(a)	-	Owned Real Property
	Schedule 3.20(b)	-	Leased Real Property
	Schedule 3.21	-	Labor Matters
	Schedule 3.26	-	FCC Licenses
	Schedule 4.02(a)	-	Local Counsel
	Schedule 5.16	-	Post-Closing Items
	Schedule 6.01	-	Existing Indebtedness
	Schedule 6.02	-	Existing Liens
	Schedule 6.04	-	Existing Investments
	Schedule 6.06	-	Existing Restrictive Agreements
	Schedule 6.07	-	Existing Transactions with Affiliates
	Schedule 10.01	-	Revolving Lenders; Revolving Commitments; Letter of Credit Commitments

 

EXHIBITS

 

	Exhibit A	-	Form of Administrative Questionnaire
	Exhibit B	-	Form of Assignment and Acceptance
	Exhibit C	-	Form of Borrowing Request
	Exhibit D	-	Security Agreement
	Exhibit E	-	Form of Guaranty
	Exhibit F	-	Form of Affiliate Subordination Agreement
	Exhibit G-1	-	Form of Opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP
	Exhibit G-2	-	Form of Puerto Rico Counsel Opinion
	Exhibit G-3	-	Form of FCC Counsel Opinion

 

    	 	-iv-	 

     

    

 

	Exhibit H	-	Form of Officer’s Certificate
	Exhibit I	-	Form of Solvency Certificate
	Exhibit J	-	Form of United States Tax Compliance Certificate

 

 

 

    	 	-v-	 

     

    

 

CREDIT AGREEMENT dated as of July 30, 2013 (as
amended by Amendment No. 1 on July 31, 2014 and Amendment No. 2 on February 14, 2017), among HEMISPHERE MEDIA HOLDINGS, LLC, a Delaware
limited liability company (the “Lead Borrower”), INTERMEDIA ESPAÑOL, INC., a Delaware corporation (“WAPA
PR” and, together with the Lead Borrower, the “Borrowers”), HMTV, LLC, a Delaware limited liability company
(“Holdings”), the Lenders (such term and each other capitalized term used but not defined in this introductory statement
having the meaning given to it in Article I), JPMorgan Chase Bank, N.A., as administrative agent and collateral agent for the Lenders.

PRELIMINARY STATEMENTS

The Borrowers have requested that, upon the
satisfaction in full of the conditions precedent set forth in Article IV below, the Lenders make available Initial Term Loans on
the Closing Date denominated in Dollars to the Borrowers (as allocated among them in the Borrowing Request) in an aggregate principal
amount of $175,000,000 pursuant to this Agreement.

The proceeds of the Initial Term Loans will
be used to (i) repay the Existing Indebtedness, (ii) pay all fees and expenses incurred in connection with the Transaction and (iii) provide
for working capital needs and general corporate purposes (including Permitted Acquisitions) of the Borrowers and their Subsidiaries.

The Lenders are willing to provide the Initial
Term Loans on the terms and subject to the conditions set forth herein. In consideration of the mutual covenants and agreements herein
contained, the parties hereto covenant and agree as follows:

ARTICLE I

Definitions

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

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

“Acquired Entity” shall have
the meaning assigned to such term in Section 6.04(f).

“Acquisition Representations”
shall mean (a) the representations made by the seller with respect to the Acquired Entity (or similar Person) in connection with any Designated
Acquisition as are material to the interests of the Lenders, but only to the extent that Borrowers or any of their Subsidiaries has the
right (determined without regard to any notice requirement thereof) to terminate their obligations in connection with such Designated
Acquisition or decline to consummate such Designated Acquisition (in each case pursuant to the terms thereof) as a result of a breach
of one or more of such representations in the acquisition agreement in connection with such Designated Acquisition and (b) the representations
and warranties made solely by the Borrowers and the Restricted Subsidiaries (x) in Section 3.22 (solely with respect to the Borrowers
and their Restricted Subsidiaries on a consolidated basis) and (y) Sections 3.01(a) and (d), 3.02(a) and (b)(i)(A)
(limited to the constitutive documents of Holdings and the Borrowers), 3.03, 3.11, 3.12, 3.19 (limited to
creation, validity and perfection) and 3.24, in each case, after giving effect to such Permitted Acquisition.

“Additional Term B-1 Commitment”
shall mean, with respect to the Additional Term B-1 Lender, its commitment to make a Term B-1 Loan on the Amendment No. 2 Effective Date
in an amount equal to $213,347,000 minus the aggregate principal amount of the Converted Term B Loans of all Lenders.

“Additional Term B-1 Lender”
shall mean the Person identified as such in Amendment No. 2.

“Additional Term B-1 Loan”
shall have the meaning provided in Section 2.01(a)(ii).

    	 		 

     

    

 

“Add-on Term B-1 Commitment” shall mean, with respect
to the Add-on Term B-1 Lender, its commitment to make a Term B-1 Loan on the Amendment No. 3 Effective Date in an amount equal to $50,000,000.

 

“Add-on Term B-1 Lender”
shall mean the Person identified as such in Amendment No. 3.

 

“Add-on Term B-1 Loan” shall
have the meaning provided in Section 2.01(a)(i).

 

“Adjusted LIBO Rate” shall
mean, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum equal to the product of (i) the LIBO
Rate in effect for such Interest Period and (ii) Statutory Reserves.

“Administrative Agent” shall
mean (i) with respect to any period prior to the Amendment No. 1 Effective Date, Deutsche Bank AG New York Branch and (ii) from and after
the Amendment No. 1 Effective Date, JPMorgan Bank, N.A. (or any successor thereto in such capacity).

“Administrative Questionnaire”
shall mean an Administrative Questionnaire in the form of Exhibit A, or such other form as may be supplied from time to time by
the Administrative Agent.

“Affiliate” shall mean, when
used 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.

“Affiliate Subordination Agreement”
shall mean an Affiliate Subordination Agreement in the form of Exhibit F pursuant to which intercompany obligations and advances owed
by any Loan Party are subordinated to the Obligations.

“Affiliated Lender” shall
mean the Permitted Investors and their respective Affiliates (other than Holdings, the Borrowers and any of their respective Subsidiaries).

“Agents” shall mean the Collateral
Agent and the Administrative Agent.

“Agreement” shall mean this
Credit Agreement dated as of July 30, 2013, as amended by Amendment No. 1, Amendment No. 2 and Amendment No. 3.

“Amendment No. 1” shall mean
Amendment No. 1 to this Agreement, dated as of July 31, 2014, by and among the Borrowers, Holdings, JPMorgan Chase Bank, N.A., Deutsche
Bank AG New York Branch, the Lenders party thereto and the other parties thereto.

“Amendment No. 2” shall mean
Amendment No. 2 to this Agreement, dated as of February 14, 2017, by and among the Borrowers, Holdings, JPMorgan Chase Bank, N.A., the
Lenders party thereto and the other parties thereto.

“Amendment No. 2 Consenting Lender”
shall mean each Lender that provided the Administrative Agent with a counterpart to Amendment No. 2 executed by such Lender prior to the
Amendment No. 2 Effective Date.

“Amendment No. 2 Effective Date”
shall mean February 14, 2017.

“Amendment No. 2 Lead Arrangers”
shall mean JPMorgan Chase Bank, N.A., Deutsche Bank Securities Inc. and RBC Capital Markets[2]
in their capacities as Joint Lead Arrangers and Joint Bookrunners for Amendment No. 2.

 

 

 

[2] RBC Capital
Markets is a brand name for the capital markets business of Royal Bank of Canada and its affiliates.

 

    	 	2	 

     

    

 

“Amendment No. 3” shall mean Amendment No. 3 to this
Agreement, dated as of the Amendment No. 3 Effective Date, by and among the Borrowers, Holdings, JPMorgan Chase Bank, N.A., the Revolving
Lenders party thereto and the other parties thereto.

 

“Amendment No. 3 Effective Date”
shall mean March 31, 2021.

“Amendment No. 3 Lead Arrangers”
shall mean JPMorgan Chase Bank, N.A., and BofA Securities, Inc., in their capacities as Joint Lead Arrangers and Joint Bookrunners for
Amendment No. 3.

“Alternate Base Rate” shall
mean for any day a fluctuating rate per annum equal to the highest of (a) the NYFRB Rate in effect on such date plus 1/2 of 1%, (b)
the rate of interest in effect for such day as publicly announced from time to time by the Administrative Agent as its “prime rate,”
and (c) the Adjusted LIBO Rate on such day (or if such day is not a Business Day, the immediately preceding Business Day) for a deposit
in dollars with a maturity of one month commencing on such day (or, if such day is not a Business Day, commencing on the preceding Business
Day) plus 1.00%. The “prime rate” is a rate set by Administrative Agent based upon various factors including Administrative
Agent’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some
loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Administrative Agent shall
take effect at the opening of business on the day specified in the public announcement of such change. Notwithstanding the foregoing,
the Alternate Base Rate will be deemed to be 1.00% per annum if the Alternate Base Rate calculated pursuant to the foregoing provisions
would otherwise be less than 1.00% per annum. Upon the payoff of all Term B-1 Loans, this definition automatically shall cease to be in
force and effect and the definition of Alternate Base Rate set forth in Schedule 2.08 automatically shall apply.

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

“Applicable Excess Cash Flow Percentage”
shall mean 50%; provided that, so long as no Default or Event of Default exists on the respective Excess Cash Flow Payment Date,
(i) if the First Lien Net Leverage Ratio as of the last day of the respective Excess Cash Flow Payment Period is less than or equal to
3.50:1.00 but greater than 2.75:1.00, then the Applicable Excess Cash Flow Percentage instead shall be 25% and (ii) if the First Lien
Net Leverage Ratio as of the last day of the respective Excess Cash Flow Payment Period is less than or equal to 2.75:1.00, then the Applicable
Excess Cash Flow Percentage instead shall be 0%.

“Applicable Law” shall mean
all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals, interpretations
and orders of courts or Governmental Authorities and all orders and decrees of all courts and arbitrators.

“Applicable Lender” shall
mean (i) prior to the payoff of all Term B-1 Loans, each Revolving Lender and each Issuing Bank, and (ii) upon and after the payoff of
all Term B-1 Loans, each Term Lender, Revolving Lender and Issuing Bank.

“Applicable Margin” shall
mean a rate per annum, for any day with respect to the Term B-1 Loan that is (i) a Eurodollar Loan of 3.50% or (ii) an ABR Loan of 2.50%.

“Applicable Percentage” means,
with respect to any Revolving Lender, the percentage of the total Revolving Commitments represented by such Revolving Lender’s Revolving
Commitment; provided that, in the case of Section 10.13, when a Defaulting Lender shall exist, “Applicable Percentage”
shall mean the percentage of the total Revolving Commitments (disregarding any Defaulting Lender’s Revolving Commitment) represented
by such Revolving Lender’s Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentages
shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments and to any Revolving
Lender’s status as a Defaulting Lender at the time of determination.

“Applicable Rate” shall
mean, for any day, with respect to any Revolving Loan that is a Eurodollar Loan or an ABR Loan, the applicable rate per annum set forth
below under the caption “Eurodollar Spread” or “ABR

    	 	3	 

     

    

 

Spread”, as the case may be, based upon the First Lien Net Leverage
Ratio as of the end of the fiscal quarter for which consolidated financial statements have theretofore been most recently delivered pursuant
to Section 5.04(a) or Section 5.04(b), provided that until the date of the delivery of the consolidated financial
statements pursuant to Section 5.04(b) as of and for the fiscal quarter ended June 30, 2021, the Applicable Rate shall be based
on the rates per annum set forth in Category 2:

 

	Pricing Level	First Lien Net Leverage Ratio	Eurodollar Spread	ABR Spread	Commitment Fee Rate
	1	Greater than 3.50:1.00	3.00%	2.00%	0.375%
	2	Less than or equal to 3.50:1.00 but greater than 2.50:1.00	2.75%	1.75%	0.375%
	3	Less than or equal to 2.50:1.00 but greater than 1.50:1.00	2.25%	1.25%	0.375%
	4	Less than or equal to 1.50:1.00	2.00%	1.00%	0.375%

  

For purposes of the foregoing, each change in
the Applicable Rate resulting from a change in the First Lien Net Leverage Ratio shall be effective during the period commencing on and
including the Business Day following the date of delivery to the Administrative Agent pursuant to Section 5.04(a) or Section
5.04(b) of the consolidated financial statements and related certificate indicating such change and ending on the date immediately
preceding the effective date of the next such change. Notwithstanding the foregoing, the Applicable Rate, at the option of the Administrative
Agent or the Required Revolving Lenders, shall be based on the rates per annum set forth in Category 1 if the Lead Borrower fails to deliver
the consolidated financial statements required to be delivered pursuant to Section 5.04(a) or Section 5.04(b) or any such
related certificate required to be delivered pursuant hereto, in each case within the time periods specified herein for such delivery,
during the period commencing on and including the date that is three (3) Business Days after the occurrence of a Default resulting from
such failure and until the delivery thereof. Notwithstanding anything to the contrary contained above in this definition or elsewhere
in this Agreement, if it is subsequently determined that the First Lien Net Leverage Ratio set forth in any certificate delivered to the
Administrative Agent is inaccurate for any reason and the result thereof is that the Revolving Lenders received interest or fees for any
period based on an Applicable Rate that is less than that which would have been applicable had the First Lien Net Leverage Ratio been
accurately determined (for the purposes of this paragraph, an “Applicable Period”), then, (i) for all purposes of this
Agreement, the “Applicable Rate” for any day occurring within the period covered by such certificate shall retroactively
be deemed to be the relevant percentage as based upon the accurately determined First Lien Net Leverage Ratio for such period, and (ii)
any shortfall in the interest or fees theretofore paid by the Borrowers for the relevant period as a result of the miscalculation of the
First Lien Net Leverage Ratio shall be paid to the Administrative Agent promptly upon written demand (and in no event later than five
(5) Business Days after written demand) any additional interest owing as a result of such increased Applicable Rate for such Applicable
Period, which payment shall be promptly applied by the Administrative Agent in accordance with the terms hereof; provided
that, for the avoidance of doubt, there shall be no Default or Event of Default resulting from the obligations in this paragraph unless
the foregoing payment obligation in clause (ii) of this paragraph is not complied with by the Borrowers within the time frame contemplated
thereby.

“Asset Sale” shall mean the
sale, transfer or other disposition (by way of merger or otherwise) by the Lead Borrower or any of its Restricted Subsidiaries to any
Person other than the Lead Borrower or any Subsidiary Guarantor of (a) any Equity Interests of any of the Restricted Subsidiaries (other
than directors’ qualifying shares) or (b) any other assets of the Lead Borrower or any of its Restricted Subsidiaries.

“Assignment and Acceptance”
shall mean an assignment and acceptance entered into by a Lender and an Eligible Assignee, and accepted by the Administrative Agent, in
the form of Exhibit B or such other form as shall be approved by the Administrative Agent.

“Available Amount Basket”
shall mean, at any date (the “Reference Date”), the sum of:

(a)        $15,000,000; 

    	 	4	 

     

    

 

(b)        Cumulative Retained Excess
Cash Flow Amount; plus

 

(c)        the
amount of any capital contributions or Net Cash Proceeds from Permitted Equity Issuances (or issuances of debt securities that have been
converted into or exchanged for Qualified Capital Stock) received or made by the Lead Borrower (or any direct or indirect parent thereof
and contributed by such parent to the Lead Borrower) during the period from and including the Business Day immediately following the Closing
Date through and including the Reference Date; plus

(d)        to
the extent not (A) included in clause (b) above or (B) already reflected as a return of capital with respect to such Investment for purposes
of determining the amount of such Investment, the aggregate amount of all cash dividends and other cash distributions received by the
Lead Borrower or any of its Restricted Subsidiaries from any Minority Investments or Unrestricted Subsidiaries during the period from
and including the Business Day immediately following the Closing Date through and including the Reference Date; plus

(e)        to
the extent not (A) included in clause (b) above or (B) already reflected as a return of capital with respect to such Investment for purposes
of determining the amount of such Investment, the aggregate amount of all cash repayments of principal received by the Lead Borrower or
any of its Restricted Subsidiaries from any Minority Investments or Unrestricted Subsidiaries during the period from and including the
Business Day immediately following the Closing Date through and including the Reference Date in respect of loans or advances made by the
Lead Borrower or any of its Restricted Subsidiaries to such Minority Investments or Unrestricted Subsidiaries; plus

(f)        to
the extent not (A) included in clause (b) above, (B) already reflected as a return of capital with respect to such Investment for purposes
of determining the amount of such Investment or (C) required to be applied to prepay Term Loans in accordance with Section 2.13(a),
the aggregate amount of all Net Cash Proceeds received by the Lead Borrower or any of its Restricted Subsidiaries in connection with the
sale, transfer or other disposition of its ownership interest in any Minority Investment or Unrestricted Subsidiary during the period
from and including the Business Day immediately following the Closing Date through and including the Reference Date; plus

(g)        any
Declined Amounts; minus

(h)        the
aggregate amount of Restricted Payments made after the Closing Date and on or prior to such date pursuant to Section 6.06(a)(vii);
minus

(i)        the
aggregate amount of payments made after the Closing Date and on or prior to such date pursuant to Section 6.09(b)(i)(1); minus

(j)        the
aggregate amount of Investments pursuant to Section 6.04(n)(y) after the Closing Date and on or prior to such date.

“Availability Period” means
the period from and including the Amendment No. 3 Effective Date to but excluding the earlier of the Revolving Credit Facility Maturity
Date and the date of termination of the Revolving Commitments.

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

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

“Bankruptcy Event” means, with
respect to any Person, such Person becomes the subject of a voluntary or involuntary bankruptcy or insolvency proceeding, or has had
a receiver, conservator, trustee, administrator,

    	 	5	 

     

    

 

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 United States 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.

 

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

“Borrower Materials” shall
have the meaning assigned to such term in Section 9.01.

“Borrowers” shall have the
meaning assigned to such term in the introductory statement hereto.

“Borrowing” shall mean Loans
of the same Class and Type made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest
Period is in effect.

“Borrowing Request” shall
mean a request by the Lead Borrower (on behalf of itself or WAPA PR) in accordance with the terms of Section 2.03 or Section
10.03, as applicable, and in each case substantially in the form of Exhibit C, or such other form as shall be approved by the Administrative
Agent.

“Breakage Event” shall have
the meaning assigned to such term in Section 2.16.

“Business Day” shall mean
(i) any day other than a Saturday, Sunday or day on which banks in New York City are authorized or required by law to close and (ii) if
such day relates to any interest rate settings as to a Eurodollar Loan denominated in Dollars, any fundings, disbursements, settlements
and payments in Dollars in respect of any such Eurodollar Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement
in respect of any such Eurodollar Loan, shall mean any such day described in clause (i) above that is also a London Banking Day.

“Capital Expenditures” shall
mean, for any period, the additions to property, plant and equipment and other capital expenditures of the Lead Borrower and its Restricted
Subsidiaries that are (or should be) set forth in a consolidated statement of cash flows of the Lead Borrower for such period prepared
in accordance with GAAP but excluding in each case any such expenditure made to restore, replace or rebuild property to the condition
of such property immediately prior to any damage, loss, destruction or condemnation of such property, to the extent such expenditure is
made with insurance proceeds, condemnation awards or damage recovery proceeds relating to any such damage, loss, destruction or condemnation.

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

“Cash Equivalents” shall
mean:

(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 issuance thereof;

 

    	 	6	 

     

    

 

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

 

(c)        investments
in certificates of deposit, banker’s acceptances and time deposits maturing within one year from the date of acquisition thereof
issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, the Administrative Agent or any domestic
office of any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital
and surplus and undivided profits of not less than $500,000,000 and that issues (or the parent of which issues) commercial paper rated
at least “Prime 1” (or the then equivalent grade) by Moody’s or “A 1” (or the then equivalent grade) by
S&P;

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

(e)       investments
in “money market funds” within the meaning of Rule 2a-7 of the Investment Company Act of 1940, as amended, substantially all
of whose assets are invested in investments of the type described in clauses (a) through (d) above; and

(f)       other
short-term investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash management in investments
of a type analogous to the foregoing.

“Cash Management Bank” shall
mean any Person that is an Agent, a Lender, an Amendment No. 2 Lead Arranger or an Affiliate of any of the foregoing on the Amendment
No. 2 Effective Date or at the time it initially provides any Cash Management Services, in its capacity as a party thereto, whether or
not such Person subsequently ceases to be an Agent, a Lender, an Amendment No. 2 Lead Arranger or an Affiliate of any of the foregoing.

“Cash Management Obligations”
shall mean obligations owed by the Lead Borrower or any of its Restricted Subsidiaries to any Cash Management Bank in respect of or in
connection with any Cash Management Services and designated by the Cash Management Bank and the Lead Borrower in writing to the Administrative
Agent as “Cash Management Obligations.”

“Cash Management Services”
shall mean any agreement or arrangement to provide cash management services, including treasury, depository, overdraft, credit card processing,
credit or debit card, purchase card, electronic funds transfer and other cash management arrangements.

“Casualty Event” shall mean
any event that gives rise to the receipt by the Lead Borrower or any of its Restricted Subsidiaries of any insurance proceeds or condemnation
awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment,
fixed assets or real property.

“CFC” shall mean a “controlled
foreign corporation” within the meaning of section 957(a) of the Code.

“CFC Holding Company” shall
mean with respect to the Term Loans any Subsidiary of the Lead Borrower that owns one or more CFCs, either directly or indirectly through
other entities that are disregarded entities or partnerships for U.S. federal income tax purposes, and substantially all the assets of
such entities (excluding equity interests in each other) consist of equity interests of such CFCs.

“Change in Control” shall
be deemed to have occurred if (a) any “person” or “group” (within the meaning of Rule 13d-5 of the Securities
Exchange Act of 1934 as in effect on the Closing Date), other than the Permitted Investors, shall own, directly or indirectly, beneficially
or of record, shares representing the greater of (i) more than 35% of the aggregate ordinary voting power represented by the issued and
outstanding capital stock of the Parent and (ii) more than the percentage of the aggregate ordinary voting power represented by the issued
and outstanding capital stock of the Parent directly or indirectly owned by the Permitted Investors, (b) a majority of the seats (other 

    	 	7	 

     

    

 

than vacant seats) on the board of directors of the Parent shall at any
time be occupied by persons who were neither (i) nominated by the board of directors of the Parent (or any committee thereof with the
authority to nominate directors) or the Permitted Investors nor (ii) appointed by directors so nominated, (c) any change in control (or
similar event, however denominated) with respect to the Parent, Holdings or the Lead Borrower shall occur under and as defined in any
indenture or agreement in respect of Material Indebtedness (including any Permitted First Priority Refinancing Debt, any Permitted Second
Priority Refinancing Debt, any Permitted Unsecured Refinancing Debt, any New Incremental Notes and any Permitted Ratio Debt), (d) Parent
shall cease to directly own, beneficially and of record, 100% of the issued and outstanding Equity Interests of Holdings, (e) Holdings
shall cease to directly own, beneficially and of record, 100% of the issued and outstanding Equity Interests of the Lead Borrower or (f)
the Lead Borrower shall cease to directly or indirectly own, beneficially and of record, 100% of the issued and outstanding Equity Interests
of WAPA PR.

 

“Change in Law” shall mean
(a) the adoption of any law, rule or regulation after the Closing Date, (b) any change in any law, rule or regulation or in the interpretation
or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender or Issuing Bank (or, for purposes
of Section 2.14, by any lending office of such Lender or Issuing Bank or by such Lender’s or Issuing Bank’s holding
company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made
or issued after the Closing Date. For purposes of this definition and Section 2.14, (i) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in implementation thereof,
and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to
Basel III, shall in each case described in clauses (i) and (ii) above, be deemed to be a “Change in Law,” regardless of the
date enacted, adopted or issued, provided that increased costs as a result of any Change in Law pursuant to clause (i) or (ii)
above, shall only be reimbursable by the Loan Parties to the extent the applicable Lender is requiring reimbursement therefor from similarly
situated borrowers under comparable syndicated credit facilities.

“Charges” shall have the
meaning assigned to such term in Section 9.09.

“Class” shall mean (a) when
used with respect to Lenders, refers to whether such Lenders hold a particular Class of Commitments or Loans, (b) when used with respect
to Commitments, refers to whether such Commitments are Term B-1 Commitments, Other Term Loan Commitments or Revolving Commitments and
(c) when used with respect to Loans, refers to whether such Loans are Term B Loans, Term B-1 Loans (including Add-on Term B-1 Loans),
Other Term Loans, Extended Term Loans or Revolving Loans, in each case, under this Agreement, of which such Loan or Commitment shall be
a part.

“Closing Date” shall mean
July 30, 2013.

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

“Collateral” shall mean all
the “Collateral” as defined in any Security Document and shall also include the Mortgaged Properties.

“Collateral and Guarantee Requirement”
shall mean, at any time, the requirement that:

(a)       the
Collateral Agent shall have received each Security Document required to be delivered on the Closing Date pursuant to Section 4.02
or pursuant to Section 5.10 or Section 5.13 or Section 5.16 at such time, duly executed by each Loan Party thereto;

(b)       all
Obligations shall have been unconditionally guaranteed by Holdings, each Restricted Subsidiary of a Borrower that is a wholly owned Material
Domestic Subsidiary and not an Excluded Subsidiary including those that are listed on Schedule 1.01(b) hereto (each, a “Guarantor”),
and any Subsidiary of a Borrower that Guarantees any Indebtedness incurred by such Borrower pursuant to any Credit Agreement Refinancing
Indebtedness (or any Permitted Refinancing thereof);

 

    	 	8	 

     

    

 

(c)       the Obligations and the Guaranty
shall have been secured by a first-priority security interest (subject to nonconsensual Liens permitted by Section 6.02) in (i)
all the Equity Interests of the Lead Borrower, (ii) all Equity Interests of each direct, wholly owned Domestic Subsidiary (other than
a Domestic Subsidiary described in the following clause (iii)(A)) that is directly owned by a Borrower or any Subsidiary Guarantor and
(iii) 65% of the issued and outstanding Equity Interests of (A) each wholly owned Domestic Subsidiary that is directly owned by a Borrower
or by any Subsidiary Guarantor and that is a disregarded entity for United States federal income tax purposes and substantially all of
the assets of such Domestic Subsidiary consist of Equity Interests in one or more Foreign Subsidiaries that are CFCs and (B) each wholly
owned Foreign Subsidiary that is directly owned by a Borrower or by any Subsidiary Guarantor;

 

 (d)       except
to the extent otherwise provided hereunder, including subject to Liens permitted by Section 6.02, or under any Security Document,
the Obligations and the Guaranty shall have been secured by a perfected first-priority security interest (to the extent such security
interest may be perfected by delivering certificated securities, filing financing statements under the Uniform Commercial Code or making
any necessary filings with the United States Patent and Trademark Office or United States Copyright Office or the execution and delivery
of control agreements) in substantially all tangible and intangible personal property of each Borrower and each Guarantor including accounts
(other than Excluded Accounts), inventory, equipment, investment property, contract rights, applications and registrations of intellectual
property filed in the United States, other general intangibles, and proceeds of the foregoing), in each case, with the priority required
by the Security Documents, in each case subject to exceptions and limitations otherwise set forth in this Agreement and the Security
Documents; and

(e)       the
Collateral Agent shall have received (i) counterparts of a Mortgage with respect to each Material Owned Real Property (other than any
Excluded Property), if any, required to be delivered pursuant to Section 5.10 and 5.13(b) (the “Mortgaged Properties”)
duly executed and delivered by the record owner of such property; provided, that, with respect to the PR Mortgage, which the Loan
Parties represent has been duly filed and recorded in the corresponding Section of the Puerto Rico Registry of Property, (except for the
Deed of Amendment, which has been filed and is pending recordation in the corresponding Section of the Puerto Rico Registry of Property)
the Collateral Agent shall have received the PR Mortgage Note, without any endorsement to any party, counterparts of the PR Mortgage Note
Pledge and Security Agreement, and the corresponding financing statement, (ii) a policy or policies of title insurance issued by a nationally
recognized title insurance company insuring the Lien of each such Mortgage as a valid Lien on the property described therein, free of
any other Liens except as expressly permitted by Section 6.02, together with such endorsements, coinsurance and reinsurance as
the Collateral Agent may reasonably request, and (iii) such surveys, abstracts, appraisals (if required under FIRREA), flood certifications
under Regulation H of the Board (together with evidence of federal flood insurance for any such property located in a flood hazard area)
and such customary legal opinions and other documents as the Collateral Agent may reasonably request with respect to any such Mortgaged
Property.

The foregoing definition shall not require the
creation, perfection or maintenance of pledges of or security interests in, or the obtaining of title insurance, surveys, abstracts or
appraisals with respect to, Excluded Property and any other particular assets if and for so long as, in the reasonable judgment of the
Collateral Agent and the Borrower, the cost of creating, perfecting or maintaining such pledges or security interests in such assets or
obtaining title insurance, surveys abstracts or appraisals in respect of such assets shall be excessive in view of the fair market value
(as determined by the Borrowers in its reasonable judgment) of such assets or the practical benefit to the Lenders afforded thereby.

The Collateral Agent may grant extensions of
time for the perfection of security interests in or the obtaining of title insurance and surveys with respect to particular assets (including
extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) where it reasonably
determines, in consultation with the Borrower, that perfection cannot be accomplished without undue effort or expense by the time or times
at which it would otherwise be required by this Agreement or the Security Documents.

“Collateral Agent” shall
mean JPMorgan Chase Bank, N.A. (or any successor thereto in such capacity).

    	 	9	 

     

    

 

“Collateral Coverage Requirement” shall mean, as of
any date, the requirement that (x) the Consolidated Total Assets of (or attributable to) the Loan Parties constitutes at least 50.0% of
the Consolidated Total Assets of the Lead Borrower and its Restricted Subsidiaries as of such date and (y) the Consolidated EBITDA of
the Loan Parties constitutes at least 50.0% of the Consolidated EBITDA of the Lead Borrower and its Restricted Subsidiaries for the Test
Period most recently ended prior to such date for which the financial statements and certificates required by Section 5.04(a) or
5.04(b), as the case may be, have been delivered.

 

“Commitment” shall mean the
Term B-1 Commitments, any Other Term Loan Commitment, any Incremental Term Loan Commitment and any Incremental Revolving Commitment.

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

“Communications” shall have
the meaning assigned to such term in Section 9.01.

“Communications Act” shall
mean the Communications Act of 1934, as amended.

“Company” shall mean any
corporation, limited liability company, partnership or other business entity (or the adjectival form thereof), where appropriate.

“Company Competitor” shall
mean any person that competes in any material respect with the business of the Borrowers and their Subsidiaries.

“Compliance Date” means the
last day of any fiscal quarter (commencing with the last day of the first full fiscal quarter of Holdings ending after the Amendment No.
3 Effective Date) if on such day the aggregate amount of Revolving Loans and/or L/C Exposure (excluding up to $5,000,000 of undrawn Letters
of Credit and other Letters of Credit which have been cash collateralized or backstopped) exceeds 35% of the aggregate Revolving Commitments.

“Confidential Information Memorandum”
shall mean the Confidential Information Memorandum of the Lead Borrower dated July, 2013.

“Consolidated Cash Taxes”
shall mean, as of any date for the applicable period ending on such date with respect to the Lead Borrower and it Restricted Subsidiaries
on a consolidated basis, the aggregate of all taxes based on income, profits or capital of the Lead Borrower and its Restricted Subsidiaries
(including (i) federal, state, franchise, excise and similar taxes and foreign withholding taxes, (ii) penalties and interest related
to such taxes or arising from any tax examinations and (iii) taxes in respect of repatriated funds), paid in cash during such period to
the extent they exceed the amount of taxes deducted in determining Consolidated Net Income for such period.

“Consolidated Current Assets”
shall mean, with respect to the Lead Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all
assets (other than cash and Cash Equivalents) that would, in accordance with GAAP, be classified on a consolidated balance sheet of the
Lead Borrower and its Restricted Subsidiaries as current assets at such date of determination, other than amounts related to current or
deferred Taxes based on income or profits.

“Consolidated Current Liabilities”
shall mean, with respect to the Lead Borrower and its Restricted Subsidiaries on a consolidated basis, all liabilities in accordance with
GAAP that would be classified as current liabilities on the consolidated balance sheet of such Person, but excluding (a) the current portion
of Indebtedness to the extent reflected as a liability on the consolidated balance sheet of such Person, (b) the current portion of interest,
(c) accruals for current or deferred taxes based on income or profits, (d) accruals of any costs or expenses related to restructuring
reserves, (e) deferred revenue, (f) escrow account balances and (g) any letter of credit obligations or swing line loans or revolving
loans under any revolving credit facility.

“Consolidated EBITDA” shall
mean, for any period, Consolidated Net Income for such period (without giving effect to (x) any extraordinary gains (or losses) and any
related provisions for taxes on such extraordinary

    	 	10	 

     

    

 

gains (or losses), and (y) any gains or losses from sales of assets other
than inventory sold in the ordinary course of business), adjusted by:

 

(A)       adding
thereto (in each case to the extent deducted in determining Consolidated Net Income for such period (other than with respect to clauses
(viii) and (xii) below)), without duplication, the amount of:

(i) total interest expense (inclusive of amortization
of deferred financing fees and other original issue discount and banking fees, charges and commissions (e.g., letter of credit
fees and commitment fees, non-cash interest payments, the interest component of Capital Lease Obligations, net payments, if any, pursuant
to interest rate protection agreements with respect to Indebtedness, the interest component of any pension or other post-employment benefit
expense, in each case to the extent included as interest expense under GAAP)) of the Lead Borrower and its Restricted Subsidiaries determined
on a consolidated basis for such period;

(ii) provision for taxes based on income, profits or
capital and foreign withholding taxes and franchise, state single business unitary and similar taxes for the Lead Borrower and its Restricted
Subsidiaries determined on a consolidated basis for such period;

(iii) all depreciation and amortization expense of the
Lead Borrower and its Restricted Subsidiaries determined on a consolidated basis for such period, including but not limited to amortization
or impairment of intangibles (including, but not limited to goodwill), non-cash write offs of debt discounts and debt issuances, non-cash
costs and commissions, non-cash discounts and other non-cash fees and charges with respect to Indebtedness and Hedging Agreements;

(iv) other unusual or non-recurring cash charges, or
expenses of the Lead Borrower and its Restricted Subsidiaries during such period;

(v) the amount of all other non-cash charges, losses
or expenses (including non-cash employee and officer equity compensation expense (including stock options), or asset write-offs, write-ups
or write-downs) of the Lead Borrower and its Restricted Subsidiaries determined on a consolidated basis for such period (but excluding
any additions to bad debt reserves or bad debt expense and any non-cash charge to the extent it represents amortization of a prepaid cash
item that was paid in a prior period unless such prepaid cash item was deducted in such prior period);

(vi) cash restructuring charges or reserves, including
any restructuring costs and integration costs incurred in connection with, Permitted Acquisitions or Specified Dispositions or other Specified
Transactions occurring after the last day of the period covered by the Historical Financial Statements, costs related to the closure and/or
consolidation of facilities, retention charges, contract termination costs, recruiting, relocation, severance and signing bonuses and
expenses, transaction fees and expenses in each case to the extent established or incurred after March 31, 2013; provided that
the aggregate amount of any such charges or reserves under this clause (vi), when aggregated with any add-backs or adjustments
pursuant to clause (vii) below, shall not exceed in any period 20.0% of Consolidated EBITDA for such period (calculated before
giving effect to any such add-backs and adjustments);

(vii) the amount of cost savings, operating expense
reductions, other operating improvements and synergies projected by the Lead Borrower in good faith to be realized in connection with
any Specified Transaction or the implementation of an operational initiative (including the termination, abandonment or discontinuance
of operations and product lines) after the Closing Date (calculated on a Pro Forma Basis as though such cost savings, operating expense
reductions, other operating improvements and synergies had been realized on the first day of such period and as if such cost savings,
operating expense reductions, other operating improvements and synergies were realized during the entirety of such period), net of the
amount of actual benefits realized during such period from such actions; provided that (A) a duly completed

    	 	11	 

     

    

 

certificate signed by a Responsible Officer of the Lead Borrower
shall be delivered to the Administrative Agent together with the Officer’s Certificate required to be delivered pursuant to Section
5.04(c), certifying that (x) such cost savings, operating expense reductions, other operating improvements and synergies are reasonably
identifiable, reasonably anticipated to be realizable and factually supportable in the good faith judgment of the Lead Borrower, and (y)
such actions are to be taken within 12 months after the consummation of the Specified Transaction or the implementation of an operational
initiative, which is expected to result in such cost savings, expense reductions, other operating improvements or synergies, (B) projected
amounts (and not yet realized) may no longer be added in calculating Consolidated EBITDA pursuant to this clause (vii) to the extent
occurring more than four (4) Fiscal Quarters after the specified action taken in order to realize such projected cost savings, operating
expense reduction, other operating improvements and synergies and (C) no cost savings, operating expense reductions and synergies shall
be added pursuant to this clause (vii) to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA,
whether through a pro forma adjustment or otherwise, for such period; provided that the aggregate amount of all add-backs made
pursuant to this clause (vii) shall not exceed in any period 20.0% of Consolidated EBITDA, when aggregated with any add-backs or adjustments
pursuant to clause (vi) above, for such period (for this purpose, determined without regard to this clause (vii));

 

(viii) other accruals, up-front fees, transaction costs,
commissions, expenses, premiums or charges related to any equity offering, permitted investment, acquisition, disposition, recapitalization
or incurrence, repayment, amendment or modification of Indebtedness permitted by this Agreement (whether or not successful, and including
costs and expenses of the Administrative Agent and Lenders that are reimbursed);

(ix) Transaction Expenses;

(x) expenses to the extent covered by contractual indemnification,
insurance or refunding provisions in favor of the Lead Borrower or any of its Subsidiaries and actually paid by such third parties;

(xi) to the extent covered by business interruption
insurance and actually reimbursed or otherwise paid, expenses or losses relating to business interruption;

(xii) to the extent that any Holdings Specified Expenses
would have been added back to Consolidated EBITDA pursuant to clauses (i) through (xi) above had such change, tax or expense been incurred
directly by the Lead Borrower, such Holdings Specified Expenses; and

(xiii)solely for purposes of the Financial Covenant
and the Applicable Rate, for any period ending on or prior to June 30, 2023, the amount of losses attributable to the business acquired
in the Specified Acquisition that reduced consolidated operating income and were not otherwise added back pursuant to any clause set forth
above so long as the aggregate amount of the increase to Consolidated EBITDA for such period as a result of the adjustment in this clause
(xiii) does not exceed 15% of Consolidated EBITDA for such period (calculated after giving effect to such addback); and

(B)        subtracting
therefrom (to the extent not otherwise deducted in determining Consolidated Net Income for such period and without duplication the amount
of (i) all cash payments or cash charges made (or incurred) by the Lead Borrower or any of its Restricted Subsidiaries for such period
on account of any non-cash charges added back to Consolidated EBITDA in a previous period, (ii) income and gain items corresponding to
those referred to in clauses (A)(iv) and (A)(v) above (other than (i) accrual of revenue and amortization of deferred revenue in the
ordinary course or (ii) reversals of prior accruals or reserves, to the extent such accruals or reserves had the effect of reducing Consolidated
EBITDA in a prior period), (iii) gains related to pensions and other post-employment benefits, (iv) federal, state, local and foreign
income tax credits and (v) the amount of any Holdings Specified Expenses,

    	 	12	 

     

    

 

provided that to the extent included in Consolidated Net Income,
there shall be excluded in determining Consolidated EBITDA for any period any adjustments resulting from the application of Statement
of Financial Accounting Standards No. 133 and International Accounting Standard No. 39 and their respective related pronouncements and
interpretations.

 

Notwithstanding anything to the contrary contained
above, for purposes of determining Consolidated EBITDA for any Test Period which ends prior to the first anniversary of the Closing Date,
Consolidated EBITDA for all portions of such period occurring prior to the Closing Date shall be calculated in accordance with the definition
of “Test Period” contained herein.

“Consolidated Net Income”
shall mean, for any period, the net income (or loss) of the Lead Borrower and its Restricted Subsidiaries determined on a consolidated
basis (after deduction for minority interests) for such period (taken as a single accounting period) in accordance with GAAP, provided
that the following items shall be excluded in computing Consolidated Net Income (without duplication):

(i) the net income (or loss) for such period of any
Person that is not a Restricted Subsidiary of the Lead Borrower or that is accounted for by the equity method of accounting; provided
that Consolidated Net Income shall be increased by the amount of dividends or distributions that are actually paid in cash or Cash Equivalents
by such Person to the Lead Borrower or one of its Restricted Subsidiaries during such period;

(ii) except for determinations expressly required
to be made on a Pro Forma Basis, the net income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary of
the Lead Borrower or all or substantially all of the property or assets of such Person are acquired by a Restricted Subsidiary of the
Lead Borrower;

(iii) the net income of any Restricted Subsidiary
of the Lead Borrower that is not also a Guarantor to the extent that the declaration or payment of cash dividends or similar cash distributions
by such Restricted Subsidiary of such net income is not at the time permitted by the operation of the terms of its charter or any agreement,
instrument, judgment, decree, order, statute, rule or governmental regulation or law applicable to such Restricted Subsidiary;

(iv) any net income or loss attributable to the early
extinguishment or cancellation of Indebtedness; and

(v) purchase accounting effects of adjustments to
deferred revenue required or permitted by GAAP.

“Consolidated Total Assets”
shall mean, as of any date, the amount which, in accordance with GAAP, would be set forth under the caption “Total Assets”
(or any like caption) on a consolidated balance sheet of the Lead Borrower and its Restricted Subsidiaries, as of the end of the most
recently ended Fiscal Quarter for which internal financial statements are available.

“Control” shall mean 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, and the terms “Controlling” and “Controlled”
shall have meanings correlative thereto.

“Converted Term B Loan” shall
mean each Term B Loan held by an Amendment No. 2 Consenting Lender on the Amendment No. 2 Effective Date immediately prior to the effectiveness
of Amendment No. 2 (or, if less, the amount notified to such Lender by the Administrative Agent prior to the Amendment No. 2 Effective
Date).

“Corrective Term Loan Extension Amendment”
shall have the meaning assigned to such term in Section 2.25(e).

    	 	13	 

     

    

 

“Credit Agreement Refinancing Indebtedness” shall mean
(a) Permitted First Priority Refinancing Debt, (b) Permitted Second Priority Refinancing Debt, (c) Permitted Unsecured Refinancing Debt
or (d) other Indebtedness incurred pursuant to a Refinancing Amendment (including, without limitation, Other Term Loans), in each case,
issued, incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to
extend, renew, replace or refinance, in whole or part, existing Term B-1 Loans, Incremental Revolving Commitments, Incremental Term Loans,
New Term Loans or Other Term Loans, or any then existing Credit Agreement Refinancing Indebtedness (“Refinanced Debt”);
provided that (i) such Indebtedness does not mature prior to the maturity date of, or have a shorter Weighted Average Life to Maturity
than the Refinanced Debt (other than to the extent of nominal amortization for periods where amortization has been eliminated or reduced
as a result of prepayments of such Refinanced Debt), (ii) such Indebtedness shall not have a greater principal amount than the principal
amount of the Refinanced Debt plus accrued interest, fees and premiums (if any) thereon and reasonable fees and expenses associated with
the refinancing, extension, renewal or replacement, unless otherwise permitted hereby and (iii) such Refinanced Debt shall be repaid,
defeased or satisfied and discharged, and all accrued interest, fees and premiums (if any) in connection therewith shall be paid, on the
date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained.

 

“Credit Event” shall have
the meaning assigned to such term in Section 4.01.

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

“Cumulative Retained Excess Cash Flow
Amount” shall mean, at any date, an amount, not less than zero, determined on a cumulative basis equal to the amount of Excess
Cash Flow for all fiscal years of the Lead Borrower starting with the fiscal year ending December 31, 2014 that was not (and, in the case
of any fiscal year of the Lead Borrower where the respective required date of prepayment has not yet occurred pursuant to Section 2.13(b),
will not on such date of required prepayment be) required to be applied as a mandatory prepayment in accordance with Section 2.13(b)
(which Section 2.13(b) shall, for purposes of this definition, be construed without giving effect to any deduction pursuant to
clause (B) of such Section 2.13(b)).

“Debtor Relief Laws” shall
mean the Bankruptcy Code of the United States and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors,
moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable
jurisdictions from time to time in effect and affecting the rights of creditors generally.

“Declined Amounts” shall
have the meaning specified in Section 2.13(g).

“Declining Lender” shall
have the meaning specified in Section 2.13(g).

“Deed of Amendment” shall
mean that certain Deed of Amendment of Mortgage Number 6, executed before Notary Public Gladys O. Fontanez Reyes on June 28, 2011 by and
between Televicentro of Puerto Rico, LLC, as the mortgagor, and The Bank of Nova Scotia, as then holder of the PR Mortgage Note.

“Deed of Mortgage” shall
mean that certain Deed of Mortgage Number 6, executed before Notary Public Luis Morales-Steinmann on March 30, 2007 by Televicentro of
Puerto Rico, LLC, as the mortgagor.

“Default” shall mean any
event or condition which upon notice, lapse of time or both would constitute an Event of Default.

“Defaulting Lender” means
any Revolving Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion
of its Revolving Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other
amount required to be paid by it hereunder, (b) has notified the Borrowers 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 or generally under
other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting
in good faith, to provide a certification in writing from an authorized officer of such Revolving Lender that it will comply with its
obligations (and is financially able to meet such obligations as of the

    	 	14	 

     

    

 

date of certification) to fund prospective Revolving Loans and participations
in then outstanding Letters of Credit under this Agreement, provided that such Revolving 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.

 

“Deposit Account” shall mean
all “deposit accounts” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State
of New York (other than Excluded Accounts).

“Deposit Account Control Agreement”
shall mean a “control agreement” in form and substance reasonably acceptable to the Administrative Agent and the Lead Borrower
and containing terms providing “control” (for purposes of the UCC) over the Deposit Account governed by such Deposit Account
Control Agreement.

“Designated Acquisition”
shall mean any Permitted Acquisition or similar Investment that is not, in accordance with the agreement governing such Permitted Acquisition
or similar Investment, subject to a financing contingency and that has been designated by the Lead Borrower in writing to the Agent as
a “Designated Acquisition” which designation shall include a description of any Indebtedness (the “Designated Indebtedness”)
expected to be incurred to finance such Designated Acquisition.

“Designated Non-cash Consideration”
shall mean the fair market value (as determined in good faith by the applicable Borrower) of non-cash consideration received by the Borrowers
or any of their respective Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration
pursuant to an officer’s certificate executed by a Responsible Officer of the Lead Borrower and delivered to the Administrative
Agent, setting forth the basis of such valuation, less the amount of Cash Equivalents received in connection with a subsequent sale of
such Designated Non-cash Consideration.

“Disposition” or “Dispose”
shall mean the sale, transfer, license, lease or other disposition of any property by any Person, including any sale, assignment, transfer
or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

“Disqualified Institution”
shall mean (a) each bank, financial institution or other institutional lender and Company Competitor or Affiliate of a Company Competitor
identified in writing to the Administrative Agent prior to the Amendment No. 2 Effective Date and (b) any other person designated in writing
to the Administrative Agent after the Amendment No. 2 Effective Date by the Lead Borrower by e-mail sent to JPMDQ_Contact@jpmorgan.com
(or such other address as the Administrative Agent may from time to time notify the Lead Borrower) to the extent such person is or becomes
a Company Competitor or is or becomes an Affiliate of a Company Competitor, which designation shall become effective three days after
receipt by the Administrative Agent of such written supplement, but which shall not apply retroactively to disqualify any persons that
have previously acquired an assignment or participation interest in the Loans or is party to a pending trade; provided that a Company
Competitor or an Affiliate of a Company Competitor shall not include any bona fide debt fund or investment vehicle or other institutional
lender or bank or financial institution that is engaged in making, purchasing, holding or otherwise investing in commercial loans and
similar extensions of credit in the ordinary course of business which is managed, sponsored or advised by any person controlling, controlled
by or under common control with such Company Competitor or Affiliate thereof, as applicable, and for which no personnel involved with
the investment of such Company Competitor (i) makes (or has the right to make or participate with others in making) any investment decisions
or (ii) will obtain access to any Information from such bona fide debt fund or investment vehicle or persons receiving Information hereunder.

“Disqualified Stock” shall
mean any Equity Interest that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable),
or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof)
or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof
(other than upon an asset sale or change in control, if such right is subject to the prior payment in full of the Obligations), in whole
or in part, or requires the payment of any cash dividend or any other scheduled payment constituting a return of capital, in each case
at any time on or prior to the first anniversary of the Maturity Date, or (b) is convertible into or exchangeable (unless at the sole
option of the issuer thereof) for (i) debt securities or (ii) any Equity Interest referred to in clause (a) above, in each case at any
time prior to the first anniversary of the Latest Maturity Date. 

    	 	15	 

     

    

 

“Dollars” or “$” shall mean lawful
money of the United States of America.

 

“Domestic Subsidiaries”
shall mean all Subsidiaries incorporated or organized under the laws of the United States of America, any State thereof or the District
of Columbia.

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

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

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

“Effective Yield” shall mean,
as to any Term Loan of any Class, the effective yield on such Term Loans as reasonably determined by the Administrative Agent (consistent
with generally accepted financial practices), taking into account the applicable interest rate margins (but not any fluctuations in LIBO
Rate), any interest rate floors, and all fees, including recurring, up-front or similar fees or original issue discount (amortized over
the shorter of (x) the weighted average life of such loans and (y) the four years following the date of incurrence thereof) payable generally
to Lenders making such loans, but excluding (i) any arrangement, structuring or other fees payable in connection therewith that are not
generally shared with the Lenders thereunder and (ii) any customary consent fees paid generally to consenting Lenders.

“Eligible Assignee” shall
mean (i) any Lender, any Affiliate of any Lender and any Related Fund (any two or more Related Funds being treated as a single Eligible
Assignee for all purposes hereof) and (ii) any commercial bank, insurance company, investment or mutual fund or other entity (other than
a natural person) that extends credit or buys loans and that is approved by the Administrative Agent but excluding, (x) any Affiliated
Lender, except to the extent expressly provided in Section 9.04(f), (y) Holdings, the Borrowers and their respective Subsidiaries,
except to the extent expressly provided in Section 9.04(f) and (z) any Disqualified Institution.

“Environmental Laws” shall
mean all former, current and future federal, state, local and foreign laws (including common law), treaties, regulations, rules, ordinances,
codes, decrees, judgments, directives, orders (including consent orders), and agreements in each case, relating to protection of the environment,
natural resources, human or public health and safety or the presence, Release of, or exposure to, Hazardous Materials, or the generation,
manufacture, processing, distribution, use, treatment, storage, transport, recycling or handling of, or the arrangement for such activities
with respect to, Hazardous Materials.

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

“Equity Interests” shall
mean shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust
or other equity interests in any Person, and any option, warrant or other right entitling the holder thereof to purchase or otherwise
acquire any such equity interest.

“ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as the same may be amended from time to time.

    	 	16	 

     

    

 

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

 

“ERISA Event” shall mean
(a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder, with respect to a Plan,
(b) the failure to satisfy the minimum funding standard (as defined in Section 412 or 430 of the Code or Section 303 or 304 of ERISA)
with respect to any Plan, whether or not waived, (c) a determination that any Plan is in “at-risk status” or any Multiemployer
Plan is in “endangered status” or “critical status” (as each is defined in Section 303 and 305 of ERISA, respectively),
(d) the incurrence by the Lead Borrower or any of its ERISA Affiliates of any material liability under Title IV of ERISA with respect
to the termination of any Plan or the withdrawal or partial withdrawal of the Lead Borrower or any of its ERISA Affiliates from any Plan
or Multiemployer Plan, (e) the receipt by the Lead Borrower or any of its ERISA Affiliates from the PBGC or a plan administrator of any
notice relating to the intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, (f) the receipt by the
Lead Borrower or any of its ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from the Lead Borrower or any of
its ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is,
or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA or (g) the occurrence of a non-exempt “prohibited
transaction” with respect to which the Lead Borrower or any of its Restricted Subsidiaries is a “disqualified person”
(each within the meaning of Section 4975 of the Code) that results in material liability to the Borrower.

“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, shall refer to whether such Loan, or the Loans comprising such Borrowing, is bearing interest at a
rate determined by reference to the Adjusted LIBO Rate.

“Events of Default” shall
have the meaning assigned to such term in Section 7.01.

“Excess Cash Flow” shall
mean, with respect to any Excess Cash Flow Payment Period, an amount, not less than zero, equal to:

(a)        the
sum, without duplication, of (i) Consolidated Net Income of the Lead Borrower and its Restricted Subsidiaries for such Excess Cash Flow
Payment Period, plus (ii) the amount of all non-cash charges (including depreciation, amortization and deferred tax expense) deducted
in arriving at such Consolidated Net Income, plus (iii) the aggregate net amount of non-cash loss on Dispositions by the Lead Borrower
and its Restricted Subsidiaries during such Excess Cash Flow Payment Period (other than sales of inventory in the ordinary course of business),
to the extent deducted in arriving at such Consolidated Net Income, plus (iv) the aggregate amount of any non-cash loss for such
period attributable to the early extinguishment of Indebtedness, Hedging Agreements or other derivative instruments, to the extent deducted
in arriving at such Consolidated Net Income, plus (v) to the extent not otherwise included in determining Consolidated Net Income, the
aggregate amount of cash receipts for such period attributable to Hedging Agreements or other derivative instruments, minus

(b)        the
sum, without duplication (in each case, for the Lead Borrower and its Restricted Subsidiaries on a consolidated basis), of:

(i) Capital Expenditures, except to the extent made
using proceeds, payments or any other amounts available from events or circumstances that were not included in determining Consolidated
Net Income during such period (including any proceeds from Indebtedness), that are (A) actually made in cash during such Excess Cash Flow
Payment Period or (B) committed although not actually made in cash during such Excess Cash Flow Payment Period, so long as such Capital
Expenditures are actually made in cash within six months after the end of such Excess Cash Flow Payment Period; provided that (x)
if any Capital Expenditures are deducted from Excess Cash Flow pursuant to (B) above, such amount shall be added to the Excess Cash Flow
for the immediately succeeding Excess Cash Flow Payment Period if the expenditure is not

 

    	 	17	 

     

    

 

actually made in cash within such six-month period and (y) no deduction
shall be taken in the immediately succeeding Excess Cash Flow Payment Period when such amounts deducted pursuant to clause (B) are actually
spent;

 

(ii) to the extent not otherwise deducted from Consolidated
Net Income, Consolidated Cash Taxes;

(iii) the aggregate amount of all principal payments
of Indebtedness of the Lead Borrower and its Restricted Subsidiaries (including (A) the principal component of payments in respect of
Capital Lease Obligations, (B) the amount of any repayment of Loans pursuant to Section 2.11, (C) the amount of any mandatory prepayment
of Loans pursuant to Section 2.13(a) to the extent required due to an Asset Sale that resulted in an increase to such Consolidated
Net Income and not in excess of the amount of such increase and (D) the amount of any voluntary prepayments of Loans made by Holdings,
any Borrower or any of their respective Subsidiaries pursuant to Section 9.04(f) (in an amount equal to the discounted amount actually
paid in respect of the principal amount of such Loans) (provided that (I) such prepayments or repurchases are otherwise permitted
hereunder and (II) such prepayments or repurchases are not made, directly or indirectly, using (1) proceeds, payments or any other amounts
available from events or circumstances that were not included in determining Consolidated Net Income during such period (including any
proceeds from Indebtedness) or (2) the Cumulative Retained Excess Cash Flow Amount) but excluding (X) all other prepayments of Loans (other
than those specified in preceding clauses (iii)(C) and (D))and (Y) payments in respect of any Permitted Ratio Debt, any New Incremental
Notes and Indebtedness constituting Permitted Second Priority Refinancing Debt, Permitted Unsecured Refinancing Debt or any Subordinated
Indebtedness, except in each case to the extent permitted to be paid pursuant to Section 6.09 or occurring in connection with a
refinancing of such Indebtedness permitted in accordance with the terms of this Agreement) made during such period, in each case except
to the extent financed with the proceeds of Funded Debt of the Lead Borrower or any of its Restricted Subsidiaries;

(iv) to the extent not deducted in arriving at Consolidated
Net Income, Restricted Payments made in cash during such period by the Lead Borrower to the extent that such Restricted Payments are made
under Sections 6.06(a)(ii) and 6.06(a)(iii), solely to the extent made, directly or indirectly, with the net cash proceeds
from events or circumstances that were included in the calculation of Consolidated Net Income;

(v) (A) the aggregate amount of any premium, make-whole
or penalty payments actually paid in cash by any Borrower during such period that are required to be made in connection with any prepayment
or satisfaction and discharge of Indebtedness of the Lead Borrower or any of its Restricted Subsidiaries (except to the extent financed
with the proceeds of Funded Debt other than the Loans) to the extent that the amount so prepaid, satisfied or discharged is not deducted
from Consolidated Net Income for purposes of calculating Excess Cash Flow and (B) to the extent included in determining Consolidated Net
Income, the aggregate amount of any income for such period attributable to the early extinguishment of Indebtedness, Hedging Agreements
or other derivative instruments (other than commodity Hedging Agreements);

(vi) cash payments made by the Lead Borrower or any
of its Restricted Subsidiaries during such period (to the extent not deducted in arriving at such Consolidated Net Income) in satisfaction
of non-current liabilities (excluding payments of Indebtedness for borrowed money) not made directly or indirectly using (1) proceeds,
payments or any other amounts available from events or circumstances that were not included in determining Consolidated Net Income during
such period (including any proceeds from Indebtedness) or (2) the Cumulative Retained Excess Cash Flow Amount;

(vii) to the extent not deducted in arriving at Consolidated
Net Income, fees, expenses and purchase price adjustments paid in cash during such period by the Lead Borrower or any of its Restricted
Subsidiaries in connection with the Transaction or, in each case to the extent

    	 	18	 

     

    

 

permitted hereunder, any Investment permitted under Section
6.04, issuance of Equity Interests or issuance of Indebtedness (whether or not consummated) and any Restricted Payment made in cash
by the Lead Borrower or any of its Restricted Subsidiaries pursuant to Sections 6.06(a)(ii) and 6.06(a)(iii) to pay any
of the foregoing;

 

(viii) to the extent not deducted in arriving at Consolidated
Net Income, the aggregate amount of expenditures actually made in cash from operations by the Lead Borrower or any of its Restricted Subsidiaries
during such period (including expenditures for payment of financing fees) to the extent such expenditures are (1) not expensed during
such period and (2) made with cash from operations;

(ix) cash from operations used by the Lead Borrower
or any of its Restricted Subsidiaries or committed to be used by the Lead Borrower or any of its Restricted Subsidiaries to consummate
a Permitted Acquisition or Investment permitted under Sections 6.04(e), (f), (l) or (n) (if such Permitted
Acquisition or Investment has been consummated or committed to during such period prior to the date on which a prepayment of Loans would
be required pursuant to Section 2.13(b) with respect to such Excess Cash Flow Payment Period); provided, however,
that if any amount is deducted from Excess Cash Flow pursuant to this clause (ix) with respect to any Excess Cash Flow Payment Period
as a result of a Permitted Acquisition or Investment that has been committed to be consummated but not yet actually consummated during
such period then (x) such amount shall not be deducted from Excess Cash Flow pursuant to this clause (ix) as a result of such Permitted
Acquisition or Investment, as the case may be, being actually consummated in the immediately succeeding Excess Cash Flow Payment Period
and (y) such amount shall be added to Excess Cash Flow for the immediately succeeding Excess Cash Flow Payment Period if the Permitted
Acquisition or Investment is not actually consummated during such succeeding period;

(x) the amount of cash payments made in respect of pensions
and other postemployment benefits in such period to the extent not deducted in arriving at such Consolidated Net Income;

(xi) the amount of cash expenditures in respect of Hedging
Agreements during such fiscal year to the extent they exceed the amount of expenditures expensed in determining Consolidated Net Income
for such period;

(xii) the aggregate principal amount of all mandatory
prepayments of Term Loans made during such Excess Cash Flow Payment Period pursuant to Section 2.13(b), or reinvestments of Net
Cash Proceeds in lieu thereof, to the extent that the applicable Net Cash Proceeds resulted in an increase of Consolidated Net Income
(and are not in excess of such increase) for such Excess Cash Flow Payment Period; and

(xiii) the aggregate net amount of any non-cash gains
to the extent included in arriving at Consolidated Net Income; minus

(c)        any
increase in Net Working Capital during such Excess Cash Flow Payment Period (measured as the excess, if any, of Net Working Capital at
the end of such Excess Cash Flow Payment Period minus Net Working Capital at the beginning of such Excess Cash Flow Payment Period) or
increases in long term accounts receivable and decreases in the long-term portion of deferred revenue for such period (other than any
such increases or decreases, as applicable, arising from acquisitions or Dispositions of property by the Lead Borrower, and its Restricted
Subsidiaries during such period), except as a result of the reclassification of items from short term to long term or vice versa; plus

(d)        any
decrease in Net Working Capital during such Excess Cash Flow Payment Period (measured as the excess, if any, of Net Working Capital at
the beginning of such Excess Cash Flow Payment Period minus Net Working Capital at the end of such Excess Cash Flow Payment Period) or
decreases in long-term accounts receivable and increases in the long-term portion of deferred revenue for such period (other than any
such decreases or increases, as applicable, arising from acquisitions or

    	 	19	 

     

    

 

Dispositions of property by the Lead Borrower or any of its Restricted
Subsidiaries completed during such period), except as a result of the reclassification of items from short term to long term or vice versa.

 

“Excess Cash Flow Payment Date”
shall mean the date occurring on the earlier to occur of (x) the delivery of the financial statements for such fiscal year pursuant to
Section 5.04 and (y) 90 days after the end of each fiscal year of the Lead Borrower (commencing with the fiscal year of the Lead
Borrower ending December 31, 2015).

“Excess Cash Flow Payment Period”
shall mean, with respect to the repayment required on each Excess Cash Flow Payment Date, the immediately preceding fiscal year of the
Borrower.

“Excluded Accounts” shall
mean, (A) payroll and other employee wage and benefit accounts, (B) tax accounts, including, without limitation, sales tax accounts, (C)
escrow accounts, (D) fiduciary or trust accounts and (E) Immaterial Accounts and, in the case of clauses (A) through (E), the funds or
other property held in or maintained in any such account.

“Excluded Property” shall
mean, with respect to any Loan Party, (a) (i) any leasehold interest (including any ground lease interest) in real property, (ii) any
fee-owned real property with a fair market value not in excess of $5,000,000 and (iii) any fixtures affixed to any real property to the
extent (A) such real property has a fair market value below $5,000,000 or (B) a security interest in such fixtures may not be perfected
by a UCC financing statement (or equivalent) in the jurisdiction of organization of the applicable Loan Party or the jurisdiction of
location of such assets, as applicable, but for greater certainty excluding any fixtures in connection with a mortgage on real property
that is not Excluded Property by operation of clause (a)(ii) above, (b) any lease, license, franchise, charter, authorization, contract
or agreement to which any Loan Party is a party, and any of its rights or interest thereunder, if and to the extent that a security interest
(i) is prohibited by or in violation of any law, rule or regulation applicable to any Loan Party, except to the extent such prohibition
is rendered ineffective under the UCC (or equivalent applicable foreign law), or requires any governmental or third party consent or
approval (provided, that such Loan Party has used commercially reasonable efforts (which for the avoidance of doubt shall not
include any payment of non-de minimis amounts) to obtain such consent or approval) or (ii) is prohibited by or in violation of a term,
provision or condition of any such lease, license, franchise, charter, authorization, contract or agreement; provided, however,
that the Collateral shall include (and such security interest shall attach) at such time as the contractual or legal prohibition shall
no longer be applicable (provided, that to the extent such prohibition requires any third party consent, such Loan Party has used
commercially reasonable efforts (which for the avoidance of doubt shall not include any payment of non-de minimis amounts) to obtain
such consent), shall attach to any portion of such lease, license, franchise, charter, authorization, contract or agreement not subject
to the prohibitions specified in (i) or (ii) above (in each case, after giving effect to the applicable anti-assignment provisions of
the UCC (or equivalent applicable foreign law); provided, further, that the exclusions referred to in this clause (b) shall
not include any proceeds of any such lease, license, franchise, charter, authorization, contract or agreement, (c) motor vehicles and
other assets subject to certificates of title, including, without limitation, aircraft, airframes, aircraft engines or helicopters, or
any equipment or other assets constituting a part thereof, in each case to the extent subject to Federal Aviation Act registration requirements
(or equivalent applicable foreign law), and rolling stock, (d) letters of credit and letter of credit rights that do not constitute supporting
obligations in respect of other Collateral, except to the extent such letter of credit rights may be perfected by the filing of a UCC
financing statement (or equivalent), (e) commercial tort claims with a value not in excess of $2,500,000 in the aggregate, (f) assets,
if and to the extent that a security interest in such asset (i) is prohibited by or in violation of any law, rule or regulation applicable
to any Loan Party, (ii) requires a consent (provided that any Loan Party has used its commercially reasonable efforts to obtain
such consent) of any governmental authority or any third party that has not been obtained, except, in the case of clauses (f)(i) and
(f)(ii), to the extent such prohibition or consent is rendered ineffective under the UCC (or equivalent applicable foreign law), or (iii)
to the extent a security interest in such assets would result in a material adverse tax consequences (including as a result of the operation
of Section 956 of the Code or any similar law or regulation in any applicable jurisdiction) as reasonably determined by the Lead Borrower,
(g) (i) 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 (or comparable applicable foreign law), prior to the filing of a “Statement of Use” pursuant to Section
1(d) of the Lanham Act (or comparable applicable foreign law), to the extent that, and 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 and (ii) any Intellectual Property located or titled outside the U.S. with respect to which any actions
in any non-U.S. jurisdiction or under the 

    	 	20	 

     

    

 

laws of any non-U.S. jurisdiction is required to create or perfect any
security interest in such Intellectual Property, including any Intellectual Property registered in any non-U.S. jurisdiction, and (h)
(x) in respect of the Collateral, Equity Interests in excess of 65% of the voting capital stock of any Foreign Subsidiary or CFC Holding
Company owned by any Loan Party, (y) Equity Interests in joint ventures or any non-Wholly Owned Subsidiaries to the extent not permitted
by the terms of such person’s organizational or joint venture documents existing on the Closing Date or existing at the time of
acquisition thereof after the Closing Date, and (z) Equity Interests of Foreign Subsidiaries that are held by a Foreign Subsidiary; (i)
perfection by “control” (other than in respect of certificated Collateral pledged pursuant to the Security Agreements or any
accounts (other than Excluded Accounts)) with respect to any Collateral (j) FCC (or foreign equivalent) licenses to the extent the pledge
thereof is prohibited by the Communications Act or any other Applicable Law (for the avoidance of doubt, this clause (j) does not
extend to the proceeds of such FCC (or foreign equivalent) licenses; and (k) Excluded Accounts. Other assets shall be deemed to be “Excluded
Property” if the Administrative Agent and the Lead Borrower agree in writing that the cost of obtaining or perfecting a security
interest in such assets is excessive in relation to the value of such assets as Collateral. Notwithstanding anything herein to the contrary
the foregoing provisions of this paragraph shall not exclude any rights and remedies incident or appertaining to any FCC (or foreign equivalent)
licenses or any rights to receive any and all proceeds derived from, or in connection with, any disposition of all or any portion of such
licenses or any television or cable film channel owned by a Borrower or any of its Restricted Subsidiaries.

 

“Excluded Subsidiary” shall
mean (a) any Subsidiary that is not a wholly owned Subsidiary of a Borrower or a Guarantor, (b) any Domestic Subsidiary that is a disregarded
entity for United States federal income tax purposes substantially all of the assets of which consist of Equity Interests in one or more
Foreign Subsidiaries that are CFCs, (c) any Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary that is
a CFC, (d) any Subsidiary that is prohibited or restricted by Applicable Law, or by an contractual obligation existing on the of date
of acquisition of such Subsidiary (if not entered into in contemplation thereof) from providing a Guaranty or if such Guaranty would require
governmental (including regulatory) consent, approval, license or authorization (provided that the Loan Parties have used commercially
reasonable efforts (which for the avoidance of doubt shall not include payment of non-de minimis amounts) to obtain such consent), (e)
any Subsidiary that is a not-for-profit organization, (f) any other Subsidiary with respect to which, in the reasonable judgment of the
Administrative Agent (confirmed in writing by notice to the Lead Borrower), the cost or other consequences (including any adverse tax
consequences) of providing the Guaranty shall be excessive in view of the benefits to be obtained by the Lenders therefrom and (h) each
Immaterial Subsidiary.

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

“Excluded Taxes” shall mean,
with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation
of the Borrowers hereunder, (a) income, capital or franchise Taxes imposed on (or measured by) its net income imposed by a jurisdiction
as a result of such recipient being organized under the laws of, or having its principal office located or, in the case of any Lender,
having its applicable lending office located in, the jurisdiction imposing such Tax (b) any branch profits taxes or any similar tax imposed
by a jurisdiction described in clause (a) above, (c) in the case of any Lender, U.S. federal withholding tax imposed on amounts payable
to such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such
Lender acquires such interest in the applicable Commitment (or, to the extent such Lender did not fund an applicable Loan pursuant to
a prior Commitment, on the date on which such Lender acquires its interest in such Loan); provided that this clause (i) shall not apply
to a Lender that become a Lender pursuant to an assignment requested by the Lead Borrower under Section 2.21(a)), or (ii) such
Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 2.20, amounts with respect to such
Taxes were payable either to such Lender’s assignor immediately before such Lender acquires the applicable

    	 	21	 

     

    

 

interest in the applicable Loan or Commitment or to such Lender immediately
before it changes its Lending Office, (d) any Tax that is attributable to such recipient’s failure to comply with Section 2.20(f)
or (g), and (e) any U.S. federal withholding Taxes imposed under FATCA. For purposes of clause (c)(i) of this definition, a participation
acquired pursuant to Section 2.18 shall be treated as having been acquired on the earlier date(s) on which the applicable Lender
acquired the applicable interests in the Commitments or loans to which such participation relates.

 

“Existing Indebtedness” shall
mean the Indebtedness outstanding under (i) the Loan Agreement, dated as of March 31, 2011, by and among InterMedia Español, Inc.
and Televicentro of Puerto Rico, LLC, as Borrowers, the financial institutions party thereto, as Lenders, The Bank of Nova Scotia and
RBC Capital Markets, as Joint Lead Arrangers, Banco Popular de Puerto Rico, as Syndication Agent, and The Bank of Nova Scotia , as Administrative
Agent (for the purposes of this definition, with all capitalized terms as defined therein) and, (ii) the Amended and Restated Credit Agreement,
dated as of June 17, 2011, by and among Cine Latino, Inc., as the Borrower, the other persons party thereto that are designated as Credit
Parties, General Electric Capital Corporation, as Agent, the other financial institutions party thereto, as Lenders, GE Capital Markets,
Inc., as Sole Lead Arranger and Bookrunner and Royal Bank of Canada, as Syndication Agent (for the purposes of this definition, with all
capitalized terms as defined therein).

“Extended Term Loans” shall
have the meaning assigned to such term in Section 2.25(a).

“Extending Term Loan Lender”
shall have the meaning assigned to such term in Section 2.25(a).

“Extension” shall have the
meaning assigned to such term in Section 2.25(a).

“Extension Offer” shall have
the meaning assigned to such term in Section 2.25(a).

“FATCA” shall mean Sections
1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements
entered into pursuant to Section 1471(b)(1) of the Code as of the date of this Agreement (or any amended or successor version described
above) and any intergovernmental agreements (and any related treaty, law, regulation or other official guidance) implementing any of the
foregoing.

“FCC” shall mean the Federal
Communications Commission (or any successor agency, commission, bureau, department or other political subdivision of the United States
of America).

“FCC Licenses” shall mean
broadcasting and other licenses, authorizations, waivers and permits which are issued from time to time by the FCC to the Lead Borrower
or any of its Restricted Subsidiaries in connection with the operation of the Stations.

“Federal Funds Effective Rate”
means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions,
as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding
Business Day by the NYFRB as the federal funds effective rate.

“Fee Letter” shall mean,
as the context requires, (i) the Fee Letter dated July 9, 2013, among the Borrowers, DBSI and the Administrative Agent and/or (ii) the
Fee Letter dated March 25, 2021, among the Borrowers and JPMCB.

“Fees” shall mean the fees
referred to in Section 2.05(a) and the Prepayment Fee.

“Financial Covenant” shall
have the meaning assigned to such term in Section 6.10(a).

“Financial Covenant Event of Default”
shall have the meaning assigned to such term in Section 7.01(d).

    	 	22	 

     

    

 

“Financial Officer” of any Person shall mean the chief
financial officer, principal accounting officer, treasurer or controller of such Person.

 

“First Lien Net Leverage Ratio”
shall mean, on any date, the ratio of (a) an amount equal to the excess of (i) Total Debt that is secured on a first lien basis by a Lien
on any asset of the Lead Borrower or any of its Restricted Subsidiaries on such date over (ii) the aggregate amount of unrestricted cash
and Cash Equivalents (up to a maximum aggregate amount of $60,000,000) of the Lead Borrower and its Restricted Subsidiaries as of such
date to (b) Consolidated EBITDA for the Test Period most recently ended on or prior to such date.

“Fiscal Quarter” shall mean
each calendar quarter.

“Fiscal Year” shall mean
the fiscal year of the Lead Borrower and its Restricted Subsidiaries ending on December 31.

“Foreign Benefit Event” shall
mean, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any
applicable law, or in excess of the amount that would be permitted absent a waiver from a Governmental Authority, (b) the failure to make
the required contributions or payments, under any applicable law, on or before the due date for such contributions or payments, (c) the
receipt of a notice by a Governmental Authority relating to the intention to terminate any such Foreign Pension Plan or to appoint a trustee
or similar official to administer any such Foreign Pension Plan, or alleging the insolvency of any such Foreign Pension Plan, (d) the
incurrence of any material liability by Holdings, the Borrowers or any of their respective Restricted Subsidiaries under applicable law
on account of either (i) the complete or partial termination of such Foreign Pension Plan or (ii) the complete or partial withdrawal of
any participating employer therein, or (e) the occurrence of any transaction that is prohibited under any applicable law and that could
reasonably be expected to result in the incurrence of any material liability by Holdings, the Lead Borrower or any of its Restricted Subsidiaries
(including by a Governmental Authority’s imposition on Holdings, the Lead Borrower or any of their respective Restricted Subsidiaries
of any fine, excise tax or penalty resulting from any non-compliance with any applicable law.

“Foreign Casualty Event”
shall have the meaning assigned to such term in Section 2.13(e).

“Foreign Disposition” shall
have the meaning assigned to such term in Section 2.13(e).

“Foreign Lender” shall mean
any Lender that has a Commitment to or holds an Obligation of the Lead Borrower that is not a United States person within the meaning
of Section 7701(a)(30) of the Code.

“Foreign Pension Plan” shall
mean any defined benefit pension plan that is not subject to United States law and under applicable law is required to be funded through
a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority.

“Foreign Subsidiary” shall
mean any Subsidiary that is not a Domestic Subsidiary.

“Funded Debt” of any Person
shall mean Indebtedness for borrowed money of such Person that (x) by its terms matures more than one year after the date of its creation
or (y) matures within one year from any date of determination but (in the case of this clause (y)) is renewable or extendible, at the
option of such Person, to a date more than one year after such date or arises under a revolving credit or similar agreement that obligates
the lender or lenders to extend credit during a period of more than one year after such date, including Indebtedness in respect of the
Loans.

“GAAP” shall mean generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and
the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board
or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable
to the circumstances as of the date of determination, consistently applied.

    	 	23	 

     

    

 

“Governmental Authority” shall mean any federal, state,
provincial territorial, local or foreign court or governmental agency, authority, instrumentality or regulatory body (including any supra-national
bodies such as the European Union or the European Central Bank).

 

“Granting Lender” shall have
the meaning assigned to such term in Section 9.04(g).

“Guarantee” of or by any
Person shall mean any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other monetary obligation of any other Person (the “primary obligor”) in any manner, whether directly
or indirectly, and including any obligation of such Person, direct or indirect, (a) to purchase or pay (or advance or supply funds for
the purchase or payment of) such Indebtedness or other monetary obligation or to purchase (or to advance or supply funds for the purchase
of) any security for the payment of such Indebtedness or other monetary obligation, (b) to purchase or lease property, securities or services
for the purpose of assuring the owner of such Indebtedness or other monetary obligation of the payment of such Indebtedness or other monetary
obligation or (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 monetary obligation; provided, however, that the term
“Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business.

“Guarantor” shall mean any
of Holdings, each Borrower and the Subsidiary Guarantors; provided that the term “Guarantor” shall mean and include
each Borrower solely as it relates to any obligations that are incurred by any other Loan Party as opposed to obligations directly incurred
by it.

“Guaranty” shall mean the
guaranty made by Holdings, each Borrower, and the Subsidiary Guarantors, substantially in the form of Exhibit E.

“Hazardous Materials” shall
mean (a) any petroleum products or byproducts and all other hydrocarbons, coal ash, radon gas, asbestos, urea formaldehyde foam insulation,
polychlorinated biphenyls, chlorofluorocarbons and all other ozone-depleting substances and (b) any chemical, material, substance or waste
that is prohibited, limited or regulated by or pursuant to any Environmental Law.

“Hedge Termination Value”
shall mean, in respect of any one or more Secured Hedging Agreements, after taking into account the effect of any legally enforceable
netting agreement relating to such Hedging Agreements, for any date on or after the date such Hedging Agreements have been closed out
and termination value(s) determined in accordance therewith, such termination value(s).

“Hedging Agreement” shall
mean any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest
or currency exchange rate or commodity price hedging arrangement, excluding spot foreign exchange transactions.

“Hedging Bank” shall mean
(i) any Person that is an Agent, a Lender, a Lead Arranger or an Affiliate of any of the foregoing on the Amendment No. 2 Effective Date
or on the Amendment No. 3 Effective Date or at the time it enters into a Secured Hedging Agreement, in its capacity as a party thereto,
whether or not such Person subsequently ceases to be an Agent, a Lender, a Lead Arranger or an Affiliate of any of the foregoing and (ii)
any other Person, reasonably satisfactory to the Administrative Agent, that the Borrowers have designated in writing to the Administrative
Agent as a “Hedging Bank” so long as, in the case of this clause (ii) (x) no Event of Default has occurred and is continuing
at the time of such designation and (y) such Person executes an agreement in form reasonably satisfactory to the Administrative Agent
agreeing to be bound to the terms of the Loan Documents applicable to a Hedging Bank.

“Historical Financial Statements”
shall mean:

(a)        audited
consolidated statements of financial position, operations, shareholders’ equity and comprehensive income and cash flows of Cine
Latino, Inc.as of and for the fiscal years ended December 31, 2012, December 31, 2011 and December 31, 2010 in each case with an accompanying
opinion of McGladrey LLP, independent public accountants; and

    	 	24	 

     

    

 

(b)        audited consolidated statements
of financial position, operations, shareholders’ equity and comprehensive income and cash flows of InterMedia Español Holdings,
LLC as of and for the fiscal years ended December 31, 2012, December 31, 2011 and December 31, 2010 in each case with an accompanying
opinion of McGladrey LLP, independent public accountants.

 

“Holdings” shall have the
meaning assigned to such term in the introductory statement hereto.

“Holdings Specified Expenses”
shall mean any charge, tax or expense incurred or accrued by Holdings (or any parent company thereof) during any period to the extent
that the Lead Borrower has made a Restricted Payment to Holdings (or any parent company thereof) in respect thereof pursuant to Sections
6.06(a)(ii) and 6.06(a)(iii), in each case, to the extent such change, tax or expense would have reduced Consolidated Net Income
had it been made by the Lead Borrower.

“Immaterial Account” shall
mean any Deposit Account with an average monthly balance of less than $750,000, provided, that the average monthly balance of all
Immaterial Accounts shall not exceed $5,000,000 at any time.

“Immaterial Subsidiary” shall
mean, as of any date of determination, any Restricted Subsidiary of the Lead Borrower whose consolidated total assets (as set forth in
the most recent consolidated balance sheet of the Lead Borrower and its Restricted Subsidiaries delivered to the Lenders pursuant to this
Agreement and computed in accordance with GAAP) do not constitute more than 2.5% of the amount set forth under the caption “Total
Assets” (or any like caption) on a consolidated balance sheet of the Lead Borrower and its Restricted Subsidiaries as of the end
of the most recently ended Fiscal Quarter for which internal financial statements are available; provided that the consolidated
total assets (as so determined) of all Immaterial Subsidiaries shall not exceed 5.0% of the amount set forth under the caption “Total
Assets” (or any like caption) on a consolidated balance sheet of the Lead Borrower and its Restricted Subsidiaries as of the end
of the most recently ended Fiscal Quarter for which internal financial statements are available. For the avoidance of doubt, Azteca Acquisition
Corporation shall be an Immaterial Subsidiary on the Closing Date.

“Incremental Assumption Agreement”
shall mean an Incremental Assumption Agreement among, and in form and substance reasonably satisfactory to, the Lead Borrower, the Administrative
Agent and one or more Incremental Term Lenders.

“Incremental Commitment Requirements”
shall mean, with respect to the provision of any Incremental Term Loans or New Term Loans, the satisfaction of each of the following
conditions on any such date: (i) no Default or Event of Default then exists or would result therefrom; provided that in connection
with the provision of any Incremental Term Loans or New Term Loans the proceeds of which are to be applied to finance a Designated Acquisition
the only Default or Event of Default required not to exist or result therefrom shall be Sections 7.01(b), (c), (g)
or (h); (ii) all of the representations and warranties contained herein and in the other Loan Documents are true and correct in
all material respects at such time (it being understood that (x) any representation and warranty that is qualified by materiality or
Material Adverse Effect shall be required to be true and correct in all respects and (y) any representation and warranty which by its
terms is made as of a specified date shall be required to be true and correct in all material respects (or all respects, as the case
may be) as of such earlier date); provided that in connection with the provision of any Incremental Term Loans or New Term Loans
the proceeds of which are to be applied to finance a Designated Acquisition only the Acquisition Representations need be true and correct
in all material respects (as qualified in clause (x) and (y) above); (iii) the delivery by the Lead Borrower to the Administrative Agent
on or prior to such date of an officer’s certificate executed by a Responsible Officer of the Lead Borrower and (x) certifying
as to compliance with preceding clauses (i) and (ii) and, (y) designating as to whether the respective Incremental Term Loans or New
Term Loans are to be incurred under clause (a) and/or clause (b), as applicable, of the definition of “Maximum Incremental Amount”
and (z) certifying that the full amount of such Incremental Term Loans or New Term Loans (assuming the full utilization of commitments
thereunder) may be incurred without violating any Material Indebtedness of Holdings, the Lead Borrower and its Restricted Subsidiaries;
(iv) to the extent reasonably requested by the Administrative Agent, the delivery by the Lead Borrower to the Administrative Agent of
an opinion or opinions, in form and substance reasonably satisfactory to the Administrative Agent, from counsel to the Loan Parties dated
such date, covering such of the matters set forth in the opinions of counsel delivered to the Administrative Agent on the Closing Date
pursuant to Section 4.02(a); and (v)

    	 	25	 

     

    

 

the delivery by the Lead Borrower to the Administrative Agent of such officers’
certificates (including solvency certificates), board of director resolutions, reaffirmation agreements, supplements or amendments to
the Security Documents (to the extent applicable) and evidence of good standing as the Administrative Agent shall reasonably request.

 

“Incremental Facility” shall
mean (i) each Incremental Term Loan and (ii) each New Term Loan.

“Incremental Term Lender”
shall have the meaning assigned to such term in Section 2.22(b).

“Incremental Term Loan Assumption Agreement”
shall mean an Incremental Term Loan Assumption Agreement among, and in form and substance reasonably satisfactory to, the Lead Borrower,
the Administrative Agent and one or more Incremental Term Lenders; provided, that Amendment No. 3 shall be deemed to be an Incremental
Term Loan Assumption Agreement with respect to the Add-on Term B-1 Loans.

“Incremental Revolving Commitment”
means a commitment to extend credit pursuant to any Incremental Revolving Facilities.

“Incremental Revolving Facilities”
shall have the meaning assigned to such term in Section 2.22(e).

“Incremental Term Loan” shall
have the meaning assigned to such term in Section 2.22(a).

“Incremental Term Loan Commitment”
shall mean, for any Lender, any commitment by such Lender to make Term Loans under any Incremental Term Loan Facility pursuant to Section
2.01(b) as agreed to by such Lender in the respective Incremental Assumption Agreement delivered pursuant to Section 2.22.

“Indebtedness” of any Person
shall mean, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by
bonds, debentures, notes or similar instruments, (c) 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 or assets purchased
by such Person, (e) all obligations of such Person issued or assumed as the deferred purchase price of property or services (excluding
(i) trade accounts payable and accrued obligations incurred in the ordinary course of business, (ii) any earn-out obligation until such
obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and, if not paid, after becoming due and payable,
(iii) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligation
of the applicable seller and (iv) any Indebtedness defeased by such Person or by any subsidiary of such Person), (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 obligations secured thereby have been assumed, (g) all Guarantees
by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all Synthetic Lease Obligations of such
Person, (j) net obligations of such Person under any Hedging Agreements, valued at the Hedge Termination Value thereof, (k) all obligations
of such Person in respect of Disqualified Stock of such Person or any other Person, (l) all obligations of such Person as an account party
in respect of letters of credit and (m) all obligations of such Person in respect of bankers’ acceptances. The Indebtedness of any
Person shall include the Indebtedness of any partnership in which such Person is a general partner, other than to the extent that the
instrument or agreement evidencing such Indebtedness expressly limits the liability of such Person in respect thereof. The amount of Indebtedness
of any Person for purposes of clause (f) shall be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such Indebtedness
and (B) the fair market value of the property encumbered thereby as determined by such Person in good faith.

“Indemnified Taxes” shall
mean Taxes other than Excluded Taxes and Other Taxes.

“Indemnitee” shall have the
meaning assigned to such term in Section 9.05(b).

“Information” shall have
the meaning assigned to such term in Section 9.16.

    	 	26	 

     

    

 

“Initial Term Loans” shall mean the Term Loans outstanding
under this Agreement immediately prior to the effectiveness of Amendment No. 1.

 

“Intellectual Property” shall
have the meaning assigned to such term in the Security Agreement.

“Intellectual Property Security Agreement”
shall mean, collectively, each intellectual property security agreement (dated the date hereof) executed by the Loan Parties, substantially
in the form of the exhibits to the Security Agreement, together with each other intellectual property security agreement or intellectual
property security agreement supplement executed and delivered by a Loan Party pursuant to Section 5.13.

“Intercreditor Agreements”
shall mean, collectively, any Pari Passu Intercreditor Agreement (if entered into) and any Junior Lien Intercreditor Agreement (if entered
into).

“Interest Payment Date” shall
mean (a) with respect to any ABR Loan, the last Business Day of each March, June, September and December, and (b) with respect to any
Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Term Loan is a part and, in the case of
a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day that would have been an Interest Payment
Date had successive Interest Periods of three months’ duration been applicable to such Borrowing.

“Interest Period” shall mean
(i) prior to the payoff of all Term B-1 Loans, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing
and ending on the numerically corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month
that is 1, 2, 3, 6, or if available to all Lenders, 12 months or less than 1 month thereafter, as the Lead Borrower may elect, and (ii)
upon and after the payoff of all Term B-1 Loans, 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 1, 3 or 6 months thereafter, as the Lead Borrower may elect;
provided, however, that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall
be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which
case such Interest Period shall end on the next preceding Business Day, (b) any Interest Period that begins on the last Business Day of
a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period)
shall end on the last Business Day of the calendar month at the end of such Interest Period and (c) no Interest Period for any Loan shall
extend beyond the maturity date of such Loan. Interest shall accrue from and including the first day of an Interest Period to but excluding
the last day 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” shall
mean the rate per annum 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 Reuters Screen LIBOR01 for the longest period
for which the Reuters Screen LIBOR01 is available that is shorter than the Impacted Interest Period; and (b) the Reuters Screen LIBOR01
for the shortest period (for which the Reuters Screen LIBOR01 is available) that exceeds the Impacted Interest Period, in each case, at
such time.

“Investment” shall mean,
as to any Person, any direct or indirect acquisition or investment by such Person, by means of (a) the purchase or other acquisition
of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, or assumption of debt
of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership
or joint venture interest in such other Person and any arrangement pursuant to which the investor incurs debt of the type referred to
in clause (h) of the definition of Indebtedness in respect of such Person or (c) the purchase or other acquisition (in one transaction
or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting
a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment shall
be the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of
such Investment but giving effect to any returns or distributions of capital or repayment of principal actually received in cash by such
Person with respect thereto (but only to the extent that the aggregate amount of all such returns, distributions and repayments with
respect to such Investment does not

    	 	27	 

     

    

 

exceed the principal amount of such Investment and less any such amounts
which increase the Available Amount Basket) and “Invested” shall have a corresponding meaning.

 

“IRS” shall mean the U.S.
Internal Revenue Service or any successor agency thereto.

“Issuing Bank” means each
of JPMorgan Chase Bank, N.A., and Bank of America, N.A. and any other Revolving Lender that agrees to act as an Issuing Bank, each in
its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 10.06(i).
Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in
which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.
Each reference herein to the “Issuing Bank” in connection with a Letter of Credit or other matter shall be deemed to be a
reference to the relevant Issuing Bank with respect thereto.

“Junior Financing” shall
mean, collectively any Permitted Unsecured Refinancing Debt, any Permitted Second Priority Refinancing Debt, any Permitted Ratio Debt,
any New Incremental Notes (other than first lien New Incremental Notes), any other Indebtedness that is unsecured, any Subordinated Indebtedness
or any Indebtedness incurred pursuant to one or more successive Permitted Refinancings of any of the foregoing; provided that Junior
Financing shall not include any intercompany loans.

“Junior Lien Intercreditor Agreement”
shall mean a “junior lien” intercreditor agreement among the Administrative Agent and one or more representatives for the
holders of Permitted Second Priority Refinancing Debt, in form and substance reasonably satisfactory to the Administrative Agent.

“Latest Maturity Date” shall
mean, at any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment hereunder at such time,
including the latest maturity or expiration date of any New Term Loan, any Other Term Loan or any Extended Term Loan, in each case as
extended in accordance with this Agreement from time to time.

“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 (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time, plus (b) the aggregate
amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrowers at such time. The LC Exposure of any
Lender at any time shall be its Applicable Percentage of the LC Exposure at such time. For all purposes of this Agreement, if on any date
of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of
Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600
(or such later version thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14 of the International Standby
Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable
time) or similar terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter
of Credit shall be deemed to be “outstanding” and “undrawn” in the amount so remaining available to be paid, and
the obligations of the Borrowers and each Lender shall remain in full force and effect until the Issuing Bank and the Lenders shall have
no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit.

“Lead Arrangers” means the
Amendment No. 2 Lead Arrangers and the Amendment No. 3 Lead Arrangers.

“Lead Borrower” shall have
the meaning assigned to such term in the introductory statement hereto.

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

“Lender Parties” shall have
the meaning assigned to such term in Section 7.02(c).

“Lenders” shall mean the
Term Lenders and the Revolving Lenders. Unless the context otherwise requires, the term “Lenders” includes the Issuing Banks
(including, without limitation, for purposes of Section 2.14).

    	 	28	 

     

    

 

“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 10.06(b).

“Letter of Credit Commitment”
means, with respect to each Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit hereunder. The initial amount
of each Issuing Bank’s Letter of Credit Commitment is set forth on Schedule 10.01, or if an Issuing Bank has entered into
an Assignment and Assumption or has otherwise assumed a Letter of Credit Commitment after the Amendment No. 3 Effective Date, the amount
set forth for such Issuing Bank as its Letter of Credit Commitment in the Register maintained by the Administrative Agent. The Letter
of Credit Commitment of an Issuing Bank may be modified from time to time by agreement between such Issuing Bank and the Borrowers, and
notified to the Administrative Agent. As of the Amendment No. 3 Effective Date, the initial aggregate amount of the Letter of Credit Commitments
is $10,000,000.

“LIBO Rate” shall mean, with
respect to any Eurodollar Borrowing for any Interest Period, the London interbank offered rate as administered by the 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 the Reuters Screen LIBOR01 (or such other page as may replace such page on such service for the purpose of displaying
the rates at which dollar deposits are offered by leading banks in the London interbank deposit market) at approximately 11:00 a.m., London,
England time, on the second full Business Day preceding the first day of such Interest Period; provided that if the Reuters Screen
LIBOR01 shall not be available for such Interest Period (an “Impacted Interest Period”) then the LIBO Rate shall be
the Interpolated Rate (as defined above).

Notwithstanding the foregoing, the LIBO Rate
in respect of any applicable Interest Period will be deemed to be 0.00% per annum if the LIBO Rate for such Interest Period calculated
pursuant to the foregoing provisions would otherwise be less than 0.00% per annum.

“Lien” shall mean, with respect
to any asset, (a) any Mortgage, hypothec, deed of trust, lien, pledge, encumbrance, charge or security interest in or on 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.

“Loan Documents” shall mean
this Agreement, the Fee Letter, the Guaranty, the Security Documents, each Incremental Term Loan Assumption Agreement, each New Term Loan
Commitment Agreement, each Incremental Revolving Facility Amendment, each Refinancing Amendment, the promissory notes, if any, executed
and delivered pursuant to Section 2.04(e) and/or Section 10.10(e) and any agreements between a Borrower and an Issuing Bank
regarding the issuance by such Issuing Bank of Letters of Credit hereunder and/or the respective rights and obligations between such Borrower
and such Issuing Bank in connection thereunder, and any other document executed in connection with the foregoing, including any guaranty
or guaranty supplement required to be delivered pursuant to Section 5.13.

“Loan Parties” shall mean
Holdings, the Borrowers and the Subsidiary Guarantors.

“Loans” shall mean the collective
reference to the Term Loans and the Revolving Loans.

“London Banking Day” shall
mean any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank market.

“Margin Stock” shall have
the meaning assigned to such term in Regulation U.

“Material Adverse Effect”
shall mean (a) a material adverse change in, or a material adverse effect on, the operations, business, assets, properties, liabilities
(actual or contingent) or financial condition of Holdings, the Lead Borrower and its Restricted Subsidiaries taken as a whole; (b) a
material adverse effect on the ability of any Loan Party to perform its material obligations under any of the Loan Documents to which
it is a party; or (c) a material

    	 	29	 

     

    

 

adverse effect upon the legality, validity, binding effect or the enforceability
against any Loan Party of any of the Loan Documents to which it is a party.

 

“Material Domestic Subsidiary”
shall mean, as of the Closing Date and thereafter at any date of determination, each of the Borrower’s Domestic Subsidiaries, other
than an Immaterial Subsidiary.

“Material Indebtedness” shall
mean Indebtedness (other than the Loans), or obligations in respect of one or more Hedging Agreements, of any one or more of Holdings,
the Borrowers or any of their respective Restricted Subsidiaries in an aggregate principal amount exceeding $10,000,000. For purposes
of determining Material Indebtedness, the “principal amount” of the obligations of Holdings, the Borrowers or any of their
respective Restricted Subsidiaries in respect of any Hedging Agreement at any time shall be the Hedge Termination Value of such Hedging
Agreement at such time.

“Material Lease” shall have
the meaning assigned to such term in Section 3.20(b).

“Material Owned Real Property”
shall have the meaning assigned to such term in Section 3.20(a).

“Maturity Date” shall mean,
with respect to the Term B-1 Loans, the Term B-1 Loan Maturity Date; provided that the reference to Maturity Date with respect
to (w) Other Term Loans shall be the final maturity date as specified in the applicable Refinancing Amendment, (x) Extended Term Loans
shall be the final maturity date as specified in the applicable Extension Offer, (y) Incremental Term Loans shall be the final maturity
date as specified in the applicable Incremental Term Loan Assumption Agreement and (z) any New Term Loans shall be the final maturity
date as specified in the applicable New Term Loan Commitment Agreement; provided further that if any such day is not a Business
Day, the applicable Maturity Date shall be the Business Day immediately succeeding such day.

“Maximum First Lien Net Leverage Requirement”
shall mean, with respect to any request pursuant to Article II for an Incremental Facility or an incurrence of New Incremental Notes,
the requirement that, the First Lien Net Leverage Ratio shall be less than or equal to 4.00:1.00, determined on a Pro Forma Basis after
giving effect to such increase, New Term Loans or New Incremental Notes and assuming that in each case such Incremental Facility is fully
drawn, as of the last day of the Test Period most recently ended for which financial statements have been delivered pursuant to Section
5.04(a) or 5.04(b); provided that when calculating the First Lien Net Leverage Ratio for purposes of this definition,
(x) all Indebtedness incurred pursuant to Sections 2.22, 2.23 and 2.24 and any refinancing thereof (pursuant to Section
2.26, any Credit Agreement Refinancing Indebtedness, any Permitted Refinancing of any other refinancings and successive refinancings
thereof) (in each case, whether or not such Indebtedness is unsecured) shall be deemed to constitute Total Debt that is secured by a first
ranking Lien on the assets of the Lead Borrower or any of its Restricted Subsidiaries, and (y) the cash proceeds of any such Incremental
Facility or New Incremental Notes shall not be included in the amount of unrestricted cash and Cash Equivalents to be netted in calculating
such ratio.

“Maximum Incremental Amount”
shall mean, at any time of determination, the sum of (a) the excess of (i) $65,000,000 over (ii) the aggregate principal amount of Incremental
Term Loans made pursuant to Section 2.22, New Term Loans made pursuant to Section 2.23 and New Incremental Notes issued
or incurred pursuant to Section 2.24, in each case, prior to such time in reliance on clause (a)(i) plus (b) an additional amount
if, after giving effect to the incurrence of such additional amount, the Maximum First Lien Net Leverage Requirement and the Maximum Total
Net Leverage Requirement have been satisfied. For the avoidance of doubt, the Add-on Term B-1 Loans shall constitute Incremental Term
Loans incurred in reliance on clause (b) of the previous sentence, with any amounts not in compliance therewith, if any, deemed incurred
under clause (a) of the previous sentence.

“Maximum Rate” shall have
the meaning assigned to such term in Section 9.09.

“Maximum Total Net Leverage Requirement”
shall mean, with respect to any request pursuant to Article II for an Incremental Facility or an incurrence of New Incremental
Notes, the requirement that, the Total Net Leverage Ratio shall be less than or equal to 6.00:1.00, determined on a Pro Forma Basis after
giving effect to such Incremental Facility or New Incremental Notes and assuming that in each case such Incremental Facility is fully

    	 	30	 

     

    

 

drawn as of the last day of the Test Period most recently ended for which
financial statements have been delivered pursuant to Section 5.04(a) or 5.04(b); provided that when calculating the
Total Net Leverage Ratio for purposes of this definition, the cash proceeds of any such Incremental Facility or New Incremental Notes
shall not be included in the amount of unrestricted cash and Cash Equivalents to be netted in calculating such ratio.

 

“Minimum Extension Condition”
shall have the meaning assigned thereto in Section 2.25(b).

“Minority Investment” shall
mean any Person other than a Subsidiary in which the Lead Borrower or any of its Restricted Subsidiaries owns any Equity Interests.

“Moody’s” shall mean
Moody’s Investors Service, Inc., or any successor thereto.

“Mortgaged Properties” shall
have the meaning specified in paragraph (e) of the definition of “Collateral and Guarantee Requirement.”

“Mortgages” shall mean the
mortgages, deeds of trust, hypothecs, debentures, assignments of leases and rents, modifications and other security documents delivered
pursuant to Sections 5.13 or 5.16.

“Multiemployer Plan” shall
mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the Lead Borrower or any ERISA Affiliate currently makes
or is obligated to make contributions or to which the Lead Borrower or any ERISA Affiliate has made or was obligated, within the preceding
five years, to make contributions.

“Net Cash Proceeds” shall
mean (a) with respect to any Asset Sale, the cash proceeds thereof (including (x) cash proceeds subsequently received (as and when received)
in respect of non-cash consideration initially received, (y) in the case of a casualty, insurance proceeds and (z) in the case of a condemnation
or similar event, condemnation awards and similar payments), net of (i) selling expenses (including reasonable broker’s fees or
commissions, legal fees, transfer and similar taxes and the Lead Borrower’s good faith estimate of income taxes paid or payable
in connection with such sale), (ii) amounts provided as a reserve, in accordance with GAAP, against any liabilities under any indemnification
obligations or purchase price adjustment associated with such Asset Sale (provided that, to the extent and at the time any such
amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds) and (iii) the principal amount, premium or penalty,
if any, interest and other amounts on any Indebtedness for borrowed money which is secured by the asset sold in such Asset Sale and which
is required to be repaid with such proceeds (other than (x) any such Indebtedness assumed by the purchaser of such asset, (y) Indebtedness
under the Loan Documents and (z) any Indebtedness secured by the Collateral on a pari passu or junior basis); provided,
however, that, if (A) the Lead Borrower shall deliver a certificate of a Financial Officer to the Administrative Agent at the time
of receipt thereof setting forth the Lead Borrower’s intent to reinvest such proceeds in productive assets of a kind then used or
usable in the business of the Lead Borrower or its Restricted Subsidiaries within the time period specified in this definition and (B)
no Default or Event of Default shall have occurred and shall be continuing at the time of such certificate or at the proposed time of
the application of such proceeds, such proceeds shall not constitute Net Cash Proceeds except to the extent not so used (1) within 365
days following the receipt of such proceeds, at which time such proceeds shall be deemed to be Net Cash Proceeds or (2) if the Lead Borrower
or the relevant Restricted Subsidiary enters into a legally binding commitment to reinvest such Net Cash Proceeds within 365 days following
the receipt thereof, such 365 days period will be extended with respect to the amount of Net Cash Proceeds so committed until such Net
Cash Proceeds are required to be applied in accordance with such agreement (but such extension will in no event be for a period longer
than 180 days); (b) with respect to any issuance or incurrence of Indebtedness, the cash proceeds thereof, net of all taxes and customary
fees, commissions, costs and other expenses incurred in connection therewith; and (c) with respect to any Permitted Equity Issuance by
any direct or indirect parent of the Lead Borrower, the amount of cash from such Permitted Equity Issuance contributed to the capital
of the Lead Borrower.

“Net Working Capital” shall
mean, with respect to the Lead Borrower and its Restricted Subsidiaries on a consolidated basis, Consolidated Current Assets minus Consolidated
Current Liabilities.

“New Incremental Notes”
shall have the meaning assigned thereto in Section 2.24(a).

    	 	31	 

     

    

 

“New Term Loan” shall have the meaning assigned thereto
in Section 2.23(a).

 

“New Term Loan Borrowing Date”
shall mean, with respect to each Class of New Term Loans, each date on which New Term Loans of such Class are incurred pursuant to Section
2.01(c) and as otherwise permitted pursuant to Section 2.23.

“New Term Loan Commitment”
shall mean, for each Lender, any commitment to make New Term Loans provided by such Lender pursuant to Section 2.23, in such amount
as agreed to by such Lender in the respective New Term Loan Commitment Agreement.

“New Term Loan Commitment Agreement”
shall mean a New Term Loan Commitment Agreement among the Borrowers, the Administrative Agent and one or more New Term Loan Lenders on
the same terms as this Agreement provided that (a) the Effective Yield in respect of such New Term Loans may be different from
the then current Effective Yield in respect of the Term B-1 Loans, (b) the Maturity Date of such New Term Loans may be later than (but
not earlier) than the Latest Maturity Date, (c) such New Term Loans may not have a shorter Weighted Average Life to Maturity the then
outstanding Term B-1 Loans, (d) such New Term Loan Lenders may agree less favorable treatment with respect to mandatory prepayment provisions
than those under the Term B-1 Loans and (e) any other departures from the terms of this Agreement shall be reasonably satisfactory to
the Administrative Agent.

“New Term Loan Facility”
shall mean any term loan facility established pursuant to Section 2.23.

“New Term Loan Lender” shall
have the meaning assigned thereto in Section 2.23(p).

“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.
on such day received to the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further,
that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

“Obligations” shall mean
all obligations of any of the Loan Parties from time to time arising under or in respect of the due and punctual payment of (i) the principal
of and premium, if any, and interest (including any post-petition interest (as defined in the Security Agreement) on the Loans, any Letters
of Credit and any other loans outstanding under this Agreement, when and as due, whether at maturity, by acceleration, upon one or more
dates set for prepayment or otherwise, (ii) all other monetary obligations, including Letter of Credit commissions, fees, costs, expenses
and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the
pendency of any proceeding under any Debtor Relief Laws naming such Loan Party as the debtor in such proceeding, regardless of whether
allowed or allowable in such proceeding), of the Loan Parties under the Loan Documents, (iii) obligations of any Loan Party arising under
any Secured Hedging Agreement (excluding any Excluded Swap Obligations) and (iv) Cash Management Obligations.

“Officer’s Certificate”
shall mean a certificate of the chief financial officer or the treasurer of the Lead Borrower substantially in the form attached as Exhibit
H or such other form as shall be approved by the Administrative Agent.

“Other Applicable Indebtedness”
shall have the meaning assigned to such term in Section 2.13(a).

“Other Taxes” shall mean
any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from
any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document.

    	 	32	 

     

    

 

“Other Term Loan Borrowing Date” shall mean, with respect
to each Class of Other Term Loans, each date on which Other Term Loans of such Class are incurred pursuant to Section 2.01(d) and
as otherwise permitted pursuant to Section 2.26.

 

“Other Term Loan Commitments”
shall mean one or more Classes of Term Loan Commitments hereunder that result from a Refinancing Amendment.

“Other Term Loans” shall
mean one or more Classes of Term Loans that result from a Refinancing Amendment.

“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 (from and after such date as the NYFRB
shall commence to publish such composite rate).

“Parent” shall mean Hemisphere
Media Group, Inc.

“Pari Passu Intercreditor Agreement”
shall mean a “pari passu” intercreditor agreement among the Administrative Agent and one or more representatives for
the holders of Permitted First Priority Refinancing Debt or New Incremental Notes, in form and substance reasonably satisfactory to the
Administrative Agent.

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

“Payment” shall have the
meaning assigned to such term in Article VII.

“Payment Notice” shall have
the meaning assigned to such term in Article VII.

“Payment Office” shall mean
the office of the Administrative Agent located at 10 South Dearborn, Floor 07, Chicago, IL, 60603-2300 or such other office as the Administrative
Agent may hereafter designate in writing as such to the other parties hereto.

“PBGC” shall mean the Pension
Benefit Guaranty Corporation referred to and defined in ERISA.

“Perfection Certificate”
shall mean the perfection certificate substantially in the form of Exhibit II to the Security Agreement.

“Permitted Acquisition” shall
have the meaning assigned to such term in Section 6.04(f).

“Permitted Encumbrance” shall
mean, with respect to any Mortgaged Property located in the United States, such exceptions to title as are set forth in any Mortgage Policy
delivered with respect thereto, all of which exceptions must be acceptable to the Administrative Agent in its reasonable discretion or,
with respect to any Mortgaged Property located in any jurisdiction other than then United States, the equivalent exceptions (if any) that
apply under any Applicable Law.

“Permitted Equity Issuance”
shall mean any sale or issuance of any Qualified Capital Stock of the Lead Borrower or any direct or indirect parent of the Lead Borrower,
in each case to the extent permitted hereunder.

“Permitted First Priority Refinancing
Debt” shall mean any secured Indebtedness incurred by the Lead Borrower in the form of one or more series of senior secured
notes or loans; provided that (a) such Indebtedness is secured by the Collateral on a pari passu basis (but without regard
to the control of remedies) with the Obligations and is not secured by any property or assets of the Lead Borrower or any of its Restricted
Subsidiaries other than the Collateral, (b) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness, (c) such Indebtedness
is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors, (d) the holders of such Indebtedness (or
their representative) and the Administrative Agent shall be party to a Pari Passu Intercreditor

    	 	33	 

     

    

 

Agreement, and (e) such Indebtedness has covenants and default and remedy
provisions that in the good faith determination of the Lead Borrower are no more restrictive taken as a whole, than those set forth in
this Agreement.

 

“Permitted Investors” shall
mean:

(a)        InterMedia
Partners VII, L.P., a Delaware limited partnership and Searchlight II HMT, L.P., a Delaware limited partnership;

(b)        any
Affiliate or Related Party of any Person specified in clause (a), other than another portfolio company thereof (which means a company
actively engaged in providing goods and services to unaffiliated customers) or a company controlled by a “portfolio company”;
and

(c)        any
Person both the Equity Interests of such Person and the aggregate ordinary voting power represented by the issued and outstanding Equity
Interests of such Person of which (or in the case of a trust, the beneficial interests in which) are owned 50% or more by Persons specified
in clauses (a) and (b).

“Permitted Junior Debt Conditions”
shall mean that such applicable debt (a) is not scheduled to mature prior to the date that is 180 days after the then Latest Maturity
Date, (b) does not mature or have scheduled amortization payments of principal or payments of principal and is not subject to mandatory
redemption, repurchase, prepayment or sinking fund obligations (except customary asset sale or change of control provisions that provide
for the prior repayment in full of Loan and all other Obligations), in each case prior to the Latest Maturity Date at the time such Indebtedness
is incurred, (c) such Indebtedness is not at any time guaranteed by any Restricted Subsidiaries other than Restricted Subsidiaries that
are Guarantors and (d) has covenants and default and remedy provisions that are no more restrictive taken as a whole, than those set forth
in this Agreement; provided that a certificate of a Responsible Officer of the Lead Borrower delivered to the Administrative Agent
in good faith at least five (5) Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description
of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Lead Borrower
has determined in good faith that such terms and conditions satisfy the requirement set out in the foregoing clause (d), shall be conclusive
evidence that such terms and conditions satisfy such requirement unless the Administrative Agent provides notice to the Lead Borrower
of an objection during such five (5) Business Day period (including a reasonable description of the basis upon which it objects).

“Permitted Ratio Debt” shall
mean Indebtedness of the Lead Borrower or any of its Restricted Subsidiaries; provided that (a) such Indebtedness is either (x)
senior unsecured Indebtedness ranking pari passu in right of payment to the Obligations or (y) subordinated in right of payment
to the Obligations, (b) such Indebtedness does not mature prior to the date that is 91 days after the Latest Maturity Date at the time
such Indebtedness is incurred, (c) such Indebtedness has no scheduled amortization or scheduled payments of principal and is not subject
to mandatory redemption, repurchase, prepayment or sinking fund obligation (other than customary offers to repurchase upon a change of
control, asset sale or casualty event and customary acceleration rights after an event of default) prior to the date that is 91 days
after the Latest Maturity Date at the time such Indebtedness is incurred, (d) no Default or Event of Default shall then exist or result
therefrom, (e) immediately after giving effect thereto and to the use of the proceeds thereof, the Lead Borrower shall be in Pro Forma
Compliance with a Total Net Leverage Ratio of 6.00:1.00 as of the most recently ended Test Period for which financial statements have
been delivered pursuant to Sections 5.04(a) and 5.04(b), (f) the covenants, events of default, guarantees and other terms
of such Indebtedness are customary for similar Indebtedness in light of then-prevailing market conditions and in any event, when taken
as a whole (other than interest rate and redemption premiums), are not more restrictive to the Lead Borrower and its Restricted Subsidiaries
than those set forth in this Agreement (provided that a certificate of a Responsible Officer of the Lead Borrower delivered to
the Administrative Agent in good faith at least five (5) Business Days prior to the incurrence of such Indebtedness, together with a
reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto,
stating that the Lead Borrower has determined in good faith that such terms and conditions satisfy the requirement set out in the foregoing
clause (f), shall be conclusive evidence that such terms and conditions satisfy such requirement unless the Administrative Agent provides
notice to the Lead Borrower of an objection during such five (5) Business Day period (including a reasonable description of the basis
upon which it objects)), (g) in respect of which no Restricted Subsidiary of the Lead Borrower that is not a Guarantor under the Loan
Documents is an obligor, (h) if such

    	 	34	 

     

    

 

Indebtedness is subordinated, (x) the subordination provisions shall be
reasonably satisfactory to the Administrative Agent and (y) the Term Loan Facilities shall have been, and while the Term Loan Facilities
remain outstanding no other Indebtedness is or is permitted to be, designated as “designated senior debt” or its equivalent
in respect of such Indebtedness and (i) the Lead Borrower shall have delivered to the Administrative Agent an officer’s certificate
executed by a Responsible Officer of the Lead Borrower certifying to such officer’s knowledge, compliance with the requirements
of this definition, including reasonably detailed calculations required to demonstrate compliance with the Total Net Leverage Ratio required
by clause (e) above.

 

“Permitted Refinancing”
shall mean, with respect to any Person, any modification, refinancing, refunding, renewal, replacement, exchange or extension of any
Indebtedness of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed
the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed, replaced, exchanged
or extended except by an amount equal to accrued and unpaid interest and a reasonable premium thereon plus other reasonable amounts paid,
and fees and expenses reasonably incurred (including original issue discount and upfront fees), in connection with such modification,
refinancing, refunding, renewal, replacement, exchange or extension and by an amount equal to any existing commitments unutilized thereunder;
(b) such modification, refinancing, refunding, renewal, replacement, exchange or extension has a final maturity date equal to or later
than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity
of, the Indebtedness being modified, refinanced, refunded, renewed, replaced, exchanged or extended; (c) if the Indebtedness being modified,
refinanced, refunded, renewed, replaced, exchanged or extended is subordinated in right of payment to the Obligations, such modification,
refinancing, refunding, renewal, replacement, exchange or extension is subordinated in right of payment to the Obligations on terms,
taken as a whole, as favorable in all material respects to the Lenders (including, if applicable, as to Collateral) as those contained
in the documentation governing the Indebtedness being modified, refinanced, refunded, renewed, replaced, exchanged or extended; (d) if
the Indebtedness being modified, refinanced, refunded, renewed, replaced, exchanged or extended is (i) unsecured, such modification,
refinancing, refunding, renewal, replacement, exchange or extension is unsecured or (ii) secured by Liens, such modification, refinancing,
refunding, replacement, renewal or extension is either (x) unsecured or is not secured by any Liens that do not also secure the Obligations
or (y) if secured by Liens that also secure the Obligations, to the extent that such Liens are subordinated to, or (but only if, and
to the extent, the Indebtedness being modified, refinanced, refunded, renewed or extended was secured equally and ratably with the Obligations)
secured equally and ratably with, Liens securing the Obligations and/or such security interests were subject to (or required at the time
such Indebtedness was originally incurred to be subject to) any intercreditor arrangements (including, if applicable, an Intercreditor
Agreement) for the benefit of the Lenders, such modification, refinancing, refunding, replacement, renewal or extension is secured and
subject to intercreditor arrangements on terms, taken as a whole, as favorable in all material respects to the Lenders (including as
to Collateral) as those contained in the documentation (including any intercreditor or similar agreements) governing the Indebtedness
being modified, refinanced, replaced, refunded, replaced, renewed or extended or otherwise on terms reasonably satisfactory to the Administrative
Agent; (e) the terms and conditions (including, if applicable, as to collateral) of any such modified, refinanced, refunded, renewed,
replaced, exchanged or extended Indebtedness are, (A) either (i) customary for similar debt securities in light of then-prevailing market
conditions (it being understood that such Indebtedness shall not include any financial maintenance covenants) or (ii) not materially
less favorable to the Loan Parties or the Lenders, taken as a whole, than the terms and conditions of the Indebtedness being modified,
refinanced, refunded, renewed, replaced, exchanged or extended, and (B) when taken as a whole (other than interest rate and redemption
premiums), not more restrictive to the Lead Borrower and its Restricted Subsidiaries than those set forth in this Agreement (provided
that a certificate of a Responsible Officer of the Lead Borrower delivered to the Administrative Agent in good faith at least five
Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and
conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Lead Borrower has determined in good
faith that such terms and conditions satisfy the requirement set out in this clause (e), shall be conclusive evidence that such terms
and conditions satisfy such requirement unless the Administrative Agent provides notice to the Lead Borrower of its objection during
such five Business Day period (including a reasonable description of the basis upon which it objects); (f) such modification, refinancing,
refunding, renewal, replacement, exchange or extension does not add guarantors or other obligors from that which applied to the Indebtedness
being modified, refinanced, refunded, renewed, replaced or extended (unless such guarantors or obligors are also added to support the
Obligations); and (g) at the time thereof, no Event of Default shall have occurred and be continuing.

    	 	35	 

     

    

 

“Permitted Second Priority Refinancing Debt” shall mean
secured Indebtedness incurred by the Lead Borrower in the form of one or more series of second lien secured notes or second lien secured
loans; provided that (a) such Indebtedness is secured by the Collateral on a second priority basis to the Liens securing the Obligations
and the obligations in respect of any Permitted First Priority Refinancing Debt and is not secured by any property or assets of the Lead
Borrower or any of its Restricted Subsidiaries other than the Collateral, (b) such Indebtedness constitutes Credit Agreement Refinancing
Indebtedness (provided, that such Indebtedness may be secured by a Lien on the Collateral that is junior to the Liens securing
the Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt, notwithstanding any provision to the
contrary contained in the definition of “Credit Agreement Refinancing Indebtedness”), (c) the holders of such Indebtedness
(or their representative) and the Administrative Agent shall be party to a Junior Lien Intercreditor Agreement, and (d) such Indebtedness
meets the Permitted Junior Debt Conditions.

 

“Permitted Unsecured Refinancing Debt”
shall mean unsecured Indebtedness incurred by the Lead Borrower in the form of one or more series of senior unsecured notes or loans;
provided that (i) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness and (ii) meets the Permitted Junior Debt
Conditions.

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

“Plan” shall mean 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 Borrowers 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.

“Platform” shall have the
meaning assigned to such term in Section 5.04.

“PR Mortgage” shall mean
that certain Deed of Mortgage Number 6, executed before Notary Public Luis Morales-Steinmann on March 30, 2007 by Televicentro of Puerto
Rico, LLC, as the mortgagor, as amended by that certain Deed of Amendment of Mortgage Number 6, executed before Notary Public Gladys O.
Fontanez Reyes on June 28, 2011 by and between Televicentro of Puerto Rico, LLC, as the mortgagor, and The Bank of Nova Scotia, as then
holder of the PR Mortgage Note. The PR Mortgage shall constitute a Mortgage pursuant to the terms of this Agreement.

“PR Mortgage Note” shall
mean that certain $10,000,000 mortgage note issued by Televicentro of Puerto Rico, LLC on March 30, 2007 and secured by the PR Mortgage.

“PR Mortgage Note Pledge and Security
Agreement” shall mean a mortgage note pledge and security agreement executed on the date hereof and through which Televicentro
of Puerto Rico, LLC pledges the PR Mortgage Note to the Collateral Agent as collateral guaranteeing the Loans.

“Prepayment Amount” shall
have the meaning assigned to such term in Section 2.13(f).

“Prepayment Date” shall have
the meaning assigned to such term in Section 2.13(f).

“Prepayment Fee” shall have
the meaning assigned to such term in Section 2.05(b).

“Prime Rate” shall mean
(i) prior to the payoff of all Term B-1 Loans, the rate of interest per annum determined from time to time by the Administrative Agent
as its prime rate in effect at its principal office in New York City and notified to the Borrowers, and (ii) upon and after the payoff
of all Term B-1 Loans, 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), and, with respect to clause (ii), each change in the Prime Rate shall be effective
from and including the date such change is publicly announced or quoted as being

    	 	36	 

     

    

 

effective. The prime rate is a rate set by the Administrative Agent based
upon various factors including the Administrative Agent’s costs and desired return, general economic conditions and other factors,
and is used as a reference point for pricing some loans, which may be priced at, above, or below such rate.

 

“Pro Forma Basis” shall mean,
with respect to compliance with any test, covenant or calculation of any ratio hereunder, the determination or calculations of such test,
covenant or ratio (including in connection with Specified Transaction) in accordance with Section 1.04.

“Pro Forma Compliance” shall
mean, with respect to any test, covenant or calculation of any ratio hereunder, compliance on a Pro Forma Basis in accordance with Section
1.04.

“Public Lender” shall have
the meaning assigned to such term in Section 9.01.

“Qualified Capital Stock”
of any Person shall mean any Equity Interest of such Person that is not Disqualified Stock.

“Qualified ECP Guarantor”
shall mean, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guaranty
or grant of the relevant security interest becomes 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.

“Qualified Holding Company Indebtedness”
shall mean unsecured Indebtedness of Holdings (A) that is not subject to any Guarantee by any Subsidiary of Holdings, (B) that will not
mature prior to the date that is 91 days after the Latest Maturity Date of any Term Loan Facility in effect on the date of issuance or
incurrence thereof, (C) that has no scheduled amortization or scheduled payments of principal and is not subject to mandatory redemption,
repurchase, prepayment or sinking fund obligation (it being understood that such Indebtedness may have mandatory prepayment, repurchase
or redemption provisions satisfying the requirements of clause (E) below), (D) that does not require any payments in cash of interest
or other amounts in respect of the principal thereof prior to the earlier to occur of (1) the date that is four (4) years from the date
of the issuance or incurrence thereof and (2) the date that is 91 days after the Latest Maturity Date of any Term Loan Facility in effect
on the date of such issuance or incurrence, and (E) that has mandatory prepayment, repurchase or redemption, covenant, default and remedy
provisions customary for senior discount notes of an issuer that is the parent of a borrower under senior secured credit facilities, and
in any event, with respect to covenant, default and remedy provisions, no more restrictive (taken as a whole) than those set forth in
this Agreement (other than provisions customary for senior discount notes of a holding company); provided that the Lead Borrower
shall have delivered a certificate of a Responsible Officer to the Administrative Agent at least five Business Days prior to the incurrence
of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts
of the documentation relating thereto, stating that the Lead Borrower has reasonably determined in good faith that such terms and conditions
satisfy the foregoing requirement (and such certificate shall be conclusive evidence that such terms and conditions satisfy the foregoing
requirement unless the Administrative Agent notifies the Lead Borrower within such five Business Day period that it disagrees with such
determination (including a reasonably detailed description of the basis upon which it disagrees)); provided, further, that
any such Indebtedness shall constitute Qualified Holding Company Indebtedness only if immediately after giving effect to the issuance
or incurrence thereof and the use of proceeds thereof, no Event of Default shall have occurred and be continuing.

“RCF Covenants” shall have
the meaning assigned to such term in Section 6.10(c).

“Refinanced Debt” shall have
the meaning assigned to such term in the definition of the Credit Agreement Refinancing Indebtedness in this Section 1.01.

“Refinanced Term Loans”
shall have the meaning assigned to such term in Section 9.08(e).

    	 	37	 

     

    

 

“Refinancing Amendment” shall mean an amendment to this
Agreement in form and substance reasonably satisfactory to the Administrative Agent and the Lead Borrower executed by each of (a) the
Borrowers and Holdings, (b) the Administrative Agent, and (c) each additional Lender and existing Lender that agrees to provide any portion
of the Credit Agreement Refinancing Indebtedness being incurred pursuant thereto, in accordance with Section 2.26.

 

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

“Regulation T” shall mean
Regulation T of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

“Regulation U” shall mean
Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

“Regulation X” shall mean
Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

“Related Fund” shall mean,
with respect to any Lender that is a fund or commingled investment vehicle that invests in bank loans, any other fund that invests in
bank loans and is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

“Related Parties” shall mean,
with respect to any specified Person, such Person’s Affiliates and the respective directors, trustees, officers, employees, agents
and advisors of such Person and such Person’s Affiliates.

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

“Replacement Term Loans”
shall have the meaning assigned to such term in Section 9.08(e).

“Repricing Transaction” shall
mean the prepayment, refinancing, substitution or replacement of all or a portion of the Term B-1 Loans with the incurrence by the Borrowers
or any of their respective Restricted Subsidiaries of any new or replacement tranche of term loans with an effective interest cost or
weighted average yield (with the comparative determinations to be made by the Administrative Agent consistent with generally accepted
financial practices, after giving effect to, among other factors, margin, interest rate floors, upfront or similar fees or original issue
discount shared with all providers of such financing (but excluding upfront fees or original issue discount on the Term B-1 Loans), but
excluding the effect of any arrangement, structuring, syndication or other fees payable in connection therewith that are not shared with
all providers of such financing, and without taking into account any fluctuations in the LIBO Rate) that is less than the effective interest
cost or weighted average yield (as determined by the Administrative Agent on the same basis) of the Term B-1 Loans, including without
limitation, as may be effected through any amendment to this Agreement relating to the interest rate for, or weighted average yield of,
the Term B-1 Loans; provided that it shall not constitute a Repricing Transaction if the applicable replacement indebtedness is
incurred or the applicable amendment is effected in connection with a Change in Control.

“Required Lenders” shall
mean, at any time, Lenders having Loans and unused Commitments representing more than 50% of the sum of all Loans outstanding and unused
Commitments at such time; provided, however, that any Loans or Commitments held by Holdings or the Affiliated Lenders in
their capacity as Lenders shall be disregarded in the determination of the Required Lenders at any time.

“Required Revolving Lenders”
means, subject to Section 10.13, as of any date of determination, Revolving Lenders having more than 50% of the sum of the (a)
outstanding Revolving Credit Exposure and (b) aggregate unused Revolving Commitments; provided that unused Revolving Commitments
of, and the Revolving Credit Exposure held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination
of Required Revolving Lenders.

    	 	38	 

     

    

 

“Responsible Officer” of any Person shall mean any executive
officer, authorized person or Financial Officer of such Person and any other officer or similar official thereof responsible for the administration
of the obligations of such Person in respect of this Agreement.

 

“Restricted Indebtedness”
shall mean Indebtedness of Holdings, the Borrowers or any of their respective Restricted Subsidiaries, the payment, prepayment, repurchase
or defeasance of which is restricted under Section 6.09(b).

“Restricted Payment” shall
mean any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in Holdings,
the Borrowers or any of their respective Restricted Subsidiaries, 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
Equity Interests in Holdings, the Borrowers or any Restricted Subsidiary of the Lead Borrower.

“Restricted Subsidiary” shall
mean, with respect to any Person, any subsidiary of that Person other than an Unrestricted Subsidiary.

“Returns” shall have the
meaning assigned to such term in Section 3.14.

“Revolving Borrowing” means
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.

“Revolving Commitment” means,
with respect to each Revolving Lender, the amount set forth on Schedule 10.01 opposite such Revolving Lender’s name, or in
the Assignment and Assumption pursuant to which such Revolving Lender shall have assumed its Revolving Commitment, as applicable, and
giving effect to (a) any reduction in such amount from time to time pursuant to Section 10.09 and (b) any reduction
or increase in such amount from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04; provided,
that at no time shall (a) the Revolving Credit Exposure of any Revolving Lender exceed its Revolving Commitment. As of the Amendment No.
3 Effective Date, the initial aggregate amount of the Revolving Lenders’ Revolving Commitments is $30,000,000.

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

“Revolving Credit Facility Maturity
Date” means the date that is ninety (91) days prior to the Term B-1 Loan Maturity Date; provided, however, if
such date is not a Business Day, the Revolving Credit Facility Maturity Date” will be next Business Day immediately following such
date.

“Revolving Lenders” shall
mean (a) the Persons listed on Schedule 10.01 (other than any such Person that has ceased to be a party hereto pursuant to an Assignment
and Acceptance), and (b) any Person that has become a party hereto pursuant to an Assignment and Assumption in respect of Revolving Loans
and/or Revolving Commitments, an Incremental Revolving Facility Amendment or a Refinancing Amendment.

“Revolving Loan” means a
Loan made pursuant to Section 10.03.

“Revolving Note” shall have
the meaning assigned to such term in Section 10.10(e).

“S&P” shall mean Standard
& Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and any successor to its rating agency
business.

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

    	 	39	 

     

    

 

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

 

“Sanctioned Person” shall
mean, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets
Control of the U.S. Department of the Treasury, the U.S. Department of State, the or by the United Nations Security Council, the European
Union or any EU 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.

“Scheduled Extended Term Loan Repayment”
shall have the meaning assigned to such term in Section 2.11(a)(iii).

“Scheduled New Term Loan Repayment”
shall have the meaning assigned to such term in Section 2.11(a)(ii).

“Scheduled Other Term Loan Repayment”
shall have the meaning assigned to such term in Section 2.11(a)(iv).

“SEC” shall mean the Securities
and Exchange Commission, and any successor agency thereto.

“Secured Hedging Agreement”
shall mean any Hedging Agreement permitted under Section 6.01(j) that is entered into by and between any Loan Party and any Hedging
Bank, except for any such Hedging Agreement designated by the Lead Borrower in writing to the Administrative Agent as an “unsecured
hedging agreement” as of the Closing Date or, if later, as of the time of entering into such Hedging Agreement; provided
that for purposes of Section 7.02, any obligations outstanding under Secured Hedging Agreements shall be valued in accordance with
the definition of Hedge Termination Value and further provided that that for the purposes of the Loan Documents in no circumstances
shall any Excluded Swap Obligations constitute Obligations with respect to any Secured Hedge Agreement.

“Secured Parties” shall mean,
collectively, the Administrative Agent, the Collateral Agent, the Lenders, each Hedging Bank, each Cash Management Bank and each co-agent
or sub-agent appointed by the Administrative Agent from time to time pursuant to Article VIII.

“Securities Laws” shall mean
the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002 and, in each case, the rules and regulations
of the SEC promulgated thereunder, and the applicable accounting and auditing principles, rules, standards and practices promulgated,
approved or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of the foregoing may be amended and in effect
on any applicable date under this Agreement.

“Security Agreement” shall
mean, collectively, the Security Agreement executed by the Loan Parties, substantially in the form of Exhibit D, together with
each security agreement supplement executed and delivered pursuant to Section 5.10.

“Security Documents” shall
mean the Mortgages, the Security Agreement, the Affiliate Subordination Agreement, the PR Mortgage, the PR Mortgage Note, the PR Mortgage
Note Pledge and Security Agreement and corresponding financing statements, any Pari Passu Intercreditor Agreement (if entered into), any
Junior Lien Intercreditor Agreement (if entered into) and each of the security agreements, mortgages and other instruments and documents
executed and delivered pursuant to any of the foregoing or pursuant to Section 5.13.

“Solvency Certificate” shall
mean a certificate of the chief financial officer of Holdings substantially in the form attached as Exhibit I or such other form as shall
be reasonably satisfactory to the Administrative Agent.

“Specified Acquisition”
shall mean the Permitted Acquisition consummated on or about the Amendment No. 3 Effective Date.

    	 	40	 

     

    

 

“Specified Disposition” shall mean any Disposition which
generates net cash proceeds of at least $1,000,000.

 

“Specified Transactions”
shall mean any incurrence or repayment of Indebtedness (other than for working capital purposes) or Term Loan or Investment that results
from a Person becoming a Restricted Subsidiary or an Unrestricted Subsidiary (including pursuant to Section 5.15), any Permitted
Acquisition, any Specified Disposition, any Investment in excess of $2,000,000 or any Restricted Payment in excess of $2,000,000.

“SPV” shall have the meaning
assigned to such term in Section 9.04(g).

“Stations” shall mean all
radio and television broadcast stations owned by the Lead Borrower or any of its Restricted Subsidiaries.

“Statutory Reserves” shall
mean a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus
the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a
decimal established by the Board and any other banking authority, domestic or foreign, to which the Administrative Agent or any Lender
(including any branch, Affiliate or other fronting office making or holding a Loan) is subject for Eurocurrency Liabilities (as defined
in Regulation D of the Board). Eurodollar Loans shall be deemed to constitute Eurocurrency Liabilities (as defined in Regulation D of
the Board) 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. Statutory Reserves shall be adjusted automatically on and as of the
effective date of any change in any reserve percentage.

“Subordinated Indebtedness”
shall mean any Indebtedness of the Borrowers or any of their respective Restricted Subsidiaries that is expressly subordinated in right
of payment to the Obligations.

“subsidiary” shall mean,
with respect to any Person (herein referred to as the “parent”), any corporation, partnership, limited liability company,
association or other business entity of which securities or other ownership interests representing more than 50% of the equity or more
than 50% of the ordinary voting power, at the time any determination is being made, directly or indirectly, owned, Controlled or held
by such Person.

“Subsidiary” shall mean any
subsidiary of the Borrower.

“Subsidiary Guarantor” shall
mean each Restricted Subsidiary listed on Schedule 1.01(b), and each other Restricted Subsidiary that is or becomes a party to
the Guaranty; provided that no CFC Holding Company and no Subsidiary that is a CFC shall be a Subsidiary Guarantor.

“Swap Obligation” shall mean,
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.

“Syndication Agent” shall
mean Deutsche Bank Securities Inc.

“Synthetic Lease” shall mean,
as to any Person, any lease (including leases that may be terminated by the lessee at any time) of any property (whether real, personal
or mixed) (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership
of the property so leased for U.S. federal income tax purposes, other than any such lease under which such Person is the lessor.

“Synthetic Lease Obligations”
shall mean, as to any Person, an amount equal to the capitalized amount of the remaining lease payments under any Synthetic Lease that
would appear on a balance sheet of such person in accordance with GAAP if such obligations were accounted for as Capital Lease Obligations.

“Synthetic Purchase Agreement”
shall mean any swap, derivative or other agreement or combination of agreements pursuant to which Holdings, the Borrowers or any of their
respective Restricted Subsidiaries is or may

    	 	41	 

     

    

 

become obligated to make (a) any payment in connection with a purchase
by any third party from a Person other than Holdings, the Borrowers or any of their respective Restricted Subsidiaries of any Equity Interest
or Restricted Indebtedness or (b) any payment (other than on account of a permitted purchase by it of any Equity Interest or Restricted
Indebtedness) the amount of which is determined by reference to the price or value at any time of any Equity Interest or Restricted Indebtedness;
provided that no phantom stock or other equity-based plan providing for payments only to current or former directors, officers,
consultants, advisors or employees of Holdings, the Borrowers, the Restricted Subsidiaries or their respective Affiliates (or to their
heirs or estates) shall be deemed to be a Synthetic Purchase Agreement.

 

“Taxes” shall mean any and
all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority, including
any interest, additions to tax or penalties applicable thereto.

“Televicentro of Puerto Rico, LLC”
shall mean a Delaware limited liability company authorized to conduct business in the Commonwealth of Puerto Rico, which is subsidiary
of InterMedia Español, Inc., and which will, concurrently with this Agreement, execute the PR Mortgage Note Pledge and Security
Agreement and provide to the Collateral Agent, as collateral and guaranty of the Loans a pledge of the PR Mortgage Note.

“Term Borrowing” shall mean
a Borrowing comprised of Term Loans.

“Term Lenders” shall mean
(a) the Persons listed on Schedule 2.01 (other than any such Person that has ceased to be a party hereto pursuant to an Assignment
and Acceptance), (b) the Additional Term B-1 Lender, (c) the Add-on Term B-1 Lender and (d) any Person that has become a party hereto
pursuant to an Assignment and Acceptance in respect of any Term Loans, an Incremental Term Loan Assumption Agreement, a New Term Loan
Commitment Agreement or a Refinancing Amendment.

“Term B Loan” shall mean
all Term B Loans outstanding under this Agreement immediately prior to the Amendment No. 2 Effective Date.

“Term B-1 Commitments” shall
mean the Additional Term B-1 Commitment and the Add-on Term B-1 Commitment.

“Term B-1 Loan” shall have
the meaning set forth in Section 2.01(a).

“Term B-1 Loan Facility”
shall mean the Term B-1 Commitments and the Term B-1 Loans.

“Term B-1 Loan Maturity Date”
shall mean February 14, 2024; provided that if such date is not a Business Day, the “Term B-1 Loan Maturity Date” will
be next Business Day immediately following such date.

“Term B-1 Loan Repayment Dates”
shall have the meaning assigned to such term in Section 2.11(a).

“Term Loans” shall mean the
Initial Term Loans, the Term B Loans, the Term B-1 Loans, any Incremental Term Loans, any New Term Loans, any Other Term Loans, and any
Extended Term Loans.

“Term Loan Facility” shall
mean the Term B-1 Loan Facility, any New Term Loan Facility, any term loan facility comprised of Incremental Term Loans, any term loan
facility comprised of Other Term Loans and any term loan facility comprised of Extended Term Loans (in each case, including any increase
thereto pursuant to Section 2.22).

“Term Loan Lender” shall
have the meaning assigned to such term in Section 2.02(a).

“Term Loan Percentage” shall
mean, (x) as to any Lender, after the applicable Term Loans are made, the ratio of (a) the outstanding principal balance of such Term
Loan or Term Loans of such Lender to (b) the aggregate outstanding principal balance of all such Term Loans of all Lenders and (y) as
to a Class of Term Loans, at any time, a fraction (expressed as a percentage), the numerator of which is equal to the aggregate outstanding
principal

    	 	42	 

     

    

 

amount of all Term Loans of such Class at such time and the denominator
of which is equal to the aggregate outstanding principal amount of all Term Loans of all Classes at such time.

 

“Term Note” shall have the
meaning assigned to such term in Section 2.04(e).

“Test Period” shall mean
each period of four (4) consecutive Fiscal Quarters of the Lead Borrower then last ended, in each case taken as one accounting period.

“Total Debt” shall mean,
at any time, the total Indebtedness of the Lead Borrower and its Restricted Subsidiaries at such time (excluding (1) Indebtedness of the
type described in clause (i), clause (j), clause (k), clause (l) and clause (m) of the definition of such term, except, in the case of
such clause (j), to the extent any Hedging Agreement has been terminated and the obligations thereunder have not been settled, in the
case of such clause (k), to the extent the specified payment obligations in respect of such Equity Interests are then due and payable
and, in the case of such clauses (l) and clause (m), to the extent of any unreimbursed drawings thereunder and (2) Guarantees if the guaranteed
Indebtedness is already included).

“Total Net Leverage Ratio”
shall mean, on any date, the ratio of (a) an amount equal to the excess of (i) Total Debt on such date over (ii) the aggregate amount
of unrestricted cash and Cash Equivalents (up to a maximum aggregate amount of $60,000,000) that are included in the consolidated balance
sheet of the Lead Borrower and its Restricted Subsidiaries as of such date to (b) Consolidated EBITDA for the Test Period most recently
ended on or prior to such date.

“Transaction Expenses” shall
mean fees and expenses payable or otherwise borne by the Lead Borrower and its Restricted Subsidiaries in connection with the Transactions
and incurred before, or on or about, the Closing Date, including the costs of legal and financial advisors to the Lead Borrower and the
agents or trustees under this Agreement and prepayment fees and penalties in connection with the prepayment of the Existing Indebtedness
on or about the Closing Date.

“Transactions” shall mean,
collectively, (a) the execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a party and the
making of the Term Loans, (b) the repayment of the Existing Indebtedness and the termination of any Liens in respect of the Existing Indebtedness
and (c) the payment of the Transaction Expenses.

“Type”, when used in respect
of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans comprising such Borrowing
is determined. For purposes hereof, the term “Rate” shall mean the Adjusted LIBO Rate and the Alternate Base Rate,
as applicable.

“UCC” shall mean the Uniform
Commercial Code as in effect in the relevant jurisdiction, as amended or modified from time to time.

“United States Tax Compliance Certificate”
shall have the meaning assigned to such term in Section 2.20(f)(II)(iii).

“Unrestricted Subsidiary”
shall mean any Subsidiary of the Lead Borrower (other than WAPA PR) that is acquired or created after the Closing Date designated by the
Lead Borrower as an Unrestricted Subsidiary hereunder by written notice to the Administrative Agent in accordance with Section 5.15.

“USA PATRIOT Act” shall mean
The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III
of Pub. L. No. 107-56 (signed into law October 26, 2001)).

“Weighted Average Life to Maturity”
shall mean, when applied to any Indebtedness, at any date, the quotient obtained by dividing (a) 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 multiplied by
the amount of such payment; by (b) the sum of all such payments.

    	 	43	 

     

    

 

“Wholly Owned Subsidiary” of any Person shall mean a
subsidiary of such Person of which securities (except for directors’ qualifying shares) or other ownership interests representing
100% of the Equity Interests are, at the time any determination is being made, owned, Controlled or held by such Person or one or more
wholly owned Subsidiaries of such Person or by such Person and one or more wholly owned Subsidiaries of such Person.

 

“Withdrawal Liability” shall
mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal by the Borrower or an ERISA Affiliate from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

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

Section 1.02Terms Generally. The
definitions in Section 1.01 shall apply equally to both 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”; and the words “asset” and “property”
shall be construed as having 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. All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references
to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Except as otherwise
expressly provided herein, any reference in this Agreement to any Loan Document or any other document evidencing Indebtedness permitted
hereunder shall mean such document as amended, restated, supplemented or otherwise modified from time to time, in each case, in accordance
with the terms of this Agreement and the other Loan Documents.

Section 1.03Accounting Terms. All
accounting terms not specifically or completely defined herein shall be construed in conformity with GAAP, applied on a consistent basis,
as in effect from time to time and in a manner consistent with that used in preparing the audited financial statements required by Section
5.04(a), except as otherwise specifically prescribed herein (including, without limitation, as prescribed by Section 9.19).
Notwithstanding any other provision contained herein, (x) any lease that is treated as an operating lease for purposes of GAAP as of the
date hereof shall not be treated as Indebtedness or as a Capital Lease Obligation and shall continue to be treated as an operating lease
(and any future lease, if it were in effect on the date hereof, that would be treated as an operating lease for purposes of GAAP as of
the date hereof shall be treated as an operating lease), in each case for purposes of this Agreement, notwithstanding any actual or proposed
change in or application of GAAP after the date hereof, and (y) for purposes of determining compliance with any covenant (including the
computation of any financial ratio) contained herein, Indebtedness of the Lead Borrower and its Subsidiaries shall be deemed to be carried
at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall
be disregarded.

Section 1.04Pro Forma Calculations.

(a)       Notwithstanding
anything to the contrary herein, the First Lien Net Leverage Ratio and the Total Net Leverage Ratio shall be calculated in the manner
prescribed by this Section 1.04; provided that, notwithstanding anything to the contrary in clause (b), (c) or (d) of this
Section 1.04, when calculating the First Lien Net Leverage Ratio for purposes of the Applicable Excess Cash Flow Percentage the
events described in this Section 1.04 that occurred subsequent to the end of the applicable Test Period shall not be given pro
forma effect.

(b)       For
purposes of calculating the First Lien Net Leverage Ratio and the Total Net Leverage Ratio, Specified Transactions (and the incurrence
or repayment of any Indebtedness in connection therewith) that have been made (i) during the applicable Test Period and (ii) subsequent
to such Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made shall be calculated
on a Pro Forma Basis assuming that all such Specified Transactions (and any increase or decrease in Consolidated EBITDA and the component
financial definitions used therein attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period.
If since the beginning of any applicable Test Period any Person that subsequently

    	 	44	 

     

    

 

became a Subsidiary or was merged, amalgamated or consolidated with or
into the Lead Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction
that would have required adjustment pursuant to this Section 1.04, then the First Lien Net Leverage Ratio and the Total Net Leverage
Ratio shall be calculated to give pro forma effect thereto in accordance with this Section 1.04. Notwithstanding the foregoing,
(x) when calculating the First Lien Net Leverage Ratio for purposes of determining actual compliance (and not compliance on a Pro Forma
Basis) with the Financial Covenant, any Specified Transaction (other than the Specified Acquisition) and any related adjustment contemplated
in the definition of Pro Forma Basis (and corresponding provisions of the definition of Consolidated EBITDA) that occurred subsequent
to the end of the applicable four quarter period shall not be given Pro Forma Effect and (y) when calculating the First Lien Net Leverage
Ratio for purposes of the Applicable Rate and the Financial Covenant, the Specified Acquisition and any related adjustment contemplated
in the definition of Pro Forma Basis (and corresponding provisions of the definition of Consolidated EBITDA) that has occurred shall not
be given Pro Forma Effect, and shall instead be calculated on an actual basis commencing with the date the Specified Acquisition has been
consummated.

 

(c)       Whenever
pro forma effect is to be given to a Specified Transaction, the pro forma calculations shall be made in good faith by a
Responsible Officer of the Lead Borrower in accordance with the terms of this Agreement.

(d)       In
the event that the Lead Borrower or any Restricted Subsidiary of the Lead Borrower incurs (including by assumption or guarantees) or repays
(including by redemption, repayment, retirement or extinguishment) any Indebtedness included in the calculations of the First Lien Net
Leverage Ratio and the Total Net Leverage Ratio, as the case may be (in each case, other than Indebtedness incurred or repaid under any
revolving credit facility in the ordinary course of business for working capital purposes), (i) during the applicable Test Period and
(ii) subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any
such ratio is made, then the First Lien Net Leverage Ratio and the Total Net Leverage Ratio shall be calculated giving pro forma
effect to such incurrence or repayment of Indebtedness, to the extent required, as if the same had occurred on the last day of the applicable
Test Period.

(e)       
Notwithstanding anything in this Agreement to the contrary, with respect to any Designated Acquisition and the incurrence of any Designated
Indebtedness (including Incremental Term Loans or New Term Loans) or Lien in connection therewith, compliance with any financial test
required by this Agreement for such Designated Acquisition and such Designated Indebtedness shall be determined on the date the definitive
acquisition agreement for such Designated Acquisition is entered into (and not at the time of closing of such Designated Acquisition or
the incurrence of such Designated Indebtedness) and, thereafter until consummation of such Designated Acquisition or the termination of
such definitive agreement relating to such Designated Acquisition, all other incurrence tests under this Agreement shall be required to
be complied with on an actual basis without giving effect to such Designated Indebtedness or Designated Acquisition and on a pro forma
basis after giving effect to such Designated Acquisition and the incurrence of such Designated Indebtedness.

Section 1.05Classification of Loans and
Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “New Term Loan”
or a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g.,
a “Eurodollar New Term Loan” or a “Eurodollar Revolving Loan”). Borrowings also may be classified
and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”)
or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”).

Section 1.06Currency Equivalents Generally.
Unless otherwise set forth herein, any amount specified in this agreement in Dollars shall include the Equivalent in Dollars of such amount
in any foreign currency and if any amount described in this Agreement is comprised of amounts in Dollars and amounts in one or more foreign
currencies, the Equivalent in Dollars of such foreign currency amounts shall be used to determine the total. For purposes of this Section
1.06, “Equivalent” in Dollars of any foreign currency on any date means the equivalent in Dollars of such foreign
currency by using the applicable spot rate set forth on the Bloomberg Cross Currency Rates Page for such currency.

Section 1.07Rounding. Any financial
ratios required to be maintained by the Lead Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component
by the other component, carrying the

    	 	45	 

     

    

 

result to one place more than the number of places by which such ratio
or percentage is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest
number).

 

Section 1.08References to Laws. Unless
otherwise expressly provided herein, references to any Applicable Law shall include all statutory and regulatory provisions consolidating,
amending, replacing, supplementing or interpreting such Applicable Law.

Section 1.09Times of Day. Unless
otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

Section 1.10Covenant Compliance Generally.
For purposes of determining compliance under Article VI, any amount in a currency other than Dollars will be converted to Dollars in a
manner consistent with that used in calculating Consolidated Net Income in the annual financial statements of Parent and its Subsidiaries
or Holdings and its Subsidiaries, as applicable, delivered pursuant to Section 5.04(a) or (b), as applicable. Notwithstanding the foregoing,
for purposes of determining compliance with any limitations or thresholds set forth in Dollars in Article VI, with respect to any amount
in a currency other than Dollars, no breach of any basket contained in such Article shall be deemed to have occurred solely as a result
of changes in rates of exchange occurring after the time such amount is incurred; provided that for the avoidance of doubt, the foregoing
provisions of this Section 1.10 shall otherwise apply to such Article, including with respect to determining whether any amount may be
incurred at any time under such Article. If any of the baskets set forth in Article VI of this Agreement are exceeded solely as a result
of fluctuations to Consolidated Total Assets for the most recently completed Fiscal Quarter after the last time such baskets were calculated
for any purpose under Article VI, such baskets will not be deemed to have been exceeded solely as a result of such fluctuations.

Section 1.11Available Amount Transactions.
If more than one action occurs on any given date the permissibility of the taking of which is determined hereunder by reference to the
amount of the Available Amount Basket immediately prior to the taking of such action, the permissibility of the taking of each such action
shall be determined independently and in no event may any two or more such actions be treated as occurring simultaneously.

Section 1.12Interest Rate Calculations.
All computations of interest and other fees hereunder shall be made on the basis of a 360-day year (except for interest calculated by
reference to the Prime Rate, which shall be based on a year of 365 or 366 days, as applicable) and for the actual number of days elapsed
(including the first day but excluding the last day) occurring in the period for which such interest or fees are payable.

ARTICLE II

Term Loan Facilities

Section 2.01Commitments.

(a)       Subject
to the terms and conditions and relying upon the representations and warranties set forth herein,

(i)       the
Add-on Term B-1 Lender agrees to make a loan (the “Add-on Term B-1 Loan”) to the Borrowers on the Amendment No. 3 Effective
Date in a principal amount not to exceed its Add-on Term B-1 Loan Commitment. The Add-on Term B-1 Loan together with the Additional
Term B-1 Loan and the loans established pursuant to subclause (iii) below from the Converted Term B Loans are referred to collectively
as the “Term B-1 Loans” and each a “Term B-1 Loan”). The Add-on Term B-1 Loan shall initially take
the form of a pro rata increase in each outstanding borrowing of Term B-1 Loans.

(ii)       On
the Amendment No. 2 Effective Date, the Additional Term B-1 Lender made a loan (the “Additional Term B-1 Loan”) to
the Borrowers in a principal amount not to exceed its Additional Term B-1 Loan Commitment.

    	 	46	 

     

    

 

(iii)       On the Amendment No. 2 Effective
Date, each Converted Term B Loan of each Amendment No. 2 Consenting Lender converted into a loan with the same Type and Class as the Additional
Term B-1 Loan effective as of the Amendment No. 2 Effective Date in a principal amount equal to the principal amount of such Lender’s
Converted Term B Loan immediately prior to such conversion.

 

(iv)       Amounts
borrowed under Section 2.01(a) and subsequently repaid or prepaid may not be reborrowed.

(b)       Subject
to the terms and conditions of this Agreement, each Lender having an Incremental Term Loan Commitment under a class pursuant to Section
2.22 severally and not jointly, agrees subject to the terms and conditions and relying upon the representations and warranties set
forth herein and in the applicable Incremental Term Loan Assumption Agreement, to make Incremental Term Loans to the Borrowers, in an
aggregate principal amount not to exceed its Incremental Term Loan Commitment. Amounts paid or prepaid in respect of Incremental Term
Loans may not be reborrowed.

(c)       Subject
to the terms and conditions of this Agreement, each New Term Loan Lender with a New Term Loan Commitment for a given Class of New Term
Loans pursuant to Section 2.23 severally and not jointly agrees, subject to the terms and conditions and relying upon the representations
and warranties set forth herein and in the applicable New Term Loan Commitment Agreement, to make New Term Loans to the Borrowers, which
New Term Loans shall not exceed for any such New Term Loan Lender at the time of any incurrence thereof, the New Term Loan Commitment
of such New Term Loan Lender for such Class on the respective New Term Loan Borrowing Date. Amounts paid or prepaid in respect of New
Term Loans may not be reborrowed.

(d)       Subject
to the terms and conditions of this Agreement, each Term Loan Lender with an Other Term Loan Commitment for a given Class of Other Term
Loans severally agrees to make Other Term Loans to the Borrowers, which Other Term Loans shall not exceed for any such Term Loan Lender
at the time of any incurrence thereof, the Other Term Loan Commitment of such Term Loan Lender for such Class on the respective Other
Term Loan Borrowing Date. Amounts paid or prepaid in respect of Other Term Loans may not be reborrowed.

Section 2.02Term Loans.

(a)       Each
Term Loan shall be made as part of a Borrowing consisting of such Term Loans made by the applicable Lenders (each, a “Term Loan
Lender”) ratably in accordance with their applicable Commitments, respectively; provided, however, that the failure
of any Lender to make a Term Loan shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood,
however, that no Lender shall be responsible for the failure of any other Lender to make a Term Loan required to be made by such other
Lender). The Term Loans comprising any Borrowing shall be in an aggregate principal amount that is (i) an integral multiple of $1,000,000
and not less than $5,000,000, or (ii) equal to the remaining available balance of the applicable Commitments.

(b)       Subject
to Sections 2.08 and 2.15 each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Lead Borrower
may request pursuant to Section 2.03. Each Lender may at its option make any Eurodollar Loan by causing any domestic or foreign
branch or Affiliate of such Lender to make such Term Loan; provided that any exercise of such option shall not affect the obligation
of the applicable Borrower to repay such Term Loan in accordance with the terms of this Agreement. Borrowings of more than one Type may
be outstanding at the same time; provided, however, that the Lead Borrower shall not be entitled to request any Borrowing
that, if made, would result in more than 8 Eurodollar Borrowings outstanding hereunder at any time. For purposes of the foregoing, Borrowings
having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings.

(c)       Each
Lender shall make each Term Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds
to such account in New York City as the Administrative Agent may designate not later than 1:00 p.m., New York City time, and the Administrative
Agent shall promptly credit the amounts so received to an account designated by the Lead Borrower in the applicable Borrowing Request
or, if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, return the
amounts so received to the respective Lenders.

    	 	47	 

     

    

 

(d)       Unless the Administrative
Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative
Agent such Lender’s portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available
to the Administrative Agent on the date of such Borrowing in accordance with paragraph (c) above and the Administrative Agent may, in
reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If the Administrative Agent
shall have so made funds available then, to the extent that such Lender shall not have made such portion available to the Administrative
Agent, such Lender and the applicable Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding
amount together with interest thereon, for each day from the date such amount is made available to the applicable Borrower to but excluding
the date such amount is repaid to the Administrative Agent at (i) in the case of the applicable Borrower, a rate per annum equal to the
interest rate applicable at the time to the Term Loans comprising such Borrowing and (ii) in the case of such Lender, a rate determined
by the Administrative Agent to represent its cost of overnight or short term funds (which determination shall be conclusive absent manifest
error). If such Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Lender’s
Term Loan as part of such Borrowing for purposes of this Agreement.

 

Section 2.03Borrowing Procedure.
In order to request a Borrowing, the Lead Borrower shall notify the Administrative Agent of such request by telephone (a) in the case
of a Eurodollar Borrowing, not later than 12:00 (noon), New York City time, three Business Days (or, in the case of the Term B-1 Loans
to be borrowed on the Amendment No. 2 Effective Date or the Amendment No. 3 Effective Date, such later time as may be agreed by the Administrative
Agent) before a proposed Borrowing, and (b) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, one Business
Day before a proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable, and shall be confirmed promptly by hand
delivery or fax to the Administrative Agent of a written Borrowing Request and shall specify the following information: (i) whether such
Borrowing is to be a Eurodollar Borrowing or an ABR Borrowing; (ii) the date of such Borrowing (which shall be a Business Day); (iii)
the number and location of the account to which funds are to be disbursed; (iv) the amount of such Borrowing; and (v) if such Borrowing
is to be a Eurodollar Borrowing, the Interest Period with respect thereto; provided, however, that, notwithstanding any
contrary specification in any Borrowing Request, each requested Borrowing shall comply with the requirements set forth in Section 2.02.
If no election as to the Type of Borrowing is specified in any such notice, then the requested Borrowing shall be an ABR Borrowing. If
no Interest Period with respect to any Eurodollar Borrowing is specified in any such notice, then the Lead Borrower shall be deemed to
have selected an Interest Period of one month’s duration. The Administrative Agent shall promptly advise the applicable Lenders
of any notice given pursuant to this Section 2.03 (and the contents thereof), and of each Lender’s portion of the requested
Borrowing.

Section 2.04Evidence of Debt; Repayment
of Term Loans.

(a)       The
Borrowers hereby unconditionally promise to pay, on a joint and several basis to the Administrative Agent for the account of each Term
Lender the principal amount of each Term Loan of such Term Lender made available to them as provided in Section 2.11.

(b)       Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Lead Borrower to
such Lender resulting from each Term Loan made by such Lender from time to time to such Borrower, including the amounts of principal and
interest payable and paid to such Lender from time to time under this Agreement.

(c)       The
Administrative Agent shall maintain accounts in which it will record (i) the amount of each Loan made hereunder, the Class and Type thereof
and, if applicable, the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become
due and payable from the applicable Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent
hereunder from the Borrowers or any Guarantor and each Lender’s share thereof.

(d)       The
entries made in the accounts maintained pursuant to paragraphs (b) and (c) above shall be prima facie evidence of the existence
and amounts of the obligations therein recorded; provided, however, that the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any

    	 	48	 

     

    

 

manner affect the obligations of the Lead Borrower to repay the Term Loans
made available to them in accordance with their terms.

 

(e)       Any
Lender may request that Term Loans made by it hereunder be evidenced by a promissory note (each such note, a “Term Note”).
In such event, the applicable Borrower shall execute and deliver to such Lender a promissory note payable to such Lender and its registered
assigns and in a form and substance reasonably acceptable to the Administrative Agent and the Lead Borrower. Notwithstanding any other
provision of this Agreement, in the event any Lender shall request and receive such a promissory note, the interests represented by such
note shall at all times (including after any assignment of all or part of such interests pursuant to Section 9.04) be represented
by one or more promissory notes payable to the payee named therein or its registered assigns.

(f)       The
Borrowers shall repay to the Administrative Agent for the ratable account of the Lenders holding Term B Loans that are not Converted Term
B Loans, the outstanding balance of such Term B Loans that are not Converted Term B Loans on the Amendment No. 2 Effective Date.

Section 2.05Fees.

(a)       The
Lead Borrower shall pay, or shall cause WAPA PR to pay to the Administrative Agent, for its own account, such administrative fees as have
been separately agreed in writing in the amounts and at the times so specified.

(b)       In
the event that the Term B-1 Loans are prepaid in whole or in part pursuant to Section 2.12(a) or Section 2.13(c), or in
the event of an assignment of Term B-1 Loans pursuant to Section 2.21(a)(iv), in each case, in connection with a Repricing Transaction
on or prior to the six month anniversary of the Amendment No. 2 Effective Date, the applicable Borrower shall pay to the relevant Lenders
a prepayment fee (the “Prepayment Fee”) equal to 1.00% of the principal amount so prepaid or assigned.

(c)       All
such Fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent or the Collateral Agent, as the
case may be. Once paid, none of the Fees shall be refundable under any circumstances.

Section 2.06Interest on Loans.

(a)       Subject
to the provisions of Section 2.07, the Term B-1 Loans comprising any ABR Borrowing shall bear interest at a rate per annum equal
to the Alternate Base Rate plus the relevant Applicable Margin.

(b)       Subject
to the provisions of Section 2.07, the Term B-1 Loans comprising any Eurodollar Borrowing shall bear interest at a rate per annum
equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.

(c)       Interest
on each Term Loan shall be payable on the Interest Payment Dates applicable to such Term Loan except as otherwise provided in this Agreement;
provided that interest with respect to all Term B Loans shall be payable on the Amendment No. 2 Effective Date. The applicable
Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, and the Alternate Base Rate shall be
determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Section 2.07Default Interest. If
the Borrowers shall default in the payment of any principal of or interest on any Loan or any other amount due hereunder or under any
other Loan Document, by acceleration or otherwise, then, until such defaulted amount shall have been paid in full, overdue principal
and, to the extent permitted by law, overdue interest in respect of each Loan under this Agreement shall automatically (without the need
of any vote by the Required Lenders) bear interest (after as well as before judgment) at a rate per annum equal to the rate otherwise
applicable to such Loan pursuant to Section 2.06 or Section 10.05, as applicable, plus 2.00% per annum and all other
overdue amounts payable hereunder and under any other Loan Document shall bear interest at a rate per annum equal to the rate which is
2.00% in excess of the rate applicable to Term Loans that are maintained as ABR Loans from time to time. All accrued and unpaid interest
under this Section 2.07 shall be due

    	 	49	 

     

    

 

and payable on demand of the Administrative Agent. Interest shall continue
to accrue on the Obligations after the filing by or against any Borrower of any petition seeking any relief or remedy under any applicable
Debtor Relief Laws.

 

Section 2.08Alternate Rate of Interest.
Prior to the payoff of all Term B-1 Loans, in the event, and on each occasion, that on the day two Business Days prior to the commencement
of any Interest Period for a Eurodollar Borrowing the Administrative Agent shall have determined that the LIBO Rate cannot be determined
or the Required Lenders have advised the Administrative Agent that the rates at which such Dollar deposits, as applicable, are being offered
will not adequately and fairly reflect the cost to the majority of the Lenders of making or maintaining the applicable Eurodollar Loans
during such Interest Period, the Administrative Agent shall, as soon as practicable thereafter, give written or fax notice of such determination
to the Lead Borrower and the Lenders. In the event of any such determination, until the Administrative Agent shall have advised the Lead
Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, any request by the Lead Borrower (on behalf
of itself or WAPA PR) for a Eurodollar Borrowing pursuant to Section 2.03 or 2.10 shall be deemed to be a request for an ABR Borrowing.
Each determination by the Administrative Agent under this Section 2.08 shall be conclusive absent manifest error. Upon the payoff of
all Term B-1 Loans, this Section 2.08 automatically shall cease to be in force and effect and the provisions of Schedule 2.08
automatically shall apply.

Section 2.09Termination of Term B-1 Commitments.
The Additional Term B-1 Commitment of the Additional Term B-1 Lender shall be automatically and permanently reduced to $0 upon the funding
of the Additional Term B-1 Loans to be made on the Amendment No. 2 Effective Date. The Add-on Term B-1 Commitment of the Add-on Term B-1
Lender shall be automatically and permanently reduced to $0 upon the funding of the Add-on Term B-1 Loans to be made on the Amendment
No. 3 Effective Date.

Section 2.10Conversion and Continuation
of Borrowings. The Borrowers shall have the right at any time upon prior irrevocable notice to the Administrative Agent (a) not later
than 12:00 (noon), New York City time, one Business Day prior to conversion, to convert any Eurodollar Borrowing into an ABR Borrowing,
(b) not later than 12:00 (noon), New York City time, three Business Days prior to conversion or continuation, to convert any ABR Borrowing
into a Eurodollar Borrowing or to continue any Eurodollar Borrowing as a Eurodollar Borrowing for an additional Interest Period, and (c)
not later than 12:00 (noon), New York City time, three Business Days prior to conversion, to convert the Interest Period with respect
to any Eurodollar Borrowing to another permissible Interest Period, subject in each case to the following:

(a)       each
conversion or continuation shall be made pro rata among the applicable Lenders in accordance with the respective principal amounts of
the Loans comprising the converted or continued Borrowing;

(b)       if
less than all the outstanding principal amount of any Borrowing shall be converted or continued, then each resulting Borrowing shall satisfy
the limitations specified in Sections 2.02(a) and 2.02(b) regarding the principal amount and maximum number of Borrowings
of the relevant Type;

(c)       each
conversion shall be effected by each Lender and the Administrative Agent by recording for the account of such Lender the new Term Loan
of such Lender resulting from such conversion and reducing the Term Loan (or portion thereof) of such Lender being converted by an equivalent
principal amount; accrued interest on any Eurodollar Loan (or portion thereof) being converted shall be paid by the applicable Borrower
at the time of conversion;

(d)       if
any Eurodollar Borrowing is converted at a time other than the end of the Interest Period applicable thereto, the applicable Borrower
shall pay, upon demand, any amounts due to the applicable Lenders pursuant to Section 2.16;

(e)       any
portion of a Borrowing maturing or required to be repaid in less than one month may not be converted into or continued as a Eurodollar
Borrowing;

    	 	50	 

     

    

 

(f)       any portion of a Eurodollar
Borrowing that cannot be converted into or continued as a Eurodollar Borrowing by reason of the immediately preceding clause shall be
automatically converted at the end of the Interest Period in effect for such Borrowing into an ABR Borrowing;

 

(g)       no
Interest Period may be selected for any Eurodollar Borrowing that would end later than a Term B-1 Loan Repayment Date, the date of a Scheduled
New Term Loan Repayment, the date of a Scheduled Extended Term Loan Repayment or the date of a Scheduled Other Term Loan Repayment, as
the case may be, occurring on or after the first day of such Interest Period if, after giving effect to such selection, the aggregate
outstanding amount of (A) the Eurodollar Borrowings comprised of Term B-1 Loans, Other Term Loans or New Term Loans, as applicable, with
Interest Periods ending on or prior to such Term B-1 Loan Repayment Date, date of a Scheduled New Term Loan Repayment, date of a Scheduled
Extended Term Loan Repayment or date of a Scheduled Other Term Loan Repayment, as the case may be, and (B) the ABR Borrowings comprised
of Term B-1 Loans, Other Term Loans or New Term Loans, as applicable, would not be at least equal to the principal amount of ABR Borrowings
to be paid on such Term B-1 Loan Repayment Date, date of a Scheduled New Term Loan Repayment, date of a Scheduled Extended Term Loan Repayment
or date of a Scheduled Other Term Loan Repayment as the case may be; and

(h)       upon
notice to the Lead Borrower from the Administrative Agent given at the request of the Required Lenders, after the occurrence and during
the continuance of a Default or Event of Default, no outstanding Term Loan may be converted into, or continued as, a Eurodollar Loan.

Each notice pursuant to this Section 2.10
shall be irrevocable and shall refer to this Agreement and specify (i) the identity and amount of the Borrowing that the Borrowers request
be converted or continued, (ii) whether such Borrowing is to be converted to or continued as a Eurodollar Borrowing or an ABR Borrowing,
(iii) if such notice requests a conversion, the date of such conversion (which shall be a Business Day) and (iv) if such Borrowing is
to be converted to or continued as a Eurodollar Borrowing, the Interest Period with respect thereto. If no Interest Period is specified
in any such notice with respect to any conversion to or continuation as a Eurodollar Borrowing, the Borrowers shall be deemed to have
selected an Interest Period of one month’s duration. The Administrative Agent shall advise the Lenders of any notice given pursuant
to this Section 2.10 and of each Lender’s portion of any converted or continued Borrowing. If the Borrowers shall not have
given notice in accordance with this Section 2.10 to continue any Borrowing into a subsequent Interest Period (and shall not otherwise
have given notice in accordance with this Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of the Interest
Period applicable thereto (unless repaid pursuant to the terms hereof), automatically be continued as an ABR Borrowing.

Section 2.11Repayment of Term Borrowings.

(a)       (i)
The Borrowers shall pay to the Administrative Agent, for the ratable benefit of the Lenders of Term B-1 Loans, on the last Business Day
of each March, June, September and December commencing on (A) June 30, 2017 and prior to June 30, 2021, 0.25% of the principal amount
of the Term B-1 Loans funded on the Amendment No. 2 Effective Date (it being understood that the Add-on Term B-1 Loans were funded following
the required payment date on March 31, 2021 and shall not participate in such prepayment) and (ii) June 30, 2021 (each, a “Term
B-1 Loan Repayment Date”), a principal amount of the Term B-1 Loans equal to $663,915.80 (as adjusted from time to time pursuant
to Sections 2.11(b), 2.12, 2.13(e) and 2.22(d)), with the balance payable on the Term B-1 Loan Maturity Date.

(ii)       The Borrowers shall make scheduled quarterly installments
with respect to the aggregate outstanding principal amount of each New Term Loan (if any) as determined pursuant to, and in accordance
with, Section 2.23 (each such repayment, as the same may be adjusted from time to time pursuant to Sections 2.11(b), 2.12,
2.13(e) or 2.22, a “Scheduled New Term Loan Repayment”).

(iii)       The Borrowers shall make scheduled quarterly installments
with respect to the aggregate outstanding principal amount of each Extended Term Loan (if any) as determined pursuant to, and in accordance
with, Section 2.25 (each such repayment, as the same may be adjusted from time to time pursuant to Sections 2.11(b), 2.12,
2.13(e) or 2.22, a “Scheduled Extended Term Loan Repayment”).

    	 	51	 

     

    

 

(iv)       The Borrowers
shall make scheduled quarterly installments with respect to the aggregate outstanding principal amount of each Other Term Loan (if any)
as determined pursuant to, and in accordance with, Section 2.26 (each such repayment, as the same may be adjusted from time to
time pursuant to Sections 2.11(b), 2.12, 2.13(e) or 2.22, a “Scheduled Other Term Loan Repayment”).

 

(b)       To
the extent not previously paid, the Term B-1 Loans, Incremental Term Loans, New Term Loans, Extended Term Loans and Other Term Loans shall
be due and payable together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of payment on
the applicable Maturity Date.

(c)       All
repayments pursuant to this Section 2.11 shall be subject to Section 2.16, but shall otherwise be without premium or penalty.

Section 2.12Voluntary Prepayment.

(a)       The
Borrowers shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, upon at least three Business
Days’ prior written or fax notice (or telephone notice promptly confirmed by written or fax notice) in the case of Eurodollar Loans,
or written or fax notice (or telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to the date
of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (noon), New York City time; provided, however,
that each partial prepayment shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000.

(b)       Voluntary
prepayments of Loans shall be applied to the Class of Term Loans selected by the Borrowers (it being understood that in the case of a
prepayment of any Term B-1 Loans, such prepayments shall be applied on a pro rata basis to all Term B-1 Loans (including the Add-on Term
B-1 Loans, on a pro rata basis) and to the outstanding principal amounts due on a Term Loan Repayment Date of each such Class of Term
Loans as directed by the Borrowers (or in the absence of direction, in direct order of maturity).

(c)       Each
notice of prepayment shall specify the prepayment date and the principal amount of each Borrowing (or portion thereof) to be prepaid,
shall be irrevocable and shall commit the applicable Borrower to prepay such Borrowing by the amount stated therein on the date stated
therein; provided, however, that if such prepayment is for all of the then outstanding Loans, then the applicable Borrower
may revoke such notice and/or extend the prepayment date by not more than five Business Days; provided, further, however,
that the provisions of Section 2.16 shall apply with respect to any such revocation or extension. All prepayments under this Section
2.12 shall be subject to Section 2.05(b) and Section 2.16 but otherwise without premium or penalty. All prepayments
under this Section 2.12 shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding
the date of payment.

Section 2.13Mandatory Prepayments.

(a)       Subject
to Section 2.13(g), not later than the tenth Business Day following the receipt of Net Cash Proceeds by Holdings or any of its
Restricted Subsidiaries in respect of (A) one or more Asset Sales in an aggregate amount in excess of $3,000,000 per annum (other than
any Disposition of any property or assets permitted by Section 6.05 (except Section 6.05(b)(xi) and (b)(xvii)))
or (B) one or more Casualty Events in an aggregate amount in excess of $3,000,000 per annum, the Lead Borrower shall apply the Net Cash
Proceeds received with respect thereto to prepay outstanding Term Loans in accordance with Section 2.13(d); provided that
if at the time any such prepayment would be required with any Net Cash Proceeds pursuant to this clause (a), the Lead Borrower is required
to offer to repurchase the Permitted First Priority Refinancing Debt or any New Incremental Notes that are secured on a pari passu
basis with the Obligations (or any Permitted Refinancing thereof that is secured on a pari passu basis with the Obligations)
pursuant to the terms of the documentation governing such Indebtedness with such Net Cash Proceeds in respect of any such Asset Sale
or any such Casualty Event (such Indebtedness (or Permitted Refinancing thereof) required to be offered to be so repurchased, “Other
Applicable Indebtedness”), then the Lead Borrower may apply such Net Cash Proceeds on a pro rata basis (determined on the basis
of the aggregate outstanding principal amount of the Term Loans and Other Applicable Indebtedness at such time); provided, further
that the portion of such Net Cash Proceeds allocated to the Other Applicable Indebtedness shall not exceed the amount of such Net
Cash Proceeds required to be allocated to the Other Applicable Indebtedness pursuant to the terms thereof, and the remaining amount,
if any, of such Net Cash Proceeds shall be allocated to the Term Loans in

    	 	52	 

     

    

 

accordance with the terms hereof) to the prepayment of the Term Loans and
to the repurchase or prepayment of Other Applicable Indebtedness, and the amount of prepayment of the Term Loans that would have otherwise
been required pursuant to this clause (a) shall be reduced accordingly; provided, further, that to the extent the holders
of Other Applicable Indebtedness decline to have such indebtedness repurchased or prepaid, the declined amount shall promptly (and in
any event within ten (10) Business Days after the date of such rejection) be applied to prepay the Term Loans pursuant to this clause
(a). Notwithstanding the foregoing, the amount of Net Cash Proceeds from any Asset Sale or Casualty Event required to be (x) reinvested
in assets (other than working capital assets) used or useful in the business of the Lead Borrower and its Restricted Subsidiaries or (y)
applied to repay outstanding Term Loans, in each case as provided in this Section 2.13(a), shall be reduced on a dollar-for-dollar
basis by the amount of any investment (not funded with Net Cash Proceeds from any other Asset Sale or Casualty Event that previously reduced
a Loan Party’s or its Restricted Subsidiary’s obligation to repay Loans pursuant to this Section 2.13(a)) made by the
Lead Borrower or any of its Restricted Subsidiaries in assets (other than working capital assets) used or useful in the business of the
Lead Borrower and its Restricted Subsidiaries (including pursuant to a Permitted Acquisition (including a Permitted Acquisition of the
equity interests in another Person)) within 90 days prior to the receipt of such Net Cash Proceeds.

 

(b)       On
each Excess Cash Flow Payment Date, the Lead Borrower shall make mandatory principal prepayments of the Loans in the manner set forth
in clause (d) below in an amount equal to the remainder (if positive) of (A) the Applicable Excess Cash Flow Percentage of Excess Cash
Flow, if any, for such Excess Cash Flow Payment Period minus (B) the aggregate amount of voluntary prepayments of any Term Loan during
such Excess Cash Flow Payment Period, in each case, solely to the extent that such prepayments were made in accordance with Section 2.12
and were not funded with the incurrence of any Funded Debt (other than revolving Funded Debt).

(c)       In
the event that any Loan Party or any Restricted Subsidiary of a Loan Party shall receive Net Cash Proceeds from the issuance or incurrence
of Indebtedness for money borrowed of any Loan Party or any Restricted Subsidiary of a Loan Party (other than any cash proceeds from the
issuance of Indebtedness for money borrowed permitted pursuant to Section 6.01 (other than any Credit Agreement Refinancing Indebtedness)),
the Lead Borrower shall, substantially simultaneously with (and in any event not later than the tenth Business Day next following) the
receipt of such Net Cash Proceeds by such Loan Party or such subsidiary, apply an amount equal to 100% of such Net Cash Proceeds to prepay
outstanding Loans in accordance with Section 2.13(d).

(d)       Mandatory
prepayments of outstanding Loans under this Agreement shall be allocated (other than Net Cash Proceeds of any Credit Agreement Refinancing
Indebtedness incurred pursuant to Section 2.25, which may, at the election of the Lead Borrower, be applied on a pro rata basis to any
Class of outstanding Term Loans in respect of which such Indebtedness constitutes Credit Agreement Refinancing Indebtedness as directed
by the Lead Borrower) by the Lead Borrower among each Class of outstanding Term Loans on a pro rata basis, with each Class to be allocated
its Term Loan Percentage of the amount of the respective repayment and applied against the remaining scheduled installments of principal
due in respect of the Term Loans to the outstanding principal amounts due under Sections 2.11(a)(i), (ii), (iii) and (iv) respectively
as directed by the Lead Borrower (or in the absence of direction, in direct order of maturity), except to the extent the terms of any
Incremental Term Loans, Other Term Loans, New Term Loans or Extended Term Loans provide for a less favorable treatment of any Incremental
Term Loans, Other Term Loans, New Term Loans or Extended Term Loans with respect to any such mandatory prepayments.

(e)       Notwithstanding
any other provisions of this Section 2.13, to the extent that any or all of the Net Cash Proceeds of any Disposition by a Foreign Subsidiary
(a “Foreign Disposition”) or the Net Cash Proceeds of any Casualty Event from a Foreign Subsidiary (a “Foreign Casualty
Event”), in each case giving rise to a prepayment event pursuant to Section 2.13(a), or Excess Cash Flow giving rise to a prepayment
event pursuant to Section 2.13(b) are or is prohibited or delayed by applicable local law from being repatriated to the United States,
the portion of such Net Cash Proceeds or Excess Cash Flow so affected will not be required to be applied to repay Term Loans at the times
provided in this Section 2.13 but may be retained by the applicable Foreign Subsidiary so long, but only so long, as the applicable local
law will not permit repatriation to the United States (the Lead Borrower hereby agreeing to cause the applicable Foreign Subsidiary to
promptly take all actions reasonably required by the applicable local law to permit such repatriation), and once such repatriation of
any of such affected Net Cash Proceeds or Excess Cash Flow is permitted under the applicable local law, such repatriation will be

    	 	53	 

     

    

 

immediately effected and such repatriated Net Cash Proceeds or Excess Cash
Flow will be promptly (and in any event not later than two (2) Business Days after such repatriation) applied (net of additional taxes
payable or reserved against as a result thereof) to the repayment of the Loans pursuant to this Section 2.13 to the extent provided herein
and (B) to the extent that the Lead Borrower has determined in good faith that repatriation of any of or all the Net Cash Proceeds of
any Foreign Disposition, any Foreign Casualty Event or Excess Cash Flow would have a material adverse tax cost consequence (taking into
account any foreign tax credit or benefit actually realized in connection with such repatriation) with respect to such Net Cash Proceeds
or Excess Cash Flow, the Net Cash Proceeds or Excess Cash Flow so affected may be retained by the applicable Foreign Subsidiary, provided
that, in the case of this clause (B), on or before the date on which any Net Cash Proceeds so retained would otherwise have been required
to be applied to reinvestments or prepayments pursuant to this Section 2.13 (or such Excess Cash Flow would have been so required if it
were Net Cash Proceeds), (x) the applicable Borrower applies an amount equal to such Net Cash Proceeds or Excess Cash Flow to such reinvestments
or prepayments as if such Net Cash Proceeds or Excess Cash Flow had been received by the applicable Borrower rather than such Foreign
Subsidiary, less the amount of additional taxes that would have been payable or reserved against if such Net Cash Proceeds or Excess Cash
Flow had been repatriated (or, if less, the Net Cash Proceeds or Excess Cash Flow that would be calculated if received by such Foreign
Subsidiary) or (y) such Net Cash Proceeds or Excess Cash Flow are applied to the repayment of Indebtedness of a Foreign Subsidiary.

 

(f)       The
applicable Borrower shall deliver to the Administrative Agent, at the time of each prepayment required under this Section 2.13, (i) a
certificate signed by a Financial Officer of the Lead Borrower setting forth in reasonable detail the calculation of the amount of such
prepayment (the “Prepayment Amount”) and (ii) at least seven Business Days’ prior written notice of such prepayment.
Each notice of prepayment shall specify the prepayment date (the “Prepayment Date”), the Type and Class of each Term Loan
being prepaid and the principal amount of each Term Loan (or portion thereof) to be prepaid. All prepayments of Borrowings under this
Section 2.13 shall be subject to Section 2.16 and Section 2.05(b), if applicable, but shall otherwise be without premium or penalty, and
shall be accompanied by accrued and unpaid interest on the principal amount to be repaid to but excluding the date of payment.

(g)       Notwithstanding
any other provisions of this Section 2.13, any Lender may (but solely to the extent the Lead Borrower elects for this clause (g) to be
applicable to a given Prepayment Amount payable pursuant to Section 2.13(a)) decline to accept all (but not less than all) of its share
of any such prepayment (any such Lender, a “Declining Lender”) by providing written notice to the Administrative Agent no
later than five Business Days after the date of such Lender’s receipt of notice from the Administrative Agent regarding such prepayment.
If any Lender does not give a notice to the Administrative Agent on or prior to such tenth Business Day informing the Administrative Agent
that it declines to accept the applicable prepayment, then such Lender will be deemed to have accepted such prepayment. On any Prepayment
Date, an amount equal to the Prepayment Amount minus the portion thereof allocable to Declining Lenders, in each case for such Prepayment
Date, shall be paid to the Administrative Agent by the Borrowers and applied by the Administrative Agent ratably to prepay Term Loans
owing to Lenders (other than Declining Lenders) in the manner described in Section 2.13(a) for such prepayment. Any amounts that would
otherwise have been applied to prepay Term Loans owing to Declining Lenders shall be retained by the Borrowers (such amounts, “Declined
Amounts”).

Section 2.14Reserve Requirements; Change
in Circumstances.

(a)       Notwithstanding
any other provision of this Agreement, if any Change in Law shall impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of or credit extended by any Lender (except any such reserve requirement
which is reflected in the Adjusted LIBO Rate), shall subject any Lender to any additional Tax liability (other than in respect of Excluded
Taxes or any Indemnified Taxes or Other Taxes indemnified under Section 2.20) or shall impose on such Lender or the London interbank
market any other condition affecting this Agreement or Eurodollar Loans made by such Lender, and the result of any of the foregoing shall
be to increase the cost to such Lender of making or maintaining any Eurodollar Loan or increase the cost to any Lender or to reduce the
amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise) by an amount deemed by
such Lender to be material, then the applicable Borrower will pay to such Lender upon demand such additional amount or amounts as will
compensate such Lender for such additional costs incurred or reduction suffered.

    	 	54	 

     

    

 

(b)       If any Lender shall have determined
that any Change in Law regarding capital adequacy has or would have the effect of reducing the rate of return on such Lender’s capital
or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Term Loans made pursuant hereto
to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking
into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy)
by an amount deemed by such Lender to be material, then from time to time the applicable Borrower shall pay to such Lender such additional
amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

 

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

(d)       Failure
or delay on the part of any Lender to demand compensation for any increased costs or reduction in amounts received or receivable or reduction
in return on capital shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the
Borrowers shall not be under any obligation to compensate any Lender under paragraph (a) or (b) above with respect to increased costs
or reductions with respect to any period prior to the date that is 120 days prior to such request if such Lender knew or could reasonably
have been expected to know of the circumstances giving rise to such increased costs or reductions and of the fact that such circumstances
would result in a claim for increased compensation by reason of such increased costs or reductions; provided, further, that
the foregoing limitation shall not apply to any increased costs or reductions arising out of the retroactive application of any Change
in Law within such 120-day period. The protection of this Section 2.14 shall be available to each Lender regardless of any possible
contention of the invalidity or inapplicability of the Change in Law that shall have occurred or been imposed.

Section 2.15Change in Legality.

(a)       Notwithstanding
any other provision of this Agreement, if any Change in Law shall make it unlawful for any Lender to make or maintain any Type of Eurodollar
Loan or to give effect to its obligations as contemplated hereby with respect to any Type of Eurodollar Loan, then, by written notice
to the Lead Borrower and to the Administrative Agent:

(i)       such
Lender may declare that Eurodollar Loans will not thereafter (for the duration of such unlawfulness) be made by such Lender hereunder
(or be continued for additional Interest Periods) and ABR Loans will not thereafter (for such duration) be converted into such Type of
Eurodollar Loans, whereupon any request for such Type of a Eurodollar Borrowing (or to convert an ABR Borrowing to such Type of a Eurodollar
Borrowing or to continue such Type of a Eurodollar Borrowing for an additional Interest Period) shall, as to such Lender only, be deemed
a request for an ABR Loan (or a request to continue an ABR Loan as such for an additional Interest Period or to convert such Type of a
Eurodollar Loan into an ABR Loan, as the case may be), unless such declaration shall be subsequently withdrawn; and

(ii)       such
Lender may require that all outstanding Eurodollar Loans of such Type made by it be converted to ABR Loans, in which event all such Eurodollar
Loans shall be automatically converted to ABR Loans as of the effective date of such notice as provided in paragraph (b) below.

In the event any Lender shall exercise its rights
under (i) or (ii) above, all payments and prepayments of principal that would otherwise have been applied to repay the Eurodollar Loans
of such Type that would have been made by such Lender or the converted Eurodollar Loans of such Type of such Lender shall instead be applied
to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurodollar Loans of such Type.

(b)       For
purposes of this Section 2.15, a notice to the Lead Borrower by any Lender shall be effective as to each Eurodollar Loan of such
Type made by such Lender, if lawful, on the last day of the Interest Period then applicable to such Eurodollar Loan; in all other cases
such notice shall be effective on the date of receipt by the applicable Borrower.

    	 	55	 

     

    

 

Section 2.16Breakage. The Borrowers shall indemnify each Lender
against any loss (other than any lost profit or margin) or expense that such Lender may sustain or incur as a consequence of (a) any event,
other than a default by such Lender in the performance of its obligations hereunder, which results in (i) such Lender receiving or being
deemed to receive any amount on account of the principal of any Eurodollar Loan prior to the end of the Interest Period in effect therefor,
(ii) the conversion of any Eurodollar Loan to an ABR Loan, or the conversion of the Interest Period with respect to any Eurodollar Loan,
in each case other than on the last day of the Interest Period in effect therefor, or (iii) any Eurodollar Loan to be made by such Lender
(including any Eurodollar Loan to be made pursuant to a conversion or continuation under Section 2.10) not being made after notice
of a Borrowing Request to make such Term Loan or conversion notice to convert such Term Loan shall have been given by the Lead Borrower
hereunder (any of the events referred to in this clause (a) being called a “Breakage Event”) or (b) any default in
the making of any payment or prepayment required to be made hereunder. In the case of any Breakage Event, such loss shall include an amount
equal to the excess, as reasonably determined by such Lender, of (i) its cost of obtaining funds for the Eurodollar Loan that is the subject
of such Breakage Event for the period from the date of such Breakage Event to the last day of the Interest Period in effect (or that would
have been in effect) for such Term Loan over (ii) the amount of interest likely to be realized by such Lender in redeploying the funds
released or not utilized by reason of such Breakage Event for such period. A certificate of any Lender setting forth any amount or amounts
which such Lender is entitled to receive pursuant to this Section 2.16 shall be delivered to the Lead Borrower and shall be conclusive
absent manifest error.

 

Section 2.17Pro Rata Treatment. Subject
to Section 2.15, each Borrowing, each payment or prepayment of principal of any Borrowing made by or on behalf of a Borrower, each
payment of interest on the Loans made by or on behalf of a Borrower, each reduction of the Commitments and each conversion of any Borrowing
to or continuation of any Borrowing as a Borrowing of any Type shall be allocated pro rata among the applicable Lenders or such Class
(it being understood that in the case of any such payment in respect of any Term B-1 Loans, such payments shall be applied on a pro rata
basis to all Term B-1 Loans (including the Add-on Term B-1 Loans, on a pro rata basis) in accordance with their respective applicable
Commitments (or, if such Commitments shall have expired or been terminated, in accordance with the respective principal amounts of their
outstanding Loans). Each Lender agrees that in computing such Lender’s
portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lender’s
percentage of such Borrowing to the next higher or lower whole Dollar amount.

Section 2.18Sharing of Setoffs.
Each Lender agrees that if it shall, through the exercise of a right of banker’s lien, setoff or counterclaim against the Lead
Borrower or any other Loan Party, or pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other security
or interest arising from, or in lieu of, such secured claim, received by such Lender under any applicable Debtor Relief Laws or otherwise,
or by any other means, obtain payment (voluntary or involuntary) in respect of any Loans as a result of which the unpaid principal portion
of its Loans of a Class to a Borrower shall be proportionately less than the unpaid principal portion of the Loans of that Class to such
Borrower of any other Lender, it shall be deemed simultaneously to have purchased from such other Lender at face value, and shall promptly
pay to such other Lender the purchase price for, a participation in such Loans of such other Lender, so that the aggregate unpaid principal
amount of such Loans and participations in such Loans held by each applicable Lender shall be in the same proportion to the aggregate
unpaid principal amount of all such Loans then outstanding as the principal amount of such Loans and participations in such Loans held
by the Lender prior to such exercise of banker’s lien, setoff or counterclaim or other event was to the principal amount of all
such Loans outstanding prior to such exercise of banker’s lien, setoff or counterclaim or other event; provided, however,
that (i) if any such purchase or purchases or adjustments shall be made pursuant to this Section 2.18 and the payment giving rise
thereto shall thereafter be recovered, such purchase or purchases or adjustments shall be rescinded to the extent of such recovery and
the purchase price or prices or adjustment restored without interest, and (ii) the provisions of this Section 2.18 shall not be
construed to apply to any payment made by a Borrower to a Lender in its capacity as such 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 to any assignee or participant. Each Borrower and Holdings expressly consents to the foregoing arrangements and agrees that
any Lender holding a participation in a Loan deemed to have been so purchased may exercise any and all rights of banker’s lien,
setoff or counterclaim with respect to any and all moneys owing by any Borrower and Holdings to such Lender by reason thereof as fully
as if such Lender had made a Loan directly to the applicable Borrower in the amount of such participation.

    	 	56	 

     

    

 

Section 2.19Payments.

 

(a)       Each
Borrower shall make each payment (including principal of or interest on any Borrowing or any Fees or other amounts) hereunder and under
any other Loan Document not later than 2:00 p.m., New York City time, on the date when due in immediately available funds payable in Dollars
without setoff, defense or counterclaim. Each such payment shall be made to the Administrative Agent at the Payment Office. The Administrative
Agent shall promptly distribute to each Lender any payments received by the Administrative Agent on behalf of such Lender.

(b)       Except
as otherwise expressly provided herein, whenever any payment (including principal of or interest on any Borrowing or any Fees or other
amounts) hereunder or under any other Loan Document shall become due, or otherwise would occur, on a day that is not a Business Day, such
payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation
of interest.

Section 2.20Taxes.

(a)       Any
and all payments by or on account of any obligation of each Borrower or any other Loan Party hereunder or under any other Loan Document
shall be made free and clear of and without deduction for any Taxes unless required by applicable law; provided that, if an applicable
withholding agent shall be required by applicable law to deduct any Taxes from such payments, then (i) if such Taxes are Indemnified Taxes
or Other Taxes, the sum payable shall be increased by the applicable Borrower or other Loan Party as necessary so that after all required
deductions (including deductions applicable to additional sums payable under this Section 2.20) have been made each Lender (or,
where the Administrative Agent receives payment for its own account, the Administrative Agent) receives an amount equal to the sum it
would have received had no such deductions been made, (ii) such withholding agent shall make such deductions and (iii) such withholding
agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

(b)       In
addition, each Borrower (as applicable) shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable
law.

(c)       Each
Borrower shall indemnify the Administrative Agent and each Lender, within 10 days after written demand therefor, for the full amount of
any Indemnified Taxes or Other Taxes paid or payable by the Administrative Agent or such Lender, as the case may be, on or with respect
to any payment by or on account of any obligation of such Borrower or in the case of the Lead Borrower, any other Loan Party, hereunder
or under any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable
under this Section 2.20) and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to the Lead Borrower by a Lender, or by the Administrative Agent on behalf of itself or a Lender,
shall be conclusive absent manifest error.

(d)       To
the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent
to any applicable withholding Tax. If the IRS or any other Governmental Authority asserts a claim that the Administrative Agent did not
properly withhold Tax from amounts paid to or for the account of any Lender because the appropriate form was not delivered or was not
properly executed or because such Lender failed to notify the Administrative Agent of a change in circumstance which rendered the exemption
from, or reduction of, withholding Tax ineffective or for any other reason (including a Lender’s failure to comply with the provisions
of Section 9.04(c) relating to the maintenance of a Participant Register), such Lender shall indemnify the Administrative Agent,
within 10 days after demand therefor, fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise,
including any penalties or interest and together with all expenses (including legal expenses, allocated internal costs and out-of-pocket
expenses) incurred. 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. For the avoidance of doubt, this Section 2.20(d)
shall not expand or

    	 	57	 

     

    

 

limit a Loan Party’s obligation to indemnify a Lender under Section
2.20(a) or (c). The agreements in this paragraph shall survive the resignation and/or replacement of the Administrative Agent,
any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge
of all other Obligations.

 

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

(f)       (I)
Any Lender that is entitled to an exemption from or reduction of any withholding tax under the law of the jurisdiction in which any Borrower
is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Lead
Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed
documentation prescribed by applicable law or reasonably requested by the Lead Borrower as will permit such payments to be made without
withholding or at a reduced rate. Such Lender shall promptly notify the Lead Borrower at any time it determines that it is no longer in
a position to provide any previously delivered documentation to the Lead Borrower. Notwithstanding anything to the contrary in the preceding
sentence, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.20(f)(II)
and 2.20(g) 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, any Foreign Lender, to the extent it is legally entitled to do so, shall deliver to the Lead
Borrower, 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 (i) if such Foreign Lender shall determine that
any applicable form or certification has expired or will then expire or has or will then become obsolete or incorrect or that an event
has occurred that requires or will then require a change in the most recent form or certification previously delivered by it to the Lead
Borrower and the Administrative Agent and (ii) upon the request of the Lead Borrower or Administrative Agent, but only if such Foreign
Lender is legally entitled to do so), whichever of the following is applicable:

(i)       duly
completed copies of IRS Form W-8BEN-E or W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States of
America is a party;

(ii)       duly
completed copies of IRS Form W-8ECI;

(iii)       in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or 881(c) of the Code:
(x) a certificate substantially in the form of Exhibit J (any such certificate, a “United States Tax Compliance Certificate”)
to the effect that such Foreign Lender is not: (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a
“10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled
foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) duly completed copies of IRS Form W-8BEN-E or W-8BEN;

(iv)       to
the extent a Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or participating Lender
granting a participation), duly completed copies of IRS Form W-8IMY accompanied by duly completed IRS Form W-8ECI, IRS Form W-8-BEN-E
or W-8BEN, a United States Tax Compliance Certificate, IRS Form W-9 and/or other required documentation from each beneficial owner, as
applicable; provided that if the Foreign Lender is a partnership (and not a participating Lender) and one or more direct or indirect
partners of such Foreign Lender are claiming the portfolio interest ex-emption, such Foreign Lender may provide a United States Tax Compliance
Certificate on behalf of each such direct and indirect partner; and

    	 	58	 

     

    

 

(v)       any other form prescribed
by applicable law as a basis for claiming exemption from or a reduction of United States federal withholding Tax duly completed together
with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding or deduction
required to be made.

 

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

(h)       Each
Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative Agent any documentation
provided by such Lender to the Administrative Agent pursuant to Section 2.20(f) or (g).

(i)       If
a Lender or the Administrative Agent determines, in its sole discretion, that it has received a refund in respect of any Indemnified Taxes
or Other Taxes as to which it has been indemnified by any Borrower or with respect to which any Borrower or other Loan Party has paid
additional amounts pursuant to this Section 2.20, it shall pay over the amount of such refund to such Borrower or other Loan Party,
as applicable (but only to the extent of indemnity payments made under this Section 2.20 with respect to the Indemnified Taxes
or Other Taxes, as the case may be, giving rise to such refund), net of all out-of-pocket expenses (including any Taxes imposed with respect
to such refund) of such Lender or the Administrative Agent and without interest (other than interest paid by the relevant taxation authority
with respect to such refund); provided that such Borrower or other Loan Party, upon the request of such Lender or the Administrative
Agent, agrees to repay the amount paid over to such Borrower or other Loan Party (plus penalties, interest or other charges) to such Lender
or the Administrative Agent in the event such Lender or the Administrative Agent is required to repay such refund to such taxation authority.
Notwithstanding anything to the contrary in this paragraph (i), in no event will the Lender or Administrative Agent be required to pay
any amount pursuant to this paragraph (i) the payment of which would place the Lender or Administrative Agent in a less favorable net
after-Tax position than such Lender or Administrative Agent 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 subsection shall not be construed to require such Lender or the Administrative Agent to make available
its tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrowers or any other Person.

Section 2.21Assignment of Commitments
under Certain Circumstances; Duty to Mitigate.

(a)       In
the event (i) any Lender delivers a certificate requesting compensation pursuant to Section 2.14, (ii) any Lender delivers a notice
described in Section 2.15, (iii) any Borrower is required to pay any additional amount to any Lender or any Governmental Authority
on account of any Lender pursuant to Section 2.20 or (iv) any Lender refuses to consent to any amendment, waiver or other modification
of any Loan Document requested by the Lead Borrower that requires the consent of a greater percentage of the Lenders than the Required
Lenders and such amendment, waiver or other modification is consented to by the Required Lenders, then, in each case, the Lead Borrower
may, at its sole expense and effort (including with respect to the processing and recordation fee referred to in Section 9.04(b)),
upon notice to such Lender and the Administrative Agent, require such Lender to transfer and assign, without recourse (in accordance
with and subject to the restrictions contained in Section 9.04), all of its interests, rights and obligations under this Agreement
(or, in the case of clause (iv) above, all of its interests, rights and obligation with respect to the Class of Term Loans or Commitments
that is the subject of the related consent, amendment, waiver or other modification) to an Eligible Assignee that shall assume such assigned
obligations and, with respect to clause (iv) above, shall consent to such requested amendment, waiver or other modification of any

    	 	59	 

     

    

 

Loan Documents (which assignee may be another Lender, if a Lender accepts
such assignment); provided that (x) such assignment shall not conflict with any law, rule or regulation or order of any court or
other Governmental Authority having jurisdiction, (y) the Lead Borrower shall have received the prior written consent of the Administrative
Agent, which consent shall not unreasonably be withheld or delayed, and (z) the Lead Borrower or such assignee shall have paid to the
affected Lender in immediately available funds an amount equal to the sum of the principal of and interest accrued to the date of such
payment on the outstanding Loans of such Lender, plus all amounts accrued for the account of such Lender hereunder with respect thereto
(including any amounts under Sections 2.05(b), 2.14, 2.16 and 2.20); provided further that, if prior
to any such transfer and assignment the circumstances or event that resulted in such Lender’s claim for compensation under Section
2.14, notice under Section 2.15 or the amounts paid pursuant to Section 2.20, as the case may be, cease to cause such
Lender to suffer increased costs or reductions in amounts received or receivable or reduction in return on capital, or cease to have the
consequences specified in Section 2.15, or cease to result in amounts being payable under Section 2.20, as the case may
be (including as a result of any action taken by such Lender pursuant to paragraph (b) below), or if such Lender shall waive its right
to claim further compensation under Section 2.14 in respect of such circumstances or event or shall withdraw its notice under Section
2.15 or shall waive its right to further payments under Section 2.20 in respect of such circumstances or event or shall consent
to the proposed amendment, waiver, consent or other modification, as the case may be, then such Lender shall not thereafter be required
to make any such transfer and assignment hereunder. Each Lender hereby grants to the Administrative Agent an irrevocable power of attorney
(which power is coupled with an interest) to execute and deliver, on behalf of such Lender, as assignor, any Assignment and Acceptance
necessary to effectuate any assignment of such Lender’s interests hereunder in the circumstances contemplated by this Section
2.21(a).

 

(b)       If
(i) any Lender shall request compensation under Section 2.14 or Section 2.20 or (ii) any Lender delivers a notice described
in Section 2.15, then such Lender shall use reasonable efforts (which shall not require such Lender to incur an unreimbursed loss
or unreimbursed cost or expense or otherwise take any action inconsistent with its internal policies or legal or regulatory restrictions
or suffer any disadvantage or burden deemed by it to be significant) (x) to file any certificate or document reasonably requested in writing
by the Lead Borrower or (y) to assign its rights and delegate and transfer its obligations hereunder to another of its offices, branches
or affiliates, if such filing or assignment would reduce its claims for compensation under Section 2.14 or Section 2.20
or enable it to withdraw its notice pursuant to Section 2.15, as the case may be, in the future. Each Borrower hereby agrees to
pay or cause to be paid all reasonable costs and expenses incurred by any Lender in connection with any such filing or assignment, delegation
and transfer.

Section 2.22Incremental Term Loans and
Incremental Revolving Facilities.

(a)       The
Lead Borrower may, by written notice to the Administrative Agent from time to time, request that one or more Lenders (each of which shall
be entitled to agree or decline to participate in its sole discretion) and/or one or more other Persons which are Eligible Assignees and
which will become Lenders, provide, after the Closing Date, an increase in any existing Class of Term Loans (except as otherwise provided
in this Section 2.22, which shall be on the same terms as, and become a part of, the applicable Class of Term Loans hereunder)
and, subject to the terms and conditions contained in this Agreement and in the respective Incremental Term Loan Assumption Agreement,
make Term Loans (“Incremental Term Loans”) of the applicable class pursuant thereto. Such notice shall set forth (i)
the amount of the Incremental Term Loan Commitments being requested (which shall be in minimum increments of $1,000,000 and a minimum
amount of $5,000,000 (or such lesser amount as may be acceptable to the Administrative Agent) and (ii) the date on which such Incremental
Term Loan Commitments are requested to become effective; provided that:

(i)       no
Lender shall be obligated to provide an Incremental Term Loan Commitment as a result of any such request by the Lead Borrower, and until
such time, if any, as such Lender has agreed in its sole discretion to provide an Incremental Term Loan Commitment and executed and delivered
to the Administrative Agent an Incremental Term Loan Assumption Agreement as provided in clause (b) of this Section 2.22, such
Lender shall not be obligated to fund any Incremental Term Loans,

(ii)       any
Lender (including any Eligible Assignee who will become a Lender) may so provide an Incremental Term Loan Commitment without the consent
of any other Lender,

    	 	60	 

     

    

 

(iii)       any
Affiliated Lender may provide an Incremental Term Loan Commitment; provided, that such Incremental Term Loan Commitment shall
be subject to the applicable restrictions in Section 9.04(f);

 

(iv)       the
aggregate principal amount of all Incremental Term Loans pursuant to this Section 2.22 at any time (including the Add-on Term B-1
Loans funded on the Amendment No. 3 Effective Date) shall not exceed the Maximum Incremental Amount at such time;

(v)       the
up-front fees and, if applicable, any unutilized commitment fees and/or other fees, payable to each Incremental Term Loan Lender in respect
of each Incremental Term Loan Commitment shall be separately agreed to by the Lead Borrower and each such Incremental Term Loan Lender;

(vi)       
the new Incremental Term Loans shall have the same Applicable Margin as the Class of Term Loans to which such Incremental Term Loans are
being added,

(vii)       the
new Incremental Term Loans shall have the same repayment dates as then remain with respect to the Class of Term Loans to which such new
Incremental Term Loans are being added (with the amount of each repayment of Incremental Term Loans to be made by the Lead Borrower on
the repayment dates to be the same (on a proportionate basis) as is theretofore applicable to the Class of Term Loans to which such Incremental
Term Loans are being added, thereby increasing the amount of each then remaining repayment of the respective Class of Term Loans proportionately),

(viii)       the
new Incremental Term Loans shall have the same Maturity Date as the Class of Term Loans to which such Incremental Term Loans are being
added,

(ix)       the
proceeds of all Incremental Term Loans to be made pursuant to any Incremental Term Loan Commitments shall be used only for the purposes
permitted by Section 3.13,

(x)       all
Incremental Term Loans shall be Obligations under this Agreement and the other applicable Loan Documents and shall be secured by the Security
Documents, and guaranteed under the Guaranty, and rank pari passu in right of payment and pari passu in right of security
in respect of the Collateral with the Term Loans, and

(xi)       except
as otherwise provided above, such Incremental Term Loans shall have the same terms as the Class of Term Loans to which such Incremental
Term Loans are being added.

(b)       At
the time of the provision of the Incremental Term Loan Commitments pursuant to this Section 2.22, the Lead Borrower, the Administrative
Agent and each such Lender or other Eligible Assignee which agrees to provide an Incremental Term Loan Commitment (each, an “Incremental
Term Lender”) shall execute and deliver to the Administrative Agent an Incremental Term Loan Assumption Agreement and such other
documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Term Loan Commitment of each Incremental
Term Lender. Notwithstanding the foregoing, no Incremental Term Loan Commitment shall become effective under this Section 2.22 unless
on the date of such effectiveness, all Incremental Commitment Requirements are satisfied.

(c)       The
Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Term Loan Assumption Agreement. Each
of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Term Loan Assumption Agreement, this Agreement shall
be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Incremental Term Loan Commitment
and the Incremental Term Loans evidenced thereby, and the Administrative Agent and the Lead Borrower may revise this Agreement to evidence
such amendments.

(d)       Each
of the parties hereto hereby agrees that the Administrative Agent may, in consultation with the Lead Borrower, take any and all action
as may be reasonably necessary to ensure that all Incremental Term Loans, when originally made, are included in each Borrowing of outstanding
Term Loans on a pro rata basis. This

    	 	61	 

     

    

 

may be accomplished by requiring each outstanding Eurodollar Borrowing
to be converted into an ABR Borrowing on the date of each Incremental Term Loan, or by allocating a portion of each Incremental Term Loan
to each outstanding Eurodollar Borrowing on a pro rata basis. Any conversion of Eurodollar Loans to ABR Loans required by the preceding
sentence shall be subject to Section 2.16. If any Incremental Term Loan is to be allocated to an existing Interest Period for a
Eurodollar Borrowing, then the interest rate thereon for such Interest Period and the other economic consequences thereof shall be as
set forth in the applicable Incremental Term Loan Assumption Agreement. In addition the scheduled amortization payments under Sections
2.11(a)(i), (ii), (iii) and (iv), as applicable, required to be made after the making of such Incremental Term
Loans shall be ratably increased by the aggregate principal amount of such Incremental Term Loans and shall be further increased for all
Lenders on a pro rata basis to the extent necessary to avoid any reduction in the amortization payments to which the Lenders were entitled
before such recalculation.

 

(e)       Notwithstanding
anything to the contrary in this Agreement, at any time after the Amendment No. 2 Effective Date, subject to terms and conditions set
forth herein, the Lead Borrower may, by notice the Administrative Agent request to effect one or more revolving credit facilities tranches
(“Incremental Revolving Facilities”) in an aggregate committed amount not to exceed $30,000,000 at any time outstanding;
provided that any such Incremental Revolving Facilities shall be secured on a pari passu basis by the Collateral securing
the Loans; provided further that such Incremental Revolving Facilities shall be on terms and conditions as separately agreed to
by the Lead Borrower and each such lender of the Incremental Revolving Facilities (including the addition of any financial covenants and
related definitions solely for the benefit of, and as may be amended solely by, the lenders (or such subset of them as may be agreed)
of the Incremental Revolving Facilities) and such terms and conditions shall be reasonably satisfactory to the Administrative Agent. The
Administrative Agent and the Lenders hereby agree that this Agreement may be amended to effectuate the addition of any such Incremental
Revolving Facilities. As of the Amendment No. 3 Effective Date after giving effect to the effectiveness of the Revolving Commitments on
such date, the available basket for Incremental Revolving Facilities is $0.

(f)       This
Section 2.22 shall supersede any provision in Section 2.17 or Section 9.08 to the contrary.

Section 2.23New Term Loan Facility.

(a)       The
Lead Borrower shall have the right to request (by written notice to the Administrative Agent), at any time after the Closing Date, that
one or more Lenders (and/or one or more other Persons which are Eligible Assignees and which will become Lenders) provide New Term Loan
Commitments to the Lead Borrower and, subject to the terms and conditions contained in this Agreement and in the respective New Term Loan
Commitment Agreement, make Term Loans (“New Term Loans”) pursuant thereto; it being understood and agreed, however,
that:

(i)       no
Lender shall be obligated to provide a New Term Loan Commitment as a result of any such request by the Lead Borrower, and until such time,
if any, as such Lender has agreed in its sole discretion to provide a New Term Loan Commitment and executed and delivered to the Administrative
Agent and the Lead Borrower a New Term Loan Commitment Agreement as provided in clause (b) of this Section 2.23, such Lender shall
not be obligated to fund any New Term Loans;

(ii)       any
Lender (including any Eligible Assignees who will become a Lender) may so provide a New Term Loan Commitment without the consent of any
other Lender;

(iii)       any
Affiliated Lender may provide a New Term Loan Commitment; provided that such New Term Loan Commitment shall be subject to the applicable
restrictions in Section 9.04(f);

(iv)       each
Class of New Term Loan Commitments, and all New Term Loans to be made pursuant thereto, shall be denominated in Dollars;

(v)       the
amount of each Class of New Term Loan Commitments shall be in a minimum aggregate amount for all Lenders which provide a New Term Loan
Commitment under such Class of New Term Loans (including Eligible Assignees who will become Lenders) of at least $25,000,000 (or such

    	 	62	 

     

    

 

lower amount as may be reasonably acceptable to the Administrative
Agent) and in integral multiples of $1,000,000 in excess thereof (or such other integral multiple as may be reasonably acceptable to the
Administrative Agent);

 

(vi)       the
aggregate amount of all New Term Loan Commitments provided pursuant to this Section 2.23 and the aggregate principal amount of
all New Term Loans to be made pursuant thereto shall not exceed the Maximum Incremental Amount at such time;

(vii)       the
up-front fees and, if applicable, any unutilized commitment fees and/or other fees, payable to each New Term Loan Lender in respect of
each New Term Loan Commitment shall be separately agreed to by the Lead Borrower and each such New Term Loan Lender;

(viii)       each
Class of New Term Loans shall (A) have a Maturity Date of no earlier than the day after the Latest Maturity Date of any Class of Term
Loans then existing, (B) have a Weighted Average Life to Maturity of no less than the Weighted Average Life to Maturity as then in effect
for any Class of Term Loans then existing and (C) be subject to the Applicable Margins as are set forth in the New Term Loan Commitment
Agreement governing such Class of New Term Loans; provided that, if the Effective Yield for any such Class of New Term Loans, determined
as of the initial funding date for such Class of New Term Loans, exceeds the Effective Yield relating to any Class of Term Loans existing
immediately prior to the effectiveness of the respective New Term Loan Commitment Agreement by more than 0.50%, then the Effective Yield
relating to any such Class of Term Loans thereto incurred shall be adjusted to be equal to the Effective Yield (determined as provided
above) relating to such Class of New Term Loans minus 0.50%;

(ix)       the
proceeds of all New Term Loans shall be used only for the purposes permitted by Section 3.13;

(x)       each
New Term Loan Commitment Agreement shall specifically designate the Class or Classes of the New Term Loan Commitments being provided thereunder
(which Class shall be a new Class (i.e., not the same as the Term B-1 Loans or any other then existing Class of Term Loans) unless
the New Term Loans would be fungible with an existent Class for U.S. federal income tax purposes);

(xi)       all
New Term Loans (and all interest, fees and other amounts payable thereon) shall be Obligations under this Agreement and the other applicable
Loan Documents and shall be secured by the Security Documents, and guaranteed under the Guaranty, on a pari passu basis with all
other Obligations secured by the Security Documents and guaranteed under the Guaranty;

(xii)       each
Lender (including any Eligible Assignee who will become a Lender) agreeing to provide a New Term Loan Commitment pursuant to a New Term
Loan Commitment Agreement shall, subject to the satisfaction of the relevant conditions set forth in this Agreement, make New Term Loans
as specified in such New Term Loan Commitment Agreement and such New Term Loans shall thereafter be deemed to be New Term Loans under
such Class for all purposes of this Agreement and the other applicable Loan Documents;

(xiii)       except
as otherwise set forth in this Section 2.23(n) or otherwise as shall be reasonably satisfactory to the Administrative Agent and
the Borrower, such New Term Loan Facility shall have the same terms as the Term B-1 Loan Facility; and

(xiv)       each
New Term Loan Facility shall share ratably in any prepayments of Term Loans (unless such New Term Loan Facility agrees to participate
on a less than pro rata basis in any voluntary or mandatory prepayments or repayments).

(b)       At
the time of the provision of New Term Loan Commitments pursuant to this Section 2.23, the Lead Borrower, the Administrative Agent
and each such Lender or other Eligible Assignee which agrees to provide a New Term Loan Commitment (each, a “New Term Loan Lender”)
shall execute and deliver to the Administrative

    	 	63	 

     

    

 

Agent a New Term Loan Commitment Agreement, with the effectiveness of the
New Term Loan Commitment provided therein (and the making of the respective New Term Loans thereunder) to occur on the date set forth
in such New Term Loan Commitment Agreement, which date in any event shall be no earlier than the date on which (w) all fees required to
be paid in connection therewith at the time of such effectiveness shall have been paid (including, without limitation, any agreed upon
up-front or arrangement fees owing to the Administrative Agent (or any affiliate thereof)), (x) all Incremental Commitment Requirements
are satisfied, (y) all other conditions set forth in this Section 2.23 shall have been satisfied (or waived in writing by the Required
Lenders prior to the incurrence of such New Term Loan Commitments), and (z) all other conditions precedent that may be set forth in such
New Term Loan Commitment Agreement shall have been satisfied (or waived in writing by the Lenders providing such New Term Loan Commitments).
The Administrative Agent shall promptly notify each Lender as to the effectiveness of each New Term Loan Commitment Agreement, and at
such time, to the extent requested by any New Term Loan Lender, new Term Notes will be issued, at the Lead Borrower’s expense, to
such New Term Loan Lender in conformity with the requirements of this Agreement.

 

(c)       Notwithstanding
anything to the contrary contained above in this Section 2.23, the New Term Loan Commitments provided by a New Term Loan Lender
or New Term Loan Lenders, as the case may be, pursuant to each New Term Loan Commitment Agreement shall constitute a new Class, which
shall be separate and distinct from the existing Classes pursuant to this Agreement (with a designation which may be made in letters (i.e.,
A, B, C, etc.), numbers (1, 2, 3, etc.) or a combination thereof (i.e., A-1, A-2, A-3, B-1, B-2, B-3, C-1, C-2, C-3, etc.).

The New Term Loan Commitment Agreement may,
with the consent of the Lead Borrower and the Administrative Agent, but without the consent of any other Loan Party or the Lenders, effect
such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative
Agent and the Lead Borrower, to effect the provisions of this Section 2.23.

Section 2.24New Incremental Notes.

(a)       The
Lead Borrower shall have the right, at any time after the Closing Date, upon written notice to the Administrative Agent, specifying in
reasonable detail the proposed terms thereof, to issue one or more series of senior secured notes (secured by the Collateral on an equal
and ratable basis with the Obligations (or secured by the Collateral on a second lien basis)) or unsecured notes (such notes, collectively,
“New Incremental Notes”); it being understood and agreed, however, that:

(i)       the
aggregate amount of all New Incremental Notes permitted to be issued pursuant to this Section 2.24 shall not exceed the Maximum
Incremental Amount at such time;

(ii)       all
Incremental Commitment Requirements must be satisfied on the date of issuance of any New Incremental Notes;

(iii)       such
New Incremental Notes shall (A) have a Maturity Date of no earlier than 91 days after the Latest Maturity Date applicable to any Class
of Term Loans then outstanding, (B) have a Weighted Average Life to Maturity of no less than the Weighted Average Life to Maturity as
then in effect for any Class of Loans then existing, and (C) not be subject to any amortization prior to the final maturity thereof, or
be subject to any mandatory redemption or prepayment provisions or rights (except (1) customary assets sale or change of control provisions
or (2) to the extent that prepayments are made, to the extent required under the Loan Documents, first pro rata to any then existing
Class of Term Loan and any senior secured first lien New Incremental Notes);

(iv)       such
New Incremental Notes shall rank pari passu in right of payment (subject to the applicable provisions of the intercreditor agreement
referred to in clause (f) in the case of secured New Incremental Notes), have the same guarantees as the Term Loan Facilities and, if
secured, be secured solely by the Collateral;

    	 	64	 

     

    

 

(v)       any such secured New Incremental
Notes shall be issued subject to intercreditor arrangements that are reasonably satisfactory to the Administrative Agent and;

 

(vi)       the
terms and conditions of such New Incremental Notes are customary for similar debt securities in light of then-prevailing market conditions
at the time of issuance and in any event are not, taken as a whole, more restrictive to the Lead Borrower and its Restricted Subsidiaries
than those set forth in this Agreement (other than with respect to interest rate and redemption provisions), except for covenants and
other provisions applicable only to periods after the Latest Maturity Date of any then existing Term Loan Facility that remains outstanding
after giving effect to such refinancing (provided that a certificate of a financial officer of the Lead Borrower delivered to the
Administrative Agent in good faith at least five (5) Business Days prior to the incurrence of such New Incremental Notes, together with
a reasonably detailed description of the material terms and conditions of such New Incremental Notes or drafts of the documentation relating
thereto, stating that the Lead Borrower has determined in good faith that such terms and conditions satisfy the requirement set forth
in this Section 2.24, shall be conclusive evidence that such terms and conditions satisfy such requirement unless the Administrative
Agent provides notice to the Lead Borrower of its objection during such five (5) Business Day period (including a reasonable description
of the basis upon which it objects)).

Section 2.25Extensions of Term Loans.

(a)       Notwithstanding
anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”) made from
time to time by the applicable Borrower to all Lenders of Term B-1 Loans, Incremental Term Loans, New Term Loans or Other Term Loans,
in each case of any Class and on a pro rata basis (based on the aggregate outstanding principal amount of the respective Term
B-1 Loans, Incremental Term Loans, New Term Loans or Other Term Loans, as the case may be, with a like Maturity Date) and on the same
terms to each such Lender, such Borrower is hereby permitted to consummate from time to time transactions with individual Lenders that
accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s Term B-1 Loans, Incremental
Term Loans, New Term Loans or Other Term Loans with a like Maturity Date and otherwise modify the terms of such Term B-1 Loans, Incremental
Term Loans, New Term Loans or Other Term Loans pursuant to the terms of the relevant Extension Offer (including, without limitation,
by increasing the interest rate or fees payable in respect of such Term B-1 Loans, Incremental Term Loans, New Term Loans or Other Term
Loans and/or modifying the amortization schedule in respect of such Lender’s Term B-1 Loans, Incremental Term Loans, New Term Loans
or Other Term Loans with a like Maturity Date) (each, an “Extension,” and each group of Term B-1 Loans, Incremental
Term Loans, New Term Loans or Other Term Loans as so extended, as well as the original Term B-1 Loans, Incremental Term Loans, New Term
Loans or Other Term Loans (in each case not so extended), being a “tranche”; any Extended Term Loans shall constitute a separate
tranche of Term B-1 Loans, Incremental Term Loans, New Term Loans or Other Term Loans from the tranche of Term B-1 Loans, Incremental
Term Loans, New Term Loans or Other Term Loans with a like Maturity Date from which they were converted), so long as the following terms
are satisfied: (i) no Default or Event of Default shall have occurred and be continuing at the time the offering document in respect
of an Extension Offer is delivered to the Lenders; (ii) except as to interest rates, fees, amortization, final maturity date, premium,
required prepayment dates and participation in prepayments (which shall, subject to immediately succeeding clauses (iii), (iv) and (v),
be determined by the applicable Borrower and the Extending Term Loan Lenders and set forth in the relevant Extension Offer), the Term
B-1 Loans, Incremental Term Loans, New Term Loans or Other Term Loans of any Term Loan Lender that agrees to an Extension with respect
to such Term B-1 Loans, Incremental Term Loans, New Term Loans or Other Term Loans with a like Maturity Date (an “Extending
Term Loan Lender”) extended pursuant to any Extension (“Extended Term Loans”); (iii) the final maturity
date of any Extended Term Loans shall be no earlier than the then Latest Maturity Date hereunder; (iv) the Weighted Average Life to Maturity
of any Extended Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Term B-1 Loans, Incremental
Term Loans, New Term Loans or Other Term Loans extended thereby; (v) any Extended Term Loans may participate on a pro rata basis
or a less than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments
hereunder, in each case as specified in the respective Extension Offer; (vi) if the aggregate principal amount of Term B-1 Loans, Incremental
Term Loans, New Term Loans or Other Term Loans (calculated on the face amount thereof), as the case may be, in respect of which Lenders
shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term B-1 Loans, Incremental Term
Loans, New Term Loans or Other Term Loans, as the case may be, offered to be extended by the applicable Borrower pursuant

    	 	65	 

     

    

 

to such Extension Offer, then the Term B-1 Loans, Incremental Term Loans,
New Term Loans or Other Term Loans, as the case may be, of such Lenders shall be extended ratably up to such maximum amount based on the
respective principal amounts (but not to exceed actual holdings of record) with respect to which such Lenders have accepted such Extension
Offer; (vii) all documentation in respect of such Extension shall be consistent with the foregoing; (viii) any applicable Minimum Extension
Condition shall be satisfied unless waived by the applicable Borrower and (ix) any Extended Term Loans shall be denominated in the same
currency as the Term B-1 Loans, Incremental Term Loans, New Term Loans or Other Term Loans extended thereby.

 

(b)       With
respect to all Extensions consummated by a Borrower pursuant to this Section 2.25, (i) such Extensions shall not constitute voluntary
or mandatory payments or prepayments for purposes of Sections 2.12 and 2.13 and (ii) no Extension Offer is required to be
in any minimum amount or any minimum increment, provided that such Borrower may at its election specify as a condition (a “Minimum
Extension Condition”) to consummating any such Extension that a minimum amount (to be determined and specified in the relevant
Extension Offer in such Borrower’s sole discretion and may be waived by such Borrower) of Term B-1 Loans, Incremental Term Loans,
New Term Loans or Other Term Loans (as applicable) of any or all applicable tranches be tendered. The Administrative Agent and the Lenders
hereby consent to the Extensions and the other transactions contemplated by this Section 2.25 (including, for the avoidance of
doubt, payment of any interest, fees or premium in respect of any Extended Term Loans on the same terms as may be set forth in the relevant
Extension Offer) and hereby waive the requirements of any provision of this Agreement (including, without limitation, Sections 2.18
and 7.02) or any other Loan Document that may otherwise prohibit any such Extension or any other transaction contemplated by this
Section 2.25.

(c)       No
consent of any Lender or the Administrative Agent shall be required to effectuate any Extensions, other than the consent of each Lender
agreeing to such Extension with respect to one or more of its Term B-1 Loans, Incremental Term Loans, New Term Loans or Other Term Loans,
as the case may be (or a portion thereof). All Extended Term Loans incurred by the Lead Borrower and all obligations in respect thereof
shall be Obligations under this Agreement and the other Loan Documents that are secured by the Collateral on a pari passu basis
with all other applicable Obligations under this Agreement and the other Loan Documents. Without limiting the foregoing, in connection
with any Extension, the Loan Parties shall (at their expense) amend (and the Administrative Agent is hereby directed to amend) any Mortgage
that has a maturity date prior to the then Latest Maturity Date so that such maturity date is extended to the then Latest Maturity Date
(or such later date as may be advised by local counsel to the Administrative Agent).

(d)       In
connection with any Extension, the Lead Borrower shall provide the Administrative Agent at least five (5) Business Days’ (or such
shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (including,
without limitation, rendering timing, rounding and other adjustments and to ensure reasonable administrative management of the credit
facilities hereunder after such Extension), if any, as may be established by, or acceptable to, the Administrative Agent, in each case
acting reasonably to accomplish the purposes of this Section 2.25.

(e)       In
the event that the Administrative Agent determines in its sole discretion that the allocation of Extended Term Loans of a given tranche
of Extended Term Loans to a given Lender was incorrectly determined as a result of manifest administrative error in the receipt and processing
of an election by such Lender to extend all or a portion of its Term B-1 Loans, Incremental Term Loans, New Term Loans or Other Term
Loans, as the case may be, timely submitted by such Lender in accordance with the procedures set forth in the applicable documentation
governing such Extension, then the Administrative Agent, the applicable Borrower and such affected Lender may (and hereby are authorized
to), in their sole discretion and without the consent of any other Lender, enter into an amendment to this Agreement and the other Loan
Documents (each, a “Corrective Term Loan Extension Amendment”) within 15 days following the effective date of such
Extension, which Corrective Term Loan Extension Amendment shall (i) provide for the conversion and extension of Term B-1 Loans, Incremental
Term Loans, New Term Loans or Other Term Loans, as the case may be, under the applicable tranche of Term B-1 Loans, Incremental Term
Loans, New Term Loans or Other Term Loans in such amount as is required to cause such Lender to hold Extended Term Loans of the applicable
tranche of Term B-1 Loans Incremental Term Loans, New Term Loans or Other Term Loans into which such other Term B-1 Loans, Incremental
Term Loans, New Term Loans or Other Term Loans were initially converted, in the amount such Lender would have held had such administrative
error not occurred and had such Lender received the minimum allocation of the applicable Extended Term Loans to

    	 	66	 

     

    

 

which it was entitled under the terms of such Extension in the absence
of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, the applicable Borrower and such Lender
may agree, and (iii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in
the reasonable opinion of the Administrative Agent and the Lead Borrower, to effect the provisions of this Section 2.25.

 

Section 2.26Refinancing Amendments.

(a)       At
any time after the Closing Date, the Lead Borrower may obtain, from any Lender or any additional Eligible Assignee, Credit Agreement Refinancing
Indebtedness in respect of all or any portion of the Term B-1 Loans, Incremental Term Loans or New Term Loans then outstanding under this
Agreement (which for purposes of this clause (a) will be deemed to include any then outstanding Other Term Loans or Other Term Loan Commitments),
in the form of Other Term Loans or Other Term Loan Commitments; provided that such Credit Agreement Refinancing Indebtedness (i)
incurred by the Lead Borrower will rank pari passu in right of payment and of security with the other Term Loans hereunder, (ii)
will have such pricing, fees, premiums, interest or optional prepayment or redemption terms as may be agreed by the applicable Borrower
and the Lenders thereof, (iii) any Credit Agreement Refinancing Indebtedness in the form of Other Term Loans or Other Term Loan Commitments
shall share ratably in any prepayments of Term B-1 Loans, Incremental Term Loans or New Term Loans, as the case may be (unless the Other
Term Loans agree to participate on a less than pro rata basis in any voluntary or mandatory prepayments or repayments) and (iv) will have
terms and conditions that are substantially identical to, or (taken as a whole) less favorable to the investors providing such Credit
Agreement Refinancing Indebtedness than, the Refinanced Debt; provided further that the terms and conditions applicable to such
Credit Agreement Refinancing Indebtedness may provide for any additional or different financial or other covenants or other provisions
that are agreed between the applicable Borrower and the Lenders thereof and applicable only during periods after the Latest Maturity Date
that is in effect on the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained. Each Class of Credit Agreement
Refinancing Indebtedness incurred under this Section 2.26 shall be in an aggregate principal amount that is (x) not less than $10,000,000
in the case of Other Term Loans and (y) an integral multiple of $1,000,000 in excess thereof. The effectiveness of any Refinancing Amendment
shall be subject to the satisfaction on the date thereof of each of the conditions set forth in Section 4.01 and, to the extent
reasonably requested by the Administrative Agent, receipt by the Administrative Agent of (i) legal opinions, board resolutions and officers’
certificates consistent with those delivered on the Closing Date other than changes to such legal opinion resulting from a change in law,
change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent and (ii) reaffirmation
agreements and/or such amendments to the Security Documents as may be reasonably requested by the Administrative Agent (including amendments
to the Mortgages) in order to ensure that the Credit Agreement Refinancing Indebtedness is provided with the benefit of the applicable
Loan Documents.

(b)       The
Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto
hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only
to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto
(including any amendments necessary to treat the Loans and Commitments subject thereto as Other Term Loans and/or Other Term Loan Commitments).
Any Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents
as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Lead Borrower, to effect the provisions
of this Section 2.26.

Section 2.27Lead Borrower. Each
Borrower hereby designates the Lead Borrower as its representative and agent for all purposes under the Loan Documents, including designation
of interest rates, delivery or receipt of communications, preparation and delivery of financial reports, receipt and payment of Obligations,
requests for waivers, amendments or other accommodations, actions under the Loan Documents (including in respect of compliance with covenants),
and all other dealings with the Administrative Agent or any Lender. The Lead Borrower hereby accepts such appointment. The Administrative
Agent and the Lenders shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or communication delivered
by the Lead Borrower on behalf of any Borrower. The Administrative Agent and the Lenders may give any notice or communication with a
Borrower hereunder to the Lead Borrower on behalf of such Borrower. Each of the Administrative Agent and the Lenders shall have the right,
in its discretion, to deal exclusively with the Lead Borrower for any or all purposes

    	 	67	 

     

    

 

under the Loan Documents. Each Borrower agrees that any notice, election,
communication, representation, agreement or undertaking made on its behalf by the Lead Borrower shall be binding upon and enforceable
against it.

 

ARTICLE III

 

Representations and Warranties

Each of Holdings and each Borrower represents
and warrants to the Administrative Agent and each of the Lenders with respect to itself and its Restricted Subsidiaries, that on and as
of the Closing Date and as of the date of each Borrowing hereunder (other than a continuation or conversion of a Borrowing), except if
such representation or warranty refers to a specific date or period, then as of such date or for such period:

Section 3.01Organization; Powers.
Each of Holdings, each Borrower and with respect to each Borrower, each of their respective Restricted Subsidiaries (a) is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has all requisite power and authority
to own its property and assets and to carry on its business as now conducted and as proposed to be conducted, (c) is qualified to do business
in, and is in good standing in, every jurisdiction where such qualification is required, except where the failure so to qualify could
not reasonably be expected to result in a Material Adverse Effect, and (d) has the power and authority to execute, deliver and perform
its obligations under each of the Loan Documents and each other agreement or instrument contemplated thereby to which it is or will be
a party and, in the case of each Borrower, to borrow hereunder.

Section 3.02Authorization. The Transactions
(a) have been duly authorized by all requisite corporate and, if required, stockholder action and (b) will not (i) violate (A) any provision
of law, statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws of
Holdings, the Borrowers or with respect to each Borrower, any of their respective Restricted Subsidiaries, (B) any order of any Governmental
Authority or (C) any provision of any indenture, material agreement or other material instrument to which Holdings, the Borrowers or with
respect to each Borrower, any of their Restricted Subsidiaries is a party or by which any of them or any of their property is or may be
bound, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under,
or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any such indenture,
material agreement or other material instrument or (iii) result in the creation or imposition of any Lien upon or with respect to any
material property or assets now owned or hereafter acquired by Holdings, the Borrowers or with respect to each Borrower, any of their
respective Restricted Subsidiaries (other than any Lien created under the Security Documents).

Section 3.03Enforceability. This
Agreement has been duly executed and delivered by Holdings and each Borrower and constitutes, and each other Loan Document when executed
and delivered by each Loan Party thereto will constitute, a legal, valid and binding obligation of such Loan Party enforceable against
such Loan Party in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws relating to or limiting creditor’s rights generally or by
equitable principles relating to enforceability.

Section 3.04Governmental Approvals.
No action, consent or approval of, registration or filing with or any other action by any Governmental Authority is or will be required
in connection with the Transactions, except for (a) the filing of UCC financing statements (or equivalent filings) and filings with the
United States Patent and Trademark Office and the United States Copyright Office, (b) recordation of the Mortgages, (c) such as have been
made or obtained and are in full force and effect and (d) the filing of certain of the Loan Documents with the FCC pursuant to the requirements
of the FCC’s rules and regulations.

Section 3.05Financial Statements.
The Lead Borrower has heretofore furnished to the Lenders the Historical Financial Statements. The Historical Financial Statements present
fairly the financial condition and results of operations and cash flows of the applicable Loan Parties as of such dates and for such
periods. Such balance sheets and the notes thereto disclose all material liabilities, direct or contingent, of such Loan Parties as of
the dates thereof. Such financial statements were prepared in accordance with GAAP applied on a consistent basis, subject, in the case
of unaudited financial statements, to year-end audit adjustments and the absence of footnotes.

    	 	68	 

     

    

 

Section 3.06No Material Adverse Effect. No event, change or
condition has occurred that has had, or could reasonably be expected to have, a Material Adverse Effect since April 4, 2013.

 

Section 3.07Title to Properties; Possession
Under Leases.

(a)       Each
of the Borrowers and their respective Restricted Subsidiaries has good and marketable title to, or valid leasehold interests in, all its
material properties and assets (including all Mortgaged Property), except for minor defects in title that do not interfere with its ability
to conduct its business in substantially the same manner as currently conducted or to utilize such properties and assets for their intended
purposes. All such material properties and assets are free and clear of Liens, other than Liens permitted by Section 6.02.

(b)       Each
of the Borrowers and their respective Restricted Subsidiaries has complied in all material respects with all material obligations under
all Material Leases to which it is a party and all such leases are in full force and effect. Each of the Borrowers and their respective
Restricted Subsidiaries enjoy peaceful and undisturbed possession under all such Material Leases.

(c)       As
of the Closing Date, neither Borrower has received any notice of, nor has any knowledge of, any pending or contemplated material condemnation
proceeding affecting the Mortgaged Properties or any sale or disposition thereof in lieu of condemnation.

(d)       As
of the Closing Date, none of the Borrowers or any of their respective Restricted Subsidiaries is obligated under any right of first refusal,
option or other contractual right to sell, assign or otherwise dispose of any Mortgaged Property or any interest therein.

Section 3.08Subsidiaries. Schedule
3.08 sets forth as of the Closing Date a list of all Subsidiaries (with an annotation to identify the Immaterial Subsidiaries) and
the percentage ownership interest of Holdings or the Borrowers therein. The shares of capital stock or other ownership interests so indicated
on Schedule 3.08 are fully paid and non-assessable and are owned by Holdings or the Borrowers, directly or indirectly, free and
clear of all Liens (other than Liens created under the Security Documents and after the Closing Date, Liens permitted under Section
6.02).

Section 3.09Litigation; Compliance with
Laws.

(a)       Except
as set forth on Schedule 3.09, there are no actions, suits or proceedings at law or in equity or by or before any Governmental
Authority now pending or, to the knowledge of any Borrower, threatened against or affecting the Borrowers or any of their respective Restricted
Subsidiaries or any business, property or rights of any such Person (i) that involve any Loan Document or (ii) involve the Transactions
or (iii) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could, in the case
of either clause (ii) or (iii), reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

(b)       None
of the Borrowers or any of their respective Restricted Subsidiaries or any of their respective material properties or assets is in violation
of, nor will the continued operation of their material properties and assets as currently conducted violate, any law, rule or regulation
(including any zoning, building, Environmental Law, ordinance, code or approval or any building permits) or any restrictions of record
or agreements affecting the Mortgaged Property, or is in default with respect to any judgment, writ, injunction, decree or order of any
Governmental Authority, where such violation or default could reasonably be expected to result in a Material Adverse Effect.

(c)       Certificates
of occupancy and permits are in effect for each Mortgaged Property as currently constructed.

Section 3.10Designation of Indebtedness.
The Obligations constitute senior indebtedness that is entitled to the benefits of the subordination provisions of any subordinated debt
documents, if any, of all Indebtedness of the Borrowers and their Subsidiaries.

    	 	69	 

     

    

 

Section 3.11Federal Reserve Regulations.

 

(a)       None
of Holdings, any Borrower or with respect to the Borrowers, any of their respective Restricted Subsidiaries is engaged principally, or
as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock.

(b)       No
part of the proceeds of any Term Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately,
for any purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulation
T, U or X.

Section 3.12Investment Company Act.
None of Holdings, any Borrower or with respect to the Borrowers, any of their respective Restricted Subsidiaries is or is required to
be registered as an “investment company” as defined in, or subject
to regulation under, the Investment Company Act of 1940.

Section 3.13Use of Proceeds. The
Borrowers will (a) use the proceeds of Incremental Term Loans only for the purposes specified in the applicable Incremental Term Loan
Assumption Agreement and (b) use the proceeds of New Term Loans only for the purposes specified in the applicable New Term Loan Commitment
Agreement. The proceeds of the Additional Term B-1 Loans made pursuant to the Additional Term B-1 Commitment shall be used for the repayment
of Term B Loans required to be made pursuant to Section 2.04 and for working capital needs and general corporate purposes (including
Permitted Acquisitions) of the Borrowers and their Subsidiaries. The proceeds of the Add-on Term B-1 Loans made pursuant to the Add-on
Term B-1 Commitment shall be used on the Amendment No. 3 Effective Date to consummate one or more Permitted Acquisitions and/or to replenish
cash utilized for such Permitted Acquisitions for working capital or general corporate purposes. The Borrowers will use the Borrowings
under the Revolving Credit Facility for working capital or general corporate purposes.

Section 3.14Tax Returns. Each of
Holdings, the Borrowers and with respect to the Borrowers, their respective Restricted Subsidiaries has filed or caused to be filed all
material federal, state, local and foreign Tax returns, statements, forms and
reports (“Returns”) required to have been filed by
it and has paid or caused to be paid all Taxes due and payable by it (including in the capacity of a withholding agent), except
Taxes that are being contested in good faith by appropriate proceedings and for which Holdings, the applicable Borrower or such Restricted
Subsidiary, as applicable, shall have set aside on its books adequate reserves in accordance with GAAP.

Section 3.15No Material Misstatements.
None of (a) the Confidential Information Memorandum or (b) any other written information, report, financial statement, exhibit or schedule
furnished by or on behalf of Holdings or the Borrowers to the Administrative Agent or any Lender in connection with the negotiation of
any Loan Document or included therein or delivered pursuant thereto, taken as a whole, contained, contains or will contain any material
misstatement of fact or omitted, omits or will omit to state any material fact necessary to make the statements therein, in the light
of the circumstances under which they were, are or will be made, not materially misleading; provided that to the extent any such
information, report, financial statement, exhibit or schedule was based upon or constitutes a forecast or projection, each of Holdings
and the Borrowers represents only that it acted in good faith and utilized reasonable assumptions (based upon accounting principles consistent
with the historical audited financial statements of the Borrower) and due care in the preparation of such information, report, financial
statement, exhibit or schedule.

Section 3.16Employee Benefit Plans.

(a)       Each
Plan is in compliance with the applicable provisions of ERISA and the Code except for non-compliances which, in the aggregate, would
not have a Material Adverse Effect. Except as set forth in Schedule 3.16, no ERISA Event has occurred within the past five years
or is reasonably expected to occur that, when taken together with all other such ERISA Events, could reasonably be expected to have a
Material Adverse Effect. As of the Closing Date, the present value of all benefit liabilities of all underfunded Plans (based on the
assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the last annual valuation dates applicable
thereto, exceed the fair market value of the assets of all such underfunded Plans by an amount that has or would be expected to have
a Material Adverse Effect.

    	 	70	 

     

    

 

b)       Each Foreign Pension Plan
is in compliance with all requirements of law applicable thereto and the respective requirements of the governing documents for such plan
except for non-compliances which, in the aggregate, would not have a Material Adverse Effect. With respect to each Foreign Pension Plan,
none of Holdings, its Affiliates or any of their respective directors, officers, employees or agents has engaged in a transaction which
would subject Holdings, the Borrowers or with respect to the Borrowers, their respective Restricted Subsidiaries, directly or indirectly,
to a tax or civil penalty which could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.
As of the Closing Date, the present value of the aggregate accumulated benefit liabilities of all such Foreign Pension Plans (based on
those assumptions used to fund each such Foreign Pension Plan) did not, as of the last annual valuation date applicable thereto, exceed
the fair market value of the assets of all such underfunded Plans by an amount that has or would be expected to have a Material Adverse
Effect.

 

Section 3.17Environmental Matters.

(a)       Except
as set forth in Schedule 3.17 and except with respect to any other matters that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect, none of the Borrowers or with respect to the Borrowers, any of their respective 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.

(b)       Since
the Closing Date, there has been no change in the status of the matters disclosed on Schedule 3.17 that, individually or in the
aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect.

Section 3.18[Reserved].

Section 3.19Security Documents.

(a)       The
Security Agreement, upon execution and delivery thereof by the parties thereto, will create in favor of the Collateral Agent, for the
ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral and the proceeds thereof and
(i) when the Pledged Collateral (as defined in the Security Agreement) is delivered to the Collateral Agent, the Lien created under the
Security Agreement shall constitute a fully perfected and first priority Lien on, and security interest in, all right, title and interest
of the Loan Parties in such Pledged Collateral, in each case prior and superior in right to any other Person and (ii) when financing statements
and other filings in appropriate form are filed in the offices specified on Schedule 3.19(a), the Lien created under the Security
Agreement with respect to the Collateral that may be perfected by filing a financing statement and other filings will constitute a fully
perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral (other than trademarks,
patents and copyrights subject to the Intellectual Property Security Agreements), in each case prior and superior in right to any other
Person, other than with respect to Liens permitted by Section 6.02 that by operation of law or contract are prior and superior
in right to the Liens securing the Obligations.

(b)       Upon
the recordation of the Intellectual Property Security Agreements (or a short-form security agreement in form and substance reasonably
satisfactory to the Lead Borrower and the Collateral Agent) with the United States Patent and Trademark Office and the United States Copyright
Office, together with the financing statements in appropriate form filed in the offices specified on Schedule 3.19(a), the Lien
created under the Security Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest
of the Loan Parties in the IP Collateral (as defined in the Security Agreement) in which a security interest may be perfected by filing
in the United States Patent and Trademark Office and the United States Copyright Office, in each case prior and superior in right to any
other Person (it being understood that subsequent recordings in the United States Patent and Trademark Office and the United States Copyright
Office may be necessary to perfect a Lien on registered trademarks, patents, copyrights and related applications of the foregoing acquired
by the Loan Parties after the Closing Date).

(c)       The
Mortgages are effective to create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid and
enforceable Lien on all of the Loan Parties’ right, title and interest in and to the

    	 	71	 

     

    

 

Mortgaged Property thereunder and the proceeds thereof, and when the Mortgages
are filed in the corresponding recording office, each of the Mortgages shall constitute a fully perfected Lien on, and security interest
in, all right, title and interest of the Loan Parties in such Mortgaged Property and the proceeds thereof, in each case prior and superior
in right to any other Person, other than with respect to the rights of Persons pursuant to Liens permitted by Section 6.02 that
by operation of law or contract are prior and superior in right to the Liens securing the Obligations and except for any Liens or encumbrances
shown on title insurance policies. Notwithstanding the foregoing, the Loan Parties represent that the PR Mortgage has been duly filed
and recorded in the corresponding Section of the Puerto Rico Registry of Property (except for the Deed of Amendment, which has been filed
and is pending recordation in the corresponding Section of the Puerto Rico Registry of Property).

 

Section 3.20Location of Real Property
and Leased Premises.

(a)       Schedule
3.20(a) lists completely and correctly as of the Closing Date all real property owned by the Loan Parties with a fair market value
greater than $3,500,000 (each, a “Material Owned Real Property”) and the addresses thereof. The Loan Parties own in
fee all the real property set forth on Schedule 3.20(a).

(b)       Schedule
3.20(b) lists completely and correctly as of the Closing Date all real property leased by the Loan Parties that is material to the
business or operations of the Loan Parties and could not be readily replaced on terms not materially less favorable to the lessee (each,
a “Material Lease”) and the addresses thereof. The Loan Parties have valid leases in all the real property set forth
on Schedule 3.20(b).

Section 3.21Labor Matters. The hours
worked by and payments made to employees of Holdings, the Borrowers and with respect to the Borrowers, their respective Restricted Subsidiaries
within the past five years have not been in violation of the Fair Labor Standards Act or any other applicable federal, state, local or
foreign law dealing with such matters except as could not reasonably be expected to have a Material Adverse Effect. Except as set forth
on Schedule 3.21, the consummation of the Transactions will not give rise to any right of termination or right of renegotiation
on the part of any union under any collective bargaining agreement to which Holdings, the Borrowers or with respect to the Borrowers,
any of their respective Restricted Subsidiaries is bound.

Section 3.22Solvency. Immediately
after the consummation of the Transactions to occur on the Closing Date and immediately following the making of each Term Loan and after
giving effect to the application of the proceeds of each Term Loan, Holdings and its Restricted Subsidiaries, taken as a whole, are solvent
as determined by, and determined in accordance with, the Solvency Certificate.

Section 3.23[Reserved].

Section 3.24Anti-Corruption Laws and
Sanctions. Holdings has implemented and maintains in effect policies and procedures designed to ensure compliance by Holdings, its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and Holdings,
its Subsidiaries and their respective officers and employees and to the knowledge of Holdings its directors and agents, are in compliance
with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) Holdings, any Subsidiary or any of their respective
directors, officers or employees, or (b) to the knowledge of Holdings, any agent of Holdings or any Subsidiary that will act in any capacity
in connection with or benefit from the credit facility established hereby, is a Sanctioned Person except to the extent permitted for such
Persons and all parties hereto required to comply with Sanctions. No Borrowing, use of proceeds or other transaction contemplated by this
Agreement will violate Anti-Corruption Laws or applicable Sanctions.

Section 3.25Intellectual Property.
Each of Holdings, the Borrowers and with respect to the Borrowers, each of their respective Restricted Subsidiaries owns or has the right
to use all the patents, trademarks, domain names, service marks, trade names, copyrights, industrial designs, licenses, inventions, trade
secrets, proprietary information and know-how of any type or rights with respect to any of the foregoing, and has obtained all licenses,
consents and other rights of whatever nature, sufficient for the present conduct of its business, without any known conflict with the
rights of others except as could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect.

    	 	72	 

     

    

 

Section 3.26Special Representations Relating to FCC Licenses, Etc.

 

(a)       The
FCC Licenses include all of the material licenses, permits and other authorizations issued by the FCC to the Borrowers or their respective
Restricted Subsidiaries that are necessary or required for the Borrowers and their respective Restricted Subsidiaries to conduct their
business in the manner in which it is currently being conducted. Schedule 3.26 hereto lists each material FCC License held by the
Borrowers or their respective Restricted Subsidiaries as of the Closing Date (including all pending applications for renewals thereof).
With respect to each FCC License listed on Schedule 3.26 hereto, the description includes the call sign, channel or frequency,
community of license, file number, the date of grant of the most recent license renewal and the license expiration date.

(b)       All
material FCC Licenses held by the Borrowers and their respective Restricted Subsidiaries are in full force and effect in accordance with
their terms. Except as set forth on Schedule 3.26, as of the Closing Date, (i) neither the Borrowers nor any of their respective
Restricted Subsidiaries has received any notice of apparent liability, notice of violation, order to show cause or other writing from
the FCC that could reasonably be expected to result in a Material Adverse Effect, (ii) there is no proceeding pending or, to the knowledge
of the Borrowers, threatened by or before the FCC relating to the Borrowers or their respective Restricted Subsidiaries that could reasonably
be expected to result in a Material Adverse Effect, (iii) to the knowledge of the Borrowers, no complaint or investigation is pending
or threatened by or before the FCC (other than rulemaking proceedings of general applicability to the broadcasting industry) that could
reasonably be expected to result in a Material Adverse Effect. Except as set forth in Schedule 3.26, as of the Closing Date, the
Borrowers and their respective Restricted Subsidiaries have timely filed all required reports and notices with the FCC and have paid all
amounts due in timely fashion on account of fees and charges to the FCC, except where the failure to do so could not reasonably be expected
to result in a Material Adverse Effect.

ARTICLE IV

 

Conditions of Lending

The obligations of (i) the Lenders to make Term
Loans hereunder and (ii) on and after the Amendment No. 3 Effective Date, the Revolving Lenders to make Revolving Loans and of the Issuing
Banks to issue, amend or extend any Letter of Credit, are subject to the satisfaction of the following conditions:

Section 4.01All Credit Events. On
the date of each Borrowing or the date of issuance, amendment (which results in an increase or extension) or extension of any Letter of
Credit (each such event being called a “Credit Event”) (other than a conversion or a continuation of a Borrowing):

(a)       The
Administrative Agent shall have received a notice of such Credit Event as required by Section 2.03 or Section 10.03.

(b)       The
representations and warranties set forth in Article III and in each other Loan Document shall be true and correct in all material respects
on and as of the date of such Credit Event with the same effect as though made on and as of such date, except to the extent such representations
and warranties expressly relate to an earlier date, and, in the case of a Borrowing under an Incremental Facility in connection with a
Permitted Acquisition, subject to the proviso in subclause (ii) in the definition of Incremental Commitment Requirements.

(c)       At
the time of and immediately after such Credit Event, no Default or Event of Default shall have occurred and be continuing, and, in the
case of a Borrowing under an Incremental Facility in connection with a Permitted Acquisition, subject to the proviso in subclause (i)
in the definition of Incremental Commitment Requirements.

(e)       Each
Credit Event shall be deemed to constitute a representation and warranty by the Borrowers and Holdings on the date of such Credit Event
as to the matters specified in paragraphs (b) and (c) of this Section 4.01.

    	 	73	 

     

    

 

Section 4.02First Credit Event. On the Closing Date:

 

(a)       The
Administrative Agent shall have received, on behalf of itself and the Lenders, a favorable written opinion of (i) Paul, Weiss, Rifkind,
Wharton & Garrison LLP, counsel for Holdings and the Borrowers, substantially to the effect set forth in Exhibit G-1, (ii)
each local counsel listed on Schedule 4.02(a), substantially to the effect set forth in Exhibit G-2 and (iii) FCC counsel,
substantially to the effect set forth in Exhibit G-3, in each case (A) dated the Closing Date and (B) addressed to the Administrative
Agent, the Lenders and the Collateral Agent, and Holdings and the Borrowers hereby request such counsel to deliver such opinions.

(b)       The
Administrative Agent shall have received (i) a copy of the certificate or articles of incorporation or equivalent organizational document,
including all amendments thereto, of each Loan Party, and in the case of each Loan Party, certified as of a recent date by the Secretary
of State of the state of its organization, and a certificate as to the good standing of each Loan Party as of a recent date, from such
Secretary of State or other applicable similar Governmental Authority; (ii) a certificate of the Secretary, Assistant Secretary or Responsible
Officer of each Loan Party dated the Closing Date and certifying (A) that attached thereto is a true and complete copy of the by-laws,
operating agreement or similar governing document of such Loan Party as in effect on the Closing Date and at all times since a date prior
to the date of the resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions duly
adopted by the Board of Directors of such Loan Party authorizing the execution, delivery and performance of the Loan Documents to which
such Person is a party and, in the case of the Borrowers, the borrowings hereunder, and that such resolutions have not been modified,
rescinded or amended and are in full force and effect, (C) that the certificate or articles of incorporation, equivalent organizational
document, by-law, operating agreement or similar governing document of such Loan Party have not been amended (in the case of the articles
of incorporation of each Loan Party since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant
to clause (i) above), and (D) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document
delivered in connection herewith on behalf of such Loan Party; (iii) a certificate of another officer as to the incumbency and specimen
signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (ii) above; and (iv) such other documents
as the Administrative Agent may reasonably request.

(c)       The
Administrative Agent, the Collateral Agent, the Joint Lead Arrangers and the Lenders shall have received all applicable Fees and other
amounts due and payable on or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment of all out of pocket
expenses required to be reimbursed or paid by the Borrowers hereunder, under the Fee Letter or under any other Loan Document.

(d)       (i)
The Guaranty shall have been duly executed by each Loan Party that is to be a party thereto. Upon the proper filing and recordation, as
applicable, of financing statements and other Security Documents, the Collateral Agent, on behalf of the Secured Parties will have a perfected
security interest in the Collateral of the type and priority described in each Security Document.

(e)       The
Collateral Agent shall have received (i) a supplement to the Security Agreement executed by each Person that is to be a party thereto
and such supplement shall be in full force and effect on the Closing Date, (ii) a Perfection Certificate with respect to the Loan Parties
dated the Closing Date and duly executed by a Responsible Officer of the Lead Borrower, (iii) the results of a search of the UCC filings
made with respect to the Loan Parties in the states (or other jurisdictions) of formation of such Persons, in which the chief executive
officer of each such Person is located and in the other jurisdictions in which such Persons maintain property, in each case as indicated
on such Perfection Certificate, together with copies of the financing statements disclosed by such search, and accompanied by evidence
satisfactory to the Collateral Agent, that the Liens indicated in any such UCC would be permitted under Section 6.02 or have been
or will be contemporaneously released or terminated.

(f)       The
Administrative Agent shall have received a copy of, or a certificate as to coverage under, the insurance policies required by Section
5.02 and the applicable provisions of the Security

    	 	74	 

     

    

 

Documents, each of which shall be endorsed or otherwise amended
to include a customary lender’s loss payable endorsement and to name the Collateral Agent or, as applicable, the Administrative
Agent as additional insured, in form and substance reasonably satisfactory to the Administrative Agent.

 

(g)       All
principal, premium, if any, interest, fees and other amounts due or outstanding under the Existing Indebtedness shall have been paid in
full, the commitments thereunder terminated and all guarantees and security in support thereof discharged and released, and the Administrative
Agent shall have received reasonably satisfactory evidence thereof. Immediately after giving effect to the Transactions and the other
transactions contemplated hereby, Holdings, the Borrowers and the Restricted Subsidiaries shall have outstanding no Indebtedness or preferred
stock other than (a) Indebtedness outstanding under this Agreement and (b) Indebtedness set forth on Schedule 6.01.

(h)       The
Administrative Agent shall have received a Solvency Certificate from the chief financial officer of Holdings.

(i)       The
Lenders shall have received at least 3 calendar days prior to the Closing Date (unless otherwise agreed by the Joint Lead Arrangers),
to the extent requested by the Administrative Agent at least 5 Business Days prior to the Closing Date, all documentation and other information
required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including the USA PATRIOT Act.

(j)       The
Administrative Agent shall have received the Historical Financial Statements.

(k)       The
Administrative Agent shall have received pro forma consolidated financial statements of the Parent and its Subsidiaries and related pro
forma consolidated statement of income of the Parent and its Subsidiaries as of and for the twelve-month period ending on the last day
of the most recently completed four-Fiscal Quarter period ended at least 45 days prior to the Closing Date, prepared after giving effect
to the Transaction as if the Transaction had occurred as of such date (in the case of such balance sheet) or at the beginning of such
period (in the case of such other financial statements), which need not be prepared in compliance with Regulation S-X, or include adjustments
for purchase accounting.

(l)       (i)
Since April 4, 2013, there shall not have occurred any Material Adverse Effect of the type set forth in clause (A) of the definition thereof
and (ii) there shall not have occurred any Material Adverse Effect of the type set forth in clauses (B) and (C) of the definition thereof.

(m)       The
receipt of a public rating of each Term Loan Facility by each of S&P and Moody’s and (y) a public corporate rating from S&P
and a public corporate family rating from Moody’s, which ratings shall remain in full force and effect on the Closing Date.

ARTICLE V

 

Affirmative Covenants

Each of Holdings (solely as to Sections
5.01, 5.03, 5.05, 5.06, 5.10 and 5.13) and each Borrower, in respect of itself and its Restricted
Subsidiaries only, covenants and agrees with each Lender that, so long as this Agreement shall remain in effect and until the Commitments
have been terminated and any Loan or other Obligation (including all Fees and all other expenses or amounts payable under any Loan Document
other than contingent indemnification obligations as to which no claim has been asserted and obligations and liabilities under Cash Management
Obligations and Secured Hedging Agreements as to which arrangements satisfactory to the applicable Cash Management Bank or Hedging Bank
shall have been made) hereunder have been paid in full, unless the Required Lenders shall otherwise consent in writing, each of the Borrowers
will, and (except in the case of Section 5.04), the Borrowers will cause each of their respective Restricted Subsidiaries to:

    	 	75	 

     

    

 

Section 5.01Existence; Compliance with Laws; Businesses and Properties.

 

(a)       Do
or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except as otherwise
expressly permitted under Section 6.05.

(b)       Do
or cause to be done all things necessary to obtain, preserve, renew, extend and keep in full force and effect the rights, licenses (including
FCC Licenses (except any auxiliary FCC Licenses no longer used in the operation of the full power broadcast television stations authorized
by such FCC Licenses) or foreign equivalent, as applicable), permits, franchises, authorizations, patents, copyrights, trademarks and
trade names material to the conduct of its business; comply in all material respects with all material applicable laws, rules, regulations
and decrees and orders of any Governmental Authority, whether now in effect or hereafter enacted; and at all times maintain and preserve
all property material to the conduct of such business and keep such property in good repair, working order and condition and from time
to time make, or cause to be made, all needful 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.

(c)       Operate
all of the Stations in material compliance with the Communications Act and the FCC’s rules, regulations and published policies promulgated
thereunder and with the terms of the FCC Licenses, (ii) timely file all required reports and notices with the FCC and pay all amounts
due in timely fashion on account of fees and charges to the FCC and (iii) timely file and prosecute all applications for renewal with
respect to all of the FCC Licenses, except in the case of each of the foregoing clauses, where a failure to do so could not reasonably
be expected to have a Material Adverse Effect.

(d)       Maintain
ownership of all FCC Licenses held by Holdings or any of its Subsidiaries, and used in the business of Holdings and its Restricted Subsidiaries
in Borrowers or Subsidiary Guarantors the equity interests of which have been pledged to the Collateral Agent for the benefit of the Secured
Parties.

(e)       Holdings
will maintain in effect and enforce policies and procedures designed to ensure compliance by the Holdings, its Subsidiaries and their
respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

Section 5.02Insurance.

(a)       Keep
its insurable properties adequately insured at all times by financially sound and reputable insurers in such amounts as shall be customary
for similar businesses and maintain such other reasonable insurance (including, to the extent consistent with past practices, self-insurance),
of such types, to such extent and against such risks, as is customary with companies in the same or similar businesses and maintain such
other insurance as may be required by law or any other Loan Document.

(b)       To
the extent not so endorsed, cause all such policies covering any Collateral to be endorsed or otherwise amended to include a customary
lender’s loss payable endorsement, in form and substance reasonably satisfactory to the Administrative Agent and the Collateral
Agent, which endorsement shall provide that, if the insurance carrier shall have received written notice from the Administrative Agent
or the Collateral Agent of the occurrence of an Event of Default, the insurance carrier shall pay all proceeds otherwise payable to the
Borrowers or the Loan Parties under such policies directly to the Collateral Agent; cause all such policies to provide that neither the
Borrowers, the Administrative Agent, the Collateral Agent nor any other party shall be a coinsurer thereunder and to contain a “replacement
cost endorsement,” without any deduction for depreciation, and such other provisions as the Administrative Agent or the Collateral
Agent may reasonably require from time to time to protect their interests; deliver original or certified copies of all such policies
to the Collateral Agent; cause each such policy to provide that it shall not be cancelled, modified or not renewed (i) by reason of non-payment
of premium upon not less than 10 days’ prior written notice thereof by the insurer to the Administrative Agent and the Collateral
Agent (giving the Administrative Agent and the Collateral Agent the right to cure defaults in the payment of premiums) or (ii) for any
other reason upon not less than 30 days’ prior written notice thereof by the insurer to the Administrative Agent and the Collateral
Agent; deliver to the Administrative Agent and the Collateral Agent, prior to the cancellation, modification or non-renewal of any such
policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy previously delivered to the
Administrative Agent and the Collateral

    	 	76	 

     

    

 

Agent) together with evidence satisfactory to the Administrative Agent
and the Collateral Agent of payment of the premium therefor.

 

(c)       If
at any time the improvements on any Mortgaged Property are located in an area designated as (i) a “flood hazard area” in any
Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance in such
total amount as the Administrative Agent, the Collateral Agent or the Required Lenders may from time to time require, and otherwise comply
with rules and regulations promulgated under the National Flood Insurance Act of 1968 and Flood Disaster Protection Act of 1973, as each
may be amended from time to time, or (ii) a “Zone 1” area, obtain earthquake insurance in such total amount as the Administrative
Agent, the Collateral Agent or the Required Lenders may from time to time reasonably require.

(d)       With
respect to any Mortgaged Property, carry and maintain comprehensive general liability insurance including the “broad form CGL endorsement”
and coverage on an occurrence basis against claims made for personal injury (including bodily injury, death and property damage) and umbrella
liability insurance against any and all claims, in no event for a combined single limit of less than that which is customary for companies
in the same or similar businesses operating in the same or similar locations, naming the Collateral Agent as an additional insured, on
forms reasonably satisfactory to the Collateral Agent.

(e)       Notify
the Administrative Agent and the Collateral Agent promptly whenever any separate insurance concurrent in form or contributing in the event
of loss with that required to be maintained under this Section 5.02 is taken out by any Loan Party; and promptly deliver to the
Administrative Agent and the Collateral Agent a duplicate original copy of such policy or policies.

Section 5.03Obligations and Taxes.
Pay its material Indebtedness and other material obligations promptly and in accordance with their terms and pay and discharge promptly
when due all taxes, fees, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of
its property, before the same shall become delinquent or in default, as well as all lawful claims for labor, materials and supplies or
otherwise that, if unpaid, might give rise to a Lien upon such properties or any part thereof; provided, however, that such
payment and discharge shall not be required with respect to any such Indebtedness, obligation, tax, assessment, charge, levy or claim
so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings and the applicable Borrower shall
have set aside on its books adequate reserves with respect thereto in accordance with GAAP and such contest operates to suspend collection
of the contested obligation, tax, assessment or charge and enforcement of a Lien and, in the case of a Mortgaged Property, there is no
risk of forfeiture of such property during the pendency of such contest.

Section 5.04Financial Statements, Reports,
etc. In the case of the Lead Borrower, furnish to the Administrative Agent, which shall furnish to each Lender:

(a)       within
the later of (i) 90 days after the end of each fiscal year or (ii) by the date the following statements would have been required to be
filed under the rules and regulations of the SEC, giving effect to any automatic extension available under Rule 12b-25 of the Securities
Exchange Act of 1934 for the filing of such statements), the Parent’s statements of financial position, operations, shareholders’
equity and comprehensive income and cash flows showing the financial condition of the Parent and its consolidated Subsidiaries as of
the close of such fiscal year and the results of its operations and the operations of such Subsidiaries during such year, together with
comparative figures for the immediately preceding fiscal year, all audited by McGladrey LLP or other independent public accountants of
recognized national standing and accompanied by an opinion of such accountants (which opinion shall be 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 fairly present the financial condition and results of operations of the Parent’s and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, together with a customary “management discussion
and analysis” provision; provided that if, during the period to which such financial statements relate, the Parent carried
on any business or owned any assets with an aggregate book value of more than $2,000,000 other than the equity in Holdings, such financial
statements must be prepared for the Lead Borrower and its consolidated Subsidiaries;

    	 	77	 

     

    

 

(b)       within the later of (i) 45
days after the end of each of the first three Fiscal Quarters of each fiscal year or (ii) by the date the following statements would have
been required to be filed under the rules and regulations of the SEC, giving effect to any automatic extension available under Rule 12b-25
of the Securities Exchange Act of 1934 for the filing of such statements), the Parent’s consolidated statements of financial position,
operations and cash flows showing the financial condition of the Parent and its consolidated Subsidiaries as of the close of such Fiscal
Quarter and the results of its operations and the operations of such Subsidiaries during such Fiscal Quarter and the then elapsed portion
of the fiscal year, and, other than with respect to quarterly reports during the remainder of the first fiscal year after the Closing
Date, comparative figures for the same periods in the immediately preceding fiscal year, all certified by one of its Financial Officers
as fairly presenting the financial condition and results of operations of the Parent and its consolidated Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments, together with a customary “management
discussion and analysis” provision; provided that if, during the period to which such financial statements relate, the Parent
carried on any business or owned any assets with an aggregate book value of more than $2,000,000 other than the equity in Holdings, such
financial statements must be prepared for the Lead Borrower and its consolidated Subsidiaries;

 

(c)       concurrently
with any delivery of financial statements under paragraph (a) or (b) above, a duly completed Officer’s Certificate signed by the
chief executive officer, chief financial officer, treasurer or controller of the Lead Borrower certifying on behalf of the Lead Borrower
that, to such officer’s knowledge after due inquiry, no Default or Event of Default has occurred and is continuing or, if any Default
or Event of Default has occurred and is continuing, specifying in reasonable detail the nature and extent thereof, which certificate shall
(i) if delivered with the financial statements required by Section 5.04(a), set forth in reasonable detail the amount of (and the
calculations required to establish the amount of) Excess Cash Flow for the respective Fiscal Year as well as the Applicable Excess Cash
Flow Percentage, (ii) identify each Subsidiary of the Lead Borrower as a Restricted Subsidiary or an Unrestricted Subsidiary as of the
date of delivery of such certificate or a confirmation that there is no change in such information since the later of the Closing Date
and the date of the last such certificate, (iii) identify each Immaterial Subsidiary as of the date of delivery of such certificate or
confirmation that there is no change in such information since the dates of the Closing Date and the date of the last such certificate,
(iv) set forth in reasonable detail (and the calculations required to establish) the Cumulative Retained Excess Cash Flow Amount and the
Available Amount Basket as a result of any utilizations of such Cumulative Retained Excess Cash Flow Amount since the date of the last
such certificate, (v) certify that there have been no changes to the schedules to the Security Agreement since the Closing Date or, if
later, since the date of the most recent certificate pursuant to this Section 5.04(c), or if there have been any such changes,
provide an updated and replacement schedule reflecting such changes, (vi) details of the adjustments to the financial statements necessary
to eliminate the contribution to such accounts by any Unrestricted Subsidiary or any assets of the Parent other than the equity in Holdings,
and (vii) set forth in reasonable detail a calculation of the Financial Covenant solely to the extent required to be tested as of the
last day of the fiscal period covered by such financial statements;

(d)       within
90 days after the beginning of each fiscal year of the Lead Borrower, a detailed consolidated budget for such fiscal year approved by
the board of Holdings (including a projected consolidated balance sheet and related projected statement of operations as of the end of
and for such fiscal year and setting forth the assumptions used for purposes of preparing such budget);

(e)       promptly
after the same become publicly available, copies of, or links to copies of, all periodic and other reports, proxy statements and other
materials filed by the Parent, Holdings, the Borrowers or any of their respective Restricted Subsidiaries with the SEC, or any Governmental
Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange, or distributed to its shareholders,
as the case may be;

(f)       promptly
after the receipt thereof by Holdings or the Borrowers or any of their respective subsidiaries, a copy of any final “management
letter” received by any such Person from its certified public accountants and the management’s response thereto;

    	 	78	 

     

    

 

(g)       unless the Parent has had
an earnings call with respect to such quarterly financial statements, within 30 days after the date of delivery of the quarterly financial
statements pursuant to Section 5.04(b) (or such later date agreed to by the Administrative Agent in its reasonable discretion),
the Lead Borrower will hold a conference call or teleconference, at a time selected by the Lead Borrower and reasonably acceptable to
the Administrative Agent, with all of the Lenders that choose to participate, to review the financial results of the previous Fiscal Quarter
and the financial condition of the Lead Borrower and its Subsidiaries and the budget for the current fiscal year;

 

(h)       promptly
after the request by any Lender, all documentation and other information that such Lender reasonably requests in order to comply with
its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the
USA PATRIOT Act; and

(i)       promptly,
from time to time, such other information regarding the operations, business affairs and financial condition of Holdings, the Borrowers
or any of the Borrowers’ respective Restricted Subsidiaries, or compliance with the terms of any Loan Document, as the Administrative
Agent or any Lender through the Administrative Agent may reasonably request.

Documents required to be delivered pursuant
to this Section 5.04 may be delivered electronically and, if so delivered, shall be deemed to have been delivered to the Administrative
Agent and the Lenders on the date on which (i) the Lead Borrower posts such documents, or provides a link thereto, on its principal publicly
accessible website, (ii) such documents are posted on the Lead Borrower’s behalf on IntraLinks/IntraAgency, Syndtrak or another
similar electronic system (the “Platform”) or (iii) such documents are posted on the Lead Borrower’s behalf on
www.sec.gov or any successor website on the internet; provided that the Lead Borrower shall notify the Administrative Agent of
the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions of such documents.

Section 5.05Litigation and Other Notices.
Furnish to the Administrative Agent and each Lender prompt written notice of the following:

(a)       any
Default or Event of Default, specifying the nature and extent thereof and the corrective action (if any) taken or proposed to be taken
with respect thereto;

(b)       to
the extent required to be disclosed by Securities Laws:

(i)the filing or commencement of, or any threat or notice
of intention of any Person to file or commence, any action, suit or proceeding, whether at law or in equity or by or before any Governmental
Authority, against the Borrowers or any Affiliate thereof that could reasonably be expected to result in a Material Adverse Effect;

(ii)(x) 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 (y)
the occurrence of any Foreign Benefit Event that, alone or together with any other Foreign Benefit Events that have occurred, could reasonably
be expected to result in a Material Adverse Effect, and in each case, Holdings, the Borrowers or the applicable Restricted Subsidiary
will also furnish to the Administrative Agent and each Lender a statement of its financial officer setting forth the details as to such
ERISA Event(s) or Foreign Benefit Event(s) (as applicable) and the action, if any, that such entity proposes to take with respect thereto;

(iii)any development that has resulted in, or could
reasonably be expected to result in, a Material Adverse Effect; and

(iv)the occurrence of any material fraud that involves
management employees who have a significant role in the internal controls over financial reporting of the Loan Parties, in each case,
as described in Securities Laws;

    	 	79	 

     

    

 

(c)       any change in the Lead Borrower’s
corporate rating by S&P, in the Lead Borrower’s corporate family rating by Moody’s or in the ratings of the Term Loan
Facility by S&P or Moody’s, or any notice from either such agency indicating its intent to effect such a change or to place
the Lead Borrower or the Term Loan Facility on a “CreditWatch” or “WatchList” or any similar list, in each case
with negative implications, or its cessation of, or its intent to cease, rating the Lead Borrower or the Term Loan Facility;

 

(d)       any
change in the Fiscal Year of the Parent or any of its Subsidiaries; and

(e)       any
material change in the status or terms and conditions of use of any material FCC License of the Lead Borrower or any of its Restricted
Subsidiaries.

Section 5.06Information Regarding Collateral.

(a)       Furnish
to the Administrative Agent prompt written notice of any change (i) in any Loan Party’s corporate name, (ii) in the jurisdiction
of organization or formation of any Loan Party, (iii) in any Loan Party’s identity or corporate structure or (iv) in any Loan Party’s
Federal Taxpayer Identification Number. Holdings and the Borrowers agree not to effect or permit any change referred to in the preceding
sentence unless all filings have been made under the UCC or otherwise that are required in order for the Collateral Agent or the Administrative
Agent, as applicable to continue at all times following such change to have a valid, legal and perfected security interest in all the
Collateral. Holdings and the Borrowers also agree promptly to notify the Administrative Agent if any material portion of the Collateral
is damaged or destroyed.

(b)       In
the case of the Lead Borrower, each year, at the time of delivery of the annual financial statements with respect to the preceding fiscal
year pursuant to Section 5.04(a), deliver to the Administrative Agent a certificate of a Financial Officer setting forth the information
required pursuant to Sections I(A), I(B), I(D), and II of the Perfection Certificate or confirming that there has been no change in such
information since the date of the Perfection Certificate delivered on the Closing Date or the date of the most recent certificate delivered
pursuant to this Section 5.06(b).

Section 5.07Maintaining Records; Access
to Properties and Inspections; Maintenance of Ratings.

(a)       Keep
all financial records in accordance with GAAP. Each Loan Party will, and will cause each of its subsidiaries to, permit any representatives
designated by the Administrative Agent to visit and inspect the financial records and the properties of such Person at reasonable times
and as often as reasonably requested and to make extracts from and copies of such financial records, and permit any representatives designated
by the Administrative Agent or any Lender to discuss the affairs, finances and condition of such Person with the officers thereof and
independent accountants therefor; provided that, excluding any such visits and inspections during the continuation of an Event
of Default, only the Administrative Agent or its designee on behalf of the Lenders may exercise this right under this Section 5.07
and the Administrative Agent or its designee shall not exercise such rights more often than twice during any calendar year at the Lead
Borrower’s expense.

(b)       Use
commercially reasonable efforts to (x) maintain a public rating of Term B-1 Loan Facility by each of S&P and Moody’s and (y)
use commercially reasonable efforts to maintain a public corporate rating from S&P and a public corporate family rating from Moody’s,
in each case in respect of the Lead Borrower (it being understood and agreed that “commercially reasonable efforts” shall
in any event include the payment by the Lead Borrower of customary rating agency fees and cooperation with information and data requests
by Moody’s and S&P in connection with their ratings process).

Section 5.08Use of Proceeds. Use
Letters of Credit and the proceeds of the Term Loans and the Revolving Loans only for the purposes specified in Section 3.13.
The Borrowers will not request any Revolving Borrowing or Letter of Credit, and the Borrowers shall not use, and shall procure that its
Subsidiaries and to their knowledge, its or their respective directors, officers, employees and agents shall not use, the proceeds of
any Revolving Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment
or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding,
financing or facilitating any activities, business or transaction of or with any

    	 	80	 

     

    

 

Sanctioned Person, or in any Sanctioned Country, except to the extent permitted
for a Person required to comply with Sanctions, or (C) in any manner that would result in the violation of any Sanctions applicable to
any party hereto.

 

Section 5.09Employee Benefits. Except
for non-compliances which, in the aggregate, would not have a Material Adverse Effect, cause any: (a) Plans to be in compliance in all
material respects with the applicable provisions of ERISA and the Code and (b) any Foreign Pension Plans to be in compliance in all material
respects with the laws applicable to any such Foreign Pension Plans.

Section 5.10Covenant to Guarantee Obligations
and Give Security. At the Lead Borrower’s expense, subject to the provisions of the Collateral and Guarantee Requirement and
any applicable limitation in any Security Document, take all action necessary or reasonably requested by the Administrative Agent or the
Collateral Agent to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including:

(a)       (x)
upon the formation or acquisition of any new direct or indirect wholly owned Material Domestic Subsidiary (in each case, other than an
Unrestricted Subsidiary or an Excluded Subsidiary) by any Loan Party, the designation in accordance with Section 5.15, of any existing
direct or indirect wholly owned Material Domestic Subsidiary as a Restricted Subsidiary or any Subsidiary (other than an Unrestricted
Subsidiary or a Excluded Subsidiary) becoming a wholly owned Material Domestic Subsidiary, (y) upon the acquisition of any material assets
by the Borrower or any Subsidiary Guarantor or (z) with respect to any Subsidiary at the time it becomes a Loan Party, for any material
assets held by such Subsidiary (in each case, other than assets constituting Collateral under a Security Document that becomes subject
to the Lien created by such Security Document upon acquisition thereof (without limitation of the obligations to perfect such Lien)):

(i)within forty-five (45) days (or such greater number
of days specified below) after such formation, acquisition or designation or, in each case, such longer period as the Administrative Agent
may agree in its reasonable discretion:

(A)       cause
each such Material Domestic Subsidiary that is required to become a Subsidiary Guarantor under the Collateral and Guarantee Requirement
to furnish to the Collateral Agent a description of the Material Owned Real Property owned by such Material Domestic Subsidiary in detail
reasonably satisfactory to the Collateral Agent;

(B)       within
forty-five (45) days (or within ninety (90) days in the case of documents listed in Section 5.13(b)) after such formation, acquisition
or designation, cause each such Material Domestic Subsidiary that is required to become a Subsidiary Guarantor pursuant to the Collateral
and Guarantee Requirement to duly execute and deliver to the Collateral Agent Mortgages with respect to any Material Owned Real Property,
Security Agreement Supplements, Intellectual Property Security Agreements, Deposit Account Control Agreements in respect of each Deposit
Account (other than Excluded Accounts) maintained by such Subsidiary and other security agreements and documents (including, with respect
to Mortgages, the documents listed in Section 5.13(b)), as reasonably requested by and in form and substance reasonably satisfactory
to the Collateral Agent (consistent with the Mortgages, Security Agreement, Intellectual Property Security Agreements and other Security
Documents in effect on the Closing Date), in each case granting Liens required by the Collateral and Guarantee Requirement;

(C)       cause
each such Material Domestic Subsidiary that is required to become a Subsidiary Guarantor pursuant to the Collateral and Guarantee Requirement
to deliver any and all certificates representing Equity Interests (to the extent certificated) that are required to be pledged pursuant
to the Collateral and Guarantee Requirement, accompanied by undated stock powers or other appropriate instruments of transfer executed
in blank (or any other documents customary under local law) and instruments evidencing the intercompany Indebtedness held by such Material
Domestic Subsidiary and

    	 	81	 

     

    

 

required to be pledged pursuant to the Security Documents,
indorsed in blank to the Collateral Agent;

 

(D)       within
forty-five (45) days (or within ninety (90) days in the case of documents listed in Section 5.13(b)) after such formation, acquisition
or designation, take and cause the applicable Material Domestic Subsidiary and each direct or indirect parent of such applicable Material
Domestic Subsidiary that is required to become a Subsidiary Guarantor pursuant to the Collateral and Guarantee Requirement to take whatever
action (including the recording of Mortgages, the filing of Uniform Commercial Code financing statements and delivery of stock and membership
interest certificates to the extent certificated) may be necessary in the reasonable opinion of the Administrative Agent to vest in the
Collateral Agent (or in any representative of the Collateral Agent designated by it) valid first-priority perfected Liens required by
the Collateral and Guarantee Requirement, enforceable against all third parties in accordance with their terms, except as such enforceability
may be limited by Debtor Relief Laws and by general principles of equity (regardless of whether enforcement is sought in equity or at
law);

(ii) within forty-five (45) days (or within ninety (90)
days in the case of documents listed in Section 5.13(b)) after the request therefor by the Administrative Agent (or such longer
period as the Administrative Agent may agree in its reasonable discretion), deliver to the Administrative Agent a signed copy of an opinion,
addressed to the Administrative Agent and the Lenders, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent
as to such matters set forth in this Section 5.10(a) as the Administrative Agent may reasonably request; and

(iii)as promptly as practicable after the reasonable
request therefor by the Administrative Agent or Collateral Agent, deliver to the Collateral Agent with respect to each applicable Material
Owned Real Property, title reports, surveys, environmental assessment reports, appraisals (if required under FIRREA) and flood certifications
under Regulation H of the Board (together with evidence of federal flood insurance for any such property located in a flood hazard area);
provided that the Collateral Agent may in its reasonable discretion accept any such existing report or survey to the extent prepared
as of a date reasonably satisfactory to the Collateral Agent; provided, however, that there shall be no obligation to deliver
to the Collateral Agent any environmental assessment report whose disclosure to the Collateral Agent would require the consent of a Person
other than the Borrower or one of its Restricted Subsidiaries, where, despite the commercially reasonable efforts of the Borrower to obtain
such consent, such consent cannot be obtained; and

(b)       after
the Closing Date, promptly after the acquisition of any Material Owned Real Property by the Borrower or any Subsidiary Guarantor, and
where such Material Owned Real Property shall not already be subject to a perfected Lien pursuant to the Collateral and Guarantee Requirement,
the Borrower shall give notice thereof to the Collateral Agent and will take, or cause the relevant Restricted Subsidiary to take, the
actions referred to in Section 5.13(b).

Section 5.11Compliance with Environmental
Laws. Comply, and use commercially reasonable efforts to cause all lessees and other Person occupying its properties to comply, in
all material respects with all Environmental Laws applicable to its operations and properties; obtain and renew all material environmental
permits necessary for its operations and properties; and conduct any remedial action in accordance in all material respects with Environmental
Laws; provided, however, that none of Holdings, the Borrowers or any of the Borrowers’ respective Restricted Subsidiaries
shall be required to undertake any remedial action required by Environmental Laws to the extent that its obligation to do so is being
contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in
accordance with GAAP.

    	 	82	 

     

    

 

Section 5.12[Reserved].

 

Section 5.13Further Assurances. Subject
to the provisions of the Collateral and Guarantee Requirement and any applicable limitations in any Security Document and in each case
at the expense of the Borrower:

(a)       Promptly
upon reasonable request by the Administrative Agent or the Collateral Agent or as may be required by Applicable Laws (i) correct any material
defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Security Document or other document
or instrument relating to any Collateral and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register
any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent or Collateral Agent may
reasonably request from time to time in order to carry out more effectively the purposes of the Security Documents.

(b)       In
the case of any Material Owned Real Property acquired after the Closing Date by the Borrower or a Subsidiary Guarantor, provide the Collateral
Agent with a Mortgage in respect of such Material Owned Real Property within ninety (90) days (or such longer period as the Administrative
Agent may agree in its sole discretion) of the acquisition of such Material Owned Real Property in each case together with:

(i) evidence that counterparts of the Mortgages have
been duly executed, acknowledged and delivered and are in form suitable for filing or recording in all filing or recording offices that
the Collateral Agent may deem reasonably necessary or desirable in order to create a valid and subsisting perfected Lien on such Material
Owned Real Property in favor of the Collateral Agent for the benefit of the Secured Parties and that all filing and recording taxes and
fees have been paid or otherwise provided for in a manner reasonably satisfactory to the Collateral Agent;

(ii) fully paid American Land Title Association Lender’s
Extended Coverage title insurance policies or the equivalent or other form available in each applicable jurisdiction (the “Mortgage
Policies”) in form and substance, with endorsements available in the applicable jurisdiction and in amount, reasonably acceptable
to the Collateral Agent (not to exceed the value of the real properties covered thereby), issued, coinsured and reinsured by title insurers
reasonably acceptable to the Collateral Agent, insuring the Mortgages to be valid subsisting Liens on the real property described therein,
subject only to Liens permitted by Section 6.02, and providing for such other affirmative insurance (including endorsements for
future advances under the Loan Documents) and such coinsurance and direct access reinsurance as the Collateral Agent may reasonably request
and is available at commercially reasonable rates in the applicable jurisdiction;

(iii) opinions of local counsel for the Loan Parties
in states in which such Material Owned Real Property is located, with respect to the enforceability and perfection of the Mortgages and
any related fixture filings in form and substance reasonably satisfactory to the Administrative Agent;

(iv) title reports, surveys and environmental assessment
reports and appraisals (if required under FIRREA), flood certifications under Regulation H of the Board (together with evidence of federal
flood insurance for any such property located in a flood hazard area), provided that the Administrative Agent may in its reasonable
discretion accept any such existing report or survey to the extent prepared as of a date reasonably satisfactory to the Administrative
Agent; provided, however, that there shall be no obligation to deliver to the Administrative Agent any environmental assessment
report whose disclosure to the Administrative Agent would require the consent of a Person other than the Borrower or one of its Subsidiaries,
where, despite the commercially reasonable efforts of the Borrower to obtain such consent, such consent cannot be obtained; and

    	 	83	 

     

    

 

(v)        such
other evidence that all other actions that the Administrative Agent or Collateral Agent may reasonably deem necessary or desirable in
order to create valid and subsisting Liens on the real property described in the Mortgages has been taken.

 

Section 5.14Maintenance of Company Separateness
of Unrestricted Subsidiaries. The Lead Borrower will cause each of its Unrestricted Subsidiaries to satisfy customary company formalities,
including, as applicable, (i) the holding of regular board of directors’ and shareholders’ meetings or action by directors
or shareholders without a meeting, (ii) the maintenance of separate company offices and records and (iii) the maintenance of separate
bank accounts in its own name. No Unrestricted Subsidiary shall take any action, or conduct its affairs in a manner, which is likely to
result in its company existence being ignored, or in its assets and liabilities being substantively consolidated with those of the Borrower
or any of its Restricted Subsidiaries in a bankruptcy, reorganization or other insolvency proceeding.

Section 5.15Designation of Subsidiaries.
The Lead Borrower may at any time designate or re-designate (including, any then existing or subsequently acquired or organized Subsidiary)
(x) any Restricted Subsidiary of any Borrower as an Unrestricted Subsidiary or (y) any Unrestricted Subsidiary as a Restricted Subsidiary;
provided that (i) immediately before and after such designation, no Default or Event of Default shall have occurred and be continuing,
(ii) no Borrower may be designated as an Unrestricted Subsidiary, (iii) as of the last date of designation thereof, no Unrestricted Subsidiary
shall own any Equity Interests in any Borrower or any Loan Party or hold any Indebtedness of, or Lien on any property of any Borrower
or any Loan Party, (iv) the holder of any Indebtedness of any Unrestricted Subsidiary shall not have any recourse to any Borrower or any
Loan Party with respect to such Indebtedness (unless such Indebtedness is otherwise permitted under Section 6.01) or (v) any Subsidiary
previously designated as an Unrestricted Subsidiary may not thereafter be re-designated as an Unrestricted Subsidiary. The designation
of any subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrowers therein at the date of designation in
an amount equal to the portion (proportionate to such Borrower’s
equity interest in such subsidiary) of the fair market value of the net assets of such Subsidiary (and such designation shall only be
permitted to the extent such Investment is permitted under Section 6.04). The designation of any Unrestricted Subsidiary as a Restricted
Subsidiary shall constitute the incurrence at the time of designation of any Indebtedness or Liens of such Restricted Subsidiary existing
at such time.

Section 5.16Post-Closing Items.

(a)       The
Loan Parties shall take all necessary actions to satisfy the items described on Schedule 5.16 within the applicable periods of
time specified in such Schedule (or such longer periods as the Administrative Agent may agree in its sole discretion).

(b)       In
connection with each of the Mortgaged Properties, within ninety (90) days of the Closing Date (or such longer period as the Administrative
Agent may reasonably allow) (i) each of the Mortgages, in form and substance reasonably satisfactory to the Administrative Agent, relating
to each of the Mortgaged Properties shall have been duly executed by the parties thereto and delivered to the Collateral Agent and shall
be in full force and effect; except for the Deed of Mortgage, which the Loan Parties represent has been filed and recorded in the corresponding
Section of the Puerto Rico Registry of Property and the Deed of Amendment, which the Loan Parties represent has been filed and is pending
recordation in the corresponding Section of the Puerto Rico Registry of Property, (ii) each of such Mortgaged Properties shall not be
subject to any Lien other than those permitted under Section 6.02 and (iii) (A) each of such Mortgages shall have been filed and
recorded in the corresponding recording office (except for the Deed of Mortgage, which the Loan Parties represent has been filed and
recorded in the corresponding Section of the Puerto Rico Registry of Property and the Deed of Amendment which the Loan Parties represent
has been filed and is pending recordation in the corresponding Section of the Puerto Rico Registry of Property) and, in connection therewith,
the Collateral Agent shall have received evidence reasonably satisfactory to it of each such filing and recordation and (B) the Collateral
Agent shall have received such other documents, including a policy or policies of title insurance issued by a nationally recognized title
insurance company in an amount not to exceed the fair market value of such mortgaged property (as determined in good faith by the Lead
Borrower), together with such endorsements, coinsurance and reinsurance as may be reasonably requested by the Collateral Agent and the
Lenders, insuring the Mortgages as valid first liens on the Mortgaged Properties, free of Liens other than those permitted under Section
6.02, together with such flood determinations, surveys and legal

    	 	84	 

     

    

 

opinions required to be furnished pursuant to the terms of the Mortgages
or as reasonably requested by the Collateral Agent or the Administrative Agent.

 

ARTICLE VI

 

Negative Covenants

Each of the Borrowers covenants and agrees with
each Lender that, so long as this Agreement shall remain in effect and until the Commitments have been terminated and any Loan or other
Obligation (including all Fees and all other expenses or amounts payable under any Loan Document other than contingent indemnification
obligations as to which no claim has been asserted and obligations and liabilities under Cash Management Obligations and Secured Hedging
Agreements as to which arrangements satisfactory to the applicable Cash Management Bank or Hedging Bank shall have been made) hereunder
have been paid in full, unless the Required Lenders shall otherwise consent in writing, (A) except with respect to Section 6.12,
it shall not, nor shall it permit any of its respective Restricted Subsidiaries to, directly or indirectly and (B) with respect to Section
6.12, Holdings shall not:

Section 6.01Indebtedness. Incur,
create, assume or permit to exist any Indebtedness, except:

(a)       Indebtedness
existing on the Closing Date and set forth in Schedule 6.01 and any Permitted Refinancing thereof (or successive Permitted Refinancings
thereof);

(b)       Indebtedness
created hereunder and under the other Loan Documents;

(c)       (i)
Indebtedness of (A) any Loan Party owing to any other Loan Party (other than Holdings), (B) any Restricted Subsidiary that is not a Loan
Party owing to any other Restricted Subsidiary that is not a Loan Party, and (C) any Loan Party owing to any Restricted Subsidiary which
is not a Loan Party;

(ii)       Indebtedness
of any Restricted Subsidiary that is not a Loan Party owing to any Loan Party (other than Holdings) so long as, after giving pro forma
effect to the incurrence of such Indebtedness, the Collateral Coverage Requirement shall be satisfied;

(d)       Indebtedness
of the Lead Borrower or any of its Restricted Subsidiaries incurred to finance the acquisition, construction or improvement of any fixed
or capital assets, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount
thereof; provided that (i) such Indebtedness is incurred prior to or within 180 days after such acquisition or the completion of
such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this Section 6.01(d), when
combined with the aggregate principal amount of all Capital Lease Obligations incurred pursuant to Section 6.01(e), shall not exceed
the greater of (x) $15,000,000 and (y) an amount equal to 3.75% of the Consolidated Total Assets of the Lead Borrower and its Restricted
Subsidiaries, at any time outstanding;

(e)       Capital
Lease Obligations in an aggregate principal amount, when combined with the aggregate principal amount of all Indebtedness incurred pursuant
to Section 6.01(d), not in excess of the greater of (x) $15,000,000 and (y) an amount equal to 3.75% of the Consolidated Total
Assets of the Lead Borrower and its Restricted Subsidiaries, at any time outstanding;

(f)       Indebtedness
under performance bonds or with respect to workers’ compensation claims, in each case incurred in the ordinary course of business;

(g)       Indebtedness
of any Person that becomes a Restricted Subsidiary after the Closing Date; provided that (i) such Indebtedness exists at the time
such Persons becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Restricted Subsidiary,
(ii) neither the Borrowers nor any of their respective Restricted Subsidiaries (other than such Person or any other Person that such
Person merges with or that acquires the assets of such Person) shall have any liability or other

    	 	85	 

     

    

 

obligation with respect to such Indebtedness, (iii) immediately
after such Person becomes a Restricted Subsidiary, no Default or Event of Default shall have occurred and be continuing and (iv) the Total
Net Leverage Ratio shall be less than or equal to 6.00:1.00, determined on a Pro Forma Basis after giving effect to such Person becoming
a Restricted Subsidiary;

 

(h)       (i)
Indebtedness representing deferred compensation or equity based compensation to current or former officers, directors, consultants advisors
or employees of Holdings, the Borrowers, any of the Borrowers’ respective Restricted Subsidiaries incurred in the ordinary course
of business and (ii) Indebtedness consisting of obligations of Holdings, the Borrowers or any of the Borrowers’ respective Restricted
Subsidiaries under deferred compensation or other similar arrangements incurred in connection with any investments, Loans, advances, Restricted
Payments or other disbursements permitted hereunder in an aggregate amount for this Section 6.01(h) not to exceed $2,000,000 outstanding
at any time;

(i)       Indebtedness
issued by Holdings, the Borrowers or any of the Restricted Subsidiaries to current and former officers, directors, consultants, advisors
and employees of Holdings, the Borrowers, any of the Restricted Subsidiaries or any of their respective Affiliates, in lieu of or combined
with cash payments to finance the purchase of Equity Interests of Holdings, the Borrowers, or any of the Restricted Subsidiaries, in each
case, to the extent such purchase is otherwise permitted hereunder and in an aggregate amount not to exceed $5,000,000 in any fiscal year;

(j)       Indebtedness
in respect of those Hedging Agreements incurred in the ordinary course of business and consistent with prudent business practice;

(k)       Guarantees
of (i) any Loan Party in respect of Indebtedness of any Borrower or any other Subsidiary Guarantor otherwise permitted hereunder (other
than Indebtedness permitted under clause (h)), (ii) any Foreign Subsidiary in respect of Indebtedness of any other Foreign Subsidiary
and (iii) any Borrower or any Restricted Subsidiary in respect of Indebtedness of any Unrestricted Subsidiary, Immaterial Subsidiary,
or Foreign Subsidiary provided that the aggregate outstanding amount of Indebtedness guaranteed under this clause (iii) shall not
at any time exceed $5,000,000;

(l)       Guarantees
resulting from endorsement of negotiable instruments in the ordinary course of business;

(m)       obligations
in respect of surety, stay, customs and appeal bonds, performance bonds and performance and completion guarantees required in the ordinary
course of business or in connection with the enforcement of rights or claims of the Borrower or the Subsidiaries or in connection with
judgments that have not resulted in an Event of Default under Section 7.01(i);

(n)       Indebtedness
in respect of netting services, overdraft protections and similar arrangements in each case in connection with cash management and deposit
accounts;

(o)       Indebtedness
consisting of (i) the financing of insurance premiums in the ordinary course of business or (ii) take or pay obligations contained in
supply arrangements in the ordinary course of business;

(p)       Indebtedness
incurred by the Borrowers or any of their respective Restricted Subsidiaries constituting reimbursement obligations with respect to letters
of credit issued in the ordinary course of business in respect of workers compensation claims, health, disability or other employee benefits
or property, casualty or liability insurance or self-insurance, other Indebtedness with respect to reimbursement-type obligations regarding
workers compensation claims and other Indebtedness in respect of bankers’ acceptance, letter of credit, warehouse receipts or similar
facilities entered into in the ordinary course of business; provided that upon the drawing of such letters of credit or the incurrence
of such Indebtedness, such obligations are reimbursed within five Business Days following such drawing or incurrence;

    	 	86	 

     

    

 

(q)       all premiums (if any), interest
(including post-petition interest), fees, expenses, charges and additional or contingent interest on obligations described in clauses
(a) through (p) above and (r) through (v) below;

 

(r)       Permitted
First Priority Refinancing Debt, Permitted Second Priority Refinancing Debt and Permitted Unsecured Refinancing Debt and any Permitted
Refinancing Indebtedness in respect thereof (or successive Permitted Refinancings thereof);

(s)       New
Incremental Notes incurred pursuant to Section 2.24 and any Permitted Refinancing thereof (or successive Permitted Refinancings
thereof);

(t)       Permitted
Ratio Debt and any Permitted Refinancing thereof (or successive Permitted Refinancings thereof); provided that the amount of Indebtedness
incurred under this clause (t) by Restricted Subsidiaries that are not Subsidiary Guarantors shall not exceed the greater of $12,500,000
and 2.5% of Consolidated Total Assets of the Lead Borrower and its Restricted Subsidiaries, at any time outstanding;

(u)       other
Indebtedness of the Borrowers and their respective Restricted Subsidiaries in an aggregate principal amount not exceeding the greater
of (x) $12,500,000 and (y) an amount equal to 2.5% of the Consolidated Total Assets of the Lead Borrower and its Restricted Subsidiaries,
at any time outstanding;

(v)       Indebtedness
of Foreign Subsidiaries in an aggregate amount not to exceed the greater of (x) $20,000,000 and (y) ) an amount equal to 4.0% of the Consolidated
Total Assets of the Lead Borrower and its Restricted Subsidiaries, at any time outstanding

(w)       Guarantees
of Indebtedness of joint ventures in an aggregate principal amount not exceeding the greater of (x) $15,000,000 and (y) an amount equal
to 3.75% of the Consolidated Total Assets of the Lead Borrower and its Restricted Subsidiaries, at any time outstanding; and

(x)       to
the extent constituting Indebtedness, any payable owing to a Borrower or a Restricted Subsidiary by a Subsidiary permitted under Section
6.04(m); provided that (A) any such payable shall be unsecured and (B) if such payable is owed by any Loan Party, it shall
be expressly subordinated to the Obligations pursuant to an Affiliate Subordination Agreement.

Section 6.02Liens. Create, incur,
assume or permit to exist any Lien on any property or assets (including Equity Interests or other securities of any Person, including
any of the Lead Borrower’s Restricted Subsidiaries) now owned or hereafter acquired by it or on any income or revenues or rights
in respect of any thereof, except:

(a)       Liens
on property or assets of the Borrowers and their respective Restricted Subsidiaries existing on the Closing Date and set forth in Schedule
6.02; provided that such Liens shall secure only those obligations which they secure on the Closing Date and Permitted Refinancings
thereof;

(b)       any
Lien created under the Loan Documents;

(c)       any
Lien existing on any property or asset prior to the acquisition thereof by the Borrowers or any of their respective Restricted Subsidiaries
or existing on any property or assets of any Person that becomes a Restricted Subsidiary after the Closing Date prior to the time such
Person becomes a Restricted Subsidiary, as the case may be; provided that (i) such Lien is not created in contemplation of or in
connection with such acquisition or such Person becoming a Restricted Subsidiary, (ii) such Lien does not apply to any other property
or assets of Holdings, the Borrowers or any of the Borrowers’ respective Restricted Subsidiaries and (iii) such Lien secures only
those obligations which it secures on the date of such acquisition or the date such Person becomes a Restricted Subsidiary, as the case
may be;

(d)       Liens
for taxes not yet due or which are being contested in compliance with Section 5.03;

    	 	87	 

     

    

 

(e)       Liens of landlords, laborers
and employees arising by operation of law and carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s
or other like Liens arising in the ordinary course of business and securing obligations that are (i) not overdue for a period of more
than thirty (30) days or (ii) being contested in compliance with Section 5.03;

 

(f)       pledges
and deposits made in the ordinary course of business (i) in compliance with workmen’s compensation, unemployment insurance and other
social security laws or regulations, (ii) securing insurance premiums or reimbursement obligations under insurance policies, in each case
payable to insurance carriers that provide insurance to the Borrowers or any of their respective Restricted Subsidiaries or (iii) pledges
that may be required under applicable foreign laws relating to claims by terminated employees and other employee claims;

(g)       deposits
to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than Capital Lease Obligations), statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

(h)       (A)
survey exceptions or encumbrances, zoning or other restrictions, easements or reservations, rights of others, utilities and other similar
purposes, rights-of-way, restrictions on use of real property and other similar encumbrances incurred in the ordinary course of business
which, in the aggregate, do not materially interfere with the ordinary conduct of the business of the Borrowers or any of their respective
Restricted Subsidiaries and (B) with respect to any Mortgaged Property, Permitted Encumbrances;

(i)       (i)
leases, licenses, subleases and sublicenses (including of Intellectual Property) granted in the ordinary course of business and that do
not (A) interfere in any material respect with the business of the Borrowers or any of their respective Restricted Subsidiaries or (B)
secure any Indebtedness for borrowed money or (ii) the rights reserved or vested in any Person by the terms of any lease, license, franchise,
grant or permit held by the Borrowers or any of their respective Restricted Subsidiaries, or by law to terminate any such lease, license,
franchise, grant or permit or to require annual or periodic payments as a condition to the continuance thereof;

(j)       in
the case of leased real property, liens to which the fee interest (or any superior interest) on such property is subject;

(k)       purchase
money security interests in real property, improvements thereto or equipment hereafter acquired (or, in the case of improvements, constructed)
by the Borrowers or any of their respective Restricted Subsidiaries; provided that (i) such security interests secure Indebtedness
permitted by Sections 6.01(d) and (e), (ii) such security interests are incurred, and the Indebtedness secured thereby is
created, within 180 days after such acquisition (or construction), (iii) the Indebtedness secured thereby does not exceed the lesser of
the cost or the fair market value of such real property, improvements or equipment at the time of such acquisition (or construction) and
(iv) such security interests do not apply to any other property or assets of the Borrowers or any of their respective Restricted Subsidiaries;

(l)       judgment
Liens securing judgments not constituting an Event of Default under Article VII;

(m)       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;

(n)       Liens
consisting of (i) agreements to sell any property in a Disposition permitted under Section 6.05 and (ii) earnest money deposits
made by the Borrowers or any of their respective Restricted Subsidiaries in connection with any letter of intent or purchase agreement
entered into in connection with an investment permitted under Section 6.04;

    	 	88	 

     

    

 

(o)       Liens arising out of conditional
sale, title retention, consignment or similar arrangements for sale of goods entered into by the Borrowers or any of their respective
Restricted Subsidiaries in the ordinary course of business;

 

(p)       Liens
deemed to exist in connection with investments in repurchase agreements permitted under Section 6.04(b);

(q)       Liens
arising solely by virtue of any statutory or common law or customary contractual provision granted in the ordinary course of business
relating to banker’s liens, rights of set-off or similar rights and remedies as to deposit or commodity trading or brokerage accounts
or other funds maintained with a creditor depository institution, provided that such accounts and funds are not primarily intended
by the Borrowers or their respective Restricted Subsidiaries to provide collateral to the depository institution or the commodity intermediary;

(r)       Liens
that are contractual rights of set-off under agreements entered into with customers of the Borrowers or their respective Restricted Subsidiaries
in the ordinary course of business;

(s)       Liens
securing obligations in respect of New Incremental Notes incurred pursuant to Section 2.24 and any Permitted Refinancing thereof
(or successive Permitted Refinancings thereof);

(t)       Liens
on the Collateral securing (x) Permitted First Priority Refinancing Debt or any Permitted Refinancing thereof (or successive Permitted
Refinancings thereof), and, in each case, subject to a Pari Passu Intercreditor Agreement or (y) Permitted Second Priority Refinancing
Debt or any Permitted Refinancing thereof (or successive Permitted Refinancings thereof), and, in each case, subject to a Junior Lien
Intercreditor Agreement;

(u)       other
Liens securing liabilities permitted hereunder in an aggregate amount not to exceed the greater of (x) $12,500,000 and (y) an amount equal
to 2.5% of the Consolidated Total Assets of the Lead Borrower and its Restricted Subsidiaries, at any time outstanding; and

(v)       Liens
on assets of Foreign Subsidiaries; provided that (i) such Liens do not extend to, or encumber, assets that constitute Collateral,
and (ii) such Liens secure only Indebtedness, permitted by Section 6.01(v).

Section 6.03Sale and Lease-back Transactions.
Enter into any arrangement, directly or indirectly, with any Person whereby it shall sell or transfer any property, real or personal,
used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property
which it intends to use for substantially the same purpose or purposes as the property being sold or transferred unless (i) the sale or
transfer of such property is permitted by Section 6.05(b) and (ii) any Capital Lease Obligations or Liens arising in connection
therewith are permitted by Sections 6.01 and 6.02, as the case may be.

Section 6.04Investments, Loans and Advances.
Purchase, make or hold Investments, except:

(a)       (i)
Investments by Holdings, the Borrowers and the Borrowers’ respective Restricted Subsidiaries existing on the Closing Date in the
Equity Interests of the Borrowers and the Borrowers’ respective Subsidiaries; and

(ii)       additional
investments by Holdings, the Borrowers and the Borrowers’ respective Restricted Subsidiaries in the Equity Interests of the Borrowers
and the Borrowers’ respective Restricted Subsidiaries after the Closing Date; provided that (A) any such Equity Interests
held by a Loan Party shall be pledged pursuant to the applicable Security Agreement (subject to the limitations applicable to voting stock
of a Foreign Subsidiary or a CFC Holding Company referred to therein) and (B) after giving pro forma effect to such Investment the Collateral
Coverage Requirement shall be satisfied;

(b)       Investments
in Cash Equivalents;

    	 	89	 

     

    

 

(c)       loans or advances permitted
under Section 6.01(c); provided that any such loans and advances shall (A) be unsecured and (B) if such loans and advances
are owed by any Loan Party, they shall be expressly subordinated to the Obligations pursuant to an Affiliate Subordination Agreement;

 

(d)       Investments
(i) received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers
and suppliers, in each case in the ordinary course of business and (ii) consisting of extensions of credit in the nature of accounts receivable
or notes receivable arising from the grant of trade credit in the ordinary course of business, and investments received in satisfaction
or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers made in the ordinary course of
business;

(e)       the
Borrowers and their respective Restricted Subsidiaries may make loans and advances in the ordinary course of business to their respective
employees so long as the aggregate principal amount thereof at any time outstanding (determined without regard to any write-downs or write-offs
of such loans and advances) shall not exceed $1,000,000 at any one time;

(f)       the
Borrowers or any of their respective Restricted Subsidiaries may acquire all or substantially all the assets of a Person or line of business
of such Person or division thereof, or not less than a majority of the Equity Interests (other than directors’ qualifying shares)
of a Person (referred to herein as the “Acquired Entity”); provided that (A) the Acquired Entity shall be in
a line of business permitted under Section 6.08; and (B) at the time of such transaction, or in the case of clause (1) below, if
earlier, solely at the time that a binding commitment with respect to such transaction becomes effective, (1) both before and after giving
effect thereto, no Default or Event of Default shall have occurred and be continuing, (2) the Borrowers shall comply, and shall cause
the Acquired Entity to comply, with the applicable provisions of Section 5.13 and the Security Documents (3) after giving effect
thereto, the Collateral Coverage Requirement shall be satisfied (4) on the date of execution of the purchase agreement in respect of such
acquisition, the First Lien Net Leverage Ratio does not exceed 4.00 to 1.00 on a Pro Forma Basis for such acquisition as of the last day
of the most recently ended Test Period for which financial statements have been delivered pursuant to Section 5.04 and (5) the
Lead Borrower shall have delivered a certificate of a Financial Officer, certifying as to the foregoing and containing reasonably detailed
calculations in support thereof, in form and substance satisfactory to the Administrative Agent and (any acquisition of assets or an Acquired
Entity meeting all the criteria of this Section 6.04(f) being referred to herein as a “Permitted Acquisition”);

(g)       Investments
by the Borrowers in Hedging Agreements permitted under Section 6.01(j);

(h)       bank
deposits made in the ordinary course of business;

(i)       promissory
notes and other non-cash consideration received in connection with Dispositions permitted by Section 6.05;

(j)       Investments
in the ordinary course of business consisting of (i) endorsements for collection or deposit and (ii) customary trade arrangements with
customers consistent with past practices;

(k)       Investments
existing on the Closing Date and set forth in Schedule 6.04;

(l)       Investments
in joint ventures in an aggregate amount not to exceed the greater of (x) $25,000,000 and (y) an amount equal to 5.0% of the Consolidated
Total Assets of the Lead Borrower and its Restricted Subsidiaries, at any time outstanding;

(m)       to
the extent constituting Investments, any receivable that is distributed by a Subsidiary to its equity holders in lieu of a cash dividend
that is otherwise permitted under Section 6.06(a); provided that (i) if such Subsidiary is a Loan Party, the recipient
of such distribution shall also be a Loan Party, and (ii) if such Subsidiary is a Restricted Subsidiary, the recipient of such distribution
shall also be a Restricted Subsidiary or a Borrower;

    	 	90	 

     

    

 

(n)       in addition to Investments
permitted by paragraphs (a) through (m) above, so long as no Default or Event of Default then exists or would result therefrom and additional
Investments by the Borrowers and their respective Restricted Subsidiaries so long as the aggregate amount Invested pursuant to this paragraph
(n) (determined without regard to any write-downs or write-offs of such Investments) does not exceed (x) the greater of (i) $50,000,000
or (ii) 10.0% of Consolidated Total Assets of the Lead Borrower and its Restricted Subsidiaries at the time of the last such investment
in the aggregate plus (y) the portion, if any, of the Available Amount Basket on the date of such election that the Borrower elects
to apply to this clause (y), such election to be specified in a written notice of a Responsible Officer of the Lead Borrower calculating
in reasonable detail the amount of Available Amount Basket immediately prior to such election and the amount thereof elected to be so
applied;

 

(o)       Investments
by any Foreign Subsidiary in any other Foreign Subsidiary; and

(p)       other
Investments in an amount determined by the Lead Borrower as specified in a written notice of a Responsible Officer of the Lead Borrower
including reasonably detailed calculations required to demonstrate compliance with the Total Net Leverage Ratio required by clause (B)
below; provided, that (A) no Default or Event of Default has occurred and is continuing or would result therefrom and (B) the Total
Net Leverage Ratio at the time of the making of the applicable Investment, calculated on a Pro Forma Basis, would be no greater than 3.00:1.00
as of the last day of the Test Period most recently ended prior to such Investment for which the financial statements and certificates
required by Section 5.04(a) or 5.04(b), as the case may be, have been delivered.

Section 6.05Mergers, Consolidations and
Dispositions.

(a)       Wind
up, liquidate, dissolve, merge into or consolidate or amalgamate with any other Person, or permit any other Person to merge into or consolidate
or amalgamate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially
all the assets (whether now owned or hereafter acquired) of the Borrowers or less than all the Equity Interests of any Restricted Subsidiary
of the Lead Borrower, except that:

(i)       (A)
any Restricted Subsidiary may sell, transfer, lease or otherwise dispose of all or substantially all of its assets or all of the Equity
Interests of any Restricted Subsidiary (upon voluntary winding up, liquidation, dissolution or otherwise) to the Lead Borrower or to any
other Restricted Subsidiary; provided that if the transferor in such a transaction is a Guarantor, then (i) the transferee must
either be the Lead Borrower or a Subsidiary Guarantor and (ii) to the extent constituting an Investment, such Investment must be an Investment
in or Indebtedness of a Restricted Subsidiary which is not a Loan Party permitted to be incurred in accordance with Sections 6.01
and 6.04, respectively, (B) the Borrower may sell, transfer or otherwise dispose of all or substantially all of its assets or all
of the Equity Interests of any Restricted Subsidiary to any Subsidiary Guarantors, and (C) any Foreign Subsidiary may sell, transfer,
lease or otherwise dispose of all or substantially all of its assets or the Equity Interests of any Restricted Subsidiary (upon voluntary
winding up, liquidation, dissolution or otherwise) to the Lead Borrower, any Subsidiary Guarantor or any other Foreign Subsidiary;

(ii)       (I)
any Restricted Subsidiary may merge, amalgamate or consolidate with or wind up, liquidate or dissolve into (i) the Lead Borrower; provided
that the Lead Borrower shall be the continuing or surviving Person or the surviving Person shall expressly assume the obligations
of the Lead Borrower pursuant to documents reasonably acceptable to the Administrative Agent or (ii) any one or more other Restricted
Subsidiaries; provided that when any Subsidiary Guarantor or any Borrower is merging with another Restricted Subsidiary that is
not a Subsidiary Guarantor (A) the Subsidiary Guarantor shall be the continuing or surviving Person, (B) to the extent constituting an
Investment, such Investment must be an Investment in or Indebtedness of a Restricted Subsidiary which is not a Loan Party permitted to
be incurred in accordance with Sections 6.01 and 6.04, respectively and (C) to the extent constituting a Disposition, such
Disposition must be permitted hereunder or (II) any Foreign Subsidiary may merge, amalgamate or consolidate with or wind up, liquidate
or dissolve into (i) any other Foreign Subsidiary, (ii) the Lead Borrower; provided that the Lead Borrower shall be the continuing
entity or (iii) any one or more other Restricted Subsidiaries; provided that the Restricted Subsidiary shall be the continuing
or surviving Person;

    	 	91	 

     

    

 

(iii)       any Subsidiary of the Lead
Borrower may dissolve, liquidate or wind up its affairs at any time; provided that such dissolution, liquidation or winding up,
as applicable, could not reasonably be expected to have a Material Adverse Effect; and

 

(iv)       any
merger, consolidation or amalgamation in connection with an Investment permitted under Section 6.04(f).

(b)       Make
any Disposition not otherwise permitted under paragraph (a) above, except for:

(i)       Dispositions
of inventory, damaged, obsolete or worn out assets and scrap, in each case disposed of in the ordinary course of business;

(ii)       Dispositions,
transfers and other distributions of equipment (A) in a transaction where such equipment is exchanged for credit against the purchase
price of similar replacement equipment or (B) the proceeds of such Disposition are reasonably promptly applied to the purchase price of
such replacement equipment;

(iii)       (A)
Investments permitted by Section 6.04 and (B) Restricted Payments permitted by Section 6.06 (in each case other than by
reference to this Section 6.05 (or any clause under this Section 6.05));

(iv)       Dispositions
of cash and Cash Equivalents;

(v)       sales,
Dispositions or contributions of property (A) between Loan Parties (other than Holdings), (B) between Restricted Subsidiaries (other than
Loan Parties), (C) by Restricted Subsidiaries that are not Loan Parties to the Loan Parties (other than Holdings) or (D) by Loan Parties
to any Restricted Subsidiary that is not a Loan Party; provided that, in the case of clause (D), (1) the portion (if any) of any
such Disposition made for less than fair market value and any non-cash consideration received in exchange for any such Disposition, shall
in each case constitute an Investment in such Restricted Subsidiary and (2) the value of the property Disposed must be an amount that,
if treated as an Investment, would be a permitted Investment in a Restricted Subsidiary that is not a Loan Party in accordance with Section
6.04;

(vi)       Dispositions
in the ordinary course of business consisting of abandonment, assignment or transfer of all of the trademarks, service marks, trade names,
copyrights, patents, patent rights, franchises, licenses and other intellectual property rights that, in the good faith determination
of the Lead Borrower, are uneconomical, negligible, obsolete or otherwise not material in the conduct of its business;

(vii)       Dispositions
of property formerly leased by the Lead Borrower or its Restricted Subsidiaries and acquired by the Lead Borrower and sold as an alternative
to terminating the lease on such property;

(viii)       Dispositions
of current assets or receivables owned by any Foreign Subsidiary, including in connection with factoring transactions or receivables financings,
in the ordinary course of business;

(ix)       the
transfer or Disposition of property pursuant to sale and leaseback transactions; provided that (A) at the time thereof and immediately
after giving effect thereto no Event of Default or Default shall have occurred and be continuing or would result therefrom, (B) the aggregate
fair market value of all property disposed of in reliance on this clause shall not exceed $5,000,000 since the Closing Date and (C) such
transaction is for consideration at least 75 % of which is cash or Cash Equivalents;

(x)       (I)
Casualty Events and (II) the transfer of property that is the subject of a Casualty Event upon receipt of insurance or other proceeds
arising from such Casualty Event;

    	 	92	 

     

    

 

(xi)       the Disposition of investments
in joint ventures to the extent required by, or made pursuant to, any buy/sell arrangement or any similar binding arrangement between
joint venture parties, in each case, that is in effect on the Closing Date;

 

(xii)       licenses
or sublicenses of intellectual property in the ordinary course of business;

(xiii)       leases
of real property in the ordinary course of business;

(xiv)       the
Borrowers and any of their respective Restricted Subsidiaries may purchase and sell inventory in the ordinary course of business;

(xv)       any
Disposition or series of related Dispositions having a value not to exceed $3,000,000 in any period of twelve consecutive months most
recently ended;

(xvi)       any
Disposition as to which (A) at least 75 % of the consideration is cash or consists of Cash Equivalents, (B) such consideration is at least
equal to the fair market value of the assets being sold, transferred, leased or disposed of, (C) at the time of such transaction both
before and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and (D) the Lead Borrower
shall have delivered a certificate of a Financial Officer, certifying as to the foregoing and containing reasonably detailed calculations
in support thereof, in form and substance satisfactory to the Administrative Agent; provided that the amount of:

(1)        any
liabilities (as shown on the Lead Borrower’s or a Restricted Subsidiary’s most recent balance sheet or in the notes thereto)
of the Lead Borrower or any Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Obligations) that
are assumed by the transferee of any such assets or that are otherwise cancelled or terminated in connection with the transaction with
such transferee,

(2)        any
notes or other obligations or other securities or assets received by the Lead Borrower or such Restricted Subsidiary from such transferee
that are converted by the Borrower or such Restricted Subsidiary into cash within 180 days of the receipt thereof (to the extent of the
cash received), and

(3)        any
Designated Non-cash Consideration received by the Lead Borrower or any of its Restricted Subsidiaries in such Asset Sale having an aggregate
fair market value (as determined in good faith by the Borrower), taken together with all other Designated Non-cash Consideration received
pursuant to this clause (3) that is at that time outstanding, not to exceed $5,000,000 at the time of the receipt of such Designated Non-cash
Consideration (with the fair market value of each item of Designated Non-cash Consideration being measured at the time received and without
giving effect to subsequent changes in value), shall be deemed to be Cash Equivalents for the purposes of Section 6.05(b)(xvi)(A);
and

(xvii)       Dispositions
between or among Foreign Subsidiaries.

To the extent that any Collateral is sold or otherwise Disposed
of as permitted by this Section 6.05(b) (other than to Holdings or any Restricted Subsidiary thereof), such Collateral shall be
sold free and clear of the Liens created by the Security Documents and such Liens shall attach to the proceeds thereof, and the Administrative
Agent and the Collateral Agent are hereby authorized by the Lenders to take any actions deemed appropriate in order to effect and/or evidence
the foregoing.

Section 6.06Restricted Payments; Restrictive
Agreements.

(a)       Declare
or make, or agree to declare or make, directly or indirectly, any Restricted Payment (including pursuant to any Synthetic Purchase Agreement),
or incur any obligation (contingent or otherwise) to do so; provided, however, that:

    	 	93	 

     

    

 

(i)       any Restricted Subsidiary
of the Lead Borrower may declare and pay dividends or make other distributions ratably to its equity holders,

 

(ii)       so
long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, the Lead Borrower may, or the
Lead Borrower may make distributions to Holdings (and Holdings may in turn make distributions to the Parent) so that Holdings (or the
Parent) may, (A) repurchase its Equity Interests owned by current and former officers, directors, consultants, advisors or employees of
the Parent, Holdings, the Borrowers or the Borrowers’ respective Restricted Subsidiaries or make payments to current and former
officers, directors, consultants, advisors or employees of the Parent, Holdings, the Borrowers or the Borrowers’ respective Restricted
Subsidiaries (x) in connection with the exercise of stock options, stock appreciation rights or similar equity incentives or equity based
incentives pursuant to any management incentive plan, equity based compensation plan, equity subscription agreement, equity award agreement,
shareholders’ or members’ agreement or other similar agreement, plan or arrangement (including, without limitation, redemptions
or repurchases of Equity Interests in consideration of withholding or similar taxes payable by any future, present or former employee,
director, manager or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees
of any of the foregoing)) or (y) in connection with the retention, promotion, separation from service, death or disability of such individuals,
in an aggregate amount for subclauses (x) and (y) of this clause (ii) not to exceed $5,000,000 in any fiscal year with unused amounts
in any fiscal year being carried over to succeeding fiscal years subject to a maximum of $10,000,000 in any fiscal year and (B) make other
Restricted Payments in an aggregate amount for this subclause (B) not to exceed $15,000,000 in any fiscal year;

(iii)       the
Lead Borrower may make Restricted Payments to Holdings (and Holdings may in turn make Restricted Payments to the Parent) in order to allow
Holdings and/or the Parent to (x) pay Holdings and/or the Parent’s administrative expenses and corporate overhead, franchise fees,
public company costs (including SEC fees and auditing fees) and customary director fees, (y) pay premiums and deductibles in respect of
directors and officers insurance policies and excess liability policies obtained from third-party insurers, provided that, with
respect to subclauses (x) and (y), during any Fiscal Year during which the Parent carried on any business other than the ownership of
the equity in Holdings, the Lead Borrower may only make Restricted Payments to Holdings (and Holdings may in turn make Restricted Payments
to the Parent) only in respect of those administrative expenses and corporate overhead, franchise fees, public company costs (including
SEC fees and auditing fees), customary director fees and premiums and deductibles in respect of directors and officers insurance policies
and excess liability policies obtained from third-party insurers reasonably determined by the Lead Borrower to be allocable to Holdings
and its Subsidiaries and (z) pay Tax liabilities attributable to Holdings and its subsidiaries in an amount not to exceed the amount of
such taxes that would have been payable by Holdings and its subsidiaries on a stand-alone basis (if Holdings had been a corporation and
parent of a consolidated group including its subsidiaries for all applicable tax periods ending on the date hereof), provided that
(A) any payments made pursuant to this clause (z) in any period that are not otherwise deducted in calculating Consolidated Net Income
shall be deducted in calculating Consolidated Net Income for such period (and shall be deemed to be a provision for taxes for purposes
of calculating Excess Cash Flow for such period) and (B) all Restricted Payments made to the Parent or Holdings pursuant to this clause
(iii) shall be used by Parent or Holdings, as the case may be, for the purposes specified herein within 20 days of the receipt thereof,

(iv)       the
Borrowers and each of their respective Restricted Subsidiaries may purchase, redeem or otherwise acquire its common Equity Interests with
the proceeds received from the substantially concurrent issuance of new common Equity Interests of such Person (other than any such issuance
to the Borrowers or their respective Restricted Subsidiaries),

(v)       Holdings,
the Borrowers and the Borrowers’ respective Restricted Subsidiaries may make repurchases of Equity Interests in Holdings (or any
direct or indirect parent thereof), the Borrowers or any of the Borrowers’ respective Restricted Subsidiary deemed to occur upon
exercise of stock options or warrants if such Equity Interests represents a portion of the exercise price of such options or warrants,

    	 	94	 

     

    

 

(vi)       the Borrowers or any of their
respective Restricted Subsidiaries may make cash payments in lieu of issuing fractional shares in connection with the exercise of warrants,
options or other securities convertible into or exchangeable for Equity Interests of the Borrowers or such Restricted Subsidiaries or
in connection with any Permitted Acquisition,

 

(vii)       the
Lead Borrower may make other Restricted Payments to Holdings (and Holdings may in turn make such Restricted Payments to the Parent) in
an amount equal to the portion, if any, of the Available Amount Basket on such date that the Lead Borrower elects to apply to this paragraph,
such election to be specified in a written notice of a Responsible Officer of the Lead Borrower calculating in reasonable detail the amount
of Available Amount Basket immediately prior to such election and the amount thereof elected to be so applied and including reasonably
detailed calculations required to demonstrate compliance with the First Lien Net Leverage Ratio required by clause (B) below; provided,
that (A) no Default or Event of Default has occurred and is continuing or would result therefrom and (B) the First Lien Net Leverage Ratio
at the time of the making of the applicable Restricted Payment, calculated on a Pro Forma Basis, would be no greater than 3.75:1.00 as
of the last day of the Test Period most recently ended prior to such Restricted Payment for which the financial statements and certificates
required by Section 5.04(a) or 5.04(b), as the case may be, have been delivered; and

(viii)       the
Lead Borrower may make other Restricted Payments to Holdings (and Holdings may in turn make such Restricted Payments to the Parent) in
an amount determined by the Lead Borrower as specified in a written notice of a Responsible Officer of the Lead Borrower including reasonably
detailed calculations required to demonstrate compliance with the Total Net Leverage Ratio required by clause (B) below; provided,
that (A) no Default or Event of Default has occurred and is continuing or would result therefrom and (B) the Total Net Leverage Ratio
at the time of the making of the applicable Restricted Payment, calculated on a Pro Forma Basis, would be no greater than 3.00:1.00 as
of the last day of the Test Period most recently ended prior to such Restricted Payment for which the financial statements and certificates
required by Section 5.04(a) or 5.04(b), as the case may be, have been delivered.

(b)       Enter
into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (i) the ability
of Holdings, the Borrowers or any of the Borrowers’ respective Restricted Subsidiaries to create, incur or permit to exist any Lien
upon any of its or their property or assets, or (ii) the ability of any Restricted Subsidiary of the Lead Borrower to pay dividends or
other distributions with respect to any of its Equity Interests or to make or repay loans or advances to the Borrowers or any other Restricted
Subsidiary or to Guarantee Indebtedness of the Borrowers or any other Restricted Subsidiary; provided that (A) the foregoing shall
not apply to restrictions and conditions imposed by law or by any Loan Document, any documents relating to any New Incremental Notes,
any documents relating to any Extension, any documents relating to any Permitted Ratio Debt, any Credit Agreement Refinancing Indebtedness
and any Subordinated Indebtedness and any refinancing of any of the foregoing, (B) the foregoing shall not apply to customary restrictions
and conditions contained in agreements relating to the sale of a Restricted Subsidiary pending such sale, provided such restrictions
and conditions apply only to the Restricted Subsidiary that is to be sold and such sale is permitted hereunder, (C) the foregoing shall
not apply to restrictions and conditions imposed on any Foreign Subsidiary by the terms of any Indebtedness of such Foreign Subsidiary
permitted to be incurred hereunder and (D) clause (i) of the foregoing shall not apply to (w) restrictions or conditions imposed by any
agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or
assets securing such Indebtedness, (x) customary provisions in leases and other contracts restricting the assignment thereof,(y) restrictions
and conditions existing on the Closing Date and identified on Schedule 6.06 (but shall apply to any amendment or modification expanding
the scope of any such restriction or condition) and (z) restrictions and conditions contained in documents relating to Indebtedness permitted
to be incurred pursuant to Section 6.01(g).

Section 6.07Transactions with Affiliates.
Except for transactions between or among Loan Parties or between or among Foreign Subsidiaries, sell or transfer any property or assets
to, or purchase or acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except
the Borrowers or any of their respective Restricted Subsidiaries may (a) engage in any of the foregoing transactions in the ordinary
course of business at prices and on terms and conditions not less favorable to the Borrowers or such Restricted Subsidiaries than could
be obtained on an arm’s-length basis from unrelated third parties;
(b) subject to compliance with the other terms and conditions of this Agreement, engage in any of the foregoing transactions

    	 	95	 

     

    

 

among the Borrowers and the other Restricted Subsidiaries so long as such
transactions shall be (i) in the ordinary course of business and (ii) consistent with past practices and not materially adverse to the
Lenders; (c) pay customary fees payable to any directors of the Borrowers and their respective Restricted Subsidiaries and reimburse reasonable
out-of-pocket costs of the directors of the Borrowers and their respective Restricted Subsidiaries; (d) enter into employment and severance
arrangements with their respective officers and employees in the ordinary course of business; (e) pay customary fees and indemnities to
their respective directors, officers and employees in the ordinary course of business; (f) enter into the transactions set forth on Schedule
6.07; (g) make any intercompany investments contemplated by Section 6.04; (h) enter into transactions otherwise permitted by
Section 6.05(a) and Section 6.06; and (i) consummate the Transactions.

 

Section 6.08Change in Nature of Business.
With respect to the Lead Borrower and its Restricted Subsidiaries, engage at any time in any business or business activity other than
business conducted or proposed to be conducted by the Borrowers and the Restricted Subsidiaries on the Closing Date and other businesses
complementary, similar or reasonably related, ancillary or incidental thereto or reasonable extensions thereof.

Section 6.09Other Indebtedness and Agreements.

(a)       Permit
(i) any waiver, supplement, modification, amendment, termination or release of any indenture, instrument or agreement pursuant to which
any Material Indebtedness (including any Permitted First Priority Refinancing Debt, any Permitted Second Priority Refinancing Debt, any
Permitted Unsecured Refinancing Debt, any New Incremental Notes and any Permitted Ratio Debt) of Holdings, the Borrowers or any of the
Borrowers’ respective Restricted Subsidiaries is outstanding without the prior written consent of the Administrative Agent, except
(x) to the extent any of the foregoing is not adverse to the interests of the Lenders under the Loan Documents in any material respect
or (y) in connection with any Permitted Refinancing of Indebtedness permitted under Section 6.01, (ii) any amendment of or change
to the subordination provisions of any Subordinated Indebtedness (and the component definitions as used therein) or (iii) any waiver,
supplement, modification or amendment of its certificate of incorporation, by-laws, operating, management or partnership agreement or
other organizational documents to the extent any such waiver, supplement, modification or amendment would be adverse to the Lenders in
any material respect.

(b)       (i)
Make any distribution, whether in cash, property, securities or a combination thereof, other than regular scheduled payments of principal
and interest, and customary fees, premiums and indemnities as and when due (to the extent not prohibited by applicable subordination
provisions), in respect of, or pay, or commit to pay, or directly or indirectly (including pursuant to any Synthetic Purchase Agreement)
redeem, repurchase, retire or otherwise acquire for consideration, or set apart any sum for the aforesaid purposes, any Junior Financing,
other than in connection with (1) distributions, payments, commitments to pay, redemptions, repurchases, retirements and acquisitions
for consideration in an amount equal to the portion, if any, of the Available Amount Basket on such date that the Borrowers elect to
apply to this clause 6.09(b)(ii)(1), such election to be specified in a written notice of a Responsible Officer of the Lead Borrower
calculating in reasonable detail the amount of Available Amount Basket immediately prior to such election and the amount thereof elected
to be so applied and including reasonably detailed calculations required to demonstrate compliance with the First Lien Net Leverage Ratio
required by clause (y) of the immediately succeeding proviso; provided that, at the time of such transaction after giving effect
thereto, no Default or Event of Default shall have occurred and be continuing and the First Lien Net Leverage Ratio at the time of making
such distribution, payment, commitment to pay, redemption, repurchase, retirement or acquisition for consideration, would be no greater
than 3.75:1.00, calculated on a Pro Forma Basis as of the last day of the most recently ended Test Period prior to such distribution,
payment, commitment to pay, redemption, repurchase, retirement or acquisition for consideration, for which the financial statements and
certificates required by Section 5.04(a) or 5.04(b), as the case may be, have been delivered, (2) any Permitted Refinancing
thereof and (3) any other payments in an amount determined by the Lead Borrower as specified in a written notice of a Responsible Officer
of the Lead Borrower including reasonably detailed calculations required to demonstrate compliance with the Total Net Leverage Ratio
required by clause (B) below; provided, that, in the case of this clause (3), (A) no Default or Event of Default has occurred
and is continuing or would result therefrom and (B) the Total Net Leverage Ratio at the time of the making of the applicable payment,
calculated on a Pro Forma Basis, would be no greater than 3.00:1.00 as of the last day of the Test Period most recently ended prior to
such payment for which the financial statements and certificates required by Section 5.04(a) or 5.04(b), as the case may
be, have been delivered; or

    	 	96	 

     

    

 

(ii)       if a
Default or Event of Default exists or would result therefrom, pay in cash any amount in respect of any Indebtedness or preferred Equity
Interests that may at the applicable obligor’s option be paid in kind or in other securities.

 

Section 6.10Revolving Facility Covenants.

(a)       Permit
the First Lien Net Leverage Ratio, as of any Compliance Date during the period commencing on and after June 30, 2021 to be greater than
5.00:1.00 (the “Financial Covenant”)
(with compliance with the Financial Covenant determined as of each Compliance Date).

(b)       For
as long as any Revolving Commitments or Revolving Credit Exposure is outstanding, the Borrowers will not, and will not permit any Restricted
Subsidiary to, directly or indirectly (including through the designation of a Restricted Subsidiary as an Unrestricted Subsidiary) (i)
transfer, make any Investment of, or otherwise Dispose of any assets (including any intellectual property) that are material to the business
of the Borrowers and the Restricted Subsidiaries, taken as a whole (as reasonably determined by the Lead Borrower in good faith) to any
Unrestricted Subsidiary; (ii) permit any Subsidiary Guarantor to be released from the Guaranty solely as a result of such Subsidiary Guarantor
becoming an Excluded Subsidiary of the type described in clause (a) of the definition unless, at the time such Subsidiary Guarantor became
such an Excluded Subsidiary, (x) the minority interests of the Subsidiary Guarantor is held by an entity that is not an Affiliate of the
Borrower and (y) such Subsidiary Guarantor so became such an Excluded Subsidiary as a result of a joint venture or other strategic transaction
permitted hereunder and entered into for a bona fide operating business purpose (as reasonably determined by the Lead Borrower in good
faith) or (iii) without the consent of each adversely affected Revolving Lender (in each case of this clause (iii), in its capacity
as such), amend or modify any Loan Document in a manner that would subordinate (x) the Liens securing any of the Obligations under the
Revolving Facility (the “Revolving Facility Obligations”) on all or substantially all of the Collateral (“Existing
Liens”) to the Liens securing any other Indebtedness or (y) any Revolving Facility Obligations in contractual right of payment
to any other Indebtedness (any such other Indebtedness to which such Liens securing any of the Revolving Facility Obligations or such
Revolving Facility Obligations, as applicable, are subordinated, “Senior Indebtedness”), in either the case of subclause
(x) or (y), unless each adversely affected Revolving Lender has been offered a bona fide opportunity to fund or otherwise provide
not less than its pro rata share (based on the amount of Obligations that are adversely affected thereby held by each applicable Lender)
of the Senior Indebtedness on the same terms (other than bona fide backstop fees and reimbursement of counsel fees and other expenses
in connection with the negotiation of the terms of such transaction; such fees and expenses, “Ancillary Fees”) as offered
to all other providers (or their applicable Affiliates) of the Senior Indebtedness and to the extent such adversely affected Lender decides
to participate in the Senior Indebtedness, receive its pro rata share of the fees and any other similar benefit (other than Ancillary
Fees) of the Senior Indebtedness afforded to the providers of the Senior Indebtedness (or any of their Affiliates) in connection with
providing the Senior Indebtedness pursuant to a written offer made to each such adversely affected Revolving Lender describing the material
terms of the arrangements pursuant to which the Senior Indebtedness is to be provided, which offer shall remain open to each adversely
affected Revolving Lender for a period of not less than five Business Days (or such lesser time as reasonably agreed by the applicable
Revolving Lender with respect to itself).

(c)       The
provisions of this Section 6.10 (collectively, the “RCF Covenants”) are for the benefit of the Revolving Lenders
only and the Required Revolving Lenders may amend, waive or otherwise modify this Section 6.10 or the defined terms used for purposes
of this Section 6.10 or waive any Default or Event of Default resulting from a breach of this Section 6.10 without the consent
of any Lenders other than (i) with respect to the Financial Covenant, Section 6.10(b)(i) and/or Section 6.10(b)(ii),the Required Revolving
Lenders in accordance with the provisions of Section 9.08(b) or (ii) with respect to Section 6.10(b)(iii), each Revolving Lender.

Section 6.11Certain Equity Securities.
Except as permitted by Section 6.01, issue any Equity Interest that is not Qualified Capital Stock.

Section 6.12Holdings. Holdings,
shall not conduct, transact or otherwise engage in any material business or operations; provided, that the following shall be
permitted in any event: (i) its ownership of the Equity Interests of the Lead Borrower and activities related or incidental thereto;
(ii) the performance of its obligations with respect to the Loan Documents (including any Credit Agreement Refinancing Indebtedness or
any Term Loan

    	 	97	 

     

    

 

Facility), any New Incremental Notes, Subordinated Indebtedness permitted
hereunder or any Permitted Ratio Debt and any Permitted Refinancing of any of the foregoing permitted in accordance with the terms of
this Agreement; (iii) the consummation of the Transactions; (iv) the payment of dividends, the making of contributions to the capital
of its Subsidiaries and the Guarantee of Indebtedness permitted to be incurred hereunder by any Loan Party; (v) the maintenance of its
legal existence (including the ability to incur fees, costs and expenses relating to such maintenance and performance of activities relating
to its employees and those of its Subsidiaries); (vi) the performing of activities in preparation for and consummating any public offering
of its common stock or any other issuance or sale of its Equity Interests (other than Disqualified Stock); (vii) the participation in
tax, accounting and other administrative matters as a member of the consolidated group of Parent, Holdings and the Lead Borrower, including
compliance with applicable laws and legal, tax and accounting matters related thereto and activities relating to its employees; (viii)
the holding of any cash (but not operating any property); (ix) the providing of indemnification to officers, managers and directors and
(x) any activities related or incidental to the foregoing. Holdings shall not create, incur, assume or suffer to exist any Lien on any
Equity Interests of the Lead Borrower and shall not incur any Indebtedness (other than in respect of Disqualified Stock, Qualified Holding
Company Indebtedness, obligations pursuant to the Investment permitted by Section 6.04(k) as of the Closing Date, Indebtedness
permitted by clause (ii) above or Guarantees permitted by clause (iv) above).

 

ARTICLE VII

 

Events of Default

Section 7.01Events of Default.
In case of the happening of any of the following events (“Events of Default”):

(a)       any
representation or warranty made or deemed made by Holdings, any Borrower or any other Loan Party in or in connection with any Loan Document
or the borrowings hereunder, or any representation, warranty, statement or information contained in any report, certificate, financial
statement or other instrument furnished in connection with or pursuant to any Loan Document, shall prove to have been false or misleading
in any material respect when so made, deemed made or furnished by Holdings, such Borrower or such other Loan Party;

(b)       default
shall be made in the payment of any principal of any Loan 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 by acceleration thereof or otherwise;

(c)       default
shall be made in the payment of any interest on any Loan or any Fee or any other amount (other than an amount referred to in (b) above)
due under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period
of three Business Days;

(d)       default
shall be made in the due observance or performance by Holdings, any Borrower or any of the Borrowers’ respective Restricted Subsidiaries
of any covenant, condition or agreement contained in (i) Section 5.01(a) (with respect to any Borrower or Holdings) or 5.08
or in Article VI (in the case of the RCF Covenants, subject to the provisos at the end of this clause (d)) or (ii) Section
5.04(a), 5.04(b) or 5.05 and, in the case of clause (ii) such default shall continue unremedied for a period of 15
days; provided, that the Financial Covenant is subject to cure pursuant to Section 7.03 and no Default or Event of
Default resulting from a breach of the Financial Covenant shall be deemed to have occurred until the date that is fifteen (15) Business
Days after the date the compliance certificate for the relevant fiscal quarter is required to be delivered hereunder if the Borrower
then has a Cure Right under Section 7.03 with respect to the applicable breach; provided, further, that the Borrowers’
failure to comply with any provision of Section 6.10 shall not constitute a Default or an Event of Default with respect to any Term Loans
or any Term Loan Facility unless and until the Required Revolving Lenders shall have terminated their Revolving Commitments and declared
all amounts outstanding under the Revolving Credit Facility to be due and payable in accordance with the final paragraph of this Section
7.01;

    	 	98	 

     

    

 

(e)       default shall be made in the
due observance or performance by Holdings, any Borrower or any of the Borrowers’ respective Restricted Subsidiaries of any covenant,
condition or agreement contained in any Loan Document (other than those specified in (b), (c) or (d) above) and such default shall continue
unremedied for a period of 30 consecutive days after the earlier of (i) notice thereof from the Administrative Agent to the Lead Borrower
(which notice shall also be given at the request of any Lender) or (ii) knowledge thereof of Holdings or the Borrowers;

 

(f)       (i)
Holdings, any Borrower or any of the Borrowers’ respective Restricted Subsidiaries shall fail to pay any principal or interest,
regardless of amount, due in respect of any Material Indebtedness and such failure shall continue after the applicable grace period and/or
(ii) any other event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that
enables or permits (after the applicable grace period) the holder or holders of any Material Indebtedness or any trustee or agent on its
or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof,
prior to its scheduled maturity; provided that this clause (ii) shall not apply to (A) secured Indebtedness that becomes due as
a result of the voluntary sale or transfer of the property or assets securing such Indebtedness or (B) obligations under any Hedging Agreement
that becomes due as a result of a “Termination Event” as defined in clauses (i), (ii) or (iii) of Section 5(b) of the
ISDA 2002 Master Agreement;

(g)       an
involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief
in respect of Holdings, any Borrower or any of the Borrowers’ respective Restricted Subsidiaries (other than an Immaterial Subsidiary),
or of a substantial part of the property or assets of Holdings, any Borrower or any of the Borrowers’ respective Restricted Subsidiaries
(other than an Immaterial Subsidiary), under Title 11 of the United States Code, as now constituted or hereafter amended, or any other
Debtor Relief Laws, (ii) the appointment of a receiver, trustee, monitor, custodian, sequestrator, conservator or similar official for
Holdings, any Borrower or any of the Borrowers’ respective Restricted Subsidiaries (other than an Immaterial Subsidiary) or for
a substantial part of the property or assets of Holdings, any Borrower or any of the Borrowers’ respective Restricted Subsidiaries
or (iii) the winding-up or liquidation of Holdings, any Borrower or any of the Borrowers’ respective Restricted Subsidiaries (other
than an Immaterial Subsidiary); and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving
or ordering any of the foregoing shall be entered;

(h)       Holdings,
any Borrowers or any of the Borrowers’ respective Restricted Subsidiaries (other than an Immaterial Subsidiary) shall (i) voluntarily
commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter
amended, or any other Debtor Relief Laws, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or the filing of any petition described in (g) above, (iii) apply for or consent to the appointment of a receiver, trustee,
monitor, custodian, sequestrator, conservator or similar official for Holdings, any Borrower or any of the Borrowers’ respective
Restricted Subsidiaries (other than an Immaterial Subsidiary) or for a substantial part of the property or assets of Holdings, any Borrower
or any of the Borrowers’ respective Restricted Subsidiaries (other than an Immaterial Subsidiary), (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,
(vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii) take any corporate action
for the purpose of effecting any of the foregoing;

(i)       one
or more judgments shall be rendered against Holdings, any Borrower, any of the Borrowers’ respective Restricted Subsidiaries or
any combination thereof and the same shall remain undischarged for a period of 45 consecutive days during which execution shall not be
effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of Holdings, any Borrower
or any of the Borrowers’ respective Restricted Subsidiaries to enforce any such judgment and such judgment either (i) is for the
payment of money in an aggregate amount in excess of $7,500,000 (to the extent not covered by insurance) or (ii) is for injunctive relief
and could reasonably be expected to result in a Material Adverse Effect; provided that if Holdings, the applicable Borrower or
the relevant Restricted Subsidiary shall not have received notice or been served in connection with the legal proceeding

    	 	99	 

     

    

 

or proceedings resulting in any such judgment, such 45-consecutive-day
period shall be measured from the date on which Holdings, the applicable Borrower or the relevant Restricted Subsidiary has knowledge
of such judgment;

 

(j)       an
ERISA Event shall have occurred that when taken together with all other such ERISA Events, could reasonably be expected to result in a
Material Adverse Effect or, with respect to a Foreign Pension Plan, a Foreign Benefit Event shall have occurred that would reasonably
be expected to result in a Material Adverse Effect;

(k)       any
Guarantee under the Guaranty for any reason shall cease to be in full force and effect (other than in accordance with its terms), or any
Guarantor shall deny in writing that it has any further liability under the Guaranty, as the case may be (other than as a result of the
discharge of such Guarantor in accordance with the terms of the Loan Documents);

(l)       any
security interest purported to be created by any Security Document shall cease to be, or shall be asserted by the Borrowers or any other
Loan Party not to be, a valid, perfected, first priority (except as otherwise expressly provided in this Agreement, any Intercreditor
Agreement or such Security Document) security interest in the securities, assets or properties covered thereby;

(m)       the
Indebtedness under any Subordinated Indebtedness of Holdings and its Restricted Subsidiaries constituting Material Indebtedness shall
cease (or any Loan Party or an Affiliate of any Loan Party shall so assert), for any reason, to be validly subordinated to the Obligations
as provided in the agreements evidencing such other Subordinated Indebtedness; or

(n)       there
shall have occurred a Change in Control; and

(o)       the
loss of the ability to broadcast under an FCC (or foreign equivalent) license or licenses due to the revocation or termination of such
FCC (or foreign equivalent) license or licenses, in each case in a manner which would reasonably be expected to have a Material Adverse
Effect;

then, and in every such event (other than an event with respect
to Holdings or any Borrower described in paragraph (g) or (h) above), and at any time thereafter during the continuance of such event,
the Administrative Agent may, and at the request of the Required Lenders (except that the request of the Required Revolving Lenders shall
be required, in the case of (x) an Event of Default under the any RCF Covenant that is not yet an Event of Default with respect to the
Term Loans or Term Commitments, or (y) clauses (i) through (iii) below, only with respect to the Revolving Commitments, Revolving Loans,
Letter of Credit Commitments, Letters of Credit and Obligations in respect of the foregoing), shall, by notice to the Lead Borrower,
exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable
law, including any or all of the following actions, at the same or different times: (i) terminate forthwith the Commitments; (ii) declare
the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be
due and payable, together with accrued interest thereon and all other liabilities of the Borrowers accrued hereunder and under any other
Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which
are hereby expressly waived by the Borrowers, anything contained herein or in any other Loan Document to the contrary notwithstanding;
and (iii) require that the Borrowers provide cash collateral as required in Section 10.06(j); and in the case of any event
with respect to Holdings or any Borrower described in paragraph (g) or (h) above, the Commitments shall automatically terminate and the
principal of the Loans then outstanding, together with accrued interest thereon and all other liabilities of the Borrowers accrued hereunder
and under any other Loan Document, shall automatically become due and payable, and the obligation of the Borrowers to cash collateralize
the LC Exposure as provided in clause (iii) above shall automatically become effective, in each case, without presentment, demand, protest
or any other notice of any kind, all of which are hereby expressly waived by the Borrowers, anything contained herein or in any other
Loan Document to the contrary notwithstanding.

    	 	100	 

     

    

 

Section 7.02Application of Proceeds.

 

(a)       After
the exercise of remedies provided for in Section 7.01 (or after the Loans have automatically become immediately due and payable and the
LC Exposure has automatically been required to be cash collateralized as set forth in the final paragraph of Section 7.01), any amounts
received on account of the Obligations (including from proceeds of any sale or other disposition of all or any part of the Collateral)
shall be applied by the Administrative Agent in the following order of priorities:

first, to pay any amounts (including
fees, charges and disbursements of counsel to the Administrative Agent) then due and payable to the Administrative Agent in its capacity
as such pursuant to Sections 2.05 and 9.05;

second, to pay to the Lenders and
the Issuing Banks ratably all interest and fees (including Letter of Credit fees and charges, unreimbursed LC Disbursements, post-petition
interest (as defined in the Security Agreement) and obligations in the nature of interest and periodic fees under Secured Hedging Agreements
and Cash Management Obligations) on the Obligations, until payment in full of all such interest and fees shall have been made;

third, to pay the unpaid principal,
including to cash collateralize that portion of the LC Exposure comprised of the aggregate undrawn amount of Letters of Credit, of the
Obligations (and obligations owing under Secured Hedging Agreements and Cash Management Obligations) ratably until payment in full of
such Obligations (and obligations owing under Secured Hedging Agreements and Cash Management Obligations) shall have been made;

fourth, to pay all other Obligations
ratably, until payment in full of all such other Obligations shall have been made; and

finally, to pay to the applicable
Borrower or the relevant Loan Party, or as a court of competent jurisdiction may direct, any surplus then remaining (including from the
proceeds of the Collateral owned by it);

provided that if any amount remains on deposit as cash collateral
after all Letters of Credit have either been fully drawn or expired (without any pending drawings), such remaining amount shall be applied
to the other Obligations, if any, in the order set forth above;

provided, further, that notwithstanding anything to
the contrary in this Agreement or any other Loan Document, in no circumstances shall proceeds of any Collateral constituting an asset
of a Loan Party which is not a Qualified ECP Guarantor be applied towards the payment of any Obligations under Secured Hedging Agreements.
The Administrative Agent may make such distributions hereunder in cash or in kind or, on a ratable basis, in any combination thereof.

(b)       The
Administrative Agent and the Collateral Agent may in their respective discretion to maximize the overall recovery to the Lenders, subject
to clause (c)(ii) below, to the extent amounts to be applied pursuant to this Section 7.02 consist of amounts from a Loan Party
(whether as a result of a payment under a Guarantee provided by such Loan Party, any realization on the Collateral of such Loan Party,
any setoff rights in respect of such Loan Party, any distribution in connection with any proceedings or other action of such Loan Party
in respect of Debtor Relief Laws or otherwise), apply such amounts in accordance with the foregoing clauses first, second,
third and fourth.

(c)       In
making the payments and allocations required by this Section 7.02, the Administrative Agent will be entitled to rely on information
from (i) its own records for information as to the Administrative Agent and the Lenders (the “Lender Parties”), their
Obligations and actions taken by them, (ii) any Lender Party for information as to its Obligations and actions taken by it, to the extent
that the Administrative Agent has not obtained such information from its own records, and (iii) the Borrowers, to the extent that the
Administrative Agent has not obtained information from the foregoing sources. All distributions made by the Administrative Agent pursuant
to

    	 	101	 

     

    

 

this Section 7.02 shall be final (except in the event of manifest
error) and the Administrative Agent shall have no duty to inquire as to the application by any Lender Party of any amount distributed
to it.

 

Section 7.03Borrowers’ Right to
Cure. Notwithstanding anything to the contrary contained in Section 7.01 or Section 7.02:

(a)       For
the purpose of determining whether any Default or Event of Default under the Financial Covenant has occurred, the Lead Borrower may on
one or more occasions designate any portion of the net cash proceeds from a sale or issuance of Qualified Capital Stock of Holdings or
any contribution to the common capital of Holdings (or from any other contribution to capital or sale or issuance of any other Equity
Interests on terms reasonably satisfactory to the Administrative Agent) (the “Cure Amount”), as an increase to Consolidated
EBITDA for the applicable fiscal quarter (notwithstanding that such definition may not have any adjustment for such Cure Amount); provided
that (i) such amounts to be designated are actually received by one or more Borrowers on or after the first day of such applicable fiscal
quarter and on or prior to the fifteenth (15th) Business Day after the date on which financial statements are required to be delivered
with respect to such applicable fiscal quarter (the “Cure Expiration Date”), (ii) such amounts do not exceed (or are
not given credit in excess of) the aggregate amount necessary to cure any Event of Default under the Financial Covenant as of such date
and (iii) the Lead Borrower shall have provided notice to the Administrative Agent on the date such amounts are designated as a “Cure
Amount” (it being understood that to the extent any such notice is provided in advance of delivery of a compliance certificate
for the applicable period, the amount of such net cash proceeds that is designated as the Cure Amount may be different than the amount
necessary to cure any Event of Default under the Financial Covenant and may be modified, as necessary, in a subsequent corrected notice
delivered on or before the Cure Expiration Date (it being understood that in any event the final designation of the Cure Amount shall
continue to be subject to the requirements set forth in clauses (i) and (ii) above) and such notice or designation may apply retroactively
so long a delivered on or prior to the Cure Expiration Date). The Cure Amount used to calculate Consolidated EBITDA for one fiscal quarter
shall be used and included when calculating Consolidated EBITDA for each Test Period that includes such fiscal quarter.

(b)       The
parties hereby acknowledge that this Section 7.03 may not be relied on for purposes of calculating any financial ratios other
than for determining actual compliance with the Financial Covenant (and not Pro Forma Compliance with the Financial Covenant that is required
by any other provision of this Agreement) and shall not result in any adjustment to any amounts (including the amount of Indebtedness,
except as specified in clause (d) below) or increase in cash (and shall not be included for purposes of determining pricing, mandatory
prepayments and the availability or amount permitted pursuant to any covenant under Article VI) with respect to the quarter with
respect to which such Cure Amount was made other than the amount of the Consolidated EBITDA referred to in Section 7.03(a).

(c)       In
furtherance of clause (a) above, (A) upon actual receipt and designation of the Cure Amount by one or more Borrowers, the Financial Covenant
shall be deemed satisfied and complied with as of the end of the relevant fiscal quarter with the same effect as though there had been
no failure to comply with the Financial Covenant and any Event of Default under the Financial Covenant shall be deemed not to have occurred
for purposes of the Loan Documents unless the Cure Expiration Date has occurred without the Cure Amount having been received and designated,
and (B) upon delivery to the Administrative Agent prior to the Cure Expiration Date of a notice from the Lead Borrower stating its good
faith intention to exercise its right set forth in this Section 7.03 (such notice, a “Cure Notice”), neither
the Administrative Agent nor any Lender may exercise any rights or remedies under Section 7.01 (or under any other Loan Document)
on the basis of any actual or purported Event of Default under the Financial Covenant until and unless the Cure Expiration Date has occurred
without the Cure Amount having been received and designated. Notwithstanding the foregoing, after the Lead Borrower delivers a Cure Notice,
the Borrowers shall not be able to request the making of any Revolving Loan or the issuing of any Letter of Credit during the period from
the date such Cure Notice is received by the Administrative Agent until receipt by one or more Borrowers of the Cure Amount on or prior
to the Cure Expiration Date or waiver of the Event of Default.

(d)       (i)
In each period of four consecutive fiscal quarters, there shall be at least two (2) fiscal quarters in which no cure right set forth
in this Section 7.03 is exercised and (ii) there shall be no pro forma reduction in Indebtedness with the Cure
Amount for determining compliance with the Financial Covenant for the fiscal quarter with respect to which such Cure Amount was made,
but to the extent Indebtedness was actually permanently

    	 	102	 

     

    

 

reduced (and any related commitment terminated) with the relevant Cure
Amount, such reduction in Indebtedness may be taken into account in any subsequent Test Period that includes the relevant fiscal quarter
in which such Cure Amount was made.

 

(e)       There
shall be no more than five (5) fiscal quarters in which the cure rights set forth in this Section 7.03 are exercised during
the term of the Revolving Credit Facility.

ARTICLE VIII

 

The Administrative Agent and the Collateral Agent; etc.

Each Lender (including in its capacities as
a potential Cash Management Bank in respect of Cash Management Obligations and/or a potential Hedging Bank party to a Secured Hedging
Agreement) and each Issuing Bank hereby irrevocably appoints the Administrative Agent and the Collateral Agent (for purposes of this Article
VIII, the Administrative Agent and the Collateral Agent are referred to collectively as the “Agents”) its agent
and authorizes the Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms of
the Loan Documents, together with such actions and powers as are reasonably incidental thereto. Without limiting the generality of the
foregoing, the Agents are hereby expressly authorized to (i) execute any and all documents (including releases) with respect to the Collateral
and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement
and the Security Documents and (ii) negotiate, enforce or the settle any claim, action or proceeding affecting the Lenders or the Issuing
Banks in their respective capacity as such, at the direction of the Required Lenders or the Required Revolving Lenders, as applicable,
which negotiation, enforcement or settlement will be binding upon each Lender and each Issuing Bank.

In the event of a foreclosure by the Collateral
Agent or the Administrative Agent on any of the Collateral pursuant to a public or private sale, the Administrative Agent, the Collateral
Agent or any Lender or Issuing Bank (or any person nominated by them) may be the purchaser of any or all of such Collateral at any such
sale and the Administrative Agent, as agent for and representative of the Lenders and the Issuing Banks (but not any Lender or Lenders
or Issuing Bank or Issuing Banks in its or their respective individual capacities unless the Required Lenders or the Required Revolving
Lenders, as applicable, shall otherwise agree in writing), shall be entitled, for the purpose of bidding and making settlement or payment
of the purchase price for all or any portion of the Collateral sold in any such public sale, to use and apply any of the Obligations as
a credit on account of the purchase price for any Collateral payable by the Collateral Agent or the Administrative Agent at such sale.
This provision is for the sole benefit of the Lenders and the Issuing Banks and shall not afford any right to, or constitute a defense
available to, any Loan Party.

In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any
Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed
or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrowers) shall
be entitled and empowered, by intervention in such proceeding or otherwise:

(a)       to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations
that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders,
the Issuing Banks and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders, the Issuing Banks and the Administrative Agent and their respective agents and counsel and all other amounts due to the
Lenders and the Administrative Agent under Sections 2.05, 9.05 and 10.04 allowed in such judicial proceeding; and

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

Any custodian, receiver, assignee, trustee,
monitor, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each
Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making
of such payments

    	 	103	 

     

    

 

directly to the Lenders and/or the Issuing Banks, to pay to the Administrative
Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and their respective agents and
counsel, and any other amounts due the Administrative Agent under Sections 2.05, 9.05 and 10.04.

 

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.

The Administrative Agent may execute any of
its duties and exercise its rights and powers under this Agreement or any other Loan Document (including for purposes of holding or enforcing
any Lien on the Collateral (or any portion thereof) granted under the Security Documents or of exercising any rights and remedies thereunder)
by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning
all matters pertaining to such duties. The Administrative Agent and any such sub agent may perform any and all of its duties and exercise
its rights and powers by or through their respective Related Parties. The Administrative Agent shall not be responsible for the negligence
or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct by the Administrative
Agent, as determined by a final non-appealable judgment by a court of competent jurisdiction. The exculpatory provisions of this Article
VIII 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 in connection with the syndication of the credit facilities provided for herein as well as activities as
Administrative Agent.

The institution serving as the Administrative
Agent hereunder and/or as the Collateral Agent shall have the same rights and powers in its capacity as a Lender as any other Lender and
may exercise the same as though it were not an Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally
engage in any kind of banking, investment banking, trust or other business with, or provide debt financing, equity capital or other services
(including financial advisory services) to Holdings, the Borrowers or any Subsidiary or any Affiliate of any of the foregoing as if it
were not an Agent hereunder, and may accept fees and other consideration from Holdings, the Borrowers or any Subsidiary or any Affiliate
of any of the foregoing for services in connection with this Agreement and otherwise without having to account for the same to the Lenders.
The term “Lenders,” “Issuing Banks,” “Required Lenders,” “Required Revolving
Lenders” or any similar terms shall, unless the context clearly indicates otherwise, include each Agent in its respective individual
capacities.

Neither Agent shall have any duties or obligations
except those expressly set forth in the Loan Documents. The duties of the Agents shall be mechanical and administrative in nature. Without
limiting the generality of the foregoing, (a) neither Agent shall be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing, (b) neither Agent shall have any duty to take any discretionary action or exercise
any discretionary powers, except discretionary rights and powers expressly contemplated hereby that such Agent is instructed in writing
to exercise by the Required Lenders or the Required Revolving Lenders (or such other number or percentage of the Lenders or Revolving
Lenders as shall be necessary under the circumstances as provided in Section 9.08), and (c) except as expressly set forth in the
Loan Documents, neither Agent shall have any duty to disclose, nor shall it be liable for the failure to disclose, any information relating
to Holdings, the Borrowers or any of the Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent
and/or Collateral Agent or any of its Affiliates in any capacity. If the Agents request instructions from the Required Lenders or the
Required Revolving Lenders, as applicable with respect to any act or action (including failure to act) in connection with this Agreement
or any other Loan Document, the Agents shall be entitled to refrain from such act or taking such action unless and until the Administrative
Agent shall have received instructions from the Required Lenders or the Required Revolving Lenders, as applicable; and neither Agent
shall be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders or the Required Revolving
Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.08)
or in the absence of its own gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and
non-appealable decision). Any assignor of a Loan or seller of a participation hereunder shall be entitled to rely conclusively on a representation
of the assignee Lender or participant in the relevant Assignment and Acceptance or participation agreement, as applicable, that such
assignee or purchaser is not a Disqualified Institution. No Agent shall have any responsibility or liability for monitoring the list
or identities of, or enforcing provisions relating to, Disqualified Institutions. Without limiting the foregoing, no Lender and no Issuing

    	 	104	 

     

    

 

Bank shall have any right of action whatsoever against either Agent as
a result of either Agent acting or refraining from acting hereunder or under any other Loan Document in accordance with the instructions
of the Required Lenders. Neither Agent shall be deemed to have knowledge of any Default unless and until written notice thereof is given
to such Agent by Holdings, the Lead Borrower or a Lender or Issuing Bank, and neither Agent shall be responsible for or have any duty
to ascertain or inquire into (i) any recital, statement, information, warranty or representation made in or in connection with any Loan
Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance
or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability,
effectiveness, genuineness, perfection, collectability, priority or sufficiency of any Loan Document or any other agreement, instrument,
document or other writing, (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other
than to confirm receipt of items expressly required to be delivered to such Agent or (vi) the financial condition of Holdings, the Borrowers
or any of the Borrowers’ respective subsidiaries or be required to make any inquiry concerning either the performance or observance
of any of the terms, provisions or conditions of this Agreement or any other Loan Document, or the financial condition of Holdings, the
Borrowers or any of the Borrowers’ subsidiaries or the existence or possible existence of any Default or Event of Default.

 

Each Agent shall be entitled to rely upon, and
shall not incur any liability for relying upon, any resolution, notice, request, certificate, consent, statement, instrument, document,
telecopier message, electronic mail message, Internet or intranet website posting, order or other writing believed by it to be genuine
and to have been signed or sent by the proper Person. Each Agent may also rely upon any statement made to it orally or by telephone and
believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. Each Agent may consult with
legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it, and shall not be liable
for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Each Agent may perform any and all its duties
and exercise its rights and powers by or through its officers, directors, employees, affiliates or any one or more sub-agents appointed
by it. Each Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers by or through their respective
Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of
each Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Term Loan
Facility as well as activities as Agent.

The Administrative Agent may resign at any
time by notifying the Lenders and the Lead Borrower. Upon any such resignation, the Required Lenders shall have the right, with the consent
of the Lead Borrower (not to be unreasonably withheld or delayed, provided that the Lead Borrower’s consent shall not be
required if an Event of Default then exists), to appoint a successor. If no successor shall have been so appointed by the Required Lenders
and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then
the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be (x) a bank with
an office in New York, New York, or an Affiliate of any such bank or (y) a nationally recognized financial institution that is organized
under the laws of the United States or any state or district thereof. If no successor shall have been so appointed by either the Required
Lenders or the retiring Administrative Agent within 30 days after the retiring Administrative Agent gives notice of its resignation then
(x) the Required Lenders shall perform all the duties of the Administrative Agent hereunder and/or under any other Loan Document until
such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided above and (y) the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents. Upon the acceptance of its appointment
as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges
and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Lead Borrower and such successor. After the Administrative Agent’s resignation hereunder, the
provisions of this Article VIII and Section 9.05 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
acting as Administrative Agent.

    	 	105	 

     

    

 

Each Lender and each Issuing Bank acknowledges that it has, independently
and without reliance upon the Agents or any other Lender or Issuing Bank and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and each Issuing Bank also acknowledges
that it will, independently and without reliance upon the Agents or any other Lender or Issuing Bank and based on such documents and information
as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon
this Agreement or any other Loan Document, any related agreement or any document furnished hereunder or thereunder, and, except as expressly
provided in this Agreement, the Agents shall not have any duty or responsibility, either initially or on a continuing basis, to provide
any Lender or Issuing Bank with any credit or other information with respect thereto, whether coming into its possession before the making
of the Loans or at any time or times thereafter. Each Lender and each Issuing Bank acknowledges that neither any Agent nor any Related
Party has made any representation or warranty to it, and that no act by any Agent hereafter taken, including any consent to and acceptance
of any assignment or review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation
or warranty by any Agent or any Related Party to any Lender or Issuing Bank as to any matter, including whether any Agent or any Related
Party has disclosed material information in their possession. Except for notices, reports and other documents expressly required to be
furnished to the Lenders or the Issuing Banks by any Agent herein, such Agent shall not have any duty or responsibility to provide any
Lender or Issuing Bank with any credit or other information concerning the business, prospects, operations, property, financial and other
condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates which may come into its (or a Related Party’s)
possession.

 

Each Applicable Lender hereby agrees that (x) if the
Administrative Agent notifies such Applicable Lender that the Administrative Agent has determined in its sole discretion that
any funds received by such Applicable Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment
or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously
transmitted to such Applicable Lender (whether or not known to such Applicable Lender), and demands the return of such Payment (or a
portion thereof), such Applicable Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative
Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest
thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Applicable Lender to
the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted
by applicable law, such Applicable Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim,
defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return
of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine.
 A notice of the Administrative Agent to Applicable Lender under this paragraph shall be conclusive, absent manifest error. Each
Applicable Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x)
that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent
(or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or
accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. 
Each Applicable Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been
sent in error, such Applicable Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative
Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any
such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of
each day from and including the date such Payment (or portion thereof) was received by such Applicable Lender to the date such amount
is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation from time to time in effect. Each of the Borrowers and each other Loan Party hereby
agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Applicable Lender that has received
such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Applicable Lender
with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations
owed by the Borrowers or any other Loan Party. Each party’s obligations under this paragraph shall survive the resignation or replacement
of the Administrative Agent or any

 

    	 	106	 

     

    

 

transfer of rights or obligations by, or the replacement of, any Applicable
Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

 

Notwithstanding any other provision of this
Agreement or any provision of any other Loan Document, each of the Lead Arrangers is named as such for recognition purposes only, and
in their respective capacities as such shall have no duties, responsibilities or liabilities with respect to this Agreement or any other
Loan Document; it being understood and agreed that each of the Lead Arrangers shall be entitled to all indemnification and reimbursement
rights in favor of the Agents provided herein and in the other Loan Documents. Without limitation of the foregoing, none of the Lead Arrangers,
in their respective capacities as such shall, by reason of this Agreement or any other Loan Document, have any fiduciary relationship
in respect of any Lender, any Loan Party or any other Person.

Each Lender and each Issuing Bank authorizes
and directs the Collateral Agent to enter into and perform its obligations under the Security Documents for the benefit of the Lenders
and the other Secured Parties. Each Lender and each Issuing Bank hereby agrees, that, except as otherwise set forth herein, any action
taken by the Required Lenders or the Required Revolving Lenders, as applicable, in accordance with the provisions of this Agreement or
the Security Documents, and the exercise by the Required Lenders or the Required Revolving Lenders, as applicable, of the powers set forth
herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the
Lenders and Issuing Banks. The Collateral Agent is hereby authorized on behalf of all of the Lenders and Issuing Banks, without the necessity
of any notice to or further consent from any Lender or Issuing Bank, from time to time prior to an Event of Default, to take any action
with respect to any Collateral or Security Documents which may be necessary to perfect and maintain perfected the security interest in
and liens upon the Collateral granted pursuant to the Security Documents.

The Lenders and Issuing Banks hereby authorize
the Collateral Agent to release any Lien granted to or held by the Collateral Agent upon the Collateral as follows: (i) on all the Collateral
upon termination of the Commitments and payment and satisfaction of all of the Obligations (other than inchoate indemnification obligations)
at any time arising under or in respect of this Agreement or the Loan Documents or the transactions contemplated hereby or thereby, (ii)
on any Collateral constituting property being sold or otherwise disposed of (to Persons other than Holdings, the Borrowers and the Subsidiaries)
upon the sale or other disposition thereof in compliance with Section 6.05 or (iii) on any Collateral if approved, authorized or
ratified in writing by the Required Lenders (or all of the Lenders hereunder, to the extent required by Section 9.08). Upon request
by the Administrative Agent at any time, the Lenders and Issuing Banks will confirm in writing the Collateral Agent’s authority
to release particular types or items of Collateral pursuant to this Article VIII.

The Collateral Agent shall have no obligation
whatsoever to the Lenders or the Issuing Banks or to any other Person to assure that the Collateral exists or is owned by any Loan Party
or is cared for, protected or insured or that the Liens granted to the Collateral Agent herein or pursuant hereto have been properly or
sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue
exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted
or available to the Collateral Agent in this Article VIII or in any of the Security Documents, it being understood and agreed that
in respect of the Collateral, or any act, omission or event related thereto, the Collateral Agent may act in any manner it may deem appropriate,
in its sole discretion, given the Collateral Agent’s own interest in the Collateral as one of the Lenders and that the Collateral
Agent shall have no duty or liability whatsoever to the Lenders or the Issuing Banks, except for its gross negligence or willful misconduct
(as determined by a court of competent jurisdiction in a final and non-appealable decision).

No Cash Management Bank or Hedging Bank that
obtains the benefits of Section 7.02, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or
Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any
other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its
capacity as a Lender or Issuing Bank and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding
any other provision of this Article VIII to the contrary, the Collateral Agent and the Administrative Agent shall not be required
to verify the payment of, or that other satisfactory arrangements have been made with respect to, Cash Management Obligations or Obligations
arising under Secured Hedging Agreements unless the Collateral Agent and the Administrative Agent has received written notice of such

    	 	107	 

     

    

 

Obligations, together with such supporting documentation as the Collateral
Agent and the Administrative Agent may request, from the applicable Cash Management Bank or Hedging Bank, as the case may be.

 

The Administrative Agent and the Collateral
Agent are authorized to enter into any Intercreditor Agreement (and any amendments, amendments and restatements, restatements or waivers
of or supplements to or other modifications to, such agreements in connection with the incurrence by any Loan Party of any Indebtedness
of such Loan Party that is permitted to be secured pursuant to Sections 6.01 and 6.02 of this Agreement, in order to permit
such Indebtedness to be secured by a valid, perfected lien (with such priority as may be designated by such Loan Party, to the extent
such priority is permitted by the Loan Documents)), and the parties hereto acknowledge that any Intercreditor Agreement (if entered into)
will be binding upon them. Each Lender and each Issuing Bank (a) hereby agrees that it will be bound by and will take no actions contrary
to the provisions of any Intercreditor Agreement (if entered into) and (b) hereby authorizes and instructs the Administrative Agent and
the Collateral Agent to enter into any Intercreditor Agreement (and any amendments, amendments and restatements, restatements or waivers
of or supplements to or other modifications to, such agreements in connection with the incurrence by any Loan Party of any Indebtedness
of such Loan Party that is permitted to be secured pursuant to Sections 6.01 and 6.02 of this Agreement, in order to permit
such Indebtedness to be secured by a valid, perfected lien (with such priority as may be designated by such Loan Party, to the extent
such priority is permitted by the Loan Documents)), and to subject the Liens on the Collateral securing the Obligations to the provisions
thereof.

ARTICLE IX

 

Miscellaneous

Section 9.01Notices; Electronic Communications.
Notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by fax or email (as set forth in the applicable notice provision), as follows:

(a)       if
to the Borrowers or Holdings, to it at c/o Hemisphere Media Group, Inc., 4000 Ponce de Leon Blvd., Suite 650, Coral Gables, FL 33146,
Attention of Craig Fischer,

email: cfischer@hemispheretv.com, with a copy to Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York,
New York 10019, Attention: Brian Lavin Esq., email: blavin@paulweiss.com and a copy to Alex J. Tolston, email: atolston@hemispheretv.com;

(b)       if
to the Administrative Agent, to JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor 07, Chicago, IL60603-2300, United States, Attention:
April Yebd, Telephone: 312-732-2628, Fax: 888-292-9533 or email: april.yebd@jpmorgan.com; or

(c)       if
to a Lender or an Issuing Bank, to it at its address (or fax number or email address) set forth on Schedule 2.01 or Schedule
10.01, as applicable, or in the Assignment and Acceptance, Incremental Term Loan Assumption Agreement, New Term Loan Commitment Agreement,
Incremental Revolving Facility Amendment or Refinancing Amendment pursuant to which such Lender shall have become a party hereto.

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 if delivered
by hand or overnight courier service or sent by fax or email on the date five Business Days after dispatch by certified or registered
mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 9.01 or in
accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01. As agreed to among Holdings,
the Borrowers, the Administrative Agent and the applicable Lenders and Issuing Banks from time to time, notices and other communications
may also be delivered by e-mail to the e-mail address of a representative of the applicable Person provided from time to time by such
Person.

The Borrowers hereby agree, unless directed
otherwise by the Administrative Agent or unless the electronic mail address referred to below has not been provided by the Administrative
Agent to the Borrowers, that it will, or will cause their Restricted Subsidiaries to, provide to the Administrative Agent all information,
documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Loan Documents or to the

    	 	108	 

     

    

 

Lenders and Issuing Banks under Article V, including all notices,
requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication
that (i) is or relates to a Borrowing Request or a notice pursuant to Section 2.10 or Section 10.08 (ii) relates to the
payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Default
or Event of Default under this Agreement or any other Loan Document or (iv) is required to be delivered to satisfy any condition precedent
to the effectiveness of this Agreement and/or any Borrowing or other extension of credit hereunder (all such non-excluded communications
being referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft
medium that is properly identified in a format acceptable to the Administrative Agent to an electronic mail address as directed by the
Administrative Agent. In addition, the Borrowers agree, and agree to cause their Restricted Subsidiaries, to continue to provide the Communications
to the Administrative Agent or the Lenders or the Issuing Banks, as the case may be, in the manner specified in the Loan Documents but
only to the extent requested by the Administrative Agent.

 

The Borrowers hereby acknowledge that (a) the
Administrative Agent will make available to the Lenders and Issuing Banks materials and/or information provided by or on behalf of the
Borrowers hereunder (collectively, the “Borrower Materials”) by posting the Borrower Materials on the Platform and
(b) certain of the Lenders and Issuing Banks may be “public-side” Lenders or Issuing Banks (i.e., Lenders and Issuing
Banks that do not wish to receive material non-public information with respect to the Borrowers or their securities) (each, a “Public
Lender”). The Borrowers hereby agree that (w) all Borrower Materials (other than financial statements delivered pursuant to
Section 5.04(a) or (b) and the list of Disqualified Institutions) that are to be made available to Public Lenders shall
be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear
prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized
the Administrative Agent and the Lenders and the Issuing Banks to treat such Borrower Materials as not containing any material non-public
information with respect to the Borrowers or their securities for purposes of United States federal and state securities laws (provided,
however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 9.16);
(y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
as “Public Investor”; and (z) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked
“PUBLIC” as being suitable only for posting on a portion of the Platform not marked as “Public Investor.” Notwithstanding
the foregoing, the following Borrower Materials shall be marked “PUBLIC,” unless the Borrowers notify the Administrative Agent
promptly that any such document contains material non-public information: the Loan Documents. The Borrowers acknowledge and agree that
financial statements delivered pursuant to Section 5.04(a) or (b) and the list of Disqualified Institutions shall be deemed
to be suitable for posting on a portion of the Platform designated “Public Side Information” and shall be posted to all Lenders
and Issuing Banks by the Administrative Agent as soon as practicable after receipt thereof from the Lead Borrower.

Each Public Lender agrees to cause at least
one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar
designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with
such Public Lender’s compliance procedures and applicable law, including United States federal and state securities laws, to make
reference to Communications that are not made available through the “Public Side Information” portion of the Platform and
that may contain material non-public information with respect to the Borrowers or their securities for purposes of United States federal
or state securities laws.

THE PLATFORM IS PROVIDED “AS IS”
AND “AS AVAILABLE.” NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES WARRANTS THE ACCURACY OR COMPLETENESS
OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN 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 ADMINISTRATIVE AGENT OR ANY OF ITS
RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED
PARTIES HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY ISSUING BANK OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT
BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR

    	 	109	 

     

    

 

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,
EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED
PRIMARILY FROM SUCH PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

 

The Administrative Agent agrees that the receipt
of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications
to the Administrative Agent for purposes of the Loan Documents. Each Lender and each Issuing Bank agrees that receipt of notice to it
(as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery
of the Communications to such Lender for purposes of the Loan Documents. Each Lender and each Issuing Bank agrees to notify the Administrative
Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the foregoing
notice may be sent by electronic transmission and that the foregoing notice may be sent to such e-mail address.

It is understood and agreed that the Administrative
Agent may, in its discretion, elect to not deliver to any Lender or Issuing Bank that is a Permitted Investor, and limit the access of
any such Lender or Issuing Bank to, any Communications or other information that do not consist of Borrower Materials.

Section 9.02Survival of Agreement.
Nothing herein shall prejudice the right of the Administrative Agent or 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. All covenants, agreements, representations and warranties
made by the Borrowers or Holdings herein and in the certificates or other instruments prepared or delivered in connection with or pursuant
to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and the Issuing Banks and shall
survive the making by the Lenders of the Loans and the issuance of any Letters of Credit, regardless of any investigation made by the
Lenders or the Issuing Banks or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued
interest on any Loan or any Fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid
or any Letter of Credit is outstanding and so long as the Commitments have not been terminated. The provisions of Sections 2.14,
2.16, 2.20 and 9.05 shall remain operative and in full force and effect regardless of the expiration of the term
of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the expiration of the
Commitments, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation
made by or on behalf of the Administrative Agent, the Collateral Agent or any Lender.

Section 9.03Binding Effect. This
Agreement shall become effective when it shall have been executed by the Borrowers, Holdings and 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.

Section 9.04Successors and Assigns.

(a)       Whenever
in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns
of such party (including any Affiliate of an Issuing Bank that issues any Letter of Credit); and all covenants, promises and agreements
by or on behalf of the Borrowers, Holdings, the Administrative Agent, the Collateral Agent, the Lenders or the Issuing Banks that are
contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns.

(b)       (i)
Subject to the conditions set forth in clause (b)(ii) below, any Lender may assign to one or more Eligible Assignees (other than to any
Disqualified Institution or any natural person) all or a portion of its interests, rights and obligations under this Agreement (including
all or a portion of its Commitment, participations in Letters of Credit and the Loans at the time owing to it), (provided, however,
that each assignment shall be of a uniform, and not varying, percentage of all rights and obligations under and in respect of any applicable
Loan) with the prior written consent (such consent not to be unreasonably withheld or delayed) of:

    	 	110	 

     

    

 

(A)       the Lead Borrower; provided
that no consent of the Lead Borrower shall be required (i) if an Event of Default under Section 7.01(b) or (c), or (with
respect to any Borrower only) Section 7.01(g) or (h), has occurred and is continuing or (ii) if such assignment is to a
Lender, an Affiliate of a Lender or a Related Fund in respect of a Lender (for purposes of clarity, it is understood that no assignment
may be made to a Disqualified Institution); provided, further, that the Lead Borrower shall be deemed to have consented
to any assignment unless it objects thereto by written notice to the Administrative Agent within ten Business Days after having received
notice thereof; and

 

(B)       the
Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment of any Revolving
Commitment to an assignee that is a Revolving Lender (other than a Defaulting Lender) immediately prior to giving effect to such assignment;
and

(C)       each
Issuing Bank; provided that no consent of the Issuing Banks shall be required for an assignment of all or any portion of the Term
Loans.

(ii)       Assignments
shall be subject to the following additional conditions:

(A)       except
in the case of an assignment to a Lender, an affiliate of a Lender or Related Fund or an assignment of the entire remaining amount of
the assigning Lender’s Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall be in an
integral multiple of, and not less than, $1,000,000 (or, in the case of a Revolving Commitment, $5,000,000) unless each of the Lead Borrower
and the Administrative Agent otherwise consent; provided that simultaneous assignments by two or more Related Funds shall be combined
for purposes of determining whether the minimum assignment requirement is met;

(B)       the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance and shall pay to the Administrative
Agent a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative Agent);
and

(C)the assignee, if it shall not be
a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire (in which the assignee shall designate one or more
credit contacts to whom all syndicate-level information (which may contain material non-public information about the Loan Parties and
their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the
assignee’s compliance procedures and applicable laws, including federal and state securities laws) and all applicable tax forms
required under Section 2.20.

(iii)       Subject
to acceptance and recording pursuant to clause (iv) of this Section 9.04, from and after the effective date specified in each
Assignment and Acceptance, (A) the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment
and Acceptance, have the rights and obligations of a Lender under this Agreement and (B) the assigning Lender thereunder shall, to the
extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the
case of an Assignment and Acceptance covering all or the remaining portion of an 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 2.14,
2.16, 2.20 and 9.05). Any assignment or transfer by a Lender of rights or obligations under this Agreement (other
than any purported assignment or transfer to a Disqualified Institution) 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 (g) of this Section 9.04.

    	 	111	 

     

    

 

(iv)       The Administrative Agent,
acting for this purpose as an agent of the Borrowers, shall maintain at one of its offices in The City of New York a copy of each Assignment
and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and
principal amount of the Loans (and stated interest) 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 Collateral 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 Borrowers, the
Collateral Agent, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. This Section
9.04(b)(iv), Section 2.04 and Section 10.10 shall be construed so that all Loans are at all times maintained in “registered
form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury regulations (or any other
relevant or successor provisions of the Code or of such Treasury regulations).

 

(v)       Upon
its receipt of, and consent to, a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, an Administrative
Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) above, if applicable, and the written consent of the Administrative Agent to such assignment and any
applicable tax forms pursuant to Section 2.20, the Administrative Agent shall promptly (i) accept such Assignment and Acceptance
and (ii) record the information contained therein in the Register. No assignment shall be effective unless it has been recorded in the
Register as provided in this clause (v).

(vi)       By
executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the assignee thereunder shall be deemed to
confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal
and beneficial owner of the interest being assigned thereby free and clear of any adverse claim and that its Commitment and the outstanding
balances of its Loans without giving effect to assignments thereof which have not become effective, are as set forth in such Assignment
and Acceptance, (ii) except as set forth in (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility
with respect to any statements, warranties or representations made in or in connection with this Agreement, or the execution, legality,
validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document
furnished pursuant hereto, or the financial condition of the Borrowers or any their respective Restricted Subsidiaries or the performance
or observance by the Borrowers or any of their respective Restricted Subsidiaries of any of their obligations under this Agreement, any
other Loan Document or any other instrument or document furnished pursuant hereto; (iii) such assignee represents and warrants that it
is an Eligible Assignee legally authorized to enter into such Assignment and Acceptance; (iv) such assignee confirms that it has received
a copy of this Agreement, together with copies of the most recent financial statements referred to in Section 3.05(a) or delivered
pursuant to Section 5.04 and such other documents and information as it has deemed appropriate to make its own credit analysis
and decision to enter into such Assignment and Acceptance; (v) such assignee will independently and without reliance upon the Administrative
Agent, the Collateral Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (vi) such assignee appoints
and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers
under this Agreement as are delegated to the Administrative Agent and the Collateral Agent, respectively, by the terms hereof, together
with such powers as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms
all the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

(c)       Each
Lender may without the consent of the Lead Borrower, the Issuing Banks or the Administrative Agent sell participations to one or more
banks or other Persons (other than to any Disqualified Institution or Holdings, the Borrowers or their respective Subsidiaries) in all
or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to
it); provided, however, that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such
Lender shall remain solely

    	 	112	 

     

    

 

responsible to the other parties hereto for the performance of such obligations,
(iii) the participating banks or other Persons shall be entitled to the benefit of the cost protection provisions contained in Sections
2.14 and 2.16 to the same extent as if they were Lenders (but, with respect to any particular participant, to no greater extent
than the Lender that sold the participation to such participant) and (iv) the Borrowers, the Administrative Agent, the Issuing Banks and
the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement, and such Lender shall retain the sole right to enforce the obligations of the Borrowers relating to the Loans and
to approve any amendment, modification or waiver of any provision of this Agreement (other than amendments, modifications or waivers decreasing
any fees payable to such participating bank or Person hereunder or the amount of principal of or the rate at which interest is payable
on the Loans in which such participating bank or Person has an interest, extending any scheduled principal payment date or date fixed
for the payment of interest on the Loans in which such participating bank or Person has an interest, increasing or extending the Commitments
in which such participating bank or Person has an interest or releasing any Guarantor (other than in connection with the sale of such
Guarantor in a transaction permitted by Section 6.05) or all or substantially all of the Collateral). Each Person holding a participation
pursuant to this Section 9.04(c) shall be entitled to the benefits of Section 2.20 with respect to its interest in the Commitments
and the Loans outstanding from time to time as if such participant were a Lender; provided that (i) such Person shall have complied
with the requirements of Section 2.20 including, without limitation, Section 2.20(f) and (g) (it being understood
that the documentation required under Section 2.20(f) and (g) shall be delivered solely to the participating Lender) and
(ii) no participant shall be entitled to receive any greater payment under Section 2.20 than the applicable Lender would have been
entitled to receive with respect to the participation sold to such participant had no such participation occurred 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 participating bank or other Person also shall be entitled to the benefits of Section 9.06
as though it were a Lender, provided that such participating bank or other Person agrees to be subject to Section 2.18 as
though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain
a register on which it enters the name and address of each of the participating banks or other Persons and the principal amounts (and
stated interest) of each such participating bank’s or other Person’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 such participating banks or other Persons or any information
relating to a participating bank’s or other Person’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) of the United States Treasury Regulations. The entries
in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining
a Participant Register.

 

(d)       Any
Lender or participant may, in connection with any assignment or participation or proposed assignment or participation pursuant to this
Section 9.04, disclose to the assignee or participant or proposed assignee or participant any information relating to the Borrowers
furnished to such Lender by or on behalf of the Borrowers; provided that, prior to any such disclosure of information designated
by the Borrowers as confidential, each such assignee or participant or proposed assignee or participant shall execute an agreement whereby
such assignee or participant shall agree (subject to customary exceptions) to preserve the confidentiality of such confidential information
on terms no less restrictive than those applicable to the Lenders pursuant to Section 9.16.

(e)       Any
Lender may at any time assign all or any portion of its rights under this Agreement to secure extensions of credit to such Lender or in
support of obligations owed by such Lender; provided that no such assignment shall release a Lender from any of its obligations
hereunder or substitute any such assignee for such Lender as a party hereto.

(f)       Notwithstanding
anything to the contrary contained herein, (x) Holdings, the Borrowers and any of their respective Subsidiaries may, from time to time,
purchase or prepay Term Loans, on a non-pro rata basis through Dutch auction procedures open to all applicable Lenders on a pro rata
basis in accordance with customary procedures to be agreed between the Lead Borrower and the Administrative Agent and (y) any Lender
may, at any time, assign all or a portion of its rights and obligations under this Agreement in respect of its Term Loans to an

    	 	113	 

     

    

 

Affiliated Lender and, in each case, with respect to clauses (x) and (y)
of this Section 9.04(f), without the consent of the Administrative Agent; provided that:

 

(i)       any
Term Loans acquired by Holdings, the Borrowers or any of their respective Subsidiaries shall be retired and cancelled immediately upon
the acquisition thereof; provided that upon cancellation of such Term Loans the aggregate outstanding principal amount of the Term
Loans shall be deemed reduced by the full par value of the aggregate principal amount of the Term Loans so cancelled, and each principal
repayment installment with respect to the Term Loans pursuant to Section 2.11(a) shall be reduced pro rata by the full par value
of the aggregate principal amount of Term Loans so cancelled;

(ii)       any
Term Loans acquired by any Affiliated Lender may (but shall not be required to) be contributed to Holdings or any of its Subsidiaries
for purposes of cancellation of such Indebtedness (it being understood that such Term Loans shall be retired and cancelled promptly upon
such contribution); provided that upon cancellation of such Term Loans, the aggregate outstanding principal amount of the Term
Loans shall be deemed reduced, as of the date of such contribution by the full par value of the aggregate principal amount of the Term
Loans so contributed and cancelled, and each principal repayment installment with respect to the Term Loans pursuant to Section 2.11(a)
shall be reduced pro rata by the full par value of the aggregate principal amount of Term Loans so contributed and cancelled;

(iii)       in
connection with any Dutch auction, the Lead Borrower shall provide, as of the date of the effectiveness of such purchase, a customary
representation and warranty that there is no material non-public information with respect to Holdings, the Borrowers, their respective
Subsidiaries or their respective securities at such time that (A) has not been disclosed to the assigning Lender prior to such date or
(B) could reasonably be expected to have a material effect upon, or otherwise be material to, a Lender’s decision to assign Term
Loans to Holdings, a Borrower or one of their respective Subsidiaries (in each case other than because such assigning Lender does not
wish to receive material non-public information with respect to Holdings, the Borrowers, their respective Subsidiaries or their respective
securities);

(iv)       each
Affiliated Lender or Holdings, the applicable Borrower or the applicable Subsidiary shall identify itself as such in the applicable Assignment
and Acceptance;

(v)       (I)
after giving effect to any assignment to an Affiliated Lender, and to all other assignments with all Affiliated Lenders, the aggregate
principal amount of all Term Loans then held by all Affiliated Lenders shall not exceed 25% of the aggregate unpaid principal amount of
the Term Loans then outstanding (after giving effect to any substantially simultaneous cancellations thereof) and (II) each Affiliated
Lender shall either (x) provide, as of the date of the effectiveness of such purchase, a customary representation and warranty that there
is no material non-public information with respect to Holdings, the Borrowers, their respective Subsidiaries or their respective securities
at such time that (A) has not been disclosed to the assigning Lender prior to such date or (B) could reasonably be expected to have a
material effect upon, or otherwise be material to, a Lender’s decision to assign Term Loans to Holdings, a Borrower or one of their
respective Subsidiaries (in each case other than because such assigning Lender does not wish to receive material non-public information
with respect to Holdings, the Borrowers, their respective Subsidiaries or their respective securities) or (y) confirm that such representation
cannot be made as of such date;

(vi)       in
connection with any assignment effected pursuant to a Dutch auction conducted by Holdings, the Borrowers or any of their respective Subsidiaries,
no Default or Event of Default shall have occurred and be continuing at the time of acceptance of bids for the Dutch auction;

(vii)       by
its acquisition of Term Loans, an Affiliated Lender shall be deemed to have acknowledged and agreed that:

(A)       the
Term Loans held by such Affiliated Lender shall be disregarded in both the numerator and denominator in the calculation of any Lender
vote, except that such Affiliated Lender shall have the right to vote (and the loans held by such Affiliated Lender shall not be so disregarded)
with respect to any amendment, modification, waiver, consent or other action that

    	 	114	 

     

    

 

requires the vote of all Lenders or all affected Lenders, as the
case may be; provided that no amendment, modification, waiver, consent or other action shall (1) disproportionately affect such
Affiliated Lender in its capacity as a Lender as compared to other Lenders that are not Affiliated Lenders or (2) deprive any Affiliated
Lender of its share of any payments which the Lenders are entitled to share on a pro rata basis hereunder, in each case without consent
of such Affiliated Lender;

 

(B)       the
Administrative Agent shall vote on behalf of such Affiliated Lender in the event that any proceeding under Sections 1126 or 1129 of the
Bankruptcy Code shall be instituted by or against the Borrowers or any of their respective Restricted Subsidiaries, or alternatively,
to the extent that the foregoing is deemed unenforceable for any reason, such Affiliated Lender shall vote in such proceedings in the
same proportion as the allocation of voting with respect to such matter by those Lenders who are not Affiliated Lenders, in each case
except to the extent that any plan of reorganization proposes to treat the obligations held by such Affiliated Lender in its capacity
as a Lender in a disproportionate adverse manner to such Affiliated Lender than the proposed treatment of similar obligations held by
Lenders that are not Affiliated Lenders;

(C)       Affiliated
Lenders, solely in their capacity as an Affiliated Lender, will not be entitled to (i) attend (including by telephone) any meeting or
discussions (or portion thereof) among the Administrative Agent or any Lender or among Lenders to which the Loan Parties or their representatives
are not invited, (ii) receive any information or material prepared by the Administrative Agent or any Lender or any communication by or
among Administrative Agent and one (1) or more Lenders, except to the extent such information or materials have been made available to
any Loan Party or its representatives (and in any case, other than the right to receive notices of Borrowings, prepayments and other administrative
notices in respect of its Term Loans required to be delivered to Lenders pursuant to Article II) or (iii) make or bring (or participate
in, other than as a passive participant in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against the
Administrative Agent, the Collateral Agent or any other Agent hereunder with respect to any duties or obligations or alleged duties or
obligations of such Agent under the Loan Documents (except with respect to rights expressly retained under this Section 9.04(f)
which are not so waived); and

(D)       it
shall not have any right to receive advice of counsel to the Administrative Agent or to Lenders other than Affiliated Lenders or to challenge
the Lenders’ attorney-client privilege.

(g)       Notwithstanding
anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding
vehicle (an “SPV”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent
and the Borrowers, the option to provide to the Borrowers all or any part of any Loan that such Granting Lender would otherwise be obligated
to make to the Borrowers pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPV
to make any Loan and (ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the
Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPV hereunder shall utilize
the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby
agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall
remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the
termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial
paper or other senior indebtedness of any SPV, it will not institute against, or join any other Person in instituting against, such SPV
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof.
In addition, notwithstanding anything to the contrary contained in this Section 9.04, any SPV may (i) with notice to, but without
the prior written consent of, the Borrowers and the Administrative Agent and without paying any processing fee therefor, assign all or
a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by the Borrowers and Administrative
Agent) providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans and
(ii) disclose on a confidential basis any non-public information relating to its

    	 	115	 

     

    

 

Loans to any rating agency, commercial paper dealer or provider of any
surety, guarantee or credit or liquidity enhancement to such SPV.

 

(h)       Neither
Holdings nor the Borrowers shall assign or delegate any of their rights or duties hereunder without the prior written consent of the Administrative
Agent and each Lender, and any attempted assignment without such consent shall be null and void.

Section 9.05Expenses; Indemnity.

(a)       The
Borrowers and Holdings agree, jointly and severally, to pay all reasonable, documented out-of-pocket expenses incurred by the Administrative
Agent and the Collateral Agent in connection with the syndication of the Term Loan Facility and the preparation and administration of
this Agreement and the other Loan Documents or in connection with any amendments, modifications or waivers of the provisions hereof or
thereof or incurred by the Administrative Agent, the Collateral Agent, the Issuing Banks or the Lenders in connection with the enforcement
or protection of its rights in connection with this Agreement and the other Loan Documents or in connection with the Loans made or Letters
of Credit issued hereunder, including in connection with a workout or a restructuring, the fees, charges and disbursements of White &
Case LLP, counsel for the Administrative Agent, counsel for the Collateral Agent, no more than one counsel in each jurisdiction where
Collateral is located, and, in connection with any such enforcement or protection, the fees, charges and disbursements of any other counsel
for the Administrative Agent or the Collateral Agent and no more than one counsel for all Lenders; provided that in the case of
an actual or perceived conflict of interest, the Borrowers and Holdings agree to pay all reasonable, documented fees, charges and disbursements
of another firm of counsel for such affected Person.

(b)       The
Borrowers and Holdings agree, jointly and severally, to indemnify the Administrative Agent, the Collateral Agent, the Lead Arrangers,
the other Agents, each Lender, each Issuing Bank and each Related Party of any of the foregoing Persons (each such Person being called
an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities
and related expenses, including reasonable counsel fees, charges and disbursements, incurred by or asserted against any Indemnitee arising
out of, in any way connected with, or as a result of (i) the execution or delivery of this Agreement or any other Loan Document or any
agreement or instrument contemplated thereby, the performance by the parties thereto of their respective obligations thereunder or the
consummation of the Transactions and the other transactions contemplated thereby (including the syndication of the Term Loan Facility),
(ii) the use of the proceeds of the Loans, (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing,
whether or not any Indemnitee is a party thereto (and regardless of whether such matter is initiated by a third party or by the Borrowers,
any other Loan Party or any of their respective Affiliates), or (iv) any actual or alleged presence or Release of Hazardous Materials
on any property currently or formerly owned or operated by the Borrowers or any of the Restricted Subsidiaries, or any Environmental Liability
related in any way to the Borrowers or the Restricted Subsidiaries; provided that such indemnity shall not, as to any Indemnitee,
be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction
by final and non-appealable judgment to have resulted from (w) the gross negligence, bad faith or willful misconduct of such Indemnitee
as determined, in a final and non-appealable decision, by a court of a competent jurisdiction, (x) a material breach of the Loan Documents
by such Indemnitee, (y) disputes between and among Indemnitees other than any claims against an Indemnitee in its capacity or in fulfilling
its role as the Administrative Agent, the Collateral Agent or Amendment No. 2 Lead Arranger other than disputes involving any act or omission
of the Borrowers or any of their Affiliates or (z) any settlement of an action or proceeding entered into by such Indemnitee without the
Borrowers’ written consent (such consent not to be unreasonably withheld, delayed or conditioned), but, if such settlement occurs
with the Lead Borrower’s written consent or if there is a final judgment for the plaintiff in any action or claim with respect to
any of the foregoing, the Lead Borrower will be liable for such settlement or for such final judgment.

(c)       To
the extent that Holdings and the Borrowers fail to pay any amount required to be paid by them to the Administrative Agent or the Collateral
Agent under paragraph (a) or (b) of this Section 9.05, each Lender and each Issuing Bank severally agrees to pay to the Administrative
Agent or the Collateral Agent, as the case may be, such Lender’s or such Issuing Bank’s pro rata share (determined as of
the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent or the Collateral Agent in its capacity as such. For purposes hereof, a Lender’s or Issuing

    	 	116	 

     

    

 

Bank’s “pro rata share” shall be determined based upon
its share of the sum of outstanding Loans and unused Commitments at the time.

 

(d)       To
the extent permitted by applicable law, neither Holdings nor the Borrowers shall assert, and each hereby waives, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions,
any Loan or the use of the proceeds thereof.

(e)       The
provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of
this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the expiration of the Commitments,
the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by
or on behalf of the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender. All amounts due under this Section
9.05 shall be payable on written demand therefor.

Section 9.06Right of Setoff. If an
Event of Default shall have occurred and be continuing, each Lender and each Issuing Bank is hereby authorized at any time and from time
to time, except to the extent prohibited 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 indebtedness at any time owing by such Lender or Issuing Bank to or for the credit or the account
of the Borrowers or Holdings against any of and all the obligations of the Borrowers or Holdings now or hereafter existing under this
Agreement and other Loan Documents held by such Lender, irrespective of whether or not such Lender or Issuing Bank shall have made any
demand under this Agreement or such other Loan Document and although such obligations may be unmatured. The rights of each Lender and
each Issuing Bank under this Section 9.06 are in addition to other rights and remedies (including other rights of setoff) which
such Lender or Issuing Bank may have.

Section 9.07Applicable Law. THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

Section 9.08Waivers; Amendment.

(a)       No
failure or delay of the Administrative Agent, the Collateral Agent, any Issuing Bank or any Lender in exercising any power or right 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 Collateral Agent, the Issuing Banks and
the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Borrowers or
any other Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on the Borrowers
or Holdings in any case shall entitle the Borrowers or Holdings to any other or further notice or demand in similar or other circumstances.

(b)       Subject,
in the case of the Revolving Commitments and Revolving Loans, to Sections 10.13, 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, Holdings and
the Required Lenders; provided, however, that no such agreement shall (i) decrease the principal amount of, or extend the
maturity of or any scheduled principal payment date or date for the payment of any interest on any Loan or LC Disbursement, or waive
or excuse any such payment or any part thereof, or decrease the rate of interest (other than default interest) on any Loan or LC Disbursement,
without the prior written consent of each Lender and each Issuing Bank directly adversely affected thereby, (ii) increase or extend the
Commitment of any Lender without the prior written consent of such Lender or decrease or extend the date for payment of any Fees of any
Agent without the prior written consent of such Agent, (iii) amend or modify the pro rata requirements of Section 2.17 (other
than in connection

    	 	117	 

     

    

 

with loan buy-back offers that are made to all Term Lenders on a pro rata
basis, in which case payments and Commitment reductions with respect to tendering Lenders will be permitted on terms acceptable to the
Borrowers, Holdings and the Required Lenders), Section 2.18, the provisions of Section 9.04(h) or the provisions of this
Section 9.08 or release all or substantially all of the Collateral or the value of the guaranties provided by the Guarantors taken
as a whole, without the prior written consent of each Lender, (iv) change the provisions of any Loan Document in a manner that by its
terms adversely affects the rights in respect of payments due to Lenders holding Loans of one Class differently from the rights of Lenders
holding Loans of any other Class without the prior written consent of Lenders holding a majority in interest of the outstanding Loans
and unused Commitments of each adversely affected Class, (v) modify the protections afforded to an SPV pursuant to the provisions of Section
9.04(g) without the written consent of such SPV or (vi) reduce the percentage contained in (x) the definition of the term “Required
Lenders” without the prior written consent of each Lender (it being understood that with the consent of the Required Lenders,
additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially
the same basis as the Additional Term B-1 Commitments on the Amendment No. 2 Effective Date) or (y) the definition of the term “Required
Revolving Lenders” without the prior written consent of each Revolving Lender, (vii) amend or otherwise modify Section 10.09(d)
(as it relates to the ratable reduction of the Revolving Commitments) or Section 6.10(b)(iii), or any definition related thereto
(as any such definition is used therein but not as otherwise used in this Agreement or any other Loan Document) or waive any Default or
Event of Default resulting from a failure to perform or observe such covenant without the prior written consent of each Revolving Lender,
(viii) amend or otherwise modify: (A) any RCF Covenant (other than Section 6.10(b)(iii)) and/or (B) Section 7.03, and in
each case any definition related thereto (as any such definition is used therein but not as otherwise used in this Agreement or any other
Loan Document) or waive any Default or Event of Default resulting from a failure to perform or observe any RCF Covenant (other than Section
6.10(b)(iii)) or Section 7.03 without the written consent of the Required Revolving Lenders; provided that the waivers
described in the clauses (vii) and (viii) shall not require the consent of any Lenders other than the Revolving Lenders or the Required
Revolving Lenders, as applicable; provided, further, that no such agreement shall amend, modify or otherwise affect the
rights or duties of the Administrative Agent or the Collateral Agent or any Issuing Bank hereunder or under any other Loan Document without
the prior written consent of the Administrative Agent or the Collateral Agent or such Issuing Bank; and provided, further,
that no such agreement shall amend or modify the provisions of Section 10.06 without the prior written consent of the Administrative
Agent and the Issuing Banks.

 

(c)       The
Administrative Agent and the Borrowers may amend any Loan Document to correct administrative errors or omissions, or to effect administrative
changes that are not adverse to any Lender. Notwithstanding anything to the contrary contained herein, such amendment shall become effective
without any further consent of any other party to such Loan Document.

(d)       Notwithstanding
anything in this Agreement to the contrary, each Lender and each Issuing Bank hereby irrevocably authorizes the Administrative Agent on
its behalf, and without further consent, to enter into amendments or modifications to this Agreement (including, without limitation, amendments
to this Section 9.08) or any of the other Loan Documents or to enter into additional Loan Documents as the Administrative Agent
reasonably deems appropriate in order to effectuate the terms of Sections 2.22 through 2.26 (including, without limitation,
as applicable, (1) to permit the New Term Loans, Extended Term Loans and Other Term Loans to share ratably in the benefits of this Agreement
and the other Loan Documents and (2) to include the commitments with respect to Incremental Term Loans, New Term Loans, Other Term Loan
Commitments, as applicable, or outstanding Incremental Term Loans, New Term Loans, Extended Term Loans or Other Term Loans, as applicable,
in any determination of (i) Required Lenders or (ii) similar required lender terms applicable thereto); provided that no amendment
or modification shall result in any increase in the amount of any Lender’s Commitment without the written consent of such affected
Lender.

(e)       In
addition, notwithstanding the foregoing, this Agreement may be amended or amended and restated with the written consent of the Administrative
Agent, Holdings, the Lead Borrower and the Lenders providing the relevant Replacement Term Loans or to permit the refinancing of all
or any portion of the outstanding Term Loans of a given Class (the “Refinanced Term Loans”), with a replacement Term
Loan tranche denominated in Dollars (the “Replacement Term Loans”), respectively, hereunder; provided that
(i) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of, plus accrued interest,
fees, expenses and premiums with respect to, such Refinanced Term Loans, (ii) the Effective Yield with respect to such Replacement Term
Loans shall not be higher than Effective Yield with respect to such Refinanced Term

    	 	118	 

     

    

 

Loans, (iii) the Weighted Average Life to Maturity of such Replacement
Term Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Term Loans, at the time of such refinancing
(except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the applicable
Term Loans), and (iv) all other terms applicable to such Replacement Term Loans shall be substantially identical to, or (taken as a whole)
less favorable to the Lenders providing such Replacement Term Loans than, those applicable to such Refinanced Term Loans, except to the
extent necessary to provide for covenants and other terms applicable to any period after the Latest Maturity Date then in effect immediately
prior to such refinancing.

 

(f)       If,
in connection with any proposed change, waiver, discharge or termination of any of the provisions of this Agreement as contemplated by
clauses (i) through (vi), inclusive, of the first proviso to Section 9.08(b), the consent of the Required Lenders is obtained but
the consent of one or more of such other Lenders whose consent is required is not obtained, then the Borrowers shall have the right, so
long as all non-consenting Lenders whose individual consent is required are treated as described in either clause (A) or (B) below, to
either (A) replace each such non-consenting Lender or Lenders by having its Loans assigned, at par, with one or more other institutions
subject to Section 9.04 so long as at the time of such replacement, each such institution consents to the proposed change, waiver,
discharge or termination or (B) with the express written consent of the Required Lenders, repay the outstanding Loans of such Lender,
provided, that in the case of either preceding clause (A) or (B) above, the payment by the Lead Borrower to each non-consenting
Lender of the applicable Prepayment Fee (if such assignment or repayment occurs prior to the first anniversary of the Closing Date).

Section 9.09Interest 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 or participation in accordance with applicable
law, the rate of interest payable in respect of such Loan or participation 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 or participation but were not payable as a result of the operation of this Section 9.09 shall be cumulated and the
interest and Charges payable to such Lender in respect of other Loans or participations 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 9.10Entire Agreement. This
Agreement, the Fee Letter and the other Loan Documents constitute the entire contract between the parties relative to the subject matter
hereof. Any other previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement and the
other Loan Documents. Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any Person
(other than the parties hereto and thereto, their respective successors and assigns permitted hereunder and, to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the Issuing Banks and the Lenders) any rights,
remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents.

Section 9.11Waiver 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 RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS.
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11.

Section 9.12Severability. In the
event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall
not in any way be affected or

    	 	119	 

     

    

 

impaired thereby (it being understood that the invalidity of a particular
provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The
parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

Section 9.13Counterparts. 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, and shall become effective as provided in Section 9.03.
Delivery of an executed signature page to this Agreement by facsimile transmission or other electronic transmission (including “pdf”)
shall be as effective as delivery of a manually signed counterpart of this Agreement.

Section 9.14Headings. Article and
Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not
to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

Section 9.15Jurisdiction; Consent to
Service of Process.

(a)       Each
of Holdings and the Borrowers hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of any New York State court or federal court of the United States of America sitting in the Borough of Manhattan in New York City, and
any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents,
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 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 shall
affect any right that the Administrative Agent, the Collateral Agent or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement or the other Loan Documents against the Borrowers, Holdings or their respective properties in the courts of
any jurisdiction.

(b)       Each
of Holdings and the Borrowers 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 the other Loan Documents in any New York State or federal court. 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.

(c)       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 will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

Section 9.16Confidentiality. Each
of the Administrative Agent, the Lead Arrangers, 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’
officers, directors, 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 regulatory authority or quasi-regulatory authority (such as the National Association
of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process,
(d) in connection with the exercise of any remedies hereunder or under the other Loan Documents or any suit, action or proceeding relating
to the enforcement of its rights hereunder or thereunder, (e) subject to an agreement containing provisions substantially the same as
those of this Section 9.16, to (i) any actual or prospective assignee of or participant in any of its rights or obligations under
this Agreement and the other Loan Documents (and, for the avoidance of doubt, the list of Disqualified Institutions may be provided to
all actual or prospective assignees or participants, including any such Person that is a Disqualified Institution) or (ii) any actual
or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the

    	 	120	 

     

    

 

Borrowers or any of their respective Restricted Subsidiaries or any of
their respective obligations, (f) with the consent of the Borrowers or (g) to the extent such Information becomes publicly available other
than as a result of a breach of this Section 9.16. For the purposes of
this Section, “Information” shall mean all information received from the Borrowers or Holdings and related to the Borrowers
or Holdings or their business, other than any such information that was available to the Administrative Agent, the Collateral Agent,
any Issuing Bank or any Lender on a non-confidential basis prior to its disclosure by the Borrowers or Holdings. Any Person required to
maintain the confidentiality of Information as provided in this Section 9.16 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 its own confidential information.

 

Section 9.17Lender Action. Each Lender
and each Issuing Bank agrees that it shall not in its capacity as Lender or Issuing Bank hereunder take or institute any actions or proceedings,
judicial or otherwise, for any right or remedy against any Loan Party or any other obligor under any of the Loan Documents (including
the exercise of any right of setoff, rights on account of any banker’s
lien or similar claim or other rights of self-help), or institute any actions or proceedings, or otherwise commence any remedial procedures,
with respect to any Collateral or any other property of any such Loan Party, unless expressly provided for herein or in any other Loan
Document, without the prior written consent of the Administrative Agent or, as applicable, the Collateral Agent. The provisions of this
Section 9.17 are for the sole benefit of the Lenders and shall not afford any right to, or constitute a defense available to, any
Loan Party.

Section 9.18USA PATRIOT Act Notice.
Each Lender, each Issuing Bank and the Administrative Agent (for itself and not on behalf of any Lender or Issuing Bank) hereby notifies
Holdings and the Borrowers that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information
that identifies Holdings and the Borrowers, which information includes the name and address of Holdings and the Borrowers and other information
that will allow such Lender or such Issuing Bank or the Administrative Agent, as applicable, to identify Holdings and the Borrowers in
accordance with the USA PATRIOT Act.

Section 9.19Accounting Matters. If
at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and
either the Lead Borrower or the Required Lenders shall so request, the Administrative Agent, the Issuing Banks, the Lenders and the Lead
Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change
in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall
continue to be computed in accordance with GAAP prior to such change therein and (ii) the Lead Borrower shall provide to the Administrative
Agent, the Issuing Banks and the Lenders financial statements and other documents required under this Agreement or as reasonably requested
hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such
change in GAAP.

Section 9.20Electronic Execution of Assignments
and Certain Other Documents. The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Acceptance or in any amendment or other modification hereof (including
waivers and consents) shall be deemed to include electronic signatures 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 or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.

Section 9.21Use of Name, Logo, etc.
Each Loan Party consents to the publication in the ordinary course by the Administrative Agent or the Lead Arrangers of customary advertising
material relating to the financing transactions contemplated by this Agreement displaying such Loan Party’s name, product photographs,
logo or trademark, each in the form provided by the Loan Parties to the Administrative Agent. Such consent shall remain effective until
revoked by such Loan Party in writing to the Administrative Agent and the Lead Arrangers.

    	 	121	 

     

    

 

Section 9.22Joint and Several Liability of the Borrowers.

 

(a)       Each
Borrower agrees that it is jointly and severally liable for the obligations of the other Borrower hereunder, including with respect to
the payment of principal of and interest on all Loans, reimbursement of all Letters of Credit and the payment of fees and indemnities
and reimbursement of costs and expenses. Each Borrower is accepting joint and several liability hereunder in consideration of the financial
accommodations to be provided by the Administrative Agent, the Collateral Agent, the Issuing Banks and the Lenders under this Agreement,
for the mutual benefit, directly and indirectly, of each of the Borrowers and in consideration of the undertakings of each of the Borrowers
to accept joint and several liability for the obligations of each of them. Each Borrower, jointly and severally, hereby irrevocably and
unconditionally accepts, as a co-debtor, joint and several liability with each other Borrower, with respect to the payment and performance
of all of the Obligations, it being the intention of the parties hereto that all Obligations shall be the joint and several obligations
of all of the Borrowers without preferences or distinction among them. If and to the extent that any of the Borrowers shall fail to make
any payment with respect to any of the Obligations as and when due or to perform any of such Obligations in accordance with the terms
thereof, then in each such event each other Borrower will make such payment with respect to, or perform, such Obligations. A breach hereof
or Default or Event of Default hereunder as to any single Borrower shall constitute a breach, Default or Event of Default as to all the
Borrowers. Each Borrower hereby waives notice of acceptance of its joint and several liability, notice of the Loans made under this Agreement,
notice of the occurrence of any Default or Event of Default, or of any demand for any payment under this Agreement, notice of any action
at any time taken or omitted by the Administrative Agent, the Collateral Agent, the Issuing Banks or the Lenders under or in respect of
any of the Obligations, any requirement of diligence or to mitigate damages and, generally, all demands, notices and other formalities
of every kind in connection with this Agreement, except for any demands, notices and other formalities expressly required under the terms
of this Agreement. Each Borrower hereby assents to, and waives notice of, any extension or postponement of the time for the payment of
any of the Obligations, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by the Administrative
Agent, the Collateral Agent, the Issuing Banks or the Lenders at any time or times in respect of any default (including any Default or
Event of Default) by any Borrower in the performance or satisfaction of any term, covenant, condition or provision of this Agreement,
any and all other indulgences whatsoever by the Administrative Agent, the Collateral Agent, the Issuing Banks or the Lenders in respect
of any of the obligations hereunder, and the taking, addition, substitution or release, in whole or in part, at any time or times, of
any security for any of such obligations or the addition, substitution or release, in whole or in part, of any Borrower. Without limiting
the generality of the foregoing, each Borrower assents to any other action or delay in acting or failure to act on the part of the Administrative
Agent, the Collateral Agent, the Issuing Banks or the Lenders, including any failure strictly or diligently to assert any right or to
pursue any remedy or to comply fully with Applicable Laws or regulations thereunder, which might, but for the provisions of this Section
9.24, afford grounds for terminating, discharging or relieving such Borrower, in whole or in part, from any of its Obligations under
this Section 9.24, it being the intention of each Borrower that, so long as any of the Obligations remain unsatisfied, the Obligations
of such Borrower under this Section 9.24 shall not be discharged except by performance and then only to the extent of such performance.
The joint and several liability of the Borrowers hereunder shall continue in full force and effect notwithstanding any absorption, merger,
amalgamation or any other change whatsoever in the name, membership, constitution or place of formation of any Borrower. With respect
to any Borrower’s Obligations arising as a result of the joint and several liability of the Borrowers hereunder with respect to
Loans or other extensions of credit made to any of the other Borrowers hereunder, such Borrower waives, until the Obligations shall have
been paid in full (other than contingent indemnification obligations that are not yet due and payable or as to which no claim has been
asserted) and this Agreement shall have been terminated, any right to enforce any right of subrogation or any remedy which an Agent and/or
any Lender and/or any Issuing Bank now has or may hereafter have against any other Borrower, any endorser or any guarantor of all or any
part of the Obligations, and any benefit of, and any right to participate in, any security or collateral given to an Agent and/or any
Lender and/or any Issuing Bank to secure payment of the Obligations or any other liability of any Borrower to an Agent and/or any Lender
and/or any Issuing Bank.

Section 9.23Acknowledgement 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, to the extent such liability is unsecured, may be subject
to the write-

    	 	122	 

     

    

 

down and conversion powers of an EEA Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by:

 

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

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

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

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

(iii)       the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

ARTICLE X

Revolving Credit Facilities

 

Section 10.01Revolving Commitments.
Subject to the terms and conditions set forth herein, each Revolving Lender agrees to make Revolving Loans to the Borrowers from time
to time during the Availability Period in an aggregate principal amount that will not result (after giving effect to any application of
proceeds of such Borrowing pursuant to Section 10.10) in such Revolving Lender’s Revolving Credit Exposure exceeding such
Revolving Lender’s Revolving Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, the
Borrowers may borrow, prepay and reborrow Revolving Loans.

Section 10.02Revolving Loans.

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

(b)       Each
Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrowers may request in accordance herewith.
Each Revolving 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; provided that any exercise of such option shall not affect the obligation of the Borrowers to repay such Revolving
Loan in accordance with the terms of this Agreement.

(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 $1,000,000 and not less than $1,000,000. At the time that each ABR Revolving Borrowing is made, such
Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $1,000,000; provided that
an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Revolving Commitments
or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 10.06(e). 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
8 Eurodollar Revolving Borrowings outstanding.

    	 	123	 

     

    

 

(d)       Notwithstanding any other
provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to convert or continue, any Borrowing if the
Interest Period requested with respect thereto would end after the Revolving Credit Facility Maturity Date.

 

Section 10.03Borrowing Procedure for
Revolving Borrowings. In order to request a Revolving Borrowing, the Lead Borrower shall notify the Administrative Agent of such request
by in writing (a) in the case of a Eurodollar Revolving Borrowing, not later than 12:00 (noon), New York City time, three Business Days
before a proposed Revolving Borrowing, and (b) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, on the
day of a proposed Revolving Borrowing. Each such Borrowing Request shall be irrevocable, and shall be confirmed promptly by hand delivery
or fax to the Administrative Agent of a written Borrowing Request and shall specify the following information: (i) whether such Revolving
Borrowing is to be a Eurodollar Borrowing or an ABR Borrowing, and, 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”; (ii) the date
of such Revolving Borrowing (which shall be a Business Day); (iii) the number and location of the account to which funds are to be disbursed,
which shall comply with the requirements of Section 10.07; and (iv) the amount of such requested Revolving Borrowing; provided,
however, that, notwithstanding any contrary specification in any Borrowing Request, each requested Revolving Borrowing shall comply
with the requirements set forth in Section 10.02. If no election as to the Type of Borrowing is specified in any such notice, then
the requested Borrowing shall be an ABR Borrowing. If no Interest Period with respect to any Eurodollar Borrowing is specified in any
such notice, then the Lead Borrower shall be deemed to have selected an Interest Period of one month’s duration. The Administrative
Agent shall promptly advise the Revolving Lenders of any notice given pursuant to this Section 10.03 (and the contents thereof),
and of each Revolving Lender’s portion of the requested Revolving Borrowing.

Section 10.04Fees.

(a)       The
Borrowers agrees to pay to the Administrative Agent for the account of each Revolving Lender a commitment fee, which shall accrue at the
Applicable Rate on the daily amount by which the Revolving Commitment of such Revolving Lender during the period from and including the
Amendment No. 3 Effective Date to but excluding the date on which such Revolving Commitment terminates. Commitment fees accrued through
and including the last day of March, June, September and December of each year shall be payable in arrears on the fifteenth day following
such last day and on the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the date
hereof. 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).

(b)       The
Borrowers agree to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect
to its participations in each outstanding Letter of Credit, which shall accrue on the daily maximum amount then available to be drawn
under such Letter of Credit at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving Loans,
during the period from and including the Amendment No. 3 Effective Date to but excluding the later of the date on which such Revolving
Lender’s Revolving Commitment terminates and the date on which such Revolving Lender ceases to have any LC Exposure, and (ii) to
each Issuing Bank for its own account a fronting fee with respect to each Letter of Credit issued by such Issuing Bank, which shall accrue
at a rate of 0.125% per annum, during the period from and including the Amendment No. 3 Effective Date to but excluding the later
of the date of termination of the Revolving Commitments and the date on which there ceases to be any LC Exposure with respect to Letters
of Credit issued by such Issuing Bank, as well as such Issuing Bank’s standard fees with respect to the issuance, amendment or
extension of any Letter of Credit and other processing fees, and other standard costs and charges, of such Issuing bank relating the
Letters of Credit as from time to time in effect. Participation fees and fronting fees accrued through and including the last day of
March, June, September and December of each year shall be payable on the fifteenth day following such last day, commencing on the first
such date to occur after the Amendment No. 3 Effective Date; provided that all such fees shall be payable on the date on which
the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable
on demand. Any other fees payable to an Issuing Bank pursuant to this paragraph (b) shall be payable within 10 days after demand.
All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number
of days elapsed (including the first day but excluding the last day).

    	 	124	 

     

    

 

(c)       For so long as the Revolving
Commitments are in effect, 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.

 

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

 

Section 10.05Interest on Revolving Loans.

(a)       The
Revolving Loans comprising each Eurodollar Borrowing shall bear interest in the case of a Eurodollar Revolving Loan, at the Adjusted LIBO
Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, and the Revolving Loans comprising each ABR Revolving
Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.

(b)       Notwithstanding
the foregoing, if any principal of or interest on any Revolving Loan or any fee or other amount payable by the Borrowers hereunder are
not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well
as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Revolving Loan, 2% plus the rate
otherwise applicable to such Revolving Loan as provided in the preceding paragraphs of this Section 10.05 or (ii) in the case
of any other amount, 2% plus the rate applicable to ABR Revolving Loans as provided in paragraph (a) of this Section 10.05.

(c)       Accrued
interest on each Revolving Loan shall be payable in arrears on each Interest Payment Date for such Revolving Loan and upon termination
of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section 10.05
shall be payable on demand, (ii) in the event of any repayment or prepayment of any Revolving 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 Revolving Loan
prior to the end of the current Interest Period therefor, accrued interest on such Revolving Loan shall be payable on the effective date
of such conversion.

Section 10.06Letters of Credit.

(a)       General.
Subject to the terms and conditions set forth herein, the Borrowers may request any Issuing Bank to issue Letters of Credit as the applicant
thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable to such Issuing Bank, at any time
and from time to time during the Availability Period.

(b)       Notice
of Issuance, Amendment, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment or extension
of an outstanding Letter of Credit), the Borrowers shall hand deliver or telecopy (or transmit by electronic communication, if arrangements
for doing so have been approved by the respective Issuing Bank) to an Issuing Bank selected by it and to the Administrative Agent (reasonably
in advance of the requested date of issuance, amendment or extension, but in any event no less than three Business Days) a notice requesting
the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended or extended, and specifying the date of issuance,
amendment or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with
paragraph (c) of this Section 10.06), 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 or extend such Letter of Credit. In addition, as a condition to any
such Letter of Credit issuance, the Borrowers shall have entered into a continuing agreement (or other letter of credit agreement) for
the issuance of letters of credit and/or shall submit a letter of credit application, in each case, as required by the respective Issuing
Bank and using such Issuing Bank’s standard form (each, a “Letter of Credit Agreement”). In the event of any
inconsistency between the terms and conditions of this Agreement and the terms and conditions of any Letter of Credit Agreement, the
terms and conditions of this Agreement shall control. A Letter of Credit shall be issued, amended or extended only if (and upon issuance,
amendment or extension of each Letter of Credit the Borrowers shall be deemed to represent and warrant that), after giving effect to
such issuance, amendment or extension (i) (x)

    	 	125	 

     

    

 

the aggregate undrawn amount of all outstanding Letters of Credit issued
by any Issuing Bank at such time plus (y) the aggregate amount of all LC Disbursements made by such Issuing Bank that have not yet been
reimbursed by or on behalf of the Borrowers at such time shall not exceed its Letter of Credit Commitment, (ii) the LC Exposure shall
not exceed the total Letter of Credit Commitments, and (iii) no Lender’s Revolving Credit Exposure shall exceed its Revolving Commitment.
The Borrowers may, at any time and from time to time, reduce the Letter of Credit Commitment of any Issuing Bank with the consent of such
Issuing Bank; provided that the Borrowers shall not reduce the Letter of Credit Commitment of any Issuing Bank if, after giving
effect of such reduction, the conditions set forth in clauses (i) through (iv) above shall not be satisfied.

An Issuing Bank shall not be under any obligation to issue any Letter
of Credit if:

(i)       any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank
from issuing such Letter of Credit, or any law applicable to such Issuing Bank shall prohibit, or require that such Issuing Bank refrain
from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank with respect
to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder)
not in effect on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense that was not applicable
on the Effective Date and that such Issuing Bank in good faith deems material to it; or

(ii)       the
issuance of such Letter of Credit would violate one or more policies of such Issuing Bank applicable to letters of credit generally.

(c)       Expiration
Date. Each Letter of Credit shall expire (or be subject to termination by notice from the applicable Issuing Bank to the beneficiary
thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter
of Credit (or, in the case of any extension of the expiration date thereof, one year after such extension) and (ii) the date that
is five Business Days prior to the Revolving Credit Facility Maturity Date.

(d)       Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action
on the part of the applicable Issuing Bank or the Revolving Lenders, such Issuing Bank hereby grants to each Revolving Lender, and each
Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage
of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each
Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the respective Issuing
Bank, such Revolving 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 10.06, or of any reimbursement payment required to
be refunded to the Borrowers for any reason, including after the Revolving Credit Facility Maturity Date. Each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever. Each Revolving Lender acknowledges and agrees that its obligation
to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not
be affected by any circumstance whatsoever, including any amendment or extension of any Letter of Credit or the occurrence and continuance
of a Default or reduction or termination of the Revolving Commitments.

(e)       Reimbursement.
If an 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 not later than 12:00 noon, New York City time, on
the date that such LC Disbursement is made, if the Borrowers shall have received notice of such LC Disbursement prior to 10:00 a.m.,
New York City time, on such date, or, if such notice has not been received by the Borrowers prior to such time on such date, then
not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrowers receives
such notice, if such notice is not received prior to such time on the day of receipt; provided that ,if such LC Disbursement is
not less than $1,000,000, the Borrowers may, subject to the conditions to borrowing set forth herein, request in accordance with Section
10.03 that such payment be financed with an ABR Revolving Borrowing 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.
If the Borrowers

    	 	126	 

     

    

 

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 Borrower, in the same manner as provided in Section 10.07 with respect
to Revolving Loans made by such Revolving Lender (and Section 10.07 shall apply, mutatis mutandis, to the payment obligations
of the Revolving Lenders), and the Administrative Agent shall promptly pay to the respective Issuing Bank the amounts so received by it
from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrowers pursuant to this
paragraph (e), the Administrative Agent shall distribute such payment to the respective Issuing Bank or, to the extent that Revolving
Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Revolving Lenders and such Issuing
Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse an Issuing Bank
for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall
not relieve the Borrowers of their obligation to reimburse such LC Disbursement.

 

(f)       Obligations
Absolute. The Borrowers’ obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section 10.06
shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under
any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, any
Letter of Credit Agreement or this Agreement, or any term or provision therein, (ii) any draft or other document presented under
a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any
respect, (iii) payment by the respective Issuing Bank under a Letter of Credit against presentation of a draft or other document
that does not comply with the terms of such Letter of Credit, 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 10.06, 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 respective Related Parties, shall have any liability or responsibility by reason of or in connection
with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of
the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery
of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing
thereunder), any error in interpretation of technical terms, any error in translation or any consequence arising from causes beyond the
control of the respective Issuing Bank; provided that the foregoing shall not be construed to excuse an Issuing Bank from liability
to the 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 the Borrowers that are caused by such
Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply
with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part
of an Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised care
in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with
respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, an Issuing
Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation,
regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are
not in strict compliance with the terms of such Letter of Credit.

(g)       Disbursement
Procedures. The Issuing Bank for any Letter of Credit shall, within the time allowed by applicable law or the specific terms of the
Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment under such Letter of
Credit. Such Issuing Bank shall promptly after such examination notify the Administrative Agent and the Borrowers by telephone (confirmed
by telecopy or electronic mail) of such demand for payment if such Issuing Bank has made or will make an LC Disbursement thereunder; provided
that any failure to give or delay in giving such notice shall not relieve the Borrowers of their obligations to reimburse such Issuing
Bank and the Lenders with respect to any such LC Disbursement.

(h)       Interim
Interest. If the Issuing Bank for any Letter of Credit shall make any LC Disbursement, then, unless the Borrowers shall reimburse
such LC Disbursement in full on the date such LC Disbursement is made,

    	 	127	 

     

    

 

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 reimbursement is due and payable at the rate per annum
then applicable to ABR Revolving Loans and such interest shall be due and payable on the date when such reimbursement is payable;
provided that, if the Borrowers fail to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section
10.06, then Section 10.05(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 Revolving Lender pursuant to paragraph (e) of
this Section 10.06 to reimburse such Issuing Bank for such LC Disbursement shall be for the account of such Revolving Lender to
the extent of such payment.

 

(i)       Replacement
and Resignation of an Issuing Bank. (i) An Issuing Bank may be replaced at any time by written agreement among the Borrowers, 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 10.04(b). From and after the effective date of any such
replacement, (x) 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 by it thereafter and (y) 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 issued by it prior to
such replacement, but shall not be required to issue additional Letters of Credit or extend or otherwise amend any existing Letter of
Credit.

(ii)       Subject
to the appointment and acceptance of a successor Issuing Bank, any Issuing Bank may resign as an Issuing Bank at any time upon thirty
days’ prior written notice to the Administrative Agent, the Borrowers and the Lenders, in which case, such resigning Issuing Bank
shall be replaced in accordance with Section 10.06(i)(i) above, provided that, any Letters of Credit issued by such Issuing Bank
prior to such resignation shall continue to be deemed to be issued under this Agreement until the expiration thereof in accordance with
its terms (it being agreed the Borrowers shall have no right to amend or extend such Letter of Credit).

(j)       Cash
Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrowers receive notice from
the Administrative Agent or the Required Revolving Lenders (or, if the maturity of the Revolving Loans has been accelerated, Revolving
Lenders with LC Exposure representing greater than 50% of the total 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 “Collateral Account”), an amount in cash equal to 103% of the LC Exposure
as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall
become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon
the occurrence of any Event of Default with respect to the Borrowers described in Section 7.01(g) or (h). Such deposit shall
be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrowers under this Agreement.
In addition, and without limiting the foregoing or paragraph (c) of this Section 10.06, if any LC Exposure remain outstanding
after the expiration date specified in said paragraph (c), the Borrowers shall immediately deposit into the Collateral Account an
amount in cash equal to 103% of such LC Exposure as of such date plus any accrued and unpaid interest thereon.

The Administrative Agent shall have exclusive dominion and control,
including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which
investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrowers’ risk and expense,
such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such
account shall be applied by the Administrative Agent to reimburse each Issuing Bank for LC Disbursements for which it has not been reimbursed,
together with related fees, costs and customary processing charges, and, to the extent not so applied, shall be held for the satisfaction
of the reimbursement obligations of the Borrowers for the LC Exposure at such time or, if the maturity of the Revolving Loans has been
accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure),
be applied to satisfy other 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

    	 	128	 

     

    

 

aforesaid) shall be returned to the Borrowers within three Business Days
after all Events of Default have been cured or waived.

 

(k)       Letters
of Credit Issued for Account of Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder supports any
obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,” “applicant,”
“customer,” “instructing party,” or the like of or for such Letter of Credit, and without derogating from any
rights of the applicable Issuing Bank (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect
of such Letter of Credit, the Borrowers (i) shall reimburse, indemnify and compensate the applicable Issuing Bank hereunder for such Letter
of Credit (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been issued solely for the account
of the Borrowers and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of
any or all of the obligations of such Subsidiary in respect of such Letter of Credit.  The Borrowers hereby acknowledge that the
issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrowers, and that the Borrowers’ business
derives substantial benefits from the businesses of such Subsidiaries.

(l)       At
any time that payments are not required to be applied in the manner required by Section 7.02, if at any time insufficient funds
are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest
and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably
among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second,
towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of principal and unreimbursed LC Disbursements then due to such parties.

Section 10.07Funding of Revolving Borrowings.

(a)       Each
Revolving Lender shall make each Revolving Loan to be made by it hereunder on the proposed date thereof solely by wire transfer of immediately
available funds, by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for
such purpose by notice to the Revolving Lenders. Except in respect of the provisions of this Agreement covering the reimbursement of Letters
of Credit, the Administrative Agent will make such Revolving Loans available to the Borrowers by promptly crediting the funds so received
in the aforesaid account of the Administrative Agent to an account of the Borrowers maintained with the Administrative Agent in New York
City and designated by the Borrowers in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance
the reimbursement of an LC Disbursement as provided in Section 10.06(e) shall be remitted by the Administrative Agent to the Issuing
Bank.

(b)       Unless
the Administrative Agent shall have received notice from a Revolving Lender prior to the date of any Revolving Borrowing that such Revolving
Lender will not make available to the Administrative Agent such Revolving Lender’s portion of such Borrowing, the Administrative
Agent may assume that such Revolving Lender has made such portion available to the Administrative Agent on the date of such Revolving
Borrowing in accordance with paragraph (c) above and the Administrative Agent may, in reliance upon such assumption, make available to
the applicable Borrower on such date a corresponding amount. If the Administrative Agent shall have so made funds available then, to the
extent that such Revolving Lender shall not have made such portion available to the Administrative Agent, such Revolving Lender and the
applicable Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest
thereon, for each day from the date such amount is made available to the applicable Borrower to but excluding the date such amount is
repaid to the Administrative Agent at (i) in the case of the applicable Borrower, a rate per annum equal to the interest rate applicable
at the time to the Revolving Loans comprising such Borrowing and (ii) in the case of such Revolving Lender, a rate determined by the Administrative
Agent to represent its cost of overnight or short term funds (which determination shall be conclusive absent manifest error). If such
Revolving Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Revolving Lender’s
Revolving Loan as part of such Revolving Borrowing for purposes of this Agreement.

Section 10.08Conversion and Continuation
of Revolving Borrowings.

(a)       Each
Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Revolving
Borrowing, shall have an initial Interest Period as specified in

    	 	129	 

     

    

 

such Borrowing Request. Thereafter, the Borrowers may elect to convert
such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect Interest
Periods therefor, all as provided in Section 2.10.

 

(b)       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 Revolving Lenders, so notifies the Lead Borrower, then, so long as an Event of Default is continuing (i) no outstanding
Revolving Borrowing may be converted to or continued as a Eurodollar Revolving Borrowing and (ii) unless repaid, each Eurodollar
Revolving Borrowing shall be converted to an ABR Revolving Borrowing at the end of the Interest Period applicable thereto.

Section 10.09Termination and Reduction
of Revolving Commitments.

(a)       Unless
previously terminated, the Revolving Commitments shall terminate on the Revolving Credit Facility Maturity Date.

(b)       The
Borrowers may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each reduction
of the Revolving Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000, and (ii) the
Borrowers shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving
Loans in accordance with Section 10.11, any Revolving Lender’s Revolving Credit Exposure would exceed its Revolving Commitment.

(c)       The
Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b)
of this Section 10.09 at least three Business Days prior to the effective date of such termination or reduction, specifying such
election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving
Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section 10.09 shall be irrevocable; provided
that a notice of termination of the Revolving Commitments delivered by the Borrowers may state that such notice is conditioned upon the
effectiveness of other credit facilities or other transactions, in which case such notice may be revoked by the Borrowers (by notice to
the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction
of the Revolving Commitments shall be permanent.

(d)       Each
reduction of the Revolving Commitments shall be made ratably among the Revolving Lenders in accordance with their respective Revolving
Commitments.

Section 10.10Repayment of Revolving Loans;
Evidence of Debt.

(a)       The
Borrowers hereby unconditionally promise to pay to the Administrative Agent for the account of each Revolving Lender the then unpaid principal
amount of each Revolving Loan on the Revolving Credit Facility Maturity Date.

(b)       Each
Revolving Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrowers
to such Revolving Lender resulting from each Revolving Loan made by such Revolving Lender, including the amounts of principal and interest
payable and paid to such Revolving Lender from time to time hereunder.

(c)       The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Revolving 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 Revolving Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for the account of the Revolving Lenders and each Revolving Lender’s share thereof.

(d)       The
entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section 10.10 shall be prima facie
evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Revolving Lender or
the Administrative Agent to maintain such accounts or any error therein shall not

    	 	130	 

     

    

 

in any manner affect the obligation of the Borrowers to repay the Revolving
Loans in accordance with the terms of this Agreement.

 

(e)       Any
Revolving Lender may request that Revolving Loans made by it be evidenced by a promissory note. In such event, the Borrowers shall prepare,
execute and deliver to such Revolving Lender a promissory note payable to such Revolving Lender (or, if requested by such Revolving Lender,
to such Revolving Lender and its registered assigns) and in a form approved by the Administrative Agent (a “Revolving Note”).
Thereafter, the Revolving 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 10.11Prepayment of Revolving
Loans.

(a)       The
Borrowers shall have the right at any time and from time to time to prepay any Revolving Borrowing in whole or in part, subject to prior
notice in accordance with paragraph (b) of this Section 10.11.

(b)       The
Borrowers shall notify the Administrative by telephone (confirmed by telecopy or electronic mail) of any prepayment hereunder (i) in
the case of prepayment of a Eurodollar Revolving Borrowing, not later than 12:00 P.M. (noon), New York City time, three Business Days
before the date of prepayment, or (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 12:00 (noon),
New York City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment
date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given
in connection with a conditional notice of termination of the Revolving Commitments as contemplated by Section 10.09, then such
notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 10.09. Promptly following
receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Revolving 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 10.02. 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 10.05 and any break funding payments required by Section 2.16.

Section 10.12Other Mechanical Provisions
Applicable to Revolving Loans.

(a)       The
provisions of Sections 2.07, 2.08, 2.14, 2.15, 2.16, 2.17, 2.18, 2.19, 2.20,
2.21 and 2.27 of this Agreement shall apply mutatis mutandis to the Revolving Loans and the Revolving Credit Facilities.

Section 10.13Defaulting Lenders.
Notwithstanding any provision of this Agreement to the contrary, if any Revolving Lender becomes a Defaulting Lender, then the following
provisions shall apply for so long as such Revolving Lender is a Defaulting Lender:

(a)       fees
shall cease to accrue on the Revolving Commitment of such Defaulting Lender pursuant to Section 10.04(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 7.02 or otherwise) or received by the Administrative Agent from
a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank hereunder; third,
to cash collateralize LC Exposure with respect to such Defaulting Lender in accordance with this Section 10.12; fourth,
as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Revolving 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 Borrowers, 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 Revolving Loans under this
Agreement and (y) cash collateralize future LC Exposure with respect to such Defaulting Lender with respect to future Letters of
Credit issued under this

    	 	131	 

     

    

 

Agreement, in accordance with this Section 10.12; sixth,
to the payment of any amounts owing to the Revolving Lenders or the Issuing Banks as a result of any judgment of a court of competent
jurisdiction obtained by any Lender or the Issuing Banks 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 the Borrowers 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 Revolving Loans or LC Disbursements in respect
of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Revolving Loans were made or the related
Letters of Credit were issued at a time when the conditions set forth in Section 4.01 were satisfied or waived, such payment
shall be applied solely to pay the Revolving 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 Revolving Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all
Revolving Loans and funded and unfunded participations in the Borrowers’ obligations corresponding to such Defaulting Lender’s
LC Exposure are held by the Revolving Lenders pro rata in accordance with the Revolving 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 10.12 shall be deemed paid to and redirected by such
Defaulting Lender, and each Revolving Lender irrevocably consents hereto.

 

(c)       the
Revolving Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required
Lenders or Required Revolving Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other
modification pursuant to Section 9.08); provided that (i) such Defaulting Lender’s Commitment may not be increased
or extended without its consent and (ii) the principal amount of, or interest or fees payable on, Loans or LC Disbursements may not be
reduced or excused or the scheduled date of payment may not be postponed as to such Defaulting Lender without such Defaulting Lender’s
consent;

(d)       if
any LC Exposure exists at the time such Revolving Lender becomes a Defaulting Lender then:

(i)       all
or any part of the LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their
respective Applicable Percentages but only to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such
non-Defaulting Lender’s Revolving Credit Exposure to exceed its Revolving Commitment;

(ii)       if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers shall within one Business Day
following notice by the Administrative Agent, cash collateralize for the benefit of the 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 10.06(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 10.04 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 10.04 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 commitment fees
that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s
Revolving Commitment that was utilized by such LC Exposure) and letter of credit fees payable under

    	 	132	 

     

    

 

Section 10.04 with respect to such Defaulting Lender’s
LC Exposure shall be payable to the Issuing Banks until and to the extent that such LC Exposure is reallocated and/or cash collateralized;
and

 

(e)       so
long as such Revolving Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, amend or increase any Letter of Credit,
unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by
the Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrowers in accordance with Section
10.13(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 10.13(d)(i) (and such Defaulting Lender shall not participate therein).

(f)       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 Revolving Lender has defaulted in fulfilling its obligations
under one or more other agreements in which such Revolving Lender commits to extend credit, no Issuing Bank shall be required to issue,
amend or increase any Letter of Credit, unless the Issuing Banks shall have entered into arrangements with the Borrowers or such Revolving
Lender, satisfactory to such Issuing Banks to defease any risk to it in respect of such Revolving Lender hereunder.

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

[Signature Pages Follow]

 

    	 	133	 

     

    

 

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 Pages Intentionally Omitted]

 

 

    	 		 

     

    

 

Schedule 2.08

 

Alternate Rates of Interest 

(Effective upon payoff of all Term B-1 Loans)

 

[see attached]

 

 

Schedule 10.01

Revolving Lenders; Revolving Commitments; Letter
of Credit Commitments

 

 

	Revolving Lender	Revolving Commitment	Letter of Credit Commitment
	JPMorgan Chase Bank, N.A.	$15,000,000	$5,000,000
	Bank of America, N.A.	$15,000,000	$5,000,000
	Total 	$30,000,000	$10,000,000Exhibit 10.1

 

SECOND SUPPLEMENTAL AGREEMENT

 

THIS SECOND SUPPLEMENTAL
AGREEMENT, dated as of March 31, 2021 (this “Agreement”), by and between Acacia Research Corporation, a
Delaware corporation (the “Company”), Merton Acquisition HoldCo LLC, a Delaware limited liability company and
wholly-owned Subsidiary of the Company (“Merton”), certain other direct and indirect Subsidiaries of the Company,
Starboard Value LP (the “Designee”) on behalf of itself and on behalf of the funds and accounts under its management
that as of the date hereof hold, or that will after the date hereof hold, Preferred Shares, Series A Warrants, Series B Warrants
and/or Notes (each as defined in the Securities Purchase Agreement (as defined below)) (the “Starboard Funds”)
and Starboard Value Intermediate Fund LP, in its capacity as the Collateral Agent (the “Collateral Agent”).

 

WHEREAS, the
Company, the Designee and certain Starboard Funds have entered into, among others, that certain Securities Purchase Agreement,
dated as of November 18, 2019 (the “Securities Purchase Agreement”);

 

WHEREAS, the
Company, certain direct and indirect Subsidiaries of the Company and the Collateral Agent have entered into that certain Pledge
and Security Agreement, dated as of June 30, 2020, by the Company and Collateral Agent (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Pledge and Security Agreement”);

 

WHEREAS, the
Company and certain direct and indirect Subsidiaries of the Company have entered into that certain Guaranty, dated as of June 30,
2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Guaranty”)
in favor of the Holders (as defined therein);

 

WHEREAS, certain
direct and indirect Subsidiaries of the Company and the Collateral Agent have entered into that certain Stock Pledge Agreement,
dated as of June 30, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the
“Stock Pledge Agreement”);

 

WHEREAS, pursuant
to the Securities Purchase Agreement, as supplemented by that certain Supplemental Agreement dated as of June 4, 2020 between the
Company and the Designee on behalf of the Starboard Funds (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “First Supplemental Agreement”) and that certain Exchange Agreement dated as
of June 30, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Exchange
Agreement”): (i) on November 18, 2019 the Company issued to certain Starboard Funds an aggregate of 350,000 Preferred
Shares and Series A Warrants to purchase an aggregate of 5,000,000 shares of Common Stock, (ii) on February 25, 2020 the Company
issued to certain Starboard Funds Series B Warrants to purchase an aggregate of 100,000,000 shares of Common Stock, (iii) on June
4, 2020, the Company issued Notes (the “June 4 Notes”) to certain Starboard Funds in an aggregate principal
amount of $115,000,000 and (iv) on June 30, 2020, the Company and the Designee on behalf of the Starboard Funds agreed to exchange
and replace the June 4 Notes for Notes issued by Merton in an aggregate principal amount of $115,000,000 (the “June 2020
Merton Notes”), of which currently $65,000,000 remain outstanding;

 

WHEREAS, Merton
has agreed to issue additional Notes (the “March 2021 Merton Notes” and, together with the June 2020 Merton
Notes, the “Merton Notes”);

 

WHEREAS, the
Company, Merton and the Designee on behalf of itself and the Holders have agreed to amend the June 2020 Merton Notes, the Securities
Purchase Agreement, the Pledge and Security Agreement, the Guaranty, the Stock Pledge Agreement and certain other Transaction Documents
as set forth herein; and

 

WHEREAS, the
(i) Company has informed the Designee that Events of Default have occurred and are continuing under Section 10(g) of each Merton
Note as a result of certain transfers of assets to AMO Holdco LLC, Viamet Holdco LLC and Malin J1 Limited listed on Schedule F
hereto and AMO Holdco LLC, Viamet Holdco LLC and Malin J1 Limited holding such assets (collectively, the “Specified Events
of Default”) and (ii) the Required Holders (as defined in the Merton Notes) have agreed, following a request by the Company,
to waive the Specified Events of Default.

 

 

 

    	 	1	 

     

    

 

NOW, THEREFORE,
in consideration of the premises and the mutual agreements, provisions and covenants contained herein, the parties hereby agree
as follows:

 

	 	1.	Definitions. Unless otherwise specified herein, all capitalized terms used and not defined herein shall have the meanings ascribed to them in the Securities Purchase Agreement, the First Supplemental Agreement, the Exchange Agreement, the Pledge and Security Agreement, the Guaranty or the Stock Pledge Agreement, as applicable.
	 	 	 
	 	2.	Amendment of June 2020 Merton Notes
        and Issuance of March 2021 Merton Notes.
	 	 	 
	 	 	a. Amendment to June 2020 Merton Notes.
        The Company, Merton and the Designee on behalf of the Starboard Funds representing the Required Holders (as defined in the June
        2020 Merton Notes) agree to amend the terms of the June 2020 Merton Notes as follows:

 

	 	 	1.	Definition of Maturity Date. The definition of the term “Maturity Date” set forth in Section 1 of the
        June 2020 Merton Notes is amended and replaced by the following: “July 15, 2021”.
	 	 	 	 
	 	 	2.	Definition of Eligible Market. The definition of the term “Eligible Market” set forth in Section 27(y)
        of the June 2020 Merton Notes is amended and replaced by the following (additions in bold underline and deletions in strikethrough):
	 	 	 	 
	 	 	 	“Eligible Market” means
        the Principal Market, The New York Stock Exchange, The Nasdaq Capital Market, The Nasdaq Global Market or, the
        NYSE American, the London Stock Exchange, including the AIM, or the Euronext Stock Exchange.
	 	 	 	 
	 	 	3.	Section 10(g). Section 10(g) of the June 2020 Merton Notes is amended and replaced by the following (additions in
        bold underline):
	 	 	 	 
	 	 	 	(g) Non-Guarantor Subsidiaries.
	 	 	 	 
	 	 	 	(i) The Parent Guarantor shall
        not permit any of its Subsidiaries that are not Guarantors (“Non-Guarantor Subsidiaries”) to, directly or indirectly:
	 	 	 	(1) Incur any Indebtedness (including
        Acquired Indebtedness) or issue any shares of Disqualified Stock and the Parent Guarantor shall not permit any of the Non-Guarantor
        Subsidiaries to issue any shares of Preferred Stock;
	 	 	 	(2) assume or guarantee any Indebtedness
        secured by a Lien upon any asset or property of such Non-Guarantor Subsidiary or on any evidences of Indebtedness or shares of
        Capital Stock of, or other ownership interests in, any Non-Guarantor Subsidiary (regardless of whether the asset, property, Indebtedness,
        Capital Stock or ownership interests were acquired before or after the date hereof);
	 	 	 	(3) hire any employees or enter
        into any leases, except (i) if done by ARG in the ordinary course of business or (ii) if required by applicable law; and
	 	 	 	(4) except for ARG, engage in any
        business activities or have any material properties or liabilities, other than (i) activities related to the maintenance of its
        corporate existence, (ii) activities related to their ordinary course activities of purchasing Intellectual Property, (iii) activities
        related to their ordinary course activities of retaining legal counsel to represent such non-guarantor subsidiary as a plaintiff
        in Intellectual Property litigation, (iv) activities to comply with applicable law, (v) transactions among the Parent Guarantor
        and its Subsidiaries in their ordinary course of business, (vi) with respect to AMO Holdco LLC, Viamet Holdco LLC and Malin
        J1 Limited, holding the assets and being party to those agreements listed on Schedule F of that certain Second Supplemental Agreement,
        dated as of March 31, 2021, by and among Parent Guarantor, the Company, certain of other direct and indirect subsidiaries of the
        Parent Guarantor, Starboard Value LP and Starboard Value Intermediate Fund LP, and such other assets that AMO Holdco LLC and Viamet
        Holdco LLC may hold as a result of dividends, distributions or similar corporate transactions that AMO Holdco LLC, Viamet Holdco
        LLC and Malin J1 Limited may be entitled to as a result of holding such assets or ordinary course activities related to holding
        such assets; and (vi) activities, liabilities and properties incidental to the foregoing clauses (i) through (iv),
        with all such liabilities in total not to exceed an aggregate of $5,000,000 among all non-guarantor subsidiaries as a whole and
        $1,000,000 for each non-guarantor subsidiary individually, excluding legal and professional fees and royalty sharing arrangements
        accrued in the ordinary course of the patent assertion business.
	 	 	 	(ii) ARG may maintain a balance
        of Cash and Marketable Securities of no more than $10,000,000 solely in order to conduct its ordinary course business activities.

 

 

 

    	 	2	 

     

    

 

	 	 	 	 
	 	 	4.	Certificate of Investment Company Status. The following shall be added as Section 10(h) of the June 2020 Merton Notes:
	 	 	 	 
	 	 	 	“(h) Investment Company
        Status. Between six (6) Business Days and four (4) Business Days prior to the end of each fiscal quarter beginning with the
        fiscal quarter ended June 30, 2021, the Parent Guarantor shall deliver a certificate signed by an executive officer of the Parent
        Guarantor to the Holder certifying that the Company reasonably expects that, following the delivery of the Parent Guarantor’s
        financial statements for such quarter, neither the Parent Guarantor nor any subsidiary of the Parent Guarantor will be an “investment
        company,” a company controlled by an “investment company” or an “affiliated person” of, or “promoter”
        or “principal underwriter” for, an “investment company”, in each case as such terms are defined in the
        Investment Company Act of 1940, as amended.”
	 	 	 	 
	 	 	 	and Section 4(a) shall
        be amended by adding the following clause (xxi):
	 	 	 	 
	 	 	 	“(xxi) the failure
        to deliver the certificate as required by Section 10(h).”
	 	 	 	 
	 	 	 	b. New Issuance. Merton agrees to
        issue March 2021 Merton Notes in favor of the Holders set forth in column (1) on Exhibit B in an aggregate principal
        amount of $50,000,000 in the form attached hereto as Exhibit A in the denominations as set forth in column (2) on
        Exhibit B.  The aggregate purchase price for the March 2021 Merton Notes to be purchased by each Holder shall
        be the amount set forth opposite such Holder’s name in column (3) on Exhibit B. The parties hereby acknowledge
        and agree that (i) the March 2021 Merton Notes shall be deemed issued pursuant to the Securities Purchase Agreement and shall be
        deemed “Notes” with respect to all the Transaction Documents, including, without limitation, the First Supplemental
        Agreement and the Exchange Agreement, and (ii) the issuance of the March 2021 Merton Notes shall be deemed an “Additional
        Closing” with respect to all the Transaction Documents and, accordingly, the issuance of the March 2021 Merton Notes shall
        be subject to the satisfaction (or waiver in writing by the Company or the Starboard Funds, as applicable) of the applicable conditions
        set forth in Sections 6(c)(i) and (iii) and Sections 7(c)(i), (ii), (iv), (v), (vi), (vii), (viii), (x), (xi), (xiv), (xv), (xvi),
        (xvii), (xviii) and (xix) of the Securities Purchase Agreement, including that the Company and Merton shall bring down all applicable
        representations and warranties set forth in Section 3 of the Securities Purchase Agreement to the date hereof (or, to the extent
        made as of a certain date, as of such date) and, for which purpose, all references to (i) the Notes and (ii) the Company in the
        Securities Purchase Agreement, shall be deemed to refer to (ii) the March 2021 Merton Notes and (ii) the Company and Merton, respectively.

 

		3.	Amendment to Securities
Purchase Agreement

 

		a.	In accordance with Section
9(e) of the Securities Purchase Agreement, the Company and the Designee representing the Required Holders (as defined in the Securities
Purchase Agreement) hereby agree to amend the Securities Purchase Agreement, as set forth in this Section 3, which amendments
shall be binding upon each Buyer and holder of Securities and the Company.

 

		b.	As of the execution and delivery
of this Agreement by the Company and the Designee, the definition of “Transaction Documents” set forth in Section
3(b) of the Securities Purchase Agreement shall be amended to add this Agreement and the March 2021 Merton Notes to such definition
(in addition to any amendment to such definition pursuant to the First Supplemental Agreement and the Exchange Agreement).

 

		c.	The Company hereby acknowledges
and agrees that any Stockholder Notes to be issued to the Company’s stockholders (i) shall rank pari passu with
or junior in right of payment to the Merton Notes, (ii) if secured, shall rank pari passu with or junior in right of security
to the Liens on the Collateral securing the Merton Notes, (iii) cannot be guaranteed by any Person that does not also guarantee
the Merton Notes and (iv) cannot be more favorable than the Merton Notes to the respective holders thereof.

 

 

 

 

    	 	3	 

     

    

 

		d.	The parties hereby acknowledge
and agree that the March 2021 Merton Notes shall be deemed issued pursuant to the Securities Purchase Agreement and shall be deemed
“Notes” with respect to all the Transaction Documents, including, without limitation, the First Supplemental Agreement
and the Exchange Agreement.

 

		e.	The parties hereby agree
that notwithstanding anything to the contrary in the Securities Purchase Agreement, the total principal amount of Notes that may
be issued under the Securities Purchase Agreement and that may be deemed to be issued under the Securities Purchase Agreement
pursuant to the Exchange Agreement and/or this Agreement shall not exceed the sum of (i) $365,000,000 and (ii) the principal amount
of the Merton Notes that are outstanding immediately after the issuance of the March 2021 Merton Notes; provided, however,
that at no one time shall there be more than $365,000,000 principal amount of Notes (including, without limitation, Merton Notes)
outstanding.

 

		f.	The definition of “Subsidiaries” set forth
in Section 3(a) of the Securities Purchase Agreement shall be amended and replaced by the following, to be applied retroactively
to the date of the Securities Purchase Agreement: 

“Subsidiaries” (which
for purposes of this Agreement shall have the meaning ascribed to such term in Rule 405 of the 1933 Act); provided, however,
that a Subsidiary shall continue to be a Subsidiary unless and until the Parent Guarantor ceases to, directly or indirectly, hold
any equity interest in such Subsidiary as a result of a transaction in compliance with the terms of the Transaction Documents.

 

		4.	Amendment to First Supplemental Agreement. In accordance
with Section 16 of the First Supplemental Agreement, the Company and the Designee hereby agree that all references in Section
6 of the First Supplemental Agreement to “SPA Notes” shall include a reference to the Merton Notes, mutatis
mutandis.

 

		5.	Amendment to the Series B Warrants. In accordance
with Section 9 of the Series B Warrants, the Company and the Designee representing the Required Holders (as defined in the Series
B Warrants) hereby agree to amend the Series B Warrants to add the Merton Notes to the definition of the term “Note”.
For the avoidance of doubt, Merton Notes may be tendered pursuant to a Note Cancellation under the Series B Warrants on the terms
set forth in the Series B Warrants and the Merton Notes.

 

		6.	Agreement regarding Registration Rights Agreement. In
accordance with Section 11 of the Registration Rights Agreement, the Company and the Designee representing the Required Holders
(as defined in the Registration Rights Agreement) hereby agree that, notwithstanding anything to the contrary in the Securities
Purchase Agreement and the Registration Rights Agreement, the Merton Notes shall not be considered “Notes” as defined
in the Registration Rights Agreement.

 

		7.	Satisfaction of Conversion
Right. Notwithstanding anything to the contrary in the Certificate of Designations, the Company and the Designee on behalf
of itself and the Starboard Funds hereby acknowledge and agree that delivery of Merton Notes shall satisfy the delivery of Exchange
Notes pursuant to Section 16 of the Certificate of Designations.

 

 

 

 

    	 	4	 

     

    

 

		8.	Representations and Warranties.

 

a. The Designee represents and warrants to the Company, and the Company represents and warrants to the Designee and the Starboard Funds holding the Merton Notes in accordance with this Agreement, that, as of the date hereof: (i) such Person is an entity duly organized and validly existing under the laws of the jurisdiction of its formation, has the requisite power and authority to execute and deliver this Agreement and to carry out and perform all of its obligations under the terms of this Agreement; (ii) this Agreement has been duly executed and delivered on behalf of such Person, and this Agreement constitutes the valid and legally binding obligation of such Person enforceable against such Person in accordance with its terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies; (iii) the execution, delivery and performance by such Person of this Agreement and the consummation by such Person of the transactions contemplated hereby will not (1) result in a violation of the organizational documents of such Person, (2) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Person is a party, or (3) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to such Person, except in the case of clause (2) and (3) above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Person to perform its obligations hereunder; (iv) for the purposes of Rule 144 of the 1933 Act, as in effect on the date hereof, each such Person hereby acknowledges and agrees that, in the event of an exercise of Series B Warrants pursuant to a Note Cancellation (as defined in the Series B Warrants) tendering the March 2021 Merton Notes, the holding period of the March 2021 Merton Notes may be tacked onto the holding period of the Series B Warrant Shares, and each of the Company and Merton agrees not to take a position contrary thereto or inconsistent with this Section 8(a)(iv) and (v) the Designee has the requisite authority to execute this Agreement on behalf of the Required Holders (as defined in the applicable Transaction Documents).

 

b. In addition, the Company hereby represents and warrants to the Designee and the Starboard Funds holding the Merton Notes, that, as of the date hereof: (i) the Board of Directors of the Company approved the resolutions set forth in Schedule A attached hereto; (ii) no Subsidiary, other than Acacia Research Group, LLC (“ARG”), has any (a) Material Claims or Liabilities, whether direct or indirect, absolute, accrued or contingent, that would be required to be reflected on a balance sheet prepared with respect to such Person on a stand-alone basis in accordance with GAAP, (b) unusual forward or long-term commitments, (c) unrealized or anticipated losses from any unfavorable commitments, (d) contracts or commitments, including leases or with employees, except as set forth on Schedule B attached hereto, which, for purposes of the Merton Notes, shall not be a breach of Section 10 (g)(i)(3) thereof; or (e) litigation, arbitration or dispute, including regarding tax (clause (a) to and including clause (e) are collectively referred to herein as “Obligations”), other than legal and professional fees and royalty sharing arrangements, and related contracts or commitments, accrued in the ordinary course of the patent assertion business, and, in the case of (e), litigation with respect to such Subsidiaries as plaintiffs in Intellectual Property litigation, (iii) neither the Company, nor Merton or any of their respective Subsidiaries has any knowledge of any event, circumstance or information that that would give rise to a reasonable basis for the assertion against any Subsidiary, other than ARG, of any future Obligations material to such Subsidiary on a stand-alone basis, (iv) to the Company’s knowledge, no Subsidiary, other than ARG, has conducted any business or operations or has had any liabilities or obligations or owned any asset or been party to any agreement during the last five (5) years, or, since such Subsidiary has been formed if such Subsidiary was formed within the last five (5) years, other than their ordinary course activities of purchasing and licensing intellectual property and liabilities incidental to such activities and, in the case of AMO Holdco LLC, Viamet Holdco LLC and Malin J1 Limited, those assets listed on Schedule F hereto and those agreements listed on Schedule F, other than their ordinary course activities of holding such assets incidental to such activities; and (v) the Subsidiaries listed on Schedule C attached hereto, represent all Material Subsidiaries (as defined below) of the Company. As used herein, (i) “Material Subsidiary” means any Subsidiary of the Company that, (x) had total revenues for the twelve (12) month period ended December 31, 2020 that were equal to, or more than, 1% of the consolidated revenues of the Company and its Subsidiaries or (y) as of December 31, 2020 held 1% or more of the consolidated assets of the Company and its Subsidiaries, (ii) “Material Claims or Liabilities” means claims or liabilities to third parties greater than $1 million, and (iii) “Company’s Knowledge” means the actual knowledge or belief of Clifford Press, Al Tobia, Marc Booth, Richard Rosenstein, Jason Sonsini, Li Yu, Jennifer Graff or Nadereh Russell.

 

 

 

 

    	 	5	 

     

    

 

		9.	Fees and Expenses.
The Company shall within three (3) Business Days of the date hereof reimburse the Designee or its designee(s) for all reasonable
and documented costs and expenses incurred in connection with the transactions contemplated hereby (including all legal fees and
disbursements in connection therewith, documentation and implementation of the transactions contemplated hereby).

 

		10.	Post-Closing Covenant. Notwithstanding anything
to the contrary:

 

		a.	Within three (3) Business Days after receipt (or such later
date as determined by the Collateral Agent in its reasonable discretion) of the certified charter of In-depth Test LLC from the
State of Texas, the Collateral Agent shall have received a draft UCC-1 for In-depth Test LLC in form and substance reasonably
satisfactory to the Collateral Agent.

 

		b.	All representations and warranties contained in the Transaction
Documents shall be deemed modified to the extent necessary to give effect to Section 10a of this Agreement, and, to the extent
any provision of would be violated or breached as a result of such extended deadline, such provisions shall be deemed modified
to the extent necessary to give effect to Section 10a of this Agreement.

 

		c.	Any breach of Section 10a of this Agreement shall be deemed
an “Event of Default” under the Notes.

 

		11.	Indemnification. In
consideration of the Designee’s execution and delivery of this Agreement and in addition to all of the Company’s other
obligations under this Agreement and the other Transaction Documents, the Company shall defend, protect, indemnify and hold harmless
the Designee, each Starboard Fund and each other holder of the Securities and all of their stockholders, partners, members, officers,
directors, employees and direct or indirect investors and any of the foregoing Persons’ agents or other representatives
(including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively,
the “Indemnitees”), as incurred, from and against any and all actions, causes of action, suits, claims, losses,
costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Indemnitee
is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements
(the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or relating
to (a) any misrepresentation or breach of any representation or warranty made by the Company in this Agreement, any other Transaction
Document or any other certificate, instrument or document contemplated hereby or thereby, (b) any breach of any covenant, agreement
or obligation of the Company contained in this Agreement, any other Transaction Document or any other certificate, instrument
or document contemplated hereby or thereby, (c) any cause of action, suit or claim brought or made against such Indemnitee by
the Company or a third party (including for these purposes a derivative action brought on behalf of the Company) and arising out
of or resulting from (i) the execution, delivery, performance or enforcement of this Agreement, any other Transaction Document
or any other certificate, instrument or document contemplated hereby or thereby or any advice or assistance provided to or on
behalf of the Company by any Indemnitee at the request of the Company, (ii) any transaction financed or to be financed in whole
or in part, directly or indirectly, with the proceeds of the issuance of the Securities, or (iii) the status of such Buyer or
holder of the Securities as an investor in the Company pursuant to the transactions contemplated by this Agreement and any of
the other Transaction Documents. For the avoidance of doubt, the indemnification set forth in this Section 11 is intended to apply,
and shall apply, to direct claims asserted by the Designee or any Starboard Fund against the Company as well as any third party
claims asserted by an Indemnitee (other than the Designee or a Starboard Fund) against the Company. To the extent that the foregoing
undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment
and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. Except as otherwise set forth
herein, the mechanics and procedures with respect to the rights and obligations under this Section 13 shall be the same as those
set forth in Section 7 of the Registration Rights Agreement.

 

 

 

 

    	 	6	 

     

    

 

		12.	Governing Law; Jurisdiction;
Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision
or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such notices to it under the Securities Purchase Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof to the fullest extent enforceable
under applicable law. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted
by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

		13.	Counterparts; Headings.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same instrument. The headings of this Agreement are for convenience of reference and shall not form
part of, or affect the interpretation of, this Agreement.

 

		14.	Severability. If any
provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity
or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

		15.	Amendments. Any amendments or modifications hereto
must be executed in writing by all parties hereto.

 

		16.	Limited Waiver. The Designee on behalf of the Required
Holders (as defined in the June 2020 Merton Notes) hereby waive (i) the Specified Events of Default, (ii) the taking of any action,
or the failure to take any action, when the Specified Events of Default have occurred and have been continuing, in each case,
not permitted under the Transaction Documents solely as a result of the occurrence and continuance of the Specified Events of
Default, (iii) the failure to give notice of (or other information with respect to) the Specified Events of Default, (iv) the
making of any representation or warranty that was proven to be incorrect when made, or deemed to be made, in any material respect
prior to the date hereof solely as a result of the occurrence and continuance of the Specified Events of Default and (v) any other
default of Event of Default that directly resulted or may result from the occurrence of the Specified Events of Default; provided,
that the foregoing waiver shall not be deemed to modify or affect the obligations of the Company or any of its Subsidiaries to
comply with each and every obligation, covenant, duty or agreement contained in the Transaction Documents to which such Person
is party from and after the date hereof and, provided, further, that all of the equity interests of AMO Holdco LLC
and Viamet Holdco LLC shall be pledged pursuant to the Stock Pledge Agreement. This waiver is a limited, one-time waiver and shall
not constitute (nor be deemed to constitute): (a) a waiver of any other default Event of Default that has occurred or that may
occur from and after the date hereof, (b) a waiver of any right or remedy of the Collateral Agent, the Designee or any Holders
under the Transaction Documents which does not arise solely as a result of the Specified Events of Default or as otherwise contemplated
by clauses (i) through (iv) above, and (c) a custom or course of dealing among the parties hereto. Except as otherwise expressly
provided herein, the Transaction Documents shall remain in full force and effect in accordance with their respective terms.

 

 

 

 

    	 	7	 

     

    

 

17. Amendment to Pledge and Security Agreement. In accordance with Section 10(a) of the Pledge and Security Agreement, the Company and the Collateral Agent hereby agree as follows:

 

(a) Following the issuance of the March 2021 Merton Notes, the second WHEREAS clause is hereby amended by replacing the defined term “Notes” with the capitalized term “June 30 Notes”.

 

(b) Following the issuance of the March 2021 Merton Notes, the following WHEREAS clause shall be inserted immediately after the second WHEREAS clause and immediately prior to the third WHEREAS clause immediately prior to the effectiveness of this Agreement:

 

“WHEREAS, pursuant to the Securities Purchase Agreement, certain Buyers purchased from Merton certain senior secured notes issued on March 31, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “March 31 Notes” and, together with the June 30 Notes, collectively, the “Notes”), in an original aggregate principal amount of $50,000,000;”.

 

(c) After giving effect to this Agreement,
Schedule VIII of the Pledge and Security Agreement shall be replaced in its entirety with Schedule D to this Agreement.

 

(d) Section 4(i) of the Stock Pledge Agreement is hereby amended by (x) adding the phrase “(other than any customary pre-emptive
rights)” immediately after “or filing” and immediately before “with” and (y) deleting clause (ii)
of the first sentence thereof in its entirety; provided each of the foregoing amendments shall apply retroactively to the
date the Pledge and Security Agreement was entered into.

 

		18.	Amendment to Guaranty. In accordance with Section
11(b) of the Guaranty, the Guarantors and the Designee on behalf of the Required Holders (as defined in the Merton Notes) hereby
agree as follows:

 

(a) Following the issuance of the March 2021 Merton Notes, the following WHEREAS clause shall be added immediately following the second WHEREAS clause and immediately prior to the third WHEREAS clause immediately prior to the effectiveness of this Agreement:

 

“WHEREAS, pursuant to the Securities Purchase Agreement, certain Buyers purchased from Merton certain senior secured notes issued on March 31, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “March 31 Notes” and, together with the June 30 Notes, collectively, the “Notes”), in an original aggregate principal amount of $50,000,000;”

 

		19.	Amendment to Stock Pledge Agreement. In accordance
with Section 15(a) of the Stock Pledge Agreement, the Company and the Collateral Agent hereby agree as follows:

 

(a) Following the issuance of the March 2021 Merton Notes, the second WHEREAS clause is hereby amended by replacing the capitalized term “Notes” with the capitalized term “June 30 Notes”;

 

(b) Following the issuance of the March 2021 Merton Notes, the following WHEREAS clause shall be added immediately following the second WHEREAS clause and immediately prior to the third WHEREAS clause immediately prior to the effectiveness of this Agreement:

 

 

 

 

    	 	8	 

     

    

 

“WHEREAS, pursuant to the Securities Purchase Agreement, certain Buyers purchased from Merton certain senior secured notes issued on March 31, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “March 31 Notes” and, together with the June 30 Notes, collectively, the “Notes”), in an original aggregate principal amount of $50,000,000;”

 

(c) After giving effect to this Agreement and the Stock Pledge Supplement, Schedule I of the Stock Pledge Agreement shall be replaced in its entirety with Schedule E to this Agreement.

 

(d) After giving effect to this Agreement, the following provision shall be added immediately following Section 2(c) of the Stock Pledge Agreement and shall apply retroactively to the date the Stock Pledge Agreement was entered into:

 

“Notwithstanding anything to the contrary herein, the security interest granted herein shall not attach to, and no security interest is granted hereunder in the Excluded Assets (as such term and any component definitions are defined in the New Security Agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time)), as applicable.”

 

(e) Section 5(b) of the Stock Pledge Agreement is hereby amended by (x) adding the phrase “(other than any customary pre-emptive rights)” immediately after “or filing” and immediately before “with” and (y) deleting clause (ii) of the first sentence thereof in its entirety; provided each of the foregoing amendments shall apply retroactively to the date the Stock Pledge Agreement was entered into.

 

		20.	Security Documents. Notwithstanding anything to
the contrary in any other Transaction Document (other than Section 10 of the Notes), the parties hereto hereby agree and acknowledge
that as of the date hereof (after giving effect to this Agreement and that certain Supplement No. 2 to the Stock Pledge Agreement,
dated as of the date hereof, by Viamet HoldCo LLC, AMO Holdco LLC, Acacia Corporate Development Investment LLC and In-Depth Test
LLC in favor of the Collateral Agent (the “Stock Pledge Agreement”)) that the Company and the following Subsidiaries
shall be party to the Security Documents as follows:

 

(a) With
respect to the Security and Pledge Agreement, (i) the Company, (ii) Merton and (iii) Merton Oxford Holdco LLC.

 

(b) With respect
to the Guaranty, (i) the Company, (ii) Merton and (iii) Merton Oxford Holdco LLC.

 

(c) With respect to the Stock Pledge Agreement,
(i) Acacia Research Group LLC, (ii) Advanced Skeletal Innovations LLC, (iii) Saint Lawrence Communications LLC, (iv) Viamet HoldCo
LLC, (v) AMO Holdco LLC, (vi) Acacia Corporate Development Investment LLC and (vii) In-Depth Test LLC; provided, the Company shall
not be party to the Stock Pledge Agreement.

 

		21.	Perfection Certificate. The Company hereby agrees
to deliver that certain Perfection Certificate, dated as of the date hereof, for (i) AMO HoldCo LLC, (ii) Acacia Corporate Development
Investment LLC, (iii) In-depth Test LLC, (iv) Atlas Global Technologies LLC, (v) Viamet HoldCo LLC, and (vi) Video Enhancement
Solutions LLC.

 

 

[Signature Page Follows]

 

 

    	 	9	 

     

    

 

 

IN WITNESS WHEREOF,
the parties have duly executed this Agreement as of the date first above written.

 

 

	 	COMPANY:
	 	 
	 	ACACIA RESEARCH CORPORATION
	 	 
	 	 
	 	By:	/s/ Clifford Press
	 	Name:	Clifford Press
	 	Title:	Chief Executive Officer
	 	 	 	 

 

 

 

 

	 	MERTON:
	 	 
	 	MERTON ACQUISITION HOLDCO LLC
	 	 
	 	 
	 	By:	/s/ Clifford Press
	 	Name:	Clifford Press
	 	Title:	Chief Executive Officer
	 	 	 	 

 

 

 

    	 	10	 

     

    

 

	 	ACACIA RESEARCH GROUP
	 	 
	 	By: /s/ Marc Booth
	 	Name: Marc Booth
	 	Title: Chief Executive Officer
	 	 
	 	 
	 	MERTON OXFORD HOLDINGS LLC
	 	 
	 	By: /s/ Clifford Press
	 	Name: Clifford Press
	 	Title: Chief Executive Officer
	 	 
	 	 
	 	SAINT LAWRENCE COMMUNICATIONS
LLC
	 	 
	 	By: /s/ Marc Booth
	 	Name: Marc Booth
	 	Title: Chief Executive Officer
	 	 
	 	 
	 	ADVANCED SKELETAL INNOVATIONS
LLC
	 	 
	 	By: /s/ Marc Booth
	 	Name: Marc Booth
	 	Title: Chief Executive Officer

 

 

 

 

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF,
the parties have duly executed this Agreement as of the date first above written.

 

	 	DESIGNEE:
	 	 
	 	STARBOARD VALUE LP
	 	 
	 	 
	 	By:	/s/ Jeffrey C. Smith
	 	Name:	Jeffrey C. Smith
	 	Title:	Authorized Signatory
	 	 	 	 

 

 

 

 

 

 

 

 

 

 

    	 	12	 

     

    

 

Exhibit A

 

Form of March 2021 Merton Note

 

 

THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN
EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL
SELECTED BY THE HOLDER, IN A FORM REASONABLY SATISFACTORY TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR
(II) UNLESS ELIGIBLE TO BE SOLD OR SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.
ANY TRANSFEREE OF THIS NOTE SHOULD CAREFULLY REVIEW THE TERMS OF THIS NOTE, INCLUDING SECTIONS 3 AND 13(a) HEREOF. THE PRINCIPAL
AMOUNT REPRESENTED BY THIS NOTE MAY BE LESS THAN THE AMOUNT SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 3 OF THIS NOTE.

Merton
Acquisition HoldCo LLC

 

SENIOR
SECURED NOTE

 

	Issuance Date:  March [●], 2021	Original Principal Amount: U.S. $[●]

 

FOR VALUE RECEIVED,
Merton Acquisition HoldCo LLC, a Delaware limited liability company (the “Company”), hereby promises to pay
to [●] or registered assigns (the “Holder”) in cash the amount set out above as the Original Principal
Amount (as reduced pursuant to the terms hereof pursuant to redemption or otherwise, the “Principal”) when due,
whether upon the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with the terms
hereof) and to pay interest (“Interest”) on any outstanding Principal at the applicable Interest Rate from the
date set out above as the Issuance Date (the “Issuance Date”) until the same becomes due and payable, whether
upon an Interest Payment Date (as defined below), the Maturity Date, acceleration, redemption or otherwise (in each case in accordance
with the terms hereof). This Senior Secured Note (including all Senior Secured Notes issued in exchange, transfer or replacement
hereof, this “Note”) is issued in exchange for Senior Secured Notes issued by the Company pursuant to the Securities
Purchase Agreement on an Additional Closing Date that is the Issuance Date (collectively, the “Notes” and such
other Senior Secured Notes, the “Other Notes”). Certain capitalized terms used herein are defined in Section 27.

 

PAYMENTS OF PRINCIPAL;
PREPAYMENT. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal,
any accrued and unpaid Interest and any accrued and unpaid Late Charges (as defined in Section 19(b)) on such Principal and Interest.
The “Maturity Date” shall be July 15, 2021. Other than as specifically permitted or required by this Note, the
Supplemental Agreement and the Exchange Agreement, the Company or the Parent Guarantor may not prepay any portion of the outstanding
Principal, accrued and unpaid Interest or accrued and unpaid Late Charges on Principal and Interest, if any.

 

 

 

 

    	 	A-1	 

     

    

 

INTEREST. Interest
on this Note shall commence accruing on the Issuance Date at the Interest Rate and shall be computed on the basis of a 360-day
year and twelve 30-day months and shall be payable semi-annually in arrears on each November 15 and May 15 after the Issuance Date,
provided that if any such date falls on a day that is not a Business Day, the next day that is a Business Day (each, an
“Interest Payment Date”), to the Holder of record at the close of business on the preceding November 1
and May 1 (even if such day is not a Business Day) (each, an “Interest Record Date”). Interest shall be payable
on each Interest Payment Date, to the record holder of this Note on the applicable Interest Record Date, in cash, by wire transfer
of immediately available funds pursuant to wire instructions provided by the Holder in writing to the Company. Prior to the payment
of Interest on an Interest Payment Date, Interest on this Note shall accrue at the Interest Rate and be payable by way of inclusion
of the Interest in the Redemption Amount on each Redemption Date. From and after the occurrence and during the continuance of an
Event of Default, the Interest Rate shall be increased to ten percent (10.0%) per annum. In the event that such Event of Default
is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as of the date of such
cure; provided, that the Interest as calculated and unpaid at such increased rate during the continuance of such Event of
Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through and including
the date of cure of such Event of Default; provided, further, that for the purpose of this Section 2, such Event
of Default shall not be deemed cured unless and until any accrued and unpaid Interest shall be paid to the Holder, including, without
limitation, Interest accrued at the increased rate of ten percent (10.0%) per annum.

 

REGISTRATION; BOOK-ENTRY.
The Company shall maintain a register (the “Register”) for the recordation of the names and addresses of the
holders of each Note and the Principal amount of the Notes (and stated interest thereon) held by such holders (the “Registered
Notes”). The entries in the Register shall be conclusive and binding for all purposes absent manifest error. The Company
and the holders of the Notes shall treat each Person whose name is recorded in the Register as the owner of a Note for all purposes,
including, without limitation, the right to receive payments of Principal and Interest, if any, hereunder, notwithstanding notice
to the contrary. A Registered Note may be assigned or sold in whole or in part only by registration of such assignment or sale
on the Register. Upon its receipt of a request to assign or sell all or part of any Registered Note by the Holder, the Company
shall record the information contained therein in the Register and issue one or more new Registered Notes in the same aggregate
Principal amount as the Principal amount of the surrendered Registered Note to the designated assignee or transferee pursuant to
Section 12. Notwithstanding anything to the contrary in this Section 3, the Holder may assign the Note or any portion thereof to
an Affiliate of the Holder or a Related Fund of the Holder without delivering a request to assign or sell such Note to the Company
and the recordation of such assignment or sale in the Register; provided, that (x) the Company may continue to deal
solely with such assigning or selling Holder unless and until the Holder has delivered a request to assign or sell such Note or
portion thereof to the Company for recordation in the Register; (y) the failure of such assigning or selling Holder to deliver
a request to assign or sell such Note or portion thereof to the Company shall not affect the legality, validity, or binding effect
of such assignment or sale and (z) such assigning or selling Holder shall, acting solely for this purpose as a non-fiduciary agent
of the Company, maintain a register (the “Related Party Register”) comparable to the Register on behalf
of the Company, and any such assignment or sale shall be effective upon recordation of such assignment or sale in the Related Party
Register. Notwithstanding anything to the contrary set forth herein, upon redemption of any portion of this Note in accordance
with the terms hereof or cancellation of any portion of this Note in accordance with Section 26, the Holder shall not be required
to physically surrender this Note to the Company unless (A) the full Redemption Amount represented by this Note is being redeemed
or cancelled, in which case the Holder shall deliver such certificate to the Company as soon as reasonably practicable following
such redemption or cancellation or (B) the Holder has provided the Company with prior written notice requesting reissuance of this
Note upon physical surrender of this Note. The Holder and the Company shall maintain records showing the Principal, Interest and
Late Charges, if any, redeemed and/or cancelled and the dates of such redemptions and/or cancellations or shall use such other
method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Note upon redemption
or cancellation. If the Company does not update the Register to record such Principal, Interest and Late Charges paid and the dates
of such payments and cancellations within two (2) Business Days of such occurrence, then the Register shall be automatically deemed
updated to reflect such occurrence.

 

 

 

 

    	 	A-2	 

     

    

 

RIGHTS UPON EVENT
OF DEFAULT.

 

A. Event of
Default. Each of the following events shall constitute an “Event of Default” and each of the events in
clauses (iv) and (v) shall constitute a “Bankruptcy Event of Default”:

 

1. the
failure of the applicable Registration Statement required to be filed pursuant to the Registration Rights Agreement to be
filed or declared effective within the applicable time period specified in the Registration Rights Agreement, or, at any time
while the applicable Registration Statement is required to be maintained effective pursuant to the terms of the Registration
Rights Agreement, the effectiveness of the applicable Registration Statement lapses for any reason (including, without
limitation, the issuance of a stop order) or is unavailable to any holder of the Notes for sale of all of such holder’s
Registrable Securities in accordance with the terms of the Registration Rights Agreement, and such lapse or unavailability
continues for a period of ten (10) consecutive Trading Days or for more than an aggregate of fifteen (15) Trading Days in any
365-day period (other than days during an Allowable Grace Period (as defined in the Registration Rights Agreement));

 

2. the
Company’s failure to pay to the Holder any amount of Principal, Interest, Late Charges, Redemption Price or other
amounts when and as due under this Note or any other Transaction Document, except, in the case of a failure to pay Interest
and/or Late Charges when and as due, in which case only if such failure continues for a period of at least an aggregate of
two (2) Business Days;

 

3. any
acceleration or default-triggered redemption or conversion prior to maturity of any Indebtedness or preferred equity of the
Parent Guarantor and/or any of its Subsidiaries in an aggregated principal amount and/or stated amount in excess of
$10,000,000;

 

4. the
Parent Guarantor or any of its Subsidiaries, pursuant to or within the meaning of Title 11, U.S. Code, or any similar
federal, foreign or state law for the relief of debtors (collectively, “Bankruptcy Law”), (A) commences a
voluntary case, (B) consents to the entry of an order for relief against it in an involuntary case, (C) consents to
the appointment of a receiver, trustee, assignee, liquidator or similar official (a “Custodian”), (D)
makes a general assignment for the benefit of its creditors or (E) admits in writing that it is generally unable to pay
its debts as they become due;

 

5. a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief against the Parent
Guarantor or any of its Subsidiaries in an involuntary case, (B) appoints a Custodian of the Parent Guarantor or any of its
Subsidiaries or (C) orders the liquidation of the Parent Guarantor or any of its Subsidiaries;

 

6. one
or more judgments, orders or awards for the payment of money aggregating (above any insurance coverage or indemnity from a
credit worthy party so long as the Parent Guarantor provides the Holder a written statement from such insurer or indemnity
provider (which written statement shall be reasonably satisfactory to the Holder) to the effect that such judgment, order or
award is covered by insurance or an indemnity and the Parent Guarantor will receive the proceeds of such insurance or
indemnity within thirty (30) days of the issuance of such judgment, order or award) in excess of $20,000,000 are rendered
against the Parent Guarantor or any of its Subsidiaries and which judgments, orders or awards are not, within thirty (30)
days after the entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within thirty (30) days
after the expiration of such stay;

 

7.
other than as specifically set forth in another clause of this Section 4(a), the Parent Guarantor or any of its Subsidiaries
breaches any representation, warranty, covenant or other term or condition set forth in this Note, except, in the case of a
breach of a covenant or other term or condition of any such agreement which is curable, only if such breach continues for a
period of at least an aggregate of twenty (20) days;

 

 

 

 

    	 	A-3	 

     

    

 

8. if
the Holder is a Designee, other than as specifically set forth in another clause of this Section 4(a), the Parent Guarantor
or any of its Subsidiaries breaches any representation, warranty, covenant or other term or condition set forth in Sections
3(b), 3(c), 3(d), 3(e), 3(i), 3(j), 3(k), 3(l), 3(p), 3(q), 3(r), 3(v), 3(ee), 3(ii), 3(mm), 3(nn), 3(qq), 4(v) or 4(z) of
the Securities Purchase Agreement, except, in the case of a breach of a covenant or other term or condition of any such
agreement which is curable, only if such breach continues for a period of at least an aggregate of thirty (30) days;

 

9. any
breach or failure in any respect to comply with Section 10 of this Note, except, in the case of a breach or a failure
which is curable, only if such breach continues for a period of at least an aggregate of thirty (30) days;

 

10. any
material provision of any Security Document (as determined by the Collateral Agent) shall at any time for any reason
(other than pursuant to the express terms thereof) cease to be valid and binding on or enforceable against the Parent
Guarantor or any Subsidiary intended to be a party thereto, or the validity or enforceability thereof shall be contested by
any party thereto, or a proceeding shall be commenced by the Parent Guarantor or any Subsidiary or any governmental authority
having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or the Parent
Guarantor or any Subsidiary shall deny in writing that it has any liability or obligation purported to be created under any
Security Document;

 

11. any
Security Document or any other security document, after delivery thereof pursuant hereto, shall for any reason fail or cease
to create a valid and perfected and, except to the extent permitted by the terms hereof or thereof, first priority Lien in
favor of the Collateral Agent for the benefit of the holders of the Notes on any Collateral purported to be covered
thereby;

 

12. any
bank at which any deposit account, blocked account, or lockbox account of the Parent Guarantor or any Subsidiary is
maintained shall fail to comply with any material term of any deposit account, blocked account, lockbox account or similar
agreement to which such bank is a party or any securities intermediary, commodity intermediary or other financial institution
at any time in custody, control or possession of any investment property of the Parent Guarantor or any Subsidiary shall fail
to comply with any of the terms of any investment property control agreement to which such Person is a party (it being
understood that only accounts pursuant to which the Collateral Agent has requested account control agreements should be
subject to this clause (xii));

 

13. a
false or inaccurate certification (including a false or inaccurate deemed certification) by the Company as to whether any
Event of Default has occurred;

 

14. the
Parent Guarantor fails to remove any restrictive legend on any certificate or any shares of Common Stock issued to the Holder
upon conversion or exercise (as the case may be) of any Securities (as defined in the Securities Purchase Agreement) acquired
by the Holder under the Securities Purchase Agreement as and when required by such Securities, the Certificate of
Designations or the Securities Purchase Agreement, unless otherwise then prohibited by applicable federal securities laws,
and any such failure remains uncured for at least five (5) consecutive Trading Days;

 

15. the
Company or the Parent Guarantor becomes an “investment company,” a company controlled by an “investment
company” or an “affiliated person” of, or “promoter” or “principal underwriter”
for, an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended;

 

 

 

 

    	 	A-4	 

     

    

 

16. (A)
the suspension of the Common Stock from trading on an Eligible Market for a period of five (5) consecutive Trading Days or
for more than an aggregate of fifteen (15) Trading Days in any 365-day period or (B) the failure of the Common Stock to be
listed on an Eligible Market;

 

17. at
any time following the fifth (5th) consecutive Business Day after an Authorized Share Failure (as defined in the
Series B Warrants), except, solely with respect to the first occurrence of an Authorized Share Failure hereunder, to the
extent the Parent Guarantor is complying with the terms set forth in Section 1(h) of the Series B Warrants;

 

18. the
Parent Guarantor does not directly or indirectly own 100% of the Equity Interests of the Company;

 

19. any
Event of Default (as defined in the Other Notes) occurs with respect to any Other Notes;

 

20. any
Event of Default (as defined in the Additional Notes) occurs with respect to any Additional Notes; or

 

21. the
failure to deliver the certificate as required by Section 10(h).

 

B. Redemption
Right. At any time after the earlier of the Holder’s receipt of an Event of Default Notice (as defined in Section
10(e)) and the Holder becoming aware of an Event of Default, the Holder may require the Company to redeem (an “Event
of Default Redemption”) all or any portion of this Note by delivering written notice thereof (the “Event
of Default Redemption Notice”) to the Company, which Event of Default Redemption Notice shall indicate the portion
of this Note the Holder is electing to require the Company to redeem. Each portion of this Note subject to redemption by the
Company pursuant to this Section 4(b) shall be redeemed by the Company in cash by wire transfer of immediately available
funds at a price equal to the Redemption Amount being redeemed, plus, only in the cases of an Event of Default
Redemption pursuant to Section 4(a)(xvi) or Section 4(a)(xvii), an amount in cash equal to the product obtained by
multiplying (A) the number of shares of Common Stock issuable upon exercise of the Series B Warrants (without regard to any
limitations on exercise set forth in the Series B Warrants) held by the Holder at the time the Company pays the applicable
Event of Default Redemption Price (as defined below) to the Holder and (B) the excess, if any, of (1) the highest Closing
Sale Price (as defined in the Warrants) of the shares of Common Stock during the period beginning on the date immediately
preceding such Event of Default and ending on the date the Holder delivers the related Event of Default Redemption Notice,
over (2) the lowest Other Exercise Price in effect during such period (the “Event of Default Redemption
Price”). Redemptions required by this Section 4(b) shall be made in accordance with the provisions of Section 8. To
the extent redemptions required by this Section 4(b) are deemed or determined by a court of competent jurisdiction to be
prepayments of the Note by the Company, such redemptions shall be deemed to be voluntary prepayments. The Company and the
Holder agree that in the event of the Company’s redemption of any portion of the Note under this Section 4(b), the
Holder’s damages would be uncertain and difficult to estimate because of the parties’ inability to predict future
interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for the Holder.
Accordingly, any redemption premium due under this Section 4(b) is intended by the parties to be, and shall be deemed, a
reasonable estimate of the Holder’s actual loss of its investment opportunity and not as a penalty.

 

C. Mandatory
Redemption upon Bankruptcy Event of Default. Notwithstanding anything to the contrary herein, upon any Bankruptcy Event
of Default, whether occurring prior to or following the Maturity Date, the Company shall immediately pay to the Holder an
amount in cash representing the applicable Event of Default Redemption Price, without the requirement for any notice or
demand or other action by the Holder or any other Person; provided that the Holder may, in its sole and absolute
discretion, waive such right to receive payment upon a Bankruptcy Event of Default, in whole or in part, and any such waiver
shall not affect any other rights of the Holder hereunder, including any other rights in respect of such Bankruptcy Event of
Default and any right to payment of the Event of Default Redemption Price or any other Redemption Price, as applicable.
Redemptions required by this Section 4(c) shall be made in accordance with the provisions of Section 8.

 

 

 

 

    	 	A-5	 

     

    

 

RIGHTS UPON FUNDAMENTAL
TRANSACTION AND CHANGE OF CONTROL.

 

D. Assumption.
Upon the occurrence or consummation of any Fundamental Transaction with respect to the Company or the Parent Guarantor, and
it shall be a required condition to the occurrence or consummation of any Fundamental Transaction that, the Company or the
Parent Guarantor, as applicable, and the Successor Entity or Successor Entities, jointly and severally, shall succeed to the
Company or the Parent Guarantor, as applicable, and the Company or the Parent Guarantor, as applicable, shall cause any
Successor Entity or Successor Entities to jointly and severally succeed to the Company or the Parent Guarantor, as
applicable, and be added to the term “Company” or “Parent Guarantor,” as applicable, under this Note
(so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Note
referring to the “Company” or the “Parent Guarantor,” as applicable, shall refer instead to each of
the Company or the Parent Guarantor, as applicable, and the Successor Entity or Successor Entities, jointly and severally),
and the Successor Entity or Successor Entities, jointly and severally with the Company or the Parent Guarantor, as
applicable, may exercise every right and power of the Company or the Parent Guarantor, as applicable, prior thereto and the
Successor Entity or Successor Entities shall assume all of the obligations of the Company or the Parent Guarantor, as
applicable, prior thereto under this Note with the same effect as if the Company or the Parent Guarantor, as applicable, and
such Successor Entity or Successor Entities, jointly and severally, had been named as the Company or the Parent Guarantor, as
applicable, in this Note. The provisions of this Section 5(a) shall apply similarly and equally to successive Fundamental
Transactions.

 

E. Redemption
Right. Not less than ten (10) days prior to the consummation of a Change of Control, the Company shall deliver written
notice thereof to the Holder (a “Change of Control Notice”) setting forth a description of such
transaction in reasonable detail and the anticipated date of the consummation of such Change of Control if then known. At any
time during the period beginning on the earliest to occur of (x) the public announcement of any oral or written agreement by
the Parent Guarantor or any of its Subsidiaries, upon consummation of which the transaction contemplated thereby would
reasonably be expected to result in a Change of Control, (y) the Holder’s receipt of a Change of Control Notice, and
(z) the consummation of such transaction which results in a Change of Control, and ending twenty-five (25) Trading Days after
the date of the consummation of such Change of Control, the Holder may require the Company to redeem all or any portion of
this Note by delivering written notice thereof (a “Holder Change of Control Redemption Notice”) to the
Company, which Holder Change of Control Redemption Notice shall indicate the Redemption Amount the Holder is electing to
require the Company to redeem. Within ten (10) days before or after the applicable Change of Control, the Company may redeem
(a “Company Change of Control Redemption”) all but not less than all of this Note by delivering written
notice (a “Company Change of Control Redemption Notice” and, together with a Holder Change of Control
Redemption Notice, a “Change of Control Redemption Notice”) to the Holder, which Company Change of Control
Redemption Notice shall indicate the Redemption Amount that is subject to such Company Change of Control Redemption; provided,
that a Company Change of Control Redemption shall only be permitted with respect to a Change of Control in which one hundred
percent (100%) of the Equity Interests of the Company is purchased for cash and/or Cash Equivalents. If the Company elects to
cause a Company Change of Control Redemption pursuant to this Section 5(b), then it must simultaneously take the same
action with respect to all Other Notes and Additional Notes then outstanding. The portion of this Note subject to redemption
pursuant to this Section 5(b) shall be redeemed by the Company in cash by wire transfer of immediately available funds at a
price equal to the sum of (A) the Redemption Amount of the Notes being redeemed and (B) the Make-Whole Amount (the
“Change of Control Redemption Price”). Redemptions required by this Section 5 shall be made in accordance
with the provisions of Section 8 and shall have priority to payments to stockholders in connection with a Change of Control.
To the extent redemptions required by this Section 5(b) are deemed or determined by a court of competent jurisdiction to be
prepayments of the Note by the Company, such redemptions shall be deemed to be voluntary prepayments. The parties hereto
agree that in the event of the Company’s redemption of any portion of the Note under this Section 5(b), the
Holder’s damages would be uncertain and difficult to estimate because of the parties’ inability to predict future
interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for the Holder.
Accordingly, any redemption premium due under this Section 5(b) is intended by the parties to be, and shall be deemed, a
reasonable estimate of the Holder’s actual loss of its investment opportunity and not as a penalty.

 

[Reserved]

 

 

 

 

    	 	A-6	 

     

    

 

NONCIRCUMVENTION.
Each of the Company and the Parent Guarantor hereby covenants and agrees that such Person will not, by amendment of its Certificate
of Incorporation or Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Note, and will at all times in good faith carry out all of the provisions of this Note and take all action as may
be required to protect the rights of the Holder.

 

REDEMPTIONS.

 

F. Mechanics.
The Company shall deliver the applicable Event of Default Redemption Price to the Holder within three (3) Business Days after
the Company’s receipt of the Holder’s Event of Default Redemption Notice; provided that upon a Bankruptcy
Event of Default, the Company shall deliver the applicable Event of Default Redemption Price in accordance with Section 4(c)
(as applicable, the “Event of Default Redemption Date”). If the Holder or the Company has submitted a
Change of Control Redemption Notice in accordance with Section 5(b), the Company shall deliver the applicable Change of
Control Redemption Price to the Holder (i) concurrently with the consummation of such Change of Control if such notice
is received prior to the consummation of such Change of Control and (ii) within three (3) Business Days after the delivery to
the Company or the Holder, as applicable, of such notice otherwise (such date, the “Change of Control Redemption
Date”). The Company shall pay the applicable Redemption Price to the Holder in cash by wire transfer of immediately
available funds pursuant to wire instructions provided by the Holder in writing to the Company on the applicable due date. In
the event of a redemption of less than all of the Redemption Amount of this Note, the Company shall promptly cause to be
issued and delivered to the Holder a new Note (in accordance with Section 13(d)) representing the outstanding Principal which
has not been redeemed and any accrued Interest on such Principal which shall be calculated as if no Redemption Notice has
been delivered. In the event that the Company does not pay the applicable Redemption Price to the Holder within the time
period required, at any time thereafter and until the Company pays such unpaid Redemption Price in full, the Holder shall
have the option, in lieu of redemption, to require the Company to promptly return to the Holder all or any portion of this
Note representing the Redemption Amount that was submitted for redemption and for which the applicable Redemption Price
(together with any Late Charges thereon) has not been paid. Upon the Company’s receipt of such notice, (x) the
applicable Redemption Notice shall be null and void with respect to such Redemption Amount and (y) the Company shall
immediately return this Note, or issue a new Note (in accordance with Section 13(d)) to the Holder representing such
Redemption Amount to be redeemed. The Holder’s delivery of a notice voiding a Redemption Notice and exercise of its
rights following such notice shall not affect the Company’s obligations to make any payments of any amount, including
Late Charges, which have accrued prior to the date of such notice with respect to the Redemption Amount subject to such
notice.

 

G. Redemption
by Other Holders. Upon the Company’s or the Parent Guarantor’s receipt of notice from or on behalf of any of
the holders of the Other Notes or the Additional Securities, if any, for redemption or repayment as a result of an event or
occurrence substantially similar to the events or occurrences described in Section 4(b) or Section 5(b) or pursuant to
analogous provisions set forth in the Other Notes, the Additional Notes or the Certificate of Designations (each, an
“Other Redemption Notice”), the Company or the Parent Guarantor (as applicable) shall promptly, but no
later than one (1) Business Day of its receipt thereof, forward to the Holder a copy of such notice. If the Company or the
Parent Guarantor receives a Redemption Notice and one or more Other Redemption Notices, during the seven (7) Business Day
period beginning on and including the date which is three (3) Business Days prior to such Person’s receipt of the
Holder’s Redemption Notice and ending on and including the date which is three (3) Business Days after such
Person’s receipt of the Holder’s Redemption Notice and the Company is unable to redeem the entire Redemption
Prices and such other amounts designated in such Redemption Notice and such Other Redemption Notices received during such
seven (7) Business Day period, then the Company shall redeem a pro rata amount from the Holder and each holder of the Other
Notes and the Additional Securities, if any, based on the Principal amount of this Note, the principal amount of the Other
Notes and the Additional Notes and/or the Stated Value of the Series A Preferred Shares submitted for redemption pursuant to
such Redemption Notice and such Other Redemption Notices received by the Company or the Parent Guarantor during such seven
(7) Business Day period.

 

SECURITY. This
Note and the Other Notes are secured to the extent and in the manner set forth in the Security Documents.

 

 

 

 

    	 	A-7	 

     

    

 

COVENANTS.

 

H. Limitation
on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.

 

1. The Parent
Guarantor shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, Incur any Indebtedness
(including Acquired Indebtedness) or issue any shares of Disqualified Stock and the Parent Guarantor shall not permit any of
its Subsidiaries to issue any shares of Preferred Stock; provided, however, such limitations shall not apply to
(collectively, “Permitted Debt”):

 

a. the Incurrence
by the Parent Guarantor or any of its Subsidiaries of Indebtedness under any Credit Facilities in an aggregate principal
amount outstanding at any time not to exceed the lesser of (i) $100.0 million and (ii) the Available Amount Basket;

 

b. the Incurrence
by the (i) Company of Indebtedness represented by the Notes, Other Notes and the Additional Company Notes, (ii) Parent
Guarantor of Indebtedness represented by the Additional Parent Guarantor Notes and (iii) Guarantors of Indebtedness
represented by the Guarantees issued with respect to the Notes, Other Notes and the Additional Notes;

 

c. Indebtedness,
Disqualified Stock and Preferred Stock existing on the Subscription Date and Series A Preferred Shares issued pursuant to the
Securities Purchase Agreement (other than Indebtedness described in clause (1) of this Section 10(a)(i));

 

d. Indebtedness
with respect to all obligations and liabilities, contingent or otherwise, in respect of letters of credit, acceptances and
similar facilities incurred in the ordinary course of business, including, without limitation, 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 employee benefits (whether current or former) or property,
casualty or liability insurance, or other Indebtedness with respect to reimbursement-type obligations regarding
workers’ compensation claims; provided, however, that upon the drawing of such letters of credit, such
obligations are reimbursed within thirty (30) days following such drawing;

 

e. Indebtedness arising from agreements
of the Company or a Guarantor providing for indemnification, adjustment of purchase price, deferred purchase price, earn-out
or similar obligations, in each case, Incurred in connection with any acquisition or disposition of any business, assets or a
Subsidiary of the Parent Guarantor or assumed, 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 any
such payment shall be deemed to be an Investment;

 

f. Indebtedness of
the Parent Guarantor to the Company or a Guarantor; provided that any subsequent issuance or transfer of any Capital
Stock or any other event which results in any such Guarantor ceasing to be a Guarantor or any other subsequent transfer of
any such Indebtedness (except to a Guarantor or the Company) shall be deemed, in each case to be an Incurrence of such
Indebtedness;

 

g. shares of
Preferred Stock of the Company or a Guarantor issued to the Company or a Guarantor; provided that any subsequent
issuance or transfer of any Capital Stock or any other event that results in the Company or any Guarantor that holds such
shares of Preferred Stock of another Guarantor ceasing to be a Guarantor or any other subsequent transfer of any such shares
of Preferred Stock (except to the Company or another Guarantor) shall be deemed, in each case, to be an issuance of shares of
Preferred Stock;

 

h. Indebtedness of
the Company or a Guarantor to the Company or another Guarantor; provided that any subsequent issuance or transfer of
any Capital Stock or any other event which results in any Guarantor lending such Indebtedness ceasing to be a Guarantor or
any other subsequent transfer of any such Indebtedness (except to the Company or another Guarantor) shall be deemed, in each
case, to be an Incurrence of such Indebtedness;

 

i. obligations in
respect of self-insurance and obligations (including reimbursement obligations with respect to letters of credit and bank
guarantees) in respect of performance, bid, appeal and surety bonds and similar instruments and performance and completion
guarantees and similar obligations provided by the Parent Guarantor or any Subsidiary, in each case, incurred in the ordinary
course of business;

 

 

 

 

    	 	A-8	 

     

    

 

j. any guarantee or
co-issuance by the Company or a Guarantor of Indebtedness or other obligations of the Company or any Guarantor so long as the
Incurrence of such Indebtedness or other obligations by the Company or such Guarantor is not prohibited under the terms of
this Note; provided that if such Indebtedness is by its express terms subordinated in right of payment to the Notes and the
Additional Notes or the Guarantee of such Guarantor, as applicable, any such guarantee or co-issuance of such Guarantor with
respect to such Indebtedness shall be subordinated in right of payment to such Guarantor’s Guarantee with respect to
the Notes and Additional Notes substantially to the same extent as such Indebtedness is subordinated to the Notes and
Additional Notes or the Guarantee of such Guarantor, as applicable;

 

k. the Incurrence
by the Company or any Guarantor of Indebtedness or Disqualified Stock or Preferred Stock of a Guarantor which serves to
refund, refinance, replace, renew, extend or defease any Indebtedness, Disqualified Stock or Preferred Stock Incurred as
permitted under clauses (2), (3) and (11) of this Section 10(a)(i) or any Indebtedness, Disqualified Stock or Preferred Stock
Incurred to so refund or refinance such Indebtedness, Disqualified Stock or Preferred Stock, including any Indebtedness,
Disqualified Stock or Preferred Stock Incurred to pay premiums (including lender premiums), defeasance costs, accrued
interest, fees and expenses in connection therewith (subject to the following proviso, “Refinancing
Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing
Indebtedness:

 

(1) has a
Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the remaining
Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded or refinanced,
replaced, renewed, extended or defeased;

 

(2) has a Stated
Maturity which is no earlier than ninety one (91) days after the Maturity Date;

 

(3) to the extent
such Refinancing Indebtedness refinances (x) Indebtedness junior to the Notes and the Additional Notes or the Guarantee of
such Guarantor, as applicable, such Refinancing Indebtedness is junior to the Notes and the Additional Notes or the Guarantee
of such Guarantor, as applicable, or (y) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified
Stock or Preferred Stock; and

 

(4) is Incurred
in an aggregate principal amount (or if issued with original issue discount, an aggregate issue price) that is equal to or
less than the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then
outstanding of the Indebtedness being refinanced plus premium and fees Incurred in connection with such refinancing;

 

l. 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 ten
(10) Business Days of its Incurrence;

 

m. Indebtedness of
the Company or any Guarantor consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations contained
in supply arrangements, in each case, in the ordinary course of business;

 

n. Indebtedness of
the Company or any Guarantor Incurred in the ordinary course of business under guarantees of Indebtedness of suppliers,
licensees, franchisees or customers;

 

o. to the extent
constituting Indebtedness, obligations in respect of (A) customer deposits and advance payments received in the ordinary
course of business, (B) letters of credit, bankers’ acceptances, guarantees or other similar instruments or obligations
issued or relating to liabilities or obligations Incurred in the ordinary course of business and (C) any customary cash
management, cash pooling or netting or setting off arrangements or automatic clearinghouse arrangements in the ordinary
course of business;

 

 

 

 

    	 	A-9	 

     

    

 

p. Indebtedness to
current or former officers, managers, consultants, directors and employees, their respective estates, spouses or former
spouses to finance the purchase or redemption of Equity Interests of the Parent Guarantor permitted by this Note;

 

q. Indebtedness in
connection with a Qualified Receivables Financing;

 

r. the incurrence
of contingent liabilities arising out of endorsements of checks, drafts and other similar instruments for deposit or
collection in the ordinary course of business;

 

s. Indebtedness of
the Parent Guarantor and its Subsidiaries, to the extent the net proceeds thereof are promptly used to purchase all of this
Note, the Other Notes and the Additional Notes in connection with a Change of Control;

 

t. Indebtedness
incurred by the Company or any Guarantor; provided, that (i) the net proceeds of such Indebtedness will be used to
prepay other outstanding Indebtedness of the Company or any Guarantor and (ii) such Indebtedness is thereafter promptly
assumed, retired or otherwise repaid by a Person (other than the Parent Guarantor or any Subsidiary) and upon such
assumption, retirement or other repayment, such Indebtedness is non-recourse to the Parent Guarantor or any Subsidiary;

 

u. Indebtedness in
respect of an acquisition permitted hereunder, which Indebtedness is not incurred in connection with such acquisition by the
Parent Guarantor or any Subsidiary in contemplation of such acquisition and such Indebtedness is existing at the time such
Person becomes a Subsidiary of the Parent Guarantor or a Guarantor (other than Indebtedness incurred solely in contemplation
of such Person becoming a Subsidiary of the Parent Guarantor or a Guarantor), in an aggregate principal amount outstanding at
any time not to exceed $20.0 million; and

 

v. Indebtedness in
respect of margin loans not to exceed $10,000,000 in the aggregate

 

2. For purposes of
determining compliance with this Section 10(a), in the event that an item of Indebtedness, Disqualified Stock or
Preferred Stock meets the criteria of more than one of the categories of Permitted Debt, the Company and Parent Guarantor
shall, in their sole discretion, divide, classify or reclassify, or later divide, classify or reclassify, such item of
Indebtedness, Disqualified Stock or Preferred Stock in any manner that complies with this Section 10(a) and such item of
Indebtedness, Disqualified Stock or Preferred Stock shall be treated as having been Incurred pursuant to only one of the
clauses in Section 10(a)(i), but may be Incurred partially under one clause and partially under one or more other clauses.
Accrual of interest, the accretion of accreted value, the amortization or accretion of original issue discount, the payment
of interest in the form of additional Indebtedness with the same terms, the payment of dividends on Preferred Stock in the
form of additional shares of Preferred Stock of the same class, the accretion of liquidation preference and increases in the
amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies shall not be deemed
to be an Incurrence of Indebtedness for purposes of this Section 10(a) or Section 10(d). Any Indebtedness under a revolving
credit or similar facility shall only be deemed to be Incurred at the time funds are borrowed. Guarantees of, or obligations
in respect of letters of credit, bankers’ acceptances or similar instruments relating to, or Liens securing,
Indebtedness which are otherwise included in the determination of a particular amount of Indebtedness shall not be included
in the determination of such amount of Indebtedness; provided, that the Incurrence of the Indebtedness represented by
such guarantee or letter of credit, as the case may be, was in compliance with this Section 10(a). Indebtedness that is cash
collateralized shall not be deemed to be Indebtedness hereunder to the extent of such cash collateralization. The principal
amount of any Disqualified Stock or Preferred Stock will be equal to the greater of the maximum mandatory redemption or
repurchase price (not including, in either case, any redemption or repurchase premium) or the liquidation preference
thereof.

 

 

 

 

    	 	A-10	 

     

    

 

I. Limitation
on Restricted Payments.

 

1. The Parent
Guarantor shall not, and shall not permit any of its Subsidiaries to, directly or indirectly:

 

a. declare or pay
any dividend or make any distribution on account of the Parent Guarantor’s or any of its Subsidiaries’ Equity
Interests, including any payment made in connection with any merger or consolidation involving the Parent Guarantor (other
than (A) dividends, payments or distributions by the Parent Guarantor payable solely in Equity Interests (other than
Disqualified Stock) of the Parent Guarantor or in options, warrants or other rights to purchase such Equity Interests, or (B)
dividends, payments or distributions by a Subsidiary so long as, in the case of any dividend, payment or distribution payable
on or in respect of any class or series of securities issued by a Subsidiary other than a Subsidiary of the Parent Guarantor
that is a Wholly Owned Subsidiary of the Parent Guarantor, the Parent Guarantor or a 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);

 

b. purchase or
otherwise acquire or retire for value any Equity Interests of the Parent Guarantor held by any Person other than the Parent
Guarantor or a Subsidiary;

 

c. make any
principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case prior to any
scheduled repayment or scheduled maturity, any Subordinated Indebtedness (other than the payment, redemption, repurchase,
defeasance, acquisition or retirement of (A) Subordinated Indebtedness in anticipation of satisfying a sinking fund
obligation, principal installment or final maturity, in each case due within one year of the date of such payment,
redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under clauses (6) and (8) of
Section 10(a)(ii)); or

 

d. 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”).

 

2. The provisions
of Section 10(b)(i) shall not prohibit:

 

a. the payment of
any dividend or distribution or the consummation of any irrevocable redemption within sixty (60) days after the date of
declaration thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration such payment or
the giving of such notice would have complied with the provisions of this Note (assuming, in the case of a redemption
payment, the giving of such notice would have been deemed a Restricted Payment at such time and such deemed Restricted
Payment would have been permitted at such time);

 

b. (A) the redemption,
repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”) of the Parent
Guarantor or Subordinated Indebtedness of the Company or any Guarantor in exchange for (including any such exchange pursuant to
the exercise of a conversion right or privilege in connection with which cash is paid in lieu of fractional shares), or out of
the proceeds of the substantially concurrent sale of, Equity Interests of the Parent Guarantor or contributions to the equity capital
of the Parent Guarantor (other than any Disqualified Stock or any Equity Interests sold to a Guarantor or to an employee stock
ownership plan or any trust established by the Company or any Guarantor to the extent funded by the Parent Guarantor and its Subsidiaries)
(collectively, including any such contributions, “Refunding Capital Stock”); and (B) the declaration and payment
of accrued dividends on the Retired Capital Stock out of the proceeds of the substantially concurrent sale (other than to a Subsidiary
of the Parent Guarantor or to an employee stock ownership plan or any trust established by the Parent Guarantor or any of its Subsidiaries)
of Refunding Capital Stock;

 

c. the redemption,
defeasance, repurchase or other acquisition or retirement of (x) Subordinated Indebtedness of the Company or any Guarantor
made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Company or any
Guarantor or (y) Disqualified Stock of the Company or any Guarantor made in exchange for, or out of the proceeds of a
substantially concurrent sale of, Disqualified Stock of the Company or any Guarantor, in either case which constitutes
Refinancing Indebtedness under Section 10(a)(i)(11);

 

 

 

 

    	 	A-11	 

     

    

 

d. the repurchase,
retirement or other acquisition or retirement for value of Equity Interests of the Parent Guarantor held by any future,
present or former employee, director or consultant of the Parent Guarantor or any Subsidiary of the Parent Guarantor (or the
relevant Person’s estate or beneficiary of such Person’s estate) pursuant to any management equity plan or stock
option plan or any other management or employee benefit plan or other agreement or arrangement; provided, however,
that the aggregate amounts paid under this clause (4) do not exceed $2.5 million in any calendar year (with unused amounts in
any calendar year being permitted to be carried over for succeeding calendar years up to a maximum of $5.0 million in the
aggregate in any calendar year);

 

e. (a) the declaration
and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Parent Guarantor or Disqualified
Stock or Preferred Stock of the Company or any Guarantor and (b) the payment of any redemption price or liquidation value of any
such Disqualified Stock or Preferred Stock when due in accordance with its terms, in each case, Incurred in accordance with Section
10(a);

 

f. the declaration
and payment of dividends or other distributions or payments to holders of Series A Preferred Shares, Series A Warrants or
Series B Warrants pursuant to their terms;

 

g. other Restricted
Payments in an aggregate amount since the Original Issuance Date not to exceed the greater of (x) $10.0 million and (y) 2.5%
of Total Assets at the time of such Restricted Payment;

 

h. repurchases of
Equity Interests deemed to occur upon exercise of stock options or warrants or other rights if such Equity Interests
represent a portion of the exercise price of such options or warrants and payments in cash in lieu of the issuance of
fractional shares;

 

i. purchases of
receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Financing and the
payment or distribution of Receivables Fees;

 

j. the payment,
purchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Indebtedness, Disqualified
Stock or Preferred Stock of the Company or a Guarantor pursuant to provisions similar to those described under Section 5(b); provided
that, prior to or concurrently with such payment, purchase, redemption, defeasance or other acquisition or retirement for
value, the Company (or a third party to the extent permitted by this Note) have satisfied all obligations pursuant to Section
5(b); and

 

k. distributions or
payments of Receivables Fees, sales contributions and other transfers of and purchases of assets pursuant to repurchase
obligations, in each case in connection with a Qualified Receivables Financing;

 

l. the making of
any Restricted Payment in exchange for, or out of or with the net cash proceeds from the substantially concurrent
contribution to the common equity of the Parent Guarantor or from the substantially concurrent sale (other than to a
Subsidiary of the Parent Guarantor) of, Equity Interests (other than Disqualified Stock) of the Parent Guarantor; and

 

m. the payment of
cash in lieu of the issuance of fractional shares of Equity Interests in connection with any dividend or split of, or upon
exercise or conversion of warrants, options or other securities exercisable or convertible into, Equity Interests of the
Parent Guarantor or in connection with the issuance of any dividend otherwise permitted to be made.

 

3. For purposes of
this Section 10(b), if any Investment or Restricted Payment would be permitted pursuant to one or more provisions described
above and/or one or more of the exceptions contained in the definition of “Permitted Investments,” the Company
and the Parent Guarantor may classify such Investment or Restricted Payment in any manner that complies with this covenant
and may later reclassify any such Investment or Restricted Payment so long as such Investment or Restricted Payment (as so
reclassified) would be permitted to be made in reliance on the applicable exception as of the date of such
reclassification.

 

 

 

 

    	 	A-12	 

     

    

 

J. Guarantees.
The Parent Guarantor may cause any Subsidiary to execute and deliver to the Holder and the holders of the Other Notes, a
Guarantee Agreement in the form of Exhibit E attached to the Securities Purchase Agreement pursuant to which such Subsidiary
shall guarantee payment of the Notes.

 

K. Limitation
on Liens.

 

1. Neither the
Parent Guarantor nor any of its Subsidiaries may issue, assume or guarantee any Indebtedness secured by a Lien (other than a
Permitted Lien) upon any asset or property of the Parent Guarantor or such Subsidiary or on any evidences of Indebtedness or
shares of Capital Stock of, or other ownership interests in, any Subsidiary (regardless of whether the asset, property,
Indebtedness, Capital Stock or ownership interests were acquired before or after the date hereof).

 

2. For purposes of
this Section 10(d), if any Lien would be permitted pursuant to one or more of the exceptions contained in the definition of
“Permitted Lien,” the Company and the Parent Guarantor may classify such Lien in any manner that complies with
this covenant and may later reclassify any such Lien so long as such Lien (as so reclassified) would be permitted to be made
in reliance on the applicable exception as of the date of such reclassification.

 

L. Notices.
The Company shall promptly, but in any event within one (1) Business Day, notify the Holder in writing whenever an Event of
Default (an “Event of Default Notice”) occurs, and, to the extent required pursuant to Section 24, the
Parent Guarantor shall simultaneously with the delivery of such notice to the Holder, file a Current Report on Form 8-K with
the SEC to state such fact.

 

M. Minimum
Cash Covenants. The Parent Guarantor (not including its Subsidiaries) shall maintain on deposit unrestricted and
unencumbered cash and/or Marketable Securities in an aggregate amount equal to not less than $25,000,000. In addition,
Subsidiaries of the Parent Guarantor, other than (x) Acacia Research Group, LLC (“ARG”) and (y) the
Subsidiary of the Parent Guarantor, other than ARG, that holds the greatest amount of unrestricted and unencumbered cash and
or Marketable Securities, shall maintain on deposit unrestricted and unencumbered cash and/or Marketable Securities in an
aggregate amount equal to not less than $25,000,000.

 

N. Non-Guarantor
Subsidiaries.

 

1. The Parent
Guarantor shall not permit any of its Subsidiaries that are not Guarantors (“Non-Guarantor Subsidiaries”)
to, directly or indirectly:

 

a. Incur any
Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Stock and the Parent Guarantor shall not
permit any of the Non-Guarantor Subsidiaries to issue any shares of Preferred Stock;

 

b. assume or
guarantee any Indebtedness secured by a Lien upon any asset or property of such Non-Guarantor Subsidiary or on any evidences
of Indebtedness or shares of Capital Stock of, or other ownership interests in, any Non-Guarantor Subsidiary (regardless of
whether the asset, property, Indebtedness, Capital Stock or ownership interests were acquired before or after the date
hereof);

 

c. hire any
employees or enter into any leases, except (i) if done by ARG in the ordinary course of business or (ii) if required by
applicable law; and

 

 

 

 

    	 	A-13	 

     

    

 

d. Except for ARG,
engage in any business activities or have any material properties or liabilities, other than (i) activities related to the
maintenance of its corporate existence, (ii) activities related to their ordinary course activities of purchasing
Intellectual Property, (iii) activities related to their ordinary course activities of retaining legal counsel to represent
such non-guarantor subsidiary as a plaintiff in Intellectual Property litigation, (iv) activities to comply with applicable
law, (v) transactions among the Parent Guarantor and its Subsidiaries in their ordinary course of business, (vi) with respect
to AMO Holdco LLC, Viamet Holdco LLC and Malin J1 Limited, holding the assets and being party to those agreements listed on
Schedule F of that certain Second Supplemental Agreement, dated as of March [●], 2021, by and among Parent Guarantor,
the Company, certain of other direct and indirect subsidiaries of the Parent Guarantor, Starboard Value LP and Starboard
Value Intermediate Fund LP, and such other assets that AMO Holdco LLC and Viamet Holdco LLC may hold as a result of
dividends, distributions or similar corporate transactions that AMO Holdco LLC, Viamet Holdco LLC and Malin J1 Limited may be
entitled to as a result of holding such assets or ordinary course activities related to holding such assets, and (vii)
activities, liabilities and properties incidental to the foregoing clauses (i) through (iv), with all such liabilities in
total not to exceed an aggregate of $5,000,000 among all non-guarantor subsidiaries as a whole and $1,000,000 for each
non-guarantor subsidiary individually, excluding legal and professional fees and royalty sharing
arrangements accrued in the ordinary course of the patent assertion business.

 

2. ARG may maintain
a balance of Cash and Marketable Securities of no more than $10,000,000 solely in order to conduct its ordinary course
business activities.

 

O. Investment
Company Status. Between six (6) Business Days and four (4) Business Days prior to the end of each fiscal quarter
beginning with the fiscal quarter ended June 30, 2021, the Parent Guarantor shall deliver a certificate signed by an
executive officer of the Parent Guarantor to the Holder certifying that the Company reasonably expects that, following the
delivery of the Parent Guarantor’s financial statements for such quarter, neither the Parent Guarantor nor any
subsidiary of the Parent Guarantor will be an “investment company,” a company controlled by an “investment
company” or an “affiliated person” of, or “promoter” or “principal underwriter”
for, an “investment company”, in each case as such terms are defined in the Investment Company Act of 1940, as
amended.

 

VOTE TO ISSUE, OR
CHANGE THE TERMS OF, NOTES. The affirmative vote of the Required Holders at a meeting duly called for such purpose or the written
consent without a meeting of the Required Holders, voting together as a single class, shall be required for any change or amendment
or waiver of any provision to this Note, any of the Other Notes or any of the Additional Company Notes. Any change, amendment or
waiver by the Company and the Required Holders shall be binding on the Holder of this Note and all holders of the Other Notes and
the Additional Company Notes. No consideration shall be offered or paid to any of the holders of Notes or Additional Company Notes
to amend or waive or modify any provision of the Notes, unless the same consideration (other than the reimbursement of legal fees)
is also offered to all of the holders of Notes and Additional Notes. This provision constitutes a separate right granted to each
of the holders of Notes and Additional Notes by the Company and shall not in any way be construed as such holders acting in concert
or as a group with respect to the purchase, disposition or voting of securities or otherwise.

 

TRANSFER. The
Holder may offer, sell, assign or transfer all or any portion of this Note and the accompanying rights hereunder without the consent
of the Company, subject only to the provisions of Section 2(f) of the Securities Purchase Agreement.

 

REISSUANCE OF THIS
NOTE.

 

P. Transfer.
If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company will within
five (5) Business Days of such surrender, issue and deliver upon the order of the Holder a new Note (in accordance with
Section 13(d) and subject to Section 3), registered as the Holder may request, representing the outstanding Principal being
transferred by the Holder and, if less than the entire outstanding Principal is being transferred, a new Note (in accordance
with Section 13(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee,
by acceptance of this Note, acknowledge and agree that, by reason of the provisions of Section 3 following cancellation
pursuant to Section 26 or redemption of any portion of this Note, the outstanding Principal represented by this Note may be
less than the Principal stated on the face of this Note.

 

 

 

 

    	 	A-14	 

     

    

 

Q. Lost,
Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form (but without any obligation to post a surety or other bond) and,
in the case of mutilation, upon surrender and cancellation of this Note, the Company shall execute and deliver to the Holder
a new Note (in accordance with Section 13(d)) representing the outstanding Principal within five (5) Business Days of receipt
of such evidence.

 

R. Note
Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Note or Notes within five (5) Business Days of such surrender (in accordance with
Section 13(d)) representing in the aggregate the outstanding Principal of this Note, and each such new Note will represent
such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

 

S. Issuance of
New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new Note (i)
shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal
remaining outstanding (or in the case of a new Note being issued pursuant to Section 13(a) or Section 13(c), the Principal
designated by the Holder which, when added to the principal represented by the other new Notes issued in connection with such
issuance, does not exceed the Principal remaining outstanding under this Note immediately prior to such issuance of new
Notes), (iii) shall have an issuance date, as indicated on the face of such new Note, which is the same as the Issuance Date
of this Note, (iv) shall have the same rights and conditions as this Note, and (v) shall represent accrued and unpaid
Interest and Late Charges, if any, on the Principal and Interest of this Note, from the Issuance Date.

 

REMEDIES, CHARACTERIZATIONS,
OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall be cumulative and in addition to
all other remedies available under this Note and any of the other Transaction Documents at law or in equity (including a decree
of specific performance and/or other injunctive relief). No remedy contained herein shall be deemed a waiver of compliance with
the provisions giving rise to such remedy. Nothing herein shall limit the Holder’s right to pursue actual and consequential
damages for any failure by the Company or the Parent Guarantor to comply with the terms of this Note. The Company and the Parent
Guarantor covenant to the Holder that there shall be no characterization concerning this instrument other than as expressly provided
herein. Amounts set forth or provided for herein with respect to payments, redemption and the like (and the computation thereof)
shall be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation
of the Company or the Parent Guarantor (or the performance thereof). Each of the Company and the Parent Guarantor acknowledges
that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such
breach may be inadequate. The Company and the Parent Guarantor therefore agree that, in the event of any such breach or threatened
breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without
the necessity of showing economic loss and without any bond or other security being required.

 

PAYMENT OF COLLECTION,
ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection or enforcement or is collected
or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts due under this Note or to enforce
the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership of the Company or the Parent Guarantor
or other proceedings affecting Company creditors’ rights or the Parent Guarantor creditors’ rights and involving a
claim under this Note, then the Company shall pay (and the Parent Guarantor shall cause the Company to pay) the costs incurred
by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or
other proceeding, including, but not limited to, attorneys’ fees and disbursements.

 

CONSTRUCTION; HEADINGS.
This Note shall be deemed to be jointly drafted by the Company and the Parent Guarantor and all the Buyers and shall not be construed
against any Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of,
or affect the interpretation of, this Note.

 

 

 

 

    	 	A-15	 

     

    

 

FAILURE OR INDULGENCE
NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privilege.

 

DISPUTE RESOLUTION.
In the case of a dispute as to the arithmetic calculation of any Redemption Price, the Company shall pay the applicable Redemption
Price that is not disputed, and the Company shall submit the disputed arithmetic calculations within two (2) Business Days of the
delivery of the Redemption Notice or other event giving rise to such dispute, as the case may be, to the Holder. If the Holder
and the Company are unable to agree upon such determination or calculation within three (3) Business Days of such disputed arithmetic
calculation being submitted to the Holder, then the Company shall, within two (2) Business Days submit the disputed arithmetic
calculation of any Redemption Price to an independent, outside accountant, selected by the Holder and approved by the Company,
such approval not to be unreasonably withheld, conditioned or delayed. The Company, at its expense, shall cause the accountant
to perform the calculations and notify the Company and the Holder of the results no later than five (5) Business Days from the
time it receives the disputed calculations. Such accountant’s calculation shall be binding upon all parties absent demonstrable
error.

 

NOTICES; PAYMENTS.

 

T. Notices.
Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in
accordance with Section 9(f) of the Securities Purchase Agreement. The Company or the Parent Guarantor (as applicable) shall
provide the Holder with prompt written notice of all actions taken pursuant to this Note, including in reasonable detail a
description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company or the
Parent Guarantor (as applicable) shall give written notice to the Holder at least ten (10) Business Days prior to the date on
which the Company or the Parent Guarantor (as applicable) closes its books or takes a record (A) with respect to any dividend
or distribution upon the Common Stock, (B) with respect to any pro rata subscription offer to holders of Common Stock or (C)
for determining rights to vote with respect to any Fundamental Transaction or Liquidation Event.

 

U. Payments.
Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, such payment shall be made in
lawful money of the United States of America via wire transfer of immediately available funds to an account designated by the
Holder; provided, that the Holder, upon written notice to the Company, may elect to receive a payment of cash in
lawful money of the United States of America by a check drawn on the account of the Company and sent via overnight courier
service to such Person at such address as previously provided to the Company in writing (which address, in the case of each
of the Buyers, shall initially be as set forth on the Schedule of Buyers attached to the Securities Purchase Agreement).
Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business Day, the same
shall instead be due on the next succeeding day which is a Business Day. Any amount due under the Transaction Documents which
is not paid when due shall result in a late charge being incurred and payable by the Company in an amount equal to interest
on such amount at the rate of six percent (6.0%) per annum from the date such amount was due until the same is paid in full
(“Late Charge”).

 

CANCELLATION.
After all Principal, any accrued Interest and any other amounts at any time owed on this Note have been paid in full, this Note
shall automatically be deemed canceled and shall not be reissued, sold or transferred.

 

WAIVER OF NOTICE.
To the extent permitted by law, the Company and the Parent Guarantor hereby waive demand, notice, protest and all other demands
and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note.

 

 

 

 

    	 	A-16	 

     

    

 

GOVERNING LAW; JURISDICTION;
JURY TRIAL. This Note shall be governed by and construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of New
York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any
other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each of
the Company and the Parent Guarantor hereby irrevocably (i) submits to the exclusive jurisdiction of the state and federal courts
sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper, and
(ii) irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to the Company and the Parent Guarantor at the address set forth with respect to the Parent Guarantor
in Section 9(f) of the Securities Purchase Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other
legal action against the Company or the Parent Guarantor in any other jurisdiction to collect on the Company’s or the Parent
Guarantor’s obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce
a judgment or other court ruling in favor of the Holder. EACH OF THE COMPANY AND PARENT GUARANTOR HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

Severability.
If any provision of this Note is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Note so long as this Note as so modified continues to express, without material
change, the original intentions of the Company, the Parent Guarantor and the Holder as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the Company, the Parent Guarantor or the Holder or the practical realization of the benefits that
would otherwise be conferred upon the Company, the Parent Guarantor or the Holder. The Company, the Parent Guarantor and the Holder
will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

DISCLOSURE. Except
if an individual affiliated with the Holder serves on the Board, including pursuant to the Governance Agreement, upon receipt or
delivery by the Parent Guarantor of any notice in accordance with the terms of this Note, unless the Parent Guarantor has in good
faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the Parent
Guarantor or any of its Subsidiaries, the Parent Guarantor shall contemporaneously with any such receipt or delivery publicly disclose
such material, nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Parent Guarantor believes
that a notice contains material, nonpublic information relating to the Parent Guarantor or any of its Subsidiaries, the Parent
Guarantor so shall indicate to the Holder contemporaneously with delivery of such notice, and in the absence of any such indication,
the Holder shall be allowed to presume that all matters relating to such notice do not constitute material, nonpublic information
relating to the Parent Guarantor or any of its Subsidiaries.

 

USURY. This Note
is subject to the express condition that at no time shall the Company be obligated or required to pay interest hereunder at a rate
or in an amount which could subject the Holder to either civil or criminal liability as a result of being in excess of the maximum
interest rate or amount which the Company is permitted by applicable law to contract or agree to pay. If by the terms of this Note,
the Company is at any time required or obligated to pay interest hereunder at a rate or in an amount in excess of such maximum
rate or amount, the rate or amount of interest under this Note shall be deemed to be immediately reduced to such maximum rate or
amount and the interest payable shall be computed at such maximum rate or be in such maximum amount and all prior interest payments
in excess of such maximum rate or amount shall be applied and shall be deemed to have been payments in reduction of the principal
balance of this Note.

 

 

 

 

    	 	A-17	 

     

    

 

CANCELLATION IN CONNECTION
WITH SERIES B WARRANT EXERCISE. All or any portion of the Principal amount outstanding under this Note may, at the election
of the Holder, in its sole and absolute discretion, be surrendered to the Company from time to time for cancellation in payment
of the Other Exercise Price in accordance with the terms of the Series B Warrants. Any (A) accrued and unpaid Interest with respect
to the Principal amount cancelled pursuant to the immediately preceding sentence and (B) accrued and unpaid Late Charges, if any,
with respect to such Principal and Interest, shall be paid in cash by wire transfer of immediately available funds pursuant to
wire instructions provided by the Holder in writing to the Company on the applicable Share Delivery Date (as defined in the Series
B Warrants) and shall not be cancelled in payment of the Other Exercise Price upon exercise of the Series B Warrants.

 

CERTAIN DEFINITIONS.
For purposes of this Note, the following terms shall have the following meanings:

 

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

 

1. Indebtedness of
any other Person existing at the time such other Person (a) is merged with or into (or consolidated or otherwise combined
with the Parent Guarantor or any Subsidiary) or (b) became a Subsidiary of such specified Person, and

 

2. Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person,

in each case, including
Indebtedness Incurred as consideration in, in contemplation of, or to provide all or any portion of the funds or credit support
utilized to consummate, the transaction or series of related transactions pursuant to which such Subsidiary became a Subsidiary
or was otherwise acquired by such Person, or such asset was acquired by such Person, as applicable.

 

W.“Additional
Closing Date” shall have the meaning ascribed to such term in the Securities Purchase Agreement.

 

X.“Additional
Company Notes” means: (i) all Senior Secured Notes, if any, issued by the Company pursuant to the Securities Purchase
Agreement on an Additional Closing Date that is not the Issuance Date, (ii) all Senior Secured Notes, if any, issued by the Company
in an Exchange (as defined in the Certificate of Designations).

 

Y.“Additional
Notes” means the Additional Company Notes and the Additional Parent Guarantor Notes.

 

Z.“Additional
Parent Guarantor Notes” means: (i) all Senior Secured Notes, if any, issued by the Parent Guarantor pursuant to the Securities
Purchase Agreement on an Additional Closing Date that is not the Issuance Date, (ii) all Senior Secured Notes, if any, issued by
the Parent Guarantor in an Exchange (as defined in the Certificate of Designations) and (iii) all Stockholders Notes.

 

AA.“Additional
Securities” means (i) the Additional Notes and (ii) all Series A Preferred Shares issued by the Parent Guarantor pursuant
to the Securities Purchase Agreement on the Initial Closing Date.

 

BB.“Affiliate”
shall have the meaning ascribed to such term in Rule 405 of the Securities Act.

 

CC.“Approved
Investment” shall have the meaning ascribed to such term in the Securities Purchase Agreement.

 

DD.“Available
Amount Basket” means an amount equal to (i) $100,000,000 minus (ii) the amount of (A) Permitted Debt then outstanding
incurred pursuant to Section 10(a)(i)(1) or Section 10(a)(i)(22), (B) the cumulative amount of all liabilities of any Non-Guarantor
Subsidiaries, including any liabilities of such Non-Guarantor Subsidiaries appearing on the balance sheet of the Parent Guarantor
as of the latest date for which financial statements are available and any liabilities of any Non-Guarantor Subsidiaries to the
Parent Guarantor or any other Subsidiary of the Parent Guarantor and (C) the aggregate amount of cash, Cash Equivalents and Marketable
Securities held by Non-Guarantor Subsidiaries.

 

 

 

 

    	 	A-18	 

     

    

 

EE.“Board”
means the Board of Directors of the Parent Guarantor.

 

FF.“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

GG.“Buyer”
shall have the meaning ascribed to such term in the Securities Purchase Agreement.

 

HH.“Capital
Stock” means:

 

1. in the case of a
corporation, corporate stock;

 

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

 

3. in the case of a
partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

4. 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.

 

II.“Cash Equivalents”
means:

 

1. U.S. Dollars,
pounds sterling, euros, the national currency of any participating member state of the European Union or, in the case of any
foreign Subsidiary, such local currencies held by it from time to time in the ordinary course of business;

 

2. securities
issued or directly and fully guaranteed or insured by the government of the United States or any country that is a member of
the European Union or any agency or instrumentality thereof in each case with maturities not exceeding two (2) years from the
date of acquisition;

 

3. certificates of
deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition,
bankers’ acceptances, in each case with maturities not exceeding one year, and overnight bank deposits, in each case
with any commercial bank having capital and surplus in excess of $500 million, or the foreign currency equivalent thereof,
and whose long-term debt is rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably
equivalent ratings of another internationally recognized ratings agency);

 

4. repurchase
obligations for underlying securities of the types described in clauses (ii) and (iii) above entered into with any financial
institution meeting the qualifications specified in clause (iii) above;

 

5. commercial paper
issued by a corporation (other than an Affiliate of the Parent Guarantor) rated at least “A-1” or the equivalent
thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency)
and in each case maturing within one year after the date of acquisition;

 

6. readily
marketable direct obligations issued by any state of the United States of America or any political subdivision thereof having
one of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of
another internationally recognized ratings agency) in each case with maturities not exceeding two (2) years from the date of
acquisition;

 

 

 

 

    	 	A-19	 

     

    

 

7. Indebtedness
issued by Persons with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s
in each case with maturities not exceeding two (2) years from the date of acquisition; and

 

8. investment funds
investing at least 95% of their assets in securities of the types described in clauses (i) through (vii) above.

 

JJ.“Certificate
of Designations” has the meaning ascribed to such term in the Securities Purchase Agreement.

 

KK.“Change
of Control” means any Fundamental Transaction, other than (i) an Approved Investment, (ii) any reorganization, recapitalization
or reclassification of Common Stock in which holders of the Parent Guarantor’s voting power immediately prior to such reorganization,
recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly
traded securities and, directly or indirectly, are, in all material respects, the holders of the voting power of the surviving
entity (or entities with the authority or voting power to elect the members of the board of directors (or their equivalent if other
than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification or (iii) pursuant
to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Parent Guarantor; provided,
however, that a Change of Control will be deemed not to have occurred if ninety percent (90%) or more of the consideration
in the transaction or transactions which otherwise would constitute a Change of Control consists of shares of common stock, depositary
receipts or other certificates representing common equity interests traded or to be traded immediately following such transaction
on an Eligible Market.

 

LL.“Collateral”
shall have the meaning ascribed to such term in the Security Documents.

 

MM.“Collateral
Agent” shall have the meaning ascribed to such term in the Securities Purchase Agreement.

 

NN.“Common
Stock” means (i) the Parent Guarantor’s shares of common stock, par value $0.001 per share and (ii) any
capital stock into which such Common Stock shall be changed or any capital stock resulting from a reorganization, recapitalization
or reclassification of such Common Stock.

 

OO.“Consolidated”
means, when used to modify a financial term, test, statement, or report of a Person, the application or preparation of such term,
test, statement or report (as applicable) based upon the consolidation, in accordance with GAAP, of the financial condition or
operating results of such Person and its Subsidiaries.

 

PP.“Credit
Facilities” means one or more debt facilities or other financing arrangements (including, without limitation, commercial
paper facilities or indentures) providing for revolving credit loans, term loans, letters of credit or other long-term indebtedness,
including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith,
and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or
credit facilities or commercial paper facilities 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
permitted to be borrowed thereunder or alters the maturity thereof or adds Subsidiaries as additional borrowers or guarantors thereunder
and whether by the same or any other agent, lender or group of lenders.

 

QQ.“Customary
Intercreditor Agreement” means (a) to the extent executed in connection with the incurrence or assumption of secured
Indebtedness, the Liens on the Collateral securing such Indebtedness which are intended to rank equal in priority to the Liens
on the Collateral securing the Securities and the Guarantees (but without regard to the control of remedies), a customary intercreditor
agreement in form and substance reasonably acceptable to the Required Holders and the Company, which agreement shall provide that
the Liens on the Collateral securing such Indebtedness shall rank equal in priority to the Liens on the Collateral securing the
Securities and the Guarantees (but without regard to the control of remedies) and (b) to the extent executed in connection
with the incurrence or assumption of secured Indebtedness, the Liens on the Collateral securing such Indebtedness which are intended
to rank junior (or senior, as applicable) in priority to the Liens on the Collateral securing the Securities and the Guarantees,
a customary intercreditor agreement in form and substance reasonably acceptable to the Required Holders and the Company, which
agreement shall provide that the Liens on the Collateral securing such Indebtedness shall rank junior (or senior, as applicable)
in priority to the Lien on the Collateral securing the Securities and the Guarantees.

 

 

 

 

    	 	A-20	 

     

    

 

RR.“Designee”
means Starboard Value LP or any of its Affiliates.

 

SS.“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:

 

1. matures or is
mandatorily redeemable for cash or in exchange for Indebtedness, pursuant to a sinking fund obligation or otherwise (other
than as a result of a change of control or asset sale; provided that the relevant asset sale or change of control
provisions, taken as a whole, are no more favorable in any material respect to holders of such Capital Stock than the asset
sale and change of control provisions applicable to the Notes and the Additional Notes and any purchase requirement triggered
thereby may not become operative until (or contemporaneously with) compliance with the asset sale and change of control
provisions applicable to the Notes and the Additional Notes (including the purchase of any Notes and Additional Notes
tendered pursuant thereto)),

 

2. is convertible
or exchangeable for Indebtedness or Disqualified Stock at the option of the holder thereof, or

 

3. is redeemable at
the option of the holder thereof, in whole or in part,

 

in each case prior to
ninety one (91) days after the maturity date of the Notes and the Additional Notes; provided, however, that only
the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable
at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided, further,
however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Parent
Guarantor, the Company or any of their respective 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 Parent Guarantor or the Company in
order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability;
provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy
its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock.

 

TT. “Eligible
Market” means the Principal Market, The New York Stock Exchange, The Nasdaq Capital Market, The Nasdaq Global Market,
the NYSE American, the London Stock Exchange, including the AIM, or the Euronext Stock Exchange.

 

UU.“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 other than the Stockholders Notes).

 

VV.“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

WW.“Exchange
Agreement” means that certain Exchange Agreement dated as of June 30, 2020 by and among the Company, the Parent Guarantor
and the Designee.

 

XX.“Exchanged
Notes” means those certain senior secured notes issued by the Parent Guarantor pursuant to the Securities Purchase Agreement
on the Original Issuance Date that were exchanged for the Notes by the holders thereof on the Issuance Date.

 

YY.“Fair Market
Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length, free
market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or
compulsion to complete the transaction, as determined by the Company in its good faith discretion. “Fair Market Value”
may be (but need not be) conclusively established by means of resolutions of the Board setting out such Fair Market Value as determined
by the Board in good faith.

 

 

 

 

    	 	A-21	 

     

    

 

ZZ.“Finance
Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect
of a finance 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 as in effect as of the applicable time of determination.

 

AAA.
“Fundamental Transaction” means (A) that the Parent Guarantor or the Company shall, directly or
indirectly, including through Subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidate or
merge with or into (whether or not the Parent Guarantor or the Company is the surviving corporation) another Subject Entity,
or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the
Parent Guarantor, the Company or any of their respective “significant subsidiaries” (as defined in Rule 1-02 of
Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow
the Parent Guarantor or the Company to be subject to or have its Common Stock be subject to or party to one or more Subject
Entities making, a purchase, tender or exchange offer that is accepted by the holders of more than either (x) 50% of the
outstanding shares of Common Stock, (y) 50% of the outstanding shares of Common Stock calculated as if any shares of Common
Stock held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such
purchase, tender or exchange offer were not outstanding; or (z) such number of shares of Common Stock such that all Subject
Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange
offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the
outstanding shares of Common Stock, or (iv) consummate a stock purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities
whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) more than 50% of the outstanding
shares of Common Stock, (y) more than 50% of the outstanding shares of Common Stock calculated as if any shares of Common
Stock held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such
stock purchase agreement or other business combination were not outstanding; or (z) such number of shares of Common Stock
such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of
more than 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its Common Stock, (B)
that the Parent Guarantor or the Company shall, directly or indirectly, including
through Subsidiaries, Affiliates or otherwise, in one or more related transactions, allow any Subject Entity
individually or the Subject Entities in the aggregate to be or become the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, whether through acquisition, purchase, assignment,
conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation, business
combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or
reclassification or otherwise in any manner whatsoever, of either (x) more than 50% of the aggregate ordinary voting power
represented by issued and outstanding shares of Common Stock, (y) more than 50% of the aggregate ordinary voting power
represented by issued and outstanding shares of Common Stock not held by all such Subject Entities as of the Subscription
Date calculated as if any shares of Common Stock held by all such Subject Entities were not outstanding, or (z) a percentage
of the aggregate ordinary voting power represented by issued and outstanding shares of Common Stock or other equity
securities of the Parent Guarantor or the Company, as applicable, sufficient to allow such Subject Entities to effect a
statutory short form merger or other transaction requiring other stockholders of the Parent Guarantor or the Company, as
applicable, to surrender their shares of Common Stock without approval of the stockholders of the Parent Guarantor or the
Company, as applicable, or (C) that the Parent Guarantor or the Company shall, directly or indirectly, including through
Subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other
instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which
case this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of
this definition to the extent necessary to correct this definition or any portion of this definition which may be defective
or inconsistent with the intended treatment of such instrument or transaction.

 

BBB.
“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements
and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant
segment of the accounting profession, in the United States, consistently applied during the periods involved. For the
avoidance of doubt the terms “consolidated” and “Consolidated” with respect to any Person shall mean
such Person consolidated with its Subsidiaries.

 

 

 

 

    	 	A-22	 

     

    

 

CCC.
“Governance Agreement” shall have the meaning ascribed to such term in the Securities Purchase
Agreement.

 

DDD.
“Group” means a “group” as that term is used in Section 13(d) of the Exchange Act and as
defined in Rule 13d-5 thereunder.

 

EEE.
“Guarantee” shall have the meaning ascribed to such term in the Securities Purchase Agreement.

 

FFF.
“Guarantor” shall have the meaning ascribed to such term in the Securities Purchase Agreement. For the
avoidance of doubt, as of the Issuance Date the Parent Guarantor is the sole Guarantor.

 

GGG.
“Hedging Obligations” means, with respect to any Person, the obligations of such Person under (1) 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 (2) other agreements or arrangements designed to protect
such Person against fluctuations in currency exchange, interest rates or commodity prices.

 

HHH.
“Incur” (including, with correlative meaning, the term “Incurrence”) means issue,
assume, guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or
Equity Interests of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation,
acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary.

 

III.
“Indebtedness” means, with respect to any Person, without duplication: (1) the principal and premium (if
any) of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money, (b) evidenced by bonds,
notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication,
reimbursement agreements in respect thereof), with the amount of letters of credit and bankers’ acceptances being the
amount equal to the amount available to be drawn, (c) representing the deferred and unpaid purchase price of any property
(except trade payables and similar obligations) which purchase price is due more than one year after the later of the date of
placing the property in service or taking delivery and title thereto, or (d) in respect of Finance Lease Obligations, if and
to the extent that any of the foregoing indebtedness (other than letters of credit) would appear as a liability on a balance
sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP as in effect on the applicable date
of determination; (2) to the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as
obligor, guarantor or otherwise, on the Indebtedness of another Person (other than by endorsement of negotiable instruments
for collection in the ordinary course of business); and (3) to the extent not otherwise included, the principal component of
Indebtedness of another Person secured by a Lien on any asset owned by such Person (whether or not such Indebtedness is
assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the
Fair Market Value of such asset at such date of determination, and (b) the amount of such Indebtedness of such other
Person.

 

JJJ.
“Initial Closing Date” shall have the meaning ascribed to such term in the Securities Purchase
Agreement.

 

KKK. “Intellectual
Property” has the meaning ascribed to such term in the Security Agreement.

 

LLL.
“Interest Rate” means 6.00% per annum, subject to adjustment as set forth in Section 2.

 

MMM.
“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 (excluding accounts
receivable, trade credit and advances to customers and suppliers and commission, travel and similar advances to officers,
employees and consultants 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.

 

 

 

 

    	 	A-23	 

     

    

 

NNN. “Investment Grade
Securities” means:

 

1. securities
issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other
than Cash Equivalents) and in each case with maturities not exceeding two (2) years from the date of acquisition,

 

2. securities that
have a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent) by S&P, or,
if Moody’s or S&P ceases to rate the securities for reasons outside of the Company’s control, an equivalent
rating by any other “nationally recognized statistical rating organization,” as such term is defined under
Section 3(a)(62) under the Exchange Act selected by the Company as a replacement agency for Moody’s or S&P, as the
case may be,

 

3. investments in
any fund that invests at least 95% of its assets in investments of the type described in clauses (i) and (ii) which fund may
also hold immaterial amounts of cash pending investment and/or distribution, and

 

4. corresponding
instruments in countries other than the United States customarily utilized for high quality investments and in each case with
maturities not exceeding two (2) years from the date of acquisition.

 

OOO.
“Lien” means any mortgage, pledge, hypothecation, assignment, deposit, arrangement, encumbrance, security
interest, lien (statutory or otherwise), or preference, priority or other security or similar agreement or preferential
arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention
agreement having substantially the same economic effect as any of the foregoing); provided that in no event shall an
operating lease be deemed to constitute a Lien.

 

PPP.
“Liquidation Event” means the voluntary or involuntary liquidation, dissolution or winding up of the
Parent Guarantor or such Subsidiaries the assets of which constitute all or substantially all of the assets of the business
of the Parent Guarantor and its Subsidiaries taken as a whole, in a single transaction or series of transactions, or adoption
of any plan for the same.

 

QQQ.
“Make-Whole Amount” means the excess of:

 

a. the present
value at such Change of Control Redemption Date of (i) the applicable Redemption Amount of the Notes being redeemed, plus
(ii) all required Interest payments due on such Notes through the Maturity Date (excluding accrued but unpaid interest),
computed using a discount rate equal to the Treasury Rate as of such Change of Control Redemption Date plus 50 basis points;
over

 

b. the then
outstanding Principal amount of this Note.

 

RRR.
“Marketable Securities” means, any readily marketable equity securities (i) that are traded on an Eligible
Market or the Principal Market, (ii) that are eligible for sale without restriction or limitation pursuant to Rule 144 and
without the requirement to be in compliance with Rule 144(c)(1) (or any successor thereto) promulgated under the Securities
Act, (iii) that are not subject to any trading restriction by virtue of possession by the Parent Guarantor or any Subsidiary
of any material, nonpublic information about the issuer of such equity securities, (iv) with respect to which the Parent
Guarantor or any Subsidiary is not filing a Schedule 13D pursuant to Section 13 of the Exchange Act and the rules and
regulations promulgated thereunder, (v) with respect to which the Parent Guarantor or any Subsidiary is not subject to
Section 16 of the Exchange Act and (vi) that are issued by an issuer having a total equity market capitalization of not less
than $75,000,000.

 

SSS.
“Moody’s” means Moody’s Investors Services, Inc. or any successor to the rating agency
business thereof.

 

 

 

 

    	 	A-24	 

     

    

 

TTT.
“Obligations” means any principal, interest, premium, if any, penalties, fees, indemnifications,
reimbursements, expenses, damages or other liabilities or amounts payable under the documentation governing or otherwise in
respect of any Indebtedness.

 

UUU.
“Obligors” means the Company, the Guarantors and the Pledged Subsidiaries.

 

VVV.
“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 (whether or not
designated by a number or a word or words added before or after the title “Vice President”), the Treasurer, the
Secretary or the Assistant Secretary of such Person, or any direct or indirect parent of such Person, as applicable, or other
Person performing such functions, regardless of title or designated as an “Officer” by the Board of Directors for
purposes of this Note.

 

WWW.
“Officer’s Certificate” means a certificate signed on behalf of the Company and the Parent Guarantor
by an Officer of the Company and an Officer of the Parent Guarantor and delivered to the Holder.

 

XXX.
“Original Issuance Date” means June 4, 2020.

 

YYY.
“Other Exercise Price” shall have the meaning ascribed to such term in the Series B Warrants.

 

ZZZ.
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person,
including such entity whose common capital stock or equivalent equity security is quoted or listed on an Eligible Market (or,
if so elected by the Required Holders, any other market, exchange or quotation system), or, if there is more than one such
Person or such entity, the Person or such entity designated by the Required Holders or in the absence of such designation,
such Person or entity with the largest public market capitalization as of the date of consummation of the Fundamental
Transaction.

 

AAAA.
“Parent Guarantee” means that certain guarantee agreement entered into by the Parent Guarantor as of the
Issuance Date.

 

BBBB. “Parent
Guarantor” means Acacia Research Corporation, a Delaware corporation.

 

CCCC.
“Permitted Investments” means:

 

1. any Investment
in the Parent Guarantor or the Company (including the Notes and the Additional Notes);

 

2. any Investment
in cash or Cash Equivalents, Investment Grade Securities or Marketable Securities, provided that such assets
constitute Collateral;

 

3. any Approved
Investment;

 

4. any Investment
(x) existing on the Subscription Date, (y) made pursuant to binding commitments (whether or not subject to conditions)
in effect on the Subscription Date or (z) that replaces, refinances, refunds, renews or extends any Investment described
under either of the immediately preceding clauses (x) or (y), provided that any such Investment is in an amount that
does not exceed the amount replaced, refinanced, refunded, renewed or extended unless required by the terms of the Investment
or otherwise permitted hereunder;

 

5. any Investment
acquired by the Parent Guarantor or any of its Subsidiaries (a) in exchange for any other Investment or accounts receivable
held by the Parent Guarantor or any such Subsidiary in connection with or as a result of a bankruptcy, workout,
reorganization or recapitalization of the Parent Guarantor or such other Investment or accounts receivable, (b) in
satisfaction of judgments against other Persons, or (c) as a result of a foreclosure by the Parent Guarantor or any of its
Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in
default;

 

 

 

 

    	 	A-25	 

     

    

 

6. Hedging
Obligations entered into (1) for the purpose of fixing, managing or hedging interest rate risk with respect to any
Indebtedness that is permitted by the terms of this Note to be outstanding; (2) for the purpose of fixing, managing or
hedging currency exchange rate risk with respect to any currency exchanges; or (3) for the purpose of fixing, managing or
hedging commodity price risk with respect to any commodity purchases;

 

7. Investments the
payment for which consists of Equity Interests of the Parent Guarantor (other than Disqualified Stock);

 

8. guarantees
issued in accordance with Section 10(a);

 

9. any Investment
by (A) the Company in the Parent Guarantor, (B) Guarantors in other Guarantors or (C) Pledged Subsidiaries (other than the
Company and any Guarantor) in other Pledged Subsidiaries; provided that such Pledged Subsidiary into which such
Investment is made has no material third-party liabilities and is not engaging in any activities or aware of any event that
would reasonably be expected to lead to a material third-party liability;

 

10. Investments
consisting of purchases and acquisitions of (i) inventory, supplies, materials and equipment by a Guarantor, (ii)
Intellectual Property assets or (iii) contract rights, royalty rights, revenue streams, licenses or leases of Intellectual
Property, in each case in the ordinary course of business and, with respect to clauses (ii) and (iii), in an aggregate amount
since the Original Issuance Date not to exceed $50,000,000;

 

11. any Investment
in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection with a Qualified
Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangements governing
such Qualified Receivables Financing or any related Indebtedness; provided, however, that any Investment in a
Receivables Subsidiary is in the form of cash, a Purchase Money Note, contribution of additional receivables or an equity
interest;

 

12. Investments of
a Guarantor acquired after the Subscription Date or of an entity merged into or consolidated with a Guarantor in a
transaction that is not prohibited by Section 5(a) after the Subscription Date to the extent that such Investments were not
made in contemplation of such acquisition, merger or consolidation and were in existence on the date of such acquisition,
merger or consolidation;

 

13. Investments in
receivables owing to the Parent Guarantor or any Subsidiary created or acquired in the ordinary course of business;

 

14. advances in the
form of a prepayment of expense to vendors, suppliers and trade creditors consistent with their past practices, so long as
such expenses were incurred in the ordinary course of business;

 

15. Investment in
or repurchases of this Note, the Other Notes, the Additional Notes, the Series A Preferred Shares or the Warrants;

 

16. Investments
resulting from the acquisition of a Person, otherwise permitted by this Note, which Investments at the time of such
acquisition were held by the acquired Person and were not acquired in contemplation of the acquisition of such Person;

 

17. Investments
consisting of earnest money deposits required in connection with a purchase agreement, or letter of intent, or other
acquisitions to the extent not otherwise prohibited by this Note; and

 

 

 

 

    	 	A-26	 

     

    

 

18. contributions
to a “rabbi” trust for the benefit of employees or other grantor trust subject to claims of creditors in the case
of a bankruptcy of the Parent Guarantor.

 

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

 

1. Liens existing
on the Subscription Date;

 

2. Liens affecting
property of a corporation or other entity existing at the time it becomes a Subsidiary or at the time it is merged into or
consolidated with the Parent Guarantor or a Subsidiary (provided that such Liens are not incurred in connection with,
or in contemplation of, such entity becoming a Subsidiary or such merger or consolidation and do not extend to or cover
property of the Parent Guarantor or any Subsidiary other than property of the entity so acquired or which becomes a
Subsidiary);

 

3. Liens (including
purchase money Liens) existing at the time of acquisition thereof on property acquired after the Subscription Date or to
secure Indebtedness Incurred prior to or, at the time of the acquisition thereof for the purpose of financing all or part of
the purchase price of property acquired after the Subscription Date (provided that such Liens do not extend to or
cover any property of the Parent Guarantor or any of its Subsidiaries other than the property so acquired);

 

4. Liens on any
property acquired, developed, constructed or otherwise improved by the Parent Guarantor or any Subsidiary of the Parent
Guarantor (including Liens on the Equity Interests of any Subsidiary of the Parent Guarantor and substantially all assets of
such Subsidiary, in each case to the extent such property constitutes substantially all of the business of such Subsidiary)
to secure or provide for the payment of any part of the purchase price of the property or the cost of the development,
construction or improvement thereof (including architectural, engineering, financing, consultant, advisor and legal fees and
preopening costs), or any Indebtedness incurred to provide funds for such purposes, or any Lien on any such property existing
at the time of acquisition thereof;

 

5. Liens which
secure Indebtedness or other obligations of a Guarantor owing to a Guarantor permitted to be Incurred in accordance with
Section 10(a), which may be senior, pari passu or junior in right of payment and priority to the security interests
established by the Security Documents in accordance with a Customary Intercreditor Agreement;

 

6. Liens to
government entities, including pollution control or industrial revenue bond financing;

 

7. Liens required by any contract or
statute in order to permit the Parent Guarantor or a Subsidiary of the Parent Guarantor to perform any contract or
subcontract made by it with or at the request of a governmental entity;

 

8.
mechanic’s, materialman’s, carrier’s or other like Liens, arising in the ordinary course of business;

 

9. Liens for taxes
or assessments and similar charges;

 

10. zoning
restrictions, easements, licenses, covenants, reservations, restrictions on the use of real property and certain other minor
irregularities of title;

 

11. Liens required
by an escrow agreement in connection with the incurrence of Indebtedness otherwise permitted under this Agreement;

 

 

 

    	 	A-27	 

     

    

 

12. pledges or
deposits by such Person under workmen’s compensation laws, unemployment insurance laws or similar legislation, or good
faith deposits in connection with 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;

 

13. 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;

 

14. leases and
subleases of real property which do not materially interfere with the ordinary conduct of the business of the Parent
Guarantor or any of its Subsidiaries;

 

15. Liens securing
cash management services (and other “bank products”) in the ordinary course of business;

 

16. Liens on
equipment of the Parent Guarantor or any Subsidiary of the Parent Guarantor granted in the ordinary course of business to the
Parent Guarantor’s or such Subsidiary’s client or supplier at which such equipment is located;

 

17. Liens securing
Indebtedness incurred pursuant to clause (1) of Section 10(a)(i) plus in the case of any such Indebtedness that is amended,
extended, renewed, restated, refunded, replaced, refinanced, supplemented, modified or otherwise changed which is secured by
a Lien permitted under this clause (xvii) or a portion thereof, the aggregate amount of fees, underwriting discounts, accrued
and unpaid interest, premiums and other costs and expenses incurred in connection with such amendment, extension, renewal,
restatement, refunding, replacement, refinancing, supplement, modification or change;

 

18. Liens securing
the Securities and the Guarantees;

 

19. Liens on
accounts receivable and related assets of the type specified in the definition of “Receivables Financing”
Incurred in connection with a Qualified Receivables Financing;

 

20.(a) judgment and attachment
Liens and Liens arising out of decrees, orders and awards, in each case, to the extent not giving rise to an Event of Default and
(b) notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings
that have the effect of preventing the forfeiture or sale of the property or assets subject to such notices and rights and for
which adequate reserves have been made to the extent required by GAAP;

 

21. Liens (i) on
cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to Permitted
Investments to be applied against the purchase price for such Investment, and (ii) consisting of an agreement to sell any
property in an asset sale permitted under this Note;

 

22. Liens securing
Indebtedness permitted under clause (22) of the definition of Permitted Debt; and

 

23. any extension,
renewal, replacement, restructuring, refinancing or other modification of any Indebtedness secured by a Lien permitted by any
of the foregoing clauses (i) through (xxii).

 

 

 

 

    	 	A-28	 

     

    

 

EEEE.
“Person” means an individual, a limited liability company, a partnership (limited or general), a joint
venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or
agency thereof.

 

FFFF.
“Pledged Subsidiaries” means those certain Subsidiaries whose Equity Interests (as defined in the Security
Documents) are Pledged Shares (as defined in the Security Documents).

 

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

 

HHHH.
“Principal Market” means The Nasdaq Global Select Market.

 

IIII.
“Purchase Money Note” means a promissory note of a Receivables Subsidiary evidencing a line of credit,
which may be irrevocable, from the Parent Guarantor or any Subsidiary of the Parent Guarantor to a Receivables Subsidiary in
connection with a Qualified Receivables Financing, which note is intended to finance that portion of the purchase price that
is not paid by cash or a contribution of equity.

 

JJJJ.
“Qualified Receivables Financing” means any Receivables Financing of a Receivables Subsidiary that meets
the following conditions:

 

1. the Board shall
have determined in good faith that such Qualified Receivables Financing (including financing terms, covenants, termination
events and other provisions) is in the aggregate economically fair and reasonable to the Parent Guarantor and the Receivables
Subsidiary,

 

2. all sales of
accounts receivable and related assets to and by the Receivables Subsidiary are made at Fair Market Value, and

 

3. the financing
terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith by the
Parent Guarantor) and may include Standard Securitization Undertakings.

 

KKKK.
“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 Subsidiary in
connection with, any Receivables Financing.

 

LLLL.
“Receivables Financing” means any transaction or series of transactions pursuant to which the Parent
Guarantor or any of its Subsidiaries may sell, convey or otherwise transfer to a Person, or may grant a security interest in,
any accounts receivable (whether now existing or arising in the future) of the Parent Guarantor or any of its Subsidiaries,
and any assets related thereto including, without limitation, all collateral securing such accounts receivable, all contracts
and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and
other assets which are customarily transferred or in respect of which security interests are customarily granted in
connection with asset securitization transactions involving accounts receivable and any Hedging Obligations pursuant to a
Swap Contract entered into by the Parent Guarantor or any such Subsidiary in connection with such accounts receivable.

 

MMMM.
“Receivables Repurchase Obligation” means any obligation of a seller of receivables in a Qualified
Receivables Financing to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or
otherwise, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute,
off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event
relating to the seller.

 

 

 

 

    	 	A-29	 

     

    

 

NNNN.
“Receivables Subsidiary” means a Wholly Owned Subsidiary of the Parent Guarantor (or other Person formed
for the purposes of engaging in a Qualified Receivables Financing with the Parent Guarantor or any of its Subsidiaries in
which the Parent Guarantor or such Subsidiary makes an Investment and to which the Parent Guarantor or such Subsidiary
transfers accounts receivable and related assets) which engages in no activities other than in connection with the
Receivables Financing, all proceeds thereof and all rights (contractual or other), collateral and other assets relating
thereto, and any business or activities incidental or related to such business and which is designated by the Board (as
provided below) as a Receivables Subsidiary and:

 

1. no portion of
the Indebtedness or any other obligations (contingent or otherwise) of which (x) is guaranteed by the Parent Guarantor or any
of its Subsidiaries (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness)
pursuant to Standard Securitization Undertakings), (y) is recourse to or obligates the Parent Guarantor or any of its
Subsidiaries (other than such Receivables Subsidiary) in any way other than pursuant to Standard Securitization Undertakings,
or (z) subjects any property or asset of the Parent Guarantor or any of its Subsidiaries, directly or indirectly,
contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings,

 

2. with which
neither the Parent Guarantor nor any of its Subsidiaries has any material contract, agreement, arrangement or understanding
other than on terms which the Parent Guarantor reasonably believes to be no less favorable to the Parent Guarantor or such
Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Parent Guarantor or such
Subsidiary, and

 

3. to which neither
the Parent Guarantor nor any of its Subsidiaries has any obligation to maintain or preserve such entity’s financial
condition or cause such entity to achieve certain levels of operating results.

 

4. Any such
designation by the Board or such other Person shall be evidenced to the Holder by delivery to the Holder of a certified copy
of the resolution of the Board or such other Person giving effect to such designation and an Officer’s Certificate
certifying that such designation complied with the foregoing conditions.

 

OOOO.
“Redemption Amount” means the sum of (A) the portion of the Principal to be redeemed or otherwise with
respect to which this determination is being made, (B) accrued and unpaid Interest with respect to such Principal and (C)
accrued and unpaid Late Charges, if any, with respect to such Principal and Interest.

 

PPPP.
“Redemption Dates” means, collectively, each Event of Default Redemption Date and each Change of Control
Redemption Date, each of the foregoing, individually, a “Redemption Date”.

 

QQQQ.
“Redemption Notices” means, collectively, each Event of Default Redemption Notice and each Change of
Control Redemption Notice, each of the foregoing, individually, a “Redemption Notice”.

 

RRRR.
“Redemption Prices” means, collectively, each Event of Default Redemption Price and each Change of Control
Redemption Price, each of the foregoing, individually, a “Redemption Price”.

 

SSSS.
“Registrable Securities” shall have the meaning ascribed to such term in the Registration Rights
Agreement.

 

TTTT.
“Registration Rights Agreement” means that certain registration rights agreement dated as of the
Subscription Date by and among the Parent Guarantor and the Buyers, as may be amended, amended and restated, supplemented or
otherwise modified from time to time.

 

 

 

 

    	 	A-30	 

     

    

 

UUUU.
“Registration Statement” shall have the meaning ascribed to such term in the Registration Rights
Agreement.

 

VVVV.
“Related Fund” means, with respect to any Person, a fund or account managed by such Person or an Affiliate
of such Person.

 

WWWW.
“Required Holders” means the holders of Notes and Additional Company Notes representing at least a
majority of the aggregate principal amount of the Notes and Additional Company Notes then outstanding and shall include the
Designee so long as the Designee and/or any of its Affiliates holds any Notes and/or Additional Company Notes.

 

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

 

YYYY.
“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc., and any successor thereto.

 

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

 

AAAAA.
“Securities Act” means the Securities Act of 1933, as amended.

 

BBBBB.
“Securities Purchase Agreement” means that certain securities purchase agreement, dated as of the
Subscription Date, by and among the Parent Guarantor and the Buyers of the Notes pursuant to which the Parent Guarantor or
the Company, as applicable, issued the Notes, the Additional Securities and the Warrants, as may be amended, amended and
restated, supplemented or otherwise modified from time to time.

 

CCCCC.
“Security Documents” shall have the meaning ascribed to such term in the Securities Purchase Agreement,
and shall include the New Pledge Agreement, the New Security Agreement and the Parent Guarantee, each as defined in the
Exchange Agreement.

 

DDDDD.
“Series A Preferred Shares” shall have the meaning ascribed to such term in the Securities Purchase
Agreement.

 

EEEEE.
“Series A Warrants” has the meaning ascribed to such term in the Securities Purchase Agreement, and shall
include all warrants issued in exchange therefor or replacement thereof.

 

FFFFF.
“Series B Warrants” has the meaning ascribed to such term in the Securities Purchase Agreement, and shall
include all warrants issued in exchange therefor or replacement thereof.

 

GGGGG.
“SPA Notes” means all Senior Secured Notes issued by the Parent Guarantor or any Subsidiary pursuant to
the Securities Purchase Agreement on an Additional Closing Date.

 

HHHHH.
“Standard Securitization Undertakings” means representations, warranties, covenants, indemnities and
guarantees of performance entered into by the Parent Guarantor and its Subsidiaries which the Parent Guarantor has determined
in good faith to be customary in a Receivables Financing including, without limitation, those relating to the servicing of
the assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase Obligation shall be deemed to be
a Standard Securitization Undertaking.

 

IIIII.
“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed
date on which the final payment of principal of such security is due and payable.

 

JJJJJ.
“Stated Value” shall have the meaning ascribed to such term in the Certificate of Designations.

 

 

 

 

    	 	A-31	 

     

    

 

KKKKK.
“Stockholders Notes” shall have the meaning ascribed to such term in the Securities Purchase
Agreement.

 

LLLLL.
“Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person,
Persons or Group.

 

MMMMM.
“Subordinated Indebtedness” means (a) with respect to the Parent Guarantor, any Indebtedness of the Parent
Guarantor which is by its terms subordinated in right of payment to the Notes, the Additional Notes and the Parent Guarantee,
and (b) with respect to any Guarantor other than the Parent Guarantor, any Indebtedness of such Guarantor which is by its
terms subordinated in right of payment to its Guarantee.

 

NNNNN.
“Subscription Date” means November 18, 2019.

 

OOOOO.
“Subsidiary” shall have the meaning ascribed to such term in the Securities Purchase Agreement. Unless
otherwise indicated herein, all references to Subsidiaries shall mean Subsidiaries of the Parent Guarantor.

 

PPPPP.
“Successor Entity” means one or more Person or Persons (or, if so elected by the Required Holders, the
Parent Guarantor or Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or one or more Person
or Persons (or, if so elected by the Required Holders, the Parent Guarantor or the Parent Entity) with which such Fundamental
Transaction shall have been entered into.

 

QQQQQ.
“Supplemental Agreement” means that certain Supplemental Agreement dated as of June 4, 2020 by and between
the Parent Guarantor and the Designee.

 

RRRRR.
“Swap Contracts” means (a) any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity
index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward
bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions,
collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or
any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the
foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all
transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by,
any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International
Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related
schedules, a “Master Agreement”), including any such obligations or liabilities under any Master
Agreement.

 

SSSSS. “Total
Assets” means at any date, the total assets of the Parent Guarantor and its Subsidiaries at such date, determined on
a consolidated basis in accordance with GAAP, excluding any assets that do not constitute Collateral.

 

TTTTT.
“Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the
Principal Market is not the principal trading market for the Common Stock on such day, then on the principal securities
exchange or securities market on which the Common Stock is then traded; provided that “Trading Day” shall
not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any
day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such
exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour
ending at 4:00:00 p.m., New York time).

 

UUUUU.
“Transaction Documents” shall have the meaning ascribed to such term in the Securities Purchase
Agreement.

 

 

 

 

    	 	A-32	 

     

    

 

VVVVV.
“Transfer Agent” means Computershare Trust Company, N.A. or such other agent or agents of the Parent
Guarantor as may be designated by the Board as the transfer agent for the Common Stock.

 

WWWWW.
“Treasury Rate” means the yield to maturity at the time of computation of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15
(519) which has become publicly available at least two (2) Business Days prior to the date fixed for redemption (or, if such
Statistical Release is no longer published, any publicly available source for similar market data)) most nearly equal to the
then remaining term of the Notes to the Maturity Date; provided, however, that if the then remaining term of the
Notes to the Maturity Date is not equal to the constant maturity of a United States Treasury security for which a weekly
average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest
one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given,
except that, if the then remaining term of the Notes to the Maturity Date 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.

 

XXXXX.
“Warrants” has the meaning ascribed to such term in the Securities Purchase Agreement, and shall include
all warrants issued in exchange therefor or replacement thereof.

 

YYYYY.
“Weighted Average Life to Maturity” means, when applied to any Indebtedness or Disqualified 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 multiplied by the amount of such payment, by (2) the sum of all such
payments.

 

ZZZZZ.
“Wholly Owned Subsidiary” means, with respect to any Person, a Subsidiary of such Person 100% of the
outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares or shares or
interests required to be held by foreign nationals or other third parties to the extent required by applicable law) shall at
the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person and one or more Wholly Owned
Subsidiaries of such Person.

 

[Signature Page Follows]

 

 

 

 

 

 

    	 	A-33	 

     

    

 

IN WITNESS WHEREOF, the
Company and the Parent Guarantor have caused this Note to be duly executed as of the Issuance Date set out above.

 

	 	Merton Acquisition HoldCo LLC
	 	 
	 	 
	 	By:_________________________________
	 	Name:Richard Rosenstein
	 	Title: Chief Financial Officer

 

 

	 	Acacia Research Corporation
	 	 
	 	 
	 	By:_________________________________
	 	Name: Richard Rosenstein
	 	Title:Chief Financial Officer

 

 

 

 

 

 

 

    	 	A-34

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}]]