Document:

Exhibit 10.13

 

CREDIT AGREEMENT

 

among

 

DYNASTY CAPITAL STRATEGIES LLC

 

and

 

EACH SERIES LIMITED LIABILITY COMPANY THEREOF 

LISTED ON SCHEDULE 1 HERETO 

as Borrower,

 

DYNASTY FINANCIAL PARTNERS, LLC 

as Parent

 

and

 

UMB BANK, n.a. 

as Lender

 

Dated as of November 17, 2020

 

     

     

    

 

	 	TABLE OF CONTENTS	 
	 	 	 
	 	 	Page
	 	 	 
	 	ARTICLE I	 
	 	DEFINITIONS; CONSTRUCTION	 
	 	 	 
	1.01	Definitions	1
	1.02	Accounting Terms and Determination	14
	1.03	Terms Generally	14
	 	 	 
	 	ARTICLE II	 
	 	THE COMMITMENTS AND CREDIT EXTENSIONS	 
	 	 	 
	2.01	The Commitments and Loans	15
	2.02	Requests for Advances	16
	2.03	Prepayments	17
	2.04	Termination or Reduction of Commitments	17
	2.05	Repayment of Revolving Loans	18
	2.06	Interest	18
	2.07	Fees	18
	2.08	Computation of Interest and Fees	18
	2.09	Payments Generally	19
	2.10	Addition and Removal of Borrowers	19
	 	 	 
	 	ARTICLE III	 
	 	TAXES; YIELD PROTECTION AND ILLEGALITY	 
	 	 	 
	3.01	Inability to Determine Rates	20
	3.02	Illegality	21
	3.03	Increased Costs	21
	3.04	Taxes	22
	3.05	Mitigation	25
	 	 	 
	 	ARTICLE IV	 
	 	CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	 
	 	 	 
	4.01	Conditions to Closing	25
	4.02	Conditions to All Extensions of Credit	28
	 	 	 
	 	ARTICLE V	 
	 	REPRESENTATIONS AND WARRANTIES	 
	 	 	 
	5.01	Existence; Power	28
	5.02	Organizational Power; Authorization; Enforceability	28
	5.03	Governmental Approvals; No Conflicts	29
	5.04	Security Interests; Lien Priority	29
	5.05	Financial Statements; No Material Adverse Effect	29
	5.06	Litigation	29
	5.07	Compliance with Laws and Agreements; No Default	29
	5.08	Title to Assets	30

 

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	5.09	Environmental Matters	30
	5.10	Liability Insurance	30
	5.11	Taxes	30
	5.12	ERISA Compliance	30
	5.13	Margin Regulations; Investment Company Act	30
	5.14	Location of Offices	30
	5.15	RPI Agreements	30
	5.16	Securities	31
	5.17	Solvency	31
	5.18	Disclosure	31
	 	 	 
	 	ARTICLE VI	 
	 	AFFIRMATIVE COVENANTS	 
	 	 	 
	6.01	Financial Statements and Other Information	32
	6.02	Notices	32
	6.03	Payment of Obligations	33
	6.04	Preservation of Existence, Etc.	33
	6.05	Maintenance of Insurance	33
	6.06	Compliance with Laws	33
	6.07	Books and Records	33
	6.08	Inspection Rights	33
	6.09	Use of Proceeds	34
	6.10	Compliance with Environmental Laws	34
	6.11	Deposit Accounts	34
	6.12	Material Agreements	34
	6.13	Information Regarding Collateral	34
	6.14	Further Assurances	35
	6.15	Compliance with Loan Documents	35
	6.16	Authorizations; Consents and Approvals	35
	6.17	Maintenance of Liens	35
	6.18	Financial Covenants	35
	 	 	 
	 	ARTICLE VII	 
	 	SECURITY	 
	 	 	 
	7.01	Liens and Security Interest	36
	7.02	Lender Offset	36
	7.03	Agreement to Deliver Additional Security Documents	36
	 	 	 
	 	ARTICLE VIII	 
	 	NEGATIVE COVENANTS	 
	 	 	 
	8.01	Liens	37
	8.02	Indebtedness	37
	8.03	Investments	37
	8.04	Fundamental Changes	37
	8.05	Dispositions	38
	8.06	Restricted Payments	38
	8.07	Change in Nature of Business	38

 

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	8.08	Transactions with Affiliates	38
	8.09	Restrictive Agreements	38
	8.10	Accounting Changes	38
	8.11	ERISA	38
	 	 	 
	 	ARTICLE IX	 
	 	EVENTS OF DEFAULT AND REMEDIES	 
	 	 	 
	9.01	Events of Default	38
	9.02	Remedies upon Event of Default	40
	 	 	 
	 	ARTICLE X	 
	 	CONTINUING GUARANTY	 
	 	 	 
	10.01	Guaranty Agreement	41
	10.02	Rights of Lender	41
	10.03	Certain Waivers	41
	10.04	Obligations Independent	42
	10.05	Subrogation	42
	10.06	Termination; Reinstatement	42
	10.07	Subordination	42
	10.08	Stay of Acceleration	42
	10.09	Condition of Borrower	42
	 	 	 
	 	ARTICLE XI	 
	 	MISCELLANEOUS	 
	 	 	 
	11.01	Waivers; Amendments	43
	11.02	Notices	43
	11.03	Expenses; Indemnification	44
	11.04	Successors and Assigns	45
	11.05	Governing Law; Jurisdiction; Consent to Service of Process	46
	11.06	WAIVER OF JURY TRIAL	47
	11.07	Right of Setoff; Payment Set Aside	47
	11.08	Counterparts; Integration	48
	11.09	Survival	48
	11.10	Severability	48
	11.11	Interest Rate Limitation	48
	11.12	Confidentiality	49
	11.13	USA PATRIOT Act Notice	49
	11.14	State-Specific Provisions	49

 

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Schedules

 

Schedule 1 – List of Series

 

Exhibits

 

Exhibit A - RPI Agreements

 

Exhibit B - Form of Account Control Agreement

 

Exhibit C - Form of Compliance Certificate

 

Exhibit D - Form of Loan Notice

 

Exhibit E - Form of Security Agreement

 

Exhibit F - Form of Revolving Credit Note

 

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CREDIT AGREEMENT

 

This CREDIT AGREEMENT (“Agreement”)
is entered into as of November 17, 2020, among DYNASTY CAPITAL STRATEGIES LLC, a Delaware limited liability company (“DCS”)
on behalf of itself and each of its series party from time to time party hereto and identified on Schedule 1 hereto (each, a “Series”;
DCS acting on behalf of each applicable Series identified on Schedule 1 is hereinafter referred to as a “Borrower” and
collectively, the “Borrowers”), DYNASTY FINANCIAL PARTNERS, LLC, a Delaware limited liability company (the “Parent”
or “Dynasty”), and UMB BANK, n.a. (the “Lender”).

 

W I T N E S E T H:

 

WHEREAS, the Borrowers have requested that the
Lender provide a $20,000,000 revolving credit facility to the Borrowers on a joint and several basis, and the Lender has indicated its
willingness to provide such revolving credit facility, on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE I

DEFINITIONS; CONSTRUCTION

 

1.01         Definitions.
In addition to the other terms defined herein, the following terms used herein shall have the meanings herein specified (to be equally
applicable to both the singular and plural forms of the terms defined):

 

“Account Control Agreement” means an
Account Control Agreement substantially in the form of Exhibit B.

 

“Affiliate” means, with respect to
any 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.

 

“Agreement” means this Credit Agreement.

 

“Applicable Margin” means 3.00% per
annum.

 

“Attributable Indebtedness” means,
with respect to any Person on any date, and without duplication, (a) in respect of any Capitalized Lease of any Person, the capitalized
amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect
of any Synthetic Lease Obligation, the capitalized amount of the remaining lease or similar payments under the relevant lease or other
applicable agreement or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP
if such lease or other agreement or instrument were accounted for as a Capitalized Lease.

 

“Availability Amount” means, on any
day (a) the Available Commitment minus (b) the aggregate outstanding principal amount of all Revolving Loans after giving effect
to any borrowings and prepayments and repayments thereof, as the case may be, occurring on such date, in each case determined as of such
day.

 

    

     

    

 

“Availability Period” means in respect
of the Revolving Credit Commitment, the period from and including the Closing Date to the earliest of (i) the Maturity Date for the
Revolving Credit Commitment, (ii) the date of termination of the Revolving Credit Commitment pursuant to Section 2.04, and (iii) the
date of termination of the commitment of the Lender to make Revolving Loans.

 

“Available Commitment” means the lesser
of: (a) the Commitment and (b) eighty percent (80%) of the aggregate Validated RPI Receivables.

 

“Base Rate” shall mean the Prime Rate;
provided, however, that the annual interest rate on the outstanding principal amount of any Loan shall never be less than 3.50%. If and
when the Base Rate (or any component thereof) changes, the rate of interest with respect to any amounts hereunder to which the Base Rate
applies will change automatically without notice to the Borrowers, effective on the date of any such change.

 

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

 

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

 

“Borrower” and “Borrowers”
have the meaning specified in the introductory paragraph hereto.

 

“Business Day” means any day other
than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the
state where the Lender’s Payment Office is located and, if such day relates to the LIBOR Rate, means any such day on which dealings
in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

 

“Capitalized Leases” means all leases
that have been or should be, in accordance with GAAP, recorded as capitalized leases.

 

“Cash Equivalents” means any of the
following types of Investments, to the extent owned by a Borrower or an Excluded Series and clear of all Liens (other than Liens
created under the Security Documents and the other Liens permitted hereunder):

 

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

 

(b)            certificates
of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed
by or placed with, and money market deposit accounts issued or offered by, (A) the Lender or (B) 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;

 

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

 

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(d)            commercial
paper issued by any Person organized under the laws of any state of the United States of America and rated at least “Prime-1”
(or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case
with maturities of not more than 180 days from the date of acquisition thereof; and

 

(c)            Investments,
classified in accordance with GAAP as current assets of the Borrower, in money market investment programs registered under the Investment
Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either Moody’s
or S&P, and have portfolio assets of at least $5,000,000,000.

 

“Change in Law” means the occurrence,
after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty,
(b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental
Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental
Authority; provided that (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives issued in connection with that Act, and (y) all requests, rules, guidelines or directives promulgated by the Lender
for International Settlements, the Basel Committee on Banking Supervision (or any successor authority) or the United States regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date
enacted, adopted or issued.

 

“Change in Control” means the occurrence
of one or more of the following events: (a) the failure of the Parent to own at least 51% of the Equity Interests of DCS; or (b) any
transfer or delegation of the Parent’s management or control rights of DCS under the Operating Agreement shall have occurred other
than as expressly permitted by the Loan Documents.

 

“Closing Date” means the first date
all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 11.01.

 

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

 

“Collateral” means the collateral pledged
by the Borrower pursuant to the Security Documents to which the Borrower is a party, and any other property in which the Lender is granted
a Lien under any Security Document as security for all or any portion of the Obligations.

 

“Commitment” means the Revolving Credit
Commitment.

 

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

 

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

 

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

 

“Debtor Relief Laws” means 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.

 

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

 

“Default Rate” means an interest rate
equal to the interest rate (including any Applicable Margin) otherwise applicable to such Loan plus 3% per annum.

 

“Disposition” or “Dispose”
means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any property by any Person
(or the granting of any option or other right to do any of the foregoing), 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.

 

“Dollar” and “$” mean lawful
money of the United States.

 

“EBITDA” means,
at any date of determination and without duplication, an amount equal to Net Income of the Borrowers and any Excluded Series for
the most recently completed Measurement Period plus (a) the following to the extent deducted in calculating such Net Income
(without duplication): (i) Interest Charges, (ii) the provision for Federal, state, local and foreign income taxes payable,
(iii) depreciation and amortization expense, minus (b) the following to the extent included in calculating such Net
Income: (i) Federal, state, local and foreign income tax credits and (ii) all non-cash items increasing Net Income, and plus
or minus (c) extraordinary cash flow items suggested by Borrowers to which Lender may agree in its sole discretion for
purposes of calculating EBITDA, provided, however, for any Measurement Period in which any Borrower has entered into a RPI Agreement
(and such RPI Agreement is not excluded pursuant to Section 2.01(c)), until a full twelve months has elapsed, EBITDA shall be calculated
on a pro forma basis such that the Measurement Period shall include the full twelve (12) months of underwritten revenues and, to the
extent applicable, any expenses for such Borrower (“Run Rate EBITDA”).

 

“Environmental Laws” means any and
all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions,
grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the
release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges
to waste or public systems.

 

“Environmental Liability” means any
liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities),
of any Borrower, directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation,
use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials,
(d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

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“Equity Interests” means, with
respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the
warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other
ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of
such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership,
member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other
interests are outstanding on any date of determination.

 

“ERISA” means the Employee Retirement
Income Security Act of 1974.

 

“ERISA Affiliate” means any trade or
business (whether or not incorporated) under common control with a Borrower within the meaning of Section 414(b) or (c) of
the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

 

“ERISA Event” means (a) a Reportable
Event with respect to a Pension Plan; (b) a withdrawal by a Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063
of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation
of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal
by a Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the
filing of a notice of intent to terminate, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Section 4041
or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (c) an event
or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer,
any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums
due but not delinquent under Section 4007 of ERISA, upon a Borrower or any ERISA Affiliate.

 

“Event of Default” has the meaning
specified in Section 9.01.

 

“Excluded Series” means any Series for
which an Exclusion Event has occurred and is continuing with regard to the RPI Agreement of such Series or the Issuer thereunder,
or which is otherwise not a Borrower hereunder.

 

“Excluded Taxes” means any of the following
Taxes imposed on or with respect to the Lender or required to be withheld or deducted from a payment to the Lender, (a) Taxes imposed
on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result
of the Lender being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction
imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding
Taxes imposed on amounts payable to or for the account of the Lender with respect to an applicable interest in a Loan or Commitment pursuant
to a law in effect on the date on which (i) the Lender acquires such interest in the Loan or Commitment or (ii) the Lender changes
its lending office, except in each case to the extent that, pursuant to Section 3.05, amounts with respect to such Taxes were payable
to the Lender immediately before it changed its lending office, (c) Taxes attributable to the Lender’s failure to comply with
Section 3.04(f) and (d) any withholding Taxes imposed under FATCA.

 

“Exclusion Event” shall have the meaning
set forth in Section 2.01(c) hereof.

 

    5

     

    

 

“FATCA” means Sections 1471 through
1474 of the (Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially
more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant
to Section 1471(b)(1) of the (Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any
intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

 

“Federal Funds Effective Rate” means,
for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the
Federal Reserve System arranged by federal funds brokers on such day, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the
day of such transactions received by the Lender from three federal funds brokers of recognized standing selected by it.

 

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

 

“Foreign Lender” means the Lender if
it is not a U.S. Person.

 

“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, that are applicable to the circumstances
as of the date of determination, consistently applied.

 

“Governmental Authority” means the
government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supranational bodies such as the European
Union or the European Central Bank).

 

“Guarantee” means, as to any
Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing
any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease
property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the
payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other
financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary
obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the
obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against
loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other
obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right,
contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to
be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which
such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.

 

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“Guaranty” means the Guaranty made
by the Parent under Article X hereof in favor of the Lender.

 

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

 

“Indebtedness” means, as to any Person
at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance
with GAAP, (a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures,
notes, loan agreements or other similar instruments; (b) the maximum amount of all direct or contingent obligations of such Person
arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar
instruments; (c) net obligations of such Person under any Rate Management Agreement; (d) all obligations of such Person to pay
the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business); (e) indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising
under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person
or is limited in recourse; (f) all Attributable Indebtedness of such Person; (g) all cash obligations of such Person to purchase,
redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such Person or any other Person or any warrant,
right or option to acquire such Equity Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary
or involuntary liquidation preference plus accrued and unpaid dividends; and (h) all Guarantees of such Person in respect of any
of the foregoing. For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture
(other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a
joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Rate
Management Agreement on any date shall be deemed to be the Swap Termination Value thereof as of such date.

 

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

 

“Indemnitees” has the meaning specified
in Section 11.03(b).

 

“Interest Charges” means, for any
Measurement Period, the sum of (a) all interest, premium payments, debt discount, fees, charges and related expenses in
connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each
case to the extent treated as interest in accordance with GAAP, (b) all interest paid or payable with respect to discontinued
operations and (c) the portion of rent expense under Capitalized Leases that is treated as interest in accordance with GAAP, in
each case, of or by Borrowers and any Excluded Series for the most recently completed Measurement Period.

 

    7

     

    

 

“Interest Coverage Ratio” means, for
any Measurement Period, the ratio of (a) EBITDA, to (b) Interest Charges.

 

“Investment” means, as to any Person,
any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity
Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other
acquisition of any other debt or interest in, another Person, (c) the purchase or other acquisition (in one transaction or a series
of transactions) of assets of another Person that constitute a business unit or all or a substantial part of the business of, such Person,
and (d) revenue sharing by contract right. For the avoidance of doubt, the RPI Agreements and related transactions are included within
the definition of “Investment”.

 

“IRS” means the United States Internal
Revenue Service.

 

“Issuer” means a Person in which a
Borrower has made an Investment under a RPI Agreement.

 

“Key Man Insurance Policy” means a
life insurance policy or life insurance policies on the primary individual or individuals, as applicable, operating an Issuer.

 

“Laws” means, collectively, all international,
foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial
precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations
and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.

 

“LIBOR Rate” means the rate per annum
(rounded upwards, if necessary, to the next 1/8th of 1% and adjusted for reserves if Lender is required to maintain reserves
with respect to relevant advances) fixed by the British Bankers’ Association at 11:00 a.m., London time, relating to quotations
for the one (1) month London InterBank Offered Rates on U.S. Dollar deposits as published on Bloomberg LP, or, if no longer provided
by Bloomberg LP, such rate as shall be determined in good faith by the Lender from such sources as it shall determine to be comparable
to Bloomberg LP (or any successor) as determined by Lender at approximately 10:00 a.m. Kansas City, Missouri time on the relevant
date of determination. The LIBOR Rate shall initially be determined as of the date of the initial advance of funds to Borrower under any
Loan and shall adjust effective each Business Day thereafter.

 

“Lien” means any mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security
interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional
sale or other title retention agreement, any casement, right of way or other encumbrance on title to real property, and any financing
lease having substantially the same economic effect as any of the foregoing).

 

    8

     

    

 

“Liquidity” means the aggregate amount
of cash to the extent owned by any Borrower and any Excluded Series and clear of all Liens (other than Liens created under the Security
Documents and the other Liens permitted hereunder) and Cash Equivalents.

 

“Loan” means an extension of credit
by the Lender to a Borrower under Article II in the form of a Revolving Loan.

 

“Loan Documents” means this Agreement,
the Notes, the Security Documents, any Rate Management Agreement and all other indemnification agreements, documents, instruments, certificates
and agreements now or hereafter executed in connection with the Loans, as the same may be amended, replaced, or supplemented from time
to time.

 

“Loan Notice” means a notice of request
for a Revolving Loan pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit D.

 

“Loan Party” means individually, and
 “Loan Parties” means collectively, the Borrowers and Parent.

 

“Material Adverse Effect” means (a) a
material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities (actual or contingent),
or condition (financial or otherwise) of DCS; (b) a material impairment of the rights and remedies of the Lender under any Loan Documents,
or of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party; or (c) a material
adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is
a party.

 

“Material Agreement” means, with respect
to any Person, each contract to which such Person is a party involving aggregate consideration payable to or by such Person of $200,000
or more or otherwise material to the business, condition (financial or otherwise), liabilities (actual or contingent), assets, operations,
performance, properties or prospects of such Person, including but not limited to the applicable RPI Agreements.

 

“Maturity Date” means the earlier of
(a) October 30, 2023; provided, however, that, if such date is not a Business Day, the Maturity Date shall be
the next preceding Business Day.

 

“Measurement Period” means, at any
date of determination pursuant to Section 6.19, the most recently completed period of four (4) consecutive fiscal quarters
of Borrower for which financial statements have been delivered to Lender pursuant to Section 6.01 (a) or (b).

 

“Multiemployer Plan” means any employee
benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is
obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.

 

“Net Income” means, at any date of
determination and without duplication, the net income (or loss) of all the Borrowers and any Excluded Series for the most recently
completed Measurement Period as determined in accordance with GAAP.

 

“Note” means individually, and “Notes”
means collectively, the Revolving Credit Note and any other promissory notes issued in connection with this Agreement.

 

    9

     

    

 

“Obligations” shall mean, collectively,
(i) all indebtedness, whether of principal, interest, fees, expenses or otherwise, of any Loan Party to the Lender, whether now existing
or hereafter incurred including, but not limited to, future loans and advances, if any, in each case arising under this Agreement, the
Notes and the other Loan Documents, as the same may be amended from time to time in accordance with the terms hereof or thereof, together
with any and all extensions, renewals, refinancings or refundings thereof in whole or in part; (ii) all Rate Management Obligations;
(iii) all obligations under or in connection with any deposit account, lockbox, overdraft protection, automated clearing house service,
corporate, purchasing and other multi-card services, or other cash management service provided to the Borrower in connection with the
transactions contemplated by this Agreement and the other Loan Documents and entered into up to and including December 31, 2020;
(iv) all reasonable and documented costs and expenses including, without limitation, to the extent permitted by law, reasonable and
documented attorneys’ fees and legal expenses, actually incurred by the Lender in the collection of any of the Indebtedness referred
to in clauses (i), (ii) or (iii) above in amounts due and owing to the Lender under this Agreement or the other Loan Documents;
and (v) any advances made by the Lender for the maintenance, preservation, protection or enforcement of, or realization upon, any
property or assets now or hereafter made subject to a Lien granted pursuant to this Agreement, the other Loan Documents or pursuant to
any agreement, instrument or note relating to any of the Obligations, including, without limitation, advances for taxes, insurance, repairs
and the like.

 

“Operating Agreement” shall mean the
Limited Liability Company Agreement of DCS dated as of April 3, 2017 by and among the Parent, as the sole member and Manager (as
defined therein), as the same may be amended, restated, supplemented and/or modified from time to time.

 

“Organizational Documents” means, (a) with
respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation
or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business
entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing
or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the
jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

 

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

 

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

 

“Parent” shall have the meaning in
the introductory paragraph hereof.

 

    10

     

    

 

“Payment Office” means the office of
the Lender located at 1010 Grand Boulevard, Kansas City, MO 64106, or such other location as to which the Lender shall have given written
notice to the Borrower.

 

“PBGC” means the Pension Benefit Guaranty
Corporation.

 

“Pension Plan” means any “employee
pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject
to Title IV of ERISA and is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate
contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of
ERISA, has made contributions at any time during the immediately preceding five plan years.

 

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

 

“Plan” means any “employee benefit
plan” (as such term is defined in Section 3(3) of ERISA) established by the Borrower or, with respect to any such plan
that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

 

“Prime Rate” means the rate of interest
per annum as published in The Wall Street Journal (Western Edition), or a mutually agreeable alternative source of the prime rate
if it is no longer published in The Wall Street Journal (Western Edition) or the method of computation thereof is substantially
modified.

 

“Rate Management Agreement” means any
agreement, device or arrangement providing for payments which are related to fluctuations of interest rates, exchange rates, forward rates,
or equity prices, including, but not limited to, dollar-denominated or cross-currency interest rate exchange agreements, forward currency
exchange agreements, interest rate cap or collar protection agreements, forward rate currency or interest rate options, puts and warrants,
and any agreement pertaining to equity’ derivative transactions (e.g., equity or equity index swaps, options, caps, floors, collars
and forwards), including without limitation any ISDA Master Agreement, and any schedules, confirmations and documents and other confirming
evidence between the parties confirming transactions thereunder, all whether now existing or hereafter arising, and in each case as amended,
modified or supplemented from time to time.

 

“Rate Management Obligations” means
any and all obligations of any Borrower to the Lender or any Affiliate of Lender, whether absolute, contingent or otherwise and howsoever
and whensoever (whether now or hereafter) created, arising, evidenced or acquired (including all renewals, extensions and modifications
thereof and substitutions therefore), under or in connection with (i) any and all Rate Management Agreements, and (ii) any and
all cancellations, buy-backs, reversals, terminations or assignments of any Rate Management Agreement.

 

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

 

“Reportable Event” means any of the
events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived.

 

    11

     

    

 

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

 

“Restricted Payment” means any dividend
or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of any
Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such capital stock or other Equity Interest,
or on account of any return of capital to any Person’s stockholders, partners or members (or the equivalent of any thereof), or
any option, warrant or other right to acquire any such dividend or other distribution or payment.

 

“Revenue Participation Interest” means
an interest issued pursuant to a RPI Agreement evidencing the applicable Issuer’s obligation to make payments to the applicable
Borrower under such RPI Agreement.

 

“Revolving Credit Commitment” means
the obligation of the Lender to make Revolving Loans to the Borrowers in an aggregate principal amount of $20,000,000.

 

“Revolving Credit Note” means the Revolving
Credit Note of the Borrowers payable to the order of the Lender, in substantially the form of Exhibit F attached hereto.

 

“Revolving Loan” has the meaning specified
in Section 2.01(a).

 

“RPI Agreement” means a revenue participation
agreement by which a Borrower or other Series has made an Investment in a Person in exchange for a Revenue Participation Interest,
and such agreement executed after the date hereof that also includes at minimum (a) quarterly minimum payments (not payment in kind)
to a Borrower after the first year, and (b) a requirement that such Person carry a Key Man Insurance Policy.

 

“RPI Receivable” means the total outstanding
obligation owing by an Issuer to a Borrower under a RPI Agreement.

 

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

 

“Securities Laws” means the Securities
Act of 1933, the Securities Exchange Act of 1934 and the applicable accounting and auditing principles, rules, standards and practices
promulgated, approved or incorporated by the SEC.

 

“Security Agreement” means the Security
Agreement, substantially in the form of Exhibit E, made by the Borrowers to the Lender.

 

“Security Documents” means the security
agreements, financing statements, assignments and other documents and instruments from time to time executed and delivered pursuant to
this Agreement to secure any of the Obligations, and any documents or instruments amending or supplementing the same, including, without limitation, the security
interests granted to the Lender pursuant to Article VII hereof and the Security Agreement.

 

    12

     

    

 

“Senior
Debt to EBITDA Ratio” means, as of any relevant date of determination, the ratio of (a) Borrowers’ Obligations
to Lender, as renewed, extended, modified or refinanced, as of such date to (b) EBITDA of the Borrowers and any Excluded Series on
a consolidated basis for the Measurement Period most recently ended.

 

“Series” has the meaning set forth
in the preamble hereto and any other “series” of DCS pursuant to the Delaware Limited Liability Company Act.

 

“Subsidiary” of a Person means a corporation,
partnership, joint venture, limited liability company, series limited liability company or other business entity of which a majority of
the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or
the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.
Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary
or Subsidiaries of the Borrower.

 

“Swap Termination Value” means, in
respect of any one or more Rate Management Agreements, after taking into account the effect of any legally enforceable netting agreement
relating to such Rate Management Agreements, (a) for any date on or after the date such Rate Management Agreements have been closed
out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the
date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Rate Management Agreements,
as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Rate Management
Agreements.

 

“Synthetic Lease Obligation” means
the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement
for the use or possession of property (including sale and leaseback transactions), in each case creating obligations that do not appear
on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person, would be characterized as
the indebtedness of such Person (without regard to accounting treatment).

 

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

 

“Threshold Amount” means $500,000.

 

“Transactions” means the execution,
delivery and performance by the Borrower of this Agreement and other Loan Documents, the borrowing of Loans, and the use of the proceeds
thereof.

 

“UCC” means the Uniform Commercial
Code as in effect in the State of Missouri; provided that, if perfection or the effect of perfection or non-perfection or the priority
of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State
of Missouri, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating
to such perfection, effect of perfection or non-perfection or priority.

 

    13

     

    

 

“United States” and “U.S.”
mean the United States of America.

 

“U.S. Person” means any Person that
is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“Validated RPI Receivable” means an
RPI Receivable for which Lender has received either (a) a fully executed RPI Agreement or (b) a fully executed (i) term
sheet and (ii) certification from the applicable Borrower or DCS that a RPI Agreement (and personal guaranty, required by DCS in
its sole and absolute discretion) has been, or will be at the time of the funding of a Loan the proceeds of which will be used to fund
the applicable Revenue Participation Interest, entered into between the applicable Borrower and the applicable Issuer under the applicable
RPI Agreement (any RPI Receivable described in this clause (b) being hereinafter referred to as a “Term Sheet Validated RPI
Receivable”), provided, for purposes of clause (b) hereof, to the extent any term sheet contains terms which
do not conform to the definition of an RPI Agreement, then the RPI Receivable in connection therewith shall not constituted a Validated
RPI Receivable hereunder.

 

“Withholding Agent” means the applicable
Borrower and the Lender.

 

1.02         Accounting
Terms and Determination. Unless otherwise defined or specified herein, all accounting terms used herein shall be interpreted, all
accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared,
in accordance with GAAP as in effect from time to time, applied on a basis consistent (except for such changes approved or required by
the Borrower’s independent public accountants) with the most recent reviewed financial statements of the Borrower delivered pursuant
to Section 6.01(a).

 

1.03         Terms
Generally. The definitions of terms herein shall apply equally to (the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
 “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. In the computation of
periods of time from a specified date to a later specified date, the word “from” means “from and including” and
the word “to” means “to but excluding”. Unless the context requires otherwise (a) any definition of or reference
to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document
as it was originally executed or as it may from time to time be amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to
include such Person’s successors and permitted assigns, (c) the words “hereof”, “herein” and “hereunder”
and words of similar import shall be construed to refer to this Agreement as a whole and not to any particular provision hereof, (d) all
references to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles, Sections, Exhibits and Schedules to
this Agreement and (e) all references to a specific time shall be construed to refer to the time in the city and state of the Lender’s
Payment Office, unless otherwise indicated.

 

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ARTICLE II 

THE COMMITMENTS AND CREDIT EXTENSIONS

 

2.01         The
Commitments and Loans.

 

(a)            Revolving
Credit Commitment. Subject to the terms and conditions set forth herein, the Lender shall make loans (each such loan, a “Revolving
Loan”) to each Borrower (and each New Borrower pursuant to Section 2.10(a)) requesting such Loan from time to time on any Business
Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of the Lender’s Revolving
Credit Commitment. During the Availability Period, the Borrowers shall be entitled to borrow, prepay and reborrow Revolving Loans in accordance
with the terms of this Agreement.

 

(b)            Limitation
on Borrowing and Re-Borrowings. Notwithstanding anything to the contrary herein contained, the Lender shall not be required to advance
any Revolving Loan hereunder if:

 

(i)            after
giving effect to such Revolving Loan, the Availability Amount would be less than zero; or

 

(ii)            an
Event of Default or, to the Borrowers’ knowledge, a Default exists.

 

(c)            Exclusion
Events. If any of the following events (each, an “Exclusion Event”) shall occur with respect to any RPI Agreement or an
Issuer thereunder, then such RPI Agreement shall no longer be included in the calculation of the Available Commitment:

 

(i)            the
Issuer shall: (A) apply for or consent to the appointment of a receiver, trustee, custodian, intervenor, or liquidator of itself
or of all or a substantial part of its assets; (B) file a voluntary petition as debtor in bankruptcy or admit in writing that it
is unable to pay its debts as they become due; (C) make a general assignment for the benefit of creditors; (D) file a petition
or answer seeking reorganization or an arrangement with creditors or take advantage of any Debtor Relief Laws; (E) file an answer
admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization,
or insolvency proceeding; or (F) take personal, partnership, limited liability company, corporate or trust action, as applicable,
for the purpose of effecting any of the foregoing;

 

(ii)            an
order, order for relief, judgment, or decree shall be entered by any court of competent jurisdiction or other competent authority’
approving a petition seeking such Issuer’s reorganization or appointing a receiver, custodian, trustee, intervenor, or liquidator
of such Issuer or of all or substantially all of its assets, and such order, judgment, or decree shall continue unstayed and in effect
for a period of sixty (60) days;

 

(iii)            any
actions, suits, proceedings, claims or disputes, at law, in equity, in arbitration or before any Governmental Authority, against the Issuer
or any of its assets or against a Borrower that (a) purport to affect or pertain to the RPI Agreement or any related document to
which such Issuer is a party, or (b) either individually or in the aggregate, if determined adversely, could reasonably be expected
to have a material adverse effect on such Issuer;

 

    15

     

    

 

(iv)          any
final, non-appealable judgment(s) for the payment of money which is not otherwise covered by insurance in the aggregate which exceed
twenty percent (20%) of its net worth shall be rendered against such Issuer, and such judgment or judgments shall not be satisfied or
discharged within at least sixty (60) days after such judgment(s) is rendered;

 

(v)           an
Issuer or principal of Issuer shall pursuant to a written instrument repudiate, challenge, or declare unenforceable its obligations under
its RPI Agreement, Revenue Participation Interest, personal guaranty (if required by DCS in its sole and absolute discretion) or related
documents and instruments, or shall otherwise disaffirm in writing any material provision of its RPI Agreement, personal guaranty (if
required by DCS in its sole and absolute discretion) or Revenue Participation Agreement;

 

(vi)          an
Issuer shall fail to comply with any covenant or requirement under its RPI Agreement or Revenue Participation Agreement, subject to any
applicable notice or cure periods, or shall otherwise be in default under its RPI Agreement or Revenue Participation Agreements in any
material respect, following any applicable notice requirements or cure periods;

 

(vii)         the
Borrowers shall fail to deliver to the Lender true and correct copies of the fully executed RPI Agreement and all related documents within
ten (10) Business Days following such execution thereof for any Term Sheet Validated RPI Receivable included in the calculation of
the Available Commitment and, to the extent the Borrower has originals of any such document, delivery of such originals upon the earlier
of (A) such time period as is reasonably practicable or (B) two (2) Business Days following Lender’s request for
originals;

 

(viii)        within
twenty (20) Business Days of delivery of an executed RPI Agreement to Lender, the Lender shall find (A) the terms of the fully executed
RPI Agreement to not conform to the definition of RPI Agreement or (B) that such RPI Agreement contains new or non-conforming material
terms inconsistent with the RPI Agreements identified on Exhibit A as of the Closing Date; or

 

(ix)           the
occurrence of any circumstance or event with respect to any such RPI Agreement or Issuer which, in the reasonable discretion of the Lender,
could reasonably be expected to materially impair the ability of any Borrower to fulfill any of their payment obligations under the Loan
Documents.

 

(d)           The
Borrowers’ obligation to pay the principal of, and interest on, the Revolving Loans shall be evidenced by the records of the Lender
and by the Revolving Credit Note. The entries made in such records shall be prima facie evidence of the existence and amounts of the obligations
of the Borrowers therein recorded; provided, that the failure or delay of the Lender in maintaining or making entries into any such record
or any error therein shall not in any manner affect the obligation of the Borrowers to repay the Revolving Loans (both principal and unpaid
accrued interest) in accordance with the terms of this Agreement.

 

2.02         Requests
for Advances. (a) Each request for a Revolving Loan shall be made upon a Borrower’s irrevocable notice to the Lender,
which may be given by telephone. Each such notice must be received by the Lender not later than 10:00 a.m. on the requested
date of any borrowing of Revolving Loans. Each telephonic notice by a Borrower pursuant to this Section 2.02(a) must be
confirmed promptly by delivery to the Lender of a written Loan Notice, appropriately completed and signed by a Responsible Officer
of such Borrower. Each Loan Notice (whether telephonic or written) shall specify (i) the identity of the Borrower,
(ii) the requested date of the borrowing (which shall be a Business Day) and (iii) the principal amount of Revolving Loans
to be borrowed.

 

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(b)           Upon
satisfaction of the applicable conditions set forth in Section 4.02 (and, if such borrowing is the initial advance under such Commitment,
Section 4.01), the Lender shall make funds available to the applicable Borrower by crediting the account of such Borrower on the
books of the Lender with the amount of such funds.

 

2.03         Prepayments.

 

(a)           Optional.
The Borrowers may, upon notice to the I Lender, at any time or from time to time voluntarily prepay Revolving Loans in whole or in part
without premium or penalty; provided that (A) such notice must be received by the Lender not later than 10:00 a.m. on the date
of prepayment of such Loans; and (B) any prepayment of the Loans shall be in a principal amount of $50,000 or a whole multiple of
$5,000 in excess thereof or if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and
amount of such prepayment and the Loan to be prepaid. If such notice is given by the Borrowers, the Borrowers shall make such prepayment
and the payment amount specified in such notice shall be due and payable on the date specified therein.

 

(b)           Mandatory.

 

(i)             In the event of any buy-back,
claw-back, or other reduction of outstanding amount of any Revenue Participation Interest which results in the aggregate outstanding amount
of Revolving Loans exceeding the Available Commitment, then the Borrowers shall immediately pay such excess to the Lender, in immediately
available funds promptly after the occurrence of the reduction in the outstanding amount of such Revenue Participation Interest (but in
no event later than two (2) Business Days), and, in the event of such repayment, the Borrowers shall deliver to Lender with such
payment a Compliance Certificate evidencing compliance with the Available Commitment.

 

(ii)           In
the event and on such occasion that the aggregate outstanding amount of Revolving Loans exceeds the Available Commitment, then the Borrowers
shall pay on demand such excess to Lender, in immediately available funds promptly on demand (but in no event later than two (2) Business
Days); provided that the amount of such excess shall be paid to the Lender concurrently with the creation of such excess if it results
from any willful act of the Borrowers.

 

2.04          Termination
or Reduction of Commitments. The Borrowers may, upon notice to the Lender, terminate the Revolving Credit Commitment, or from time
to time permanently reduce the Revolving Credit Commitment; provided that (i) any such notice shall be received by the Lender
not later than 10:00 a.m. five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction
shall be in an aggregate amount of $50,000 or any whole multiple of $5,000 in excess thereof and (iii) the Borrowers shall not terminate
or reduce the Revolving Credit Commitment if, after giving effect thereto and to any concurrent prepayments hereunder, the aggregate outstanding
amount of all Revolving Loans would exceed the Revolving Credit Commitment.

 

    17 

     

    

 

2.05         Repayment
of Revolving Loans. The Borrowers shall repay to the Lender on the Maturity Date for the Revolving Credit Commitment the aggregate
principal amount of all Revolving Loans outstanding on such date.

 

2.06         Interest.

 

(a)           Subject
to the provisions of Section 2.06(b), each Loan shall bear interest on the outstanding principal amount thereof at a rate per annum
equal to the LIBOR Rate plus the Applicable Margin; however, in no event shall the interest rate be less than 3.50 percent per annum.

 

(b)           (i) If
any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity,
by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to
the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)           If
any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard to
any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then at the Lender’s option such amount
shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted
by applicable Laws.

 

(iii)          At
the Lender’s request, while any Event of Default exists, the Borrowers shall pay interest on the principal amount of all outstanding
Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted
by applicable Laws.

 

(iv)          Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)           Interest
on each Loan shall be due and payable in arrears on the fifteenth (15th) day of each calendar quarter for the immediately preceding calendar
quarter, on the Maturity Date and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance
with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 

2.07         Fees.

 

(a)           Nonuse
Fee. A fee of 0.50% per annum (the “Nonuse Fee”) on the daily unused portion of the Availability Amount from the Effective
Date to and including the Maturity Date, payable quarterly in arrears, on the last day of each calendar quarter hereafter and on the Maturity
Date; and

 

(b)           Bank
Expenses. All Bank Expenses (including reasonable and documented attorneys’ fees and expenses) incurred through and after the
Effective Date, when due.

 

2.08         Computation
of Interest and Fees. All computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed
(which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue
on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the
Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.09,
bear interest for one day. Each determination by the Lender of an interest rate or fee hereunder shall be conclusive and binding for
all purposes, absent manifest error.

 

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2.09         Payments
Generally. The Borrowers shall make each payment required to be made by them hereunder (whether of principal, interest, fees or otherwise)
prior to 12:00 noon, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after
such time on any date may, in the discretion of the Lender, be deemed to have been received on the next succeeding Business Day for purposes
of calculating interest thereon. All such payments shall be made to the Lender at its Payment Office. If any payment hereunder shall
be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case
of any payment accruing interest, interest thereon shall be made payable for the period of such extension. All payments hereunder shall
be made in Dollars.

 

2.10         Addition
and Removal of Borrowers.

 

(a)           At
any time and from time to time, the Borrowers may, at their sole cost, expense and effort, request that one or more series of DCS be added
hereto as a Borrower for all purposes of the Loan Documents (each a “New Borrower”), in each case by submitting to the Lender
a revised Schedule 1 in the form attached hereto with such New Borrower included acknowledged by the existing Borrowers and, upon
the delivery thereof to the Lender, each such New Borrower shall be deemed to be a “Borrower” for all purposes of the Loan
Documents, and Schedule 1 hereto shall be automatically amended and restated in the form of the revised Schedule 1 delivered
pursuant to this Section 2.10(a). Notwithstanding anything to the contrary herein contained, the parties hereto agree that the Lender
may (in its sole and absolute discretion) condition the addition of any New Borrower as a “Borrower” upon (1) such New
Borrower satisfying its then-effective credit criteria, (2) the completion of its due diligence with respect to each such New Borrower,
(3) its receipt of such internal credit approval, acceptable lien search results, certificates, financial statements, control agreements,
opinions of counsel and other documents and information as the Bank may require, (4) the payment of any fee charged by, or cost or
expense of, the Lender, and (5) such other criteria as the Lender may, in its sole and absolute discretion, choose.

 

(b)         
  At any time and from time to time a Borrower may elect to be removed as a Borrower hereunder (each a “Departing
Borrower”) by submitting to the Lender a revised Schedule 1 in the form attached hereto with such Departing Borrower
removed acknowledged by the remaining Borrowers, provided that such removal shall not be effective until the Lender shall
have received payment of the following through and including such Removal Date: (i) the outstanding principal balance of all
Loans made to the Departing Borrower, (ii) all accrued and unpaid interest thereon, (iii) all fees and expenses owing
under the Loan Documents by the Departing Borrower, and (iv) all other monetary obligations owing under the Loan Documents by
the Departing Borrower. Upon the effectiveness of the removal as herein provided, (A) each such Departing Borrower shall cease
to be a “Borrower” for all purposes of the Loan Documents (other than such provisions thereof that by their terms
survive the termination or other expiration thereof), and (B) Schedule 1 hereto shall be automatically amended and
restated in the form of the revised Schedule 1 delivered pursuant to this Section 2.10(b).

 

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ARTICLE III 

TAXES; YIELD PROTECTION AND ILLEGALITY

 

3.01         Inability
to Determine Rates.

 

(a)           If
the Lender reasonably determines with respect to any Loan (which determination shall be conclusive and binding absent manifest error)
that (i) adequate and reasonable means do not exist for ascertaining the LIBOR Rate, or (ii) dollar deposits with a maturity
of one month are not being offered to banks in the London interbank eurodollar market for the applicable amounts, or (iii) the LIBOR
Rate does not or would not adequately and fairly reflect the cost to the Lender of funding such Loan; the Lender shall give notice thereof
to the Borrowers as promptly as practicable and, until the Lender notifies the Borrowers that the circumstances giving rise to such notice
no longer exist, (i) the availability of the LIBOR Rate shall be suspended and all future Loans will bear interest by reference to
the Base Rate, and (ii) the interest rate for all amounts outstanding under the Loans shall be converted on the first Business Day
of the next calendar month to a rate of interest per annum equal to the Base Rate.

 

(b)           If
at any time the Lender reasonably determines (which determination shall be conclusive absent manifest error) that (i) one or more
circumstances described in clause (a) of this Section have arisen and that such circumstance(s) are unlikely to be temporary,
(ii) the circumstances set forth in clause (i) of this Section (b) have not arisen but the regulatory supervisor for
the administrator of the LIBOR Rate or a Governmental Authority having jurisdiction over the Lender has made a public statement identifying
a specific date after which the LIBOR Rate shall no longer be used for determining interest rates for loans, or (iii) the LIBOR Rate
is no longer a widely recognized benchmark rate for newly originated loans in the U.S. loan market, the Lender shall give notice thereof
to the Borrowers as promptly as practicable; thereafter, the Lender and the Borrowers shall endeavor in good faith to establish an alternate
rate of interest to the LIBOR Rate that gives due consideration to any selection or recommendation of a replacement rate or the mechanism
for determining such a rate and/or adjustment by the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto or any
evolving or then existing prevailing U.S. commercial loan market convention for such alternate rate of interest and related adjustments
at such time (for example, a SOFR based rate) (the “Replacement Rate”) and shall enter into an amendment to this Agreement
to reflect such alternate rate of interest with respect to the Loans and such other related changes to this Agreement as may be applicable.
Effective immediately upon the Lender’s delivery of its notice as called for in the first sentence of this Section 3.01(b) and
until such time as a Replacement Rate shall be determined and an amendment to this Agreement shall become effective in accordance with
this Section 3.01(b) (in the case of the circumstances described in clause (ii) or (iii) of the first sentence of
this Section 3.01(b), only to the extent the LIBOR Rate is not available or published at such time on a current basis), any request
for a Loan shall be deemed to be a request for a Loan to bear interest at the Base Rate. The Replacement Rate shall, upon its effectiveness,
replace the LIBOR Rate for all purposes under the Agreement and the provisions of this Section 3.01 shall continue to apply, to the
extent applicable, to the Replacement Rate. The Replacement Rate shall be applied in a manner consistent with market practice or, to the
extent such market practice is not administratively feasible for the Lender, in a manner as otherwise reasonably determined by the Lender.
In no event shall the Replacement Rate be less than zero. Each of the Lender and the Borrowers agree to work together in good faith to
establish a Replacement Rate.

 

    20 

     

    

 

3.02         Illegality.
If the Lender reasonably determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is
unlawful, for the Lender or its applicable lending office to make, maintain, or fund Loans whose interest is determined by reference
to the LIBOR Rate, or to determine or charge interest rates based upon the LIBOR Rate, or any (Governmental Authority has imposed
material restrictions on the authority of the Lender to purchase or sell, or to take deposits of, Dollars in the London interbank
market, then, upon notice thereof by the Lender to the Borrowers, (a) any obligation of the Lender to make or continue Loans
bearing interest at the LIBOR Rate shall be suspended, and (b) all Loans shall bear interest at the Base Rate, in each case
until the Lender notifies the Borrowers that the circumstances giving rise to such determination no longer exist. Upon receipt of
such notice, (i) all outstanding Loans shall bear interest by reference to the Base Rate, either on the last day of the
calendar month, if the Lender may lawfully continue to maintain such Loans bearing interest at the LIBOR Rate to such day, or
immediately, if the Lender may not lawfully continue to maintain such Loans bearing interest at the LIBOR Rate and (ii) during
the period of such suspension, all future Loan shall bear interest at the Base Rate until the Lender advises the Borrower that it is
no longer illegal for the Lender to determine or charge interest rates based upon the LIBOR Rate. If the Lender and the Borrowers
reasonably determine that such a suspension in the ability of the Lender to make or maintain Loans by reference to the LIBOR Rate
will not be temporary, the Lender and the Borrowers agree to negotiate in good faith an amendment to this Agreement to establish a
Replacement Rate.

 

3.03         Increased
Costs.

 

(a)           If
any Change in Law shall:

 

(i)            impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits
with or for the account of, or credit extended or participated in by, the Lender (except any reserve requirement reflected in the LIBOR
Rate);

 

(ii)          subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the
definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)          impose
on the Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans
made by the Lender;

 

and the result of any of the foregoing shall be to increase the cost
to the Lender of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or
to reduce the amount of any sum received or receivable by the Lender hereunder (whether of principal, interest or any other amount) then,
upon request of the Lender, the Borrowers will pay to such Lender such additional amount or amounts as will compensate the Lender for
such additional costs incurred or reduction suffered.

 

    21 

     

    

 

(b)           If
the Lender determines that any Change in Law affecting the I Lender or any lending office of the Lender or Lender’s holding
company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on the
Lender’s capital or on the capital of the Lender’s holding company, if any, as a consequence of this Agreement, the
commitment of the Lender or the Loans made by the Lender, to a level below that which the Lender or the lender’s holding
company could have achieved but for such Change in Law (taking into consideration the Lender’s policies and the policies of
the Lender’s holding company with respect to capital adequacy), then from time to time the Borrowers will pay to the Lender
such additional amount or amounts as will compensate the Lender or the Lender’s holding company for any such reduction
suffered.

 

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

 

(d)          Failure
or delay on the part of the Lender to demand compensation pursuant to this Section shall not constitute a waiver of the lender’s
right to demand such compensation; provided that the Borrowers shall not be required to compensate the Lender pursuant to this
Section for any increased costs incurred or reductions suffered more than nine months prior to the date that the Lender notifies
the Borrowers of the Change in Law giving rise to such increased costs or reductions, and of the Lender’s intention to claim compensation
therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period
referred to above shall be extended to include the period of retroactive effect thereof).

 

3.04         Taxes.

 

(a)           Defined
Terms. For purposes of this Section, the term “Law” includes FATCA.

 

(b)           Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrowers under any Loan Document shall be made without
deduction or withholding for any Taxes, except as required by Law. If any Law (as determined in the good faith discretion of an applicable
Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable
Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to
the relevant Governmental Authority in accordance with Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable
Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings
applicable to additional sums payable under this Section) the Lender receives an amount equal to the sum it would have received had no
such deduction or withholding been made.

 

(c)           Payment
of Other Taxes. The applicable Borrower shall timely pay to the relevant Governmental Authority in accordance with Law, or at the
option of the Lender timely reimburse it for the payment of, any Other Taxes.

 

(d)           Indemnification
by Borrowers. The Borrowers shall indemnify the Lender, within 10 days after demand therefor, for the full amount of any
Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable
or paid by the Lender or required to be withheld or deducted from a payment to the Lender and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrowers by the
Lender shall be conclusive absent manifest error.

 

    22 

     

    

 

(e)           Evidence
of Payment. As soon as practicable after any payment of Taxes by the applicable Borrower to a Governmental Authority pursuant to this
Section, the Borrowers shall deliver to the Lender 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
Lender.

 

(f)            Status
of Lender.

 

(i)            To
the extent the Lender is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document,
the Lender shall deliver to the Borrowers, at the time or times reasonably requested by the Borrowers, such properly completed and executed
documentation reasonably requested by the Borrowers as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, the Lender, if reasonably requested by the Borrowers, shall deliver such other documentation prescribed by Law
or reasonably requested by the Borrowers as will enable the Borrowers to determine whether or not the Lender is subject to backup withholding
or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution
and submission of such documentation (other than such documentation set forth in paragraphs (f)(ii)(A), (ii)(B) and (ii)(D) of
this Section) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject
the Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of the Lender;

 

(ii)           Without
limiting the generality of the foregoing,

 

(A)          if
the Lender is a U.S. Person, the Lender shall deliver to the Borrowers on the date hereof (and from time to time thereafter upon the reasonable
request of any Borrower), executed copies of IRS Form W-9 certifying that the Lender is exempt from U.S. federal backup withholding
tax;

 

(B)           if
the Lender is a Foreign Lender, it shall, to the extent it is legally entitled to do so, deliver to the Borrowers (in such number of copies
as shall be requested by the recipient) on the date hereof (and from time to time thereafter upon the reasonable request of any Borrower),
whichever of the following is applicable:

 

(1)           in
the case it is claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments
of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption
from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and
(y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or
 “other income” article of such tax treaty;

 

    23 

     

    

 

(2)          executed
copies of IRS Form W-8ECI;

 

(3)           in
the case where it is claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a
certificate substantially in the form of Exhibit B-1 to the effect that the Lender is not a “bank” within the meaning
of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of a Borrower within the meaning of Section 871(h)(3)(B) of
the Code, or a “controlled foreign corporation” related to the Borrowers as described in Section 881(c)(3)(C) of
the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E;
or

 

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

 

(C)          the
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers (in such number of copies as shall be requested
by the recipient) on or about the date of this Agreement (and from time to time thereafter upon the reasonable request of any), executed
copies of any other form prescribed by Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly
completed, together with such supplementary documentation as may be prescribed by Law to permit the Borrowers to determine the withholding
or deduction required to be made; and

 

(D)           if
a payment made to the Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if the 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), the Lender shall deliver to the Borrowers at the time or times prescribed by law and at such time or times reasonably
requested by the Borrowers such documentation prescribed by Law (including as prescribed by Section 1471(b)(3)(C)(i) of the
Code) and such additional documentation reasonably requested by the Borrowers as may be necessary for the Borrowers to comply with their
obligations under FATCA and to determine that the Lender has complied with the 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 (D), “FATCA” shall include
any amendments made to FATCA after the date of this Agreement.

 

    24 

     

    

 

The Lender agrees that if any form or certification it previously delivered
expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrowers
in writing of its legal inability to do so

 

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

 

(h)           Survival.
Each party’s obligations under this Section shall survive termination of the Commitments and repayment of all other Obligations
hereunder.

 

3.05         Mitigation.
If the Lender requests compensation under Section 3.03, or requires any Borrower to pay any Indemnified Taxes or additional amounts
to the Lender or any Governmental Authority for the account of the Lender pursuant to Section 3.04, then the Lender shall (at the
request of the Borrowers) use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or
to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of the Lender,
such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.03 or 3.04, as the case
may be, in the future, and (ii) would not subject the Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous
to the Lender. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by the Lender in connection with any such
designation or assignment.

 

ARTICLE IV 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

4.01         Conditions
to Closing. The Lender shall not be obligated to make the initial advance under the Revolving Credit Commitment until the Borrowers
shall have satisfied the following conditions (unless otherwise waived by the Lender in writing):

 

(a)           The
Lender’s receipt of the following, each of which shall be originals or electronic copies (followed promptly by originals)
unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date
(or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance
reasonably satisfactory to the Lender:

 

(i)            counterparts
of this Agreement and the Note signed on behalf of each party thereto (other than the Lender);

 

    25 

     

    

 

(ii)           counterparts
of the Security Documents signed on behalf of each applicable Loan Party, together with the following:

 

(A)          all
documents and instruments, including UCC financing statements, required by law or reasonably requested by the Lender to be filed, registered
or recorded to create or perfect the Liens intended to be created under the Security Documents;

 

(B)           the
results of a search of the UCC (or equivalent) filings made with respect to the Loan Parties in jurisdictions reasonably satisfactory
to the Lender, copies of the financing statements (or similar documents) disclosed by such search and evidence reasonably satisfactory
to the Lender that the Liens indicated by such financing statements (or similar documents) are permitted by Section 8.01 or have
been released; and

 

(C)           evidence
that all other action that the Lender may deem reasonably necessary or desirable in order to perfect the Liens created under the Security
Documents has been taken (including receipt of duly executed payoff letters, UCC-3 termination statements and consent agreements);

 

(iii)          such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party
as the Lender may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to
act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is
to be a party;

 

(iv)          such
documents and certifications as the Lender may reasonably require to evidence that each Loan Party is duly organized or formed, and that
each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease
or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could
not reasonably be expected to have a Material Adverse Effect;

 

(v)          a
favorable opinion of Morgan, Lewis & Bockius LLP to the Loan Parties, addressed to the Lender, as to such matters concerning
the Loan Parties and the Loan Documents as the Lender may reasonably request;

 

(vi)          a
duly executed Loan Notice, if applicable;

 

(vii)         a
certificate of a Responsible Officer of each Loan Party either (A) stating that all consents, licenses and approvals required in
connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents
to which it is a party have been obtained and are in full force and effect, or (B) stating that no such consents, licenses or approvals
are so required;

 

    26 

     

    

 

(viii)        a
certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and
(b) have been satisfied and (B) that there has been no event or circumstance that has had or could be reasonably expected to
have, either individually or in the aggregate, a Material Adverse Effect;

 

(ix)          establishment
of a deposit account with Lender and delivery of all information and documentation reasonably requested by Lender related to Beneficial
Ownership Certification and for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and
regulations, including, without limitation, the USA PATRIOT Act and the Beneficial Ownership Regulation;

 

(x)            all
original executed RPI Agreements outstanding on the date of this Agreement (if any), including all disbursement schedules (and if no originals
exist, then copies of such executed RPI Agreements and associated schedules); and

 

(xi)          such
other instruments, documents and opinions as may be set forth in the preliminary closing checklist delivered to the Borrowers in connection
with this Agreement or as the Lender shall reasonably require to evidence and secure the Loans, to comply with the provisions hereof and
the requirements of regulatory authorities to which the Lender is subject, all of which, including those referred to above in this Section 4.01
shall be satisfactory in form, content and substance to the Lender.

 

(b)           All
reasonable and documented fees required to be paid to the Lender on or before the Closing Date shall have been paid.

 

(c)           Unless
waived by the Lender, the Borrowers shall have paid all reasonable and documented fees, charges and disbursements of counsel to the Lender
(directly to such counsel if requested by the Lender) to the extent invoiced prior to or on the Closing Date, plus such additional amounts
of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or
to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts
between the Borrower and the Lender).

 

(d)           The
Borrowers and/or Parent shall have provided evidence that all liability insurance required pursuant to the Loan Documents, or that will
be required in the future pursuant to the Loan Documents, regardless of the effective date of such requirement, has been obtained and
is in full force and effect, together with a certificate of liability insurance.

 

(e)           The
Lender shall have completed a due diligence investigation of the Borrower and the Parent (as applicable) in scope, and with results, reasonably
satisfactory to the Lender, and shall have been given such access to the management records, books of account, contract and properties
of the Loan Parries and shall have received such financial, business and other information regarding each of the foregoing Persons and
businesses as they shall have reasonably requested. All of the information made available to the Lender prior to the Closing Date shall
be complete and correct in all material respects; and no changes or developments shall have occurred, and no new or additional information
shall have been received or discovered by the Lender regarding the Loan Parties and Management that either individually or in the aggregate
could reasonably be expected to have a Material Adverse Effect.

 

    27 

     

    

 

4.02         Conditions
to All Extensions of Credit. The obligation of the Lender to make any Loan is subject to the satisfaction of the following conditions:

 

(a)           The
representations and warranties of the Borrowers and each other Loan Party contained in Article V or any other Loan Document, shall
be true and correct in all material respects (other than such representations and warranties already qualified by materiality, which shall
be true and correct in all respects) on and as of the date of such Loan, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct in all material respects (other than such representations
and warranties already qualified by materiality, which shall be true and correct in all respects) as of such earlier date.

 

(b)           No
Default shall exist, or would result from the making of such proposed Loan or from the application of the proceeds thereof.

 

(c)           The
Lender shall have received a Loan Notice in accordance with the requirements hereof, which shall include a statement that the requested
Revolving Loan complies with the provisions of Section 6.10 hereof.

 

(d)           The
Revolving Loan shall be for a Validated RPI Receivable.

 

(e)           The
Lender shall have received the materials required under the definition of a Validated RPI Receivable and also received a new Exhibit A
listing such RPI Agreement.

 

Each request for any Loan submitted by the Borrower
shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied
on and as of the date of the applicable Loan.

 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES

 

Each of the Borrower and the Parent represents and warrants
to the Lender that:

 

5.01         Existence;
Power. Each Loan Party (i) is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its
organization, (ii) has all requisite corporate, partnership or limited liability company, as applicable, power and authority to
carry on its business as now conducted, and (iii) except where a failure to be so qualified could not reasonably be expected to
result in a Material Adverse Effect, is duly qualified to do business, and is in good standing or in existence (as the case may be under
applicable Law), in each jurisdiction where such qualification is required.

 

5.02         Organizational
Power; Authorization; Enforceability. The execution, delivery and performance by each Loan Party of the Loan Documents to which
it is a party are within such Loan Party’s corporate, partnership or limited liability company, as applicable, powers and have
been duly authorized by all necessary corporate, partnership or limited liability company, as applicable, and if required,
shareholder, member, or partner action. This Agreement has been duly executed and delivered by each Loan Party, and constitutes, and
each other Loan Document to which any Loan Party is a party constitutes, valid and binding obligations of such Loan Party,
enforceable against it in accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, or similar Laws affecting the enforcement of creditors’ rights generally and by general principles
of equity.

 

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5.03         Governmental
Approvals; No Conflicts. The execution, delivery and performance by any Loan Party of this Agreement or of the other Loan Documents
to which it is a party (a) do not require any consent or approval of, registration or filing with, or any action by, any Governmental
Authority, except such as have been obtained or made and are in full force and effect and except filings to perfect Liens created under
the Loan Documents, (b) will not violate any applicable Law or the Organizational Documents of such Person or any order of any Governmental
Authority, (c) will not violate or result in a default under any indenture, material agreement or other material instrument binding
on such Person or any of its assets and (d) will not result in the creation or imposition of any Lien on any asset of such Person,
except Liens permitted under Section 8.01.

 

5.04         Security
Interests; Lien Priority. (a) The Security Documents create, as security for the Obligations, valid and enforceable, exclusive,
first priority security interests in and Liens on all of the Collateral in which each Borrower has any right, title or interest, in favor
of the Lender, subject to no other Liens, except as enforceability may be limited by Debtor Relief Laws and equitable principles, (b) such
security interests in and Liens on the Collateral in which each Borrower has any right, title or interest are superior to and prior to
the rights of all third parties in such Collateral, and (c) each Lien referred to in this Section 5.04 is the sole and exclusive
Lien on the Collateral in which such Borrower has any right, title or interest.

 

5.05         Financial
Statements; No Material Adverse Effect.

 

(a)           As
of the Closing Date, after giving effect to this Agreement, no Borrower has any material liabilities, absolute or contingent, matured
or unmatured, other than its obligations under this Agreement, the other Loan Documents, the Security Agreement.

 

(b)           Since
the date of the financial statements most recently delivered pursuant to Section 6.01(a), there has been no event or circumstance,
either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

 

5.06         Litigation.
There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of any Borrower, threatened, at Law, in equity,
in arbitration or before any (Governmental Authority, by or against any Borrower, the Parent or against any of their properties or assets
that (a) purport to affect or pertain to this Agreement or any other Loan Document, or (b) either individually or in the aggregate,
if determined adversely, could reasonably be expected to have a Material Adverse Effect.

 

5.07         Compliance
with Laws and Agreements; No Default. Each Loan Party is in compliance in all material respects with the requirements of all Laws
and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such
requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted
or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect. No Loan Party is in default under or with respect to any Material Agreement that could, either individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the
consummation of the transactions contemplated hereby.

 

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5.08         Title
to Assets. Each of the Borrowers has good title to or the right to use all of the personal property material to its business, except
for such exceptions that do not materially interfere with its ability to conduct its business as currently conducted or to utilize such
properties for their intended purposes.

 

5.09         Environmental
Matters. The Loan Parties are not in violation of any Environmental Laws, except for any such violations that could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

5.10         Liability
Insurance. The Loan Parties maintain liability insurance with financially sound and reputable insurance companies not Affiliates
of each Person, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar
businesses and owning similar properties in localities where such Person operates.

 

5.11         Taxes.
Each Loan Party has timely filed or caused to be filed all Federal income tax returns and all other material tax returns that are required
to he filed by it, and has paid all taxes shown to be due and payable on such returns or on any assessments made against it or its property
and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority, except (i) to the
extent the failure to do so would not have a Material Adverse Effect or (ii) where the same are currently being contested in good
faith by appropriate proceedings and for which such party has set aside on its books adequate reserves. The charges, accruals and reserves
on the books of each Loan Party in respect of such taxes are adequate in such party’s reasonable commercial discretion. To Borrowers’
knowledge, there is no proposed tax assessment against any Loan Party that would, if made, have a Material Adverse Effect. No Loan Party
is party to any tax sharing agreement, other than tax-related provisions of leases, license agreements, and other commercial contracts
the principal purpose of which does not relate to taxation.

 

5.12         ERISA
Compliance. Except as would not reasonably be expected to have a Material Adverse Effect, (i) no Loan Party has established
or maintains any Plan and (ii) none of a Borrower’s assets are considered “plan assets” under the regulations
set forth in 29 C.F.R. § 2510.3-101.

 

5.13         Margin
Regulations; Investment Company Act. i) No Loan Party is engaged, principally or as one of its important activities, in the business
of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Federal Reserve Board), or extending credit for
the purpose of purchasing or carrying margin stock. No proceeds of any Revolving Loan will be used to purchase or carry any margin stock,
or to extend credit to others for the purpose of purchasing or carrying any margin stock.

 

(a)           No
Loan is or is required to be registered as an “investment company” under the Investment Company Act of 1940.

 

5.14         Location
of Offices. The principal office, chief executive office, and principal place of business of each Loan Party is at 200 Central Avenue,
15th Floor, St. Petersburg, Florida 33701.

 

5.15         RPI
Agreements. Exhibit A attached hereto and incorporated herein by reference (or on a revised Exhibit A
delivered to Lender in connection with Section 4.02(d) hereof or otherwise delivered to the Lender by the Borrowers from time
to time) sets forth all of the RPI Agreements, including the names of each party, the amounts of the Revenue Participation Interests,
and whether original executed RPI Agreements exist.

 

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5.16         Securities.
All Equity Securities, debentures, bonds, notes and all other securities of each Loan Party presently issued and outstanding are validly
and properly issued in accordance with all applicable Laws, including, but not limited to, the “Blue Sky” laws of all applicable
states and the federal securities laws.

 

5.17         Solvency.
As of the date hereof and after giving effect to the transactions contemplated by the Loan Documents, (i) the aggregate value of
each Borrower’s assets, individually, will exceed its liabilities (including contingent, subordinated, unmatured and unliquidated
liabilities, provided that the amount of any contingent, unmatured or unliquidated liability at any time shall be computed as the amount
that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability), (ii) each Borrower, individually, will have sufficient cash flow to enable it to pay its
debts as they become due, and (iii) each Borrower, individually, will not have unreasonably small capital for the business in which
it is engaged.

 

5.18         Disclosure.
Each Loan Party has disclosed to the Lender all agreements, instruments and corporate or other restrictions to which it is subject, and
all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.
No report, financial statement, certificate or other information furnished in writing by or on behalf of any Loan Party to the Lender
in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other
Loan Document (in each case as modified or supplemented by other information so furnished) contains any material misstatement of fact
or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, taken as a whole, not misleading; provided that, with respect to projected financial information, each Loan Party represents only
that such information was prepared in good faith based upon assumptions believed to be reasonable at the time, it being understood that
such projections are as to future events and are not to be viewed as facts and that actual results during the period or periods covered
by any such projections may differ significantly from the projected results and such differences may be material.

 

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ARTICLE VI 

AFFIRMATIVE COVENANTS

 

So long as the Lender shall have any Commitment
hereunder and/or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, each Borrower and, solely with respect to
Sections 6.01, 6.03, 6.04, 6.05, 6.06, 6.07, 6.12, 6.14, 6.15 and 6.16, the Parent shall:

 

6.01         Financial
Statements and Other Information. Deliver to the Lender, in form and detail reasonably satisfactory to the Lender:

 

(a)           as
soon as available, but in any event within 120 days after the end of each fiscal year of each Borrower and Parent (except for the
2020 fiscal year, which shall be delivered by May 31, 2021), (i) a consolidated balance sheet of each of such Borrower and
the Parent as of the end of such fiscal year, and the related consolidated statements of income or operations, shareholders’
equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year,
all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of a certified
public accounting firm of nationally recognized standing reasonably acceptable to the Lender, which report and opinion shall be
prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or
like qualification or exception or any qualification or exception as to the scope of such audit or with respect to the absence of
any material misstatement, to be certified by a Responsible Officer of the Borrowers and Parent, as applicable, to the effect that
such statements are fairly stated in all material respects when considered in relation to the financial statements of the Borrowers
and Parent; and (ii) provide compliance calculations and supporting documentation showing compliance with financial covenants
in Section 6.18;

 

(b)           as
soon as available, but in any event within 90 days after the end of each of the first three fiscal quarters of the Borrowers and Parent,
a consolidated balance sheet of each of the Borrowers and Parent as of the end of such fiscal quarter, and the related consolidated statement
of income for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the
figures for the corresponding period or periods (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all
certified by a Responsible Officer of the Borrowers and Parent, as applicable, to the effect that such statements are fairly stated in
all material respects when considered in relation to the financial statements of the Borrowers and Parent.

 

(c)           as
soon as available, but in any event within 30 days after the end of each month (commencing with the month ended November 30, 2020),
(i) a duly completed Compliance Certificate signed by a Responsible Officer of the Borrowers, stating: (A) whether any Event
of Default or, to its knowledge any Default, exists; and (B) (I) the calculations for the Available Commitment as of the end
of such month, and (II) information and documentation supporting such calculations.

 

(d)           promptly
after any reasonable request by the Lender, copies of any detailed audit reports, management letters or recommendations submitted to the
board of directors (or the audit committee of the board of directors) of any Loan Party by independent accountants in connection with
the accounts or books of any Loan Party or any of its Subsidiaries, or any audit of any of them;

 

(e)           promptly,
such additional information regarding the business, financial, legal or corporate affairs of any Loan Party, or compliance with the terms
of the Loan Documents, as the Lender may from time to time reasonably request.

 

6.02         Notices.
Promptly notify the Lender:

 

(a)           of
the occurrence of any Default;

 

(b)           of
any Exclusion Event;

 

(c)           of
any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect;

 

(d)           of
the occurrence of any ERISA Event that is reasonably likely to result in liability in excess of the Threshold Amount;

 

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(e)           of
any material change in accounting policies or financial reporting practices by any Loan Party; and

 

Each notice pursuant to Section 6.02 shall be accompanied by a
statement of a Responsible Officer of the Borrowers setting forth details of the occurrence referred to therein and stating what action
the Borrowers have taken and proposes to take with respect thereto. Each notice pursuant to Section 6.02(a) shall describe with
particularity any and all provisions of this Agreement and any other Loan Document that have been breached.

 

6.03         Payment
of Obligations. Pay and discharge, as the same shall become due and payable, all its material obligations and liabilities, including,
to the extent material, (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets,
unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance
with GAAP are being maintained by such Borrower; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property;
and (c) all Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or
agreement evidencing such Indebtedness.

 

6.04         Preservation
of Existence, Etc., (a) Preserve, renew and maintain in full force and effect its legal existence and good standing under the
Laws of the jurisdiction of its organization; and (b) take all reasonable action to maintain all rights, privileges, permits,
and licenses necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect.

 

6.05         Maintenance
of Insurance. To the extent applicable, maintain with financially sound and reputable insurance companies not Affiliates of the Borrowers
or the Parent, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against
by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances
by such other Persons and providing for not less than 30 days’ prior notice to the Lender of termination, lapse or cancellation
of such insurance (or 10 days’ prior notice in the case of cancellation for nonpayment of premiums).

 

6.06         Compliance
with Laws. Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable
to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or
decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith
could not reasonably be expected to have a Material Adverse Effect.

 

6.07         Books
and Records. (a) Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP
consistently applied shall be made of all financial transactions and matters involving the assets and business of the Borrower or the
Parent; and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental
Authority having regulatory jurisdiction over the applicable Loan Party.

 

6.08         Inspection
Rights. Permit representatives and independent contractors of the Lender to visit and inspect any of its properties, to examine
a Borrower’s corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its
affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense of the Borrowers
and at such reasonable times during normal business hours, upon reasonable advance notice to the Borrowers, no more than once per
calendar year; provided, however, that when an Event of Default exists the Lender (or any of its representatives or
independent contractors) may do any of the foregoing at the expense of the Borrowers at any time during normal business hours and as
often as may be reasonably desired and without advance notice.

 

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6.09         Use
of Proceeds. Use the proceeds of the Revolving Loans only (a) to fund loans and/or Investments made by a Borrower pursuant to
RPI Agreements and (b) recapitalize the balance sheet of the Borrowers. No part of the proceeds of any Loan will be used, whether
directly or indirectly, for any purpose that entails a violation of any rule or regulation of the Board of Governors of the Federal
Reserve System, including Regulations T, U or X.

 

6.10         Compliance
with Environmental Laws. Comply, and use commercially reasonable efforts to cause all lessees and other Persons operating or occupying
its respective properties to comply, in all material respects, with all applicable Environmental Laws; and conduct any investigation,
study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous
Materials from any of its respective properties, to the extent required by Environmental Laws; provided, however, that neither the Borrowers,
nor the Parent shall be required to undertake any such cleanup, removal, remedial or other action 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.

 

6.11         Deposit
Accounts. Cause the Borrowers to maintain their primary deposit accounts with the Lender.

 

6.12         Material
Agreements. Perform and observe in all material respects all of the material terms and provisions of each Material Agreement to be
performed or observed by it, maintain each such Material Agreement in full force and effect unless the applicable Loan Party reasonably
determines such Material Agreement shall terminate or otherwise be cancelled, enforce each such Material Agreement in accordance with
its terms to the extent the applicable Loan Party reasonably determines taking such action is in the best interest of such Loan Party,
take all such action to such end as may be from time to time reasonably requested by the Lender and, upon the reasonable request of the
Lender, make to each other party to each such Material Agreement such demands and requests for information and reports or for action
as any Loan Party is entitled to make under such Material Agreement, except, in any case, where the failure to do so, either individually
or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

6.13         Information
Regarding Collateral. Each Borrower shall furnish to the Lender prompt written notice of any change (i) in its entity name,
(ii) in the location of its chief executive office, its principal place of business, any office in which it maintains books or records
relating to Collateral owned by it (including the establishment of any such new office) or (iii) in its Federal Taxpayer Identification
Number. Each Borrower agrees not to effect or permit any change referred to in the preceding sentence without giving the Lender at least
ten (10) Business Days’ advance notice in writing.

 

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6.14          Further
Assurances.

 

(a)           Cause
each Loan Party to execute any and all further documents, financing statements, agreements and instruments, and take all such further
actions (including the filing and recording of financing statements and other documents), which may reasonably be required under any applicable
Law, or which the Lender may reasonably request, to effectuate the transactions contemplated by the Loan Documents or, in the case of
the Borrowers, to grant, preserve, protect or perfect the Liens created or intended to be created by the Security Documents or the validity
or priority of any such Lien, all at the expense of the Borrowers. Each Loan Party also agrees to provide to the Lender, from time to
time upon request, evidence reasonably satisfactory to the Lender as to the perfection and priority of the Liens created or intended to
be created by the Security Documents.

 

(b)           Notify
the Lender if any material assets are acquired by any of the Borrowers after the Closing Date (other than assets constituting Collateral
under the Security Documents that have become subject to the Liens granted under such Security Documents upon acquisition thereof), and,
if requested by the Lender during the continuance of an Event of Default, the Borrowers will cause such assets to be subjected to a Lien
securing the Obligations and will take such actions as shall be necessary or reasonably requested by the Lender to grant and perfect such
Liens, including actions described in paragraph (a) of this Section, all at the reasonable and documented expense of the Borrowers.

 

6.15         Compliance
with Loan Documents. Unless otherwise approved in accordance with the terms of this Agreement, each Loan Party will promptly comply
with any and all covenants and provisions of this Agreement, the Note and all of the other Loan Documents to which it is a party.

 

6.16         Authorizations;
Consents and Approvals. Each Loan Party will promptly obtain, from time to time at its own expense, all such governmental licenses,
authorizations, consents, permits and approvals as may be reasonably required to enable such Person to comply with its obligations hereunder,
under the other Loan Documents and its Organizational Documents.

 

6.17         Maintenance
of Liens. Each Borrower shall perform all such acts and execute all such documents as the Lender may reasonably request in order
to enable the Lender to report, file, and record every instrument that the Lender may reasonably deem necessary in order to perfect and
maintain the Lender’s liens and security interests in the Collateral and otherwise to preserve and protect the rights of the Lender
that are created by the Loan Documents.

 

6.18         Financial
Covenants. Borrowers shall maintain the following, and the calculations thereof shall be without duplication of amounts on Borrowers’
consolidated financial statement and amounts separately reflected on the financial statements of any Excluded Series:

 

(a)           Senior
Debt to EBITDA Ratio. The Borrowers shall at all times maintain a Senior Debt to EBITDA Ratio of 5.00 to 1.00 or less.

 

(b)           Interest
Coverage Ratio. The Borrowers shall at all times maintain an Interest Coverage Ratio of 3.00 to 1.00 or greater.

 

(c)            Liquidity.
The Borrower shall at all times maintain Liquidity of not less than $250,000.

 

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ARTICLE VII

SECURITY

 

7.01          Liens
and Security Interest. To secure the payment and performance of the Obligations, subject to the terms and conditions set forth herein,
(a) pursuant to the Security Agreement, each Borrower shall grant to the Lender a first priority security interest in and to the Collateral
(as such terms are defined therein), and (b) pursuant to an Account Control Agreement, each Borrower shall grant to the Lender an exclusive,
perfected, first priority security interest in the deposit accounts with Lender and all of the proceeds thereof as more fully described
in such Account Control Agreement.

 

7.02          Lender
Offset. Each Borrower hereby grants to the Lender a right of offset, to secure repayment of the Obligations, upon any and all monies,
securities, or other property of such Borrower and the proceeds therefrom, now or hereafter held or received by or in transit to the Lender,
from or for the account of such Borrower, whether for safekeeping, custody, pledge, transmission, collection, or otherwise, and also upon
any and all deposits (general or specified) and credits of such Borrower, and any and all claims of such Borrower against the Lender at
any time existing. The Lender is hereby authorized at any time and from time to time during the existence of an Event of Default, without
notice to the Borrowers, to offset, appropriate, apply, and enforce such right of offset against any and all items hereinabove referred
to against the Obligations. The Borrowers shall be deemed directly indebted to the Lender, in the full amount of the Obligations, and
the Lender shall be entitled to exercise the rights of offset provided for above. The Lender shall give the Borrowers prompt notice of
any action taken pursuant to this Section 7.02, but failure to give such notice shall not affect the validity of such action or give rise
to any defense in favor of the Borrowers with respect to such action.

 

7.03          Agreement
to Deliver Additional Security Documents. The Borrowers shall deliver to the Lender true and correct copies of the fully executed
RPI Agreement and all related documents within ten (10) Business Days following execution of any Term Sheet Validated RPI Receivable.
In addition, to the extent any originals of such RPI Agreements and related documents exist, the applicable Borrower agrees to delivery
of such originals upon the earlier of (A) such time period as is reasonably practicable or (B) two (2) Business Days following Lender’s
request for originals. The Borrowers shall not provide originals of any RPI Agreement and any personal guaranty to anyone other than Lender.
The Borrowers shall promptly and in any event within fifteen (15) days after a written request received from the Lender, deliver such
security agreements, financing statements, assignments, and other collateral documents (all of which shall be deemed part of the Security
Documents), in form and substance reasonably satisfactory to the Lender, as the Lender may reasonably request from time to time for the
purpose of granting to, or maintaining or perfecting in favor of the Lender, first and exclusive security interests in the Collateral,
as the Lender may reasonably require.

 

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ARTICLE VIII

NEGATIVE COVENANTS

 

So long as the Lender shall have any Commitment
hereunder and/or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, the Borrower, and with respect to Section
8.06, the Parent, shall not directly or indirectly:

 

8.01         Liens.
Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired,
or sign or file or suffer to exist under the UCC of any jurisdiction a financing statement that names the Borrower as debtor, or assign
any accounts or other right to receive income, other than the following:

 

(a)       Liens
pursuant to any Loan Document;

 

(b)       Liens
for taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves
with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(c)       pledges
or deposits in the ordinary course of business in connection with workers’ compensation,
unemployment insurance and other social security legislation, other than any Lien imposed by ERISA;

 

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

 

(e)       Liens
securing judgements for the payment of money not constituting an Event of Default under Section 9.01(h);

 

(f)        Liens
(i) of a collecting bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection, and (ii) in
favor of a banking institution arising as a matter of law encumbering deposits not to exceed $10,000 (including the right of setoff) that
are customary in the banking industry; and

 

(g)       other
Liens not covered by clauses (a) through (f) above securing an aggregate amount of obligations not to exceed $200,000 at any time outstanding.

 

8.02         Indebtedness.
Create, incur, assume or suffer to exist any Indebtedness, except (a) Indebtedness under the Loan Documents, (b) Indebtedness under letters
of credit issued by UMB Bank, n.a. or its Affiliate and (c) other Indebtedness not covered by clauses (a) or (b) above in an aggregate
amount not to exceed $200,000 at any time outstanding.

 

8.03         Investments.
Make or hold any Investments, except Investments by any Borrower pursuant to any RPI Agreements or any other similar preferred
equity Investment to the extent not excluded under Section 2.01(c) and temporary Investments in cash or Cash Equivalents in the
ordinary course of business.

 

8.04         Fundamental
Changes. (a) Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in
a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person
or (b) form or acquire any Subsidiaries, provided, any Series may be combined into any other Series or otherwise Dispose of its assets
or another Series so long as such survivor/transferee is a Loan Party.

 

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8.05         Dispositions.
Make any Disposition or enter into any agreement to make any Disposition, including the Disposition of cash to an Issuer in exchange
for equity in the event of a default of such Issuer under its RPI Agreement, except:

 

(a)       Dispositions
of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 

(b)       Disposition
of assets among the Series; and

 

(c)       Dispositions
of escrowed funds pursuant to the RPI Agreements.

 

8.06         Restricted
Payments. Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do
so, or issue or sell any Equity Interests or accept any capital contributions, except that, so long as no Default shall have occurred
and be continuing at the time of any action described below or would result therefrom, each Loan Party shall be permitted to make Restricted
Payments, incur any obligation (contingent or otherwise) to do so, issue or sell any Equity Interests, or accept any capital contributions,
in each case that would otherwise be permitted (or not prohibited, as the case may be) under its Organizational Documents.

 

8.07         Change
in Nature of Business. Engage in any material line of business substantially different from those lines of business conducted by the
Borrowers on the date hereof or any business substantially related or incidental thereto.

 

8.08         Transactions
with Affiliates. Enter into any transaction (other than any Restricted Payment permitted under Section 8.06) of any kind with any
Affiliate of the Borrowers, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as
favorable to the applicable Borrower as would be obtainable by such Borrower at the time in a comparable arm’s
length transaction with a Person other than an Affiliate.

 

8.09         Restrictive
Agreements. Enter into or permit to exist any Material Agreement (other than this Agreement, any other Loan Document) that (a) limits
the ability of a Borrower to create, incur, assume or suffer to exist Liens on property of such Borrower; or (b) requires the grant of
a Lien to secure an obligation of such Person if a Lien is granted to secure another obligation of such Borrower.

 

8.10         Accounting
Changes. Make any (a) material change in accounting policies or reporting practices, except as required by GAAP, or (b) change its
fiscal year, in each case without Lender’s prior written consent (which consent will not
be unreasonably withheld or delayed).

 

8.11         ERISA.
Except as would not reasonably be expected to have a Material Adverse Effect, (i) the Borrowers shall not establish or maintain any Plan
and (ii) the Borrower shall not permit any of its assets to become “plan assets”
under the regulations set forth in 29 C.F.R. §2510.3-101.

 

ARTICLE IX

EVENTS OF DEFAULT AND REMEDIES

 

9.01         Events of
Default. Any of the following shall constitute an Event of Default:

 

(a)       Any
Borrower fails to (i) pay when and as required to be paid herein, any amount of principal of any Loan, or (ii) pay within three (3) Business
Days after the same becomes due, any interest on any Loan, or any fee due hereunder, or (iii) pay within three (3) Business Days after
the same becomes due, any other amount payable hereunder or under any other Loan Document; or

 

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(b)       Any
Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 6.01, 6.02, 6.04, 6.08, 6.09, 6.11,
Article VII or Article VIII; or

 

(c)       Any
Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 9.01(a) or (b) above) contained in any
Loan Document on its part to be performed or observed and such failure continues for 30 days; or

 

(d)       Any
representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrowers or any other Loan Party
herein or in any other Loan Document shall be incorrect or misleading in any material respect (without duplication of any materiality
qualifiers therein) when made or deemed made; or

 

(e)       (i)
Any Loan Party (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise)
in respect of any Indebtedness or (Guarantee (other than Indebtedness hereunder and Indebtedness under Rate Management Agreements) having
an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any
combined or syndicated credit arrangement) of more than the Threshold Amount, in each case beyond the applicable grace period with respect
thereto, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or (Guarantee or contained
in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other
event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a
trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required,
such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or
an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become
payable or cash collateral in respect thereof to be demanded; or (ii) there occurs any termination under any Rate Management Agreement
resulting in the Swap Termination Value owed by such Loan Party as a result thereof to be greater than the Threshold Amount; or

 

(f)       Any
Loan Party institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit
of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator
or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged
or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material
part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an
order for relief is entered in any such proceeding; or

 

(g)       Any
Loan Party becomes unable or admits in writing its inability or fails generally to pay its debts as they become due; or

 

(h)       There
is entered against any Loan Party (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to
all such judgments and orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to
which the insurer is rated at least “A” by
A.M. Best Company, has been notified of the potential claim and does not dispute coverage), or (ii) any one or more non-monetary
final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and,
in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of
30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in
effect; or

 

    	 	39	 

     

    

 

(i)        (i)
An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result
in liability of the Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess
of the Threshold Amount, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace
period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an
aggregate amount in excess of the Threshold Amount; or

 

(j)        Any
provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder
or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any of their
respective Affiliates contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies
that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind
any provision of any Loan Document; or

 

(k)       There
occurs any Change of Control; or

 

(l)        Any
Security Document after delivery thereof shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected
first priority Lien (subject to Liens permitted by Section 8.01) on the Collateral purported to be covered thereby.

 

9.02         Remedies
upon Event of Default. Upon the occurrence and during the continuation of any one or more of the Events of Default, at the Lender’s
option, all obligations on the Lender’s part to make the Loan, or to make any further disbursements
hereunder shall cease and terminate, and the Loan and all sums then or thereafter due under any and all of the Loan Documents shall, in
the case of an Event of Default, thereupon become immediately due and payable. Without limitation of the foregoing, upon the occurrence
of an Event of Default described in subsections (f) or (g) of Section 9.01 of this Agreement, the Lender’s
obligation to make advances under the Commitments shall automatically terminate and the Loans and all other Obligations of the Borrowers
hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without presentment, demand,
protest, notice of protest, declaration or notice of acceleration or intention to accelerate, and the Borrowers hereby expressly waive
any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding. Upon the occurrence
and during the continuation of an Event of Default, Lender may (a) set off the amounts due Lender under the Loan Documents against any
and all accounts, credits, money, securities or other property of any Borrower now or hereafter on deposit with, held by or in the possession
of Lender to the credit or for the account of such Borrower, without notice to or the consent of such Borrower and (b) enforce any or
all of its rights hereunder or under any other Loan Documents, or at law or in equity.

 

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ARTICLE X

CONTINUING GUARANTY

 

10.01       Guaranty
Agreement. The Parent hereby absolutely and unconditionally guarantees, as a guaranty of payment and performance and not merely as
a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise,
and at all times thereafter, of any and all of the Obligations, whether for principal, interest, premiums, fees, indemnities, damages,
costs, expenses or otherwise, of the Borrowers to the Lender, arising hereunder and under the other Loan Documents (including all renewals,
extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees
and expenses incurred by the Lender in connection with the collection or enforcement thereof) (the “Guaranty
Agreement”). The Lender’s books and records
showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon the Parent,
and conclusive for the purpose of establishing the amount of the Obligations. This (Guaranty Agreement shall nor be affected by the genuineness,
validity, regularity or enforceability of the Obligations or any instrument or agreement evidencing any Obligations, or by the existence,
validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to
the Obligations which might otherwise constitute a defense to the obligations of the Parent under this Guaranty Agreement, and the Parent
hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.

 

10.02       Rights
of Lender. The Parent consents and agrees that the Lender may, at any time and from time to time, without notice or demand, and without
affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise
change the time for payment or the terms of the Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail
to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty Agreement or any Obligations; (c) apply such security
and direct the order or manner of sale thereof as the Lender, in its discretion may determine; and (d) release or substitute one or more
of any endorsers or other guarantors of any of the Obligations. Without limiting the generality of the foregoing, the Parent consents
to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Parent under this Guaranty
Agreement or which, but for this provision, might operate as a discharge of the Parent.

 

10.03       Certain
Waivers. The Parent waives (a) any defense arising by reason of any disability or other defense of the Borrowers or any other guarantor,
or the cessation from any cause whatsoever (including any act or omission of any Lender) of the liability of the Borrowers; (b) any defense
based on any claim that the Parent’s obligations exceed or are more burdensome than those
of the Borrowers; (c) the benefit of any statute of limitations affecting the Parent’s liability
hereunder; (d) any right to proceed against the Borrowers, proceed against or exhaust any security for the Obligations, or pursue any
other remedy in the power of any Lender whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held
by any Lender; and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded
by applicable law limiting the liability of or exonerating guarantors or sureties. The Parent expressly waives all setoffs and counterclaims
and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices
of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Obligations, and all notices of acceptance
of this Guaranty Agreement or of the existence, creation or incurrence of new or additional Obligations.

 

    	 	41	 

     

    

 

10.04       Obligations
Independent. The obligations of the Parent hereunder are those of primary obligor, and not merely as surety, and are independent of
the Obligations and the obligations of any other guarantor, and a separate action may be brought against the Parent to enforce this Guaranty
Agreement whether or not the Borrowers or any other Person is joined as a party.

 

10.05       Subrogation.
The Parent shall not exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments
it makes under this Guaranty Agreement until all of the Obligations and any amounts payable under this Guaranty Agreement have been indefensibly
paid and performed in full and the Commitments and the Commitments are terminated. If any amounts are paid to the Parent in violation
of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Lender and shall forthwith be paid to the
Lender to reduce the amount of the Obligations, whether matured or unmatured.

 

10.06       Termination;
Reinstatement. The guaranty provided hereunder is a continuing and irrevocable guaranty of all Obligations now or hereafter existing
and shall remain in full force and effect until all Obligations and any other amounts payable under this Article X are indefeasibly paid
in full in cash and the Commitments with respect to the Obligations are terminated. Notwithstanding the foregoing, the guaranty provided
hereunder shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of the Borrowers or
the Parent is made, or the Lender exercises its right of setoff, in respect of the Obligations and such payment or the proceeds of such
setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by the Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection
with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred
and whether or not the Lender is in possession of or have released the guaranty obligation hereunder and regardless of any prior revocation,
rescission, termination or reduction. The obligations of the Parent under this paragraph shall survive termination of this Agreement.

 

10.07       Subordination.
The Parent hereby subordinates the payment of all obligations and indebtedness of the Borrowers owing to the Parent, whether now existing
or hereafter arising, including but not limited to any obligation of the Borrowers to the Parent as subrogee of the Lender or resulting
from the Parent’s performance under this Agreement, to the indefeasible payment in full in
cash of all Obligations. the Lender so requests at any time when an Event of Default has occurred and is continuing, any such obligation
or indebtedness of the Borrowers to the Parent shall be enforced and performance received by the Parent as trustee for the Lender and
the proceeds thereof shall be paid over to the Lender on account of the Obligations, but without reducing or affecting in any manner the
liability of the Parent under this Agreement.

 

10.08       Stay
of Acceleration. If acceleration of the time for payment of any of the Obligations is stayed, in connection with any case commenced
by or against the Borrowers under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Parent immediately
upon demand by the Lender.

 

10.09       Condition
of Borrower. The Parent acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from
the Borrowers and any other guarantor such information concerning the financial condition, business and operations of the Borrowers and
any such other guarantor as the Parent requires, and that the Lender has no duty, and the Parent is not relying on the Lender at any
time, to disclose to the Parent any information relating to the business, operations or financial condition of the Borrowers or any other
guarantor (the Parent waiving any duty on the part of the Lender to disclose such information and any defense relating to the failure
to provide the same).

 

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ARTICLE XI

MISCELLANEOUS

 

11.01       Waivers;
Amendments.

 

(a)       No
failure or delay by the Lender in exercising any right or power hereunder or any other Loan Document, and no course of dealing among the
Borrowers and the Lender, 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 right or power, preclude any other or further exercise thereof or the exercise
of any other right or power hereunder or thereunder. The rights and remedies of the Lender hereunder and under the other Loan Documents
are cumulative and are not exclusive of any rights or remedies provided by law. No waiver of any provision of this Agreement or any other
Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted
by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose
for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default
or Event of Default, regardless of whether the Lender may have had notice or knowledge of such Default or Event of Default at the time.

 

(b)       No amendment
or waiver of any provision of this Agreement or the other Loan Documents, nor consent to any departure by any Loan Party therefrom, shall
in any event be effective unless the same shall be in writing and signed by such Loan Party and the Lender and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given.

 

11.02       Notices.

 

(a)       Except
in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications to
any party herein to be effective shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified
or registered mail, as follows:

 

	 	To the Borrowers:	200 Central Avenue, 15th Floor
	 	 	St. Petersburg, Florida 33701
	 	 	Attn: Harris Baltch, Head of M&A
	 	 	 
	 	To Parent:	200 Central Avenue, 15th Floor
	 	 	St. Petersburg, Florida 33701
	 	 	Attn: Jonathan Morris, General Counsel
	 	 	 
	 	To the Lender:	UMB Bank, n.a.
	 	 	1010 Grand Boulevard
	 	 	Kansas City, MO 64106
	 	 	Attention: Chris Bannister

 

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Any party hereto may change its address or telecopy number for notices
and other communications hereunder by notice to the other parties hereto. All such notices and other communications shall, when transmitted
by overnight delivery, be effective when delivered for overnight (next-day) delivery, or if mailed, upon the third Business Day after
the date deposited into the mails or if delivered, upon delivery; provided, that notices delivered to the Lender pursuant to Article
II shall not be effective until actually received by the Lender at its address specified in this Section 11.02.

 

(b)       Any
agreement of the Lender herein to receive certain notices by telephone, facsimile or e-mail is solely for the convenience and at the request
of the Borrowers. The Lender shall be entitled to rely on the authority of any Person purporting to be a Person authorized by the Borrowers
to give such notice and the Lender shall not have any liability to the Borrowers or other Person on account of any action taken or not
taken by the Lender in reliance, on good faith, upon such telephonic, facsimile or electronic notice, absent the Lender’s
gross negligence or willful misconduct. The obligation of the Borrowers to repay the Loans and all other Obligations hereunder shall not
be affected in any way or to any extent by any failure of the Lender to receive written confirmation of any telephonic, facsimile or electronic
notice or the receipt by the Lender of a confirmation which is at variance with the terms understood by the Lender to be contained in
any such telephonic, facsimile or electronic notice absent the Lender’s gross negligence
or willful misconduct.

 

11.03        Expenses;
Indemnification.

 

(a)       The
Borrowers shall pay (i) all reasonable and documented, out-of-pocket costs and expenses of the Lender (including, without limitation,
the reasonable and documented fees, charges and disbursements of outside counsel actually incurred at standard hourly rates) in connection
with the preparation and administration of the Loan Documents and any amendments, modifications or waivers thereof (whether or not the
transactions contemplated in this Agreement or any other Loan Document shall be consummated), and (ii) all reasonable and documented out-of-pocket
costs and expenses (including, without limitation, the reasonable and documented fees, charges and disbursements of outside counsel actually
incurred at standard hourly rates) incurred by the Lender in connection with the enforcement or protection of its rights in connection
with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made hereunder,
including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect
of such Loans.

 

(b)       The
Loan Parties shall indemnify the Lender and each of the Related Parties of the Lender (each, an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all costs, losses, liabilities, claims, damages and related expenses,
including the reasonable and documented fees, charges and disbursements of any counsel for any Indemnitee, incurred by any
Indemnitee or asserted against any Indemnitee by any Person arising out of, in connection with or as a result of (i) the execution
or delivery of any this Agreement or any other agreement or instrument contemplated hereby, the performance by the parties hereto of
their respective obligations hereunder or the consummation of any of the transactions contemplated hereby, (ii) any Loan or any
actual or proposed use of the proceeds therefrom, (iii) the fraudulent actions or misrepresentations of any Loan Party in connection
with the transactions contemplated by this Agreement and the other Loan Documents, or any breach by a Loan Party of its obligations
under this Agreement or any other Loan Documents, (iv) any actual or alleged presence or release of Hazardous Materials on or from
any property owned by any Borrower or any Environmental Liability related in any way to any Borrower, or (v) any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort, or any
other theory and regardless of whether any Indemnitee is a party thereto; provided, that such indemnity shall not, as to any
Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a
court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Indemnitee, (y) result from a claim brought by a Loan Party against an Indemnitee for breach in bad faith of such
Indemnitee’s obligations hereunder or under any other Loan Document, if such Loan Party
has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (z)
result from a claim not involving an act or omission of a Loan Party and that is brought by an Indemnitee against another
Indemnitee.

 

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(c)       To
the extent permitted by applicable Law, no party hereto or Indemnitee shall assert, and hereby waives, any claim against any Indemnitee
or other party hereto, as applicable, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed
to actual or direct damages) arising out of, in connection with or as a result of, this Agreement or any agreement or instrument contemplated
hereby, the transactions contemplated therein, any Loan or the use of proceeds thereof.

 

(d)       All
amounts due under this Section shall be payable promptly after written demand therefore.

 

(e)       Each
reference in this Agreement or any other Loan Document to any fees, expenses or disbursements of attorneys for or counsel to Lender shall
be deemed to mean fees, expenses or disbursements actually incurred at standard hourly rates without reference to any statutory presumption
or percentage.

 

11.04       Successors
and Assigns.

 

(a)       The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns, except that no Loan Party may assign or transfer any of its rights or obligations hereunder without the prior written consent
of the Lender (and any attempted assignment or transfer by such Loan Party without such consent shall be null and void).

 

(b)       The
Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement and the
other Loan Documents (including all or a portion of the Revolving Credit Commitment and the Loans at the time owing to it); provided,
that the Borrowers must give their prior written consent (which consent shall not be unreasonably withheld or delayed and it being
understood that the Borrowers shall be deemed to be acting reasonably in withholding their consent to an assignment resulting in any
material increased cost or obligation to the Borrowers) to any assignment, except an assignment to an Affiliate of the Lender
(unless such Affiliate would cause the Borrowers to incur any material additional costs or obligations, including with respect to
any Taxes), or during the occurrence and continuation of an Event of Default (and any attempted assignment or transfer by the Lender
without the required consent shall be null and void). Upon the execution and delivery of an assignment agreement by the Lender and
such assignee as permitted hereunder and payment by such assignee of an amount equal to the purchase price agreed between the Lender
and such assignee, such assignee shall become a parry to this Agreement and the other Loan Documents and shall have the rights and
obligations of a Lender under this Agreement, and the Lender shall be released from its obligations hereunder to a corresponding
extent. Upon the consummation of any such assignment hereunder, the Lender, the assignee and the Borrowers shall make appropriate
arrangements to have new Notes issued to reflect such assignment.

 

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(c)       The
Lender may at any time, without the consent of the Borrowers, sell participations to one or more banks or other entities (a “Participant”)
in all or a portion of the Lender’s rights and obligations under this Agreement; provided,
that (i) the Lender’s obligations under this Agreement shall remain unchanged, (ii) the Lender
shall remain solely responsible to the other parties hereto for the performance of its obligations hereunder, and (iii) the Borrowers
and the Lender shall continue to deal solely and directly with each other in connection with the Lender’s
and the Borrower’s rights and obligations under this Agreement and the other Loan Documents.
Any agreement or instrument pursuant to which the Lender sells such a participation shall provide that the Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that the Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver with respect to any decrease in the interest rate provided for herein or an extension of the Maturity Date that affects such
Participant. The Lender shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which
it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that the Lender shall not have any obligation to disclose all or any portion of the Participant Register (including the
identity of any Participant or any information relating to a Participant’s interest in any
commitments, loans, 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 the 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.

 

(d)       The
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement and the Notes to
secure its obligations to a Federal Reserve Bank without complying with this Section; provided, that no such pledge or assignment
shall release the Lender from any of its obligations hereunder or substitute any such pledgee or assignee for the Lender as a party hereto.

 

11.05       Governing
Law; Jurisdiction; Consent to Service of Process.

 

(a)       This
Agreement and the other Loan Documents shall be construed in accordance with and be governed by the law (without giving effect to the
conflict of law principles thereof) of the State of Missouri.

 

(b)       Each
of the Lender and each Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive
jurisdiction of the United States District Court of Western District of Missouri, and of any state court of the State of Missouri
located in Jackson County and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement or any other Loan Document or the transactions contemplated hereby or thereby, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action
or proceeding may be heard and determined in such Missouri state court or, to the extent permitted by applicable law, such Federal
court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any
other Loan Document shall affect any right that the Lender may otherwise have to bring any action or proceeding relating to this
Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction.

 

    	 	46	 

     

    

 

(c)       Each
of the Lender and each Loan Party irrevocably and unconditionally waives any objection which it may now or hereafter have to the laying
of venue of any such suit, action or proceeding described in paragraph (b) of this Section and brought in any court referred to in paragraph
(b) of this Section. Each of the parties hereto irrevocably waives, to the fullest extent permitted by applicable law, the defense of
an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)       Each
party to this Agreement irrevocably consents to the service of process in the manner provided for notices in Section 11.02. Nothing in
this Agreement or in any other Loan Document will affect the right of any party hereto to serve process in any other manner permitted
by law.

 

11.06       WAIVER
OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES THEIR RIGHT TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT,
TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY
HAS REVIEWED THIS WAVER WITH ITS COUNSEL.

 

11.07       Right
of Setoff; Payment Set Aside.

 

(a)       In
addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, the Lender shall
have the right, at any time or from time to time upon the occurrence and during the continuance of an Event of Default, without prior
notice to any Loan Party, any such notice being expressly waived by each Loan Party to the extent permitted by applicable law, to set
off and apply against all deposits (general or special, time or demand, provisional or final) of the Borrowers at any time held or other
obligations at any time owing by the Lender to or for the credit or the account of the Borrowers or the Parent against any and all Obligations
held by the Lender, irrespective of whether the Lender shall have made demand hereunder and although such Obligations may be unmatured.
The Lender agrees promptly to notify the Borrowers or the Parent (as the case may be) after any such set-off and any application made
by the Lender; provided, that the failure to give such notice shall not affect the validity of such setoff and application.

 

(b)       To
the extent that any payment by or on behalf of the Borrowers is made to the Lender or the Lender exercises its right of setoff, and
such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by the Lender in its discretion) to be repaid to
a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then to the
extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full
force and effect as if such payment had not been made or such setoff had not occurred.

 

    	 	47	 

     

    

 

11.08       Counterparts;
Integration. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one and the same instrument. This Agreement, the other Loan
Documents, and any separate letter agreement(s) relating to any fees payable to the Lender constitute the entire agreement among the parties
hereto and thereto regarding the subject matters hereof and thereof and supersede all prior agreements and understandings, oral or written,
regarding such subject matters.

 

11.09       Survival.
All covenants, agreements, representations and warranties made by the Loan Parties herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and
shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such
other party or on its behalf and notwithstanding that the Lender may have had notice or knowledge of any Default or incorrect representation
or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any
accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the
Revolving Credit Commitment has not expired or terminated. The provisions of Section 11.03 shall survive and remain in full force and
effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination
of the Commitments or the termination of this Agreement or any provision hereof. All representations and warranties made herein, in the
certificates, reports, notices, and other documents delivered pursuant to this Agreement shall survive the execution and delivery of this
Agreement and the other Loan Documents, and the making of the Loans.

 

11.10       Severability.
Any provision of this Agreement or any other Loan Document held to be illegal, invalid or unenforceable in any jurisdiction, shall, as
to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality,
validity or enforceability of the remaining provisions hereof or thereof; and the illegality, invalidity or unenforceability of a particular
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

11.11       Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together
with all fees, charges and other amounts which may be treated as interest on such Loan under applicable law (collectively, the “Charges”),
shall exceed the maximum lawful rate of interest (the “Maximum Rate”)
which may be contracted for, charged, taken, received or reserved by the Lender in accordance with applicable law, the rate of interest
payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate
and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result
of the operation of this Section shall be cumulated and the interest and Charges payable to the Lender in respect of other Loans or periods
shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal
Funds Effective Rate to the date of repayment, shall have been received by the Lender.

 

    	 	48	 

     

    

 

11.12       Confidentiality.
Lender agrees to keep information obtained by it pursuant hereto and the other Loan Documents, whether before or after the Closing Date,
confidential in accordance with Lender’s customary practices and agrees that it shall only
use such information in connection with the transactions contemplated by this Agreement and not disclose any such information other than
(a) to its Affiliates and to its and its Affiliate’s employees, representatives and agents;
provided, that such Persons are informed of the confidential nature of such information and have agreed in writing to keep such
information confidential, (b) to the extent such information presently is or hereafter becomes (i) publicly available other than as a
result of a breach of this Section or (ii) available to Lender on a non-confidential basis from a source other than a Loan Party; provided,
that such information was not furnished by a source known by it to be prohibited from disclosing such information by contractual, legal
or fiduciary obligation to the Borrowers or any other Loan Party, (c) to the extent disclosure is required by law, regulation or judicial
order or requested or required by bank regulators or auditors or any other regulatory authority purporting to have jurisdiction over it,
(d) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to
this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder or (e) to current or prospective assignees,
Participants and contractual counterparties in any Rate Management Agreement permitted hereunder and to their respective legal or financial
advisors, in each case and to the extent such assignees, Participants, grantees or counterparties agree to be bound by, and to cause their
advisors to comply with, the provisions of this Section 11.12. Notwithstanding any other provision in this Agreement, Lender hereby agrees
that the Borrowers and the Parent (and each of their respective officers, directors, employees, accountants, attorneys and other advisors)
may disclose to any and all Persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of the Loans and the
transactions contemplated hereby and all materials of any kind (including opinions and other tax analyses) that are provided to it relating
to such U.S. tax treatment and U.S. tax structure.

 

11.13       USA
PATRIOT Act Notice. The Lender hereby notifies each of the Parent and the Borrower that pursuant to the requirements of the USA PATRIOT
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”),
it is required to obtain, verify and record information that identifies each of the Parent and the Borrower, which information includes
the name and address of such Person and other information that will allow the Lender to identify each such Person in accordance with the
Act.

 

11.14       State-Specific
Provisions. The following notice is given to comply with Section 432.047 of the Revised Statutes of Missouri:

 

ORAL OR UNEXECUTED AGREEMENTS OR COMMITMENTS TO LOAN MONEY,
EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE, REGARDLESS
OF THE LEGAL THEORY UPON WHICH IT IS BASED THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT. TO PROTECT YOU (BORROWER(S)) AND US (CREDITOR)
FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE
AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

 

[SIGNATURES ON THE FOLLOWING PAGE]

 

    	 	49	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Credit Agreement to be duly executed as of the date first written above.

 

	 	DYNASTY CAPITAL STRATEGIES LLC,
	 	 	For itself and on behalf of,
	 	 	Dynasty Capital Strategies LLC – Series
    Americana,
	 	 	Dynasty Capital Strategies LLC – Series
    Wyeth,
	 	 	Dynasty Capital Strategies LLC – Series
    DBR,
	 	 	Dynasty Capital Strategies LLC – Series
    Boulevard West,
	 	 	Dynasty Capital Strategies LLC – Series
    GDP,
	 	 	Dynasty Capital Strategies LLC – Series
    Interchange,
	 	 	and
	 	 	Dynasty Capital Strategies LLC – Series
    Cyndeo

 

	 	By:	Dynasty Financial Partners, LLC, its Manager
	 	 	 
	 	 	By:	/s/ Jonathan Morris
	 	 	Name:	Jonathan Morris
	 	 	Title:	General Counsel

 

 

	 	DYNASTY FINANCIAL PARTNERS, LLC

 

	 	By:	/s/ Jonathan Morris
	 	Name:	Jonathan Morris
	 	Title:	General Counsel

 

 

	 	UMB BANK, n.a.

 

	 	By:	/s/ Christopher Bannister
	 	Name:	Christopher Bannister
	 	Title:	Vice President

 

Signature Page to Credit AgreementExhibit 10.14

 

Employment Agreement

 

This EMPLOYMENT AGREEMENT (this “Agreement”)
is made as of and entered into as of this 12th day of February, 2014 by and between Shirl Penney (“Penney”)
and Dynasty Financial Partners, LLC (the “Company”).

 

BACKGROUND:

 

Penney is currently the Chief Executive Officer
and President of the Company. The Company wishes to continue to engage Penney as the Chief Executive Officer and President of the Company
and Penney is willing to be so engaged by the Company, in each case, subject to the terms and conditions of this Agreement.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending
to be legally bound hereby, the Company and Penney agree as follows:

 

		1.	Title and Duties: Penney shall be the Chief Executive Officer of the Company reporting directly to the Company’s Board
of Managers (the “Board”). As Chief Executive Officer, Penney shall be responsible for managing the day-to-day operations
and affairs of the Company and supervising its officers, subject to the direction and control of the Board. He will also have such other
powers and perform such other duties as may be assigned to Penney by the Board, including, without limitation, the authority to appoint
and terminate officers of the Company and to retain and terminate employees of the Company. Penney shall also serve as the President and
shall have such other powers and perform such other duties as usually pertain to such office of a limited liability company under Delaware
law. Penney shall devote all of his business time, attention and energy to the business of the Company. Subject to the approval of the
Board, it is understood that Penney will be able to devote a portion of his business time to for-profit corporate boards of directors
and charitable and other non-profit activities.

 

		2.	Term: Subject to the terms and conditions set forth herein and subject to the earlier termination of Penney’s employment
with the Company, Penney shall provide services to the Company and the Company shall compensate Penney for an initial term commencing
as of the Effective Date (as defined below) and continuing through December 31, 2016, with such arrangement to continue for successive
one-year periods in accordance with the terms of this Agreement (subject to earlier termination of Penney’s employment with the
Company) unless the Company or Penney notifies the other party of non-renewal in writing prior to three (3) months before the expiration
of the initial term and each annual renewal, as applicable. The period during which Penney provides services hereunder shall hereinafter
be referred to as the “Term” and subsequent terms as Successive Terms.”

 

Notwithstanding the above, upon the company’s adoption
of employment and termination policies covering the position of Chief Executive Officer the renewal provision of this agreement shall
terminate.

 

     

     

    

 

		3.	Effective Date of Employment: This Agreement shall be effective as of January 1, 2014 (the “Effective Date”).

 

		4.	Compensation:

 

		a.	Base Salary: Penney’s base salary shall be $250,000 per annum, which shall be payable in accordance with the Company’s
payroll policies. The Board shall consider, in its sole discretion, upward adjustments in Penney’s base salary (the amount of base
salary paid to Penney during the Term shall hereinafter be referred to as “Base Salary”).

 

		b.	Incentive Based Compensation: On an annual basis, Penney shall be eligible to receive additional compensation contingent upon
the Company’s financial performance and Penney’s performance in providing services to the Company (“Incentive Based
Compensation”). The decision whether to pay any Incentive Based Compensation to Penney, and the dollar value of such Incentive
Based Compensation, shall be determined in the sole discretion of the Board on an annual basis, with input from the Company’s Compensation
Committee, if any, or its Executive Committee.

 

		c.	Profits Interests: Penney shall be eligible to participate in any equity plans of the Company, in each case subject to the
terms and conditions of such plans, and Penney’s participation in the Company’s equity plans shall include, but not be limited
to, his being eligible to receive profits interests (or “Class P Interests”) if available in the Company.

 

		5.	Benefits: The Company will provide health care and 403(b) retirement plan benefits similar to those provided to other
senior executives at the Company. During the Term, Penney shall be eligible to participate in any benefit plans of the Company, in each
case to the extent that Penney is eligible under the terms of such plans, including, without limitation, group insurance, hospitalization,
medical and disability plans, and Penney shall be afforded participation in other benefits extended by the Company from time to time to
its employees, in each case to the extent that Penney is eligible under the terms of such plans, such as vacations, holidays, sick leave
and related programs. The Company may, at any time, terminate any of these plans or benefits with respect to all of its employees, to
the extent permitted by applicable law, without the consent of Penney.

 

		6.	Reimbursement of Expenses: The Company shall reimburse Penney for all reasonable and necessary business and professional expenses
incurred by Penney in the performance of his duties to the Company submitted in a timely manner and as provided in the business expense
policies adopted by the Company from time to time.

 

		7.	Vacation: Penney shall be entitled to vacation of twenty (20) business days per annum in addition to the holiday days afforded
to the Company’s employees, to be credited in accordance with the Company’s ordinary
policies. Any unused vacation days shall not rollover into the next calendar year.

 

    2

     

    

 

		8.	Life Insurance: The Company shall continue to maintain a ten (10)-year life insurance policy on Penney in an amount of not
less than Ten Million Dollars ($10,000,000). The Company shall pay all premiums associated with such insurance policy; provided, however,
that if Penney’s employment with the Company is terminated during such insurance policy’s ten (10)-year term, the Company
agrees to take all reasonable steps to transfer the insurance policy to Penney and eliminate the Company as a beneficiary. In such case,
the Company shall not be obligated to pay any premiums due and payable under the insurance policy after such termination.

 

		9.	Termination:

 

		a.	If Penney is terminated by the Company other than for “Cause,” then Penney shall receive a severance payment in the amount
of two (2) times Penney’s total annual cash compensation, inclusive of the base salary and bonus (the “Severance Payment”).
The Company also agrees to continue to provide Health Care benefits to Penney for an 18 months period commencing on the first day of the
month following his termination.

 

		b.	For purposes of this Agreement, the term “Cause” shall mean Penney’s (i) commission of fraud, gross negligence,
reckless or intentional misconduct, embezzlement, (ii) pleading guilty or no contest to or being convicted of a crime involving moral
turpitude, (iii) breach of any material term of this Agreement which is not cured within thirty (30) days of Penney’s receiving
notice of such breach from the Company, or (iv) voluntary resignation of his employment with the Company (other than for Good Reason
as defined below).

 

		c.	For purposes of this Agreement, Penney’s termination for “Good Reason” shall mean (i) Penney choses to resign
because he is no longer Chief Executive Officer of the Company, is not elected to the Board, or Penney’s duties and responsibilities
are significantly diminished in a material manner, or (ii) within twelve (12) months following a Change of Control (as defined below)
of the Company, Penney’s employment with the Company is terminated by the Company other than for Cause.

 

		d.	For purposes of this Agreement, the term “Change of Control” shall mean a transaction or series of related transactions
in which there is (i) a change of ownership, directly or indirectly, of the ownership interests in the Company representing fifty
percent (50%) or more of the combined voting power of the Company’s then outstanding securities, or (ii) a sale of all or substantially
all the Company’s assets (not including a sale of assets or other fundamental corporate transaction not followed by a liquidation
of the Company).

 

    3

     

    

 

		e.	The payment of any severance contemplated pursuant to this Section 9 shall be conditioned on Penney’s execution of a general
release in favor of the Company, which release shall be in a form satisfactory to the Company.
The payment of any severance contemplated pursuant to this Section 9 shall be paid to Penney, by wire transfer of immediately available
funds, in four (4) equal installments on each [March 1, June 1, September 1 and December 1] (or if such date
falls on a weekend or national holiday, the next business day thereafter) (each, a “Payment Date”), commencing on the
first Payment Date and terminating on the fourth Payment Date, in each case, occurring after the termination of Penney’s employment
with the Company (the “Severance Period”); provided, however, that in the event that, during the Severance Period,
Penney secures full-time employment with comparable compensation and benefits to that which Penney received from the Company during his
employment therewith (whether as an employee, consultant or otherwise), the obligation of the Company to pay any remaining unpaid installments
of severance shall cease. If Penney secures employment during the Severance Period, Penney shall immediately notify the Company in writing
of such employment and shall provide the Company with details regarding Penney’s compensation and benefits in connection with such
employment.

 

		10.	Purchase of Penney Company Interests Upon Termination:

 

		a.	If Penney’s employment is terminated (i) by the Company without Cause, (ii) by the Company due to its non-renewal
in accordance with Section 2 hereof of the initial Term of this Agreement and two Successive Terms of one year each (for a total
of five years), (iii) by Penney for Good Reason, or (iv) due to his death or Disability (as defined below) then Penney (and
for purposes of this Section 10 in the case of his death or Disability his estate or guardian) shall have the right (the “Put
Right”), in his sole discretion, to put to the Company and, if such right is exercised, the Company shall have the obligation
to purchase from Penney, up to twenty five percent (25%) of each class of ownership interests in the Company (including, without
limitation, Class A Common Interests, Class B Common Interests and/or Class P Interests) owned by Penney at the time of
the Put Right Termination. The Company’s obligation shall be capped at no more than twenty-five percent (25%) of the Company’s
available equity at time of the termination less any amounts paid or scheduled to be paid pursuant to the Severance Payment obligation
(the “Put Payment Cap”). For purposes of this provision, in the event of Penney’s death, any proceeds under Company
maintained Life Insurance shall be included in calculating the Company’s available equity. Penney shall have thirty (30) calendar
days following the date of the Put Right Termination to provide the Company with written notice (the “Put Notice”)
of his election to exercise the Put Right, and the Put Notice shall specify the number and class(es) of the ownership interests in the
Company which Penney has elected to put to the Company pursuant to the Put Right (such ownership interests, collectively, the “Put
Right Securities”). Upon receipt of the Put Notice, the Company shall have the obligation to purchase the Put Right Securities
from Penney for a purchase price equal to the aggregate fair market value of the Put Right Securities, which shall be determined
by the Board in good faith (and which determination shall be binding and conclusive on the Company and Penney).

 

    4

     

    

 

b.       In
the event Penney elects to exercise the Put Right, Company will have a corresponding right to match the Put Right and buy
from Penney up to an equivalent number of interests owned by Penney (the “Call Right”). The Company shall have fifteen
(15) calendar days following the date of the Put Notice to provide Penney with written notice
(the “Call Notice”) of its election to exercise the Call Right, and the Call Notice shall specify the
number and class(es) of the ownership interests the Company has elected to call from Penney (the “Call Right Securities”).
The payment of any amounts in consideration of the Put Right or Call Right Securities shall be paid to Penney in eight quarterly
equal installments, commencing on the first Payment Date 60 days from the termination date and terminating on the eighth Payment Date,
in each case, occurring after the Put Right Termination.

 

c.       If
at the time of Penney’s termination, any other Company employee(s) with similar put right(s) seek to exercise such right(s) with
respect to their ownership interests in the Company (a “Third Party Put Right”), then the Third Party Put Right(s) and
Penney’s Put Right shall be aggregated and the Company’s obligation shall be capped at no more than forty percent
(40%) of the Company’s available equity at time of the termination less any amounts paid or scheduled to be paid pursuant to
the Severance Payment obligations for each of the individuals and such payments will be shared pro rata based on Penney’s and each
of the third party’s ownership interests in the Company at the time of termination.

 

d.       For
purposes of this Agreement, the term “Disability” means a disability which renders Penney incapable of performing all of his
duties hereunder for a period of at least (i) ninety (90) consecutive days, or (ii) one hundred eighty (180) non-consecutive
days during any consecutive twelve-month period.

 

		11.	Effect of Termination on Class P Interests: If Penney’s employment with the Company is terminated, for any reason
whatsoever, and at the time of termination, Penney is the holder of any Class P Interests in the Company then:

 

		i.	All of Penney’s right to receive any unvested Class P Interests shall be forfeited, and the Company shall have no further
obligation to issue to Penney any such Class P Interests.

 

		ii.	ii For sixty (60) business days following the date
of Penney’s termination, the Company shall have the right to purchase from Penney, and Penney shall have the obligation to sell
to the Company, any or all of his right, title and interest in, to, and under the Class P Interests which have vested as of the date
of Penney’s termination. The purchase price for any Class P Interests sold by Penney to the Company shall be equal to the fair
market value of such Class P Interests as of the date of Penney’s termination, as reasonably determined in good faith by the
Board of Managers of the Company, in its sole discretion, which determination shall be binding upon Penney and the Company. The purchase
price shall be payable over a period of one (1) year in quarterly installments with
interest at the prime rate.

 

    5

     

    

 

		iii.	In the event that the termination is for Cause or if Penney voluntarily resigns from the Company, a liquidity discount of 50% will
apply to the Class P Interests (the “Liquidity Discount”) the Company may elect to purchase. The Liquidity Discount shall
expire on the earlier of the fourth anniversary of the grant of the Class P Interests or in the event of a Drag Along Sale as defined
in the Amended and Restated Operating Agreement of the Company dated as of November 9, 2010.

 

		iv.	Subject to approval by the Company’s Board of Directors with respect to the Class P Interests, in the event of Penney’s
death or permanent disability Class P Interests will transfer to his estate.

 

		12.	Board of Directors: Penney shall serve on the Board of the Company and shall be entitled to indemnification from lawsuits in
connection with his service as a member of the Board and shall have coverage under the Company’s Director and Officer Insurance
Policy on the same terms as other members of the Board.

 

		13.	Confidentiality; Non-Solicitation. Penney hereby acknowledges and agrees to the obligations set forth in the Confidentiality
and Non-Solicitation Agreement (the “Confidentiality Agreement”) executed on or about August 17, 2011 and attached hereto
as Exhibit A.

 

		14.	Notices. All notices of request, demand and other communications hereunder shall be addressed to the parties as follows:

 

If to Penney:

 

With a copy to:

 

	If to the Company:	Dynasty Financial Partners, LLC
	 	1350 Avenue of the Americas, 32nd Floor 
	 	New York, NY 10019
	 	Attention:	Chief Legal & Governance Officer
	 	Facsimile:	(212) 373-1050
	 	Email: 	jmorris@dynastyfinancialpartners.com

 

unless the address is changed by the party by like
notice given to the other parties. Notices, consents, waivers or other communications referred to in this Agreement may be sent by
facsimile, e-mail, or other method of delivery, but shall be deemed to have been delivered only when the sending party has confirmed
(by reply e-mail or some other form of written confirmation from the receiving party) that the notice has been received by the other
party.

 

    6

     

    

 

		15.	Successors; Binding Agreement: This Agreement shall be binding on the heirs, administrators and personal representative of
Penney and upon the successors and permitted assigns of the Company.

 

		16.	No Third Party Beneficiaries: This Agreement does not create, and shall not be construed as creating, any rights enforceable
by any person not a party to this Agreement (except as provided in Section 8 hereof).

 

		17.	Entire Agreement; Modification. This Agreement sets forth the entire understanding of the parties with respect to the subject
matter hereof and supersedes all existing agreements, understandings or representations concerning such subject matter. This Agreement
may be modified only by a written instrument duly executed by each party hereto.

 

		18.	Waiver: Any waiver by either party of a breach of any provision of this Agreement shall not operate as or be construed to be
a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a party to insist
upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of
the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Any waiver in connection with this
Agreement must be in writing.

 

		19.	Assignment: Neither this Agreement nor either party’s rights hereunder may be assigned, and neither party’s obligations
hereunder may be delegated, by operation of law or otherwise, to anyone without the prior written consent of the other party to this Agreement;
provided, however, that the Company may assign this Agreement to an affiliate of the Company, to any successor entity of the Company in
connection with a Change of Control of the Company.

 

		20.	Severability: In case any one or more of the provisions contained in this Agreement shall be invalid or unenforceable in any
respect, the validity and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby
and the parties will attempt to agree upon a valid and enforceable provision which shall be a reasonable substitute for such invalid and
unenforceable provision in light of the tenor of this Agreement, and, upon so agreeing, shall incorporate such substitute provision in
this Agreement.

 

		21.	Section Headings: All section headings herein are inserted for convenience of reference only and shall not affect the
meaning or interpretation of this Agreement.

 

    7

     

    

 

		22.	Counterparts; Governing Law: This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to the principles of conflicts of laws that
would result in the application of the laws of another jurisdiction.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    8

     

    

 

EXECUTION COPY

 

IN WITNESS WHEREOF, the parties have executed and
delivered this Employment Agreement in on the date first above written.

 

	 	DYNASTY FINANCIAL PARTNERS, LLC
	 	 
	 	 	 
	 	By	/s/ Todd Thomson
	 	Name:	Todd Thomson
	 	Title:	Chairman

 

	 	Agreed and Accepted:
	 	 
	 	 	 
	 	By	/s/ Shirl Penney
	 	Name:	SHIRL PENNEY

 

[Signature Page to Shirl Penney Employment
Agreement]

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